Document:

EX-4.4

 Exhibit 4.4 
 EXECUTION VERSION 
  
 AMENDED AND RESTATED AGENCY AGREEMENT 
 relating to 

AMERICAN HONDA FINANCE CORPORATION 
 and 
 HONDA CANADA FINANCE INC. 

U. S.$11,000,000,000 
 Euro Medium Term Note Programme 
 among 

AMERICAN HONDA FINANCE CORPORATION 
 and 
 HONDA CANADA FINANCE INC. 

as Issuers 
 and

 THE BANK OF NEW YORK MELLON 
 as Agent and Principal Paying Agent 
 and 

THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A. 
 as Paying Agent and Registrar 
 Dated as of August 27, 2012 

 
  
 Alston + Bird LLP 
 90 Park Avenue 

New York, NY 10016 

 TABLE OF CONTENTS 

 

									
	 1.
	 		 	Definitions and Interpretation	  	 	2	  
	 2.
	 		 	Appointments of Agent, Paying Agents and Registrar	  	 	5	  
	 3.
	 		 	Issue of Temporary Global Notes	  	 	7	  
	 4.
	 		 	 Determination of Exchange Date, Issue of Permanent Global Notes and Determination

of Distribution Compliance Period
	  	 	8	  
	 5.
	 		 	Issue of Definitive Notes	  	 	10	  
	 6.
	 		 	Terms of Issue	  	 	11	  
	 7.
	 		 	Payments	  	 	12	  
	 8.
	 		 	Determinations and Notifications in Respect of Notes and Interest Determination	  	 	14	  
	 9.
	 		 	Notice of Any Withholding or Deduction	  	 	17	  
	 10.
	 		 	Duties of the Agent and Registrar in Connection With Early Redemption	  	 	17	  
	 11.
	 		 	Receipt and Publication of Notices	  	 	18	  
	 12.
	 		 	Cancellation of Notes	  	 	19	  
	 13.
	 		 	Issue of Replacement Notes; Further Issues	  	 	19	  
	 14.
	 		 	Copies of Documents Available For Inspection	  	 	21	  
	 15.
	 		 	Meetings of Noteholders	  	 	21	  
	 16.
	 		 	Repayment By the Agent	  	 	22	  
	 17.
	 		 	Conditions of Appointment	  	 	22	  
	 18.
	 		 	Communication Between the Parties	  	 	23	  
	 19.
	 		 	Changes in Agent and Paying Agents	  	 	24	  
	 20.
	 		 	Merger and Consolidation	  	 	26	  
	 21.
	 		 	Notification of Changes to Paying Agents and Registrar	  	 	27	  
	 22.
	 		 	Change of Specified Office	  	 	27	  
	 23.
	 		 	Notices	  	 	27	  
	 24.
	 		 	Taxes And Stamp Duties	  	 	28	  
	 25.
	 		 	Fees And Expenses	  	 	28	  
	 26.
	 		 	Indemnity	  	 	28	  
	 27.
	 		 	Reporting	  	 	29	  
	 28.
	 		 	Governing Law	  	 	29	  
	 29.
	 		 	Amendments	  	 	30	  
	 30.
	 		 	Descriptive Headings	  	 	30	  
	 31.
	 		 	Counterparts	  	 	30	  
	 32.
	 		 	Original Agreement	  	 	30	  
	 33.
	 		 	Severability	  	 	31	  

	
	 SCHEDULE 1 Form of Temporary Global Note

	 SCHEDULE 2 Form of Permanent Global Note

	 SCHEDULE 3 Form of Definitive Note

	 SCHEDULE 4 Terms and Conditions of the Notes

	 SCHEDULE 5 Form of Certificate Confirming Beneficial Ownership to be

	 Presented by Euroclear or Clearstream Luxembourg

	 SCHEDULE 6 Form of Certificate of Beneficial Owner

	 SCHEDULE 7 Provision for Meetings of Noteholders

	 SCHEDULE 8 Form of Put Notice

	 SCHEDULE 9 Calculation Agency Agreement

	 SCHEDULE 10 Additional Duties of the Registrar

	 SCHEDULE 11 Regulations Concerning Transfers and Registration of Notes

 THIS AMENDED AND RESTATED AGENCY AGREEMENT (this “Agreement”) is made as of August 27,
2012 among: 
  

	(1)	American Honda Finance Corporation (“AHFC”); 

  

	(2)	Honda Canada Finance Inc. (“HCFI”, and together with AHFC, the “Issuers”); 

 

	(3)	The Bank of New York Mellon acting through its London Branch (the “Agent” and the “Principal Paying Agent”); and

  

	(4)	The Bank of New York Mellon (Luxembourg) S.A. (the “Paying Agent” and the “Registrar”). 

WHEREAS, the Issuers, The Bank of New York Mellon acting through its London Branch and The Bank of New York Mellon (Luxembourg) S.A. are party to
an Amended and Restated Agency Agreement dated as of August 26, 2011 (the “Original Agreement”); and 
 WHEREAS,
the Issuers, the Agent, the Principal Paying Agent, the Paying Agent and the Registrar desire to amend and restate the Original Agreement in its entirety as set forth in this Agreement. 
 IT IS HEREBY AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Terms and expressions defined in (i) the Amended and Restated Programme Agreement dated as of August 27, 2012 (the “Programme Agreement”)
among the Issuers and the Dealers named therein, (ii) the Notes or (iii) in the applicable Final Terms or, as the case may be, the Base Prospectus dated as of August 27, 2012, and not otherwise defined in this Agreement shall have the
same meanings in this Agreement, except where the context requires otherwise. 

  

	1.2	Without prejudice to the foregoing, in this Agreement: 

 “Agents” means the Agent, the Paying Agents and the Registrar; 

“Authorised Person” means any person who is designated in writing by the Issuers from time to time to give instructions
to any of the Agents under the terms of this Agreement, as initially set forth in the letter dated August 27, 2012 from the Issuers addressed to the Agents (the “Authorised Persons Letter”); 

“Calculation Agent” means the agent appointed by the Issuers and acceptable to the Agent in accordance with Clause
8.1(a); 
 “Code” means the Internal Revenue Code of 1986, as amended; 

  
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 “Confirmation” means a notification, substantially in the applicable form
set forth in the Procedures Memorandum, from an Issuer to the Agent or the Registrar, as the case may be, in respect of an issuance of Notes; 
 “Distribution Compliance Period” means, with respect to any Note, the period ending on the fortieth day following the date certified by the relevant Dealer to the Agent as being the date
as of which distribution of the Notes of the relevant Tranche was completed; 
 “Eurosystem–eligible NSS
Note” means a Note issued under an NSS which is intended to be held in a manner which would allow Eurosystem eligibility, as stated in the applicable Final Terms; 
 “Exchange Date” means, with respect to any Note, the date which is 40 days after the later of (i) completion of the distribution of the Notes of the relevant Tranche, as determined
by the Agent pursuant to Section 4.1(a) hereof and subject to Section 13.7 hereof, and (ii) receipt by the Issuer of the proceeds of such Notes; 
 “FATCA” means Sections 1471 through 1474 of the Code (as of the date hereof) and any regulations, administrative guidance or official interpretations thereof, along with any amendments to
FATCA; 
 “FATCA Withholding Tax” means any withholding or deduction required pursuant to an agreement described
in Section 1471(b) of the Code or any withholding or deduction otherwise imposed pursuant to FATCA; 

“Instructions” means any written notices, written directions or written instructions received by the Agent, a Paying
Agent or the Registrar in accordance with the provisions of this Agreement from an Authorised Person or from a person reasonably believed by the Agent, a Paying Agent or the Registrar, as the case may be, to be an Authorised Person; 

“IRS” means the U.S. Internal Revenue Service; 
 “Losses” means any and all claims, losses, liabilities, damages, costs, expenses and judgments (including legal fees and expenses) sustained by any party; 

“Noteholder FATCA Information” means information sufficient to eliminate the imposition of FATCA Withholding Tax;

 “Noteholder Tax Identification Information” means properly completed and signed tax certifications
(generally, in the case of U.S. federal income tax, IRS Form W-9 (or applicable successor form) in the case of a person that is a “United States Person” within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form
W-8 (or applicable successor form) in the case of a person that is not a “United States Person” within the meaning of Section 7701(a)(30) of the Code); 

  
 3 

 “Outstanding” means, in relation to the Notes, all the Notes issued other
than (a) those which have been redeemed in accordance with the Conditions, (b) those in respect of which the date for redemption in accordance with the Conditions has occurred and the redemption monies (including all interest accrued on
such Notes to the date for such redemption and any interest or other amounts payable under the Conditions after such date) have been duly paid to the Agent as provided in this Agreement and remain available for payment against presentation and
surrender of Notes (c) those which have become void under Condition 9, (d) those which have been purchased and cancelled as provided in Condition 7 (or as provided in the Global Notes), (e) those mutilated or defaced Notes which have
been surrendered in exchange for replacement Notes pursuant to Condition 11, (f) (for the purposes only of determining how many Notes are Outstanding and without prejudice to their status for any other purpose) those Notes alleged to have been
lost, stolen or destroyed and in respect of which replacement Notes have been issued pursuant to Condition 11, (g) any Temporary Global Note to the extent that it shall have been exchanged for a Permanent Global Note; provided that for the
purposes of (i) ascertaining the right to attend and vote at any meeting of the Noteholders and (ii) the determination of how many Notes are Outstanding for the purposes of Schedule 7 those Notes which are beneficially held by, or are held
on behalf of, the Issuers or any of their affiliates shall (unless and until ceasing to be so held) be deemed not to remain Outstanding; 
 “Paying Agents” means the Principal Paying Agent and the Paying Agent referred to in the recitals, and any replacement appointed from time to time hereunder; 

“Reference Banks” means, in the case of Clause 8.2(a)(i), those banks whose offered rates were used to determine such
offered quotation when such offered quotation last appeared on the Relevant Screen Page and, in the case of Clause 8.2(a)(ii), those banks whose offered quotations last appeared on the Relevant Screen Page when no fewer than three such offered
quotations appeared; 
 “Register” means the register maintained by the Registrar in respect of the Notes;

 “Regulations” means the regulations concerning the transfer of Notes as the same may from time to time be
promulgated by the Issuers and approved by the Registrar (the initial regulations being set out in Schedule 11); 

“Replacement Agent” means the Paying Agent in Luxembourg referred to in Clause 13.1 of this Agreement. 

 

	1.3	Any references to Notes shall, unless the context otherwise requires, include any Global Note representing such Notes. Unless otherwise stated, references to Clauses
and Schedules are to Clauses of and Schedules to this Agreement. 

  

	1.4	For the purposes of this Agreement, the Notes of each Series shall form a separate series of Notes and the provisions of this Agreement shall apply mutatis
mutandis separately and independently to the Notes of each Series and in such provisions the expressions “Notes” and “Noteholders” shall be construed accordingly. 

  
 4 

	1.5	All references in this Agreement to principal and/or interest or both in respect of the Notes or to any moneys payable by the Issuers under this Agreement shall have
the meaning set out in Condition 6(f). 

  

	1.6	All references in this Agreement to the “relevant currency” shall be construed as references to the currency in which the relevant Notes are
denominated (or payable in the case of Dual Currency Notes). 

  

	1.7	In this Agreement, Clause headings are inserted for convenience and ease of reference only and shall not affect the interpretation of this Agreement. All references in
this Agreement to the provisions of any statute shall be deemed to be references to that statute as from time to time modified, extended, amended or re-enacted or to any statutory instrument, order or regulation made thereunder or under such
re-enactment. 

  

	1.8	All references in this Agreement to an agreement, instrument or other document (including, without limitation, this Agreement, the Programme Agreement, the Notes and
any Conditions appertaining thereto) shall be construed as a reference to that agreement, instrument or document as the same may be amended, modified, varied or supplemented from time to time. 

 

	1.9	Any references herein to Euroclear and/or Clearstream Luxembourg shall, whenever the context so permits, be deemed to include a reference to any additional or
alternative clearance system approved by the Issuers and the Agent. 

  

	1.10	All references in this Agreement to the “records” of Euroclear and Clearstream Luxembourg shall be to the records that each of Euroclear and Clearstream
Luxembourg holds for its customers which reflect the amount of such customer’s interest in the Notes. 

  

	2.	APPOINTMENTS OF AGENT, PAYING AGENTS AND REGISTRAR 

  

	2.1	The Issuers hereby appoint The Bank of New York Mellon acting through its London Branch as Agent and The Bank of New York Mellon hereby accepts such appointment as
Agent of the Issuers, upon the terms and subject to the conditions set out below, for the purposes of, inter alia: 

  

	 	(a)	giving effectuation instructions in respect of each Global Note which is a Eurosystem-eligible NSS Note; 

 

	 	(b)	paying sums due on Global Notes and Definitive Notes; 

  

	 	(c)	determining the end of the Distribution Compliance Period applicable to each Tranche; 

 

	 	(d)	unless otherwise specified in the applicable Final Terms, determining the interest and/or other amounts payable in respect of the Notes in accordance with the
Conditions; 

  
 5 

	 	(e)	arranging on behalf of the Issuers for notices to be communicated to the Noteholders; 

 

	 	(f)	ensuring that all necessary action is taken to comply with any reporting requirements (subject to confirmation from the Issuers for the need for such reporting) of the
Ministry of Finance of Japan and of any competent authority of any relevant currency as may be in force from time to time with respect to the Notes to be issued under the Programme; 

 

	 	(g)	except as may be described in the Procedures Memorandum, preparing the Final Terms; 

 

	 	(h)	subject to the Procedures Memorandum, submitting to the Stock Exchange (or other relevant authority) such number of copies of the applicable Final Terms which relate to
Notes which are to be listed as such Stock Exchange (or other relevant authority) may reasonably require; 

  

	 	(i)	receiving notice from Euroclear and/or Clearstream Luxembourg relating to the certifications in the form of Schedules 5 and 6 of non-U.S. beneficial ownership of the
Notes; and 

  

	 	(j)	performing all other obligations and duties imposed upon it by the Conditions and this Agreement. 

 

	2.2	The Issuers hereby appoint The Bank of New York Mellon (Luxembourg) S.A. as Paying Agent and Registrar and The Bank of New York Mellon acting through its London Branch
as Agent and Principal Paying Agent. The Bank of New York Mellon (Luxembourg) S.A. hereby accepts such appointment as Paying Agent and Registrar and The Bank of New York Mellon acting through its London branch accepts such appointment as Agent and
Principal Paying Agent subject to the conditions set out below, for the purposes of paying sums due on Notes, and performing all other obligations and duties imposed upon it by the Conditions and this Agreement. In accepting such appointment The
Bank of New York Mellon acting through its London Branch as Principal Paying Agent hereby represents and warrants, that it is treated as a “U.S. person” pursuant to Treasury Regulation Section 1.1441-1(b)(2)(iii)(B) and has taken
all necessary action to comply with its “obligation to withhold” within the meaning of Treasury Regulation Section 1.1441-1(b)(2)(ii). In accepting such appointment The Bank of New York Mellon acting through its London Branch as
Principal Paying Agent hereby covenants to timely collect all Noteholder FATCA Information and Noteholder Tax Identification Information (and to provide copies of such information promptly to AHFC upon its reasonable request).

  

	2.3	In relation to each issue of Eurosystem-eligible NSS Notes, the Issuers hereby authorise and instruct the Agent to elect either Euroclear or Clearstream Luxembourg as
common safekeeper. From time to time, the Issuers and the Agent may agree to vary this election. The Issuers acknowledge that any such election is subject to the right of Euroclear and Clearstream Luxembourg to jointly determine that the other shall
act as common safekeeper in relation to any such issue and agree that no liability shall attach to the Agent in respect of any such election made by it. 

  
 6 

	2.4	The Issuers hereby appoint The Bank of New York Mellon (Luxembourg) S.A. as Registrar and The Bank of New York Mellon (Luxembourg) S.A. hereby accepts such appointment
as registrar for the Issuers, upon the terms and subject to the conditions set out below, for the following purposes of, inter alia: 

  

	 	(a)	completing, authenticating and delivering Global Notes and Definitive Notes; 

 

	 	(b)	exchanging Global Notes for Definitive Notes in accordance with the terms of the Global Note and, in respect of any such exchange, making appropriate notations in the
Register; 

  

	 	(c)	maintaining the Register, which shall be kept at the specified office of the Registrar outside the United Kingdom in accordance with the Conditions and be made
available by the Registrar to the Paying Agents for inspection and for taking copies or extracts therefrom at all reasonable times and a copy of which shall be delivered to the relevant Issuer each time it is updated; and 

 

	 	(d)	performing such other obligations and duties imposed upon it by the Conditions and this Agreement. 

 

	3.	ISSUE OF TEMPORARY GLOBAL NOTES 

  

	3.1	Subject to clause 3.2, following receipt of a Confirmation from the relevant Issuer in respect of an issue of Notes, the Registrar shall take the steps required of the
Registrar in the Procedures Memorandum. For this purpose the Registrar is hereby authorised on behalf of the Issuers: 

  

	 	(a)	to prepare a Temporary Global Note in accordance with such Confirmation by attaching a copy of the applicable Final Terms to a copy of the relevant master Temporary
Global Note; 

  

	 	(b)	to authenticate such Temporary Global Note; 

  

	 	(c)	to deliver such Temporary Global Note to the nominee of the specified common depositary in accordance with such Confirmation against receipt from the common depositary
of confirmation that such common depositary is holding the Temporary Global Note in safe custody for the account of Euroclear and/or Clearstream Luxembourg; 

 

	 	(d)	if the Temporary Global Note is issued under an NSS, to deliver such Temporary Global Note to a specified common safekeeper for Euroclear and/or Clearstream Luxembourg
in accordance with the Confirmation; and 

  

	 	(e)	in the case of a subsequent Tranche of any Series of Notes, make all appropriate entries in the Register to reflect the increase in its nominal amount.

  
 7 

	3.2	The Registrar shall only be required to perform its obligations under clause 3.1 if it holds: 

 

	 	(a)	master Temporary Global Notes duly executed by a person or persons authorised to execute the same on behalf of the relevant Issuer, which may be used by the Registrar
for the purpose of preparing Temporary Global Notes in accordance with clause 3.1; and 

  

	 	(b)	master Permanent Global Notes duly executed by a person or persons authorised to execute the same on behalf of the relevant Issuer, which may be used by the Registrar
for the purpose of preparing Permanent Global Notes in accordance with clause 4. 

  

	3.3	In connection with the issue of any Notes, the Agent is hereby authorised on behalf of the Issuers: 

 

	 	(a)	in connection with the delivery by the Registrar of a Temporary Global Note to the nominee of the specified common depositary, to instruct Euroclear or Clearstream
Luxembourg or both of them (as the case may be) unless otherwise agreed in writing between the Agent and the relevant Issuer (i) in the case of an issue of Notes on a non-syndicated basis, to credit the Notes represented by such Temporary
Global Note to the Agent’s distribution account, and (ii) in the case of Notes issued on a syndicated basis, to hold Notes represented by such Temporary Global Note to the relevant Issuer’s order; 

 

	 	(b)	in connection with the delivery by the Registrar of a Temporary Global Note issued under an NSS to a specified common safekeeper for Euroclear and/or Clearstream
Luxembourg, to instruct the common safekeeper, in the case of a Temporary Global Note which is a Eurosystem-eligible NSS Note, to instruct the common safekeeper to effectuate the same; 

 

	 	(c)	in the case of a subsequent Tranche of any Series of Notes, deliver the applicable Final Terms to the nominee of the specified common depositary or common safekeeper,
as the case may be, for attachment to the Temporary Global Note; and 

  

	 	(d)	to ensure that the Notes of each Tranche are assigned, as applicable, security numbers (including, but not limited to, common codes and ISINs) which are different from
the security numbers assigned to Notes of any other Tranche of the same Series until the end of the Distribution Compliance Period as notified by the Agent to the relevant Dealer. 

 

	3.4	The Registrar shall receive requests for transfers of Notes in accordance with the Conditions and the applicable Regulations and make the necessary entries in the
Register. 

  

	4.	DETERMINATION OF EXCHANGE DATE, ISSUE OF PERMANENT GLOBAL NOTES AND DETERMINATION OF DISTRIBUTION COMPLIANCE PERIOD 

 

	4.1	The Agent shall determine the Exchange Date for each Temporary Global Note in accordance with the terms thereof. Forthwith upon determining the Exchange Date in respect
of any Tranche, the Agent shall notify such determination to the relevant Issuer, the relevant Dealer, Euroclear and Clearstream Luxembourg and, if applicable, the Registrar. 

  
 8 

	4.2   (a)	The Registrar shall deliver, upon notice from Euroclear or Clearstream Luxembourg, a Permanent Global Note or Definitive Note, as the case may be, in accordance with
the terms of the Temporary Global Note. Where a Temporary Global Note is to be exchanged for a Permanent Global Note the Registrar is hereby authorised on behalf of the Issuers: 

 

	 	(i)	in the case of the first Tranche of any Series of Notes, to prepare and complete a Permanent Global Note in accordance with the terms of the Temporary Global Note
applicable to such Tranche by attaching a copy of the applicable Final Terms to a copy of the relevant master Permanent Global Note; 

  

	 	(ii)	in the case of the first Tranche of any Series of Notes, to authenticate such Permanent Global Note; 

 

	 	(iii)	in the case of the first Tranche of any Series of Notes, to deliver such Permanent Global Note to the common depositary (if the Permanent Global Note is not issued
under an NSS) or specified common safekeeper (if the Permanent Global Note is issued under an NSS) which is holding the Temporary Global Note applicable to such Tranche for the time being on behalf of Euroclear and/or Clearstream Luxembourg in
exchange for such Temporary Global Note and, in the case of a partial exchange, to deliver such Permanent Global Note upon the issuance of a new Temporary Global Note representing that portion of the Notes not so exchanged for the Permanent Global
Note (the Registrar to enter in the Register the details of such partial exchange of the Temporary Global Note), in each case against receipt from the common depositary or common safekeeper of confirmation that such common depositary or common
safekeeper is holding the Permanent Global Note (and, if applicable, the new Temporary Global Note) in safe custody for the account of Euroclear and/or Clearstream Luxembourg; and 

 

	 	(iv)	in any other case, to attach a copy of the applicable Final Terms to the Permanent Global Note applicable to the relevant Series and enter details of any exchange in
whole or in part in the Register. 

  

	 	(b)	In connection with the delivery to a common safekeeper by the Registrar of any Permanent Global Note (and, if applicable, the new Temporary Global Note) in exchange for
a Temporary Global Note where the Permanent Global Note is a Eurosystem-eligible NSS Note, the Agent is hereby authorised on behalf of the Issuers to instruct the common safekeeper to effectuate the same. 

  
 9 

	4.3   (a)	In the case of a Tranche of Notes in respect of which there is only one Dealer, the Agent shall determine the end of the Distribution Compliance Period in respect of
such Tranche as being the fortieth day following the date certified by the relevant Dealer to the Agent as being the date as of which distribution of the Notes of that Tranche was completed. 

 

	 	(b)	In the case of a Tranche of Notes in respect of which there is more than one Dealer but which is not issued on a syndicated basis, the Agent will determine the end of
the Distribution Compliance Period in respect of such Tranche as being the fortieth day following the latest of the dates certified by all the relevant Dealers to the Agent as being the respective dates as of which distribution of the Notes of that
Tranche purchased by each such Dealer was completed. 

  

	 	(c)	In the case of a Tranche of Notes issued on a syndicated basis, the Agent shall determine the end of the Distribution Compliance Period in respect of such Tranche as
being the fortieth day following the date certified by the Lead Manager to the Agent as being the date as of which distribution of the Notes of that Tranche was completed. 

 

	 	(d)	Forthwith upon determining the end of the Distribution Compliance Period in respect of any Tranche, the Agent shall notify such determination to the relevant Issuer,
the Registrar and the relevant Dealer or the Lead Manager in the case of a syndicated issue. 

  

	5.	ISSUE OF DEFINITIVE NOTES 

  

	5.1	Upon notice from Euroclear or Clearstream Luxembourg pursuant to the terms of a Temporary Global Note or a Permanent Global Note, as the case may be, the Registrar
shall deliver the relevant Definitive Note(s) in accordance with the terms of the relevant Global Note. For this purpose the Registrar is hereby authorised on behalf of the Issuers: 

 

	 	(a)	to prepare Definitive Notes evidencing the Notes by attaching a copy of the applicable Final Terms to copies of the signed Definitive Notes; 

 

	 	(b)	to authenticate the Definitive Notes; 

  

	 	(c)	to deliver the Definitive Notes to the specified common depositary (if the Global Note is not issued under an NSS) or specified common safekeeper (if the Global Note is
issued under an NSS) of Euroclear and/or Clearstream Luxembourg against surrender of the relevant Global Note at the specified office of the Registrar and, in the case of a partial exchange, to deliver the Definitive Notes upon the issuance of a new
Global Note representing that portion of the Notes not so exchanged for Definitive Notes (the Registrar to enter in the Register the details of any partial exchange of the Global Note); 

the Registrar shall notify the relevant Issuer forthwith upon receipt of a request for issue of one or more Definitive Notes in
accordance with the provisions of a Global Note (and the aggregate principal amount of such Temporary Global Note or Permanent Global Note, as the case may be, to be exchanged in connection therewith). 

  
 10 

	5.2	In connection with the preparation of any Definitive Notes to be delivered in exchange for a Temporary Global Note or a Permanent Global Note (as the case may be), the
Agent is hereby authorised on behalf of the Issuers to ensure that the Definitive Notes in respect of Notes of each Tranche are assigned, as applicable, different serial numbers which are different from the serial numbers assigned to the Definitive
Notes in respect of Notes of any other Tranche of the same Series. 

  

	6.	TERMS OF ISSUE 

  

	6.1	The Registrar shall cause all Temporary Global Notes and Permanent Global Notes, as applicable, delivered to and held by it under this Agreement to be maintained in
safe custody and shall ensure that such Notes are issued only in accordance with the provisions of this Agreement and the relevant Global Note and Conditions. 

 

	6.2	Subject to the procedures set out in the Procedures Memorandum and in accordance with Clause 3.1, the Registrar is entitled to treat a telephone or facsimile
communication from a person purporting to be (and who the Registrar believes in good faith to be) the authorised representative of the relevant Issuer named in the lists referred to in, or notified pursuant to, Clause 17.7, as sufficient instruction
and authority of the Registrar to act in accordance with Clause 3.1. 

  

	6.3	With respect to a person who has signed on behalf of the relevant Issuer any Note not yet issued but held by the Registrar in accordance with Clause 3.1, in the event
such person ceases to be authorised as described in Clause 17.7, the Registrar shall (unless the relevant Issuer gives notice to the Registrar that Notes signed by that person do not constitute valid and binding obligations of the relevant Issuer or
otherwise until replacements have been provided to the Registrar) continue to have authority to issue any such Notes and the Issuers hereby warrant to the Registrar that such Notes shall, unless notified as aforesaid, be valid and binding
obligations of the Issuers. Promptly upon such person ceasing to be authorised, the relevant Issuer shall provide the Registrar with replacement Notes and upon receipt of such replacement Notes the Registrar shall immediately cancel and destroy the
Notes held by it which are signed by the unauthorised person and shall provide to the relevant Issuer a written confirmation of destruction in respect thereof specifying the Notes so cancelled and destroyed. 

 

	6.4	If the Agent pays an amount (the “Advance”) to a relevant Issuer on the basis that a payment (the “Payment”) has been, or will be,
received from a Dealer and if the Payment is not received by the Agent on the date the Agent pays such Issuer, the Agent shall notify such Issuer by electronic mail or facsimile that the Payment has not been received and such Issuer shall repay to
the Agent the Advance and shall pay interest on the Advance (or the unreimbursed portion thereof) from (and including) the date such Advance is made to (but excluding) the earlier of repayment of the Advance and receipt by the Agent of the Payment
(at a rate quoted at that time by the Agent as its cost of funding the Advance). 

  
 11 

	6.5	Except in the case of issues where the Agent does not act as receiving bank for the relevant Issuer in respect of the purchase price of the Notes being issued, if on
the relevant Issue Date a Dealer does not pay the full purchase price due from it in respect of any Note (the “Defaulted Note”) and, as a result, the Defaulted Note remains in the Agent’s distribution account with Euroclear
and/or Clearstream Luxembourg after such Issue Date, the Agent shall continue to hold the Defaulted Note to the order of the relevant Issuer. The Agent shall notify such Issuer forthwith of the failure of the Dealer to pay the full purchase price
due from it in respect of any Note and, subsequently, shall notify the relevant Issuer forthwith upon receipt from the Dealer of the full purchase price outstanding in respect of a Defaulted Note. 

 

	7.	PAYMENTS 

  

	7.1	The Agent shall advise the relevant Issuer, no later than ten Business Days (as defined below) immediately preceding the date on which any payment is to be made to the
Agent pursuant to this Clause 7.1, of the payment amount, value date and payment instructions and the relevant Issuer shall, before 10.00 a.m. local time in the relevant financial centre of the payment on each date on which any payment in respect of
any Notes issued by it becomes due, transfer to an account specified by the Agent such amount in the relevant currency as shall be sufficient for the purposes of such payment in funds settled through a payment system as the Agent and such Issuer may
agree. 

  

	7.2	The relevant Issuer shall ensure that by no later than the second Business Day immediately preceding the date on which any payment is to be made to the Agent pursuant
to Clause 7.1, the Agent shall receive from the paying bank of such Issuer a payment confirmation in the form of a SWIFT message. For the purposes of this Clause “Business Day” means a day which is both: 

 

	 	(a)	a day (other than Saturday or Sunday) on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in
foreign exchange and foreign currency deposits) in London and any Additional Business Centre specified in the applicable Final Terms; and 

  

	 	(b)	either (1) in relation to any sum payable in a Specified Currency other than euro, a day on which commercial banks and foreign exchange markets settle payments and
are open for general business (including dealing in foreign exchange and foreign currency deposits) in the principal financial centre of the country of the relevant Specified Currency (if other than London and which, if the Specified Currency is
Australian Dollars or New Zealand Dollars, shall be Sydney and Wellington and Auckland, respectively) or (2) in relation to payments in euro, a day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET)
System is open. 

  

	7.3	The Agent shall ensure that payments of both principal and interest in respect of any Temporary Global Note, Permanent Global Note and Definitive Note will be made only
to the extent that certification of non-U.S. beneficial ownership as required by U.S. securities laws and U.S. Treasury regulations (in the form set out in the Temporary Global Note, Permanent Global Note and Definitive Note) has been received from
Euroclear and/or Clearstream Luxembourg in accordance with the terms thereof. 

  
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	7.4	Subject to the receipt by the Agent of the payment confirmation as provided in Clause 7.2, the Agent or the relevant Paying Agent shall pay or cause to be paid all
amounts due in respect of the Notes on behalf of the relevant Issuer in the manner provided in the Conditions. If any payment provided for in Clause 7.1 is made late but otherwise in accordance with the provisions of this Agreement, the Agent and
each Paying Agent shall nevertheless make payments in respect of the Notes as aforesaid following receipt by it of such payment. 

  

	7.5	If for any reason the Agent considers in its sole discretion that the amounts to be received by the Agent pursuant to Clause 7.1 will be, or the amounts actually
received by it pursuant thereto are, insufficient to satisfy all claims in respect of all payments then falling due in respect of the Notes neither the Agent nor any Paying Agent shall be obliged to pay any such claims until the Agent has received
the full amount of all such payments. Should the Agent or any Paying Agent elect not to make payment of amounts falling due in respect of the Notes as aforesaid, it shall advise the relevant Issuer of any such decision as soon as practicable by
telephone with confirmation by facsimile and/or electronic mail. 

  

	7.6	Without prejudice to Clauses 7.4 and 7.5, if the Agent pays any amounts to the holders of Notes or to any Paying Agent at a time when it has not received payment in
full in respect of the relevant Notes in accordance with Clause 7.1 (the excess of the amounts so paid over the amounts so received being the “Shortfall”), the relevant Issuer shall, in addition to paying amounts due under Clause
7.1, pay to the Agent on demand interest (at a rate which represents the Agent’s cost of funding the Shortfall) on the Shortfall (or the unreimbursed portion thereof) until the receipt in full by the Agent of the Shortfall. The Agent shall
notify the relevant Issuer by electronic mail or facsimile as soon as practicable, it being understood that such Issuer shall have the right to make such payment subsequently with good value as of such Business Day. For the avoidance of doubt,
“Shortfall” shall not include any amounts for any present or future tax, assessment or governmental charge imposed by withholding and withheld by a relevant Issuer with respect to any payment to the extent such amount withheld does not
impose on such Issuer an obligation to pay U.S. Additional Amounts under Condition 8 of the Terms and Conditions of the Notes of Schedule 4 hereto. 

  

	7.7	The Agent shall on demand promptly reimburse each Paying Agent for payments in respect of Notes properly made by such Paying Agent in accordance with this Agreement and
the Conditions unless the Agent has notified the Paying Agent, prior to the opening of business in the location of the office of the Paying Agent through which payment in respect of the Notes can be made on the due date of a payment in respect of
the Notes, that the Agent does not expect to receive sufficient funds to make payment of all amounts falling due in respect of such Notes. 

  

	7.8	Whilst any Notes are represented by a Global Note, all payments due in respect of such Notes shall be made to, or to the order of, the holder of the Global Note,
subject to and in accordance with the provisions of the Global Note. The Registrar shall update the Register to reflect such payment. 

  
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	7.9	Subject to clause 7.8 above, all payments due in respect of Notes shall be made to the person shown as the holder of such Notes in the Register in accordance with the
Conditions. 

  

	7.10	Except as provided in Conditions 8(a) or 8(b) of Schedule 4 Terms and Conditions of the Notes, if the amount of principal and/or interest then due for payment is not
paid in full (otherwise than by reason of a deduction required by law to be made therefrom), then the Paying Agent to which a Note or Note Certificate, as the case may be, is presented for the purpose of making such payment shall, make a record of
such shortfall on the Note and such record shall, in the absence of manifest error, be prima facie evidence that the payment in question has not to that extent been made. 

 

	7.11	Each of the Agent and the Registrar is hereby authorised by the Issuers and instructed to cooperate with each other and to share all information as may be necessary to
comply with their respective obligations pursuant to this Section 7. 

  

	8.	DETERMINATIONS AND NOTIFICATIONS IN RESPECT OF NOTES AND INTEREST DETERMINATION 

 

	8.1	Determinations and Notifications 

  

	 	(a)	The Agent shall make all such determinations and calculations (howsoever described) as it is required to do under the Conditions, all subject to and in accordance with
the Conditions, provided that certain calculations with respect to the Notes shall be made by the Calculation Agent appointed by the Issuers and acceptable to the Agent. 

 

	 	(b)	The Agent shall not be responsible to the Issuers or to any third party (except in the event of willful misconduct, negligence, default or bad faith of the Agent) as a
result of the Agent having acted in good faith on any quotation given by any Reference Bank which subsequently may be found to be incorrect. 

  

	 	(c)	The Agent shall promptly notify (and confirm in writing to) the relevant Issuer, the other Paying Agents (in respect of a Series of Notes listed on a Stock Exchange or
admitted to listing by any other relevant authority), the relevant Stock Exchange (or any other relevant authority or authorities) and the Registrar of, inter alia, each Rate of Interest, Interest Amount and Interest Payment Date and all
other amounts, rates and dates which it is obliged to determine or calculate under the Conditions as soon as practicable after the determination thereof (and in any event no later than the tenth Business Day (as defined in Clause 7.2) immediately
preceding the date on which payment is to be made to the Agent pursuant to Clause 7.1) and of any subsequent amendment thereto pursuant to the Conditions. 

  
 14 

	 	(d)	The Agent shall use its best endeavours to cause each Rate of Interest, Interest Amount and Interest Payment Date and all other amounts, rates and dates which it is
obliged to determine or calculate under the Conditions to be published as required in accordance with the Conditions as soon as possible after their determination or calculation. 

 

	 	(e)	If the Agent does not at any material time for any reason determine and/or calculate and/or publish the Rate of Interest, Interest Amount and/or Interest Payment Date
in respect of any Interest Period or any other amount, rate or date as provided in this Clause 8, it shall forthwith notify the relevant Issuer, the Paying Agents and the Registrar of such fact. 

 

	 	(f)	Certain determinations with regard to Notes (including, without limitation, Dual Currency Notes) shall be made by the Calculation Agent specified in and in accordance
with the applicable Final Terms. Unless otherwise agreed between the relevant Issuer and the relevant Dealer, such determinations shall be made on the basis of a Calculation Agency Agreement substantially in the form of Schedule 9.

  

	 	(g)	For the purposes of monitoring the aggregate principal amount of Notes issued under the Programme, the Agent shall determine the U.S. Dollar equivalent of the
principal amount of each issue of Notes denominated in another currency, each issue of Dual Currency Notes as follows: 

  

	 	(i)	the U.S. Dollar equivalent of Notes denominated in a currency other than U.S. Dollars shall be determined by the Agent, at the discretion of the relevant Issuer,
as of the date of the agreement to issue such Notes or on the preceding day on which commercial banks and foreign exchange markets are open for general business in London, in each case on the basis of the spot rate for the sale of the
U.S. Dollar against the purchase of such other currency in the London foreign exchange market quoted by any leading bank selected by the Agent; 

  

	 	(ii)	the U.S. Dollar equivalent of Dual Currency Notes and Partly Paid Notes shall be determined in the manner specified above by reference to the original principal
amount of such Notes; and 

  

	 	(iii)	the U.S. Dollar equivalent of Zero Coupon Notes and other Notes issued at a discount shall be deemed to be the net proceeds received by the relevant issuer for the
relevant issue. 

  

	 	(h)	The Agent and the Registrar shall cooperate with each other and shall share all information as may be necessary to ensure that the Agent is able to comply with its
obligations under this Clause 8.1 

  
 15 

	8.2	Interest Determination, Screen Rate Determination including Fallback Provisions 

 

	 	(a)	Where Screen Rate Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for
each Interest Period will, subject as provided below, be either: 

  

	 	(i)	the offered quotation; or 

  

	 	(ii)	the arithmetic mean (rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards) of the offered quotations 

(expressed as a percentage rate per annum), for the Reference Rate which appears or appear, as the case may be, on the Relevant Screen
Page as at the Relevant Time on the Interest Determination Date in question plus or minus (as indicated in the applicable Final Terms) the Margin (if any), all as determined by the Agent. If five or more such offered quotations are available on the
Relevant Screen Page, the highest (or, if there is more than one such highest quotation, one only of such quotations) and the lowest (or, if there is more than one such lowest quotation, one only of such quotations) shall be disregarded by the Agent
for the purpose of determining the arithmetic mean (rounded as provided above) of such offered quotations. 
  

	 	(b)	For the purposes of this Clause 8.2, “Relevant Time” means 11:00 a.m. London time, in the case of LIBOR, 11:00 a.m. Brussels Time, in the case of
EURIBOR, or such other time as may be specified in the applicable Final Terms, in all other cases. If the Relevant Screen Page is not available or if no such offered quotation appears or fewer than three such offered quotations appear, in each case
as at the time specified in the preceding paragraph, the Agent shall request the principal London office of each of the Reference Banks to provide the Agent with its offered quotation (expressed as a percentage rate per annum) at approximately the
Relevant Time on the Interest Determination Date in question. If two or more of the Reference Banks provide the Agent with such offered quotations, the Rate of Interest for such Interest Period shall be the arithmetic mean (rounded if necessary to
the fifth decimal place with 0.000005 being rounded upwards) of such offered quotations plus or minus (as appropriate) the Margin (if any), all as determined by the Agent. 

 

	 	(c)	 If on any Interest Determination Date one only or none of the Reference Banks provides the Agent with such offered quotations as provided in the
preceding paragraph, the Rate of Interest for the relevant Interest Period shall be the rate per annum which the Agent determines as being the arithmetic mean (rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards) of
the rates, as communicated to (and at the request of) the Agent by the Reference Banks or any two or more of them, at which such banks were offered, at approximately the Relevant Time on the relevant Interest Determination Date, deposits in the
Specified Currency for the relevant Interest Period by leading banks in the London inter-bank market (if the Reference Rate is LIBOR) or the Euro-zone inter-bank market (if the Reference Rate is EURIBOR) plus or minus

  
 16 

	 	
(as appropriate) the Margin (if any) or, if fewer than two of the Reference Banks provide the Agent with such offered quotations, the offered quotation for deposits in the Specified Currency for
the relevant Interest Period, or the arithmetic mean (rounded as provided above) of the offered quotations for deposits in the Specified Currency for the relevant Interest Period, at which, at approximately the Relevant Time on the relevant Interest
Determination Date, any one or more banks (which bank or banks is or are in the opinion of the relevant Issuer suitable for such purpose) informs the Agent it is quoting to leading banks in the London inter-bank market (if the Reference Rate is
LIBOR) or the Eurozone inter-bank market (if the Reference Rate is EURIBOR) plus or minus (as appropriate) the Margin (if any), provided that, if the Rate of Interest cannot be determined in accordance with the foregoing provisions of this
paragraph, the Rate of Interest shall be determined as at the last preceding Interest Determination Date (though substituting, where a different Margin is to be applied to the relevant Interest Period from that which applied to the last preceding
Interest Period, the Margin relating to the relevant Interest Period, in place of the Margin relating to that last preceding Interest Period). 

  

	 	(d)	If the Reference Rate from time to time in respect of Floating Rate Notes is specified in the applicable Final Terms as being other than LIBOR or EURIBOR, the Rate of
Interest in respect of such Notes will be determined as provided in the applicable Final Terms. 

  

	9.	NOTICE OF ANY WITHHOLDING OR DEDUCTION 

 If the relevant Issuer is, in respect of any payment, compelled to withhold or deduct any amount for or on account of taxes, duties, assessments or governmental charges as specifically contemplated under
the Conditions, such Issuer shall give notice thereof to the Agent and the Registrar as soon as it becomes aware of the requirement to make such withholding or deduction and shall give to the Agent and the Registrar such information as it shall
require to enable it to comply with such requirement. 
  

	10.	DUTIES OF THE AGENT AND REGISTRAR IN CONNECTION WITH EARLY REDEMPTION 

 

	10.1	If the relevant Issuer decides to redeem any Notes for the time being Outstanding prior to their Maturity Date or the Interest Payment Date falling in the Redemption
Month (as the case may be) in accordance with the Conditions, such Issuer shall give notice of such decision to the Agent and the Registrar not less than 15 days before the date on which such Issuer shall give notice to the Noteholders in accordance
with the Conditions of such redemption in order to enable the Agent and the Registrar to undertake its obligations herein and in the Conditions. 

  

	10.2	If only some of the Notes of like tenor and of the same Series are to be redeemed on such date, the Agent shall make the required drawing in accordance with the
Conditions but shall give the relevant Issuer reasonable notice of the time and place proposed for such drawing and shall, in the case of Notes in global form, co-ordinate the selection of Notes to be redeemed with Euroclear and Clearstream
Luxembourg, all in accordance with the Conditions and the applicable law. 

  
 17 

	10.3	The Agent shall publish the notice required in connection with any such redemption and shall at the same time also publish a separate list of the serial numbers of any
Notes previously drawn and not presented for redemption. Such notice shall specify the date fixed for redemption, the redemption amount, the manner in which redemption will be effected and, in the case of a partial redemption, the serial numbers of
the Notes to be redeemed. Such notice shall be published in accordance with the Conditions. The Agent shall also notify the other Paying Agents and the Registrar of any date fixed for redemption of any Notes. 

 

	10.4	Each Paying Agent and the Registrar shall keep a stock of notices (each, a “Put Notice”) in the form set out in Schedule 8 and shall make such notices
available on demand to holders of Notes, the Conditions of which provide for redemption at the option of Noteholders. Upon receipt of any Note deposited in the exercise of such option in accordance with the Conditions, the Registrar shall hold such
Note on behalf of the depositing Noteholder (but shall not, save as provided below, release it) until the due date for redemption of the relevant Note consequent upon the exercise of such option, when, subject as provided below, it shall present
such Note to itself for payment of the amount due thereon together with any interest due on such date in accordance with the Conditions and shall pay such moneys in accordance with the directions of the Noteholder contained in the Put Notice. If,
prior to such due date for its redemption, such Note becomes immediately due and payable or if upon due presentation payment of such redemption moneys is improperly withheld or refused, the Registrar shall post such Note by uninsured post to, and at
the risk of, the relevant Noteholder unless the Noteholder has otherwise requested and paid the costs of such insurance to the relevant Paying Agent at the time of depositing the Notes at such address as may have been given by the Noteholder in the
Put Notice. At the end of each period for the exercise of such option, each Paying Agent shall promptly notify the Agent and the Registrar of the principal amount of the Notes in respect of which such option has been exercised with it together with
their serial numbers and the Agent shall promptly notify such details to the relevant Issuer. 

  

	10.5	The Agent and the Registrar shall cooperate with each other and shall share all information as may be necessary to ensure that the Agent is able to comply with its
obligations under this Section 10. 

  

	11.	RECEIPT AND PUBLICATION OF NOTICES 

  

	11.1	Forthwith upon the receipt by the Agent of a demand or notice from any Noteholder in accordance with the Conditions, the Agent shall forward a copy thereof to the
relevant Issuer. 

  

	11.2	On behalf of and at the request and expense of the relevant Issuer, the Agent shall cause to be published all notices required to be given by such Issuer to the
Noteholders in accordance with the Conditions. 

  
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	12.	CANCELLATION OF NOTES 

  

	12.1	All Notes which are redeemed shall be cancelled by the Agent or Paying Agent by which they are redeemed. In addition, the Issuer shall immediately notify the Registrar
in writing of all Notes which are purchased by or on behalf of the relevant Issuer or any of its subsidiaries and all such Notes which are surrendered to a Paying Agent for cancellation. Each of the Paying Agents shall give to the Agent and/or the
Registrar, as applicable, details of all payments made by it and shall deliver all cancelled Notes. 

  

	12.2	A certificate stating: 

  

	 	(a)	the aggregate principal amount of Notes which have been redeemed and the aggregate amount paid in respect thereof; 

 

	 	(b)	the number of Notes cancelled; 

  

	 	(c)	the aggregate amount paid in respect of interest on the Notes; and 

  

	 	(d)	the serial numbers of such Notes, 

shall be given to the relevant Issuer by the Agent as soon as reasonably practicable and in any event within three months after the date
of such repayment or, as the case may be, payment or exchange. 
  

	12.3	The Agent shall destroy all cancelled Notes and furnish the relevant Issuer with a certificate of the serial numbers of the Notes. 

 

	12.4	Without prejudice to the obligations of the Agent pursuant to Clause 12.2, the Registrar shall keep a full and complete record of all Notes and of all replacement Notes
issued in substitution for mutilated, defaced, destroyed, lost or stolen Notes. The Agent or the Registrar, as applicable, shall at all reasonable times make such record available to the relevant Issuer and any persons authorised by it for
inspection and for the taking of copies thereof or extracts therefrom. 

  

	12.5	All records and certificates made or given pursuant to this Clause 12 and Clause 13 shall make a distinction between Notes of each Series. 

 

	12.6	The Registrar is authorised by each Issuer and instructed to update the Register to reflect the reduction in the nominal amount represented by it by the amount so
redeemed or purchased and cancelled. 

  

	13.	ISSUE OF REPLACEMENT NOTES; FURTHER ISSUES 

  

	13.1	Each Issuer shall cause a sufficient quantity of additional forms of Notes to be available, upon request to the Replacement Agent at its specified office for the
purpose of issuing replacement Notes as provided below. 

  
 19 

	13.2	The Replacement Agent shall, subject to and in accordance with the Conditions and the following provisions of this Clause 13, cause to be delivered any replacement
Notes which the relevant Issuer may determine to issue in place of Notes which have been lost, stolen, mutilated, defaced or destroyed. 

  

	13.3	The Replacement Agent shall not issue any replacement Note unless and until the applicant therefor shall have: 

 

	 	(a)	paid such reasonable costs and expenses as may be incurred in connection therewith; 

 

	 	(b)	furnished it with such evidence and indemnity as the relevant Issuer may reasonably require; and 

 

	 	(c)	in the case of any mutilated or defaced Note surrendered it to the Replacement Agent. 

 

	13.4	The Replacement Agent shall cancel any mutilated or defaced Notes in respect of which replacement Notes have been issued pursuant to this Clause 13 and shall furnish
the relevant Issuer with a certificate stating the serial numbers of the Notes so cancelled and, unless otherwise instructed by such Issuer in writing, shall destroy such cancelled Notes and furnish such Issuer with a destruction certificate
containing the information specified in Clause 12.3. 

  

	13.5	The Replacement Agent shall, on issuing any replacement Note forthwith inform the relevant Issuer, the Agent, the Registrar and the Paying Agents of the serial number
of such replacement Note, in place of which such replacement Note has been issued. The Replacement Agent shall keep a full and complete record of all replacement Notes issued and shall make such record available at all reasonable times to the
relevant Issuer and any persons authorised by it for inspection and for the taking of copies thereof or extracts therefrom. 

  

	13.6	Whenever any Note for which a replacement Note, has been issued is presented to the Replacement Agent or any of the Paying Agents for payment, the Replacement Agent or
the relevant Paying Agent, as applicable, shall immediately send notice thereof to the relevant Issuer, the other Paying Agents and (if applicable) the Registrar and no payment shall be made on such Notes. 

 

	13.7	The Issuer of Notes of a particular Series may from time to time without the consent of holders of the relevant Notes undertake further issuances of Notes with terms
identical to the Notes of such Series except as to the issue date and the amount of the first payment of interest thereon. In connection with such issuance, the Agent or the Registrar as applicable, shall, if necessary, defer the Exchange Date in
respect of the Temporary Global Note representing the relevant Series of Notes in order to comply with Regulation S under the Securities Act; provided, that no such further Notes may be issued if to do so would extend the Exchange Date in
respect of the Notes of the relevant Series beyond the first Interest Payment Date therefor. Upon the issuance of such Notes in accordance herewith, such Notes and the Notes of the relevant Series shall form part of a single Series and have
identical rights and all references to the term “Notes hereunder in respect of the relevant Series shall be deemed to include such Notes appurtenant thereto. 

  
 20 

	14.	COPIES OF DOCUMENTS AVAILABLE FOR INSPECTION 

 The Agent and the Paying Agents shall hold available for inspection copies of: 
  

	 	(a)	the constitutional documents of the Issuers; 

  

	 	(b)	the audited consolidated financial statements of each Issuer and its consolidated subsidiaries in respect of the financial years ended March 31, 2012 and 2011;

  

	 	(c)	the latest available audited consolidated financial statements of Honda and its consolidated subsidiaries, beginning with such financial statements for the fiscal years
ended March 31, 2012 and March 31, 2011 and the latest available consolidated summary interim financial results of Honda and its consolidated subsidiaries beginning with such financial results for the three-month period ended June 30,
2012; 

  

	 	(d)	the Programme Agreement, this Agreement, the AHFC Support Agreement and the HCFI Support Agreement; 

 

	 	(e)	the Base Prospectus; 

  

	 	(f)	the applicable Final Terms for each Tranche of listed Notes; and 

  

	 	(g)	any future prospectuses, offering circulars, information memoranda and supplements (save that the applicable Final Terms relating to any unlisted Note will only be
available for inspection by a holder of such Note and such holder must produce evidence satisfactory to the Paying Agent as to ownership) to the Base Prospectus and any other documents incorporated therein by reference and in the case of a
syndicated issue of listed Notes, the syndication agreement (or equivalent documents). 

 For this purpose, the
Issuers shall furnish the Agent and the Paying Agents with sufficient copies of each of such documents. 
  

	15.	MEETINGS OF NOTEHOLDERS 

  

	15.1	The provisions of Schedule 7 shall apply to meetings of the Noteholders and shall have effect in the same manner as if set out in this Agreement.

  

	15.2	 Without prejudice to Clause 15.1, each of the Agent and the Paying Agents on the request of any Noteholder shall issue forms of proxy and block voting
instructions in accordance with Schedule 7 and shall forthwith give notice to the relevant Issuer in writing of any revocation or amendment of a block voting instruction. Each of the Agent and the Paying Agents shall keep a full and complete record
of all block voting instructions issued by it and shall, not less than 24 hours before the time appointed for holding a meeting or 

  
 21 

	 	
adjourned meeting, deposit at such place as the Agent shall designate or approve, full particulars of all block voting instructions issued by it in respect of such meeting or adjourned meeting.

  

	16.	REPAYMENT BY THE AGENT 

Upon an Issuer being discharged from its obligation to make payments in respect of any Notes pursuant to the relevant Conditions, and
provided that there is no outstanding, bona fide and proper claim in respect of any such payments, the Agent shall forthwith on demand pay to such Issuer sums equivalent to any amounts paid to it by such Issuer for the purposes of such payments.

  

	17.	CONDITIONS OF APPOINTMENT 

  

	17.1	The Agent shall be entitled to deal with money paid to it by an Issuer for the purpose of this Agreement in the same manner as other money paid to a banker by its
customers except: 

  

	 	(a)	that it shall not exercise any right of set-off, lien or similar claim in respect thereof; 

 

	 	(b)	as provided in Clause 17.2; and 

  

	 	(c)	that it shall not be liable to account to the relevant Issuer for any interest thereon. 

 

	17.2	In acting hereunder and in connection with the Notes, the Agent, the Registrar and the Paying Agents shall act solely as agents of the Issuers and will not thereby
assume any obligations towards or relationship of agency or trust for or with any of the owners or holders of the Notes. 

  

	17.3	The Agent, the Registrar and the Paying Agents each hereby undertake to the Issuers to perform such obligations and duties, and shall be obliged to perform such duties
and only such duties as are specifically set forth herein (including Schedule 9 in the case of the Agent), in the Conditions and in the Procedures Memorandum, and no implied duties or obligations shall be read into this Agreement or the Notes
against the Agent, the Registrar or the Paying Agents, other than the duty to act honestly and in good faith and to exercise the diligence of a reasonably prudent agent in comparable circumstances. Each of the Paying Agents (other than the Agent)
agrees that if any information that is required by the Agent to perform the duties set out in Schedule 9 becomes known to it, it shall promptly provide such information to the Agent. 

 

	17.4	The Agent and the Registrar may each consult with legal and other professional advisers and the opinion of such advisers shall be full and complete protection in
respect of any action taken, omitted or suffered hereunder in good faith and in accordance with the opinion of such advisers. 

  

	17.5	 Each of the Agent, the Registrar and the Paying Agents shall be protected and shall incur no liability for or in respect of any action taken, omitted
or suffered in reliance upon any 

  
 22 

	 	
instruction, request or order from the relevant Issuer or any notice, resolution, direction, consent, certificate, affidavit, statement, cable or other paper or document which it reasonably
believes to be genuine and to have been delivered, signed or sent by the proper party or parties or upon written instructions from the relevant Issuer. 

  

	17.6	Any of the Agent, the Registrar and the Paying Agents and their officers, directors and employees may become the owner of, or acquire any interest in any Notes with the
same rights that it or he would have if the Agent, the Registrar or the relevant Paying Agent, as the case may be, concerned were not appointed hereunder, and may engage or be interested in any financial or other transactions with an Issuer and may
act on, or as depositary, trustee or agent for, any committee or body of holders of Notes or in connection with any other obligations of an Issuer as freely as if the Agent, the Registrar or the relevant Paying Agent, as the case may be, were not
appointed hereunder. 

  

	17.7	The Issuers shall provide the Agent and the Registrar with a certificate containing the list of Authorised Persons to execute documents, give Instructions and take
action on its behalf in connection with this Agreement, which shall initially be in the form of the Authorised Persons Letter, and shall notify the Agent and the Registrar immediately in writing if any of such persons ceases to be so authorised or
if any additional person becomes so authorised together, in the case of an additional Authorised Person, with evidence satisfactory to the Agent and the Registrar that such person has been so authorised. 

 

	17.8	Except as otherwise permitted in the Conditions or as ordered by a court of competent jurisdiction or as required by law or applicable regulations, the Issuers, the
Registrar and each of the Paying Agents shall be entitled to treat the person whose name is registered in the Register as the holder of any Note as the absolute owner of it. 

 

	18.	COMMUNICATION BETWEEN THE PARTIES 

  

	18.1	A copy of all communications relating to the subject matter of this Agreement between the relevant Issuer and the Noteholders and any of the Paying Agents shall be sent
to the Agent and, in the case of the Notes, the Registrar by the relevant Paying Agent. 

  

	18.2	In no event shall the Agent, the Registrar or any of the Paying Agents be liable for any Losses arising to it from receiving or transmitting any data from the Issuers,
or their respective Authorised Persons via any non-secure method of transmission or communication, such as, but without limitation, by facsimile or email; provided, that any such Agent, Registrar or Paying Agent shall as soon as reasonably
practicable confirm receipt of any transmission of data believed to be from the Issuers or their Authorised Persons at their respective telephone numbers set forth on the signature page to this Agreement or to such other telephone number as may,
from time to time, be specified by the relevant Issuer. 

 The Issuers accept that some methods of communication
are not secure, and the Agent, the Registrar and the Paying Agents shall have no liability for receiving Instructions via any such non-secure method. The Agent, the Registrar and each of the Paying Agents are

  
 23 

 
authorised to comply with and rely upon any such notice, Instructions or other communications believed by it to have been sent by an Authorised Person; provided, that the procedures required
above with respect to confirming receipt of any transmission have been complied with. The Issuers shall use all reasonable endeavours to ensure that Instructions transmitted to the Agent and/or the Registrar and/or the Paying Agents pursuant to this
Agreement are completed and correct. Any Instructions shall be conclusively deemed to be valid instructions from the relevant Issuer to the Agent and/or the Registrar and/or the Paying Agents for the purposes of this Agreement; provided, that the
procedures required above with respect to confirming receipt of any transmission have been complied with. 
  

	19.	CHANGES IN AGENT AND PAYING AGENTS 

  

	19.1	Each Issuer agrees that, for so long as any Note is Outstanding, or until moneys for the payment of all amounts in respect of all Outstanding Notes have been made
available to the Agent or have been returned to the relevant Issuer as provided herein: 

  

	 	(a)	so long as any Notes are listed on any Stock Exchange or admitted to listing by any other relevant authority, there will at all times be a Paying Agent with a specified
office in such place as may be required by the rules and regulations of the relevant Stock Exchange or such relevant authority; 

  

	 	(b)	there will at all times be a Paying Agent with a specified office in a city in continental Europe; 

 

	 	(c)	there will at all times be an Agent; 

  

	 	(d)	they shall maintain a Paying Agent in a member state of the European Union that is not obliged to withhold or deduct tax pursuant to European Council Directive
2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of November 26, 27, 2000 or any law implementing or complying with, or introduced in order to conform to, such Directive; and 

 

	 	(e)	there will at all times be a Registrar in respect of Notes and the Register shall at all times be maintained outside the United Kingdom. 

In addition, each Issuer shall appoint a Paying Agent having a specified office in New York City in the circumstances described in
Condition 6(d). Any variation, termination, appointment or change shall only take effect (other than in the case of insolvency (as provided in Clause 19.5), when it shall be of immediate effect) after not less than 30 nor more than 45 days’
prior notice thereof shall have been given to the Noteholders in accordance with the Conditions. 
  

	19.2	The Agent, the Registrar or any Paying Agent may (subject as provided in Clause 19.4) at any time resign as Agent, Registrar or Paying Agent, respectively, by giving at
least 90 days’ written notice to the Issuers of such intention on its part, specifying the date on which its desired resignation shall become effective, provided that such date shall never be less than three months after the receipt of such
notice by the Issuers unless the Issuers agree to accept less notice. 

  
 24 

	19.3	The Agent and the Registrar may each (subject as provided in Clause 19.4) be removed at any time on at least 45 days’ notice by the filing with it of an instrument
in writing signed on behalf of the Issuers specifying such removal and the date when it shall become effective. 

  

	19.4	Any resignation under Clause 19.2 or removal under Clause 19.3 shall only take effect upon the appointment by the Issuers as hereinafter provided, of a successor Agent
or Registrar, as the case may be, and (other than in cases of insolvency of the Agent or the Registrar, as applicable) on the expiry of the notice to be given under Clause 21. The Issuers agree with the Agent and the Registrar that if, by the day
falling ten days before the expiry of any notice under Clause 19.2, the Issuers have not appointed a successor Agent or Registrar, as the case may be, then the Agent or Registrar, as the case may be, shall be entitled, on behalf of the Issuers, to
appoint as a successor Agent or Registrar, as the case may be, in its place a reputable financial institution of good standing as it may reasonably determine to be capable of performing the duties of the Agent or Registrar, as the case may be,
hereunder. 

  

	19.5	In case at any time the Agent or the Registrar resigns, or is removed, or becomes incapable of acting or is adjudged bankrupt or insolvent, or files a voluntary
petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of an administrator, liquidator or administrative or other receiver of all or a substantial part of its property, or admits in writing its
inability to pay or meet its debts as they mature or suspends payment thereof, or if any order of any court is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law or if a receiver
of it or of all or a substantial part of its property is appointed or any officer takes charge or control of it or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, a successor Agent or Registrar, which shall
be a reputable financial institution of good standing, may be appointed by the Issuers by an instrument in writing filed with the successor Agent or Registrar. Upon the appointment as aforesaid of a successor Agent or Registrar and acceptance by the
latter of such appointment and (other than in case of insolvency of the Agent or Registrar) upon expiry of the notice to be given under Clause 21 the Agent or Registrar so superseded shall cease to be the Agent or Registrar, as the case may be,
hereunder. 

  

	19.6	Subject to Clause 19.1: 

  

	 	(a)	the Issuers may, after prior consultation (other than in the case of insolvency of any Paying Agent) with the Agent, terminate the appointment of any of the Paying
Agents at any time; and/or 

  

	 	(b)	the Issuers may in respect of the Programme or the Issuers may in respect of any Series of Notes, if so required by the relevant Stock Exchange or regulatory body,
appoint one or more further Paying Agents by giving to the Agent, and to the relevant Paying Agent, at least 45 days’ notice in writing to that effect. 

  
 25 

	19.7	Upon its resignation or removal becoming effective, the Agent, the Registrar, the Replacement Agent or the relevant Paying Agent: 

 

	 	(a)	shall, in the case of the Agent, forthwith transfer all moneys held by it hereunder and the records referred to in Clause 12.4 to the successor Agent hereunder, in the
case of the Registrar, forthwith transfer the Register and records held by it hereunder to the successor Registrar, and, in the case of the Replacement Agent, forthwith transfer all additional forms of Notes referred to in Clause 13.1 to the
successor Replacement Agent; and 

  

	 	(b)	shall be entitled to the payment by the Issuers of its commissions, fees and expenses for the services theretofore rendered hereunder in accordance with the terms of
Clause 25. 

  

	19.8	Upon its appointment becoming effective, a successor Agent, a successor Registrar and any new Paying Agent shall, without further act, deed or conveyance, become vested
with all the authority, rights, powers, trusts, immunities, duties and obligations of its predecessor or, as the case may be, a Paying Agent with like effect as if originally named as Agent, Registrar or (as the case may be) a Paying Agent
hereunder. 

  

	20.	MERGER AND CONSOLIDATION 

Any corporation into which the Agent, the Registrar or any Paying Agent may be merged or converted, or any corporation with which the
Agent, the Registrar or any of the Paying Agents may be consolidated or any corporation resulting from any merger, conversion or consolidation to which the Agent, the Registrar or any of the Paying Agents shall be a party, or any corporation to
which the Agent, the Registrar or any of the Paying Agents shall sell or otherwise transfer all or substantially all the assets of the Agent, the Registrar or any Paying Agent (as the case may be) or any corporation to which such Agent, Registrar or
Paying Agent shall sell or otherwise transfer all or substantially all of its corporate trust business shall, on the date when such merger, conversion, consolidation or transfer becomes effective and to the extent permitted by any applicable laws,
become the successor Agent, Registrar or, as the case may be Paying Agent under this Agreement without the execution or filing of any paper or any further act on the part of the parties hereto, unless otherwise required by the Issuers, and after the
said effective date all references in this Agreement to the Agent, the Registrar or, as the case may be, such Paying Agent shall be deemed to be references to such corporation. Written notice of any such merger, conversion, consolidation or transfer
shall be communicated to the Issuers at least 30 days prior to the effective date of the merger, conversion, consolidation or transfer, together with any change in name, contact persons, telephone or facsimile numbers, address and any other relevant
information. 

  
 26 

	21.	NOTIFICATION OF CHANGES TO PAYING AGENTS AND REGISTRAR 

 Following receipt of notice of resignation from the Agent, the Registrar or any Paying Agent and forthwith upon appointing a successor Agent, Registrar or, as the case may be, further or other Paying
Agents or on giving notice to terminate the appointment of any Agent, the Registrar or, as the case may be, Paying Agent, the Agent (on behalf of and at the expense of the Issuers) shall give or cause to be given not more than 45 days’ nor less
than 30 days’ notice thereof to the relevant Noteholders in accordance with the Conditions. 
  

	22.	CHANGE OF SPECIFIED OFFICE 

If the Agent, the Registrar or any Paying Agent determines to change its specified office it shall give to the Issuers and (if applicable)
the Agent and the Registrar written notice of such determination giving the address of the new specified office which shall be in the same city and stating the date on which such change is to take effect, which shall not be less than 45 days
thereafter. The Agent (on behalf and at the expense of the Issuers) shall within 15 days of receipt of such notice (unless the appointment of the Agent, the Registrar or the relevant Paying Agent, as the case may be is to terminate pursuant to
Clause 19 on or prior to the date of such change) give or cause to be given not more than 45 days’ nor less than 30 days’ notice thereof to the relevant Noteholders in accordance with the Conditions. 

 

	23.	NOTICES 

 Any notice or
communication given hereunder shall be sufficiently given or served: 
  

	 	(a)	if delivered in person to the relevant address specified in the signature pages hereof and if so delivered, shall be deemed to have been delivered at time of receipt;

  

	 	(b)	if sent by facsimile to the relevant number specified on the signature pages hereof and, if so sent, shall be deemed to have been delivered immediately after
transmission when an acknowledgement of receipt is received; or 

  

	 	(c)	if sent by electronic mail to the relevant address specified in the signature pages hereof (such delivery option to be permitted with respect to any party only to the
extent such party has specified an electronic mail address in the signature pages hereof) and, if so sent, shall be deemed to have been delivered at the time of receipt. 

Where a communication is received after business hours it shall be deemed to be received and become effective on the next business day.
Every communication shall be irrevocable save in respect of any manifest error therein. 

  
 27 

	24.	TAXES AND STAMP DUTIES 

Each Issuer agrees to pay any and all stamp, documentary or similar taxes or duties which may be payable in connection with the execution,
delivery, performance and enforcement of this Agreement, the AHFC Support Agreement or the HCFI Support Agreement. 
  

	25.	FEES AND EXPENSES 

  

	25.1	The Issuers undertake to pay in respect of the services of the Agent, the Registrar and the Paying Agents under this Agreement such fees and expenses as may be agreed
between them from time to time. 

  

	25.2	The Issuers shall promptly pay on demand all out-of-pocket expenses (including legal, advertising, facsimile and postage expenses) properly incurred by the Agent, the
Registrar and the Paying Agents in connection with their services hereunder. 

  

	26.	INDEMNITY 

  

	26.1	The Issuers undertake, jointly and severally, to indemnify and hold harmless each of the Agent, the Registrar and the Paying Agents against all losses, liabilities,
costs (including, without limitation, legal fees and expenses), expenses, claims, actions or demands which the Agent, the Registrar or any Paying Agent, as the case may be, may reasonably incur or which may be made against the Agent, the Registrar
or any Paying Agent, as a result of or in connection with the appointment or the exercise of or performance of the powers, discretions, authorities and duties of the Agent, the Registrar or any Paying Agent under this Agreement except such as may
result from its own negligence, bad faith or failure to comply with its obligations hereunder or that of its officers, employees or agents. 

  

	26.2	Each of the Agent, the Registrar and the Paying Agents shall severally indemnify and hold harmless the Issuers against any loss, liability, costs (including, without
limitation, legal fees and expenses), expense, claim, action or demand which it may reasonably incur or which may be made against it as a result of such Agent’s, Registrar’s or Paying Agent’s own negligence, bad faith or failure to
comply with its obligations under this Agreement or that of its officers, employees or agents. 

  

	26.3	Neither the Agent, the Registrar nor the Paying Agents shall be liable whatsoever for any consequential, special, indirect or speculative loss or damages (including but
not limited to, loss of profits, whether or not foreseeable) suffered by the Issuers in connection with the transactions contemplated by and the relationship established by this Agreement even if the Agent, the Registrar or the Paying Agents have
been advised as to the possibility of the same. 

  

	26.4	 If, under any applicable law and whether pursuant to a judgment being made or registered or in the liquidation, insolvency or analogous process of any
party hereto or for any other reason, any payment under or in connection with this Agreement is made or falls to be satisfied in a currency (the “other currency”) other than that in which the relevant payment is expressed to be due
(the “required currency”) under this Agreement, then, to the extent that the payment (when converted into the required currency at the rate of 

  
 28 

	 	
exchange on the date of payment or, if it is not practicable for the payee to purchase the required currency with the other currency on the date of payment, at the rate of exchange as soon
thereafter as it is practicable for it to do so or, in the case of a liquidation, insolvency or analogous process, at the rate of exchange on the latest date permitted by applicable law for the determination of liabilities in such liquidation,
insolvency or analogous process) actually received by the payee falls short of the amount due under the terms of this Agreement, the payor shall, as a separate and independent obligation, indemnify and hold harmless the payee against the amount of
such shortfall. For the purpose of this Clause 26, “rate of exchange” means the rate at which the payee is able on the relevant date to purchase the required currency with the other currency and shall take into account any premium
and other costs of exchange. 

  

	27.	REPORTING 

 Each of the
Agent and the Registrar shall upon receipt of a written request therefor from an Issuer and after the payment of any further remuneration agreed between such Issuer and the Agent or the Registrar (on behalf of such Issuer and on the basis of the
information and documentation the Agent or the Registrar had in its possession) use all reasonable efforts to submit such reports or information as may be required from time to time by any applicable law, regulation or guideline promulgated by
(i) any relevant United States governmental regulatory authority in respect of the issue and purchase of Notes or (ii) any other relevant governmental regulatory authority in respect of the issue and purchase of Notes denominated in the
applicable currency of such governmental regulatory authority. 
  

	28.	GOVERNING LAW 

  

	28.1	This Agreement and the Notes shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed
in such State, without regard to conflict of laws principles that would result in the application of the laws of another jurisdiction. 

  

	28.2	Each of the Issuers and the Agent and the Registrar hereby irrevocably submits to the non-exclusive jurisdiction of the United States District Court for the Southern
District of New York and of any New York State court sitting in the Borough of Manhattan, New York City and of the courts of England over any suit, action or proceeding arising out of or related to this Agreement or any Note as the case may be
(together, the “Proceedings”). The Issuers and the Agent and the Registrar each irrevocably waives, to the fullest extent permitted by law, any objection which it may have to the laying of the venue of the Proceedings brought in
such a court and any claim that the Proceedings have been brought in an inconvenient forum. The Issuers and the Agent and the Registrar each agrees that final judgment in the Proceedings brought in such a court shall be conclusive and binding upon
the Issuers or the Agent or the Registrar, as the case may be, and may be enforced in any court of the jurisdiction to which the Issuers or the Agent or the Registrar is subject by a suit upon such judgment, provided that the service of process is
effected upon the Issuers and the Agent and the Registrar in the manner specified in Clause 28.3 or as otherwise permitted by law. 

  
 29 

	28.3	As long as any of the Notes remain Outstanding, the Issuers shall at all times either maintain an office or have an authorised agent in New York City and in London upon
whom process may be served in the Proceedings. Service of process upon either it at its offices or upon such agent with written notice of such service mailed or delivered to the relevant Issuer shall, to the fullest extent permitted by law, be
deemed in every respect effective service of process upon that Issuer in the Proceedings. The Issuers hereby appoint CT Corporation System, presently situated at 111 Eighth Avenue, New York, NY 10011, and the London office of Law Debenture Corporate
Services Limited, presently situated at Fifth Floor, 100 Wood Street, London EC2V 7EX, England, as their agents for such purposes and covenant and agree that service of process in the Proceedings may be made upon either Issuer at their respective
offices or at the specified offices of such agents (or such other addresses or at the offices of any other authorised agents which the Issuers may designate by written notice to the Agent) and prior to any termination of such agencies for any
reason, the Issuers shall so appoint a successor thereto as agent hereunder. 

  

	29.	AMENDMENTS 

 This
Agreement may be amended in writing by agreement between the Issuers, the Agent, the Registrar and the Paying Agents, but without the consent of any Noteholder for the purpose of curing any ambiguity or of curing, correcting or supplementing any
defective provision contained herein or in any manner which the parties may mutually deem necessary or desirable and which shall not in the opinion of the Issuers be materially prejudicial to the interests of the Noteholders, or to comply with
mandatory provisions of the law of the jurisdiction in which the Issuer is incorporated. Further, this Agreement may be amended in writing by agreement between the Issuers, but without the consent of the Agent, the Registrar and the Paying Agents
and the Noteholders (i) to take any action necessary or helpful to prevent the Notes from becoming subject to any withholding or other taxes or assessments, and (ii) to allow AHFC to comply with FATCA or any rules or regulations
promulgated thereunder (including imposing withholding taxes upon Noteholders who fail to deliver the Noteholder FATCA Information and the Noteholder Tax Identification Information). 

 

	30.	DESCRIPTIVE HEADINGS 

 The
descriptive headings in this Agreement are for convenience of reference only and shall not define or limit the provisions hereof. 
  

	31.	COUNTERPARTS 

 This
Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument. Any party may enter into this Agreement by signing such a counterpart. 

 

	32.	ORIGINAL AGREEMENT 

 This
Agreement amends and restates the Original Agreement. Any Notes issued under the Programme on or after the date hereof shall have the benefit of this Agreement. This does not affect any Notes issued under the Programme prior to the date of this
Agreement. 

  
 30 

	33.	SEVERABILITY 

 In case any
one or more of the provisions in this Agreement shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and if the remaining provisions
shall not in any way be affected or impaired thereby, it is being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law. 

  
 31 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their respective
corporate names by their respective officers thereunder duly authorised as of the date and year first above written. 
 AMERICAN HONDA
FINANCE CORPORATION  
 as Issuer 
  

			
	 By:
	 	 /s/ H. Takarada

		
	 Name:
	 	H. Takarada
		
	 Title:
	 	Vice President and Treasurer

 20800 Madrona Avenue 
 Torrance, California 90503 
 USA 
 Telephone No: (310) 972 2500 
 Facsimile No: (310) 972 2415 

Attention: Manager, Treasury Department 

HONDA CANADA FINANCE INC.  
 as Issuer

  

											
	By:	 	 /s/ K. Endo
	 	 	 	By:	 	 /s/ Harald Ladewig
	 	 
						
	Name:	 	K. Endo	 		 	Name:	 	Harald Ladewig	 	
						
	Title:	 	President	 		 	Title:	 	Vice President and Treasurer	 	

 Honda Canada Finance Inc. 
 180 Honda Blvd. 
 Suite 200 
 Markham, Ontario L6C 0H9 
 Canada 
 Telephone No: (905) 888 4188 
 Facsimile No: (905) 888 4186 

Attention: Vice President and Treasurer 

  
 32 

 THE BANK OF NEW YORK MELLON  
 as Agent and Principal Paying Agent 
  

			
	 By:
	 	 /s/ Melissa Laidley

		
	 Name:
	 	Melissa Laidley
		
	 Title:
	 	Vice President

 One Canada Square 
 London E14 5AL 
 United Kingdom 
 Telephone: +44 20 7964 7031/5683 
 Telefax: +44 20 7964 2536 

E-mail: corpsovamericas@bnymellon.com 

Attention: Corporate Trust Administration 

THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A.  
 as Paying Agent and Registrar 
  

			
	 By:
	 	 /s/ Melissa Laidley

		
	 Name:
	 	Melissa Laidley
		
	 Title:
	 	Vice President

 Vertigo Building 

Polaris, 2-4 rue Eugène Ruppert 
 L-2453
Luxembourg 
 Telephone: +352 24 52 5329 

Telefax: +352 24 52 4204 
 E-mail:
corpsovamericas@bnymellon.com/LUXMB_SPS@bnymellon.com 
 Attention: Corporate Trust Services 

  
 33 

 SCHEDULE 1 
 Form of Temporary Global Note 
 [AMERICAN HONDA FINANCE CORPORATION]

 [HONDA CANADA FINANCE INC.] 
 EURO MEDIUM TERM NOTE DUE 
 [Year of Maturity Date/Redemption Month] 

[Specified Currency and Principal Amount of Tranche] 
 Series No. [        ] 
 Tranche No.
[        ] 
 TEMPORARY GLOBAL NOTE 

 

			
	Registered Holder:	 	  

		
	Address of Registered Holder:	 	  

		
		 	  

		
	 Nominal Amount of Notes :

Represented by this Temporary
 Global
Note
	 	  

 This Global Note is a Temporary Global Note issued in respect of the nominal amount specified above of a duly authorised
Series of Euro Medium Term Notes (the “Notes”) of [American Honda Finance Corporation] [Honda Canada Finance Inc.] (the “Issuer”) described, and having the provisions specified, in the Final Terms attached hereto
(the “Final Terms”). References herein to the Conditions shall be to the Terms and Conditions of the Notes as set out in Schedule 4 to the Agency Agreement (as defined below) as modified and supplemented by the information set out
in the Final Terms, but in the event of any conflict between the provisions of that Schedule and the information set out in the Final Terms, the Final Terms will prevail. 
 This Temporary Global Note certifies that the Registered Holder (as specified above) is registered as the holder of such nominal amount of the Notes at the date hereof in the Register maintained by the
Registrar. 
 Words and expressions not otherwise defined herein shall have the meanings set forth in the Conditions and/or the Final Terms.

 This Global Note is issued subject to, and with the benefit of, the Conditions and an Amended and Restated Agency Agreement (the
“Agency Agreement”, which expression shall be 

  
 SCHEDULE 1-1

 
construed as a reference to that agreement as the same may be amended or supplemented from time to time) dated as of August 27, 2012 and made between, inter alia, the Issuer,
[American Honda Finance Corporation] [Honda Canada Finance Inc.], The Bank of New York Mellon (the “Agent”), The Bank of New York Mellon (Luxembourg) S.A. (the “Registrar”) and the other agents named therein.

 For value received, the Issuer, subject to and in accordance with the Conditions, promises to pay to the registered holder hereof on each
Instalment Date the amount payable on such Instalment Date in respect of the Notes represented by this Global Note (if the Notes represented by this Global Note are Instalment Notes) and on the Maturity Date or, as the case may be, on the Interest
Payment Date falling in the Redemption Month, or on such earlier date as any of the Notes represented by this Global Note may become due and repayable in accordance with the Conditions, the amount payable on redemption of such Notes then represented
by this Global Note becoming so due and repayable, and to pay interest (if any) on the Notes from time to time represented by this Global Note calculated and payable as provided in the Conditions together with any other sums payable under the
Conditions, and, if no further payment falls to be made in respect of the Notes represented by this Global Note, upon surrender of this Global Note to, or to the order of, the Registrar. 
 This Global Note will be deposited with a common depositary (the “Common Depositary”) on behalf of Euroclear Bank SA/NV (“Euroclear”), Clearstream Banking,
société anonyme (“Clearstream Luxembourg”) or a depositary of any other agreed clearing system or if the applicable Final Terms indicates the Global Note is intended to be held under the new safekeeping structure, a
common safekeeper (the “Common Safekeeper”) on behalf of Euroclear and Clearstream Luxembourg for credit to the respective accounts of Euroclear, Clearstream Luxembourg or such other agreed clearing system (or to such other accounts
as Euroclear, Clearstream Luxembourg or such other agreed clearing system may have directed). Any reference herein to Euroclear and Clearstream Luxembourg shall be deemed to include a reference to any such agreed clearing system. 

Payments due in respect of Notes for the time being represented by this Global Note shall be made to the registered holder of this Global Note and each
payment so made will discharge the Issuer’s obligations in respect thereof. 
 If any date fixed for redemption of this Note is a date
prior to the Exchange Date (as defined below), an interest in a Permanent Global Note shall be issuable on or after such redemption date as if such redemption date had been the Exchange Date, subject to the receipt by the Issuer and the Agent from
Clearstream Luxembourg or Euroclear of a certificate confirming beneficial ownership for the purpose of compliance with Regulation S, substantially in the form set out in Schedule 5 to the Agency Agreement, to the effect that it has received from or
in respect of a person entitled to a beneficial interest in a particular principal amount of the Notes (as shown by its records) a certificate from such person in or substantially in the form set out in Schedule 6 to the Agency Agreement.

 Prior to the Exchange Date (as defined below), all payments (if any) on this Global Note will only be made to the registered holder hereof to
the extent that there is presented to the Issuer and the Agent by Euroclear and/or Clearstream Luxembourg a certificate, substantially in the form 

  
 SCHEDULE 1-2

 
set out in Schedule 5 to the Agency Agreement, to the effect that it has received from or in respect of a person entitled to a particular principal amount of the Notes (as shown by its records) a
certificate in or substantially in the form set out in Schedule 6 to the Agency Agreement. 
 On or after the date (the “Exchange
Date”) which is 40 days after the later of completion of the distribution of the Notes of the relevant Tranche, as determined by the Agent pursuant to the provisions of the Agency Agreement, and receipt by the Issuer of the proceeds of such
Notes, this Global Note may be exchanged in whole or in part (free of charge to Noteholders) for, as specified in the Final Terms, a Permanent Global Note in the form set out in Schedule 2 to the Agency Agreement (together with the Final Terms
attached thereto), upon notice being given by Euroclear and/or Clearstream Luxembourg acting on the instructions of any holder of an interest in this Global Note. 
 This Global Note will only be exchangeable (free of charge to Noteholders), in whole but not in part, for Definitive Notes if the Issuer has been notified that both Euroclear and Clearstream, Luxembourg
have been closed for business for a continuous period of 14 calendar days (other than by reason of holiday, statutory or otherwise) or have announced an intention permanently to cease business or have in fact done so and no successor clearing system
is available (an “Exchange Event”). The Issuer will promptly give notice to Noteholders in accordance with Condition 14 if an Exchange Event occurs. In the event of the occurrence of an Exchange Event, Euroclear and/or Clearstream,
Luxembourg (acting on the instructions of any holder of an interest in this Global Note) may give notice to the Agent requesting exchange. Any such exchange shall occur not later than 45 calendar days after the date of receipt of the first relevant
notice by the Agent. 
 Presentation of this Global Note for exchange shall be made by the registered holder on any day (other than a Saturday
or Sunday) on which banks are open for business in London at the office of the Agent specified above. The Issuer shall procure that the Definitive Notes or (as the case may be) the Permanent Global Note shall be so issued and delivered in exchange
for only that portion of this Global Note in respect of which there shall have been presented to the Registrar by Clearstream Luxembourg or Euroclear a certificate confirming beneficial ownership for the purpose of compliance with Regulation S,
substantially in the form set out in Schedule 5 to the Agency Agreement, to the effect that it has received from or in respect of a person entitled to a beneficial interest in a particular principal amount of the Notes (as shown by its records) a
certificate from such person in or substantially in the form set out in Schedule 9 to the Agency Agreement, unless such certificate has already been given in accordance with the above provisions. The aggregate principal amount of Definitive Notes or
interests in a Permanent Global Note issued upon an exchange of this Global Note will, subject to the terms hereof, be equal to the aggregate principal amount of this Global Note submitted by the registered holder hereof for exchange (to the extent
that such principal amount does not exceed the aggregate principal amount of this Global Note). 
 On an exchange of this Global Note, this
Global Note shall be surrendered to the Agent and, in the case of an exchange of only part of this Global Note, a new Temporary Global Note representing the Notes for which Definitive Notes or a Permanent Global Note (as the case may be) have not
been issued, shall be issued by the Registrar. 

  
 SCHEDULE 1-3

 Whenever this Global Note is to be exchanged for Definitive Notes or, as the case may be, a Permanent Global
Note, such Definitive Notes or Permanent Global Note shall be issued within five business days of the delivery, by or on behalf of the registered holder of this Global Note, Euroclear and/or Clearstream Luxembourg, to the Registrar of such
information as is required to complete and deliver such Definitive Notes or Permanent Global Note (including, without limitation, the names and addresses of the persons in whose names the Definitive Notes or Permanent Global Note are to be
registered and the principal amount of each such person’s holding) against the surrender of this Global Note at the specified office of the Agent. Such exchange shall be effected in accordance with the provisions of the Agency Agreement and the
regulations concerning the transfer and registration of Notes scheduled thereto and, in particular, shall be effected without charge to any Noteholder, but against such indemnity as the Registrar and the Agent may require in respect of any tax or
other duty of whatsoever nature which may be levied or imposed in connection with such exchange. In this paragraph, “business day” means a day on which commercial banks are open for business (including dealings in foreign currencies) in
the city in which each of the Registrar and the Agent has its specified office. 
 Any Definitive Notes issued in exchange for this Global Note
will be represented by a registered certificate without coupons (a “Note Certificate”). One Note Certificate will be issued in respect of each Noteholder’s entire holding of Definitive Notes represented by this Global Note.
Upon request of a Noteholder and in accordance with the provisions of the Agency Agreement, the Registrar will exchange any Noteholder’s Note Certificate for multiple Note Certificates representing the same Notes, provided that the minimum
nominal amount of any Note Certificate will not be less than the Specified Denomination (as indicated in the Final Terms) and the aggregate nominal amount of all replacement Note Certificates will not exceed the nominal amount of the Note
Certificate so replaced. 
 Notwithstanding any provision to the contrary contained in this Global Note, the Issuer irrevocably agrees, for the
benefit of such Noteholders and their successors and assigns, that each Noteholder or its successors or assigns may without the consent and to the exclusion of the registered holder hereof, file any claim, take any action or institute any proceeding
to enforce, directly against the Issuer, the obligation of the Issuer hereunder to pay any amount due or to become due in respect of each Note represented by this Global Note which is credited to such Noteholder’s securities account with
Euroclear or Clearstream Luxembourg without the production of this Global Note; provided that the bearer hereof shall not theretofore have filed a claim, taken action or instituted proceedings to enforce the same in respect of such Note. 

Notwithstanding Condition 14 (Notices), so long as this Global Note is held on behalf of Euroclear or Clearstream Luxembourg, notices to Noteholders of
Notes represented by this Global Note may be given by delivery of the relevant notice to Euroclear or Clearstream Luxembourg, provided, however, that, so long as the Notes are listed on the Luxembourg Stock Exchange and its rules so require, notices
will also be published in a leading newspaper having general circulation in Luxembourg (which is expected to be the Luxemburger Wort) and/or on the website of the Luxembourg Stock Exchange (www.bourse.lu). 

This Global Note is evidence of entitlement only and is not a document of title. Entitlements are determined by the Register and only the registered
holder is entitled to payment in respect of this Global Note. 

  
 SCHEDULE 1-4

 The failure of the U.S. Withholding Agent to promptly provide to the relevant Issuer and the Agent with the
Noteholder Tax Identification Information and Noteholder FATCA Information and to timely provide updated Noteholder Tax Identification Information or Noteholder FATCA Information, as necessary and applicable, may result in withholding from payments
made in respect of such Note, including U.S. Federal withholding or back-up withholding. 
 “Noteholder FATCA Information”
means information sufficient to eliminate the imposition of U.S. withholding tax under FATCA. 
 “Noteholder Tax Identification
Information” means properly completed and signed tax certifications (generally, in the case of U.S. federal income tax, IRS Form W-9 (or applicable successor form) in the case of a person that is a “United States Person” within
the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a “United States Person” within the meaning of Section 7701(a)(30) of the Code).

 “U.S. Withholding Agent” means the person or entity constituting and obligated to perform the duties of a “withholding
agent” with respect to payments on the Notes within the meaning of Section 7701(a)(16) of the Code. 
 The Agency Agreement and this
Global Note (including the Conditions) shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to conflict of laws principles that would result in the application of the laws of another jurisdiction.

 This Global Note shall not become valid or obligatory for any purpose until the certificate of authentication hereon shall have been duly
signed by or on behalf of the Registrar acting in accordance with the Agency Agreement and, if the Final Terms indicate that this Global Note is to be held in a manner which would allow Eurosystem eligibility, effectuated by the entity appointed as
common safekeeper by the relevant Clearing Systems. 
 IN WITNESS WHEREOF the Issuer has caused this Temporary Global Note to be duly signed on
its behalf. 
  

			
	[AMERICAN HONDA FINANCE CORPORATION]
	
	[HONDA CANADA FINANCE INC.]
		
	By:	 	  

		 	Duly authorised officer
		
	Attest:	 	
		
	By:	 	
	
	Duly authorised officer

  
 SCHEDULE 1-5

 CERTIFICATE OF AUTHENTICATION OF THE AGENT 
 This Temporary Global Note is authenticated by or on behalf of the Registrar. 
  

			
	 THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A.

as Registrar

		
	By:	 	
	
	Authorised Signatory
	
	For the purposes of authentication only.

 CERTIFICATE OF EFFECTUATION OF THE COMMON SAFEKEEPER1 
 This
Temporary Global Note is effectuated by or on behalf of the common safekeeper. 
  

			
	
	  

	as common safekeeper
		
	By:	 	
	
	Authorised Signatory
	
	For the purposes of effectuation only.

  

	1 	To be completed only if the Final Terms indicate that this Global Note is to be held in a manner which would allow Eurosystem eligibility effectuated by the entity
appointed as common safekeeper by the relevant Clearing Systems. 

  
 SCHEDULE 1-6

 FORM OF TRANSFER 
 FOR VALUE RECEIVED .............................................. [name of holder], being the registered holder of this Global Note, hereby transfers
to............................... [name of transferee] of................................................................... [address of
transferee], ................... [currency] .......................................[amount] in principal amount of the ........................
[currency] ......................... [amount] Notes due ................ [maturity] (the “Notes”) of [American Honda Finance Corporation][Honda Canada Finance Inc.] (the
“Issuer”) and irrevocably requests and authorises The Bank of New York Mellon (Luxembourg) S.A. in its capacity as registrar in relation to the Notes (or any successor to The Bank of New York Mellon (Luxembourg) S.A., in its
capacity as such) to effect the relevant transfer by means of appropriate entries in the register kept by it. 
  

					
	Dated:	 	 	 	

  

					
			
	By:	 		 	 
		 		 	(duly authorised)

  
 Notes

 The name of the person by or on whose behalf this form of transfer is signed must correspond with the name of the registered holder as it
appears on the face of this Global Note. 
  

	1.	A representative of such registered holder should state the capacity in which he signs, e.g., as executor. 

 

	2.	The signature of the person effecting a transfer shall conform to any list of duly authorised specimen signatures supplied by the registered holder or be certified by a
recognised bank, notary public or in such other manner as the Registrar may require. 

  

	3.	Any transfer of Notes shall be in an amount equal to the Specified Denomination in the Specified Currency, each as indicated in the applicable Final Terms, or an
integral multiple of such Specified Denomination in such Specified Currency in excess thereof. 

  
 SCHEDULE 1-7

 [Attached to the Global Note] 
 [Terms and Conditions as set out in the Base Prospectus] 
 [Final Terms]

 [At the foot of the Terms and Conditions:] 
  

			
	REGISTRAR	 	PRINCIPAL PAYING AGENT
		
	 The Bank of New York Mellon

(Luxembourg) S.A
 Vertigo Building
 Polaris, 2-4 rue Eugéne Ruppert

L-2453 Luxembourg
	 	 The Bank of New York Mellon
 1 Canada Square
 London E14 5AL

United Kingdom

	OTHER PAYING AGENT
	
	 The Bank of New York Mellon (Luxembourg) S.A

Vertigo Building

Polaris, 2-4 rue Eugéne Ruppert
 L-2453 Luxembourg

  
 SCHEDULE 1-8

 SCHEDULE 2 
 Form of Permanent Global Note 
 [AMERICAN HONDA FINANCE CORPORATION]

 [HONDA CANADA FINANCE INC.] 
 EURO MEDIUM TERM NOTE DUE 
 [year of Maturity Date/Redemption Month] 

[Specified Currency and Principal Amount of Tranche] 
 Series No. [    ] 
 Tranche No. [    ]

 PERMANENT GLOBAL NOTE 
  

					
	Registered Holder:	 		  	 
			
	Address of Registered Holder:	 		  	 
			
		 		  	 
			
	Nominal Amount of Notes :	 		  	 
	Represented by this	 		  	
	Permanent Global Note	 		  	

 This Global Note is a Permanent Global Note issued in respect of the nominal amount specified above of a duly authorised
Series of Euro Medium Term Notes (the “Notes”) of [American Honda Finance Corporation] [Honda Canada Finance Inc.] (the “Issuer”) described, and having the provisions specified, in the Final Terms attached hereto
(the “Final Terms”). References herein to the Conditions shall be to the Terms and Conditions of the Notes as set out in Schedule 4 to the Agency Agreement (as defined below) as modified and supplemented by the information set out
in the Final Terms, but in the event of any conflict between the provisions of that Schedule and the information set out in the Final Terms, the Final Terms will prevail. 
 This Permanent Global Note certifies that the Registered Holder (as specified above) is registered as the holder of such nominal amount of the Notes at the date hereof in the Register maintained by the
Registrar. 
 Words and expressions not otherwise defined herein shall have the meanings set forth in the Conditions and/or the Final Terms.

 This Global Note is issued subject to, and with the benefit of, the Conditions and an Amended and Restated Agency Agreement (the
“Agency Agreement”, which expression shall be construed as a reference to that agreement as the same may be amended or supplemented from 

  
 SCHEDULE 2-1

 
time to time) dated as of August 27, 2012 and made between, inter alia, the Issuer, [American Honda Finance Corporation] [Honda Canada Finance Inc.], The Bank of New York Mellon (the
“Agent”), The Bank of New York Mellon (Luxembourg) S.A. (the “Registrar”) and the other agents named therein. 

For value received, the Issuer, subject to and in accordance with the Conditions, promises to pay to the registered holder hereof on each Instalment Date
the amount payable on such Instalment Date in respect of the Notes represented by this Global Note (if the Notes represented by this Global Note are Instalment Notes) and on the Maturity Date or, as the case may be, on the Interest Payment Date
falling in the Redemption Month, or on such earlier date as any of the Notes represented by this Global Note may become due and repayable in accordance with the Conditions, the amount payable on redemption of such Notes then represented by this
Global Note becoming so due and repayable, and to pay interest (if any) on the Notes from time to time represented by this Global Note calculated and payable as provided in the Conditions together with any other sums payable under the Conditions,
and, if no further payment falls to be made in respect of the Notes represented by this Global Note, upon surrender of this Global Note to, or to the order of, the Registrar. 
 Payments due in respect of Notes for the time being represented by this Global Note shall be made to the registered holder of this Global Note and each payment so made will discharge the Issuer’s
obligations in respect thereof. 
 This Global Note will be deposited with a common depositary (the “Common Depositary”) on
behalf of Euroclear Bank SA/NV (“Euroclear”), Clearstream Banking, société anonyme (“Clearstream Luxembourg”) or a depositary of any other agreed clearing system or if the applicable Final Terms
indicates the Global Note is intended to be held under the new safekeeping structure, a common safekeeper (the “Common Safekeeper”) on behalf of Euroclear and Clearstream Luxembourg for credit to the respective accounts of
Euroclear, Clearstream Luxembourg or such other agreed clearing system (or to such other accounts as Euroclear, Clearstream Luxembourg or such other agreed clearing system may have directed). Any reference herein to Euroclear and Clearstream
Luxembourg shall be deemed to include a reference to any such agreed clearing system. 
 The Notes represented by this Global Note were
originally represented by one or more Temporary Global Notes (each Tranche of Notes comprised in the Series of Notes to which this Global Note relates having been originally represented by one Temporary Global Note). Unless any such Temporary Global
Note was exchanged in whole on the issue hereof, an interest in such Temporary Global Note may be further exchanged, on the terms and conditions set out therein, for an interest in a Permanent Global Note. The Issuer shall procure that the Registrar
shall cancel this Global Note and issue a replacement Permanent Global Note in exchange herefor with an increased nominal amount to reflect such additional exchange and shall update the Register accordingly, whereupon this Global Note shall be
cancelled. 
 This Global Note will be exchangeable (free of charge to Noteholders), in whole but not in part, for Definitive Notes if the
Issuer has been notified that both Euroclear and Clearstream, Luxembourg have been closed for business for a continuous period of 14 calendar days (other than by reason of holiday, statutory or otherwise) or have announced an intention permanently
to 

  
 SCHEDULE 2-2

 
cease business or have in fact done so and no successor clearing system is available (an “Exchange Event”). The Issuer will promptly give notice to Noteholders in accordance with
Condition 14 if an Exchange Event occurs. In the event of the occurrence of an Exchange Event, Euroclear and/or Clearstream, Luxembourg (acting on the instructions of any holder of an interest in this Global Note) may give notice to the Agent
requesting exchange. Any such exchange shall occur not later than 45 calendar days after the date of receipt of the first relevant notice by the Agent. 
 On an exchange of this Global Note, this Global Note shall be surrendered to the Agent and, in the case of an exchange of only part of this Global Note, a new Permanent Global Note representing the Notes
for which Definitive Notes have not been issued, shall be issued by the Registrar. 
 Whenever this Global Note is to be exchanged for
Definitive Notes, such Definitive Notes shall be issued within five business days of the delivery, by or on behalf of the registered holder of this Global Note, Euroclear and/or Clearstream Luxembourg, to the Registrar of such information as is
required to complete and deliver such Definitive Notes (including, without limitation, the names and addresses of the persons in whose names the Definitive Notes are to be registered and the principal amount of each such person’s holding)
against the surrender of this Global Note at the specified office of the Agent. Such exchange shall be effected in accordance with the provisions of the Agency Agreement and the regulations concerning the transfer and registration of Notes scheduled
thereto and, in particular, shall be effected without charge to any Noteholder, but against such indemnity as the Registrar and the Agent may require in respect of any tax or other duty of whatsoever nature which may be levied or imposed in
connection with such exchange. In this paragraph, “business day” means a day on which commercial banks are open for business (including dealings in foreign currencies) in the city in which each of the Registrar and the Agent has its
specified office. 
 Any Definitive Notes issued in exchange for this Global Note will be represented by a registered certificate without
coupons (a “Note Certificate”). One Note Certificate will be issued in respect of each Noteholder’s entire holding of Definitive Notes represented by this Global Note. Upon request of a Noteholder and in accordance with the
provisions of the Agency Agreement the Registrar will exchange any Noteholder’s Note Certificate for multiple Note Certificates representing the same Definitive Notes, provided that the minimum nominal amount of any Note Certificate will not be
less than the Specified Denomination (as indicated in the Final Terms) and the aggregate nominal amount of all replacement Note Certificates will not exceed the nominal amount of the Note Certificate so replaced. 

Notwithstanding any provision to the contrary contained in this Global Note, the Issuer irrevocably agrees, for the benefit of such Noteholders and their
successors and assigns, that each Noteholder or its successors or assigns may without the consent and to the exclusion of the registered holder hereof, file any claim, take any action or institute any proceeding to enforce, directly against the
Issuer, the obligation of the Issuer hereunder to pay any amount due or to become due in respect of each Note represented by this Global Note which is credited to such Noteholder’s securities account with Euroclear or Clearstream Luxembourg
without the production of this Global Note; provided that the bearer hereof shall not theretofore have filed a claim, taken action or instituted proceedings to enforce the same in respect of such Note. 

  
 SCHEDULE 2-3

 Notwithstanding Condition 14 (Notices), so long as this Global Note is held on behalf of Euroclear or
Clearstream Luxembourg, notices to Noteholders of Notes represented by this Global Note may be given by delivery of the relevant notice to Euroclear or Clearstream Luxembourg, provided, however, that, so long as the Notes are listed on the
Luxembourg Stock Exchange and its rules so require, notices will also be published in a leading newspaper having general circulation in Luxembourg (which is expected to be the Luxemburger Wort) and/or on the website of the Luxembourg Stock Exchange
(www.bourse.lu). 
 This Global Note is evidence of entitlement only and is not a document of title. Entitlements are determined by the Register
and only the registered holder is entitled to payment in respect of this Global Note. 
 The failure of the U.S. Withholding Agent to promptly
provide to the relevant Issuer and the Agent with the Noteholder Tax Identification Information and Noteholder FATCA Information and to timely provide updated Noteholder Tax Identification Information or Noteholder FATCA Information, as necessary
and applicable, may result in withholding from payments made in respect of such Note, including U.S. Federal withholding or back-up withholding. 
 “Noteholder FATCA Information” means information sufficient to eliminate the imposition of U.S. withholding tax under FATCA. 
 “Noteholder Tax Identification Information” means properly completed and signed tax certifications (generally, in the case of U.S. federal income tax, IRS Form W-9 (or applicable
successor form) in the case of a person that is a “United States Person” within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a
“United States Person” within the meaning of Section 7701(a)(30) of the Code). 
 “U.S. Withholding Agent” means
the person or entity constituting and obligated to perform the duties of a “withholding agent” with respect to payments on the Notes within the meaning of Section 7701(a)(16) of the Code. 

The Agency Agreement and this Global Note (including the Conditions) shall be governed by, and construed in accordance with, the laws of the State of New
York, without regard to conflict of laws principles that would result in the application of the laws of another jurisdiction. 
 This Global
Note shall not become valid or obligatory for any purpose until the certificate of authentication hereon shall have been duly signed by or on behalf of the Registrar acting in accordance with the Agency Agreement and, if the Final Terms indicate
that this Global Note is to be held in a manner which would allow Eurosystem eligibility, effectuated by the entity appointed as common safekeeper by the relevant Clearing Systems. 

  
 SCHEDULE 2-4

 IN WITNESS WHEREOF the Issuer has caused this Global Note to be duly signed on its behalf. 

 

			
	 [AMERICAN HONDA FINANCE CORPORATION]
 [HONDA CANADA FINANCE INC.]

		
	By:	 	 
		 	Duly authorised officer

  

			
	Attest:
		
	By:	 	 
		 	Duly authorised officer

  
 SCHEDULE 2.5

 CERTIFICATE OF AUTHENTICATION OF THE AGENT 

This Permanent Global Note is authenticated by or on behalf of the Registrar. 

 

			
	 THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A.
 as Registrar

		
	By:	 	 
		 	Authorised Signatory

 For the purposes of authentication only. 
 CERTIFICATE OF EFFECTUATION OF THE COMMON SAFEKEEPER1 
 This Permanent Global Note is effectuated by or on behalf of the common safekeeper. 

________________________________________ 
 as
common safekeeper 
  

			
	By:	 	 
		 	Authorised Signatory

 For the purposes of effectuation only. 
  

 

	1 	To be completed only if the Final Terms indicate that this Global Note is to be held in a manner which would allow Eurosystem eligibility effectuated by the entity
appointed as common safekeeper by the relevant Clearing Systems. 

  
 SCHEDULE 2-6

 FORM OF TRANSFER 
 FOR VALUE RECEIVED ..............................................[name of holder], being the registered holder of this Global Note, hereby transfers
to..................................................................................................................
..............................................[name of transferee]
of................................................................................................................
.....................................................................................................................
.....................................[address of transferee], 

...................[currency] ..............................[amount] in principal amount of
the 
 ...................[currency] ................ [amount] Notes due
...................[maturity] (the “Notes”) of [American Honda Finance Corporation] [Honda Canada Finance Inc.] (the “Issuer”) and irrevocably requests and authorises The Bank of New York
Mellon (Luxembourg) S.A. in its capacity as registrar in relation to the Notes (or any successor to The Bank of New York Mellon (Luxembourg) S.A., in its capacity as such) to effect the relevant transfer by means of appropriate entries in the
register kept by it. 
 Dated: ..................... 
 By: ......................... 
 (duly authorised)

  
  
 Notes 
 The name of the person by or on whose behalf this form of transfer is signed must
correspond with the name of the registered holder as it appears on the face of this Global Note. 
  

	1.	A representative of such registered holder should state the capacity in which he signs, e.g., as executor. 

 

	2.	The signature of the person effecting a transfer shall conform to any list of duly authorised specimen signatures supplied by the registered holder or be certified by a
recognised bank, notary public or in such other manner as the Registrar may require. 

  

	3.	Any transfer of Notes shall be in an amount equal to the Specified Denomination in the Specified Currency, each as indicated in the applicable Final Terms, or an
integral multiple of such Specified Denomination in such Specified Currency in excess thereof. 

  
 SCHEDULE 2-7

 [Attached to the Global Note] 

[Terms and Conditions as set out in the Base Prospectus] 
 [Final Terms] 
 [At the foot of the Terms and Conditions:] 

 

			
	REGISTRAR	 	PRINCIPAL PAYING AGENT
		
	 The Bank of New York Mellon
 (Luxembourg) S.A
 Vertigo Building

Polaris, 2-4 rue Eugéne Ruppert
 L-2453 Luxembourg
	 	 The Bank of New York Mellon
 1 Canada Square
 London E14 5AL

United Kingdom

OTHER PAYING AGENT 
 The Bank of New York Mellon (Luxembourg) S.A 
 Vertigo Building 

Polaris, 2-4 rue Eugéne Ruppert 
 L-2453 Luxembourg 

  
 SCHEDULE 2-8

 SCHEDULE 3 
 Form of Definitive Note 
 Serial Number:
                                 

[AMERICAN HONDA FINANCE CORPORATION] 
 [HONDA CANADA FINANCE INC.] 
 [Specified Currency and Principal Amount of Tranche]

 EURO MEDIUM TERM NOTE DUE 
 [year of Maturity 
 Date/Redemption Month] 

Series No. [    ] 
 Tranche No. [    ] 
 This Note Certificate is issued in respect of the
[currency] [amount] [[—]] Notes due [maturity] (the “Notes”) of [American Honda Finance Corporation] [Honda Canada Finance Inc.] (the
“Issuer”). References herein to the Conditions shall be subject to the Terms and Conditions of the Notes endorsed hereon as modified and supplemented by the information set out in the Final Terms incorporated hereon, but in the
event of any conflict between the provisions of the Conditions and the information set out in the Final Terms, the Final Terms will prevail. 

This Note Certificate is issued subject to, and with the benefit of, the Conditions and an Amended and Restated Agency Agreement (the “Agency
Agreement”, which expression shall be construed as a reference to that agreement as the same may be amended or supplemented from time to time) dated as of August 27, 2012, and made between, inter alia, the Issuer, [American
Honda Finance Corporation] [Honda Canada Finance Inc.], The Bank of New York Mellon (the “Agent”), The Bank of New York Mellon (Luxembourg) S.A. (the “Registrar”) and the other agents named therein. 

This is to certify that: 
  

 

			
	 

			
		
	of	 	 

  

			
	
	 

 is the person registered in the register maintained by the Registrar in relation to the Notes (the
“Register”) as the duly registered holder or, if more than one person is so registered, the first-named of such persons (the “Holder”) of: 

  
 SCHEDULE 3-1

[currency][amount]                    
                                         
            

(                         
                                         
       [currency and amount in words]) 
 in aggregate principal amount of the Notes. 

For value received, the Issuer, subject to and in accordance with the Conditions, promises to pay to the Holder on each Instalment Date the amount
payable on such Instalment Date (if the Notes represented by this Note Certificate are Instalment Notes) and on the Maturity Date or, as the case may be, on the Interest Payment Date falling in the Redemption Month, or on such earlier date as the
Notes represented by this Note Certificate may become due and repayable in accordance with the Conditions, the amount payable on redemption of the Notes represented by this Note Certificate, and to pay interest (if any) on the Notes represented by
this Note Certificate calculated and payable as provided in the Conditions together with any other sums payable under the Conditions. 
 This
Note Certificate is evidence of entitlement only and is not a document of title. Entitlements are determined by the Register and only the Holder is entitled to payment in respect of this Note Certificate. 

The failure of the U.S. Withholding Agent to promptly provide to the relevant Issuer and the Agent with the Noteholder Tax Identification Information and
Noteholder FATCA Information and to timely provide updated Noteholder Tax Identification Information or Noteholder FATCA Information, as necessary and applicable, may result in withholding from payments made in respect of such Note, including U.S.
Federal withholding or back-up withholding. 
 “Noteholder FATCA Information” means information sufficient to eliminate the
imposition of U.S. withholding tax under FATCA. 
 “Noteholder Tax Identification Information” means properly completed and
signed tax certifications (generally, in the case of U.S. federal income tax, IRS Form W-9 (or applicable successor form) in the case of a person that is a “United States Person” within the meaning of Section 7701(a)(30) of the Code
or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a “United States Person” within the meaning of Section 7701(a)(30) of the Code). 

“U.S. Withholding Agent” means the person or entity constituting and obligated to perform the duties of a “withholding agent”
with respect to payments on the Notes within the meaning of Section 7701(a)(16) of the Code. 
 The Agency Agreement and this Note
Certificate (and the Notes represented hereby), including the Conditions, shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to conflict of laws principles that would result in the application
of the laws of another jurisdiction. 
 The obligations under this Note Certificate shall not become valid or obligatory for any purpose until
the certificate of authentication hereon shall have been duly signed by or on behalf of the Registrar acting in accordance with the Agency Agreement. 

  
 SCHEDULE 3-2

 IN WITNESS WHEREOF the Issuer has caused this Note Certificate to be duly signed on its behalf. 

[AMERICAN HONDA FINANCE CORPORATION] 
 [HONDA CANADA FINANCE INC.] 
  

			
		
	By:	 	 
		 	Duly authorised officer

 Attest: 
  

			
		
	By:	 	 
		 	Duly authorised officer

 CERTIFICATE OF AUTHENTICATION OF THE AGENT 
 This Note Certificate is authenticated by or on
behalf of the Agent. 
 THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A.  
 as Registrar 
  

			
		
	By:	 	 
		 	Authorised Signatory
		
		 	For the purposes of authentication only.

  
 SCHEDULE 3-3

 FORM OF TRANSFER 
 FOR VALUE RECEIVED ..............................................[name of holder], being the registered holder of this Note Certificate, hereby
transfers to..................................................................................................................
..............................................[name of transferee]
of................................................................................................................
.....................................................................................................................
.....................................[address of transferee], 

...................[currency] ..............................[amount] in principal amount of
the 
 ...................[currency] ................ [amount] [title] Notes due
................[maturity] (the “Notes”) of [American Honda Finance Corporation][Honda Canada Finance Inc.] (the “Issuer”) and irrevocably requests and authorises The Bank of New York Mellon
(Luxembourg) S.A. in its capacity as registrar in relation to the Notes (or any successor to The Bank of New York Mellon (Luxembourg) S.A., in its capacity as such) to effect the relevant transfer by means of appropriate entries in the register kept
by it. 
 Dated: ............................ 
 By:      ......................... 
   (duly authorised) 
  
 Notes 
 The name of the person by or on whose behalf this form of transfer is signed must
correspond with the name of the registered holder as it appears on the face of this Note Certificate. 
  

	1.	A representative of such registered holder should state the capacity in which he signs, e.g., as executor. 

 

	2.	The signature of the person effecting a transfer shall conform to any list of duly authorised specimen signatures supplied by the registered holder or be certified by a
recognised bank, notary public or in such other manner as the Registrar may require. 

  

	3.	Any transfer of Notes shall be in an amount equal to the Specified Denomination in the Specified Currency, each as indicated in the applicable Final Terms, or an
integral multiple of such Specified Denomination in such Specified Currency in excess thereof. 

  
 SCHEDULE 3-4

 [Attached to the Global Note] 

[Terms and Conditions as set out in the Base Prospectus] 
 [Final Terms] 
 [At the foot of the Terms and Conditions:] 

 

			
	 REGISTRAR
 The Bank of New York Mellon
	 	 PRINCIPAL PAYING AGENT
 The Bank of New York Mellon

	 (Luxembourg) S.A
 Vertigo Building
 Polaris, 2-4 rue Eugéne Ruppert

L-2453 Luxembourg
	 	 1 Canada Square
 London E14 5AL
 United Kingdom

	
	 OTHER PAYING AGENT

The Bank of New York Mellon (Luxembourg) S.A

	 Vertigo Building

Polaris, 2-4 rue Eugéne Ruppert
 L-2453 Luxembourg

  
 SCHEDULE 3-5

 SCHEDULE 4 
 Terms and Conditions of the Notes 
 The following are the Terms and Conditions of Notes
to be issued by either Issuer, as completed by the applicable Final Terms. The Terms and Conditions of the Notes in each Tranche will be incorporated by reference into each Global Note (as defined below) representing the Notes in that Tranche and
will be attached to or endorsed upon each Note (as defined below) in definitive form (a “Definitive Note”) in the Tranche. The applicable Final Terms (or the relevant provisions thereof) will be endorsed upon, or
attached to, each Global Note and Definitive Note, as applicable. 
 This Note is one of a series of notes (the “Notes”)
issued by American Honda Finance Corporation (“AHFC”) or Honda Canada Finance Inc. (“HCFI”) (each, an “Issuer” and collectively, the “Issuers”) pursuant to the Agency Agreement (as
defined below). References herein to the “Notes” shall be references to the Notes of this Series (as defined below) and shall mean: (i) in relation to any Notes represented by a global note (a “Global Note”),
units of the lowest Specified Denomination in the Specified Currency, (ii) any Definitive Notes issued in exchange (or part exchange) for a Global Note and (iii) any Global Note. The Definitive Notes shall be represented by a registered
certificate without interest coupons (a “Note Certificate”). Only one Note Certificate will be issued in respect of each Noteholder’s entire holding of Definitive Notes of a particular Series; provided that, the Registrar will,
upon request of a Noteholder and in accordance with the provisions of the Agency Agreement, exchange such Noteholder’s Note Certificate for multiple Note Certificates, provided that the minimum nominal amount of any Note Certificate may not be
less than the applicable Specified Denomination (as indicated in the applicable Final Terms) and the aggregate nominal amount of all replacement Note Certificates may not exceed the nominal amount of the Note Certificate so replaced. The Notes have
the benefit of an Amended and Restated Agency Agreement dated as of August 27, 2012 (as amended and/or supplemented from time to time, the “Agency Agreement”), and made between, amongst others, the Issuers, The Bank of New York
Mellon, as issuing and principal paying agent (the “Agent”, which expression shall include any successor agent), the other paying agents named therein (together with the Agent, the “Paying Agents”, which expression
shall include any additional or successor paying agents), and The Bank of New York Mellon (Luxembourg) S.A. as registrar (the “Registrar”, which expression shall include any successor registrar). Notes issued by AHFC will have the
benefit of a Keep Well Agreement dated as of September 9, 2005 between AHFC and the Parent (as it may be further amended and/or supplemented from time to time, the “AHFC Support Agreement”). Notes issued by HCFI will have the
benefit of a Keep Well Agreement dated as of September 26, 2005 between HCFI and the Parent (as it may be further amended and/or supplemented from time to time, the “HCFI Support Agreement”). Pursuant to the AHFC Support
Agreement and the HCFI Support Agreement (collectively the “Support Agreements”), among other things, the Parent will cause AHFC and HCFI, as applicable, to meet their obligations under certain debt for borrowed money that the
Parent has confirmed in writing as being covered by the Support Agreements, as applicable. Neither Support Agreement is a guarantee in respect of the Notes. 

  
 SCHEDULE 4-1

 Any reference herein to “Noteholders” shall mean the persons in whose name such Notes are
registered, and, in relation to any Notes represented by a Global Note, be construed as provided below. 
 The applicable Final Terms (the
“Final Terms”) for this Note are attached hereto or endorsed hereon and complete these Terms and Conditions. References herein to the “applicable Final Terms” are to the Final Terms attached hereto or endorsed
hereon. 
 As used herein, “Series” means a Tranche of Notes, together with any further Tranche or Tranches of Notes, which are
(i) expressed to be consolidated and form a single series and (ii) identical in all respects (including as to listing) except for their respective Issue Dates, Interest Commencement Dates and/or Issue Prices and the expressions
“Notes of the relevant Series” and “holders of Notes of the relevant Series” and related expressions shall be construed accordingly. As used herein, “Tranche” means Notes (whether in global or
definitive form or both) which are identical in all respects (including as to listing). 
 Copies of the Agency Agreement, the Operating and
Administrative Procedures Memorandum (which contains the form of the Final Terms) and the Support Agreements are available for inspection at the specified offices of each of the Agent and the other Paying Agents. Copies of the Final Terms applicable
to this Note are available for inspection at and obtainable from the specified offices of each of the Agent and the other Paying Agents, save that, if this Note is an unlisted Note of any Series, the applicable Final Terms will only be available for
inspection and obtainable by a Noteholder holding one or more unlisted Notes of that Series and such Noteholder must produce evidence satisfactory to the Agent or the relevant other Paying Agent (as the case may be) as to its holding of such Notes
and identity. The Noteholders are deemed to have notice of, and are entitled to the benefit of, all the provisions of the Agency Agreement and the applicable Final Terms, which are binding on them. 

Words and expressions defined in the Agency Agreement or used in the applicable Final Terms shall have the same meanings where used in these Terms and
Conditions unless the context otherwise requires or unless otherwise stated; provided that, in the event of inconsistency between the Agency Agreement and the Operating and Administrative Procedures Memorandum, the Agency Agreement shall
prevail and, in the event of inconsistency between the Agency Agreement or the Operating and Administrative Procedures Memorandum and the applicable Final Terms, the applicable Final Terms shall prevail. 

 

	1.	Form, Denomination and Title 

 The Notes
will be issued in registered form. This Note may be a Fixed Rate Note, a Floating Rate Note, a Zero Coupon Note or a combination of any of the foregoing, depending upon the Interest/Payment Basis specified in the applicable Final Terms. 

Subject as set out below, title to the Notes shall, subject to any mandatory rules of law, will pass by registration in the applicable register (the
“Register”) that the applicable Issuer shall procure to be kept by the Registrar outside the United Kingdom in accordance with the provisions of the Agency Agreement. 

  
 SCHEDULE 4-2

 For so long as any of the Notes is represented by a Global Note held on behalf of Euroclear Bank SA/NV
(“Euroclear”) and/or Clearstream Banking, société anonyme (“Clearstream, Luxembourg”), each person who is for the time being shown in the records of Euroclear or of Clearstream, Luxembourg as
the holder of a particular nominal amount of such Notes (in which regard any certificate or other document issued by Euroclear or Clearstream, Luxembourg as to the nominal amount of Notes standing to the account of any person shall be conclusive and
binding for all purposes save in the case of manifest error) shall be treated by the Issuers, the Registrar and any Paying Agent, as applicable, as the holder of such nominal amount of such Notes for all purposes other than with respect to the
payment of principal or interest on the Notes, for which purpose the registered holder of the relevant Global Note shall be treated by the Issuers, the Agent, the Registrar and any Paying Agent as the holder of such Notes in accordance with and
subject to the terms of the relevant Global Note (and the expressions “Noteholder” and “holder of Notes” and related expressions shall be construed accordingly). 

Any reference herein to Euroclear and/or Clearstream, Luxembourg shall, whenever the context so permits, be deemed to include a reference to any
additional or alternative clearing system approved by the relevant Issuer and the Agent or Registrar, as applicable. 
  

	2.	Transfer of Notes 

  

	(a)	Notes held in Euroclear and Clearstream, Luxembourg 

 Notes which are represented by a Global Note will be transferable only in accordance with the rules and procedures for the time being of Euroclear or of Clearstream, Luxembourg, as the case may be.

  

	(b)	Transfer of Definitive Notes represented by a Note Certificate 

 Transfers of Definitive Notes that are represented by a Note Certificate are effected upon (i) the surrender (at the specified office of each of the Paying Agents) of the Note Certificate
representing such Definitive Notes to be transferred together with the form of transfer (which shall be available at the specified office of each of the Paying Agents) endorsed on such Note Certificate (or another form of transfer substantially in
the same form and containing the same representations and certifications (if any), unless otherwise agreed by the Issuer), duly completed and executed and any other evidence as the Registrar may reasonably require, (ii) the recording of such
transfer in the Register and (iii) issuance to the transferee of a new Note Certificate representing such transferred Definitive Notes. 
  

	(c)	Partial Transfer of Definitive Notes represented by a Note Certificate 

 In the case of a transfer of only part of a holding of Definitive Notes represented by one Note Certificate, a new Note Certificate shall be issued to the transferee in respect of the part transferred and
a further new Note Certificate in respect of the balance of the holding not transferred shall be issued to the transferor. 

  
 SCHEDULE 4-3

	(d)	Delivery of New Note Certificates 

 Each new Note Certificate to be issued pursuant to this Condition 2 shall be available for delivery within three Business Days of receipt of the form of transfer and surrender of the Note Certificate for
exchange. Delivery of the new Note Certificate(s) shall be made at the specified office of the Paying Agent to whom delivery or surrender of such request for exchange, form of transfer, or Note Certificate shall have been made or, at the option of
the Noteholder making such delivery or surrender as aforesaid and as specified in the relevant request for exchange, form of transfer or otherwise in writing, be mailed by uninsured post at the risk of the Noteholder entitled to the new Note
Certificate (as applicable) to such address as may be so specified, unless such Noteholder requests otherwise and pays in advance to the relevant Paying Agent the costs of such other method of delivery and/or such insurance as it may specify.

  

	(e)	Closed Periods in respect of Definitive Notes represented by Note Certificates 

No Noteholder may require the transfer of a Definitive Note represented by a Note Certificate to be registered: 

 

	 	(i)	during the period of 15 calendar days ending on the due date for redemption of, or payment of any Instalment Amount in respect of, that Note; 

 

	 	(ii)	during the period of 15 calendar days before any date on which the Notes may be called for redemption by the Issuer at its option pursuant to Condition 7(d) (Redemption
at the Option of the Issuer); 

  

	 	(iii)	after any such Note has been called for redemption; or 

  

	 	(iv)	during the period of seven days ending on (and including) any Record Date (as defined in Condition 6(b)(iii)). 

 

	(f)	Exchange Free of Charge 

Exchange and transfer of Notes on registration, transfer, partial redemption, settlement or exercise of an option (as applicable) shall be
effected without charge by or on behalf of the Issuer, the Paying Agents or the Registrar, but upon payment of any tax or other governmental charges that may be imposed in relation to it (or the giving of such indemnity as the Paying Agents and the
Registrar may require). 
  

	3.	Status of the Notes 

 Subject to Condition
4 (Negative Pledge), the Notes are direct, unconditional, unsubordinated and unsecured obligations of the relevant Issuer and rank pari passu and rateably without any preference among themselves and (subject to such exceptions as from time to
time exist under applicable law) equally with all other unsecured obligations (other than subordinated obligations, if any) of such Issuer from time to time outstanding. The Notes are not guaranteed by the Parent, but AHFC and HCFI each have the
benefit of a Support Agreement with the Parent. 

  
 SCHEDULE 4-4

	4.	Negative Pledge 

 The Issuers will not, so
long as any of the Notes remain outstanding (as defined in the Agency Agreement), create or permit to be outstanding, any mortgage, charge, pledge or other security interest (each, a “Lien”) upon the whole or any part of their
respective properties, assets or revenues, present or future, to secure (i) payment of any sum due in respect of any Indebtedness or (ii) payment under any guarantee of any Indebtedness or (iii) any payment under any indemnity or
other like obligations relating to any Indebtedness, unless in each case at the same time the Notes are secured equally and rateably so as to rank pari passu with such Indebtedness or such guarantee or indemnity or other like obligations for
so long as such Indebtedness or such other obligations are so secured; provided, however, that such covenant will not apply to Liens securing Indebtedness (or securing any refunding or extensions of such obligations not exceeding the
principal amount of the obligations so refunded or extended at the time of the refunding or extension thereof and covering only the same property theretofore securing the same) which, after giving effect to the initial incurrence of such
obligations, does not in the aggregate, with respect to both Issuers, exceed 30 per cent. of AHFC’s Consolidated Net Tangible Assets (as defined below) and also will not apply to: 

 

	(i)	Liens arising out of judgments or awards against the relevant Issuer with respect to which the relevant Issuer is in good faith prosecuting an appeal or proceeding for
review or Liens incurred by the relevant Issuer for the purpose of obtaining a stay or discharge in the course of any legal proceeding to which the relevant Issuer is a party; 

 

	(ii)	Liens for taxes not yet subject to penalties for non-payment or which are contested; 

 

	(iii)	any Lien or charge on any property, tangible or intangible, which may arise as a result of a transaction involving a transfer of assets by the relevant Issuer if such
transfer of assets is treated as a sale in accordance with generally accepted accounting principles in the country of the relevant Issuer or if such transfer of assets is to an entity that issues ABS Obligations backed by such assets and such ABS
Obligations are Non-recourse to each of the Issuers; 

  

	(iv)	the pledge of receivables payable in currencies other than U.S. Dollars to secure borrowings in countries other than the United States of America or its possessions
(the “United States”); 

  

	(v)	any Lien securing the performance of any contract or undertaking not, directly or indirectly, in connection with the borrowing of money, obtaining of advances or credit
or the securing of debt, if made and continuing in the ordinary course of business; 

  

	(vi)	any Lien securing the performance of any operating facility or term line of credit with any bank in connection with the borrowing of money, obtaining of advances or
credit or the securing of debt, if made and continuing in the ordinary course of business; 

  

	(vii)	any Lien to secure non-recourse obligations in connection with the relevant Issuer’s engaging in leveraged or single-investor lease transactions;

  
 SCHEDULE 4-5

	(viii)	any Liens and restrictions on property acquired or sold by the relevant Issuer resulting from the exercise of any rights arising out of defaults on receivables or
leases; 

  

	(ix)	any Liens to secure obligations with respect to any interest rate, foreign currency exchange, swap, collar, cap or similar agreements entered into in the ordinary
course of business to hedge or mitigate risks to which the relevant Issuer or any subsidiary thereof is exposed in the conduct of its business or the management of its liabilities; and 

 

	(x)	any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any Lien referred to in the foregoing clauses
(i) to (ix) inclusive; provided, however, that the amount of any and all obligations and indebtedness secured thereby does not exceed the amount thereof so secured immediately prior to the time of such extension, renewal or
replacement and that such extension, renewal or replacement is limited to all or a part of the property which secured the Lien so extended, renewed or replaced (plus improvements on such property) and provided further, that each Issuer is
free to substitute collateral of equal value for the existing collateral in any transaction covered by the foregoing clauses (i) to (ix) inclusive. 

 For the purposes of the foregoing provision, “Indebtedness” means any indebtedness in the form of, or represented by, bonds, notes, debentures or other similar securities (with a stated
maturity of more than one year from the creation thereof) which are for the time being, or are intended to be, quoted, listed or ordinarily dealt in or traded on any stock exchange or on an over-the-counter or other securities market and either
(i) are denominated or contain a right or requirement for any payment in respect thereof to be made in any currency other than U.S. Dollars or (in the case of HCFI) Canadian Dollars or (ii) are initially offered or distributed, directly or
indirectly, primarily to persons resident outside the country of incorporation of the relevant Issuer and “Consolidated Net Tangible Assets” means the aggregate amount of assets (less applicable reserves and other properly
deductible items) after deducting therefrom (i) all current liabilities and (ii) all goodwill, trade names, trademarks, patents, unamortised debt discount and expense and other like intangibles of AHFC and its consolidated subsidiaries
calculated as of the date of the most recently prepared quarterly financial statements of AHFC. 
 For purposes of clause (iii) of the
foregoing provision, the following terms have the meanings indicated below: 
 “ABS Obligations” means any security or other
obligation that is (i) issued by a trust or entity created for the special purpose of issuing such security or obligation (regardless of whether it may also issue others of the same or another series or class), (ii) secured by specific
assets transferred to such trust or entity by an Issuer in connection with the issuance of such security or obligation, and (iii) payable by its terms solely from specified assets (including such security) of such trust or entity and, if
applicable, specified third-party credit support. 
 “Non-recourse” in respect of an Issuer and any ABS Obligation means that
such Issuer has no obligation in respect of any payment due on such ABS Obligation and the holders thereof have so agreed (or are deemed to have so agreed by acquiring such ABS Obligation). 

  
 SCHEDULE 4-6

	5.	Interest 

  

	(a)	Interest on Fixed Rate Notes 

 Each Fixed Rate Note bears interest on its outstanding nominal amount from (and including) the Interest Commencement Date at the rate(s) per annum equal to the Rate(s) of Interest. Interest will be
payable in arrears on the Interest Payment Date(s) in each year up to (and including) the Maturity Date. 
 The amount of
interest payable on each Interest Payment Date in respect of the Fixed Interest Period ending on (but excluding) such date will amount to the Fixed Coupon Amount, unless no such amount is specified in the applicable Final Terms. Payments of interest
on any Interest Payment Date will, if so specified in the applicable Final Terms, amount to the Broken Amount so specified. 

Except in the case of Notes where a Fixed Coupon Amount or Broken Amount is specified in the relevant Final Terms, interest shall be
calculated in respect of any period by applying the Rate of Interest to: 
  

	 	(A)	in the case of Fixed Rate Notes which are represented by a Global Note, the aggregate outstanding nominal amount of the Fixed Rate Notes represented by such Global
Note; or 

  

	 	(B)	in the case of Fixed Rate Notes in definitive form, the Calculation Amount, 

 and, in each case, multiplying such sum by the applicable Day Count Fraction, and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, in accordance with ISDA
convention. Where the Specified Denomination of a Fixed Rate Note in definitive form is a multiple of the Calculation Amount, the amount of interest payable in respect of such Fixed Rate Note shall be the product of the amount (determined in the
manner provided above) for the Calculation Amount and the amount by which the Calculation Amount is multiplied to reach the Specified Denomination without any further rounding. 
 In these Conditions: 
 “Day Count Fraction” means, in respect of
the calculation of an amount of interest in accordance with this Condition 5(a) for any period of time (from and including the first day of such period to but excluding the last day of such period) (whether or not constituting an Interest Period,
the (“Calculation Period”): 
  

	 	(i)	if “30/360” is specified in the applicable Final Terms, the number of days in the Calculation Period divided by 360 (the number of days to be
calculated on the basis of a year of 360 days with 12 30-day months). 

  

	 	(ii)	if “Actual/Actual (ICMA)” is specified in the applicable Final Terms: 

  
 SCHEDULE 4-7

	 	(a)	in the case of Notes where the number of days in the relevant period from (and including) the most recent Interest Payment Date (or, if none, the Interest Commencement
Date) to (but excluding) the relevant payment date (the “Accrual Period”) is equal to or shorter than the Determination Period during which the Accrual Period ends, the number of days in such Accrual Period divided by the product of
(i) the number of days in such Determination Period and (ii) the number of Determination Dates (as specified in the applicable Final Terms) that would occur in one calendar year; or 

 

	 	(b)	in the case of Notes where the Accrual Period is longer than the Determination Period during which the Accrual Period ends: 

 

	 	(A)	the number of days in such Accrual Period falling in the Determination Period in which the Accrual Period begins divided by the product of (x) the number of days
in such Determination Period and (y) the number of Determination Dates (as specified in the applicable Final Terms) that would occur in one calendar year; and 

 

	 	(B)	the number of days in such Accrual Period falling in the next Determination Period divided by the product of (x) the number of days in such Determination Period
and (y) the number of Determination Dates that would occur in one calendar year. 

  

	 	(iii)	if “Actual/Actual (ISDA)” is specified in the applicable Final Terms, the term shall have the meaning provided in Condition 5(b)(iv)(1).

 “Determination Period” means the period from (and including) a Determination Date (as specified
in the relevant Final Terms) to (but excluding) the next following Determination Date (including, where either the Interest Commencement Date or the final Interest Payment Date is not a Determination Date, the period commencing on the first
Determination Date prior to, and ending on the first Determination Date falling after, such date). 
 “Fixed Interest
Period” means the period from and including an Interest Payment Date (or the Interest Commencement Date) to but excluding the next (or first) Interest Payment Date. 
 “sub-unit” means, with respect to any currency the lowest amount of such currency that is available as legal tender in the country of such currency and, with respect to euro, means one
cent. 

  
 SCHEDULE 4-8

	(b)	Interest on Floating Rate Notes 

  

	 	(i)	Interest Payment Dates 

 Each
Floating Rate Note bears interest on its nominal amount from (and including) the Interest Commencement Date and such interest will be payable in arrear on either: 
  

	 	(A)	the Specified Interest Payment Date(s) (each an “Interest Payment Date”) in each year specified in the applicable Final Terms; or

  

	 	(B)	if no Specified Interest Payment Date(s) is/are specified in the applicable Final Terms, each date (each such date, together with each Specified Interest Payment Date,
an “Interest Payment Date”) which falls on the date following the number of months or other period specified as the Interest Period in the applicable Final Terms after the preceding Interest Payment Date or, in the case of the First
Interest Payment Date, after the Interest Commencement Date. 

 Such interest will be payable in respect of each
Interest Period (which expression shall, in these Terms and Conditions, mean the period from (and including) an Interest Payment Date (or, in the case of the First Interest Payment Date, the Interest Commencement Date) to (but excluding) the next
(or First) Interest Payment Date). 
 If a Business Day Convention is specified in the applicable Final Terms and (x) if
there is no numerically corresponding day in the calendar month on which an Interest Payment Date should occur or (y) if any Interest Payment Date would otherwise fall on a day which is not a Business Day, then, if the Business Day Convention
specified is: 
  

	 	(1)	in any case where Interest Periods are specified in accordance with Condition 5(b)(i)(B) above, the Floating Rate Convention, such Interest Payment Date (i) in the
case of (x) above, shall be the last day that is a Business Day in the relevant month and the provisions of 5(b)(ii)(B) below shall apply mutatis mutandis or (ii) in the case of (y) above, shall be postponed to the next day
which is a Business Day unless it would thereby fall into the next calendar month, in which event (A) such Interest Payment Date shall be brought forward to the immediately preceding Business Day and (B) each subsequent Interest Payment
Date shall be the last Business Day in the month which falls in the Interest Period after the preceding applicable Interest Payment Date occurred; 

  

	 	(2)	the Following Business Day Convention, such Interest Payment Date shall be postponed to the next day which is a Business Day; 

 

	 	(3)	 the Modified Following Business Day Convention, such Interest Payment Date shall be postponed to the next day which is a Business Day unless it

  
 SCHEDULE 4-9

	 	
would thereby fall into the next calendar month, in which event such Interest Payment Date shall be brought forward to the immediately preceding Business Day; or 

 

	 	(4)	the Preceding Business Day Convention, such Interest Payment Date shall be brought forward to the immediately preceding Business Day. 

In this Condition, “Business Day” means a day which is both: 

 

	 	(a)	a day (other than Saturday or Sunday) on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in
foreign exchange and foreign currency deposits) in London and any Additional Business Centre specified in the applicable Final Terms; and 

  

	 	(b)	either (1) in relation to any sum payable in a Specified Currency other than euro, a day on which commercial banks and foreign exchange markets settle payments and
are open for general business (including dealing in foreign exchange and foreign currency deposits) in the principal financial centre of the country of the relevant Specified Currency (if other than London and which, if the Specified Currency is
Australian Dollars or New Zealand Dollars, shall be Sydney and Wellington or Auckland, respectively) or (2) in relation to interest payable in euro, a day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer
(TARGET) System, or any successor system thereto (the “TARGET System”), is open. 

  

	 	(ii)	Rate of Interest 

 The Rate of
Interest payable from time to time in respect of Floating Rate Notes will be determined by ISDA Determination or Screen Rate Determination as specified in the applicable Final Terms. 

 

	 	(A)	ISDA Determination for Floating Rate Notes 

 Where ISDA Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will be the relevant ISDA
Rate plus or minus (as indicated in the applicable Final Terms) the Margin (if any). For the purposes of this sub-paragraph (A), “ISDA Rate” for an Interest Period means a rate equal to the Floating Rate that would be determined by
the Agent or other person specified in the applicable Final Terms under an interest rate swap transaction if the Agent or that other person were acting as Calculation Agent for that swap transaction under the terms of an agreement incorporating the
2006 ISDA Definitions as amended and updated as at the Issue Date of the first Tranche of the Notes, published by the International Swaps and Derivatives Association, Inc. (the “ISDA Definitions”), and under which: 

  
 SCHEDULE 4-10

	 	(1)	the Floating Rate Option is as specified in the applicable Final Terms; 

  

	 	(2)	the Designated Maturity is a period equal to that Interest Period; and 

  

	 	(3)	the relevant Reset Date is either (i) if the applicable Floating Rate Option is based on the London inter-bank offered rate (“LIBOR”) or on the
Euro-zone inter-bank offered rate (“EURIBOR”) for a currency, the first day of that Interest Period or (ii) in any other case, as specified in the applicable Final Terms. 

For the purposes of this sub-paragraph (A), “Floating Rate”, “Calculation Agent”, “Floating
Rate Option”, “Designated Maturity” and “Reset Date” have the meanings given to those terms in the ISDA Definitions. 
  

	 	(B)	Screen Rate Determination for Floating Rate Notes 

 Where Screen Rate Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Period will, subject as
provided below, be either: 
  

	 	(1)	the offered quotation; or 

  

	 	(2)	the arithmetic mean (rounded if necessary to the fifth decimal place, with 0.000005 being rounded upwards) of the offered quotations, 

(expressed as a percentage rate per annum) for the Reference Rate which appears or appear, as the case may be, on the Relevant Screen
Page as at the Relevant Time on the Interest Determination Date in question (or such other time in any Relevant Financial Centre as may be specified in the applicable Final Terms) plus or minus (as indicated in the applicable Final Terms) the Margin
(if any), all as determined by the Agent. If five or more of such offered quotations are available on the Relevant Screen Page, the highest (or, if there is more than one such highest quotation, one only such quotation) and the lowest (or, if there
is more than one such lowest quotation, one only such quotation) shall be disregarded by the Agent for the purpose of determining the arithmetic mean (rounded as provided above) of such offered quotations. 

For the purposes of this sub-paragraph (B), “Relevant Time” means 11:00 a.m. London time, in the case of LIBOR, 11:00
a.m. Brussels Time, in the case of EURIBOR, or such other time as may be specified in the applicable Final Terms, in all other cases. If the Relevant Screen Page is not available or if no such offered quotation appears or fewer than three

  
 SCHEDULE 4-11

 
such offered quotations appear, in each case as at the time specified in the preceding paragraph, the Agent shall request the principal London office of each of the Reference Banks to provide the
Agent with its offered quotation (expressed as a percentage rate per annum) at approximately the Relevant Time on the Interest Determination Date in question. If two or more of the Reference Banks provide the Agent with such offered quotations, the
Rate of Interest for such Interest Period shall be the arithmetic mean (rounded if necessary to the fifth decimal place with 0.000005 being rounded upwards) of such offered quotations plus or minus (as appropriate) the Margin (if any), all as
determined by the Agent. 
 If on any Interest Determination Date one only or none of the Reference Banks provides the Agent
with such offered quotations as provided in the preceding paragraph, the Rate of Interest for the relevant Interest Period shall be the rate per annum which the Agent determines as being the arithmetic mean (rounded if necessary to the fifth decimal
place, with 0.000005 being rounded upwards) of the rates, as communicated to (and at the request of) the Agent by the Reference Banks or any two or more of them, at which such banks were offered, at approximately the Relevant Time on the relevant
Interest Determination Date, deposits in the Specified Currency for the relevant Interest Period by leading banks in the London inter-bank market (if the Reference Rate is LIBOR) or the Euro-zone inter-bank market (if the Reference Rate is EURIBOR)
plus or minus (as appropriate) the Margin (if any) or, if fewer than two of the Reference Banks provide the Agent with such offered quotations, the offered quotation for deposits in the Specified Currency for the relevant Interest Period, or the
arithmetic mean (rounded as provided above) of the offered quotations for deposits in the Specified Currency for the relevant Interest Period, at which, at approximately the Relevant Time on the relevant Interest Determination Date, any one or more
banks (which bank or banks is or are in the opinion of the relevant Issuer suitable for such purpose) informs the Agent it is quoting to leading banks in the London inter-bank market (if the Reference Rate is LIBOR) or the Euro-zone inter-bank
market (if the Reference Rate is EURIBOR) plus or minus (as appropriate) the Margin (if any), provided that, if the Rate of Interest cannot be determined in accordance with the foregoing provisions of this paragraph, the Rate of Interest shall be
determined as at the last preceding Interest Determination Date (though substituting, where a different Margin is to be applied to the relevant Interest Period from that which applied to the last preceding Interest Period, the Margin relating to the
relevant Interest Period, in place of the Margin relating to that last preceding Interest Period). 
  

	 	(iii)	Minimum and/or Maximum Rate of Interest 

 If the applicable Final Terms specifies a Minimum Rate of Interest for any Interest Period, then, in the event that the Rate of Interest in respect of such

  
 SCHEDULE 4-12

 
Interest Period determined in accordance with the provisions of paragraph (ii) is less than such Minimum Rate of Interest, the Rate of Interest for such Interest Period shall be such Minimum
Rate of Interest. 
 If the applicable Final Terms specifies a Maximum Rate of Interest for any Interest Period, then, in the
event that the Rate of Interest in respect of such Interest Period determined in accordance with the provisions of paragraph (ii) is greater than such Maximum Rate of Interest, the Rate of Interest for such Interest Period shall be such Maximum
Rate of Interest. 
  

	 	(iv)	Determination of Rate of Interest and Calculation of Interest Amount 

 The Agent, in the case of Floating Rate Notes, will, on or as soon as practicable after each time at which the Rate of Interest is to be determined, determine the Rate of Interest for the relevant
Interest Period. 
 The Agent will calculate the amount of interest (the “Interest Amount”) payable on the
Floating Rate Notes for the relevant Interest Period by applying the Rate of Interest to the aggregate outstanding nominal amount of the Notes represented by a Global Note or, as the case may be, a Note Certificate and multiply such sum by the
applicable Day Count Fraction, and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, in accordance with ISDA convention. Where the Specified Denomination of a Floating Rate Note in definitive form is a
multiple of the Calculation Amount, the Interest Amount payable in respect of such Note shall be the product of the amount (determined in the manner provided above) for the Calculation Amount and the amount by which the Calculation Amount is
multiplied to reach the Specified Denomination without any further rounding. 
 “Day Count Fraction” means, in
respect of the calculation of an amount of interest in accordance with this Condition 5(b) for any period of time (from and including the first day of such period to but excluding the last day of such period) (whether or not constituting an Interest
Period, the “Calculation Period”): 
  

	 	(1)	if “Actual/365”, “Actual/Actual (ISDA)” or “Actual/Actual” is specified in the applicable Final Terms, the actual
number of days in the Calculation Period divided by 365 (or, if any portion of that Calculation Period falls in a leap year, the sum of (A) the actual number of days in that portion of the Calculation Period falling in a leap year divided by
366 and (B) the actual number of days in that portion of the Calculation Period falling in a non-leap year divided by 365); 

  

	 	(2)	if “Actual/365 (Fixed)” is specified in the applicable Final Terms, the actual number of days in the Calculation Period divided by 365;

  

	 	(3)	if “Actual/365 (Sterling)” is specified in the applicable Final Terms, the actual number of days in the Calculation Period divided by 365 or, in the
case of an Interest Payment Date falling in a leap year, 366; 

  
 SCHEDULE 4-13

	 	(4)	if “Actual/360” is specified in the applicable Final Terms, the actual number of days in the Calculation Period divided by 360;

  

	 	(5)	if “30/360”, “360/360” or “Bond Basis” is specified in the relevant Final Terms, the number of days in the
Calculation Period divided by 360 calculated on a formula basis as follows: 

  

					
	 Day Count Fraction =
	  	[360 x (Y2 – Y1)] + [30 x (M2 – M1)] + (D2 – D1)	  	
	  	360	  	

 where: 
  

	 	“Y1”	 is the year, expressed as a number, in which the first day of the Calculation Period falls; 

 

	 	“Y2”	 is the year, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

  

	 	“M1”	 is the calendar month, expressed as a number, in which the first day of the Calculation Period falls; 

 

	 	“M2”	 is the calendar month, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

  

	 	“D1”	 is the first calendar day, expressed as a number, of the Calculation Period, unless such number would be 31, in which case D1 will be 30; and 

 

	 	“D2”	 is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless such number would be 31 and
D1 is greater than 29, in which case D2 will be 30; 

 

	 	(6)	if “30E/360” or “Eurobond Basis” is specified in the relevant Final Terms, the number of days in the Calculation Period divided by 360
calculated on a formula basis as follows: 

  

					
	 Day Count Fraction =
	  	[360 x (Y2 – Y1)] + [30 x (M2 – M1)] + (D2 – D1)	  	
	  	360	  	

 where: 
  

	 	“Y1”	 is the year, expressed as a number, in which the first day of the Calculation Period falls; 

 

	 	“Y2”	 is the year, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

  

	 	“M1”	 is the calendar month, expressed as a number, in which the first day of the Calculation Period falls; 

  
 SCHEDULE 4-14

	 	“M2”	 is the calendar month, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

  

	 	“D1”	 is the first calendar day, expressed as a number, of the Calculation Period, unless such number would be 31, in which case D1 will be 30; and 

 

	 	“D2”	 is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless such number would be 31, in
which case D2 will be 30; 

 

	 	(7)	if “30E/360 (ISDA)” is specified in the relevant Final Terms, the number of days in the Calculation Period divided by 360, calculated on a formula
basis as follows: 

  

					
	 Day Count Fraction =
	  	[360 x (Y2 – Y1)] + [30 x (M2 – M1)] + (D2 – D1)	  	
	  	360	  	

 where: 
  

	 	“Y1”	 is the year, expressed as a number, in which the first day of the Calculation Period falls; 

 

	 	“Y2”	 is the year, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

  

	 	“M1”	 is the calendar month, expressed as a number, in which the first day of the Calculation Period falls; 

 

	 	“M2”	 is the calendar month, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls;

  

	 	“D1”	 is the first calendar day, expressed as a number, of the Calculation Period, unless (i) that day is the last day of February or (ii) such
number would be 31, in which case D1 will be 30; and

  

	 	“D2”	 is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless (i) that day is the last
day of February but not the Maturity Date or (ii) such number would be 31, in which case D2 will be 30. 

  

	 	(v)	Notification of Rate of Interest and Interest Amount 

 The Agent will cause the Rate of Interest and each Interest Amount for each Interest Period and the relevant Interest Payment Date to be notified to the Issuer and any stock exchange or competent listing
authority on or by which the relevant Floating Rate Notes are for the time being listed and notice thereof to be 

  
 SCHEDULE 4-15

 
published in accordance with Condition 13 (Notices) as soon as possible after their determination but in no event later than the fourth London Business Day (being a day (other than a Saturday or
a Sunday) on which banks and foreign exchange markets are open for general business in London) thereafter. Each Interest Amount and Interest Payment Date so notified may subsequently be amended (or appropriate alternative arrangements made by way of
adjustment) in the event of an extension or shortening of the Interest Period. Any such amendment will be promptly notified to each stock exchange or competent listing authority on or by which the relevant Floating Rate Notes are for the time being
listed and to the Noteholders in accordance with Condition 13 (Notices). 
  

	 	(vi)	Certificates to be Final 

 All
certificates, communications, opinions, determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes of the provisions of this Condition 5(b) whether by the Agent or the Calculation Agent, shall (in the
absence of wilful default, bad faith or manifest error) be binding on the Issuers, the Agent, the Calculation Agent (if applicable), the other Paying Agents, the Registrar and all Noteholders, and (in the absence as aforesaid) no liability to the
Issuers, the Noteholders shall attach to the Agent or the Calculation Agent in connection with the exercise by it of its powers, duties and discretions pursuant to such provisions. 

 

	 	(vi)	Limitations on Interest 

 In
addition to any maximum Rate of Interest which may be applicable to any Floating Rate Note pursuant to the above provisions, the interest rate on such Floating Rate Note 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. Under present New York law, the maximum rate of interest is 25 per cent. per annum on a simple interest basis, with certain exceptions. This limit may not apply to Floating
Rate Notes in which U.S.$2,500,000 or more has been invested. 
  

	(c)	Accrual of Interest 

 Each
Note (or in the case of the redemption of part only of a Note, that part only of such Note) will cease to bear interest (if any) from the date for its redemption unless, upon due presentation thereof, payment of principal is improperly withheld or
refused. In such event, interest will continue to accrue until whichever is the earlier of: 
  

	 	(1)	the date on which all amounts due in respect of such Note have been paid; and 

 

	 	(2)	five days after the date on which the full amount of the moneys payable has been received by the Agent and notice to that effect has been given in accordance with
Condition 13 (Notices) or individually. 

  
 SCHEDULE 4-16

	(d)	Interest Act (Canada) Disclosure 

 For the purposes of disclosure pursuant to the Interest Act (Canada), where in respect of any Note issued by HCFI a rate of interest is to be calculated on the basis of any period other than a full
calendar year, the yearly rate of interest to which the rate for such period is equivalent is such rate multiplied by the number of days in the calendar year for which such calculation is made divided by the number of days comprising such other
period. 
  

	6.	Payments 

  

	(a)	Method of Payment 

Subject as provided below: 
  

	 	(i)	payments in a Specified Currency other than euro will be made by credit or transfer to an account in the relevant Specified Currency maintained by the payee with, or by
a cheque in such Specified Currency drawn on, a bank in the principal financial centre of the country of such Specified Currency (if other than London and which, if the Specified Currency is Australian dollars or New Zealand dollars, shall be Sydney
and Wellington or Auckland, respectively); and 

  

	 	(ii)	payments in euro will be made by credit or transfer to a euro account (or any other account to which euro may be credited or transferred) specified by the payee or, at
the option of the payee, by a euro cheque. 

 Payments will be made in accordance with any laws, regulations or
administrative practices applicable to the Issuer and the Paying Agent in respect thereof, including the requirements applicable under Japanese tax law, but without prejudice to the provisions of Condition 8 (Taxation). 

 

	(b)	Payments in respect of Notes 

  

	 	(i)	Payments in respect of Definitive Notes represented by Note Certificates 

 All payments in respect of a Definitive Note represented by a Note Certificate will be made as provided in (iii) below and, if no further payment falls to be made in respect of the Definitive Notes,
upon surrender of the relevant Note Certificate to or to the order of the Registrar. On each occasion on which a payment of principal or interest is made in respect of a Definitive Note, the Issuer shall procure that the payment is noted in a
schedule thereto. 
  

	 	(ii)	Payments in respect of Global Notes 

 All payments in respect of a Global Note will be made as provided in (iii) below and, if no further payment falls to be made in respect of the Global Notes, upon surrender of that Global Note to or
to the order of the Registrar. On each occasion on which a payment of principal or interest is made in respect of a Global Note, the Issuer shall procure that the payment is noted in the Register. 

  
 SCHEDULE 4-17

	 	(iii)	Record Date 

 Each payment
will be made to, in respect of a Definitive Note represented by a Note Certificate, the person shown as the Noteholder in the Register at the opening of business in the place of the Registrar’s specified office on the fifteenth day before the
due date for such payment (such date being the “Record Date” for Definitive Notes) and, in the case of a Global Note, the person shown as the Noteholder in the Register at the close of business on the business day for the relevant
clearing system (being a day on which Euroclear or Clearstream, Luxembourg, as applicable, is open for business) immediately preceding the due date for payment (such date being the “Record Date” for Global Notes). Where payment is
to be made by cheque, the cheque will be mailed to the address shown as the address of the Noteholder in the Register on the relevant Record Date. 
  

	(c)	Payment Day 

 If the date
for payment of any amount in respect of any Note is not a Payment Day, the holder thereof shall not be entitled to payment until the next following Payment Day in the relevant place and shall not be entitled to further interest or other payment in
respect of such delay. For these purposes “Payment Day” means any day which (subject to Condition 9 (Prescription)) is: 
  

	 	(i)	a day (other than Saturday and Sunday) on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in
foreign exchange and foreign currency deposits) in any Additional Financial Centre specified in the applicable Final Terms; and 

  

	 	(ii)	either (1) in relation to any sum payable in a Specified Currency other than euro, a day on which commercial banks and foreign exchange markets settle payments and
are open for general business (including dealing in foreign exchange and foreign currency deposits) in the principal financial centre of the country of the relevant Specified Currency (which, if the Specified Currency is Australian Dollars or New
Zealand Dollars, shall be Sydney and Wellington or Auckland, respectively) or (2) in relation to interest payable in euro, a day on which the TARGET System is open. 

 

	(d)	Interpretation of Principal and Interest 

 Any reference in these Terms and Conditions to principal in respect of the Notes shall be deemed to include, as applicable: 
  

	 	(i)	any Additional Amounts which may be payable with respect to principal under Condition 8 (Taxation); 

 

	 	(ii)	the Final Redemption Amount of the Notes; 

  

	 	(iii)	the Early Redemption Amount of the Notes; 

  
 SCHEDULE 4-18

	 	(iv)	the Optional Redemption Amount(s) (if any) of the Notes; 

  

	 	(v)	in relation to Notes redeemable in part, the Minimum Redemption Amount and the Maximum Redemption Amount; 

 

	 	(vi)	in relation to Notes redeemable in instalments, the Instalment Amounts; 

  

	 	(vii)	in relation to Zero Coupon Notes, the Early Redemption Amount (as defined in Condition 7(g)(iii)); and 

 

	 	(viii)	any premium and any other amounts (other than interest) which may be payable by the Issuer under or in respect of the Notes. 

Any reference in these Terms and Conditions to interest in respect of the Notes shall be deemed to include, as applicable, any Additional
Amounts which may be payable with respect to interest under Condition 8 (Taxation). 
  

	7.	Redemption and Purchase 

  

	(a)	At Maturity 

 Unless
previously redeemed or purchased and cancelled as specified below, each Note will be redeemed by the Issuer at its Final Redemption Amount specified in the applicable Final Terms in the relevant Specified Currency on the Maturity Date (in the case
of a Note other than a Floating Rate Note) or on the Interest Payment Date falling on or about the Maturity Date (in the case of a Floating Rate Note). 
  

	(b)	Redemption for Tax Reasons 

The Notes may be redeemed at the option of the Issuer in whole, but not in part, at any time (in the case of Notes other than Floating
Rate Notes) or on any Interest Payment Date (in the case of Floating Rate Notes), on giving not less than 30 nor more than 60 days’ notice to the Agent and, in accordance with Condition 13 (Notices), the Noteholders (which notice shall be
irrevocable), if: 
  

	 	(i)	on the occasion of the next payment due under the Notes, the Issuer has or will become obliged to pay U.S. Additional Amounts or Canadian Additional Amounts, as the
case may be (as provided or referred to in Condition 8 (Taxation)), as a result of any change in, or amendment to, the laws or regulations of the country of incorporation of the Issuer or any political subdivision or any authority thereof or therein
having power to tax, or any change in the application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the Issue Date of the applicable Tranche of Notes; and 

 

	 	(ii)	such obligation cannot be avoided by the Issuer taking reasonable measures available to it; 

  
 SCHEDULE 4-19

 provided that no such notice of redemption shall be given earlier than 90 days prior
to the earliest date on which the Issuer would be obliged to pay such Additional Amounts (as provided or referred to in Condition 8 (Taxation)) were a payment in respect of the Notes then due. Prior to the publication of any notice of redemption
pursuant to this Condition 7(b), the Issuer shall deliver to the Agent a certificate signed by two Directors of the Issuer stating that the Issuer is entitled to effect such redemption and setting forth a statement of facts (relating to the relevant
jurisdiction of the Issuer) showing that the conditions precedent to the right of the Issuer so to redeem have occurred. 
 Notes
redeemed pursuant to this Condition 7(b) will be redeemed at their Early Redemption Amount referred to in paragraph (g) below together (if appropriate) with interest accrued to (but excluding) the date of redemption and any Additional Amounts
(as provided or referred to in Condition 8 (Taxation)). 
  

	(c)	[Reserved] 

  

	(d)	Redemption at the Option of the Issuer (Issuer Call) 

 If an Issuer is specified in the applicable Final Terms as having an option to redeem the related Notes, such Issuer may, having given: 

 

	 	(i)	not less than 30 nor more than 60 days’ notice in accordance with Condition 13 (Notices) to the Noteholders or such other period of notice as is specified in the
applicable Final Terms; and 

  

	 	(ii)	not less than 15 days before the giving of the notice referred to in (i), notice to the Agent and the Registrar, if applicable; 

(both of which notices shall be irrevocable), redeem all or some only of the Notes then outstanding on the Optional Redemption Date(s) and
at the Optional Redemption Amount(s) specified in the applicable Final Terms together, if appropriate, with interest accrued to (but excluding) the Optional Redemption Date(s). Any such redemption must be of a nominal amount equal to the Minimum
Redemption Amount or a Maximum Redemption Amount, in each case as indicated in the applicable Final Terms. In the case of a partial redemption of Notes, the Notes to be redeemed (the “Redeemed Notes”) will be selected individually
by lot, in the case of Redeemed Notes represented by a Note Certificate, and in accordance with the rules of Euroclear and/or Clearstream, Luxembourg (to be reflected in the records of Euroclear and Clearstream, Luxembourg as either a pool factor or
a reduction in nominal amount, at their discretion), in the case of Redeemed Notes represented by a Global Note, not more than 60 days prior to the date fixed for redemption (such date of selection, the “Selection Date”). In the
case of Redeemed Notes represented by a Note Certificate, a list of the serial numbers of such Redeemed Notes will be published in accordance with Condition 13 (Notices) not less than 30 days prior to the date fixed for redemption. The aggregate
nominal amount of Redeemed Notes represented by a Note Certificate shall bear the same proportion to the aggregate nominal amount of all Redeemed Notes as the aggregate nominal amount of a Note Certificate outstanding bears to the aggregate nominal
amount of all the Notes 

  
 SCHEDULE 4-20

 
outstanding (as the case may be), in each case on the Selection Date; provided that such first mentioned nominal amount shall, if necessary, be rounded downwards to the nearest integral
multiple of the Specified Denomination, and the aggregate nominal amount of Redeemed Notes represented by a Global Note shall be equal to the balance of the Redeemed Notes. No exchange of the relevant Global Note will be permitted during the period
from and including the Selection Date to and including the date fixed for redemption pursuant to this sub-paragraph (d) and notice to that effect shall be given by the Issuer to the Noteholders in accordance with Condition 13 (Notices) at least
10 days prior to the Selection Date. 
  

	(e)	Redemption at the Option of the Noteholders (Noteholder Put) 

 If the Noteholders are specified in the applicable Final Terms as having an option to redeem, upon the holder of any Note giving to the Issuer in accordance with Condition 13 (Notices) not less than 30
nor more than 60 days’ notice or such other period of notice as is specified in the applicable Final Terms (which notice shall be irrevocable), the Issuer will, upon the expiry of such notice, redeem in whole (but not in part), such Note on the
Optional Redemption Date and at the Optional Redemption Amount specified in the applicable Final Terms, together, if appropriate, with interest accrued to (but excluding) the Optional Redemption Date. 

If this Note is represented by a Note Certificate and held outside Euroclear and Clearstream, Luxembourg, to exercise the right to require
redemption of this Note the holder of this Note must deliver in respect of Definitive Notes represented by Note Certificates, at the specified office of any Paying Agent at any time during normal business hours of such Paying Agent falling within
the notice period, a duly signed and completed Put Notice and in which the holder must specify a bank account (or, if payment is required by cheque, an address) to which payment is to be made under this Condition 7(e) accompanied by the relevant
Note Certificate. 
 If this Note is represented by a Global Note or is in definitive form and held through Euroclear or
Clearstream, Luxembourg, to exercise the right to require redemption of this Note the holder of this Note must, within the notice period, give notice to the Principal Paying Agent of such exercise in accordance with the standard procedures of
Euroclear and Clearstream, Luxembourg (which may include notice being given on the Noteholder’s instruction by Euroclear or Clearstream, Luxembourg or any common depositary or its nominee or common safekeeper, as the case may be, for them to
notify the Principal Paying Agent by electronic means) in a form acceptable to Euroclear and Clearstream, Luxembourg from time to time. 
 Any Put Notice or other notice given in accordance with the standard procedures of Euroclear and Clearstream, Luxembourg by a holder of any Note pursuant to this paragraph (e) shall be irrevocable
except where, prior to the due date of redemption, an Event of Default has occurred and is continuing, in which event such Noteholder, at its option, may elect by notice to the Issuer to withdraw the notice given pursuant to this paragraph
(e) and instead to declare such Note forthwith due and payable pursuant to Condition 10 (Events of Default). 

  
 SCHEDULE 4-21

	(f)	Exercise of Options or Partial Redemption in respect of Definitive Notes 

 In the case of an exercise of an Issuer Call or Noteholder Put in respect of, or a partial redemption of, a holding of Notes represented by a single Note Certificate, a new Note Certificate shall be
issued to the Noteholder to reflect the exercise of such option or in respect of the balance of the holding not redeemed. A new Note Certificate shall only be issued against surrender of the existing Note Certificate to the Principal Paying Agent
(acting on behalf of the Registrar). In the case of a transfer of Definitive Notes to a person who is already a holder of Definitive Notes, a new Note Certificate representing the enlarged holding shall only be issued against surrender of the Note
Certificate representing the existing holding. 
  

	(g)	Early Redemption Amounts 

For the purpose of paragraph (b) above and Condition 10 (Events of Default), each Note will be redeemed at the Early Redemption
Amount calculated as follows: 
  

	 	(i)	in the case of a Note with a Final Redemption Amount equal to the Issue Price, at the Final Redemption Amount thereof; 

 

	 	(ii)	in the case of a Note (other than a Zero Coupon Note but including an Instalment Note) with a Final Redemption Amount which is or may be less or greater than the Issue
Price or which is payable in a Specified Currency other than that in which the Note is denominated, at the amount specified in the applicable Final Terms or, if no such amount is so specified in the Final Terms, at its nominal amount; or

  

	 	(iii)	in the case of a Zero Coupon Note, at an amount calculated in accordance with the following formula: 

Early Redemption Amount = RP x (1 + AY)y 
 where: 
 “RP” means the Reference Price; 

“AY” means the Accrual Yield expressed as a decimal; and 

“y” is a fraction the numerator of which is equal to the number of days (calculated on the basis of a 360-day year consisting of
12 months of 30 days each) from (and including) the Issue Date of the first Tranche of the Notes to (but excluding) the date fixed for redemption or (as the case may be) the date upon which such Note becomes due and repayable and the denominator of
which is 360. 
  

	(h)	Instalments 

 If the Notes
are repayable in instalments, they will be redeemed in the Instalment Amounts and on the Instalment Dates specified in the applicable Final Terms. In the case of early redemption, the Early Redemption Amount will be determined pursuant to paragraph
(g) above. 

  
 SCHEDULE 4-22

	(i)	Purchases 

 The Issuers
and any of their respective affiliates may at any time purchase Notes at any price in the open market or otherwise. Such Notes may be held, reissued, resold or, at the option of the relevant Issuer, surrendered to any Paying Agent for cancellation.

  

	(j)	Cancellation 

 All Notes
which are redeemed or purchased as aforesaid will forthwith be cancelled. All Notes so cancelled and the Notes purchased and cancelled pursuant to paragraph (i) above shall be forwarded to the Agent and cannot be reissued or resold. 

 

	(k)	Late Payment on Zero Coupon Notes 

 If the amount payable in respect of any Zero Coupon Note upon redemption of such Zero Coupon Note pursuant to paragraph (a), (b), (c), (d) or (e) above or upon its becoming due and repayable as
provided in Condition 10 (Events of Default) is improperly withheld or refused, the amount due and repayable in respect of such Zero Coupon Note shall be the amount calculated as provided in paragraph (g)(iii) above as though the references therein
to the date fixed for the redemption or the date upon which such Zero Coupon Note becomes due and payable were replaced by references to the date which is the earlier of 

 

	 	(i)	the date on which all amounts due in respect of such Zero Coupon Note have been paid; and 

 

	 	(ii)	five days after the date on which the full amount of the moneys payable in respect of such Zero Coupon Note has been received by the Agent and notice to that effect has
been given to the Noteholder in accordance with Condition 13 (Notices) or individually. 

  

	8.	Taxation 

  

	(a)	United States Taxation 

Where AHFC is required to make payment of the principal of and interest on a Note, AHFC will, subject to the exceptions and limitations
set forth below, pay as additional interest such additional amounts (the “U.S. Additional Amounts”) as are necessary in order that the net amount of such payment by AHFC or any Paying Agent of the principal of and interest on a Note
to a holder who is a United States Alien, after deduction for any present or future tax, assessment or governmental charge of the United States (as such term is defined below), or a political subdivision or authority thereof or therein, imposed by
withholding with respect to the payment, will not be less than the amount provided for in such Note to be then due and payable; provided, however, that the foregoing obligation to pay U.S. Additional Amounts shall not apply: 

  
 SCHEDULE 4-23

	 	(i)	to any tax, assessment or governmental charge that would not have been so imposed but for the existence of any present or former connection between such holder (or
between a fiduciary, settlor, beneficiary, member or shareholder of, or holder of power over, such holder, if such holder is an estate, trust, partnership or corporation) and the United States, including, without limitation, such holder (or such
fiduciary, settlor, beneficiary, member, shareholder or holder of a power) being considered as: 

  

	 	(A)	being or having been present or engaged in a trade or business in the United States or having had a permanent establishment therein; 

 

	 	(B)	having a current or former relationship with the United States, including a relationship as a citizen or resident or being treated as a resident thereof;

  

	 	(C)	being or having been, for United States federal income tax purposes, a “controlled foreign corporation”, a “passive foreign investment company”, a
corporation that has accumulated earnings to avoid United States federal income tax or a private foundation or other tax-exempt organisation; or 

  

	 	(D)	an actual or a constructive “10 per cent. shareholder” of AHFC, as defined in Section 871(h)(3) of the United States Internal Revenue Code of 1986, as
amended (the “Code”); 

  

	 	(ii)	to any holder who is a fiduciary or partnership or other than the sole beneficial owner of the Note but only to the extent that a beneficiary or settlor with respect to
such fiduciary or member of such partnership or a beneficial owner of the Note would not have been entitled to the payment of a U.S. Additional Amount had such beneficiary, settlor, member or beneficial owner been the holder of such Note;

  

	 	(iii)	to any tax, assessment or governmental charge that would not have been imposed or withheld but for the failure of the holder, to comply with certification,
identification or information reporting requirements under United States income tax laws, without regard to any tax treaty, with respect to the payment, concerning the nationality, residence, identity or connection with the United States of the
holder or a beneficial owner of such Note, if such compliance is required by United States income tax laws, without regard to any tax treaty, as a precondition to relief or exemption from such tax, assessment or governmental charge;

  

	 	(iv)	to any tax, assessment or governmental charge that would not have been so imposed or withheld but for the presentation by the holder of such Note for payment on a date
more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

 

	 	(v)	to any estate, inheritance, gift, sales, transfer, excise, wealth or personal property tax or any similar tax, assessment or governmental charge;

  
 SCHEDULE 4-24

	 	(vi)	to any tax, assessment or governmental charge that is payable otherwise than by withholding by AHFC or a Paying Agent from the payment of the principal of or interest
on such Note; 

  

	 	(vii)	to any withholding or deduction imposed on a payment to an individual that is required to be made pursuant to the EC Council Directive 2003/48/EC on taxation of savings
income in the form of interest payments (the “EU Savings Directive”) or any law implementing, complying with or introduced in order to conform to the EU Savings Directive or any arrangements entered into between the Member States
and certain other third countries and territories in connection with the EU Savings Directive; 

  

	 	(viii)	to any tax, assessment or governmental charge required to be withheld by any Paying Agent from such payment of principal of or interest on any Note, if such payment can
be made without such withholding by any other Paying Agent; 

  

	 	(ix)	to any withholding or deduction on or in respect of any Note pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, and the
regulations, administrative guidance and official interpretations promulgated thereunder (“FATCA”) or any agreement between AHFC and the United States or any authority thereof entered into for FATCA purposes; or

  

	 	(x)	to any tax imposed as a result of any combination of the above. 

 As used in this Condition 8(a), “United States” means the United States of America and the States thereof (including the District of Columbia) and “United States Alien” means
any corporation, partnership, individual or fiduciary that, as to the United States, is for United States federal income tax purposes (A) a foreign corporation, (B) a foreign partnership one or more of the members of which is, for United
States federal income tax purposes, a foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust, (C) a non-resident alien individual, or (D) a non-resident alien fiduciary of a
foreign estate or trust. 
  

	(b)	Canadian Taxation 

 All
payments of principal and interest by HCFI will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or charges of whatever nature imposed or levied by or on behalf of Canada or any
province, territory or other political subdivision or any authority thereof or therein having power to tax, unless such taxes, duties, assessments or charges are required by law or by the interpretation or administration thereof. In that event, HCFI
will, subject to the right of redemption set out in Condition 7 (Redemption and Purchase) pay such additional amounts (the “Canadian Additional Amounts” and, together with the U.S. Additional Amounts, the “Additional
Amounts”) as may be necessary in order that the net amounts receivable by Noteholders, as the case may be, after such withholding or deduction shall equal the respective amounts of principal or interest which would have been receivable in
respect of the Notes, as the case may be, in the absence of such withholding or deduction; except that no such Canadian Additional Amount shall be payable with respect to any Note presented for payment: 

  
 SCHEDULE 4-25

	 	(i)	by or on behalf of a Noteholder who is liable for such taxes or duties in respect of such Note by reason of having some connection with Canada other than the mere
holding or use outside Canada, or ownership as a non-resident of Canada, of such Note; 

  

	 	(ii)	more than 30 days after the Relevant Date except to the extent that the holder thereof would have been entitled to such Additional Amount on presenting the same for
payment on or before such thirtieth day; 

  

	 	(iii)	by or on behalf of a Noteholder with whom HCFI is not dealing at arm’s length within the meaning of the Income Tax Act (Canada); 

 

	 	(iv)	by or on behalf of a Noteholder who is subject to any withholding or deduction imposed on a payment to an individual that is required to be made pursuant to the EU
Savings Directive or any law implementing, complying with or introduced in order to conform to the EU Savings Directive or any arrangements entered into between the Member States and certain other third countries and territories in connection with
the EU Savings Directive; 

  

	 	(v)	by or on behalf of a Noteholder who would have been able to avoid such withholding or deduction by presenting the relevant Note to another Paying Agent where such
payment can be made without such withholding or deduction by such Paying Agent; or 

  

	 	(vi)	in the case of any combination of the above. 

 Notwithstanding anything to the contrary in this Condition 8(b), none of HCFI, any paying agent or any other person shall be required to pay additional amounts with respect to any withholding or deduction
imposed on or in respect of any Note pursuant to FATCA, the laws of Canada implementing FATCA, or any agreement between HCFI and the United States or any authority thereof entered into for FATCA purposes. 

For the purposes of this paragraph (b), the “Relevant Date” means: 

 

	 	(A)	the date on which such payment first becomes due; or 

  

	 	(B)	if the full amount of the moneys payable has not been received by the Agent on or prior to such due date, the date on which the full amount of such moneys having been
so received, notice to that effect shall have been given to the Noteholders in accordance with Condition 13 (Notices). 

  

	9.	Prescription 

 The Notes will become void
unless presented for payment within a period of five years after the date on which payment therefor first becomes due or if the full amount of the moneys payable 

  
 SCHEDULE 4-26

 
has not been duly received by the Agent on or prior to such due date, five years after the date on which, the full amount of such moneys having been so received, notice to that effect is duly
given to the Noteholders in accordance with Condition 13 (Notices) (the “Relevant Date”). 
  

	10.	Events of Default 

 If any one or more of
the following events (each, an “Event of Default”) shall have occurred and be continuing: 
  

	(a)	default is made for more than seven days in the payment of any amount in respect of any of the Notes when and as the same ought to be paid in accordance with these
Conditions; 

  

	(b)	default is made in the performance or observance by the Issuer of any other obligation under the Notes and such default continues for a period of 60 days after written
notification requiring such default to be remedied has been given to the Issuer and the Agent by the holders of at least 25 per cent. in aggregate nominal amount of all Notes outstanding; 

 

	(c)	there is an acceleration of, or failure to pay when due and payable, any indebtedness for money borrowed of the Issuer exceeding U.S.$10,000,000 and such acceleration
is not rescinded or annulled, or such indebtedness is not discharged, within 10 days after written notice thereof has first been given to the Issuer and the Agent by the holders of not less than 10 per cent. in aggregate nominal amount of Notes
then outstanding; 

  

	(d)	a resolution is passed or an order of a court of competent jurisdiction is made that any of the Issuer or the Parent (each of the foregoing referred to in this
Condition 10 (Events of Default) as a “Relevant Party”) be liquidated, wound up or dissolved otherwise than for the purposes of or pursuant to a consolidation, amalgamation, merger or reorganisation, either the terms whereof have
previously been approved by an Extraordinary Resolution of the Noteholders or under which the continuing entity effectively assumes the entire obligations of the Issuer; 

 

	(e)	possession is taken on behalf of an encumbrancer or a receiver is appointed of the whole or a material part of the assets of any Relevant Party;

  

	(f)	a distress, execution or seizure before judgment is levied or enforced upon or carried out against a part of the property of any Relevant Party which is material in its
effect upon the operations of any Relevant Party and is not discharged within 30 days thereof; 

  

	(g)	any Relevant Party stops payment (within the meaning of any applicable bankruptcy law) or (otherwise than for the purposes of such consolidation, amalgamation, merger
or reorganisation as is referred to in paragraph (d) above) ceases or through an official action of the Board of Directors of any Relevant Party threatens to cease to carry on business or is unable to pay its debts as and when they fall due;

  

	(h)	proceedings shall have been initiated against any Relevant Party under any applicable bankruptcy, reorganisation or insolvency law and such proceedings shall not have
been discharged or stayed within a period of 60 days; 

  
 SCHEDULE 4-27

	(i)	any Relevant Party shall initiate or consent to proceedings relating to itself under any applicable bankruptcy, reorganisation or insolvency law or make a conveyance or
assignment for the benefit of, or enter into any composition with, its creditors in general; 

  

	(j)	the Parent’s obligations in relation to the AHFC Support Agreement or the HCFI Support Agreement are or become invalid, voidable or unenforceable in any respect
for any reason whatsoever or the Parent shall fail to meet its obligations under the AHFC Support Agreement or the HCFI Support Agreement and such failure shall continue for a period of 30 days; 

 

	(k)	the AHFC Support Agreement or the HCFI Support Agreement shall be amended, modified or terminated except as provided in such agreement; or 

 

	(l)	AHFC ceases to be at least 80 per cent. owned and controlled, directly or indirectly, by the Parent, or HCFI ceases to be at least 80 per cent. owned and
controlled, directly or indirectly, by the Parent; 

 then any Noteholder may, by written notice to the Issuer at the specified
office of the Agent, effective 14 days after the date of receipt thereof by the Agent, declare the nominal amount of, and all interest then accrued on, the Note held by such Noteholder to be forthwith due and payable, whereupon the same shall become
forthwith due and payable, without presentment, demand, protest or other notice of any kind unless such Event of Default shall be cured within 14 days after such written notice is received by it. 

For the purpose of paragraph (c) above, any indebtedness which is in a currency other than U.S. Dollars shall be translated into U.S. Dollars at the
“spot” rate for the sale of the U.S. Dollars against the purchase of the relevant currency as quoted by the Agent on the calendar day in London corresponding to the calendar day on which such premature repayment becomes due or, as the case
may be, such default occurs (or, if for any reason such a rate is not available on that day, on the earliest possible date thereafter). 
 If
any Note shall become so repayable, it shall be repaid at its Early Redemption Amount together, if appropriate, with accrued interest thereon, such interest to accrue and be paid in accordance with Condition 5 (Interest). 

 

	11.	Replacement of Notes and Note Certificates 

Should any Note or Note Certificate be lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the Agent in London
(or such other place outside the United States as may be notified to Noteholders) upon payment by the claimant of such costs and expenses as may be incurred in connection therewith and on such terms as to evidence and indemnity as the Issuer may
reasonably require. Mutilated or defaced Notes or Note Certificates must be surrendered before replacements will be issued. 
  

	12.	Agent and Paying Agents and Registrar 

The names of the initial Agent, the other initial Paying Agents and the initial Registrar and their respective initial specified offices are set out
below. 

  
 SCHEDULE 4-28

 The Issuer is entitled to vary or terminate the appointment of any Paying Agent or Registrar and/or appoint
additional or other Paying Agents or Registrars and/or approve any change in the specified office through which any Paying Agent or Registrar acts, provided that: 

 

	(a)	so long as the Notes of the Issuer are listed on or by any stock exchange or other relevant authority and until the Notes are redeemed, there will at all times be a
Paying Agent with a specified office in such place as may be required by the rules and regulations of the relevant stock exchange or other relevant authority; 

 

	(b)	there will at all times be a Paying Agent with a specified office in a city in continental Europe; 

 

	(c)	there will at all times be an Agent and a Registrar; and 

  

	(d)	the Issuer will maintain a Paying Agent in a member state of the European Union that is not obliged to withhold or deduct tax pursuant to the EU Savings Directive or
any law implementing or complying with, or introduced in order to conform to, the EU Savings Directive or any arrangements entered into between the Member States and certain other third countries and territories in connection with the EU Savings
Directive. 

  

	13.	Notices 

 All notices regarding the Notes
will be deemed to be validly given: 
  

	(a)	if, in respect of notices to holders of Definitive Notes represented by Note Certificates, posted to them at their respective addresses in the Register, in which case
such notices will be deemed to have been given on the fourth weekday (being a day other than a Saturday or a Sunday) after the date of mailing; or 

  

	(b)	if, in respect of any Notes that are admitted to trading on the regulated market of and listed on the official list of the Luxembourg Stock Exchange, published in a
daily newspaper of general circulation in Luxembourg and/or on the website of the Luxembourg Stock Exchange (www.bourse.lu), in which case such notice will be deemed to have been given on the date of the first publication or, where required
to be published in more than one newspaper, on the date of the first publication in all required newspapers. 

 Until such time as
any Note Certificates are issued, there may, so long as any Global Note(s) is or are held in its or their entirety on behalf of Euroclear and Clearstream, Luxembourg, be substituted for such publication in such newspaper(s) the delivery of the
relevant notice to Euroclear and Clearstream, Luxembourg for communication by them to the holders of the Notes. If required by the rules and regulations of the Luxembourg Stock Exchange or at the request of the Luxembourg Stock Exchange, any such
notice shall also be published in the Luxemburger Wort or on the internet site of the Luxembourg Stock Exchange or such other publication as shall be so required. Any such notice shall be deemed to have been given to the holders of the Notes
on the seventh day after the day on which the said notice was given to Euroclear and Clearstream, Luxembourg. 

  
 SCHEDULE 4-29

 Notices to be given by any holder of the Notes shall be in writing and given by lodging the same, together
with the Definitive Notes, the relative Note Certificate, with the Agent. Whilst any of the Notes are represented by a Global Note, such notice may be given by any holder of a Note to the Agent via Euroclear and/or Clearstream, Luxembourg, as the
case may be, in such manner as the Agent and Euroclear and/or Clearstream, Luxembourg, as the case may be, may approve for this purpose. 
  

	14.	Meetings of Noteholders, Modification and Waiver 

 The Agency Agreement contains provisions for convening meetings of the Noteholders to consider any matter affecting their interests, including the sanctioning by Extraordinary Resolution of a modification
of the Notes or certain provisions of the Agency Agreement. Such a meeting may be convened by the Issuer or Noteholders holding not less than 25 per cent. in nominal amount of the Notes for the time being remaining outstanding. The quorum at
any such meeting for passing an Extraordinary Resolution is one or more persons holding or representing a clear majority in nominal amount of the Notes for the time being outstanding, or at any adjourned meeting one or more persons being or
representing Noteholders whatever the nominal amount of the Notes so held or represented, except that at any meeting the business of which includes the modification of certain provisions of the Notes (including modifying the date of maturity of the
Notes or any date for payment of interest thereon, reducing or cancelling the amount of principal or the rate of interest payable in respect of the Notes or altering the currency of payment of the Notes), the necessary quorum for passing an
Extraordinary Resolution will be one or more persons holding or representing not less than two-thirds, or at any adjourned such meeting not less than one-third, in nominal amount of the Notes for the time being outstanding. An Extraordinary
Resolution passed at any meeting of the Noteholders shall be binding on all the Noteholders, whether or not they are present at the meeting. 

The Agent and the Issuer may agree, without the consent of the Noteholders to: 

 

	(a)	any modification (except as mentioned above) of the Agency Agreement for the purpose of curing any ambiguity or of curing, correcting or supplementing any defective
provision contained in the Agency Agreement or in any manner which the parties may mutually deem necessary or desirable and which shall not in the opinion of the Issuer be materially prejudicial to the interests of the Noteholders; or

  

	(b)	any modification of the Notes which is of a formal, minor or technical nature or is made to correct a manifest error or to comply with mandatory provisions of the law
of the jurisdiction in which the Issuer is incorporated. 

 The Issuer may agree, without the consent of the Agent or the
Noteholders to: 
  

	(a)	take any action necessary or helpful to prevent the Notes from becoming subject to any withholding or other taxes or assessments; or 

 

	(b)	allow AHFC to comply with FATCA or any rules or regulations promulgated thereunder (including imposing withholding taxes upon Noteholders who fail to deliver the
Noteholder FATCA Information and the Noteholder Tax Identification Information). 

  
 SCHEDULE 4-30

 Any such modification shall be binding on the Noteholders and any such modification shall be notified to the
Noteholders in accordance with Condition 13 (Notices) as soon as practicable thereafter. 
  

	15.	Further Issues 

 The Issuer shall be at
liberty, from time to time without the consent of the Noteholders to create and issue further Notes having terms and conditions the same as the Notes of a Series or the same in all respects save for the amount and date of the first payment of
interest thereon and so that the same shall be consolidated and form a single Series with the outstanding Notes of that Series. 
  

	16.	Governing Law and Submission to Jurisdiction 

 The Agency Agreement and the Notes shall be governed by and construed in accordance with the laws of the State of New York, United States of America, applicable to agreements made and to be performed in
such State, without regard to conflict of laws principles that would result in the application of the laws of another jurisdiction. 
 The
Issuer submits to the non-exclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State court sitting in the Borough of Manhattan, New York City and of the courts of England solely for the
purpose of any legal action or proceeding brought to enforce its obligations hereunder or under any Note. As long as any Note remains outstanding, the Issuer shall either maintain an office or have an authorised agent in New York City, and in
London, upon whom process may be served in any such legal action or proceeding. Service of process upon the Issuer at its office or upon such agents with written notice of such service mailed or delivered to the Issuer shall to the fullest extent
permitted by applicable law be deemed in every respect effective service of process upon the Issuer in any such legal action or proceeding. The Issuer appoints CT Corporation System, presently situated at 111 Eighth Avenue, New York, New York 10011,
United States and Law Debenture Corporate Services Limited, presently situated at Fifth Floor, 100 Wood Street, London EC2V 7EX, United Kingdom, as its agents for such purposes and covenants and agrees that service of process in any legal action or
proceeding may be made upon it at its office, or upon its agent if such agent is appointed in New York City or in London, as the case may be. 

  
 SCHEDULE 4-31

 SCHEDULE 5 
 Form of Certificate Confirming Beneficial Ownership to be Presented by Euroclear or 
 Clearstream Luxembourg 
 [AMERICAN HONDA FINANCE CORPORATION] 

[HONDA CANADA FINANCE INC.] 
 EURO MEDIUM TERM NOTES DUE [YEAR OF MATURITY DATE/ REDEMPTION MONTH] 
 Series No.
[            ] 
 Tranche No.
[            ] 
 (the “Securities”) 

[The Bank of New York Mellon 
 One Canada Square

 London E14 5AL 
 United Kingdom]

 [American Honda Finance Corporation] 

Based solely on certifications we have received in writing, by facsimile or by electronic mail from member organisations appearing in our records as
persons being entitled to a portion of the principal amount set forth below (our “Member Organisations”) substantially to the effect set forth in the Amended and Restated Agency Agreement, dated as of August 27, 2012, the
principal amount of the above-captioned Securities is owned by persons that are not citizens or residents of the United States, domestic partnerships, domestic corporations, other entities created or organised in or under the laws of the United
States or any estate or trust the income of which is subject to United States Federal income taxation regardless of its source (“United States persons”). 
 The Securities are of the category contemplated in Rule 903(c)(3) of Regulation S under the Securities Act of 1933, as amended (the “Act”), and this is also to certify with respect to
such principal amount of Securities set forth above that, except as set forth below, we have received in writing from our member organisations appearing in our records as persons being entitled to a portion of the principal amount set forth below
(our “Member Organisations”), certifications with respect to such portion, substantially to the effect as required under our withholding agreement with the U.S. Internal Revenue Service. 

We further certify (i) that we are not making available herewith for exchange (or, if relevant, exercise of any rights or collection of any
interest) any portion of the temporary global Security excepted in such certifications and (ii) that as of the date hereof we have not received any notification from any of our Member Organisations to the effect that the statements made by such
Member Organisations with respect to any portion of the part submitted herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) are no longer true and cannot be relied upon as of the date hereof. 

  
 SCHEDULE 5-1

 As used herein, the “United States” means the United States of America (including the
States and the District of Columbia) and its “possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 
 We will retain all certifications received from Member Organisations for the period specified under our withholding agreement with the U.S. Internal Revenue Service. 

We understand that this certification is required in connection with certain securities laws of the United States. Accordingly, under penalties of
perjury, we declare that we have examined the information contained in this statement and to the best of our knowledge and belief it is true, correct and complete. 
 Dated                     ,
            1 
 Yours faithfully, 
 [Euroclear Bank SA/NV] 
 or 
 [Clearstream Banking, société anonyme] 
 By: 

 

	1 	To be dated no earlier than the Exchange Date. 

  
 SCHEDULE 5-2

 SCHEDULE 6 
 Form of Certificate of Beneficial Owner 
 [AMERICAN HONDA FINANCE
CORPORATION] 
 [HONDA CANADA FINANCE INC.] 
 EURO MEDIUM TERM NOTES DUE [YEAR OF MATURITY DATE/ REDEMPTION MONTH] 
 Series No.
[            ] 
 Tranche No.
[            ] 
 (the “Securities”) 

Euroclear Bank
SA/NV1 

Clearstream Banking, société anonyme2 

[American Honda Finance] 
 This is to certify
that, as of the date hereof, and except as set forth below, the above-captioned Securities held by you for our account are owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations,
other entities created or organised in or under the laws of the United States or any estate or trust the income of which is subject to United States Federal income taxation regardless of its source (“United States persons”).

 The Securities are of the category contemplated in Rule 903(c)(3) of Regulation S under the Securities Act of 1933, as amended (the
“Act”), and this is also to certify that, except as set forth below, in the case of debt securities the Securities are beneficially owned by (a) non-U.S. person(s) or (b) U.S. person(s) who purchase the Securities in
transactions which did not require registration under the Act. As used in this paragraph the term “U.S. person” has the meaning given to it by Regulation S under the Act. 
 As used herein, “United States” means the United States of America (including the States and the District of Columbia); and its “possessions” include Puerto Rico, the
U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 
 We undertake to advise you promptly by facsimile on
or prior to the date on which you intend to submit your certification relating to the Securities held by you for our account in accordance with your operating procedures if any applicable statement herein is not correct on such date, and in the
absence of any such notification it may be assumed that this certification applies as of such date. 
  

 

	1 	Delete inappropriate reference. 

	2 	Delete inappropriate reference. 

  
 SCHEDULE 6-1

 This certification excepts and does not relate to
[            ] of such interest in the above Securities in respect of which we are not able to certify and as to which we understand exchange and delivery of definitive Securities (or, if
relevant, exercise of any right or collection of any interest) cannot be made until we do so certify. 
 We understand that this certification
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certification is or would be relevant, we
irrevocably authorise you to produce this certification to any interested party in such proceedings. 

Dated                     ,
            3 
  

			
		
	By:	 	 
		 	As, or as agent for, the beneficial owner(s) of the Securities to which this certification relates.

  
  

	3 	To be dated no earlier than the fifteenth day prior to the Exchange Date. 

  
 SCHEDULE 6-2

 SCHEDULE 7 
 Provision for Meetings of Noteholders 
  

	1.	As used in this Schedule the following expressions shall have the following meanings unless the context otherwise requires: 

 

	 	(i)	“block voting instruction” means an English language document issued by the Registrar, for Holders of Notes, and dated which: 

 

	 	(A)	relates to a specified nominal amount of Notes and a meeting (or adjourned meeting) of the holders of the Series of which those Notes form part;

  

	 	(B)	states that the Registrar has been instructed (either by the holders of the Notes or by a relevant clearing system) to attend the meeting and procure that the votes
attributable to the Notes are cast at the meeting in accordance with the instructions given; 

  

	 	(C)	identifies with regard to each resolution to be proposed at the meeting the nominal amount of Notes in respect of which instructions have been given that the votes
attributable to them should be cast in favour of the resolution and the nominal amount of Notes in respect of which instructions have been given that the votes attributable to them should be cast against the resolution; and 

 

	 	(D)	states that one or more named persons (each a “proxy”) is or are authorised and instructed by the Registrar to cast the votes attributable to the Notes
identified in accordance with the instructions referred to in (C) above as set out in the block voting instruction; 

  

	 	(ii)	“relevant clearing system” means, in respect of any Notes represented by a Global Note, any clearing system on behalf of which the Global Note is held
whether alone or jointly with any other clearing system(s); 

  

	 	(iii)	“form of proxy” means, in relation to any meeting, a document in the English language available from the Registrar signed by a holder of Notes or, in
the case of a corporation, executed under its seal or signed on its behalf by a duly authorised officer and delivered to the Registrar not later than 48 hours before the time fixed for such meeting, appointing a named individual or individuals to
vote in respect of the Notes held by such Noteholder (each a “proxy”); 

  

	 	(v)	“24 hours” means a period of 24 hours including all or part of a day on which banks are open for business both in the place where the meeting of the
Holders of Notes is to be held and where the Registrar has its specified office, (disregarding for this purpose the day on which the meeting is to be held) and that period shall be extended by one period or, to the extent necessary, more periods of
24 hours until there is included all or part of a day on which banks are open for business in all of the place where the Registrar has its specified office; and 

  
 SCHEDULE 7-1

	 	(vi)	“48 hours” means a period of 48 hours including all or part of two days on which banks are open for business both in the place where the meeting of the
Holders of Notes is to be held and where the Registrar has its specified office, (disregarding for this purpose the day on which the meeting is to be held) and that period shall be extended by one period or, to the extent necessary, more periods of
24 hours until there is included all or part of two days on which banks are open for business in all of the places where the Paying Agents have their specified offices. 

 

	 	(vii)	References in this Schedule to the Notes are to the relevant Series of Notes in respect of which the meeting is, or is proposed to be, convened, and references to
“Noteholder” or “Noteholders” shall be construed accordingly. 

  

	 	(viii)	For the purposes of calculating a period of calendar days, no account shall be taken of the day on which a period commences or the day on which a period ends.

  

	2.	The following persons (each an “Eligible Person”) are entitled to attend and vote at a meeting of the holders of Notes: 

 

	 	(a)	a proxy specified in any block voting instruction; and 

  

	 	(b)	any proxy appointed under a form of proxy. 

 A Noteholder may, require the issue by the Registrar of a form of proxy and block voting instructions in accordance with the terms of clauses 6 to 7 below. 

For the purposes of clauses 4 and 6 below, the Registrar shall be entitled to rely, without further enquiry, on any information or
instructions received from a relevant clearing system and shall have no liability to any Noteholder or other person for any loss, damage, cost, claim or other liability caused by its reliance on those instructions, nor for any failure by a relevant
clearing system to deliver information or instructions to the Registrar, as applicable. 
 The proxies named in any block voting
instruction or form of proxy shall for all purposes in connection with the meeting or adjourned meeting be deemed to be the holder of the Notes to which the block voting instruction or form of proxy relates, and the Registrar shall be deemed for
those purposes not to be the holder of those Notes. 
  

	3.     (a)	 A holder of a Global Note (not being a Note in respect of which a form of proxy has been issued) may require the Registrar to issue a block voting
instruction in respect of the Note by first instructing the relevant clearing system to procure that the votes attributable to the holder’s Note should be cast at the meeting in a particular way in relation to the resolution or resolutions to
be put to the meeting. Any such instruction shall be given in accordance with the rules of the relevant clearing system then in effect. Subject to receipt by the Registrar, no later than 24 hours before the time for which the meeting is convened, of
(i) instructions from 

  
 SCHEDULE 7-2

	 	
the relevant clearing system, (ii) notification of the nominal amount of the Notes in respect of which instructions have been given and (iii) the manner in which the votes attributable
to the Notes should be cast, the Registrar shall, without any obligation to make further enquiry, attend the meeting and cast votes in accordance with those instructions. 

 

	 	(b)	Each block voting instruction shall be deposited at the place specified by the Registrar, for such purpose not less than 24 hours before the time appointed for holding
the meeting or adjourned meeting at which the proxies named in the block voting instruction propose to vote, and in default the block voting instruction shall not be treated as valid unless the Chairman of the meeting decides otherwise before the
meeting or adjourned meeting proceeds to business. A notarially certified copy of each block voting instruction shall (if so requested by the relevant Issuer) be deposited with that Issuer before the start of the meeting or adjourned meeting but the
relevant Issuer shall not as a result be obliged to investigate or be concerned with the validity of or the authority of the proxies named in the block voting instruction. 

 

	 	(c)	Any vote given in accordance with the terms of a block voting instruction shall be valid notwithstanding the previous revocation or amendment of the block voting
instruction or of any of the instructions of the relevant Noteholder or the relevant clearing system (as the case may be) pursuant to which it was executed provided that no indication in writing of any revocation or amendment has been received from
the Registrar by the relevant Issuer at its registered office by the time being 24 hours before the time appointed for holding the meeting or adjourned meeting at which the block voting instruction is to be used. 

 

	4.	A holder of a Note (not being a Note in respect of which block voting instruction has been issued) may obtain an uncompleted and unexecuted form of proxy from the
Registrar at any time. 

 In the case of Global Notes those persons shown in the records of the relevant clearing
system as the holders of a particular amount of Notes (“Accountholders” and each an “Accountholder”) wishing to obtain a form of proxy from the Registrar should: 

 

	 	(a)	arrange (to the satisfaction of the Registrar) for the Notes to be blocked in an account with the clearing system, in accordance with the usual practices thereof; and

  

	 	(b)	instruct the Registrar to issue a form of proxy to the Accountholder with respect to such blocked Notes. 

A form of proxy shall be deposited at the specified office of the Registrar, or some other place approved by the Registrar, at least 24
hours before the time appointed for holding the meeting or adjourned meeting at which the proxies named in the form of proxy propose to vote, and in default the form of proxy shall not be treated as valid unless the Chairman of the meeting decides
otherwise before the meeting or adjourned meeting 

  
 SCHEDULE 7-3

 
proceeds to business. A notarially certified copy of each form of proxy shall (if so requested by the relevant Issuer) be deposited with that Issuer before the start of the meeting or adjourned
meeting but the relevant Issuer shall not as a result be obliged to investigate or be concerned with the validity of or the authority of the proxies named in the form of proxy. 
 Any vote given in accordance with the terms of a form of proxy shall be valid notwithstanding the previous revocation or amendment of the form of proxy or of any of the instructions of the relevant
Noteholder or the relevant clearing system (as the case may be) pursuant to which it was executed provided that no indication in writing of any revocation or amendment has been received from the Registrar by the relevant Issuer at its registered
office by the time being 24 hours before the time appointed for holding the meeting or adjourned meeting at which the form of proxy is to be used. 
  

	5.	The relevant Issuer may at any time and, upon a requisition in writing of Noteholders holding not less than 25% in principal amount of the Notes for the time being
Outstanding, shall convene a meeting of the Noteholders and if the relevant Issuer makes default for a period of seven days in convening such a meeting the same may be convened by the requisitionists. Whenever the relevant Issuer is about to convene
any such meeting it shall forthwith give notice in writing to the Agent, the Registrar and the Dealers of the day, time and place thereof and of the nature of the business to be transacted thereat. Every such meeting shall be held at such time and
place as the Registrar may approve. 

  

	6.	At least 21 days’ notice (exclusive of the day on which the notice is given and the day on which the meeting is held) specifying the place, day and hour of meeting
shall be given to the Noteholders prior to any meeting of the Noteholders in the manner provided by Condition 15. Such notice shall state generally the nature of the business to be transacted at the meeting thereby convened but (except for an
Extraordinary Resolution) it shall not be necessary to specify in such notice the terms of any resolution to be proposed. Such notice shall include statements as to the manner in which Noteholders may arrange for block voting instructions to be
issued and, if applicable, appoint proxies or representatives. A copy of the notice shall be sent by post to the relevant Issuer (unless the meeting is convened by the relevant Issuer). 

 

	7.	Any person (who may but need not be a Noteholder) nominated in writing by the relevant Issuer shall be entitled to the chair at every such meeting but if no such
nomination is made or if at any meeting the person nominated shall not be present within fifteen minutes after the time appointed for holding the meeting the Noteholders present shall choose one of their number to be Chairman.

  

	8.	 At any such meeting one or more persons present holding Notes or being proxies and holding or representing in the aggregate not less than five per
cent. in principal amount of the Notes shall (except for the purpose of passing an Extraordinary Resolution) form a quorum for the transaction of business and no business (other than the choosing of a Chairman) shall be transacted at any meeting
unless the requisite quorum be present at the commencement of business. The quorum at any such meeting for passing an 

  
 SCHEDULE 7-4

	 	
Extraordinary Resolution shall (subject as provided below) be one or more persons present holding Notes or being proxies and holding or representing in the aggregate a majority in principal
amount of the Notes for the time being Outstanding, provided that at any meeting the business of which includes any of the following matters (each of which shall only be capable of being effected after having been approved by an Extraordinary
Resolution) namely: 

  

	 	(i)	modification of the Maturity Date or, as the case may be, Redemption Month of the Notes or reduction or cancellation of the principal amount payable upon maturity; or

  

	 	(ii)	reduction or cancellation of the amount payable or modification of the payment date in respect of any interest in respect of the Notes (whether payable under the Notes)
or variation of the method of calculating the Rate of Interest in respect of the Notes; or 

  

	 	(iii)	reduction of any Minimum Interest Rate and/or Maximum Interest Rate specified in the applicable Final Terms of any Floating Rate Note; or 

 

	 	(iv)	modification of the currency in which payment under the Notes are to be made; or 

 

	 	(v)	modification of the majority required to pass an Extraordinary Resolution; or 

 

	 	(vi)	the sanctioning of any such scheme or proposal as is described in paragraph 22(f) below; or 

 

	 	(vii)	alternation of this proviso or the proviso to paragraph 12 below; 

 the quorum shall be one or more persons present holding Notes or being proxies and holding or representing in the aggregate not less than two thirds in principal amount of the Notes for the time being
Outstanding. An Extraordinary Resolution passed at any meeting of the holders of Notes will be binding on all holders of Notes whether or not they are present at the meeting. 

 

	9.	If within 15 minutes after the time appointed for any such meeting a quorum is not present the meeting shall if convened upon the requisition of Noteholders be
dissolved. In any other case it shall stand adjourned to the same day in the next week (or if such day is a public holiday the next succeeding business day) at the same time and place (except in the case of a meeting at which an Extraordinary
Resolution is to be proposed in which case it shall stand adjourned for such period being not less than 14 days nor more than 42 days, and at such place as may be appointed by the Chairman and approved by the Registrar) and at such adjourned meeting
one or more persons present holding Notes or being proxies (whatever the principal amount of the Notes so held or represented by them) shall (subject as provided below) have power to pass any Extraordinary Resolution or other resolution and to
decide upon all matters which could properly have been dealt with at the meeting from which the adjournment took place had the requisite quorum been present, provided that at any adjourned meeting the business of which includes any of the matters
specified in the proviso to paragraph 11 above, the quorum shall be one or more persons present holding Notes or being proxies and holding or representing in the aggregate not less than one-third in principal amount of the Notes for the time being
Outstanding. 

  
 SCHEDULE 7-5

	10.	Notice of any adjourned meeting at which an Extraordinary Resolution is to be submitted shall be given in the same manner as notice of an original meeting but as if 10
were substituted for 21 in paragraph 9 above and such notice shall (except in cases where the proviso to paragraph 12 above shall apply when it shall state the relevant quorum) state that one or more persons present holding Notes or being proxies at
the adjournment meeting whatever the principal amount of the Notes held or represented by them will form a quorum. Subject as aforesaid it shall not be necessary to give any notice of an adjourned meeting. 

 

	11.	Every question submitted to a meeting shall be decided in the first instance by a show of hands and in case of equality of votes the Chairman shall both on a show of
hands and on a poll have a casting vote in addition to the vote or votes (if any) to which he may be entitled as a Noteholder or as a proxy. 

  

	12.	At any meeting, unless a poll is (before or on the declaration of the results of the show of hands) demanded by the Chairman or the relevant Issuer or by one or more
persons present holding Notes or being proxies and holding or representing in the aggregate not less than 2% in principal amount of the Notes for the time being Outstanding, a declaration by the Chairman that a resolution has been carried or carried
by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution. 

 

	13.	Subject to paragraph 18 below, if at any such meeting a poll is so demanded it shall be taken in such manner and subject as hereinafter provided either at once or after
an adjournment as the Chairman directs and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded as at the date of the asking of the poll. The demand for a poll shall not prevent the continuance
of the meeting for the transaction of any business other than the motion on which the poll has been demanded. 

  

	14.	The Chairman may with the consent of (and shall if directed by) any such meeting adjourn the same from time to time and from place to place but no business shall be
transacted at any adjourned meeting except business which might lawfully (but for lack of required quorum) have been transacted at the meeting from which the adjournment took place. 

 

	15.	Any poll demanded at any such meeting on the election of a Chairman or on any question of adjournment shall be taken at the meeting without adjournment.

  

	16.	 Any director or officer of the relevant Issuer and its legal and other professional advisers may attend and speak at any meeting. Save as aforesaid,
but without prejudice to the proviso to the definition of “Outstanding” in Clause 1.2 of this Agreement, no person shall be entitled to attend and speak nor shall any person be entitled to vote at any

  
 SCHEDULE 7-6

	 	
meeting of the Noteholders or join with others in requisitioning the convening of such a meeting unless he either produces the Note or is a proxy. Neither the relevant Issuer, nor any of its
subsidiaries shall be entitled to vote at any meeting in respect of Notes held by it for the benefit of any such company and no other person shall be entitled to vote at any meeting in respect of Notes held by it for the benefit of any such company.
Nothing herein contained shall prevent any of the proxies named in any block voting instruction from being a director, officer or representative of or otherwise connected with the relevant Issuer. 

 

	17.	Subject as provided in paragraph 19 above at any meeting: 

  

	 	(A)	on a show of hands every person who is present in person and produces a Note or is a proxy shall have one vote; and 

 

	 	(B)	on a poll every person who is so present shall have one vote in respect of: 

 

	 	(i)	in the case of a meeting of the holders of Notes all of which are denominated in a single currency, each minimum integral amount of such currency; and

  

	 	(ii)	in the case of a meeting of the holders of Notes denominated in more than one currency, each U.S.$1.00 or, in the case of a Note denominated in a currency other than
U.S. Dollars, the equivalent of U.S.$1.00 in such currency at the Registrar’s spot buying rate for the relevant currency against U.S. Dollars at or about 11.00 a.m. (London time) on the date of publication of the notice of the relevant meeting
(or of the original meeting of which such meeting is an adjournment), or the Registrar shall in its absolute discretion stipulate in principal amount of Notes so produced or in respect of which he is a proxy. 

Without prejudice to the obligation of the proxies named in any block voting instructions or form of proxy any person entitled to more
than one vote need not use all his votes or cast all the votes to which he is entitled in the same way. 
  

	18.	The proxies named in any block voting instruction or form of proxy need not be Noteholders. 

 

	19.	A meeting of the Noteholders shall in addition to the powers hereinbefore given have the following powers exercisable by Extraordinary Resolution (subject to the
provisions relating to quorum contained in paragraphs 11 and 12 above) only namely: 

  

	 	(a)	Power to sanction any compromise or arrangement proposed to be made between the relevant Issuer and the Noteholders 

 

	 	(b)	Power to sanction any abrogation, modification, compromise or arrangement in respect of the rights of the Noteholders against the relevant Issuer or against any of its
property whether such rights shall arise under this Agreement or the Notes. 

  
 SCHEDULE 7-7

	 	(c)	Power to assent to any modification of the provisions contained in this Agreement, the Conditions or the Notes which shall be proposed by the relevant Issuer.

  

	 	(d)	Power to give any authority or sanction which under the provisions of this Agreement or the Notes is required to be given by Extraordinary Resolution.

  

	 	(e)	Power to appoint any persons (whether Noteholders or not) as a committee or committees to represent the interest of the Noteholders and to confer upon such committee or
committees any powers or descriptions which the Noteholders could themselves exercise by Extraordinary Resolution. 

  

	 	(f)	Power to sanction any scheme or proposal for the exchange or sale of the Notes for, or the conversion of the Notes into or the cancellation of the Notes in
consideration of, shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities of the relevant Issuer or any other company formed or to be formed, or for or into or in consideration of cash, or partly for or
into or in consideration of such shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities as aforesaid and partly for or into or in consideration of cash. 

 

	 	(g)	Power to approve the substitution of any entity in place of the relevant Issuer (or any previous substitute) as the principal debtor in respect of the Notes.

  

	20.	Any resolution passed at a meeting of the Noteholders duly convened and held in accordance with this Agreement shall be binding upon all the Noteholders whether present
or not present at such meeting and whether or not voting and each of them shall be bound to give effect thereto accordingly and the passing of any such resolution shall be conclusive evidence that the circumstances justify the passing thereof.
Notice of the result of the voting on any resolution duly considered by the Noteholders shall be published in accordance with Condition 15 by the relevant Issuer within 14 days of such result being known, provided that the non-publication of such
notice shall not invalidate such resolution. 

  

	21.	The expression “Extraordinary Resolution” when used in this Agreement or the Conditions means a resolution passed at a meeting of the Noteholders duly
convened and held in accordance with the provisions herein contained by a majority consisting of not less than 75% of the persons voting thereat upon a show of hands or if a poll be duly demanded than by a majority consisting of not less than 75% of
the votes given on such poll. 

  

	22.	Minutes of all resolutions and proceedings at every such meeting aforesaid if purporting to be signed by the Chairman of the meeting at which such resolutions were
passed or proceedings had shall be conclusive evidence of the matters therein contained and until the contrary is proved every such meeting in respect of the proceedings of which minutes have been made shall be deemed to have been duly held and
convened and all resolutions passed or proceedings had thereat to have been duly passed or had. 

  
 SCHEDULE 7-8

	23.	A resolution in writing signed by or on behalf of all the Noteholders shall be as valid and effectual as an Extraordinary Resolution passed at a meeting of such holders
duly convened and held in accordance with the provisions herein contained. 

  

	24.	Subject to all to the provisions contained herein the Agent or the Registrar, as applicable, may without the consent of the relevant Issuer or the Noteholders prescribe
such further regulations regarding the requisition and/or the holding of meetings of Noteholders and attendance and voting thereat as the Agent or the Registrar, as applicable, may in its sole discretion think fit. 

  
 SCHEDULE 7-9

 SCHEDULE 8 
 Form of Put Notice 
 [AMERICAN HONDA FINANCE CORPORATION] 

[HONDA CANADA FINANCE INC.] 
 EURO MEDIUM TERM NOTES DUE 
 [Year of Maturity Date/Redemption Month] 

Series No. [            ] 

Tranche No. [            ] 

By depositing this duly completed Notice with the Registrar for the Notes of the above Series (the “Notes”) the undersigned holder of
such of the Notes [as are surrendered/ in respect of which an authority to Euroclear or Clearstream Luxembourg is delivered] with this Notice and referred to below irrevocably exercises its options to have such Notes redeemed on
[            ] under Condition 7(e) of the Notes. 
 The Notice relates to Notes in
the aggregate principal amount
of                                        
        .: 
 If the Notes or authority referred to above are to be returned to the undersigned under
Clause 10.4 of the Agency Agreement, they should be returned by post to: 

	
	
	  
	
	  
	
	  

 Payment Instructions 
 Please make payment in respect of the above-mentioned Notes as follows: 
  

	(a)	by [specify currency] check drawn on a bank in the place of payment determined in accordance with Condition 6(a) mailed to the above address. 

 

	(b)	by transfer to the following [specify currency] account in the place of payment determined in accordance with Condition 6(a): 

 

			
	Bank:	 	 

			
		
	Branch Address:	 	 

  
  

	
	
	 

  
 SCHEDULE 8-1

			
		
	Branch Code:	 	 

			
		
	Account Number:	 	 

			
		
	Signature of holder:	 	 

 [To be completed by recipient Paying Agent or, in the case of Notes, the Registrar] 

			
		
	Received by:	 	 

 [Signature and stamp of Paying Agent or Registrar, as applicable] 

 

			
	At its office at:	 	 

			
		
	On:	 	 

 Notes 
  

	(1)	The Agency Agreement provides that Notes or authorities so returned will be sent by post, uninsured and at the risk of the Noteholder, unless the Noteholder otherwise
requests and pays the costs of such insurance in advance to the relevant Paying Agent or Registrar, as applicable. 

  

	(2)	This Put Notice is not valid unless all of the paragraphs requiring completion are duly completed. 

 

	(3)	The Registrar with whom the above-mentioned Notes are deposited will not in any circumstances be liable to the depositing Noteholder or any other person for any loss or
damage arising from any act, default or omission of such Paying Agent or Registrar in relation to the said Notes or any of them unless such loss or damage was caused by the fraud or gross negligence of such Paying Agent or Registrar or its
directors, officers or employees. 

  
 SCHEDULE 8-2

 SCHEDULE 9 
 Calculation Agency Agreement 
 in respect of a U.S.$11,000,000,000

 EURO MEDIUM TERM NOTE PROGRAMME 
 THIS AGREEMENT is made on                     ,
20         BETWEEN: 
  

	(1)	AMERICAN HONDA FINANCE CORPORATION (“AHFC”); 

  

	(2)	HONDA CANADA FINANCE INC. (“HCFI”, and together with AHFC, the “Issuers”); 

 

	(3)	                         (the
“Calculation Agent”, which expression shall include its successor or successors for the time being as calculation agent hereunder). 

 WHEREAS: 
  

	(A)	The Issuers have entered into an Amended and Restated Programme Agreement with the Dealers named therein dated as of August 27, 2012, under which the Issuers may
issue Euro Medium Term Notes (the “Notes”) with an aggregate principal amount of up to U.S.$11,000,000,000 (or its equivalent in other currencies). 

 

	(B)	The Notes will be issued subject to and with the benefit of an Amended and Restated Agency Agreement (the “Agency Agreement”) dated as of
August 27, 2012 and entered into between, inter alia, the Issuers, The Bank of New York Mellon as Agent (the “Agent” which expression shall include its successor or successors for the time being under the Agency
Agreement) and The Bank of New York Mellon (Luxembourg) S.A. as Paying Agent. 

 NOW IT IS HEREBY AGREED that: 

 

	1.	Appointment of the Calculation Agent 

 The Issuers hereby appoint                          as Calculation Agent in
respect of each Series of Notes described in the Schedule hereto (the “Relevant Notes”) for the purposes set out in Clause 2 below, all upon the provisions hereinafter set out. The agreement of the parties hereto that this Agreement
is to apply to each Series of Relevant Notes shall be evidenced by the manuscript annotation and signature in counterpart of the Schedule hereto. 
  

	2.	Duties of Calculation Agent 

 The Calculation agent shall in relation to each Series of Relevant Notes perform all the functions and duties imposed on the Calculation Agent by the terms and conditions of the Relevant Notes (the
“Conditions”) including endorsing the Schedule hereto appropriately in relation to each Series of Relevant Notes. 

  
 SCHEDULE 9-1

	3.	Expenses 

 Save as
provided in Clause 4 below, the Calculation Agent shall bear all expenses incurred by it in connection with its said services. 
  

	4.	Indemnity 

  

	 	(1)	The Issuers shall, jointly and severally, indemnify and keep indemnified the Calculation Agent against any losses, liabilities, costs, claims, actions or demands or
expenses (including, but not limited to, all reasonable costs, legal fees, charges and expenses paid or incurred in disputing or defending any of the foregoing) which it may incur or which may be made against it as a result of or in connection with
its appointment or the exercise of its powers and duties under this Agreement except such as may result from its own default, negligence or bad faith or that of its officers, directors or employees, or the breach by it of the terms of this
Agreement. 

  

	 	(2)	The Calculation Agent shall indemnify each Issuer against any loss, liability, cost, claim, action, demand or expense (including, but not limited to, all reasonable
costs, legal fees, charges and expenses paid or incurred in disputing or defending any of the foregoing) which either Issuer may incur or which may be made against either Issuer as a result of the Calculation Agent’s default, negligence or bad
faith or that of its officers, directors or employees or the breach by it of the terms of this Agreement. 

  

	5.	Conditions of Appointment 

  

	 	(1)	In acting hereunder and in connection with the Relevant Notes the Calculation Agent shall not act as agent of the Issuers and shall not thereby assume any obligations
towards or relationship of agency or trust for or with any of the owners or holders of the Relevant Notes. 

  

	 	(2)	In relation to each issue of Relevant Notes the Calculation Agent hereby undertakes to the Issuers to perform such obligations and duties, and shall be obliged to
perform such duties and only such duties as are herein and in the Conditions specifically set forth and no implied duties or obligations shall be read into this Agreement or the Conditions against the Calculation Agent, other than the duty to act
honestly and in good faith and to exercise the diligence of a reasonably prudent independent party in comparable circumstances. 

  

	 	(3)	The Calculation Agent may consult with legal and other professional advisers and the opinion of such advisers shall be full and complete protection in respect of any
action taken, omitted or suffered hereunder in good faith and in accordance with the opinion of such advisers. 

  

	 	(4)	 The Calculation Agent shall be protected and shall incur no liability for or in respect of any action taken, omitted or suffered in reliance upon any
instruction, request or order from either Issuer or any notice, resolution, direction, consent, 

  
 SCHEDULE 9-2

	 	
certificate, affidavit, statement, cable or other paper or document which it reasonably believes to be genuine and to have been delivered, signed or sent by the proper party or parties or upon
written instructions from either Issuer. 

  

	 	(5)	The Calculation Agent, and any of its officers, directors and employees, may become the owner of, or acquire any interest in, any Notes with the same rights that it or
he would have if the Calculation Agent were not appointed hereunder, and may engage or be interested in any financial or other transaction with either Issuer and may act on, or as depositary, trustee or agent for, any committee or body of holders of
Notes or in connection with any other obligations of either Issuer as freely as if the Calculation Agent were not appointed hereunder. 

  

	6.	Termination of Appointment 

  

	 	(1)	The Issuers may terminate the appointment of the Calculation Agent at any time by giving to the Calculation Agent at least 45 days’ prior written notice to that
effect, provided that, so long as any of the Relevant Notes are Outstanding: 

  

	 	(a)	such notice shall not expire less than 45 days before any date upon which any payment is due in respect of any Relevant Notes; and 

 

	 	(b)	notice shall be given in accordance with Condition 14 to the holders of the Relevant Notes at least 30 days prior to any removal of the Calculation Agent.

  

	 	(2)	Notwithstanding the provisions of sub-clause (1) above, if at any time: 

 

	 	(a)	the Calculation Agent becomes incapable of acting, or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the
benefit of its creditors or consents to the appointment of an administrator, liquidator or administrative or other receiver of all of any substantial part of its property, or admits in writing its inability to pay or meet its debts as they may
mature or suspends payment thereof, or if any order of any court is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law or if a receiver of it or of all or a substantial part of
its property is appointed or if any officer takes charge or control of it or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or 

 

	 	(b)	the Calculation Agent fails duly to perform any function or duty imposed upon it by the Conditions and this Agreement, the Issuers may forthwith without notice
terminate the appointment of the Calculation Agent, in which event notice thereof shall be given to the holders of the Relevant Notes in accordance with Condition 14 as soon as practicable thereafter. 

 

	 	(3)	The termination of the appointment pursuant to sub-clause (1) or (2) above of the Calculation Agent hereunder shall not entitle the Calculation Agent to any
amount by way of compensation but shall be without prejudice to any amount then accrued due. 

  
 SCHEDULE 9-3

	 	(4)	The Calculation Agent may resign its appointment hereunder at any time by giving to the Issuer at least 90 days’ prior written notice to that effect. Following
receipt of a notice of resignation from the Calculation Agent, the Issuers shall promptly give notice thereof to the holders of the Relevant Notes in accordance with Condition 14. 

 

	 	(5)	Notwithstanding the provisions of sub-clauses (1), (2) and (4) above, so long as any of the Relevant Notes is Outstanding, the termination of the appointment
of the Calculation Agent (whether by the Issuers or by the resignation of the Calculation Agent) shall not be effective unless upon the expiry of the relevant notice a successor Calculation Agent has been appointed. The Issuers agree with the
Calculation Agent that if, by the day falling 10 days before the expiry of any notice under sub-clause (1) or (4) above, the Issuers have not appointed a replacement Calculation Agent, the Calculation Agent shall be entitled, on behalf of
the Issuers, to appoint as a successor Calculation Agent in its place a reputable financial institution of good standing. 

  

	 	(6)	Upon its appointment becoming effective, a successor Calculation Agent shall without further act, deed or conveyance, become vested with all the authority, rights,
powers, trusts, immunities, duties and obligations of its predecessor with like effect as if originally named as the Calculation Agent hereunder. 

  

	 	(7)	If the appointment of the Calculation Agent hereunder is terminated (whether by the Issuers or by the resignation of the Calculation Agent), the Calculation Agent shall
on the date on which such termination takes effect deliver to the successor Calculation Agent all records concerning the Relevant Notes maintained by it (except such documents and records as it is obliged by law or regulation to retain or not to
release), but shall have no other duties or responsibilities hereunder. 

  

	 	(8)	Any corporation into which the Calculation Agent may be merged or converted, or any corporation with which the Calculation Agent may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Calculation Agent shall be a party, or any corporation to which the Calculation Agent shall sell or otherwise transfer all or substantially all of its assets shall, on the date when
such merger, consolidation or transfer becomes effective and to the extent permitted by any applicable laws, become the successor Calculation Agent under this Agreement without the execution or filing of any paper or any further act on the part of
any of the parties hereto, unless otherwise required by the Issuers, and after the said effective date all references in this Agreement to the Calculation Agent shall be deemed to be references to such corporation. Written notice of any such merger,
conversion, consolidation or transfer shall forthwith be given to the Issuers and the Agent. 

  
 SCHEDULE 9-4

	7.	Communications 

 Any
notice or communication given hereunder shall be sufficiently given or served: 
  

	 	(1)	if delivered in person to the relevant address specified on the signature pages hereof and, if so delivered, shall be deemed to have been delivered at the time of
receipt; or 

  

	 	(2)	if sent by facsimile to the relevant number specified on the signature pages hereof and, if so sent, shall be deemed to have been delivered immediately after
transmission when an acknowledgement of receipt is received. 

 Where a communication is received after business
hours it shall be deemed to be received and become effective on the next business day. Every communication shall be irrevocable save in respect of any manifest error therein. 

 

	8.	Descriptive Headings and Counterparts 

  

	 	(1)	The descriptive headings in this Agreement are for convenience of reference only and shall not define or limit the provisions hereof. 

 

	 	(2)	This Agreement may be executed in any number of counterparts, all of which, taken together, shall constitute one and the same agreement and any party may enter into
this Agreement by executing a counterpart. 

  

	9.	Governing Law and Jurisdiction 

  

	 	(1)	This Agreement is governed by, and shall be construed in accordance with, the laws of the State of New York applicable to agreements made and to be performed in such
State, without regard to conflict of laws principles that would result in the application of the laws of another jurisdiction. 

  

	 	(2)	The Issuers and the Calculation Agent each hereby irrevocably submits to the non-exclusive jurisdiction of any United States Federal or New York State Court sitting in
New York City, the Borough of Manhattan, and of the courts of England over any suit, action or proceeding arising out of or related to this Agreement (together, the “Proceedings”). The Issuers and the Calculation Agent each
irrevocably waives, to the fullest extent permitted by law, any objection which it may have to the laying of the venue of the Proceedings brought in such a court and any claim that the Proceedings have been brought in an inconvenient forum. The
Issuers and the Calculation Agent each agrees that final judgment in the Proceedings brought in such a case may be, and may be enforced in any court of the jurisdiction to which the Issuers or the Calculation Agent is subject by a suit upon such
judgment, provided that the service of process is effected upon the relevant Issuer and the Calculation Agent in the manner specified in subsection (3) below or as otherwise permitted by law. 

  
 SCHEDULE 9-5

	 	(3)	As long as any of this Agreement remains in effect, the Issuers shall at all times either maintain an office or have an authorised agent in New York City and in London
upon whom process may be served in the Proceedings. Service of process upon either it or at its offices or upon such agent with written notice of such service mailed or delivered to the relevant Issuer shall, to the fullest extent permitted by law,
be deemed in every respect effective service of process upon such Issuer in the Proceedings. The Issuers hereby appoint CT Corporation System, presently situated at 111 Eighth Avenue, New York, NY 10011, and the London office of Law Debenture
Corporate Services Limited, presently situated at Fifth Floor, 100 Wood Street, London EC2V 7EX, England, as their agents for such purposes, and covenants and agrees that service of process in the Proceedings may be made upon either Issuer at its
office or at the specified offices of such agents (or such other addresses or at the offices of any other authorised agents which the Issuers may designate by written notice to the Calculation Agent) and prior to any termination of such agencies for
any reason, it will so appoint a successor thereto as agent hereunder. 

 IN WITNESS WHEREOF this Agreement has been
entered into the day and year first above written. 
 AMERICAN HONDA FINANCE CORPORATION 

20800 Madrona Avenue 
 Torrance, California 90503

 USA 
 Telephone: +1 310 972 2500

 Telefax: +1 310 972 2415 
 Attention:
Manager, Treasury Department 
 By:
                                         
            
 HONDA CANADA FINANCE INC. 

180 Honda Blvd. 
 Suite 200 

Markham, Ontario L6C 0H9 
 Canada 

Telephone: +1 905 888 4188 
 Telefax: +1 905 888
4186 
 Attention: Vice President and Treasurer 
 By:
                                         
            
 [Name and address of Calculation Agent] 

Telex No:
                             
 Telecopier No: 

  
 SCHEDULE 9-6

 Attention:             
                                     

By:
                                         
        

  
 SCHEDULE 9-7

 SCHEDULE TO THE CALCULATION AGENCY AGREEMENT 

 

											
	 Series
 Number
	 	 Issue Date
	 	 Maturity
 Date
	 	 Title and
 Principal
 Amount
	 	  
	 	 Annotation by
Calculation
 Agent/Issuer

  
 SCHEDULE 9-8

 SCHEDULE 10 
 Additional Duties of the Registrar 
 In relation to each Series of Notes that are NSS
Notes, the Registrar will comply with the following provisions: 
  

	 	(a)	The Registrar will inform each of the ICSDs, through the CSP, of the initial IOA for each Tranche on or prior to the relevant Issue Date. 

 

	 	(b)	If any event occurs that requires a mark up or mark down in the Register of the Noteholders’ interests in the Notes, the Registrar will (to the extent actually
reflected in the Register) promptly provide details of the amount of such mark up or mark down, together with a description of the event that requires it, to the ICSDs (through the CSP) to ensure that the records of the ICSDs reflecting the IOA of
the Notes remains at all times accurate. 

  

	 	(c)	The Registrar will, at least once each calendar month, reconcile its records of the IOA of the Notes (as reflected in the Register) with information received from the
ICSDs (through the CSP) with respect to the records maintained by the ICSDs reflecting the IOA for the Notes and will promptly inform the ICSDs (through the CSP) of any discrepancies. 

 

	 	(d)	The Registrar will promptly assist the ICSDs (through the CSP) in resolving any discrepancy identified in the records of the ICSDs reflecting the IOA of the Notes.

  

	 	(e)	The Registrar will promptly provide to the ICSDs (through the CSP) details of all amounts paid by any Paying Agent under the Notes (or, where the Notes provide for
delivery of assets other than cash, of the assets so delivered). 

  

	 	(f)	The Registrar will promptly pass on to the relevant Issuer all communications it receives from the ICSDs directly or through the CSP relating to the Notes.

  
 SCHEDULE 10-1

 SCHEDULE 11 
 Regulations Concerning Transfers and Registration of Notes 
  

	1.	The Notes are in the denomination as specified in the relevant Final Terms. Notes may only be held in holdings in the aggregate principal amount of the Specified
Denomination (as defined in the Final Terms) and integral multiples specified in the Final Terms in excess thereof (each, an “Authorised Holding”). 

 

	2	Subject to paragraph 4 and paragraph 11 below, Notes may be transferred by execution of the relevant form of transfer under the hand of the transferor or, where the
transferor is a corporation, under its common seal or under the hand of two of its officers duly authorised in writing. Where the form of transfer is executed by an attorney or, in the case of a corporation, under seal or under the hand of two of
its officers duly authorised in writing, a copy of the relevant power of attorney certified by a financial institution in good standing or a notary public or in such other manner as the Registrar may require or, as the case may be, copies certified
in the manner aforesaid of the documents authorising such officers to sign and witness the affixing of the seal, must be delivered with the form of transfer. In this schedule, “transferor” shall, where the context permits or
requires, include joint transferors and shall be construed accordingly. 

  

	3	The Global Notes or the Definitive Notes issued in respect of the Notes to be transferred must be surrendered for registration, together with the form of transfer
(including any certification as to compliance with restrictions on transfer included in such form of transfer) endorsed thereon, duly completed and executed, at the specified office of the Registrar, and together with such evidence as the Registrar
may reasonably require to prove the title of the transferor and the authority of the persons who have executed the form of transfer. The signature of the person effecting a transfer of a Note shall conform to any list of duly authorised specimen
signatures supplied by the holder of such Note or be certified by a financial institution in good standing, notary public or in such other manner as the Registrar may require. 

 

	4.	No Noteholder may require the transfer of a Note to be registered during the period of 15 days ending on the due date for any payment of principal or interest in
respect of such Note. 

  

	5.	No Noteholder which has executed a Form of Proxy in relation to a Meeting of holders of Notes may require the transfer of a Note covered by such Form of Proxy to be
registered until the earlier of the conclusion of the Meeting and its adjournment for want of a quorum. 

  

	6.	The executors or administrators of a deceased holder of a Note (not being one of several joint holders) and, in the case of the death of one or more of several joint
holders, the survivor or survivors of such joint holders, shall be the only persons recognised by the Issuers as having any title to such Note. 

  

	7.	 Any person becoming entitled to any Notes in consequence of the death or bankruptcy of the holder of such Notes may, upon producing such evidence that
he holds the position in 

  
 SCHEDULE 11-1

	 	
respect of which he proposes to act under this paragraph or of his title as the Registrar may require (including legal opinions), become registered himself as the holder of such Notes or, subject
to the provisions of these Regulations, the Notes and the Conditions as to transfer, may transfer such Notes. Each of the Issuers, the Registrar, the Agent and the Paying Agents shall be at liberty to retain any amount payable upon the Notes to
which any person is so entitled until such person is so registered or duly transfers such Notes. 

  

	8.	Except as otherwise permitted under the terms of the Agency Agreement, the holder of any Definitive Notes shall be entitled to receive only one Note Certificate in
respect of his entire holding. 

  

	9.	Except as otherwise permitted under the terms of the Agency Agreement, the joint holders of any Definitive Note shall be entitled to one Note Certificate only in
respect of their joint holding which shall, except where they otherwise direct, be delivered to the joint holder whose name appears first in the Register in respect of such joint holding. 

 

	10.	Where there is more than one transferee (to hold other than as joint holders), separate forms of transfer (obtainable from the specified office of the Registrar) must
be completed in respect of each new holding. 

  

	11.	A holder of Notes may transfer all or part only of his holding of Notes provided that both the principal amount of Notes transferred and the principal amount of the
balance not transferred are an Authorised Holding. Where a holder of Definitive Notes has transferred part only of his holding of Notes, a new Note Certificate in respect of the balance of such holding will be delivered to him.

  

	12.	Each of the Issuers and the Registrar shall, save in the case of the issue of replacement Note Certificates pursuant to Condition 11 (Replacement of Notes), make no
charge to the holders for the registration of any holding of Notes or any transfer thereof or for the issue of any Notes or for the delivery thereof at the specified office of the Registrar or by uninsured post to the address specified by the
holder, but such registration, transfer, issue or delivery shall be effected against such indemnity from the holder or the transferee thereof as the Registrar may require in respect of any tax or other duty of whatever nature which may be levied or
imposed in connection with such registration, transfer, issue or delivery. 

  

	13.	Provided a transfer of a Note is duly made in accordance with all applicable requirements and restrictions upon transfer and the Note(s) transferred are presented to
the Registrar in accordance with the Agency Agreement and these Regulations, and subject to unforeseen circumstances beyond the control of the Registrar arising, the Registrar will, within five business days of the request for transfer being duly
made, deliver at its specified office to the transferee or dispatch by uninsured post (at the request and risk of the transferee) to such address as the transferee entitled to the Definitive Notes in relation to which such Note Certificate is issued
may have specified, a Note Certificate in respect of which entries have been made in the Register, all formalities complied with and the name of the transferee completed on the Note Certificate by or on behalf of the Registrar; and, for the purposes
of this paragraph, “business day” means a day on which commercial banks are open for business (including dealings in foreign currencies) in the cities in which the Registrar has its specified office. 

  
 SCHEDULE 11-2EX-4.5

 Exhibit 4.5 

 
  
 TRUST INDENTURE 
 Made as of September 26, 2005 

Between 

HONDA CANADA FINANCE INC. 
 as Issuer 
 and 

CIBC MELLON TRUST COMPANY 
 as Trustee 
  
  

MCMILLAN BINCH MENDELSOHN LLP 

 
  

 TABLE OF CONTENTS 

 

									
	 RECITALS
	  	 	1	  
		
	 SECTION 1 — INTERPRETATION
	  	 	1	  
		 	 1.1
	 	 Definitions
	  	 	1	  
		 	 1.2
	 	 Meaning of “outstanding” for Certain Purposes
	  	 	8	  
		 	 1.3
	 	 Headings
	  	 	8	  
		 	 1.4
	 	 Extended Meaning
	  	 	8	  
		 	 1.5
	 	 Applicable Law
	  	 	9	  
		 	 1.6
	 	 Language
	  	 	9	  
		 	 1.7
	 	 Per Annum Calculations
	  	 	9	  
		 	 1.8
	 	 Attornment
	  	 	9	  
		 	 1.9
	 	 Counterparts
	  	 	9	  
		 	 1.10
	 	 Severability
	  	 	9	  
		 	 1.11
	 	 Time of the Essence
	  	 	9	  
		 	 1.12
	 	 Currency
	  	 	9	  
		 	 1.13
	 	 Business Days
	  	 	10	  
		 	 1.14
	 	 Schedules
	  	 	10	  
		 	 1.15
	 	 Accounting Principles
	  	 	10	  
		
	 SECTION 2 — THE DEBENTURES
	  	 	10	  
		 	 2.1
	 	 Issuance of Debentures
	  	 	10	  
		 	 2.2
	 	 Debentures to Rank Pari Passu
	  	 	11	  
		 	 2.3
	 	 Signing of Debentures
	  	 	11	  
		 	 2.4
	 	 Certification by Issuing and Paying Agent
	  	 	11	  
		 	 2.5
	 	 Replacement of Debentures
	  	 	12	  
		 	 2.6
	 	 Computation of Interest
	  	 	12	  
		 	 2.7
	 	 Payment
	  	 	13	  
		 	 2.8
	 	 Payment Based on Register
	  	 	13	  
		 	 2.9
	 	 Payment Agreements for Debentures
	  	 	13	  
		
	 SECTION 3 — ISSUANCE OF DEBENTURES
	  	 	14	  
		 	 3.1
	 	 Designation, Terms, Form and Issuance of the Series 2005-3 Debentures and Series 2005-4 Debentures
	  	 	14	  
		 	 3.2
	 	 Issuance of Additional Debentures
	  	 	15	  
		 	 3.3
	 	 Transfer or Exchange of Debentures
	  	 	16	  
		 	 3.4
	 	 Purchase for Cancellation
	  	 	16	  
		 	 3.5
	 	 Cancellation
	  	 	16	  
		 	 3.6
	 	 Limitation on Redemption
	  	 	17	  
		 	 3.7
	 	 Pro Rata Payment
	  	 	17	  
		
	 SECTION 4 — REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP
	  	 	17	  
		 	 4.1
	 	 Fully Registered Debentures
	  	 	17	  
		 	 4.2
	 	 Exchange of Debentures
	  	 	17	  
		 	 4.3
	 	 Charges for Transfer and Exchange
	  	 	18	  

  
 TRUST
INDENTURE 

									
		 	 4.4
	 	 Inspection of Registers and Lists of Holders
	  	 	18	  
		 	 4.5
	 	 Closing of Registers
	  	 	18	  
		 	 4.6
	 	 Ownership of Debentures
	  	 	18	  
		 	 4.7
	 	 Debentures Issued Under Book-Entry System
	  	 	19	  
		
	 SECTION 5 — REPRESENTATIONS AND WARRANTIES
	  	 	21	  
		 	 5.1
	 	 Corporation Representations
	  	 	21	  
		
	 SECTION 6 — COVENANTS OF THE CORPORATION
	  	 	23	  
		 	 6.1
	 	 Positive Covenants
	  	 	23	  
		 	 6.2
	 	 Negative Pledge
	  	 	25	  
		 	 6.3
	 	 Waiver of Certain Covenants
	  	 	25	  
		 	 6.4
	 	 Solicitation of Debentureholders
	  	 	25	  
		
	 SECTION 7 — DEFAULT AND ENFORCEMENT
	  	 	26	  
		 	 7.1
	 	 Events of Default
	  	 	26	  
		 	 7.2
	 	 Notice on Default
	  	 	27	  
		 	 7.3
	 	 Acceleration on Default
	  	 	28	  
		 	 7.4
	 	 Waiver of Default
	  	 	28	  
		 	 7.5
	 	 Remedies in Case of Default
	  	 	29	  
		 	 7.6
	 	 Suits by Debentureholders
	  	 	30	  
		 	 7.7
	 	 Application of Money Received by Trustee
	  	 	30	  
		 	 7.8
	 	 Distribution of Proceeds
	  	 	31	  
		 	 7.9
	 	 Trustee Appointed Attorney
	  	 	32	  
		 	 7.10
	 	 Remedies Cumulative
	  	 	32	  
		
	 SECTION 8 — SATISFACTION AND DISCHARGE
	  	 	32	  
		 	 8.1
	 	 Cancellation and Destruction
	  	 	32	  
		 	 8.2
	 	 Non-Presentment of Debentures
	  	 	32	  
		 	 8.3
	 	 Release from Covenants and Discharge
	  	 	33	  
		
	 SECTION 9 — SUCCESSOR CORPORATIONS
	  	 	33	  
		 	 9.1
	 	 Certain Requirements in Respect of Merger, etc.
	  	 	33	  
		 	 9.2
	 	 Vesting of Powers in Successor
	  	 	34	  
		 	 9.3
	 	 Notice to the Debentureholders
	  	 	34	  
		
	 SECTION 10 — SUPPLEMENTAL INDENTURES
	  	 	34	  
		 	 10.1
	 	 Supplemental Indentures Without Consent of Holders
	  	 	34	  
		 	 10.2
	 	 Supplemental Indentures With Consent of Holders
	  	 	35	  
		 	 10.3
	 	 Execution of Supplemental Indentures
	  	 	36	  
		 	 10.4
	 	 Effect of Supplemental Indentures
	  	 	36	  
		
	 SECTION 11 — ADMINISTRATION OF THE TRUST
	  	 	36	  
		 	 11.1
	 	 Sufficiency of Execution of Instruments
	  	 	36	  
		 	 11.2
	 	 Trustee May Require Indemnity
	  	 	36	  
		 	 11.3
	 	 Trustee May Employ Assistants
	  	 	36	  
		 	 11.4
	 	 Trustee May Act on Opinions or Advice
	  	 	37	  
		 	 11.5
	 	 Trustee May Rely upon Declarations
	  	 	37	  

  
 TRUST
INDENTURE 

									
		 	 11.6
	 	 Corporation Must Furnish Evidence of Compliance
	  	 	37	  
		 	 11.7
	 	 Trustee May Accept Certificate of the Corporation
	  	 	38	  
		 	 11.8
	 	 Trustee May Act on Instruments Believed Genuine
	  	 	38	  
		 	 11.9
	 	 Counsel Fees Need Not be Assessed
	  	 	38	  
		 	 11.10
	 	 No Person Dealing with Trustee Need Enquire
	  	 	38	  
		 	 11.11
	 	 Investment of Trust Monies
	  	 	39	  
		
	 SECTION 12 — CONCERNING THE TRUSTEE
	  	 	39	  
		 	 12.1
	 	 Duty of Trustee
	  	 	39	  
		 	 12.2
	 	 Replacement of Trustee
	  	 	40	  
		 	 12.3
	 	 Trustee May Deal in Debentures
	  	 	40	  
		 	 12.4
	 	 Trustee Not Required to Give Security
	  	 	40	  
		 	 12.5
	 	 Protection of Trustee
	  	 	41	  
		 	 12.6
	 	 Conflict of Interest
	  	 	41	  
		 	 12.7
	 	 Acceptance of Trusts
	  	 	42	  
		 	 12.8
	 	 Indemnity
	  	 	42	  
		 	 12.9
	 	 Notices of Debentureholders
	  	 	42	  
		 	 12.10
	 	 Duty of Care
	  	 	42	  
		 	 12.11
	 	 Trustee May Accept Certificate of the Corporation
	  	 	43	  
		 	 12.12
	 	 Trustee May Act on Instruments Believed Genuine
	  	 	43	  
		 	 12.13
	 	 Clarification of Instructions
	  	 	43	  
		 	 12.14
	 	 Trust Indenture Legislation
	  	 	43	  
		
	 SECTION 13 — NOTICES
	  	 	44	  
		 	 13.1
	 	 Notice to Corporation
	  	 	44	  
		 	 13.2
	 	 Notice to Debentureholder
	  	 	44	  
		 	 13.3
	 	 Notice to the Trustee
	  	 	44	  
		 	 13.4
	 	 Postal Service Interruption
	  	 	45	  
		
	 SECTION 14 — MEETINGS OF DEBENTUREHOLDERS
	  	 	45	  
		 	 14.1
	 	 Right to Convene Meeting
	  	 	45	  
		 	 14.2
	 	 Notice
	  	 	45	  
		 	 14.3
	 	 Chair
	  	 	46	  
		 	 14.4
	 	 Quorum
	  	 	46	  
		 	 14.5
	 	 Power to Adjourn
	  	 	46	  
		 	 14.6
	 	 Show of Hands
	  	 	46	  
		 	 14.7
	 	 Poll
	  	 	47	  
		 	 14.8
	 	 Voting
	  	 	47	  
		 	 14.9
	 	 Regulations
	  	 	47	  
		 	 14.10
	 	 Corporation and Trustee may be Represented
	  	 	48	  
		 	 14.11
	 	 Powers Exercisable by Extraordinary Resolution
	  	 	48	  
		 	 14.12
	 	 Meaning of “Extraordinary Resolution”
	  	 	50	  
		 	 14.13
	 	 Powers Exercisable by Debentureholders’ Resolution
	  	 	50	  
		 	 14.14
	 	 Powers Cumulative
	  	 	50	  
		 	 14.15
	 	 Minutes
	  	 	50	  
		 	 14.16
	 	 Instruments in Writing
	  	 	50	  

  
 TRUST
INDENTURE 

									
		 	 14.17
	 	 Binding Effect of Resolutions
	  	 	51	  
		
	 SECTION 15 — EXECUTION
	  	 	51	  
		 	 15.1
	 	 Counterparts and Formal Date
	  	 	51	  
		
	Schedule 3.1(1)(g) – Form of Debenture	  			
		
	Schedule 5.1(5) – Defaults and Regulatory Approvals	  			
		
	Schedule 5.1(6) – Material Litigation	  			

  
 TRUST
INDENTURE 

 TRUST INDENTURE 
 This Trust Indenture is made as of September 26, 2005 between 
 HONDA
CANADA FINANCE INC. 
 (the “Corporation”) 

and 
 CIBC
MELLON TRUST COMPANY 
 (the “Trustee”) 
 RECITALS 
 A. The Corporation wishes to create and issue the Debentures and, under the laws
relating thereto, has the power and authority to create and issue the Debentures. 
 B. The Corporation has done and performed all things
necessary to make the Debentures, when issued and certified by the Trustee as provided in this Indenture, legally binding obligations of the Corporation with the benefits and subject to the terms of this Indenture. 

C. The foregoing recitals are made by the Corporation and not by the Trustee. 
 D. The Trustee has consented to act as Trustee on the terms stated herein. 
 FOR VALUE RECEIVED,
the parties agree as follows: 
 SECTION 1 — INTERPRETATION 
 1.1 Definitions 
 In this Agreement: 

(1) Affiliate has the meaning ascribed to that term in the CBCA as in effect on the date hereof. 

(2) Applicable Laws means, with respect to any Person, property, transaction or event, all applicable laws, statutes, regulations,
treaties, judgments and decrees and (whether or not having the force of law) all applicable official directives, rules, consents, approvals, authorizations, orders and policies of any Governmental Body having authority over such Person. 

(3) Authorized Investment has the meaning set out in Section 11.11. 
 (4) Book-Entry Debentureholder has the meaning set out in Section 4.7. 

 (5) Book-Entry Debentures has the meaning set out in Section 4.7. 

(6) Book-Entry System means the record entry securities transfer and pledge system known, as at the date hereof, by the name
“Depository Service”, which is administered by the Depository in accordance with the operating rules and procedures of the securities settlement service of the Depository for book-entry only securities in force from time to time or any
successor system thereof. 
 (7) Business Day means any day of the year, other than a Saturday, Sunday or other day on which
chartered banks are required or authorized to close in Toronto, Ontario. 
 (8) Capital Lease Obligations means, for any Person,
all obligations of such Person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) property, to the extent such obligations are required to be classified and accounted for as a capital lease or finance lease
on a balance sheet of such Person in accordance with GAAP. 
 (9) CBCA means the Canada Business Corporations Act as
amended or replaced from time to time. 
 (10) Certificate of the Corporation and Request of the Corporation means, respectively,
a written certificate and request signed in the name of the Corporation by any Responsible Officer of the Corporation and may consist of one or more instruments so executed. 
 (11) Certified Resolution means a copy of a resolution certified by a Responsible Officer to have been duly passed by the Directors and to be in full force and effect on the date of such
certification. 
 (12) Consolidated Net Tangible Assets means, in respect of the Corporation, the aggregate amount of all assets
of the Corporation and its consolidated Subsidiaries (less applicable reserves and allowances for credit losses) after deducting therefrom (i) all current liabilities of the Corporation and its consolidated Subsidiaries, and (ii) all
goodwill, trade names, trade-marks, patents, unamortized debt discount and expense and other like intangibles of the Corporation and its consolidated Subsidiaries, all as set forth on the most recent annual balance sheet of the Corporation prepared
in accordance with GAAP. 
 (13) contested means duly contested in good faith by appropriate proceedings promptly initiated and
diligently conducted and contesting shall have an analogous meaning. 
 (14) Corporation means Honda Canada Finance
Inc., a corporation incorporated under the laws of Canada, and any of its Successor Corporations that have complied with the provisions of Section 9. 
 (15) Corporation’s Auditors or Auditors of the Corporation means an independent firm of chartered accountants of national standing or reputation in Canada, duly appointed
as auditors of the Corporation. 

  
 - 2 -

 (16) Counsel means McMillan Binch Mendelsohn LLP or such other legal counsel acceptable to
both the Corporation and the Trustee; provided that for the purpose of Section 7.5(3), the reference to “Counsel” shall mean legal counsel acceptable to the Trustee. 
 (17) Debenture Documents means this Indenture, the Debentures, the issuing, transfer, paying and redemption agent agreement dated as of March 6, 1998 between the Issuing and Paying
Agent and the Corporation and all other documents to be executed and delivered to the Trustee or the Debentureholders by the Corporation pursuant to this Indenture, as each may be amended or supplemented from time to time. 

(18) Debentures means the debentures of the Corporation issued or to be issued and certified hereunder and for the time being outstanding
or where the context so requires, to be issued and certified hereunder. 
 (19) Debentureholders or holders means
the Persons whose names are at any given time entered in the Register as holders of Debentures. 
 (20) Debentureholders’
Request means a written notice provided by a holder or holders of at least 25% in principal amount of the Debentures, or of the Debentures of any particular series if so indicated, requesting the Trustee to take the action or proceeding
specified therein. 
 (21) Debentureholders’ Resolution means a written resolution signed by a holder or holders of at least
51% in principal amount of the Debentures, or of the Debentures of any particular series if so indicated. 
 (22) Default means an
event which, with the giving of notice or passage of time or both, would constitute an Event of Default. 
 (23) Depository has
the meaning set out in Section 4.7. 
 (24) Director means a director of the Corporation for the time being, and reference to
action by the Directors means action by the directors of the Corporation, as a board or, whenever duly empowered, action by an executive committee of the board. 
 (25) Event of Default has the meaning set out in Section 7.1. 
 (26)
Extraordinary Resolution has the meaning set out in Section 14.12. 
 (27) Floating Rate means the per annum
rate of interest based on the Three Month BA Rate as reported on Reuters Screen CDOR determined on the Closing Date and on each Floating Rate Determination Date thereafter. 
 (28) Floating Rate Determination Date means September 26, December 26, March 26 and June 26 of each year. 

(29) GAAP has the meaning set out in Section 1.15. 

  
 - 3 -

 (30) Global Debenture has the meaning set out in Section 4.7. 

(31) Governmental Body means any government (including without limitation any federal, provincial, state, municipal or local government) or
political subdivision or any agency, authority, bureau, central bank, monetary authority, commission, department, or instrumentality thereof, or any court or tribunal, whether foreign or domestic. 

(32) Honda means Honda Motor Co., Ltd., a corporation incorporated under the laws of Japan. 

(33) Indebtedness means, without duplication, with respect to any Person: 

 

	 	(a)	indebtedness of such Person for borrowed money; 

  

	 	(b)	Capital Lease Obligation of such Person; 

  

	 	(c)	obligations of such Person under letters of credit, guarantees, legally binding comfort letters or indemnities issued in connection therewith; 

 

	 	(d)	obligations of such Person arising pursuant to bankers’ acceptance facilities or indemnities issued in connection therewith; 

 

	 	(e)	the unpaid purchase price or other acquisition cost in respect of property or services acquired by such Person, including, for greater certainty, leases; and

  

	 	(f)	all other contingent obligations incurred by such Person for the purpose of or having the effect of providing financial assistance to another entity, including, without
limitation, guarantees, endorsements of bills of exchange (other than for collection or deposit in the ordinary course of business), obligations to purchase assets regardless of the delivery or non-delivery thereof and obligations to make advances
or otherwise provide financial assistance to any other entity, 

 provided that Indebtedness shall not include the
undrawn portion of any credit facility available to the Issuer. 
 (34) Issuing and Paying Agent means Canadian Imperial Bank of
Commerce and its successors and permitted assigns, in its capacity as agent under an issuing, registration, transfer, paying and redemption agent agreement dated as of March 6, 1998 between the Issuing and Paying Agent and the Corporation, as
amended or supplemented from time to time. 
 (35) Keep Well Agreement means the Keep Well Agreement entered into as of
September 26, 2005 between Honda and the Corporation, as the same may be amended and/or supplemented from time to time in accordance with its terms. For greater certainty, the Keep Well Agreement is not a guarantee of the Debentures.

  
 - 4 -

 (36) Lien means, with respect to any Person, any mortgage, lien, pledge, adverse claim,
charge, deed of trust, lis pendens, security interest, hypothec or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or
capital lease or any similar type of agreement, upon or with respect to any property or asset of such Person, or the signing or filing of a financing statement that names such Person as debtor, or the signing of any security agreement authorizing
any other Person as the secured party to file any financing statement. 
 (37) Maturity Date means in respect of the Series 2005-3
Debentures September 26, 2007, in respect of the Series 2005-4 Debentures September 26, 2008, and in respect of any other series of Debentures the date specified as such in the indenture supplemental hereto creating such series.

 (38) Participant means a broker, dealer, bank or other financial institution or other person to whom the Depository effects
book-entry transfers under the Book-Entry System. 
 (39) Permitted Liens means with respect to the Corporation and its
Subsidiaries (i) Liens, in addition to those otherwise permitted below, securing Indebtedness which does not in aggregate at any one time outstanding exceed 25% of the Corporation’s Consolidated Net Tangible Assets; (ii) the pledge of
receivables payable in foreign currencies other than United States dollars to secure borrowings in foreign countries other than the United States; (iii) any deposit of assets of the Corporation or its Subsidiaries with any surety company or
officer of any court, or in escrow, as collateral in connection with, or in lieu of, any bond on appeal from any judgment or decree against it, or in connection with other proceedings in actions at law or in equity by or against it or to exercise
any privilege or license, performance of bids, contracts or leases or to secure other public or statutory obligations of the Corporation or any such Subsidiaries, as applicable, or other similar deposits or pledges made in the ordinary course of
business; (iv) any Lien or charge on any property, tangible or intangible, real or personal, existing at the time of acquisition of such property (whether through purchase or through merger or consolidation) or given to secure the payment of
all or any part of the purchase price thereof or to secure any Indebtedness incurred prior to, at the time of, or within one year after, the acquisition thereof for the purpose of financing all or any part of the purchase price thereof; (v) any
Lien or charge on any property, tangible or intangible, which may arise as a result of a transaction involving a transfer of assets by the Corporation or any of its Subsidiaries if, at the time of the transfer, such transfer of assets (1) is
treated as a sale or otherwise results in such assets no longer being reflected on the balance sheet of the Corporation or any such Subsidiary, as applicable, in accordance with generally accepted accounting principles or (2) is to an entity
that issues ABS Obligations backed by such assets and such ABS Obligations are Nonrecourse to the Corporation or any of its Subsidiaries, as applicable; (vi) any Lien to secure non-recourse obligations in connection with the Corporation or any
of its Subsidiaries engaging in leveraged or single-investor lease transactions; (vii) any Liens and restrictions on property acquired or sold by the Corporation or any of its Subsidiaries resulting from the exercise of any rights arising out
of defaults on receivables or leases; (viii) mechanic’s, workmen’s, repairmen’s, materialmen’s or carriers’ liens or other similar liens arising in the ordinary course of business or deposits or pledges to obtain the
release of any such liens; (ix) Liens arising out of judgments or awards against the Corporation or any of its Subsidiaries with respect to which the Corporation or any such Subsidiary, as applicable, is in

  
 - 5 -

 
good faith prosecuting an appeal or proceeding for review or Liens incurred by the Corporation or any such Subsidiary, as applicable, for the purpose of obtaining a stay or discharge in the
course of any legal proceeding to which it is a party; (x) Liens for taxes not yet subject to penalties for nonpayment or contested, or minor survey exceptions, or minor encumbrances, assessments or reservations of, or rights of others for,
rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties, which encumbrances, assessments, reservations, rights and restrictions do not in the
aggregate materially detract from the value of said properties or materially impair their use in the operation of the business of the Corporation or any of its Subsidiaries; (xi) any Lien securing the performance of any contract or undertaking
not, directly or indirectly, in connection with the borrowing of money, obtaining advances of credit or the securing of debt, if made and continuing in the ordinary course of business, and (xii) any extension, renewal or replacement (or
successive extensions, renewals or replacements), in whole or in part, of any lien, charge or pledge referred to in the foregoing clauses (ii) to (xi) inclusive of this paragraph; provided, however, that the amount of any and all
obligations and Indebtedness secured thereby does not exceed the amount thereof so secured immediately prior to the time of such extension, renewal or replacement and that such extension, renewal or replacement is limited to all or a part of the
property which secured the charge or lien so extended, renewed or replaced (plus improvements on such property) and provided further, the Corporation and its Subsidiaries is free to substitute collateral of equal value for the existing collateral
covered by clauses (ii) to (xi) above. 
 For the purpose of the foregoing definition the term “ABS Obligation” means
any security or other obligation that is (i) issued by a trust or entity created for the special purpose of issuing such security or obligation (regardless of whether it may also issue others of the same or another series or class),
(ii) secured by specific assets transferred to such trust or entity by the Corporation or any of its Subsidiaries in connection with the issuance of such security or obligations, and (iii) payable by its terms solely from specified assets
(including such security) of such trust or entity and, if applicable, specified third-party credit support. In addition, “Nonrecourse” in respect of the Corporation (or any of its Subsidiaries) and any ABS Obligation means that the
Corporation or any such Subsidiary has no obligation in respect of any payment due on such ABS Obligation and the holders thereof have so agreed (or are deemed to have so agreed by acquiring such ABS Obligation). 

(40) Person means an individual, corporation, partnership, government or any department or agency thereof, joint venture, trust, estate,
unincorporated organization and the heirs, executors, administrators or other legal representatives of an individual, and pronouns and other words importing persons have a similar extended meaning. 

(41) Rating Agency means Dominion Bond Rating Service Limited and its successors and with respect to any specific series of Debentures any
other nationally recognized credit rating agency and its successors that has been specifically referred to in the “Term Sheet” and/or “Offering Memorandum”, as applicable, with respect to that series of Debentures. 

(42) Receiver shall have the meaning given to it in Section 7.1(8). 

  
 - 6 -

 (43) Register means the register of holders of Debentures maintained by the Issuing and Paying
Agent as contemplated by Section 4.1(1). 
 (44) Responsible Officer means any individual who is an authorized signatory of
the Corporation. 
 (45) Series 2005-3 Debentures means the first initial series of Debentures to be issued hereunder designated
as “Senior Unsecured Series 2005-3 Debentures” and having the attributes set forth in Section 3.1. 
 (46) Series 2005-4
Debentures means the second initial series of Debentures to be issued hereunder designated as “Senior Unsecured Series 2005-4 Debentures” and having the attributes set forth in Section 3.1. 

(47) Subsidiary means as applied to any Person, 
  

	 	(a)	any corporation of which more than 50% of the outstanding shares (other than directors’ qualifying shares) of the capital stock having ordinary voting power to
elect the members of its board of directors (without regard to the existence at the time of a right of the holders of any class or classes of securities of such corporation to exercise such voting power by reason of the happening of any
contingency), or any partnership of which such Person is the general partner or of which 50% or more of the outstanding partnership interests, is at the time owned (i) by such Person or (ii) by one or more Subsidiaries of such Person or
(iii) by such Person and one or more Subsidiaries of such Person; and 

  

	 	(b)	any other entity which is controlled (i) by such Person or (ii) by one or more Subsidiaries of such Person or (iii) by such Person and one or more of its
Subsidiaries; provided that an entity shall be deemed to be controlled by another Person for purposes of this definition where such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies
of such entity, whether through ownership of voting securities or by contract or otherwise. 

 (48) Successor
Corporation has the meaning set out in Section 9.1. 
 (49) Three Month BA Rate means the rate per annum equal to the
arithmetic average rounded to the fifth decimal place of the bid rates of interest for Canadian dollar banker’s acceptances with a maturity of three months from Closing Date or applicable Floating Rate Determination Date, as expressed on the
Reuters CDOR pages as of 10:00 a.m., Toronto time, on the Closing Date or applicable Floating Rate Determination Date, if three or more such bid rates appear on such Reuters CDOR page at any such time. If fewer than three such bid rates appear on
the Reuters CDOR page at any such time, the Three Month BA Rate shall be the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rate quotations for Canadian dollar bankers’ acceptances with a maturity
of three months from the Closing Date or 

  
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applicable Floating Rate Determination Date and in a principal amount equal to not less than $1,000,000 and that is representative of a single transaction in the market at such time, by the
principal Toronto office of three of the five largest Schedule I Canadian chartered banks under the Bank Act (Canada) in the Canadian interbank market selected by the Corporation at approximately 10:00 a.m., Toronto time, on the Closing Date
or applicable Floating Rate Determination Date. 
 (50) Trustee means CIBC Mellon Trust Company and its successors, and permitted
assigns. 
 1.2 Meaning of “outstanding” for Certain Purposes 

Every Debenture certified and delivered by the Trustee hereunder shall be deemed to be outstanding until it is cancelled or delivered to
the Trustee for cancellation or money for the payment of all amounts outstanding in respect thereof has been set aside pursuant to the terms of Section 8, provided that: 
 (1) if a new Debenture has been issued in substitution for a Debenture that has been mutilated, lost, stolen or destroyed, only one of them shall be counted for the purpose of determining the aggregate
principal amount of Debentures outstanding; and 
 (2) Debentures held directly or indirectly by or on behalf of or for the benefit of the
Corporation or any Affiliate thereof shall be deemed not to be outstanding. For the purposes of determining whether the Trustee shall be protected in relying on any vote, consent, request or other instrument or other action, only the Debentures
which the Corporation has certified to the Trustee as being so owned shall be so disregarded. Debentures so owned which have been pledged in good faith other than to the Corporation or any Affiliate thereof shall not be so disregarded if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right to vote such Debentures in its discretion free from the control of the Corporation or such Affiliate. 
 1.3 Headings 
 The division of this Indenture into Sections and the
insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Indenture. “Trust Indenture”, “Indenture”, “herein”, “hereof” and similar expressions
mean or refer to this Indenture and any indenture, deed or instrument supplemental or ancillary hereto. The terms “this Indenture”, “hereof”, “hereunder” and similar expressions refer to this Indenture and not to any
particular Section or other portion hereof, Unless something in the subject matter or context is inconsistent therewith, references herein to Sections are to Sections of this Indenture. 
 1.4 Extended Meaning 
 Words importing the singular number only shall
include the plural and vice versa and words importing any gender include all genders. 

  
 - 8 -

 1.5 Applicable Law 
 This Indenture and the Debentures shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. 

1.6 Language 
 The
parties hereto expressly request and require that this document and any related documents be drawn up solely in the English language. Les parties aux présentes conviennent et exigent que cette entente et tous les documents qui s’y
rattachent soient rédigés seulement en anglais. 
 1.7 Per Annum Calculations 

For the purposes of the Interest Act (Canada), whenever interest to be paid under this Indenture is to be calculated on the basis
of a year of a specified number of days, the yearly equivalent rate of interest to which the rate determined pursuant to such calculation is equivalent to is the rate so determined multiplied by the actual number of days in the calendar year in
which the same is to be ascertained divided by such specified number of days. 
 1.8 Attornment 

Each of the parties irrevocably attorns to the non-exclusive jurisdiction of the courts of the Province of Ontario. 

1.9 Counterparts 
 This
Indenture may be executed in any number of counterparts, each of which when executed and delivered is an original and all of which taken together constitute one and the same instrument. 
 1.10 Severability 
 Any provision of this Indenture which is illegal,
invalid or unenforceable in any jurisdiction shall not affect the legality, validity or enforceability of the remaining provisions and any such illegality, invalidity or unenforceability in any jurisdiction shall not affect the legality, validity or
enforceability of such provision in any other jurisdiction. 
 1.11 Time of the Essence 

Time shall be of the essence of this Indenture. 
 1.12 Currency 
 Unless otherwise stated, all monetary amounts set forth
herein are expressed in Canadian dollars. 

  
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 1.13 Business Days 
 Whenever any payment to be made hereunder or under any other Debenture Documents shall be stated to be due and payable, or whenever any obligation shall be required to be performed, on a day which is not
a Business Day, such payment shall be made, and such obligation shall be performed, on the next succeeding Business Day. 
 1.14 Schedules

 The following are the Schedules annexed hereto and incorporated by reference and deemed to be part hereof. 

Schedule 3.1(1)(g) – Form of Debenture 
 Schedule 5.1(5) – Defaults and Regulatory Approvals 
 Schedule 5.1(6) –
Material Litigation 
 1.15 Accounting Principles 
 Wherever in this Indenture reference is made to generally accepted accounting principles or “GAAP”, such reference shall be deemed to be to the generally accepted accounting principles as
practiced in Canada. Where the character or amount of any asset or liability or item of revenue or expense is required to be determined, or any consolidation or other accounting computation is required to be made for the purpose of this Indenture,
such determination or calculation shall, to the extent applicable and except as otherwise specified herein or as otherwise agreed in writing by the parties, be made in accordance with GAAP applied on a consistent basis. 

SECTION 2 — THE DEBENTURES 

2.1 Issuance of Debentures 
 (1) The
aggregate principal amount of Debentures of any one or more series that may be issued under this Indenture shall be unlimited. Notwithstanding the foregoing, the aggregate principal amount of the Series 2005-3 Debentures that may be issued under
this Indenture (exclusive of replacement Series 2005-3 Debentures issued as contemplated by Section 2.5 or the Series 2005-3 Debentures issued on transfer or exchange pursuant to Section 3.3) shall be limited to $350,000,000 and the
aggregate principal amount of the Series 2005-4 Debentures that may be issued under this Indenture (exclusive of replacement Series 2005-4 Debentures issued as contemplated by Section 2.5 or the Series 2005-4 Debentures issued on transfer or
exchange pursuant to Section 3.3) shall be limited to $150,000,000. 
 (2) The Debentures will have the benefit of the Keep Well Agreement,
which may be amended or terminated in accordance with its terms. Pursuant to the Keep Well Agreement, among other things, Honda will cause the Corporation to meet its obligations under debt for

  
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borrowed money that Honda has confirmed in writing as being covered by the Keep Well Agreement. Concurrently with the entering into of this Indenture, Honda will provide a confirmation that all
debt incurred by the Corporation in respect of the Debentures shall constitute “Debt” for purposes of the Keep Well Agreement. The Keep Well Agreement is not a guarantee of the Debentures. 

2.2 Debentures to Rank Pari Passu. 
 All Debentures of each series shall rank pari passu without discrimination, preference or priority with all other Debentures issued under this Indenture or any indenture supplemental hereto and all
existing and future senior unsecured, unsubordinated Indebtedness of the Corporation. The Debentures will be effectively subordinated in right of payment to all secured Indebtedness of the Corporation to the extent of the value of the assets
securing any such Indebtedness. Notwithstanding the foregoing, the Corporation shall pay any amounts received under the Keep Well Agreement in respect of debt incurred in respect of the Debentures in accordance with the terms of the Keep Well
Agreement. 
 2.3 Signing of Debentures 
 The Debentures shall be signed (either manually or by facsimile signature) by any two Responsible Officers. A facsimile signature upon any of the Debentures shall for all purposes of this Indenture be
deemed to be the signature of the person whose signature it purports to be and to have been signed at the time such facsimile signature is reproduced. Notwithstanding that any of the individuals whose signature appears on any Debenture as a
Responsible Officer may no longer hold office at the date of such Debenture or at the date of certification and delivery thereof, any Debenture signed as aforesaid shall be valid and binding upon the Corporation and entitled to the benefit of this
Indenture. 
 2.4 Certification by Issuing and Paying Agent 
 (1) No Debenture shall be issued or, if issued, shall be obligatory or entitle the holder to the benefit hereof until it has been certified by the Issuing and Paying Agent substantially in the form of the
certificate set out in Schedule 3.1(1)(g) hereto or in the form specified in any supplemental indenture or in some other form approved by the Trustee and the Issuing and Paying Agent. Such certification by the Issuing and Paying Agent upon any
Debenture shall be conclusive evidence against the Corporation that the Debenture so certified has been duly issued hereunder and is a valid obligation of the Corporation and that the holder is entitled to the benefits hereof. 

(2) The certificate of the Issuing and Paying Agent on a Debenture shall not be construed as a representation or warranty by the Trustee or the Issuing
and Paying Agent as to the validity of this Indenture or of such Debenture (except the due certification thereof and any other warranties imposed by law) and the Trustee and the Issuing and Paying Agent shall in no respect be liable or answerable
for the use made of the Debentures or any of them or of the proceeds thereof. 

  
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 2.5 Replacement of Debentures 
 (1) In case any Debenture is mutilated or lost, destroyed or stolen and in the absence of notice that such Debenture has been acquired by a bona fide purchaser (as defined in the CBCA), subject to
Section 2.5(2), the Corporation shall issue, and thereupon the Issuing and Paying Agent shall certify and deliver without expense to the Debentureholder (except as provided in Section 4.3), a new Debenture of the same series and of like
tenor as the one mutilated, lost, destroyed or stolen. The new Debenture shall be entitled to the benefit hereof and rank equally in accordance with its terms with all other Debentures. The new Debenture shall be dated the date of the most recent
interest payment in respect of the Debentures of the same series or, if no such interest has yet been paid, shall be dated the date of issuance of the Debentures of the same series. 
 (2) The applicant for the issue of a new Debenture pursuant to this Section 2.5 in case of loss, destruction or theft shall, as a condition precedent to the issue thereof, furnish to the Corporation
and to the Trustee such evidence of ownership and of the loss, destruction or theft of the Debenture so lost, destroyed or stolen as shall be satisfactory to the Corporation and the Trustee each in their discretion and such applicant shall also
furnish an indemnity satisfactory to the Corporation and the Trustee each in their discretion and shall pay all reasonable expenses incidental to the issuance of such substituted Debentures. 
 (3) The applicant for the issue of a new Debenture pursuant to this Section 2.5 in the case of mutilation shall as a condition precedent to the issue thereof, return the mutilated Debenture to the
Trustee. 
 2.6 Computation of Interest 
 (1) Debentures, whether issued originally or upon exchange or in substitution for previously issued Debentures shall bear interest on the outstanding principal amount thereof in accordance with the terms
of the Debentures from and including their date of issue to but excluding the applicable Maturity Date; unless, upon due presentation, payment of the principal of any Debenture is improperly withheld or refused in which case such Debenture shall
continue to bear interest until such principal is paid in full. 
 (2) All interest payments to be made hereunder shall be paid without
allowance or deduction for the principle of deemed re-investment of interest or otherwise, both before and after maturity and before and after default and/or judgment, if any, until payment in full, and interest shall accrue on overdue interest, if
any, on each Debenture at the same rate applicable to the principal of such Debenture. 
 (3) Interest on the Debentures shall be computed on
the basis of a 365-day year, but shall be payable quarterly in accordance with Section 3.1(1)(c), and except as may otherwise be provided in respect of any series of Debentures. 

  
 - 12 -

 2.7 Payment 
 Except as otherwise provided in Section 2.8(1), Section 2.9 and Section 7.8, as interest and principal become due on each Debenture, whether at maturity or otherwise, the Corporation will
send or will cause to be sent, at least five (5) Business Days prior to each payment date, by prepaid ordinary mail, a cheque drawn on a chartered bank in Toronto for such interest or principal, as the case may be, payable to the holder of such
Debenture and addressed to the holder at the holder’s last address appearing on the Register unless otherwise directed in writing by the holder, provided that, in respect of the payment of principal of any Debenture due on the Maturity Date,
such cheque will be mailed only upon the prior delivery of such Debenture to the Issuing and Paying Agent. The forwarding of such cheque will satisfy and discharge the liability for such interest or principal to the extent of the sum represented
thereby unless such cheque is not paid on presentation at any of the places where such cheque is payable. Notwithstanding the foregoing, in the event of the non-receipt of any such cheque by the holder of such Debenture or the loss, theft or
destruction thereof, the Corporation upon being furnished with reasonable evidence of such non-receipt, loss, theft or destruction and an indemnity reasonably satisfactory to it will issue or will cause to be issued to such holder a replacement
cheque for the amount of such cheque. The Corporation shall provide or cause to be provided to the Trustee a written record of each payment made by or on behalf of the Corporation to the Debentureholders as soon as practicable thereafter.

 2.8 Payment Based on Register 

(1) Where Debentures are registered in the name of more than one holder, the principal and interest from time to time payable in respect thereof may be
paid by or on behalf of the Corporation or its designee by cheque payable to the order of all such holders and addressed to the one of such holders whose name appears first on the Register at such holder’s last address appearing on the
Register, failing written instructions from them to the contrary, and such payment will be a valid discharge to the Corporation, to the Trustee, and to the Issuing and Paying Agent. 
 (2) The holder for the time being of any Debenture shall be entitled to the principal and interest evidenced thereby, free from all equities or rights of set off or counterclaim between the Corporation
and the original or any intermediate holder thereof (except any equities of which the Corporation is required to take notice by statute or by order of a court of competent jurisdiction) and all persons may act accordingly, and the payment to any
such holder for the time being of any such principal or interest, will satisfy and discharge the liability of the Corporation or the Trustee for the same, and neither the Corporation nor the Trustee nor the Issuing and Paying Agent will be bound to
enquire into the title of any such holder for the time being. 
 2.9 Payment Agreements for Debentures 

Notwithstanding Sections 2.6 and 2.7 or anything else contained in this Indenture or the Debentures to the contrary other than
Section 7.8, the Corporation shall, if so directed by the holder of a Debenture, at least fifteen (15) Business Days prior to the applicable payment date, 

  
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pay, or cause to be paid, to such holder the principal or interest, as applicable, on such Debenture and all other money payable hereunder by wire or electronic transfer of funds within Canada,
such transfer to the holder to be sent no later than 1:00 p.m. (Toronto time) on such payment date and no presentment of any Debenture shall be necessary in connection with such payments. Any payment of the principal of, and interest on, any such
Debenture and other money payable hereunder at such other place or in such other manner pursuant to such direction will, notwithstanding any other provision of this Indenture or the Debentures, be valid and binding on the Corporation, the Trustee
and all holders. The Corporation shall provide, or cause to be provided, copies of any such direction to the Trustee as soon as practicable after its execution. 
 SECTION 3 — ISSUANCE OF DEBENTURES 
 3.1 Designation, Terms, Form and Issuance
of the Series 2005-3 Debentures and Series 2005-4 Debentures 
 (1) The Series 2005-3 Debentures and Series 2005-4 Debentures shall:

  

	 	(a)	be issued on September 26, 2005; 

  

	 	(b)	be designated “Senior Unsecured Series 2005-3 Debentures” and “Senior Unsecured Series 2005-4 Debentures”, respectively; 

 

	 	(c)	be dated and bear interest from and including the date of issuance or the most recent payment date but excluding the date of payment at a rate equal to the Floating
Rate plus 0.095% in the case of the Series 2005-3 Debentures, and the Floating Rate plus 0.15% in the case of the Series 2005-4 Debentures, payable quarterly in arrears on September 26, December 26, March 26 and June 26
of each year and on the applicable Maturity Date, the first such payment being due on December 26, 2005; 

  

	 	(d)	be issuable as fully registered Debentures in initial minimum denominations of $150,000 and multiples of $10,000 thereafter; 

 

	 	(e)	mature on the applicable Maturity Date; 

  

	 	(f)	provide for payment on the applicable Maturity Date in full to each holder of a Series 2005-3 Debenture and Series 2005-4 Debenture, respectively, of the principal
amount then outstanding thereunder together with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 3.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2005-3 Debenture and Series 2005-4 Debenture, respectively;
and 

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve. 

  
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 (2) The Issuing and Paying Agent shall certify and deliver to or to the order of the Corporation, the Series
2005-3 Debentures and Series 2005-4 Debentures, upon delivery by the Trustee to the Issuing and Paying Agent of an acknowledgement confirming receipt by the Trustee of the following: 

 

	 	(a)	a Certified Resolution of the board of directors of the Corporation authorizing the issue of and requesting the certification and delivery of the Series 2005-3
Debentures and Series 2005-4 Debentures; 

  

	 	(b)	a Certificate of the Corporation that no Default or Event of Default is continuing and that it has complied with all requirements of this Indenture, and of any other
instrument providing for the issuance of debt obligations of the Corporation, in connection with the issue of the Series 2005-3 Debentures and Series 2005-4 Debentures; 

 

	 	(c)	a Request of the Corporation for the certification and delivery of the Series 2005-3 Debentures and Series 2005-4 Debentures; and 

 

	 	(d)	an opinion of Counsel to the Corporation addressed to the Debentureholders and the Trustee in such form and content as is acceptable to the lead agent appointed in
connection with the distribution of the Debentures (in its capacity as agent and attorney for the Debentureholders) and the Trustee. 

 3.2 Issuance of Additional Debentures 
 (1) The Directors of the Corporation may from time
to time authorize the creation of one or more series of Debentures other than the Series 2005-3 Debentures and Series 2005-4 Debentures. The Debentures of any such other series (herein sometimes referred to as “Additional
Debentures”) may be in such aggregate principal amount, bear such date or dates, mature on such date or dates, bear such rate or rates of interest, be redeemable at such prices or retractable at such price or prices and contain such other
terms or provisions not inconsistent with this Indenture as the Directors may determine. Notwithstanding the foregoing, if the aggregate principal amount of all Debentures outstanding shall exceed $500,000,000 after the issuance of the Additional
Debentures, such Additional Debentures may not be issued unless the Corporation has received prior confirmation from the Rating Agency that such Additional Debentures will have a rating of at least BBB (or an equivalent rating). 

(2) Before the issue of any Additional Debentures, the Corporation shall execute and deliver to the Trustee an indenture supplemental hereto for the
purpose of establishing the terms thereof and the forms and denominations in which such Additional Debentures may be issued, together 

  
 - 15 -

 
with a Certified Resolution authorizing the same, and the Trustee shall execute and deliver such supplemental indenture pursuant to Section 10. The Additional Debentures shall have the
benefit of the Keep Well Agreement. 
 (3) The Issuing and Paying Agent shall certify and deliver to or to the order of the Corporation,
Additional Debentures, upon delivery by the Trustee to the Issuing and Paying Agent of an acknowledgement confirming receipt by the Trustee of the following: 
  

	 	(a)	a Certified Resolution of the board of directors of the Corporation authorizing the issue of and requesting the certification and delivery of such Additional
Debentures; 

  

	 	(b)	a Certificate of the Corporation that no Default or Event of Default is continuing and that it has complied with all requirements of this Indenture, and of any other
instrument providing for the issuance of debt obligations of the Corporation, in connection with the issue of such Additional Debentures; 

  

	 	(c)	a Request of the Corporation for the certification and delivery of such additional Debentures; and 

 

	 	(d)	an opinion of Counsel to the Corporation addressed to the Debentureholders and the Trustee in such form and content as is acceptable to the lead agent appointed in
connection with the distribution of the applicable series of Debentures and the Trustee. 

 3.3 Transfer or Exchange of
Debentures 
 No charge to the holder (other than for any transfer or stamp tax or other governmental charge required to be
paid) shall be made in respect of any exchange, registration or transfer of any Debentures. No transfer or exchange of a Debenture shall be permitted which would result in the issuance of a Debenture in a principal amount less than $150,000.

 3.4 Purchase for Cancellation 
 At any time and from time to time, provided that at such time no Default or Event of Default has occurred and is continuing, the Corporation or any Affiliate may purchase all or any of the outstanding
Debentures of any series in the open market or by invitation for tender. Any Debentures so purchased by the Corporation or its Affiliate shall be cancelled in accordance with the provisions of Section 3.5. 

3.5 Cancellation 
 All
Debentures which are purchased or otherwise held by the Corporation or its Affiliate will forthwith be delivered to the Issuing and Paying Agent and cancelled and may not be reissued or resold. Such Debentures shall be cancelled by the Issuing and
Paying Agent and, if required by the Corporation, the Issuing and Paying Agent shall furnish to it a certificate of 

  
 - 16 -

 
cancellation setting forth the numbers and denominations of the Debentures so cancelled. In the case of partial repurchase of Debentures, replacement certificates representing the outstanding
principal amount of Debentures not repurchased shall be executed by the Corporation, certified by the Issuing and Paying Agent and forthwith delivered to the applicable Debentureholders, all at the expense of the Corporation. Upon indefeasible
payment in full of all amounts due on and in respect of a Debenture and at the written request of the Corporation, such Debenture must be surrendered to the Issuing and Paying Agent for cancellation. 

3.6 Limitation on Redemption 
 Except for purchases for cancellation effected pursuant to Section 3.4 and except for repayment on default to Section 7.3, a Debenture shall not be repaid or redeemed in whole or in part at any
time prior to its Maturity Date. 
 3.7 Pro Rata Payment 
 Unless otherwise provided hereunder, all payments hereunder in respect of the principal, interest or any other amounts payable in respect of any series of the Debentures shall be made on a pro rata
basis among such series of Debentures. 
 SECTION 4 — REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP 

4.1 Fully Registered Debentures 
 (1) The
Corporation shall cause to be kept a central Register with respect to the Debentures at the principal office of the Issuing and Paying Agent in Toronto. The Register shall contain all particulars required by law, including the names and latest known
addresses of the holders of Debentures and particulars of the Debentures held by them and of all transfers of such Debentures. The registration of any Debenture shall be noted on such Debenture by the Issuing and Paying Agent. 

(2) No transfer of a Debenture shall be valid unless and until made on the Register by the holder thereof or such holder’s executors, administrators
or other legal representatives or his or their attorney duly appointed by an instrument in writing in form and execution satisfactory to the Issuing and Paying Agent upon compliance with such reasonable requirements as the Issuing and Paying Agent
or other registrar may prescribe, and unless the name of the transferee shall have been noted on the Debenture by the Issuing and Paying Agent or a new Debenture or Debentures of the same series and the same aggregate principal amount as the
transferred Debenture shall have been certified and delivered in exchange for the transferred Debenture. 
 4.2 Exchange of Debentures

 (1) Subject to Section 4.5, Debentures of any denomination may be exchanged upon reasonable notice for Debentures of the same series
and the same aggregate principal amount in any other authorized denomination. 
 (2) Debentures may be exchanged at the principal office of the
Issuing and Paying Agent in Toronto or at such other offices of the Issuing and Paying Agent as the Issuing and Paying Agent may designate for such purpose. Any Debenture tendered for exchange shall be surrendered and cancelled. The Corporation
shall execute and the Issuing and Paying Agent shall certify all Debentures necessary to carry out such exchanges as aforesaid. 

  
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 4.3 Charges for Transfer and Exchange 

Except as otherwise provided herein, for each Debenture exchanged or transferred and subject to any limitation prescribed by law, the
Issuing and Paying Agent may require the payment of any transfer or stamp tax or other governmental charge required to be paid by the party requesting such exchange or transfer as a condition precedent thereto. 

4.4 Inspection of Registers and Lists of Holders 
 (1) The Register shall at all reasonable times during normal business hours on a Business Day be open for inspection by the Corporation, the Trustee or any Debentureholder. 

(2) The Issuing and Paying Agent, from time to time shall at the request of the Corporation, the Trustee or any Debentureholder
furnish the Corporation, the Trustee or such Debentureholder, as the case may be, with a list of the names and addresses of the holders of Debentures entered on the Register, showing the principal amount of the Debentures held by each such holder
and the aggregate principal amount of the Debentures outstanding upon payment of the Issuing and Paying Agent’s reasonable fees therefor. In addition, the Issuing and Paying Agent will deliver to the Trustee after December 31st of each year a copy of the Register containing the name and address
of each registered Debentureholder as at
December 31st of such year. 

4.5 Closing of Registers 

Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any Debenture of any series
during the following periods each year: (i) from and including September 11 to and including September 26, (ii) from and including December 11 to and including December 26, (iii) from and including March 11 to
and including March 26, and (iv) from and including June 11 to and including June 26. 
 4.6 Ownership of Debentures

 (1) Unless otherwise required by law, the Person in whose name any Debenture is registered on the Register shall for all purposes of this
Indenture be deemed to be the owner thereof and payment of or on account of the principal of such Debenture and interest thereon shall be made only to or upon the order in writing of such registered holder. 

(2) Neither the Corporation, the Trustee, the Issuing and Paying Agent or other registrar shall be bound to take notice of or see to the performance or
observance of any duty owed to a third person, whether under a trust, express, implied, resulting or constructive in respect of any 

  
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Debenture or otherwise, by the holder of such Debenture or by any Person whom the Corporation, the Trustee or the Issuing and Paying Agent treats, as required by law, as the owner of such
Debenture, but shall transfer the same on the direction of the Person so treated as the owner thereof or registered as the holder thereof, whether named as trustee or otherwise, as though that Person were the beneficial owner thereof. 

(3) The Corporation and the Trustee may treat the holder of any Debenture as the owner thereof without actual production of such Debenture for the
purpose of any Debentureholders’ Request, requisition, direction, consent, instrument or other document. 
 4.7 Debentures Issued Under
Book-Entry System 
 (1) Debentures issued under the Book-Entry System (“Book-Entry Debentures”) will initially be issued in
the form of a single global Debenture (a “Global Debenture”) held by, on or on behalf of, The Canadian Depository for Securities Limited (together, with its nominees and successors, the “Depository”) as depository
of such Global Debenture for the Participants, and registered on the applicable register in the name of the Depository or its nominee. A Global Debenture registered in the name of and delivered to the Depository or its nominee shall constitute a
single Debenture for all purposes of this Indenture and all Supplemental Indentures. None of the Corporation, Trustee, the Issuing and Paying Agent, or any of their respective agents will have any responsibility or liability for any aspect of the
records relating to or payment made on account of beneficial ownership interests in the Global Debenture for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

(2) Each Global Debenture shall be certified and delivered by the Issuing and Paying Agent to the Depository, on behalf of the Participants, as
depository of such Global Debenture. The Depository shall credit interests in such Global Debenture to the accounts of the Participants. No owner of a beneficial interest in a Global Debenture (each a “Book-Entry
Debentureholder”) will be entitled to a certificate or other instrument from the Corporation, the Issuing and Paying Agent or the Depository evidencing that purchaser’s ownership thereof and no holder of a beneficial interest in
a Series 2005-3 Debenture or Series 2005-4 Debenture will be shown on the records maintained by the Depository except through book-entry accounts of Participants acting on behalf of beneficial owners of direct and indirect interests in any Book
Entry Debentures, or receive a Debenture certificate representing such holder’s interest in the Global Debenture, except as provided in subsection (4) of this Section or a Supplemental Indenture, as applicable. Unless and until Debenture
certificates for any series of Debentures have been issued to the applicable Book Entry Debentureholders pursuant to subsection (4) of this Section or as otherwise specified in a Supplemental Indenture: 

 

	 	(a)	the provisions of this Section shall be in full force and effect with respect to such series; 

 

	 	(b)	the Corporation, the Issuing and Paying Agent and the Trustee may deal with the Depository for all purposes, including the making of payments and the delivery of any
notice, report, statement or other communication, as the registered holder of Debentures of the applicable series and as the authorized representative of the respective Book-Entry Debentureholders of the applicable series; 

  
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	 	(c)	to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall prevail;

  

	 	(d)	the rights of the respective Book-Entry Debentureholders of such series shall be exercised only through the Depository, either directly or by proxy in favour of the
respective Participants, and shall be limited to those established herein and by law; 

  

	 	(e)	all transfers and exchanges of Book-Entry Debentures of such series shall be made through the Book-Entry System and any person transferring a Book-Entry Debenture of
such series in such manner will be deemed to have transferred to the transferee all of such person’s rights and obligations in respect thereof; all transferees of Book-Entry Debentures of such series will be deemed to have received and accepted
such transfer and be deemed to have agreed to be bound by the provisions of this Indenture; and 

  

	 	(f)	for purposes of any provision of this Indenture requiring or permitting actions with the consent of, or at the direction of, Debentureholders evidencing a specified
percentage of the aggregate unpaid principal amount of Debentures of any series then outstanding, the Trustee is entitled to act and rely upon the instructions of the Depository that it has received, directly or indirectly through its Participants,
to such effect from Book-Entry Debentureholders owning or representing, as applicable, the requisite percentage of Debentures of such series. 

 Subject to this subsection (2), each of the parties hereto acknowledges and agrees that the Book-Entry Debentureholders are collectively entitled, under the terms hereof, to all of the rights (other than
in respect of notices and payments) accorded to registered holders of Debentures and are bound by all of the obligations of such Debentureholders. 
 (3) If with respect to Book-Entry Debentures of any series: 
  

	 	(a)	the Corporation determines, in its sole discretion, to terminate the use of the Book-Entry System with respect to the Debentures of such series;

  

	 	(b)	the Corporation advises the Trustee in writing that the Depository is no longer willing or able to discharge properly its responsibilities as the Depository with
respect to the Debentures of such series; 

  

	 	(c)	the Depository has ceased to be a clearing agency registered, if required, under applicable Canadian securities legislation or otherwise ceased to be eligible to be a
depository and a successor depository is not appointed by the Corporation within 90 days thereof; or 

  

	 	(d)	after the occurrence of an Event of Default, the Depository advises the Trustee that it has received written notification from Book-Entry Debentureholders holding in
excess of 50% of the aggregate unpaid principal amount then outstanding of the Debentures of such series, that the continuation of the Book-Entry System with respect to such Debentures is no longer in the best interests of the Book-Entry
Debentureholders of such series, 

  
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 then the Trustee shall notify the relevant Book-Entry Debentureholders, through the Depository, of the
occurrence of any such event and of the availability of Debenture certificates to Book-Entry Debentureholders requesting the same. Upon surrender by the Depository of the global certificate or certificates in multiples of $10,000, with a minimum
permitted denomination of $150,000 representing the Debentures of any affected series and accompanied by registration instructions from the Depository for re-registration, the Issuing and Paying Agent shall certify and deliver Debenture certificates
for such affected series in accordance with the instructions of the Depository. Neither the Corporation, the Issuing and Paying Agent nor the Trustee shall be liable for any delay in delivery of such instructions and may conclusively act and rely
on, and shall be protected in acting and relying on, such instructions. Upon the issuance of such Debenture certificates, each of the Corporation, the Issuing and Paying Agent and the Trustee shall recognize the holders of such Debenture
certificates as Debentureholders hereunder. 
 (4) The Corporation may agree to allow for the re-registration of certificated Debentures under
the Book-Entry System and, upon notice in writing from the Corporation to that effect, the Trustee shall forthwith deliver notice thereof to each registered holder of such Debentures. Upon surrender by any such Debentureholder of its Debenture
certificate accompanied by instructions for re registration of the Debenture under the Book-Entry System, such Debenture shall thereafter be re-issued under the Book-Entry System and be subject to subsections (1), (2), (3) and (4) of this
Section, mutatis mutandis. 
 SECTION 5 — REPRESENTATIONS AND WARRANTIES 

5.1 Corporation Representations 
 The Corporation represents and warrants (all of which representations and warranties the Corporation hereby acknowledges are being relied upon by the Trustee and the holders) that as of the date hereof:

 (1) Existence and Powers. The Corporation has been duly incorporated and is validly existing as a corporation in good standing
under the laws of Canada and has all necessary power and authority to own, lease and operate its properties and conduct its business as now carried on by it or as contemplated hereunder to be carried on by it, and to enter into, execute and perform
its obligations under each of the Keep Well Agreement and the Debenture Documents to which it is a party. 

  
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 (2) Due Authorization. Each of the Keep Well Agreement and the Debenture Documents to which
the Corporation is a party has been duly authorized by all necessary corporate action on the part of the Corporation. 
 (3) Due Execution
and Delivery. Each of the Keep Well Agreement and the Debenture Documents to which the Corporation is a party has been duly executed and delivered by or on its behalf, and the obligations under such documents constitute legal, valid and
binding obligations thereof enforceable against it in accordance with their respective terms subject to applicable bankruptcy, insolvency and other laws of general application limiting the enforceability of creditor’s rights and to the fact
that specific performance is an equitable remedy available only in the discretion of the court. 
 (4) Accountants. The auditors
who reported upon the comparative audited financial statements of the Corporation and Honda, each for the periods ended March 31, 2005 and 2004 are appropriately qualified in the relevant jurisdiction and are independent of the Corporation and
Honda. 
 (5) No Defaults; Regulatory Approvals. The Corporation is not in violation of its constating documents, and except as
may be set forth in Schedule 5.1(5), is not in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, loan agreement, lease or other instrument to which it is a
party or by which it or its properties may be bound, which default would have a material adverse effect upon the business of the Corporation, and the execution and delivery of each of the Keep Well Agreement and the Debenture Documents to which it
is a party and the consummation of the transactions contemplated herein and therein will not conflict with, or constitute a breach of, or default under, or result in the creation or imposition of any Lien upon any property or assets of the
Corporation pursuant to, any contract, indenture, mortgage, loan agreement, note, lease or other instrument to which the Corporation is a party or by which any of the property or assets of the Corporation is subject, nor will such action result in
any violation of the provisions of the constating documents of the Corporation or any applicable law, administrative regulation or court decree to which the Corporation is subject, and no consent, approval, authorization, order or decree of any
court or Governmental Body in Canada is required for the consummation by the Corporation of the transactions contemplated by the Keep Well Agreement or any Debenture Documents except such as have already been obtained and are in full force and
effect. No condition, event or act has occurred which could constitute a Default or Event of Default. 
 (6) Legal Proceedings;
Contracts. Except as may be set forth in Schedule 5.1(6), there is no action, suit or proceeding before or by any court or Governmental Body, domestic or foreign, now pending or, to the knowledge of the Corporation, threatened against or
affecting, the Corporation which relates to this Indenture or any of the transactions contemplated hereby or which in the reasonable opinion of the Corporation is likely to result in any material adverse change in the condition, financial or
otherwise, of the Corporation, or in the earnings, business affairs or business prospects of the Corporation or in the properties or assets of the Corporation. 

  
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 (7) Ranking. The Debentures rank pari passu with all other senior unsecured,
unsubordinated Indebtedness of the Corporation that is not mandatorily preferred by law. 
 (8) Material Adverse Change. Since the
date of the Corporation’s audited financial statements as at March 31, 2005, there has been no material adverse change, financial or otherwise, in the business, operations, assets, liabilities (contingent or otherwise) of the Corporation.

 SECTION 6 — COVENANTS OF THE CORPORATION 
 6.1 Positive Covenants 
 So long as any Debentures remain outstanding or
other amount is owed by the Corporation hereunder, the Corporation shall perform and observe each of the following covenants and conditions: 

(1) Payment When Due. The Corporation will duly and punctually pay or cause to be paid to the holder of every Debenture the principal
thereof and interest accrued thereon (including, in the case of default, interest on the amount in default) on the dates and at the places, in the currency and in the manner specified herein and in such Debenture and shall duly and punctually pay or
cause to be paid all other amounts required to be paid by it to the Trustee and the Debentureholders pursuant to this Indenture or any of the other Debenture Documents at the times, in the currencies and in the manner set forth herein or therein.

 (2) Observance of Covenants. The Corporation shall observe and perform all of the covenants, agreements, terms and conditions
to be observed and performed by it in the Keep Well Agreement, this Indenture and other Debenture Documents. 
 (3) To Carry on
Business. The Corporation will at all times maintain its corporate existence (except as permitted by Section 9) and will carry on and conduct its business in a proper, efficient and businesslike manner and in accordance with good
business practice. It will keep proper books of account in accordance with GAAP. 
 (4) To Pay Trustee’s Remuneration. The
Corporation will pay the Trustee reasonable remuneration for its services as trustee hereunder and will repay to the Trustee on demand all reasonable expenses, disbursements and advances which shall have been incurred, made or paid by the Trustee in
and about the execution of the trusts hereby created, except any such expense, disbursement or advance as may arise from the Trustee’s negligence or bad faith, and such moneys shall be payable out of any funds coming into possession of the
Trustee in priority to any of the Debentures or interest thereon. The said remuneration shall continue to be payable until the trusts hereof be finally and fully performed and whether or not the trusts of this Indenture shall be in course of
administration by or under the direction of a court. 
 (5) To Provide Financial Statements. As soon as available, but in any
event within 150 days after the end of each fiscal year of each of the Corporation and Honda, except to the extent 

  
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such information is publicly available, the Corporation will furnish to the Trustee for distribution to each of the Debentureholders copies of the audited consolidated balance sheet of the
Corporation or Honda, as applicable, as at the end of such fiscal year and the related audited consolidated statements of income, retained earnings and changes in financial position of the Corporation or Honda, as applicable, for such fiscal year,
setting forth in each case in comparative form the figures for the previous fiscal year of the Corporation or Honda, as applicable, and reported on by KPMG LLP or other independent chartered accountants of nationally-recognized standing. 

(6) Not to Extend Time for Payment of Interest. In order to prevent any accumulation after maturity of unpaid interest, the Corporation
will not directly or indirectly extend or assent to the extension of time for payment of any interest or principal upon any Debentures and the Corporation shall deliver to the Trustee all Debentures when paid as evidence of such payment. 

(7) Keep Well Agreement. The Corporation shall take all actions necessary to enforce any rights it may have under the Keep Well Agreement
and will not waive any rights thereunder (except to the extent that any such failure to enforce or waiver would not be prejudicial to Debentureholders). The Corporation shall not agree to any modification, amendment or termination of the Keep Well
Agreement except in accordance with the provisions thereof. 
 (8) Trustee May Perform Covenants. If the Corporation shall fail to
perform any covenant on its part herein contained, the Trustee may in its discretion, perform any of the said covenants capable of being performed by it, notify the Debentureholders of such failure and, if any such covenant requires the payment or
expenditure of money, it may make such payment or expenditure with its own funds, or with money borrowed by or advanced to it for such purposes, but shall be under no obligation so to do; and all sums so expended or advanced shall be repayable by
the Corporation in the manner provided in Section 6.1(4), but no such performance or payment shall be deemed to relieve the Corporation from any Default or Event of Default caused by such failure. 

(9) Notice of Defaults; Compliance Certificate. The Corporation shall promptly after becoming aware of the occurrence thereof notify the
Trustee of any Default or Event of Default; and in any event shall deliver to the Trustee not later than 30 days after the end of each semi annual period ending March 31 and September 30 of the Corporation a Certificate of the Corporation
stating that no Default or Event of Default is then continuing, or describing the nature of any Default or Event of Default that is then continuing, and also stating that, during such semi annual period, no material adverse change has occurred with
respect to the Corporation or, to the best knowledge of the officer giving such certificate, with respect to Honda, or describing the nature of any such material adverse change. 
 (10) Rating. The Debentures of any series shall continue to be rated by the Rating Agency so long as any Debentures of that series remain outstanding. 

  
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 6.2 Negative Pledge 
 So long as any Debentures remain outstanding or other amount is owed by the Corporation hereunder, the Corporation shall not, and shall ensure that its Subsidiaries do not, grant, create, assume or permit
to exist any Lien upon any of the properties or assets of the Corporation or any of its Subsidiaries, other than Permitted Liens to secure any Indebtedness of the Corporation or any of its Subsidiaries unless, in each case, the Debentures or series
of Debentures are secured equally and rateably with all Indebtedness secured by such Lien. 
 6.3 Waiver of Certain Covenants 

The Corporation may omit in any particular instance to comply with any term, provision or condition to which the Corporation is subject
with respect to the Keep Well Agreement or Debenture Documents (other than of the nature referred to in Section 10.2(2)) if before the time for such compliance the Corporation shall have obtained the consent in writing of the Debentureholders
by Extraordinary Resolution, but no such consent shall extend to or affect such term, provision or condition except to the extent expressly so consented to, and, until such consent shall become effective, the obligations of the Corporation and the
duties of the Trustee, as applicable, in respect of any such term, provision or condition shall remain in full force and effect. 
 6.4
Solicitation of Debentureholders 
 So long as there are any Debentures outstanding, the Corporation will not solicit,
request or negotiate for or with respect to any proposed waiver or amendment of any of the provisions of this Indenture or the Debentures with any holder of Debentures unless each holder of Debentures (irrespective of the amount of Debentures then
owned by it) shall have been informed thereof by the Corporation. The Corporation shall make any request for such waiver or amendment to the Trustee and the Trustee with the approval of the requisite Debentureholders in accordance with the terms of
this Indenture, shall execute and deliver such waivers and amendments. Without derogating from the right of the Corporation to rely upon a Debentureholders’ Request or an Extraordinary Resolution in accordance with the provisions hereof and
subject to the Corporation’s rights to purchase Debentures for cancellation in accordance with the provisions of Section 3.4, the Corporation will not, directly or indirectly, pay or cause to be paid any remuneration, whether by way of
supplemental or additional interest, fee or otherwise, to any holder of Debentures as consideration for or as an inducement to the entering into by any holder of Debentures of any waiver or amendment of any of the terms and provisions of this
Indenture or the Debentures unless such remuneration is concurrently paid, on the same terms, rateably to all holders of Debentures, regardless of whether each such holder has in fact executed and delivered the waiver or amendment. 

  
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 SECTION 7 — DEFAULT AND ENFORCEMENT 

7.1 Events of Default 

The occurrence of any one or more of the following events shall constitute an Event of Default under this Indenture: 

(1) Payment of Debentures. The Corporation shall fail to pay all or any part of the principal of, (whether at stated maturity, by
acceleration or otherwise) or interest on, any Debenture when due under any provision hereof or of such Debenture and such default shall have continued for a period of seven (7) days. 
 (2) Payment of Other Amounts. The Corporation shall fail to pay any amount under this Indenture (other than an amount described in Section 7.1(1)) when the same shall become due and
payable, and such failure shall have continued for a period of sixty (60) days after a Debentureholders’ Request or after written notice from the Trustee requiring such default to be remedied has been given to the Corporation. 

(3) Failure to Observe Certain Covenants. The Corporation shall fail to perform or observe any of its covenants or obligations under the
Keep Well Agreement, this Indenture or any of the other Debenture Documents (other than a covenant or obligation whose breach or default in performance is specifically dealt with elsewhere in this Section 7.1), and if such failure is capable of
being amended by the Corporation such failure shall not have been remedied within sixty (60) days after a Debentureholders’ Request or after written notice from the Trustee requiring such default to be remedied has been given to the
Corporation. 
 (4) Cross Default. An acceleration of, or failure to pay when due and payable, indebtedness for money borrowed of
the Corporation exceeding an aggregate of $25,000,000, provided that such acceleration is not rescinded or annulled, or such failure is not remedied, within ten (10) days after written notice thereof has been given to the Corporation by the
Trustee or by the holders of not less than 25% in aggregate principal amount of the Debentures then outstanding. 
 (5) Dissolution
Proceedings. A resolution is passed, or an order of a court of competent jurisdiction is made, that the Corporation or Honda be liquidated, wound up or dissolved otherwise than as permitted by Section 9. 

(6) Voluntary Bankruptcy or Insolvency. The Corporation or Honda is adjudged or declared bankrupt or becomes insolvent or makes an
assignment for the benefit of creditors, or admits in writing its inability to pay its debts generally as they become due, ceases carrying on any substantial part of its business or paying its debts generally as they become due, or petitions or
applies to any tribunal for the appointment of a receiver or trustee for it or for any substantial part of its property, or commences any proceedings relating to it under any reorganization, arrangement, readjustment of debt, dissolution or
liquidation law or statute of any jurisdiction whether now or hereafter in effect, or by any act indicates its consent to, approval of, or acquiescence in, any such proceeding for it or for all or a substantial part of its property. 

  
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 (7) Involuntary Bankruptcy or Insolvency. Any Person commences a proceeding against the
Corporation or Honda to declare it bankrupt or insolvent or petitions or applies to any tribunal for the appointment of a receiver or trustee for it or for any substantial part of its property, or commences any proceedings relating to it under any
reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction whether now or hereafter in effect, and either the order sought is granted or such proceeding is not at all times contested and in any
event withdrawn or dismissed within sixty (60) days after its commencement. 
 (8) Appointment of Receiver. A receiver,
receiver and manager, receiver-manager, custodian, liquidator or trustee, or any Person with like powers, (a “Receiver”) shall be appointed for all or any substantial part of the property of the Corporation or Honda. 

(9) Issuance of Execution. A writ, execution or attachment or similar process is enforced or levied against any of the property of the
Corporation or Honda which, if not released, bonded, satisfied, discharged, vacated or stayed, would have a material adverse effect upon the business of the Corporation or Honda and such writ, execution, attachment or similar process is not
released, bonded, satisfied, discharged, vacated or stayed within the earlier of disposition of such property or thirty (30) days after its entry, commencement or levy. 
 (10) Action by Encumbrancer. An encumbrancer or lienor takes possession of all or a substantial part of the property of the Corporation or Honda unless the Corporation or Honda is contesting
such possession and either the same is released, bonded, satisfied, discharged, vacated or stayed within thirty (30) days of such possession or the Corporation or Honda, as applicable, provides to the Trustee such security for the payment of
such encumbrance or Lien as the Trustee shall reasonably require. 
 (11) Keep Well Agreement. Subject to Section 7.1(12),
the Keep Well Agreement ceases to be binding upon Honda or Honda’s obligations in relation to the Keep Well Agreement become or are invalid, void or unenforceable in any respect or Honda shall fail to perform or observe any of its covenants or
obligations under the Keep Well Agreement or a default has occurred under the Keep Well Agreement and in each case, such failure or default shall continue for a period of thirty (30) days. 

(12) Amendment to Keep Well Agreement. The Keep Well Agreement shall be amended, modified or terminated except as provided in the
Keep Well Agreement. 
 7.2 Notice on Default 
 (1) If a Default or an Event of Default occurs and is continuing the Trustee shall, within thirty (30) days after it receives written notice of the occurrence of such Default or Event of Default,
give notice of such Default or Event of Default to the applicable Debentureholders. 
 (2) Where notice of the occurrence of a Default or an
Event of Default has been given and the Default or Event of Default is thereafter cured, notice that the Default or Event of Default is no longer continuing shall be given by the Trustee to the applicable Debentureholders within a reasonable time
and in any event within thirty (30) days after the Trustee receives written notice that the Default or Event of Default has been cured. 

  
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 7.3 Acceleration on Default 
 (1) If an Event of Default has occurred and is continuing the Trustee may, and shall upon receipt of a Debentureholders’ Request from the holders of the Debentures of any series, declare the
principal of and interest on the Debentures of such series and all other money payable hereunder with respect to such Debentures to be immediately due and payable, whereupon the same shall be immediately paid by or on behalf of the Corporation to
the Trustee for the benefit of the holders of such Debentures all without any presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Corporation. Such payment when made shall be deemed to have been
made in satisfaction and discharge of the Corporation’s payment obligations hereunder in respect of the Debentures of the applicable series and any moneys so received by the Trustee shall be applied as herein provided. 

(2) In the case of the occurrence of an Event of Default described in any of subsections 7.1(6) through (10), the principal of and interest on the
Debentures then outstanding and any other moneys payable hereunder to be due and payable shall forthwith become immediately due and payable to the Trustee without any declaration or other act on the part of the Trustee or any Debentureholder,
notwithstanding anything contained herein to the contrary, and the Corporation shall pay forthwith to the Trustee for the benefit of the Debentureholders the principal of and accrued and unpaid interest (including interest on amounts in default) on
the Debentures and all other moneys payable hereunder, together with subsequent interest thereon at the rate borne by the Debentures from the date of such declaration until payment is received by the Trustee. Such payment when made shall be deemed
to have been made in discharge of the Company’s obligations hereunder and any moneys so received by the Trustee shall be applied as provided in Section 7.7. 
 7.4 Waiver of Default 
 If an Event of Default has occurred the holders of
the Debentures of any series by Extraordinary Resolution of such holders shall have the power to instruct the Trustee to waive such Event of Default insofar as it is applicable to such series and annul any declaration made by the Trustee pursuant to
Section 7.3 with respect to such series and the Trustee must thereupon waive such Event of Default and annul such declaration insofar as it is applicable to such series; provided that no such waiver or annulment shall extend to or affect any
other series of Debentures or any subsequent Default or Event of Default or impair any right consequent thereto. 

  
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 7.5 Remedies in Case of Default 
 (1) Subject to the provisions of Section 7.4, if the Corporation shall have failed to pay to the Trustee, forthwith after the same shall have been declared to be due and payable under
Section 7.3, the principal of and interest on all Debentures of each applicable series then outstanding, together with all other amounts due hereunder with respect thereto, the Trustee may in its discretion and shall upon receipt of a
Debentureholders’ Request of the holders of such series and upon being indemnified and funded to its reasonable satisfaction against all costs, expenses and liabilities to be incurred, proceed in its name as Trustee hereunder to obtain or
enforce payment of the said principal of and interest on all the Debentures of such series then outstanding, together with any other amounts due hereunder with respect thereto by such proceedings authorized by this Indenture or by law or equity as
counsel to the Trustee shall deem expedient or as the Trustee shall in such request shall have been directed to take. 
 (2) The Trustee shall
be entitled and empowered, either in its own name or as trustee of an express trust, or as attorney-in-fact for the Debentureholders, to file such proof of debt, amendment of proof of debt, claim, petition or other document as may be necessary or
advisable in order to have the claims of the Trustee and of the Debentureholders allowed in any liquidation, insolvency or bankruptcy proceedings relative to the Corporation or its creditors or relative to or affecting its properties. 

(3) The Trustee is hereby irrevocably appointed (and the successive respective holders of the Debentures by taking and holding the same shall be
conclusively deemed to have so appointed the Trustee) the true and lawful attorney-in-fact of the respective Debentureholders or on behalf of the Debentureholders as a class, subject to deduction from any such claims of the amounts of any claims
filed by any of the Debentureholders themselves, to prepare and file any proof of debt, amendment of proof of debt, claim, petition or other document in any liquidation, insolvency or bankruptcy proceedings relative to the Corporation or its
creditors or relative to or affecting its properties and to receive payments of any sums becoming distributable on account thereof, and to execute any such other papers and documents and to do and perform any and all such acts and things for and on
behalf of such Debentureholders as may be necessary or advisable in the opinion of Counsel to the Trustee in order to have the respective claims of the Trustee and the Debentureholders against the Corporation or its property allowed in any such
proceeding, and to receive payment of or on account of such claims. 
 (4) All rights of action under the Keep Well Agreement, hereunder or
under the other Debenture Documents may be enforced by the Trustee without the possession of any of the Debentures or the production thereof on the trial or other proceedings relative thereto. 

(5) No course of dealing on the part of the Trustee or any Debentureholder nor any delay or failure of the Trustee or of the Debentureholders to exercise
any remedy referred to in this Section 7 will operate as a waiver of any such remedy or will be construed to be a waiver of any Event of Default or Default hereunder or acquiescence therein or will otherwise prejudice any rights, powers or
remedies of the Trustee or such holder. 
 (6) Unless and until it has been required so to do under the terms hereof, the Trustee is not bound
to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it under the Keep Well Agreement, hereunder or under the other Debenture Documents; nor will the Trustee be required to take notice of an Event of
Default or Default or any default hereunder, other than in payment of any moneys required by any provision hereof to be paid to it, unless and until such time as the Trustee has actual knowledge of, or has received notice of, such Event of Default
or any default hereunder and in the absence of actual knowledge or any such notice and subject as aforesaid, the Trustee may assume that the Corporation is not in default hereunder. 

  
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 7.6 Suits by Debentureholders 

No holder of any Debenture has the right to institute any action or proceeding or to exercise any other remedy authorized by this
Indenture for the purpose of enforcing any right on behalf of the Debentureholders of any series thereof or for the execution of any trust or power hereunder or to have the Corporation wound up or to file or prove a claim in any liquidation,
insolvency or bankruptcy proceedings, unless an Extraordinary Resolution of the holders of the Debentures of the applicable series has been provided to the Trustee and the Trustee has been otherwise properly indemnified and funded, and the Trustee
shall have failed to act within a reasonable time (but in any event, not later than ten (10) days) thereafter; provided, however, that nothing contained in this Section 7.6 or in this Indenture shall prohibit any Debentureholder from
filing its own proof of claim in any liquidation, reorganization or bankruptcy proceeding. If the Trustee has so failed to act, then, in the absence of an Extraordinary Resolution of Debentureholders of the applicable series directing the Trustee
not to act, and subject to there not having been passed an Extraordinary Resolution of the holders of the Debentures of the applicable series to the contrary, any Debentureholder of the applicable series, or group of Debentureholders of the
applicable series acting in concert, either acting for itself or themselves or on behalf of all Debentureholders of such series shall be entitled to take any of the proceedings that the Trustee might have taken hereunder. No Debentureholder has any
right in any manner whatsoever to effect, disturb or prejudice the rights hereby created by its action or to enforce any right hereunder or under any Debenture, except subject to the conditions and in the manner herein provided. Any money received
as a result of a proceeding taken by any Debentureholder hereunder must be forthwith paid to the Trustee. 
 7.7 Application of Money
Received by Trustee 
 Except as herein otherwise provided, the money arising from any enforcement of the provisions hereof
or of the other Debenture Documents must be held by the Trustee and forthwith applied, together with any other money in the hands of the Trustee available for the purpose, as follows: 

 

	 	(a)	 first, to pay or reimburse to the Trustee the remuneration, expenses, disbursements and advances of the Trustee earned, incurred or made in the
administration or execution of the trusts hereunder or otherwise in relation to this Indenture (including reasonable fees and disbursements of legal counsel and other 

  
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advisors and assistants, required in connection herewith and not regularly employed by the Trustee), with interest thereon as herein provided and any other amounts due and owing to the Trustee
hereunder; 

  

	 	(b)	second, to pay or reimburse to the Debentureholders of the relevant series rateably and proportionately the expenses and disbursements incurred or made by them as
permitted or required hereunder relative to such enforcement with interest thereon as herein provided; 

  

	 	(c)	third, to pay interest on any overdue interest on all Debentures and thereafter pay the accrued and unpaid interest on all Debentures and interest on any other money
owing under the provisions of this Indenture and thereafter to pay the principal of such Debentures as are then due and payable; and in case such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid, then pro rata
among the holders of the applicable Debentures according to the aggregate of such interest or principal, as the case may be; 

  

	 	(d)	fourth, to pay any other liabilities of the Corporation under the Debenture Documents; and 

 

	 	(e)	fifth, to pay the surplus, if any, of such money to the Corporation; 

 provided, however, that no payment shall be made pursuant to Section 7.7(c) in respect of any Debenture for which the Trustee has received written notice that such Debenture is held, directly or
indirectly, by or for the benefit of the Corporation or any of its Subsidiaries or Affiliates (other than any Debenture pledged for value and in good faith to a Person other than the Corporation or any of its Subsidiaries or Affiliates, but only to
the extent of such Person’s interest therein) except after the prior payment in full of the principal and interest on the Debentures which are not so held together with any other amounts due under the Debenture Documents. 

Without affecting the rights as between the Corporation and the Debentureholders as set forth in this Section, each Debentureholder may
choose to internally account for any amount it receives in whatever manner such Debentureholder chooses. 
 7.8 Distribution of Proceeds

 Payments to holders of any Debentures pursuant to Section 7.7(c) must be made as follows: 

(1) at least fifteen (15) days’ notice of every such payment must be given specifying the time when and the place or places (if any) where such
Debentures are to be presented and the amount of the payment and the application thereof as between principal, interest and any other amount; 

(2) payment of any principal of each Debenture will be made upon presentment thereof at any one of the places specified in such notice and any such
Debenture thereby paid in full must be surrendered, or, if partially paid, a memorandum of such payment must be endorsed thereon. The Trustee may in its discretion dispense with presentment and surrender or endorsement in any special case upon such
indemnity being given as the Trustee deems sufficient; and 
 (3) from and after the date of payment specified in the notice, interest will
accrue only on the amount owing on each Debenture after giving credit for the amount of the payment specified in such notice unless payment of such amount is not made upon presentation of such Debenture if and as required. 

  
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 7.9 Trustee Appointed Attorney 

The Corporation hereby irrevocably appoints the Trustee to be the attorney in fact of the Corporation in the name and on behalf of the
Corporation to execute any instruments and do any acts and things which the Corporation ought to execute and do, and has not executed or done, under the covenants and provisions contained in this Indenture and generally to use the name of the
Corporation in the exercise of all or any of the powers hereby conferred on the Trustee, with full powers of substitution and revocation. 

7.10 Remedies Cumulative 

No remedy herein conferred upon or reserved to the Trustee or the Debentureholders is intended to be exclusive of any other remedy, but
each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing by law or by statute. 
 SECTION 8 — SATISFACTION AND DISCHARGE 
 8.1 Cancellation and Destruction

 All matured Debentures must, forthwith upon payment thereof in full, be cancelled and delivered to the Issuing and Paying
Agent. The Issuing and Paying Agent shall deliver the cancelled Debentures to the Trustee and prepare and retain a certificate of such cancellation and if requested in writing by the Corporation, deliver a duplicate thereof to the Corporation and
the Trustee in respect of all Debentures cancelled or required to be cancelled under this or any other provision of this Indenture. 
 8.2
Non-Presentment of Debentures 
 Subject to the provisions of Sections 2.7 and 2.9, if the holder of any Debenture fails to
present the same for payment on the date on which the principal thereof or the interest thereon becomes payable either at maturity or otherwise, the Corporation is entitled: 
 (1) to pay to the Trustee and direct it to set aside, or 
 (2) in respect of money in the hands of
the Issuing and Paying Agent that may or should be applied to the payment or redemption of such Debenture, to direct the Issuing and Paying Agent to pay to the Trustee to be set aside, 

  
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the principal money or the interest, as the case may be, in trust to be paid to the holder of such Debenture upon due presentment and surrender thereof in accordance with the provisions of this
Indenture; and thereupon the principal money or the interest payable on or represented by each Debenture in respect of which such money has been set aside will be deemed to have been paid and the holder thereof will thereafter have no right in
respect thereof except to receive payment of the money so set aside by the Trustee (without interest on such money) upon due presentment and surrender thereof, subject always to the provisions of Section 8.3. 

8.3 Release from Covenants and Discharge 
 Upon evidence being given by all of the Debentureholders to the reasonable satisfaction of the Trustee that the principal of all Debentures and interest (including interest on amounts in default) thereon
and other money payable hereunder have been indefeasibly paid to the Debentureholders, on maturity or otherwise (which evidence the Debentureholders shall give to the Trustee forthwith following such payment), and upon payment of all costs, charges
and expenses properly incurred by the Trustee hereunder and all interest thereon and the remuneration of the Trustee, or upon provision satisfactory to the Trustee being made therefor pursuant to Section 8.2, the Trustee must, at the request
and at the expense of the Corporation (i) execute and deliver to the Corporation such deeds or other instruments as are necessary to release the Corporation from its covenants herein contained or contained in the Debentures except those
relating to the indemnification of the Trustee and (ii) release and discharge the Keep Well Agreement, this Indenture and the other Debenture Documents and the security created thereby and execute and deliver such instruments as it is advised
by an opinion of Counsel are requisite for that purpose. 
 SECTION 9 — SUCCESSOR CORPORATIONS 

9.1 Certain Requirements in Respect of Merger, etc. 
 The Corporation will not enter into any transaction or series of related transactions (whether by way of reorganization, reconstruction, consolidation, amalgamation, merger, transfer, sale, lease or
otherwise) whereby all or substantially all of the undertaking and assets of the Corporation would become the property of any other Person or, in the case of amalgamation, of the continuing corporation resulting therefrom unless: 

(1) such other Person is a body corporate (herein called a “Successor Corporation”) incorporated under the laws of Canada or any
province thereof; 
 (2) the Successor Corporation executes and delivers to the Trustee, contemporaneously with the consummation of such
transaction, such instruments as (i) are satisfactory to the Debentureholders (expressed by Extraordinary Resolution of the holders of each series of Debentures), provided that if such transaction is an amalgamation under the CBCA of the
Corporation and one or more of its Affiliates such requirement that the instrument be satisfactory to the Debentureholders shall not apply and (ii) in the opinion of legal counsel, are necessary or advisable to evidence its agreement to observe
and perform all the covenants and obligations of 

  
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the Corporation under the Keep Well Agreement and Debenture Documents, and the Trustee shall be provided with an opinion of legal counsel addressed and acceptable to the Trustee as to the
enforceability of such instruments against the Successor Corporation; 
 (3) Honda executes and delivers to the Trustee, contemporaneously with
the consummation of such transaction in form satisfactory to the Trustee acting reasonably, a confirmation of its obligations under the Keep Well Agreement in respect of the Debentures; 
 (4) no condition or event exists in respect of the Corporation or the Successor Corporation at the time of such transaction and after giving full effect thereto that would constitute a Default or an Event
of Default, as confirmed by a certificate of the Corporation and the Successor Corporation; and 
 (5) any approval or consent of any
Governmental Body having jurisdiction over the Corporation or any of the businesses of the Corporation reasonably necessary to such transaction shall have been procured by the Corporation, as confirmed by a Certificate of the Corporation and the
Successor Corporation. 
 9.2 Vesting of Powers in Successor 
 Whenever the conditions of Section 9.1 have been observed and performed, the Trustee shall join in such documents and do such acts as are required in order to effect the intent of Section 9.1(2)
hereof and the Successor Corporation will thereupon succeed to (but without releasing the Corporation) the Corporation, with the same effect as if the Successor Corporation had been named herein as the party to the Keep Well Agreement and Debenture
Documents to which the Corporation was party, and the Successor Corporation will possess and from time to time may exercise each and every right and power of the Corporation or under the Keep Well Agreement and Debenture Documents to which it is
party, in the name of the Corporation or otherwise, and any act or proceeding required by any provision of the Keep Well Agreement, this Indenture, or any other Debenture Document to be done or performed by any Directors or officers of the
Corporation, may be done and performed with like force and effect by the like Directors or officers of a Successor Corporation. 
 9.3 Notice
to the Debentureholders 
 The Trustee agrees to forthwith give notice to the Debentureholders of any transaction referred to
in Section 9.1 of which it is aware. 
 SECTION 10 — SUPPLEMENTAL INDENTURES 

10.1 Supplemental Indentures Without Consent of Holders 
 The Corporation and the Trustee, at any time and from time to time, may without the consent of any Debentureholders, enter into one or more indentures supplemental hereto, in form satisfactory to the
Trustee, for any of the following purposes: 
 (1) to evidence the succession of another Person to the Corporation and the assumption by any
such successor of the covenants and obligations of the Corporation contained herein and in the Debentures in accordance with the provisions of Section 9; 

  
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 (2) to add to the covenants of the Corporation for the benefit of the holders of Debentures or to surrender
any right or power herein conferred upon the Corporation; 
 (3) to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; 

(4) to correct any minor defects or errors; or 

(5) to establish the terms of any Additional Debentures as contemplated by Section 3.2(2), 
 provided that, except in the case of section 10.1(5), the Trustee gives not less than fourteen (14) days prior written notice to each of the Debentureholders of the proposed supplemental indenture
and the content thereof. The Trustee shall deliver a true copy of each supplemental indenture entered into pursuant to this Section 10.1 to each of the Debentureholders. 
 10.2 Supplemental Indentures With Consent of Holders 
 (1) Subject to Section 10.2(2),
with the consent of the holders by Extraordinary Resolution of the holders of the Debentures of any series (which consent may be subject to such conditions as such Debentureholders may require), the Corporation and the Trustee may enter into an
indenture 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 which affect Debentures of such series or of modifying in any manner the rights
of the holders of such Debentures under this Indenture or any of the other Debenture Documents. 
 (2) Notwithstanding any other provision
hereof: 
  

	 	(a)	a change in the timing of any payment of the principal of, or any interest on, any Debenture which is stated to be due and payable, or change the time at which any
Debenture may or shall be repayable or reduce the principal amount thereof or the rate of interest thereon, or change the currency in which any Debenture or any premium or the interest thereon is payable, or 

 

	 	(b)	a reduction in the percentage in principal amount of the outstanding Debentures, the consent of whose holders is required for any supplemental indenture, or the consent
of whose holders is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture, or 

 

	 	(c)	a modification of any of the provisions of Sections 3.4, 3.7, 6.1(5), 6.1(10), 6.2, 6.3, 6.4, 7.1, 7.3, 7.4, 10.1 or 10.2, or 

 

	 	(d)	a change in the definition of Extraordinary Resolution in Section 14.12 

  
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 shall require the consent of the holders of at least 95% of the principal outstanding amount of any series
of Debentures so affected (which consent may be subject to such conditions as such Debentureholders may require). The Trustee shall deliver a true copy of each supplemental indenture entered into pursuant to this Section 10.2 to each of the
Debentureholders. 
 10.3 Execution of Supplemental Indentures 
 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Section 10.3 or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and shall be fully protected in relying upon, an opinion of legal counsel acceptable to the Trustee stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The
Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 10.4 Effect of Supplemental Indentures 
 Upon the execution of any
supplemental indenture under this Section 10, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every holder of Debentures theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby. 
 SECTION 11 — ADMINISTRATION OF THE TRUST

 11.1 Sufficiency of Execution of Instruments 
 Any order, request, direction, certificate or other instrument to be made or given by the Corporation under any of the provisions hereof will, unless otherwise provided, be deemed sufficiently executed if
executed by any Responsible Officer holding office at the time of signing. The Trustee may receive a Certificate of the Corporation as sufficient evidence of the passage of any resolution of the Directors or of the shareholders of the Corporation.

 11.2 Trustee May Require Indemnity 
 Subject to Section 12.1 hereof, the Trustee will not be required to take any measures to enforce this Indenture or any covenant herein contained until furnished with sufficient funds for the purpose
and indemnified to its reasonable satisfaction. In no circumstances shall the Trustee be required to expend or risk its own funds or other assets. 
 11.3 Trustee May Employ Assistants 
 The Trustee may employ such counsel who
may but need not be counsel for Corporation, accountants, engineers, appraisers, other experts, agents, agencies and advisors as it may reasonably require for the purpose of discharging its duties under this Indenture or any

  
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agreement entered into in connection herewith, and the Trustee may act and shall be protected in acting in good faith on the opinion or advice or on information obtained from any such parties and
shall not be responsible for any misconduct on the part of any of them. The costs of such services shall be added to and be part of the Trustee’s fee hereunder. 
 11.4 Trustee May Act on Opinions or Advice 
 Except as otherwise provided
herein, the Trustee may, in relation to this Indenture, if it is acting in good faith, act and rely on the opinion or advice of or on information obtained from any legal counsel, notary, valuer, surveyor, engineer, broker, auctioneer, accountant or
other expert, whether obtained by the Trustee or by the Corporation or otherwise. 
 11.5 Trustee May Rely upon Declarations 

In the exercise of its rights and duties, the Trustee may, if it is acting in good faith, act and rely, as to the truth of the statements
and accuracy of the opinions expressed therein, upon a statutory declaration, opinion, report, request, direction, instruction, certificate or other document furnished to the Trustee in connection with this Indenture where the Trustee examines the
same and determines that it complies with the applicable requirement, if any, of this Indenture. 
 11.6 Corporation Must Furnish Evidence of
Compliance 
 (1) The Corporation must furnish to the Trustee forthwith evidence of compliance with (i) the conditions precedent
provided for in this Indenture relating to the issue, certification and delivery of Debentures hereunder, (ii) every covenant and condition specified in this Indenture relating to the satisfaction and discharge of this Indenture and any other
action or step required or permitted by the Trustee to be taken by the Corporation hereunder, or as a result of any obligation imposed by this Indenture, or the taking of any other action to be taken by the Trustee in accordance with the terms
hereof or at the request of or on the application of the Corporation. 
 (2) Subject to any additional requirements under Applicable Laws, such
evidence will consist of (i) a Certificate of the Corporation stating that such conditions precedent have been complied with in accordance with the terms of this Indenture and (ii) in the case of conditions precedent, compliance with which
are by this Indenture subject to review or examination by Counsel, an opinion of such Counsel that such conditions precedent have been complied with in accordance with the terms of this Indenture. 

(3) Whenever such evidence relates to a matter other than the certification and delivery of Debentures and the satisfaction and discharge of this
Indenture, such evidence may, consist of or otherwise be in accordance with a report or opinion of any legal counsel, auditor, accountant, engineer or appraiser or any other Person whose qualifications give authority to a statement made by that
Person, but if such report or opinion is furnished by a Director, officer or employee of the Corporation it must be in the form of a statutory declaration or a certificate. 
 (4) Evidence furnished to the Trustee under this Section 11.6 must include (i) a statement by the Person giving the evidence declaring that such Person has read and understands the

  
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provisions hereof relating to the conditions precedent with respect to compliance with which such evidence is being given, (ii) a statement describing the nature and scope of the examination
or investigation upon which the statements or opinions contained in the evidence are based, and (iii) a statement declaring that, in the belief of the Person giving the evidence, such Person has made such examination or investigation as is
necessary to enable such Person to make the statements or give the opinions contained or expressed therein. 
 11.7 Trustee May Accept
Certificate of the Corporation 
 Except in cases where some other mode of proof is required by this Indenture, the Trustee
will be at liberty to accept a Certificate of the Corporation (i) as to any statements of fact, as evidence of the truth of such statements, and (ii) to the effect that any particular dealing or transaction or step or thing is, in the
opinion of the officers so certifying, expedient, as evidence that it is expedient; provided that the Trustee may in its sole discretion require from the Corporation or otherwise further evidence or information before acting or relying on such
certificate. 
 11.8 Trustee May Act on Instruments Believed Genuine 

The Trustee will not be bound to act in accordance with any direction, order or request of the Corporation or of its Directors until a
direction, order, request or Certified Resolution of the Corporation, as appropriate has been delivered to the Trustee, and the Trustee will be empowered to act upon any such instrument purporting to be authenticated and believed by the Trustee to
be genuine. 
 11.9 Counsel Fees Need Not be Assessed 
 Whenever by this Indenture the Trustee is authorized to employ legal counsel, the costs of such legal counsel need not be assessed unless the Trustee or the Corporation deems it necessary to assess the
same, but may be fixed by the Trustee and paid as a lump sum whether incurred before or after a declaration has been made under Section 7.3 hereof or before or during proceedings taken to enforce the provisions of this Indenture and no costs
paid in good faith by the Trustee under the provisions of this Section 11.9 will be disallowed in the taking of any accounts by reason only of the fact that such costs are greater than they might have been if assessed or by reason of their not
having been assessed but such costs so paid by the Trustee will be allowed and paid to the Trustee. 
 11.10 No Person Dealing with Trustee
Need Enquire 
 No Person dealing with the Trustee need be concerned to enquire whether the powers that the Trustee is
purporting to exercise have become exercisable, or whether any money remains due upon the Debentures or to see to the application of any money paid to the Trustee. 

  
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 11.11 Investment of Trust Monies 

Any securities, documents of title or other instruments that may at any time be held by the Trustee subject to the trusts hereof may be
placed in the deposit vaults of the Trustee or of any Canadian chartered bank listed in Schedule I of the Bank Act (Canada) or deposited for safekeeping with any such bank. Unless herein otherwise expressly provided, any monies so held
pending the application or withdrawal thereof under any provisions of this Indenture shall be deposited in a trust account in the name of the Trustee (which may be held with the Trustee or an affiliate or related party of the Trustee), which account
shall be non-interest bearing. Upon receipt of a written direction from the Corporation, the Trustee shall invest such monies in its name in Authorized Investments (as defined below) in accordance with such direction. Any direction from the
Corporation to the Trustee shall be in writing and shall be provided to the Trustee no later than 9:00 a.m. on the day on which the investment is to be made. Any such direction received by the Trustee after 9:00 a.m. or received on a non-Business
Day, shall be deemed to have been given prior to 9:00 a.m. the next Business Day. For the purpose hereof, “Authorized Investments” means short term interest bearing or discount debt obligations issued or guaranteed by the Government of
Canada or a Province or a Canadian chartered bank (which may include an Affiliate or related party of the Trustee) provided that such obligation is rated at least R1 (middle) by Dominion Bond Rating Service Inc. or an equivalent rating service.

 In addition to any written direction to invest monies in an Authorized Investment, the Trustee may hold cash balances
constituting part or all of such monies and may, but need not, invest same in its deposit department or the deposit department of one of its Affiliates; however the Trustee and its Affiliates shall not be liable to account for any profit to any
parties to this Indenture or to any other person or entity other than at a rate, if any, established from time to time by the Trustee or one of its Affiliates.” For the purpose of this Section 11.11 only, “Affiliate” means
affiliated companies within the meaning of the Business Corporations Act (Ontario) (“OBCA”); and includes Canadian Imperial Bank of Commerce, CIBC Mellon Global Securities Services Company, Mellon Financial Corporation and Mellon
Bank, N.A. and each of their affiliates within the meaning of the OBCA. 
 The Trustee shall not be held liable for any losses
incurred in the investment of any monies in Authorized Investments. 
 SECTION 12 — CONCERNING THE TRUSTEE 

12.1 Duty of Trustee 
 In
the exercise of the powers, rights, duties and obligations prescribed or conferred by the terms of this Indenture, the Trustee must exercise that degree of care, diligence and skill that a prudent trustee would exercise in comparable circumstances.

  
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 12.2 Replacement of Trustee 
 (1) The Trustee may resign its trust and be discharged from all further duties and liabilities hereunder by giving to the Corporation sixty (60) days’ notice in writing or such shorter notice as
the Corporation may accept as sufficient. The holders may by an Extraordinary Resolution remove the Trustee and appoint a new Trustee. In the event of the Trustee resigning or being so removed by the Debentureholders or being dissolved, becoming
bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the Corporation shall forthwith appoint a new Trustee acceptable to the Debentureholders, unless a new Trustee has already been appointed by the Debentureholders;
failing such appointment by the Debentureholders or by the Corporation, the retiring Trustee or any Debentureholder, at the Corporation’s expense, may apply to a Judge of the Ontario Court (General Division), on such notice as such Judge may
direct, for the appointment of a new Trustee; but any new Trustee so appointed by the Corporation or by the Court will be subject to removal as aforesaid by the Debentureholders. Any new Trustee appointed under any provision of this
Section 12.2 must be a corporation authorized to carry on the business of a trust company in the Province of Ontario. On any new appointment the new Trustee shall be vested with the same powers, rights, duties and obligations as if it had been
originally named herein as Trustee without any further assurance, conveyance, act or deed; but there shall be immediately executed, at the expense of the Corporation, all such conveyances or other instruments as may, in the opinion of Counsel, be
necessary or advisable for the purpose of assuring the same to the new Trustee. The Trustee shall, upon payment of its fees then outstanding, make available to the new Trustee copies of all books and records, whether written or otherwise recorded,
relating to the administration by the Trustee of the trusts herein provided, which books and records are required by the new Trustee for the proper and efficient administration of the trusts herein provided. 

(2) Any corporation into which the Trustee may be merged or with which it may be consolidated or amalgamated or any corporation resulting from any
merger, consolidation or amalgamation to which the Trustee is a party or any corporation succeeding to the trust business of the Trustee will be the successor Trustee under this Indenture without the execution of any instrument or any further act,
if eligible as provided in clause (1) of this Section 12.2. 
 12.3 Trustee May Deal in Debentures 

Subject to Section 12.6 the Trustee may, for its own account or for the account of another, buy, lend upon and deal in the Debentures
either with the Corporation or otherwise, and generally contract and enter into financial transactions with the Corporation or otherwise, without being liable to account for any profit made thereby. 

12.4 Trustee Not Required to Give Security 
 The Trustee will not be required to give security for the execution of the trusts or its conduct or administration hereunder. 

  
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 12.5 Protection of Trustee 
 By way of supplement to the provisions of any law for the time being relating to trustees, it is expressly declared and agreed as follows: 
 (1) the Trustee will not be liable for or by reason of any statements of facts or recitals in this Indenture or in the Debentures (except the representation contained in Section 12.6 and in the
certificate of the Trustee containing the applicable bylaws, resolutions and incumbency signatures relating to the execution of this Indenture (including any amendment or supplement thereto) by the Trustee ) or required to verify the same, but all
such statements or recitals are deemed to be made by the Corporation; 
 (2) nothing herein contained will impose any obligation on the Trustee
to see or to require evidence of registration or filing (or renewals thereof) of this Indenture or any instrument ancillary or supplemental hereto; 
 (3) the Trustee will not be bound to give any notice of the execution hereof; 
 (4) the Trustee
will not incur any liability or responsibility whatever or be in any way responsible for the consequence of any breach on the part of the Corporation of any of the covenants herein contained or of any act of the agents or servants of the
Corporation; 
 (5) the Trustee will have no obligation to analyse any information delivered to it pursuant to Section 6.1(5) or be under
any duty to analyse financial statements or evaluate the performance of the Corporation or Honda based upon such financial statements, nor shall the Trustee have, in the absence of any request from a Debentureholder accompanied by an indemnity
acceptable to it, any duty to make any other examination or to require any other statement, report or opinion in respect of the Debentures; and 

(6) the Trustee shall not be liable for or by reason of any failure or defect of title to, or encumbrance upon, the property or assets of the
Corporation. 
 12.6 Conflict of Interest 
 (1) The Trustee represents to the Corporation that at the time of the execution and delivery hereof no material conflict of interest exists in the Trustee’s role as a fiduciary hereunder and agrees
that in the event of a material conflict of interest arising hereafter it will, within thirty (30) days after ascertaining that it has such material conflict of interest, either eliminate the same or resign its trust hereunder. 

(2) The Trustee is also trustee pursuant to a separate trust indenture dated September 26, 2003, as supplemented, which governs other senior
unsecured debentures of the Corporation which are guaranteed by American Honda Finance Corporation. 

  
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 12.7 Acceptance of Trusts 
 The Trustee hereby accepts the trusts in this Indenture declared and provided and agrees to perform the same upon the terms and conditions herein set forth. 

12.8 Indemnity 
 (1) Additional to and
without limiting any other protection of the Trustee hereunder or otherwise by law, the Corporation shall indemnify and save harmless the Trustee, its officers, directors, employees and agents from and against any and all liabilities, losses,
claims, damages, penalties, actions, suits, demands, costs, expenses and disbursements including reasonable legal and advisor fees and disbursements of whatever kind and nature which may at any time be imposed on, incurred by or asserted against the
Trustee, its officers, directors, employees and agents howsoever arising from or out of any act, omission or error of the Trustee, its officers, directors, employees and agents made in good faith in the conduct of its duties hereunder (other than
out of negligence or wilful misconduct of the Trustee, its employees, officers or agents), including any deed, act, matter or thing in relation to the registration, perfection, release or discharge of security. This indemnity shall survive removal
or resignation of the Trustee and discharge of this Indenture and the termination of any trusts created hereby. 
 (2) In no event shall the
Corporation be liable to indemnify an indemnified party against any loss, expense, claims, liability or asserted liability to the extent resulting from the negligence or wilful misconduct of the indemnified party. 

12.9 Notices of Debentureholders 
 Copies of all notices received by the Trustee hereunder shall be sent forthwith, and in any event not later than five (5) Business Days after receipt, to the Debentureholders. 

12.10 Duty of Care 

Subject to Section 14.1 duty of care, unless and until it shall have been required so to do under the terms hereof, the Trustee shall
not be bound to do or take any act, action or proceeding in virtue of the powers conferred on it hereby, nor shall the Trustee be required to take notice of any Event of Default hereunder, other than in payment of any moneys required by any
provision hereof to be paid to it or where it has actual knowledge thereof, unless and until notified in writing of such Event of Default (which notice shall distinctly specify the Event of Default desired to be brought to the attention of the
Trustee) and in the absence of any such notice and subject as aforesaid, the Trustee may for all purposes of this Indenture conclusively assume that the Corporation is not in default hereunder and that no Event of Default has been made with respect
to the payment of principal, premium, if any, interest on or payments in respect of the Debentures or in the observances or performance of any of the covenants, agreements or conditions contained herein. Subject to Section 14.1 and except as
otherwise herein stated, any such notice or requisition shall in no way limit any discretion herein given to the Trustee to determine whether or not the Trustee shall take action with respect to any Event of Default or take action without any such
notice or requisition. 

  
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 12.11 Trustee May Accept Certificate of the Corporation 

Except in cases where some other mode of proof is required by this Indenture, the Trustee will be at liberty to accept a Certificate of
the Corporation (i) as to any statements of fact, as evidence of the truth of such statements, and (ii) to the effect that any particular dealing or transaction or step or thing is, in the opinion of the officers so certifying, expedient,
as evidence that it is expedient; provided that the Trustee may in its sole discretion require from the Corporation or otherwise further evidence or information before acting or relying on such certificate. 

12.12 Trustee May Act on Instruments Believed Genuine 
 The Trustee will not be bound to act in accordance with any direction, order or request of the Corporation or of its Directors until (in addition to any other conditions precedent specified herein) a
direction, order, request or Certified Resolution of the Corporation, as appropriate has been delivered to the Trustee, and the Trustee will be empowered to act upon any such instrument purporting to be authenticated and believed by the Trustee to
be genuine. 
 12.13 Clarification of Instructions 
 If the Trustee in good faith determines that there is a conflict between its duties as set out herein or instructions received by it from the Debentureholders, the Trustee shall advise the
Debentureholders and not be required to take any action until it receives clarifying instructions. 
 12.14 Trust Indenture Legislation

 (1) In this Section, the term “Applicable Legislation” means the provisions, if any, of the CBCA and any other statute in Canada
or a province thereof, and of the regulations under any such named or other statute, relating to trust indentures and/or to the rights, duties and obligations of trustees under trust indentures and of corporations issuing debt obligations under
trust indentures, to the extent that such provisions are at the time in force and applicable to this Indenture. 
 (2) If and to the extent that
any provisions of this Indenture limits, qualifies or conflicts with a mandatory requirement of Applicable Legislation, such mandatory requirement shall prevail. 
 (3) The Corporation and the Trustee agree that each will at all times in relation to this Indenture and any action to be taken hereunder observe and comply with and be entitled to the benefits of
Applicable Legislation. 

  
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 SECTION 13 — NOTICES 
 13.1 Notice to Corporation 
 Any notice to the Corporation under the
provisions hereof will be valid and effective if in writing and (i) delivered to, or mailed by registered mail, postage prepaid, addressed to the Corporation at 3650 Victoria Park Avenue, Suite 400, North York, Ontario M2H 3P7 Attention:
Treasurer, or (ii) sent by facsimile to the attention of such person at (416) 754-0096, and, subject as provided in this Section 13.1, will be deemed to have been given at the time of delivery or sending by facsimile or on the fifth
Business Day after mailing. Any sending by facsimile transmission shall be followed by an original copy thereof by mail, provided that the non-fulfilment of such requirement does not affect the deemed delivery by facsimile transmission. Any delivery
made or facsimile sent on a day other than a Business Day, or after 4:30 p.m. (Toronto time) on a Business Day, will be deemed to have been made or sent on the next following Business Day. The Corporation may from time to time notify the Trustee and
each Debentureholder of a change in address or facsimile number which thereafter, until changed by like notice, will be the address or facsimile number of the Corporation for all purposes of this Indenture. 

13.2 Notice to Debentureholder 
 Any notice to the Debentureholders under the provisions hereof will be valid and effective if in writing and delivered to, or mailed by registered mail, postage prepaid, or sent by facsimile, in each case
addressed to the Debentureholders at their addresses or facsimile numbers, if any, appearing in any Register and, subject as provided in this Section 13.2, will be deemed to have been given at the time of delivery or sending by facsimile or on
the fifth Business Day after mailing. Any notices to joint holders of any Debenture may be given to such holders at the address of any such joint holder first listed in the Register mentioned, and any notice so given shall be sufficient notice to
all holders of such Debenture. Any notice sent pursuant to this Section 13.2 by facsimile transmission shall be followed by an original copy thereof by mail, provided that the non-fulfilment of such requirement does not affect the deemed
delivery by facsimile transmission. Any delivery made or facsimile sent on a day other than a Business Day, or after 4:30 p.m. (Toronto time) on a Business Day, will be deemed to have been made or sent on the next following Business Day. 

13.3 Notice to the Trustee 
 Any notice to the Trustee under the provisions hereof will be valid and effective if in writing and (i) delivered or mailed by registered mail, postage prepaid, addressed to the Trustee: 320 Bay
Street, P.O. Box 1, Toronto, Ontario, M5H 4A6, Attention: Director, Corporate Trust, or (ii) sent by facsimile to fax number (416) 643-5570, and, subject as provided in this Section 13.3, will be deemed to have been received at the
time of delivery or sending by facsimile or on the fifth Business Day after mailing. Any sending of a notice by facsimile transmission shall be followed by an original copy thereof by mail, provided that the non-fulfilment of such requirement shall
not affect the deemed delivery of such notice by facsimile transmission. Any 

  
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delivery made or facsimile sent on a day other than a Business Day, or after 4:30 p.m. (Toronto time) on a Business Day, will be deemed to be made or sent on the next following Business Day. The
Trustee may from time to time notify the Corporation of a change in address or facsimile number which thereafter, until changed by like notice, will be the address or facsimile number of the Trustee for all purposes of this Indenture. 

13.4 Postal Service Interruption 
 In the case of disruption in postal services any notice, if given solely by mail, shall not be deemed to have been given until it is actually delivered. 

SECTION 14 — MEETINGS OF DEBENTUREHOLDERS 
 14.1 Right to Convene Meeting 
 The Trustee may at any time and from time to
time in connection with the exercise of its duties hereunder, and shall, on receipt of a request of the Corporation, or a Debentureholders’ Request, or a Debentureholders Request from the holders of the Debentures of any series, directed to it,
convene a meeting of the Debentureholders or the Debentureholders of any series, as applicable. Prior to convening such meeting, the Trustee shall be indemnified to its reasonable satisfaction by the Corporation or by the Debentureholders signing
such Debentureholders’ Request, as the case may be, against the costs that may be incurred in connection with the calling and holding of such meeting. If the Trustee fails, within seven (7) Business Days after receipt of such request and
indemnity, to give notice convening such meeting, the Corporation or such Debentureholders, as the case may be, may convene such meeting. Every such meeting will be held in the City of Toronto or at such other place as may be approved or determined
by the Trustee. 
 14.2 Notice 
 At least ten (10) Business Days’ notice of any meeting must be given to the applicable Debentureholders in the manner provided in Section 13 and a copy thereof must be sent to the Trustee
in the manner set out in Section 13 unless the meeting has been called by the Trustee and to the Corporation if the Corporation has been requested to attend the meeting in the manner set out in Section 13 unless the meeting has been called
by the Corporation. Such notice must state the time when and the place where the meeting is to be held and set out the general nature of the business to be transacted thereat. It is not necessary for any such notice to set out the terms of any
resolution to be proposed or any of the provisions of this Section 14. Upon consent of all applicable Debentureholders such notice may be waived. 

  
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 14.3 Chair 
 A nominee of the Debentureholders approved by a Debentureholders’ Resolution or a Debentureholders Resolution of the holders of the Debentures of any series, as applicable, will be the chair of such
meeting of Debentureholders unless a majority of the Debentureholders present thereat object in which case such Debentureholders shall nominate and appoint an individual, who need not be a Debentureholder, to be the chair of the meeting. 

14.4 Quorum 
 Unless
otherwise provided in this Indenture: 
 (1) at any meeting of Debentureholders, a quorum will consist of Debentureholders present in person or
represented by proxy and representing more than 50% of the outstanding principal amount of the applicable Debentures; 
 (2) if a quorum of the
applicable Debentureholders is not present within 30 minutes after the time fixed for holding the meeting the meeting will be adjourned to the same day in the next week (unless such day is not a Business Day in which case it shall stand adjourned to
the next following Business Day thereafter) at the same time and place, with notice sent to each applicable Debentureholder by facsimile transmission unless the chairperson appoints some other place, day or time, of which not less than seven
(7) days’ notice must be given in the manner provided in Section 13. At the adjourned meeting, when reconvened, the Debentureholders present in person or represented by proxy representing at least 25% in outstanding principal amount
of the applicable Debentures will constitute a quorum notwithstanding that they may not represent 50% in outstanding principal amount of the applicable Debentures. If a quorum of the applicable Debentureholders is not present within 30 minutes after
the time fixed for such adjourned meeting, the meeting will be dissolved. 
 14.5 Power to Adjourn 

The chairperson of any meeting at which a quorum of the applicable Debentureholders is present may, with the consent of the holders of a
majority in outstanding principal amount of the Debentures represented thereat, adjourn any such meeting and no notice of such adjourned meeting need be given except such notice, if any, as the meeting so adjourned may prescribe. 

14.6 Show of Hands 

Every question submitted to a meeting shall be decided in the first place by a majority of the votes given on a show of hands, except that
votes on Extraordinary Resolutions shall be given in the manner provided by Section 14.12. At any such meeting, unless a poll is required or duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or
carried unanimously by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact. The chairman of any meeting shall be entitled, both on a show of hands or on a poll, to vote in respect of the
Debentures, if any, held by him. 

  
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 14.7 Poll 
 On every Extraordinary Resolution, and on any other question submitted to a meeting when demanded after a vote by show of hands by the chairperson or by any Debentureholder acting in person or by proxy, a
poll must be taken in such manner as the chairperson directs. Questions other than Extraordinary Resolutions will, if a poll is taken, be decided by the votes of the holders of a majority in principal amount of the Debentures represented at the
meeting and voted on the poll. 
 14.8 Voting 
 On a show of hands every Person who is present and entitled to vote, whether as a Debentureholder or as proxy for one or more absent Debentureholders or both, will have one vote. On a poll each applicable
Debentureholder present in person or represented by a proxy duly appointed by an instrument in writing will be entitled to one vote in respect of each $10,000 principal amount of applicable Debentures of which it is then the holder. A proxy need not
be a Debentureholder. In the case of joint registered holders of a Debenture, any one of them present in person or by proxy at the meeting may vote in the absence of the other or others; but if more than one of them is present in person or by proxy,
they must vote together in respect of the Applicable Debentures of which they are joint registered holders. 
 14.9 Regulations

 The Trustee, or the Corporation with the approval of the Trustee, may from time to time make and vary such regulations, in
customary form, as it thinks fit (provided that the applicable Debentureholders shall be provided with copies of such regulations ten (10) Business Days prior to such regulations, variations of regulations or revocation of regulations becoming
effective): 
 (1) providing for the form of the instrument of proxy and the manner in which the same is to be executed and the production of
the authority of any Person signing on behalf of a Debentureholder; 
 (2) for the deposit of instruments appointing proxies at such place as
the Trustee, the Corporation or the Debentureholders convening the meeting, as the case may be, may in the notice convening the meeting direct, and the time before the holding of the meeting, or adjourned meeting, when the same must be deposited;
and 
 (3) enabling particulars of such instruments appointing proxies to be mailed, cabled or sent by any other electronic means of
communication before the meeting to the Corporation, to the Trustee or to the Debentureholders convening the meeting at the place where the same is to be held and for the voting of proxies so deposited as though the instruments themselves were
produced at the meeting. 
 Any regulations so made will be binding and effective and the votes given in accordance therewith
will be valid and counted. Except as otherwise provided in such regulations, the only Persons who will be recognized at any meeting as the holders of any Debentures, or as entitled to vote or be present at the meeting in respect thereof, will be the
registered holders of Debentures and Persons duly appointed as proxy holders. 

  
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 14.10 Corporation and Trustee may be Represented 

The Trustee, its officers, directors, employees and its legal advisors may attend any meeting of any Debentureholders convened by the
Trustee, the Corporation or any Debentureholders, but shall have no vote at such meeting. The legal advisers of any applicable Debentureholders may attend any meeting of such Debentureholders, but will have no vote at such meeting. The Corporation
and its legal advisors may attend any meeting of any Debentureholders convened by the Corporation, but shall have no vote at such meeting. The Corporation and its representatives and legal advisors may attend any meeting of any Debentureholders
convened by the Trustee or by such Debentureholders, if consented to by all of such Debentureholders but shall have no vote at such meeting. 

14.11 Powers Exercisable by Extraordinary Resolution 
 Subject to Section 10.2(2) hereof, the following powers may be exercised by the Debentureholders only by Extraordinary Resolution of the holders of Debentures of the particular series: 

(1) power to sanction any modification, abrogation, alteration, compromise or arrangement of the rights of the Debentureholders of such series against
the Corporation, whether such rights arise under this Indenture, the other Debenture Documents or otherwise; 
 (2) power to direct or authorize
the Trustee to exercise or refrain from exercising any power, right, remedy or authority given to it on behalf of the Debentureholders of such series by the Keep Well Agreement, this Indenture or the other Debenture Documents in any manner specified
in such Extraordinary Resolution; 
 (3) power to waive and direct the Trustee to waive any default on the part of the Corporation in complying
with any provision of this Indenture or the Debentures of such series and to annul or to direct the Trustee to annul, as applicable, any declaration made by the Trustee pursuant to Section 7.3, either unconditionally or upon any conditions
specified in such Extraordinary Resolution; 
 (4) power to restrain any Debentureholder of such series from taking, instituting or maintaining
any action or other proceeding for the payment of principal or interest or for the execution of any trust or power hereunder or to have the Corporation wound up or for any other remedy thereunder; 

(5) power to direct any Debentureholder of such series who, as such, has instituted any such action or other proceeding to stay or otherwise discontinue
or otherwise deal with any such action or proceeding upon payment, if the taking of such action or proceeding was permitted by Section 7.6, of the costs, charges and expenses reasonably and properly incurred by such holder in connection
therewith; 

  
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 (6) power to sanction the exchange of Debentures of such series for, or the conversion of Debentures of such
series into, shares, bonds, debentures, notes or any other securities or obligations of the Corporation or any other body corporate or other entity formed or to be formed and power to sanction the distribution in specie to Debentureholders of such
series of assets of the Corporation or such shares, bonds, debentures, notes or other securities or obligations; 
 (7) power to repeal, modify
or amend any Extraordinary Resolution of the holders of Debentures of such series previously passed by such Debentureholders; 
 (8) power to
establish and dissolve a committee, and to provide for the appointment of members thereof, to consult with the Trustee and to delegate to such committee (subject to such limitations, if any, as may be prescribed in such Extraordinary Resolution) all
or any of the powers that the Debentureholders of such series can exercise by Extraordinary Resolution under the foregoing clauses (1) to (7). Such committee will consist of such number of Persons as prescribed in the Extraordinary Resolution
establishing it, and the members need not themselves be Debentureholders. Subject to the Extraordinary Resolution establishing it and providing for the appointment of members thereof, every such committee may elect its chairperson and may make
regulations respecting its quorum, the calling of its meetings, the filling of vacancies occurring in its number, the manner in which it may act and its procedure generally and such regulations may provide that the committee may act at a meeting at
which a quorum is present or by resolution signed by a majority of the members thereof or the number of members thereof necessary to constitute a quorum, whichever is the greater. All acts of any such committee within the authority delegated to it
will be binding upon all Debentureholders of such series. Neither the committee nor any member thereof will be liable for any loss arising from or in connection with any action taken or omitted to be taken by them in good faith. Any such committee
will be indemnified by the Corporation and any such indemnity will provide that any claims made thereunder will rank in priority to other amounts due hereunder (other than to the Trustee). In addition, any such committee may cause the Corporation to
acquire insurance to reasonably protect the committee members against liabilities that might be incurred in acting as a member of such committee. In exercising its powers or duties, any such committee shall have the same rights as does the Trustee
under Sections 11.3, 11.4, 11.5, 11.7 and 11.8; 
 (9) power to sanction on behalf of the holders of the Debentures of such series any scheme
for the reconstruction, reorganization or recapitalization of the Corporation, or for the consolidation, amalgamation or merger of the Corporation into or with any other corporation; 
 (10) power to file and prove a claim or debt of the Debentureholders of such series against the Corporation in any proceedings involving the Corporation and to generally act for and on behalf of the
Debentureholders of such series in any such proceedings and to assent to any compromise or arrangement with any creditor or creditors or any class or classes of creditors, whether secured or otherwise, and with holders of any shares or securities of
the Corporation; and 
 (11) power to indemnify any Persons, including any committee appointed under Section 14.11(8), and to provide that
such indemnity rank ahead of the payment of amounts owing to the holders in respect of the Debentures of such series. 

  
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 14.12 Meaning of “Extraordinary Resolution” 

The expression “Extraordinary Resolution” means, subject as in Section 14.16 provided, a resolution
passed at a meeting of Debentureholders, or of the Debentureholders of any particular series, as the case may be, duly convened for the purpose and held in accordance with the provisions hereof at which a quorum is present as provided in
Section 14.4 and passed by the affirmative vote of the holders of not less than 662/3 % of the
principal amount of the Debentures, or the Debentures of the applicable series, as the case may be, outstanding; provided, however, that, for greater certainty, the power set forth in paragraph (6) of Section 14.11 may only be exercised by
Extraordinary Resolution passed by the affirmative vote of the holders of at least 95% of the outstanding principal amount of the Debentures of the applicable series. 
 14.13 Powers Exercisable by Debentureholders’ Resolution 
 Subject to
Sections 10.1, 10.2 and 14.11 hereof, any of the provisions of this Indenture may be amended by the Trustee on the direction of the Corporation with the approval of the holders of all Debentures by Debentureholders’ Resolution except where such
amendment may be prejudicial to the holders of outstanding Debentures. 
 14.14 Powers Cumulative 

Any one or more of the powers and any combination of the powers in this Indenture stated to be exercisable by any Debentureholders by
Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers from time to time will not be deemed to exhaust the right of such Debentureholders to exercise such powers thereafter from
time to time. 
 14.15 Minutes 
 Minutes of all resolutions and proceedings at every meeting of any applicable Debentureholders shall be made and duly entered in books to be from time to time provided for that purpose by the Trustee at
the expense of the Corporation, and any such minutes, if signed by the chairperson of the meeting at which such resolutions were passed or proceedings had, or by the chairperson of the next succeeding meeting of the applicable Debentureholders,
shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting in respect of the proceedings of which minutes shall have been made, shall be deemed to have been duly held and convened, and all
resolutions passed thereat or proceedings had, to have been duly passed and had. 
 14.16 Instruments in Writing 

All actions that may be taken and all powers that may be exercised by the Debentureholders by Debentureholders’
Resolution or Extraordinary Resolution at a meeting held as herein provided may also be taken and exercised by the holders of not less than 51% or 662/3%, respectively, of the outstanding principal amount of the Debentures of the applicable series by an instrument in writing
signed in one or more counterparts, and the expression “Debentureholders’ Resolution” and “Extraordinary Resolution” when used in this Indenture includes an instrument so signed. 

  
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 14.17 Binding Effect of Resolutions 

Every Debentureholders’ Resolution and every Extraordinary Resolution passed in accordance with the provisions hereof at a meeting of
Debentureholders or by an instrument in writing in lieu of a meeting of Debentureholders will be binding upon all Debentureholders of the applicable series of Debentures and each such Debentureholder and the Trustee (subject to the provisions for
its indemnity herein contained) shall be bound to give effect accordingly to every such resolution, Extraordinary Resolution and instrument in writing. 
 SECTION 15 — EXECUTION 
 15.1 Counterparts and Formal Date 

This Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original, and such counterparts
together shall constitute one and the same instrument and notwithstanding their date of execution shall be deemed to bear date as of September 26, 2005. 

  
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 The parties have executed this Agreement. 

 

			
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ Yatendra Killer

		 	Name: Yatendra Killer
		 	Title: Assistant Treasurer
	
	CIBC MELLON TRUST COMPANY
		
	By:	 	 /s/ Chris McGregor

		 	Name: Chris McGregor
		 	Title: Account Manager
		
	By:	 	 /s/ Pamela Lively

		 	Name: Pamela Lively
		 	Title: Associate Manager

  
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 Schedule 3.1(1)(g) – Form of Debenture 

See Attached 

 Schedule 5.1(5) – Defaults and Regulatory Approvals 

Nil 

 Schedule 5.1(6) – Material Litigation 

Nil 

 FIRST SUPPLEMENTAL INDENTURE 

This First Supplemental Indenture is made as of August 25, 2006, between 

 

					
		  	HONDA CANADA FINANCE INC.,	  	
		  	a corporation incorporated under the laws of Canada; (the “Issuer”)	  	
			
		  	and	  	
			
		  	CIBC MELLON TRUST COMPANY	  	
		  	a trust company existing under the laws of Canada, (the “Trustee”)	  	

 RECITALS 

A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee (as further amended, supplemented, modified,
restated and replaced from time to time, the “Trust Indenture”), provision was made for the issuance of Additional Debentures from time to time pursuant to a supplemental indenture. 

B. The Issuer has authorized the issuance of two series of Debentures to be known as the “Series 2006-1 Debentures” and the “Series 2006-2
Debentures”. 
 FOR VALUE RECEIVED, the parties agree as follows: 
 SECTION 1 – INTERPRETATION 
 1.1 Definitions 

In this First Supplemental Indenture the following teams will have the following meanings: 

(1) Series 2006-1 Debentures means the Senior Unsecured Series 2006-1 Debentures to be created and issued hereunder. 

(2) Series 2006-2 Debentures means the Senior Unsecured Series 2006-2 Debentures to be created and issued hereunder. 

(3) Series 2006-1 Interest Payment Date means a date upon which payment of interest is due in respect of a Series 2006-1 Debenture namely
each of November 25, 2006, February 25, 2007, May 25, 2007, August 25, 2007, November 25, 2007, February 25, 2008, May 25, 2008 and the Series 2006-1 Maturity Date. 

(4) Series 2006-2 Interest Payment Date means a date upon which payment of interest is due in respect of a Series 2006-2 Debenture namely
each of February 25, 2007, August 25, 2007, February 25, 2008, August 25, 2008, February 25, 2009, August 25, 2009, February 25, 2010, August 25, 2010, February 25,
2011 and the Series 2006-2 Maturity Date. 

 (5) Series 2006-1 Interest Period means in respect of a Series 2006-1 Interest Payment Date,
the period commencing on and including the previous Series 2006-1 Interest Payment Date and ending on the day before such Series 2006-1 Interest Payment Date. 
 (6) Series 2006-2 Interest Period means in respect of a Series 2006-2 Interest Payment Date, the period commencing on and including the previous Series 2006-2 Interest Payment Date and
ending on the day before such Series 2006-2 Interest Payment Date. 
 (7) Series 2006-1 Maturity Date means August 25, 2008.

 (8) Series 2006-2 Maturity Date means August 25, 2011. 
 1.2 Meanings in Trust Indenture 
 Unless otherwise defined in this First
Supplemental Indenture, all capitalized terms used in this First Supplemental Indenture shall have the meanings attributed thereto in the Trust Indenture. 
 1.3 Interpretation 
 This First Supplemental Indenture is supplemental to
the Trust Indenture and the Trust Indenture shall be read in conjunction with this First Supplemental Indenture and all of the provisions of the Trust Indenture shall apply to and shall have effect in connection with this First Supplemental
Indenture in the same manner as if all of the provisions of the Trust Indenture and of this First Supplemental Indenture were contained in one instrument. If any terms of the Trust Indenture are inconsistent with the express terms hereof, the terms
of the Trust Indenture shall be, solely in respect of the Series 2006-1 Debentures and the Series 2006-2 Debentures, amended and supplemented so as to be consistent herewith. The provisions of this First Supplemental Indenture are applicable only in
respect of the Series 2006-1 Debentures and the Series 2006-2 Debentures. 
 1.4 Currency 

Unless stated otherwise, all amounts herein are stated in Canadian Dollars. 
 SECTION 2 – DEBENTURES 
 2.1 Designation, Terms, Form and Issuance of the Series
2006-1 Debentures and the Series 2006-2 Debentures 
  

	(1)	The Series 2006-1 Debentures shall: 

  

	 	(a)	be issued on or before August 25, 2006; 

  

	 	(b)	be designated “Senior Unsecured Series 2006-1 Debentures”; 

  

	 	(c)	bear interest from and including the date of issuance or the most recent Series 2006-1 Interest Payment Date, at a rate equal to the Floating Rate plus 0.09%, payable
quarterly in arrears on each Series 2006-1 Interest Payment Date, the first such payment being due on November 25, 2006; 

  
 - 2 -

	 	(d)	be issuable as fully registered Debentures in multiples of $ 1,000; 

  

	 	(e)	mature on the Series 2006-1 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2006-1 Maturity Date in full to each holder of a Series 2006-1 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this First Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2006-1 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $300,000,000. 

  

	(2)	The Series 2006-2 Debentures shall: 

  

	 	(a)	be issued on or before August 25, 2006; 

  

	 	(b)	be designated “Senior Unsecured Series 2006-2 Debentures”; 

  

	 	(c)	bear interest from and including the date of issuance or the most recent Series 2006-2 Interest Payment Date, at a fixed rate equal to 4.696% per annum, payable
semi-annually in arrears on each Series 2006-2 interest Payment Date, the first such payment being due on February 25, 2007; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2006-2 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2006-2 Maturity Date in full to each holder of a Series 2006-2 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 2.1(2)(g) hereto with such appropriate insertions, deletions, substitutions and variations as maybe required or
permitted by this First Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2006-2 Debenture;

  
 - 3 -

	 	(f)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $200,000,000. 

(3) For purposes of the Series 2006-1 Debentures and the Series 2006-2 Debentures, the “Floating Rate Determination Date” shall be
August 25, November 25, February 25 and May 25 of each year. 
 (4) Section 4.5 of the Trust Indenture shall
not apply in respect of the Series 2006-1 Debentures and the Series 2006-2 Debentures but shall be replaced by the following: “Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any
2006-1 Debenture or any 2006-2 Debenture during the following periods each year. In the case of Series 2006-1 Debentures: (i) from and including August 10 to and including August 25, (ii) from and including November 10 to
and including November 25, (iii) from and including February 10 to and including February 25, (iv) from and including May 10 to and including May 25. In the case of Series 2006-2 Debentures: (i) from and
including August 10 to and including August 25 and (ii) from and including February 10 to and including February 25.” 
 SECTION 3 – GENERAL 
 3.1 Confirmation of Trust Indenture 

The Trust Indenture as supplemented and amended by this First Supplemental Indenture, shall and does continue in full force and effect,
otherwise unamended, and the Trust Indenture, as so supplemented and amended together with all the grants created thereby, is hereby ratified and confirmed. 
 3.2 Interest Act 
 For purposes of disclosure pursuant to the Interest
Act (Canada), the annual rates of interest provided in this First Supplemental Indenture (and stated herein to be computed on the basis of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so
determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such other period of time, as the case may be. 
 3.3 Acceptance 
 The Trustee hereby accepts the trust in this First
Supplemental Indenture declared and provided for and agrees to perform the same on the terms and conditions herein set forth. 

  
 - 4 -

 3.4 Counterparts and Formal Date 

This First Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original,
and such counterparts together shall constitute one and the same instrument and notwithstanding their date of execution shall be deemed to bear date as of August 25, 2006. 

  
 - 5 -

 The parties have executed this First Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ Yustsu Sato

		 	Name:	 	Yustsu Sato
		 	Title:	 	President
		
	By:	 	 /s/ Yatendra Killer

		 	Name:	 	Yatendra Killer
		 	Title:	 	Assistant Treasurer
	
	CIBC MELLON TRUST COMPANY
		
	By:	 	 /s/ Chris McGregor

		 	Name:	 	Chris McGregor
		 	Title:	 	Account Manager
		
	By:	 	 /s/ Pamela Lively

		 	Name:	 	Pamela Lively
		 	Title:	 	Associate Manager

  
 - 6 -

 Schedule 2.1(1)(g) – Form of Series 2006-1 Debenture 

  
 2.1(1)(G) - 1

 CUSIP# CA43812ZAJ99 

 

					
	SERIES 2006-1	 		 	 Serial
No.                    
  

		 	 HONDA CANADA FINANCE INC.
 DEBENTURE
	 	
			
	Issue Date	 	Principal Amount	 	Maturity Date                    
			
		 		 	August 25, 2008                    

 for value received hereby promises to pay to or to the order of 

 

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST

 

					
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	 	 	DOLLARS

  

	
	 plus interest thereon on each Interest Payment Date for the Interest Period then ended at the rate of interest equal to the Three Month
BA Rate plus 0.09% computed on the outstanding balance of the Debenture on the basis of the actual number of days elapsed and a year of 365 days payable in lawful money of Canada

 
 on presentation and, on the Maturity Date surrender of this
Debenture.

	
	Interest Payment Dates: PAYABLE QUARTERLY IN ARREARS ON AUGUST 25, NOVEMBER 25, FEBRUARY 25 AND MAY 25 OF EACH YEAR COMMENCING ON NOVEMBER 25, 2006*
	
	SPECIAL FEATURES
	
	Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually countersigned on behalf of
Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent.
	
	 IN WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized
signatories.

	
	Dated:
	
	 Countersigned on behalf of

Canadian Imperial Bank of Commerce

  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2006-1 Debentures of the Company (the “Debentures”) issued pursuant
to the first supplemental Indenture dated August 25, 2006 supplementing the Indenture made as of September 26, 2006 (together, the “Indenture”) between the Company and CIBC Mellon Trust Company (“Trustee”). This
Debenture and all other Debentures now or hereafter issued or certified under the Indenture shall rank pari passu with all other senior unsecured obligations of the Company. 

 

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	The Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution

	 	
satisfactory to the Issuing, Transfer and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe;
and 

  

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Debenture Maturity Date, as more particularly provided in the Indenture. 

 

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	 In this Debenture, Three Month BA Rate means the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rates of
Interest for Canadian dollar bankers’ acceptances with a maturity of three months from August 25, 2006 or applicable Floating Rate Determination Date, as expressed on the Reuters CDOR pages as of 10:00 a.m., Toronto time, on
August 25, 2006 or applicable Floating Rate Determination Date if three or more such bid rates appear on such Reuters CDOR page at any such time. If fewer than three such bid rates appear on the Reuters CDOR page at any such time, the Three
Month BA Rate shall be the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rate quotations for Canadian dollar bankers’ acceptances with a maturity of three months from August 25, 2006 or
applicable Floating Rate Determination Date and in a principal amount equal to not less than $1,000,000 and that is representative of a single transaction in the market at such time, by the principal Toronto office of three of the five largest
Schedule I Canadian chartered banks under the Bank Act (Canada) in the Canadian Interbank market selected by the Company at approximately 10:00

 

	 	
a.m., Toronto time, on August 25, 2006 or applicable Floating Rate Determination Date. The Three Month BA Rate will be determined on August 25, 2006 and on each Floating Rate
Determination Date thereafter. Interest is calculated quarterly not in advance. “Floating Rate Determination Date” means August 25, November 25, February 25 and May 25 of each year. 

Interest Period means in respect of an Interest Payment Date, the period commencing on and including the previous Interest Payment Date
(or, 

 
in the case of the Initial Interest Period, August 25, 2006), and ending on the day before such Interest Payment Date. 

 

	10.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 Schedule 2.1(2)(g) – Form of Series 2006-2 Debenture 

  
 2.1(2)(g) - 1

 CUSIP# CA43812ZAK62 

 

					
	SERIES 2006-2	 		 	 Serial
No.                    
  

		 	 HONDA CANADA FINANCE INC.
 DEBENTURE
	 	
			
	Issue Date	 	Principal Amount	 	Maturity Date                    
			
		 		 	August 25, 2011                    

 for value received hereby promises to pay to or to the order of 

 

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST

 

					
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	 	 	DOLLARS

  

	
	 plus interest thereon on each Interest Payment Date for the Interest Period then ended at the rate of interest equal to 4.696% computed
on the outstanding balance of the Debenture on a semi-annual basis in lawful money of Canada
  
 on presentation and, on the Maturity Date surrender of this Debenture.

	
	Interest Payment Dates: PAYABLE SEMI-ANNUALLY IN ARREARS ON AUGUST 25 AND FEBRUARY 25 OF EACH YEAR COMMENCING ON FEBRUARY 25, 2007*
	
	SPECIAL FEATURES
	
	Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually countersigned on behalf of
Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent.
	
	IN WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories.
	
	Dated:
	
	 Countersigned on behalf of

Canadian Imperial Bank of Commerce

  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2006-2 Debentures of the Company (the “Debentures”) issued pursuant
to the first supplemental Indenture dated August 25, 2006, supplementing the Indenture made as of September 26, 2005 (together, the “Indenture”) between the Company and CIBC Mellon Trust Company (“Trustee”). This
Debenture and all other Debentures now or hereafter issued or certified under the Indenture shall rank pari passu with all other senior unsecured obligations of the Company. 

 

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	The Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Debenture Maturity Date, as more particularly provided in the Indenture. 

 

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	In this Debenture, Interest Period means in respect of an Interest Payment Date, the period commencing on and including the previous interest Payment Date (or, in the
case of the Initial Payment Period, August 25, 2006), and ending on the day before such Interest Payment Date. Interest is calculated semi-annually in advance. 

 

	10.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 SECOND SUPPLEMENTAL INDENTURE 

This Second Supplemental Indenture is made as of December 14, 2006, between 

 

					
		  	HONDA CANADA FINANCE INC.,	  	
		  	a corporation incorporated under the laws of Canada, (the “Issuer”)	  	
			
		  	and	  	
			
		  	CIBC MELLON TRUST COMPANY	  	
		  	a trust company existing under the laws of Canada, (the “Trustee”)	  	

 RECITALS 

A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee as supplemented by the First Supplemental
Indenture made as of August 25, 2006 (as further amended, supplemented, modified, restated and replaced, from time to time, the (“Trust Indenture”), provision was made for the issuance of Additional Debentures from time to time
pursuant to a supplemental indenture. 
 B. The Issuer has authorized the issuance of an additional series of Debentures to be known as the
“Series 2006-3 Debentures”. 
 FOR VALUE RECEIVED, the parties agree as follows: 

SECTION 1 – INTERPRETATION 
 1.1
Definitions 
 In this Second Supplemental Indenture the following terms will have the following meanings: 

(1) Series 2006-3 Debentures means the Senior Unsecured Series 2006-3 Debentures to be created and issued hereunder. 

(2) Series 2006-3 Interest Payment Date a date upon which payment of interest is due in respect of a Series 2006-3 Debenture namely each of
March 14, 2007, June 14, 2007, September 14, 2007, December 14, 2007,March 14, 2008, June 14, 2008, September 14, 2008, December 14, 2008, March 14, 2009, June 14,
2009, September 14, 2009 and the Series 2006-3 Maturity Date. 
 (3) Series 2006-3 Interest Period means in respect of a
Series 2006-3 Interest Payment Date, the period commencing on and including the previous Series 2006-3 Interest Payment Date and ending on the day before such Series 2006-3 Interest Payment Date. 

(4) Series 2006-3 Maturity Date means December 14, 2009. 

 1.2 Meanings in Trust Indenture 

Unless otherwise defined in this Second Supplemental Indenture, all capitalized terms used in this Second Supplemental Indenture shall
have the meanings attributed thereto in the Trust Indenture. 
 1.3 Interpretation 

This Second Supplemental Indenture is supplemental to the Trust Indenture and the Trust Indenture shall be read in conjunction with this
Second Supplemental Indenture and all of the provisions of the Trust Indenture shall apply to and shall have effect in connection with this Second Supplemental Indenture in the same manner as if all of the provisions of the Trust Indenture and of
this Second Supplemental Indenture were contained in one instrument. If any terms of the Trust Indenture are inconsistent with the express terms hereof, the terms of the Trust Indenture shall be, solely in respect of the Series 2006-3 Debentures,
amended and supplemented so as to be consistent herewith. The provisions of this Second Supplemental Indenture are applicable only in respect of the Series 2006-3 Debentures. 
 1.4 Currency 
 Unless stated otherwise, all amounts herein are stated in
Canadian Dollars. 
 SECTION 2 – DEBENTURES 
 2.1 Designation, Terms, Form and Issuance of the Series 2006-3 Debentures 
  

	(1)	The Series 2006-3 Debentures shall: 

  

	 	(a)	be issued on or before December 14, 2006; 

  

	 	(b)	be designated “Senior Unsecured Series 2006.3 Debentures”; 

  

	 	(c)	bear interest from and including the date of issuance or the most recent Series 2006-3 Interest Payment Date, at a rate equal to the Floating Rate plus 0.12%, payable
quarterly in arrears on each Series 2006-3 Interest Payment Date, the first such payment being due on March 14, 2007; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2006-3 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2006-3 Maturity Date in full to each holder of a Series 2006-3 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	 be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be
required 

  
 - 2 -

	 	
or permitted by this Second Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the
Responsible Officers executing any such Series 2006-3 Debenture; 

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $150,000,000. 

(2) The “Floating Rate Determination Date” shall be December 14, March 14, June 14 and September 14 of each year.

 (3) Section 4.5 or the Trust Indenture shall not apply in respect of the Series 2006-3 Debentures but shall be replaced by the
following: “Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any 2006-3 Debenture during the following periods each year: (i) from and including December 1 to and including
December 14; (ii) from and including March 1 to and including Match 14; (iii) from and including June 1 to and including June 14; and (iv) from and including September 1 to and including
September 14.” 
 SECTION 3 – GENERAL 
 3.1 Confirmation of Trust Indenture 
 The Trust Indenture as supplemented
and amended by this Second Supplemental Indenture, shall and does continue in full force and effect, otherwise unamended, and the Trust Indenture, as supplemented and amended together with all the grants created thereby, is hereby ratified and
confirmed. 
 3.2 Interest Act 
 For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Second Supplemental Indenture (and stated herein to be computed on the basis of a 365
day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such other period of time, as the case may be.

 3.3 Acceptance 
 The Trustee hereby accepts the trust in this Second Supplemental Indenture declared and provided for and agrees to perform the same on the terms and conditions herein set forth. 

  
 - 3 -

 3.4 Counterparts and Formal Date 

This Second Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original,
and such counterparts together shall constitute one and the same instrument and notwithstanding their date of execution shall be deemed to bear date as of December 14, 2006. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 4 -

 The parties have executed this Second Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ Harald Ladewig

		 	Name:	 	Harald Ladewig
		 	Title:	 	Treasurer
		
	By:	 	 /s/ Yatendra Killer

		 	Name:	 	Yatendra Killer
		 	Title:	 	Assistant Treasurer
	
	CIBC MELLON TRUST COMPANY
		
	By:	 	 /s/ Chris McGregor

		 	Name:	 	Chris McGregor
		 	Title:	 	Account Manager
		
	By:	 	 /s/ Pamela Lively

		 	Name:	 	Pamela Lively
		 	Title:	 	Associate Manager

  
 - 5 -

 Schedule 2.1(1)(g) – Form of Series 2006-3 Debenture 

  
 2.1(1)(g) - 1

									
		 	CUSIP# CA43812ZAL48
		
	SERIES 2006-3	 	Serial
No.                          

HONDA CANADA FINANCE INC. 
 DEBENTURE 
  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
		 		 	December 14, 2009

 for value received hereby promises to pay to or to the order of 

 

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST

 

					
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	 	 	DOLLARS

  

	
	 plus interest thereon on each Interest Payment Date for the Interest Period then ended at the rate of interest equal to the Three Month
BA Rate plus 0.12% computed on the outstanding balance of the Debenture on the basis of the actual number of days elapsed and a year of 365 days payable in lawful money of Canada

 
 on presentation and, on the Maturity Date surrender of this
Debenture.

	
	Interest Payment Dates: PAYABLE QUARTERLY IN ARREARS ON DECEMBER 14, MARCH 14, JUNE 14 AND SEPTEMBER 14 OF EACH YEAR COMMENCING ON MARCH 14, 2007*
	
	SPECIAL FEATURES
	
	Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually countersigned on behalf of
Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent.
	
	IN WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories.
	
	Dated:
	
	 Countersigned on behalf of

Canadian Imperial Bank of Commerce

  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2006-3 Debentures of the Company (the “Debentures”) issued pursuant
to the Indenture made as of September 25, 2005, the first supplemental indenture thereto dated August 25, 2005 and the second supplemental Indenture thereto dated December 14, 2006 (the “Indenture”) between the Company and
CIBC Mellon Trust Company (the “Trustee”). This Debenture and all other Debentures now or hereafter issued or certified under the Indenture shall rank pari passu with all other senior unsecured obligations of the Company.

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture.

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Debenture Maturity Date, as more particularly provided in the Indenture. 

 

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written Instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	 In this Debenture, Three Month BA Rate means the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rates of
interest for Canadian dollar bankers’ acceptances with a maturity of three months from December 14, 2006 or applicable Floating Rate Determination Date, as expressed on the Reuter’s CDOR pages as of 10:00 a.m., Toronto time, on
December 14, 2006 or applicable Floating Rate Determination Date, if three or more such bid rates appear on such Reuters CDOR page at any such time. If fewer than three such bid rates appear on the Reuters CDOR page at any such time, the Three
Month BA Rate shall be the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rate quotations for Canadian dollar bankers’ acceptances with a maturity for three

 

	 	
months from December 14, 2006 or applicable Floating Rate Determination Date and in a principal amount equal to not less than $1,000,000 and that is representative of a single transaction in
the market at such time, by the principal Toronto office of three of the five largest Schedule I Canadian chartered banks under the Bank Act (Canada) in the Canadian Interbank market selected by the Company at approximately 10:00 a.m., Toronto time,
on December 14, 2006 or applicable Floating Rate Determination Date. The Three Month BA Rate will be determined on December 14, 2006 and on each Floating Rate Determination Date thereafter. Interest is calculated quarterly not in advance.
“Floating Rate Determination Date” means December 14, March 14, June 14 and September 14 of each year. 

Interest Period means in respect of an Interest Payment Date, the period commencing on and including the previous Interest Payment Date
(or, in the case of the initial Interest Period, December 14, 2006), and ending on the day before such Interest Payment Date. 
  

	10.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 THIRD SUPPLEMENTAL INDENTURE 
 This Third Supplemental Indenture is made as of May 25, 2007, between 
  

					
		  	HONDA CANADA. FINANCE INC.,	  	
		  	a corporation incorporated under the laws of Canada, (the “Issuer”)	  	
			
		  	and	  	
			
		  	CIBC MELLON TRUST COMPANY	  	
		  	a trust company existing under the laws of Canada, (the “Trustee”)	  	

 RECITALS 

A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee as supplemented by the First Supplemental
Indenture made as of August 25, 2006 and the Second Supplemental Indenture made as of December 14, 2006 (as further amended, supplemented, modified, restated and replaced from time to time, the “Trust Indenture”),
provision was made for the issuance of Additional Debentures from time to time pursuant to a supplemental indenture. 
 B. The Issuer has
authorized the issuance of an additional series of Debentures to be known as the “Series 2007-1 Debentures”. 
 FOR VALUE
RECEIVED, the parties agree as follows: 
 SECTION 1 – INTERPRETATION 
 1.1 Definitions 
 In this Third Supplemental Indenture the following terms
will have the following meanings: 
 (1) Series 2007-1 Debentures means the Senior Unsecured Series 2007-1 Debentures to be
created and issued hereunder. 
 (2) Series 2007-1 Interest Payment Date means a date upon which payment of interest is due in
respect of a Series 2007-1 Debenture namely each of August 25, 2007, November 25, 2007, February 25, 2008, May 25, 2008, August 25, 2008, November 25, 2008, February 25,
2009, May 25, 2009, August 25, 2009, November 25, 2009, February 25, 2010 and the Series 2007-1 Maturity Date. 

 (3) Series 2007-1 Interest Period means in respect of a Series 2007-1 Interest Payment Date,
the period commencing on and including the previous Series 2007-1 Interest Payment Date and ending on the day before such Series 2007-1 Interest Payment Date. 
 (4) Series 2007-1 Maturity Date means May 25, 2010. 
 1.2 Meanings In Trust
Indenture 
 Unless otherwise defined in this Third Supplemental Indenture, all capitalized terms used in this Third
Supplemental Indenture shall have the meanings attributed thereto in the Trust Indenture. 
 1.3 Interpretation 

This Third Supplemental Indenture is supplemental to the Trust Indenture and the Trust Indenture shall be read in conjunction with this
Third Supplemental Indenture and all of the provisions of the Trust Indenture shall apply to and shall have effect in connection with this Third Supplemental Indenture in the same manner as if all of the provisions of the Trust Indenture and of this
Third Supplemental Indenture were contained in one instrument. If any terms of the Trust Indenture are inconsistent with the express terms hereof, the terms of the Trust Indenture shall be, solely in respect of the Series 2007-1 Debentures, amended
and supplemented so as to be consistent herewith. The previsions of this Third Supplemental Indenture are applicable only in respect of the Series 2007-1 Debentures. 
 1.4 Currency 
 Unless stated otherwise, all amounts herein are stated in
Canadian Dollars. 
 SECTION 2 – DEBENTURES 
 2.1 Designation, Terms, Form and Issuance of the Series 2007-1 Debentures 
  

	(1)	The Series 2007-1 Debentures shall: 

  

	 	(a)	be issued on or before May 25, 2007; 

  

	 	(b)	be designated “Senior Unsecured Series 2007-1 Debentures”; 

  

	 	(c)	bear interest from and including the date of issuance or the most recent Series 2007-1 Interest Payment Date, at a rate equal to the Floating Rate plus 0.10%, payable
quarterly in arrears on each Series 2007-1 Interest Payment Date, the first such payment being due on August 25, 2007; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2007-1 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2007-1 Maturity Date in full to each holder of a Series 2007-1 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  
 - 2 -

	 	(g)	be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Third Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2007-1 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $225,000,000. 

  

	(2)	The “Floating Rate Determination Date” shall be February 25, May 25, August 25 and November 25 of each year.

  

	(3)	Section 4.5 of the Trust Indenture shall not apply in respect of the Series 2007-1 Debentures but shall be replaced by the following: “Neither the Corporation
nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any Series 2007-1 Debenture during the following periods each year: (i) from and including May 10 to and including May 25; (ii) from and
including August 10 to and including August 25; (iii) from and including November 10 to and including November 25; and (iv) from and including February 10 to and including February 25.”

 SECTION 3 – GENERAL 
 3.1 Confirmation of Trust Indenture 
 The Trust Indenture as supplemented
and amended by this Third Supplemental Indenture, shall and does continue in full force and effect, otherwise unamended, and the Trust Indenture, as so supplemented and amended together with all the grants created thereby, is hereby ratified and
confirmed. 
 3.2 Interest Act 
 For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Third Supplemental Indenture (and stated herein to be computed on the basis of a 365
day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such other period of time, as the case may be.

 3.3 Acceptance 
 The Trustee hereby accepts the trust in this Third Supplemental Indenture declared and provided for and agrees to perform the same on the terms and conditions herein set forth. 

  
 - 3 -

 3.4 Counterparts and Formal Date 

This Third Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original,
and such counterparts together shall constitute one and the same instrument and notwithstanding their date of execution shall be deemed to bear date as of May 25, 2007. 
 [SIGNATURE PAGE FOLLOWS] 

  
 - 4 -

 The parties have executed this Third Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ Harald Ladewig

		 	Name:	 	Harald Ladewig
		 	Title:	 	Treasurer
		
	By:	 	 /s/ Yatendra Killer

		 	Name:	 	Yatendra Killer
		 	Title:	 	Assistant Treasurer
	
	CIBC MELLON TRUST COMPANY
		
	By:	 	 /s/ Chris McGregor

		 	Name:	 	Chris McGregor
		 	Title:	 	Account Manager
		
	By:	 	 /s/ Pamela Lively

		 	Name:	 	Pamela Lively
		 	Title:	 	Associate Manager

  
 - 5 -

 Schedule 2.1(1)(g) - Form of Series 2007-1 Debenture 

2.1(1)(g) - 1 

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such
other name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has an interest herein. This certificate is used pursuant to a Master Letter of Representations of the issuer to CDS, as such letter may be replaced or
amended from time to time. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) May 25, 2007, and (ii) the date the
issuer became a reporting Issuer in any province or territory. 
  

									
		 	CUSIP# CA43812ZAM29
		
	SERIES 2007-1	 	Serial
No.                           

HONDA CANADA FINANCE INC. 
 DEBENTURE 
  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
		 		 	May 25, 2010

 for value received hereby promises to pay to or to the order of 

 

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	 	 	DOLLARS

 plus
interest thereon on each Interest Payment Date for the Interest Period then ended at the rate of interest equal to the Three Month BA Rate plus 0.10% computed on the outstanding balance of the Debenture on the basis of the actual number of days
elapsed and a year of 365 days payable in lawful money of Canada 
 on presentation and, on the Maturity Date surrender of this Debenture.

 Interest Payment Dates: PAYABLE QUARTERLY IN ARREARS ON FEBRUARY 25, MAY 25, AUGUST 25, AND NOVEMBER 25 OF EACH YEAR COMMENCING ON AUGUST
25, 2007* 
 SPECIAL FEATURES 

Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually
countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent. 
 IN WITNESS WHEREOF,
Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 
 Dated: 

Countersigned on behalf of 
 Canadian Imperial
Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2007-1 Debentures of the Company (the “Debentures”) issued pursuant
to the Indenture made as of September 26, 2005, the first supplemental Indenture thereto dated August 25, 2006, the second supplemental Indenture thereto dated December 14, 2006 and the third supplemental Indenture thereto dated
May 25, 2007 (the “Indenture”) between the Company and CIBC Mellon Trust Company (the “Trustee”). This Debenture and all other Debentures now or hereafter issued or certified under the Indenture shall rank pari passu with
all other senior unsecured obligations of the Company. 

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture.

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Debenture Maturity Date, as more particularly provided in the Indenture. 

 

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	 In this Debenture, Three Month BA Rate means the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rates of
interest for Canadian dollar bankers’ acceptances with a maturity of three months from May 25, 2007 or applicable Floating Rate Determination Date, as expressed on the Reuter’s CDOR pages as of 10:00 a.m., Toronto time, on
May 25, 2007 or applicable Floating Rate Determination Date, if three or more such bid rates appear on such Reuters CDOR page at any such time. If fewer than three such bid rates appear on the Reuters CDOR page at any such time, the Three Month
BA Rate shall be the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rate quotations for Canadian dollar bankers’ acceptances with a maturity for three months from May 25, 2007

 

	 	
or applicable Floating Rate Determination Date and in a principal amount equal to not less than $1,000,000 and that is representative of a single transaction in the market at such time, by the
principal Toronto office of three of the five largest Schedule I Canadian chartered banks under the Bank Act (Canada) in the Canadian Interbank market selected by the Company at approximately 10:00 a.m., Toronto time, on May 25, 2007 or
applicable Floating Rate Determination Date. The Three Month BA Rate will be determined on May 25, 2007 and on each Floating Rate Determination Date thereafter. Interest is calculated quarterly not in advance. “Floating Rate Determination
Date” means February 25, May 25, August 25 and November 25 of each year. 

 Interest
Period means in respect of an Interest Payment Date, the period commencing on and including the previous Interest Payment Date (or, in the case of the initial Interest Period, May 25, 2007), and ending on the day before such Interest Payment
Date. 
  

	10.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on the basis
of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the case may be.

 
 

 FOURTH SUPPLEMENTAL INDENTURE 

This Fourth Supplemental Indenture is made as of September 26, 2007, between 

 

	
	 HONDA CANADA FINANCE INC.,
 a corporation incorporated under the laws of Canada, (the “Issuer”)
  

and 
  

CIBC MELLON TRUST COMPANY 
 a trust
company existing under the laws of Canada, (the “Trustee”)

 RECITALS 

A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee as supplemented by the First Supplemental
Indenture made as of August 25, 2006, the Second Supplemental Indenture made as of December 14, 2006 and the Third Supplemental Indenture made as of May 25, 2007 (as further amended, supplemented, modified, restated and replaced from
time to time, the “Trust Indenture”), provision was made for the issuance of Additional Debentures from time to time pursuant to a supplemental indenture. 
 B. The Issuer has authorized the issuance of one series of Debentures to be known as the “Series 2007-2 Debentures”. 
 FOR VALUE RECEIVED, the parties agree as follows: 
 SECTION 1 – INTERPRETATION

 1.1 Definitions 
 In this Fourth Supplemental Indenture the following terms will have the following meanings: 
 (1)
Series 2007-2 Debentures means the Senior Unsecured Series 2007-2 Debentures to be created and issued hereunder. 
 (2)
Series 2007-2 Interest Payment Date means a date upon which payment of interest is due in respect of a Series 2007-2 Debenture namely each of March 26, 2008, September 26, 2008, March 26,
2009, September 26, 2009, March 26, 2010, September 26, 2010, March 26, 2011, September 26, 2011, March 26, 2012 and the Series 2007-2 Maturity Date. 

 (3) Series 2007-2 Interest Period means in respect of a Series 2007-2 Interest Payment Date,
the period commencing on and including the previous Series 2007-2 Interest Payment Date and ending on the day before such Series 2007-2 Interest Payment Date. 
 (4) Series 2001-2 Maturity Date means September 26, 2012. 
 1.2 Meanings in
Trust Indenture 
 Unless otherwise defined in this Fourth Supplemental Indenture, all capitalized terms used in this Fourth
Supplemental Indenture shall have the meanings attributed thereto in the Trust Indenture. 
 1.3 Interpretation 

This Fourth Supplemental Indenture is supplemental to the Trust Indenture and the Trust Indenture shall be read in conjunction with this
Fourth Supplemental Indenture and all of the provisions of the Trust Indenture shall apply to and shall have effect in connection with this Fourth Supplemental Indenture in the same manner as if all of the provisions of the Trust Indenture and of
this Fourth Supplemental Indenture were contained in one instrument. If any terms of the Trust Indenture are inconsistent with the express terms hereof, the terms of the trust Indenture shall be, solely in respect of the Series 2007-2 Debentures,
amended and supplemented so as to be consistent herewith. The provisions of this Fourth Supplemental Indenture are applicable only in respect of the Series 2007-2 Debentures. 
 1.4 Currency 
 Unless stated otherwise, all amounts herein are stated in
Canadian Dollars. 
 SECTION 2 – DEBENTURES 
 2.1 Designation, Terms, Form and Issuance of the Series 2007-2 Debentures 
 (1) The Series
2007-2 Debentures shall: 
  

	 	(a)	be issued on or before September 26, 2007; 

  

	 	(b)	be designated “Senior Unsecured Series 2007-2 Debentures”; 

  

	 	(c)	bear interest on an annual basis not in advance commencing on the date of issuance at a fixed rate equal to 5.675% per annum, payable in equal instalments
semi-annually on each 2007-2 Interest Payment Date, the first such payment being due on March 26, 2008; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2007-2 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2007-2 Maturity Date in full to each holder of a Series 2007-2 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  
 - 2 -

	 	(g)	be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Fourth Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2007-2 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $600,000,000. 

(2) Section 4.5 of the Trust Indenture shall not apply in respect of the Series 2007-2 Debentures but shall be replaced by the following:
“Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any Series 2007-2 Debenture during the following periods each year: (i) from and including March 11 to and including
March 26; and (ii) from and including September 11 to and including September 26.” 
 SECTION 3 – GENERAL

 3.1 Confirmation of Trust Indenture 
 The Trust Indenture as supplemented and amended by this Fourth Supplemental Indenture, shall and does continue in full force and effect, otherwise unamended, and the Trust Indenture, as so supplemented
and amended together with all the grants created thereby, is hereby ratified and confirmed. 
 3.2 Interest Act 

For purposes of disclosure pursued to the Interest Act (Canada), the annual rates of interest provided in this Fourth Supplemented
Indenture (and stated herein to be computed on the basis of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and
divided by 365 or such other period of time, as the case may be. 
 3.3 Acceptance 

The Trustee hereby accepts the trust in this Fourth Supplemental Indenture declared and provided for and agrees to perform the same on the
terms and conditions herein set forth. 

  
 - 3 -

 3.4 Counterparts and Formal Date 

This Fourth Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original,
and such counterparts together shall constitute one and the same instrument and notwithstanding their date of execution shall be deemed to bear date as of September 26, 2007. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 4 -

 The parties have executed this Fourth Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ David A. Sudbury

		 	Name:	 	David A. Sudbury
		 	Title:	 	Treasurer
		
	By:	 	 /s/ Yatendra Killer

		 	Name:	 	Yatendra Killer
		 	Title:	 	Assistant Treasurer
	
	CIBC MELLON TRUST COMPANY
		
	By:	 	 /s/ Chris McGregor

		 	Name:	 	Chris McGregor
		 	Title:	 	Account Manager
		
	By:	 	 /s/ Pamela Lively

		 	Name:	 	Pamela Lively
		 	Title:	 	Associate Manager

  
 - 5 -

 Schedule 2.1(1)(g) – Form of Series 2007-2 Debenture 

  
 2.1(1)(g) - 1

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such
other name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has an interest herein. This certificate is used pursuant to a Master Letter of Representations of the issuer to CDS, as such letter may be replaced or
amended from time to time. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) September 26, 2007, and (ii) the date
the issuer became a reporting issuer in any province or territory. 
  

					
		 	CUSIP# CA43812ZAN02
		
	SERIES 2007-2	 	Serial
No.                          

HONDA CANADA FINANCE INC. 
 DEBENTURE 
  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
	SEPTEMBER 26, 2007	 	**CAD$600,000,000**	 	SEPTEMBER 26, 2012

 for value received hereby promises to pay to or to the order of 
  

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	***SIX HUNDRED MILLION***	 	DOLLARS

 plus
interest thereon on each Interest Payment Date at a fixed rate of interest equal to 5.675% per annum calculated on an accrual basis, not in advance, on the outstanding balance of the Debenture on the basis of the actual number of days elapsed
and a year of 365 days payable in lawful money of Canada 
 on presentation and, on the Maturity Date surrender of this Debenture. 

Interest Payment Dates: IN EQUAL INSTALLMENTS SEMI-ANNUALLY ON SEPTEMBER 26 AND MARCH 26 OF EACH YEAR COMMENCING ON MARCH 26, 2008* 

SPECIAL FEATURES 
 Reference is hereby made to
the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent.

 IN WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 

Dated: SEPTEMBER 26, 2007 
 Countersigned on
behalf of 
 Canadian Imperial Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2007-2 Debentures of the Company (the “Debentures”) issued pursuant
to the Indenture made as of September 26, 2005, the first supplemental indenture thereto dated August 25, 2006, the second supplemental Indenture thereto dated December 14, 2006, the third supplemental Indenture thereto dated
May 25, 2007 and the fourth supplemental Indenture thereto dated September 26, 2007 (the “Indenture”) between the Company and CIBC Mellon Trust Company (the “Trustee”). This Debenture and all other Debentures now or
hereafter issued or certified under the Indenture shall rank pari passu with all other senior unsecured obligations of the Company. 

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture.

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Debenture Maturity Date, as more particularly provided in the Indenture. 

 

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written Instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of times less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 FIFTH SUPPLEMENTAL INDENTURE 
 This Fifth Supplemental Indenture is made as of November 30, 2007, between 
  

	
	 HONDA CANADA FINANCE INC.,
 a corporation incorporated under the laws of Canada, (the “Issuer”)
  

and
  
 CIBC MELLON TRUST COMPANY 
 a Trust company existing under the laws of Canada, (the
“Trustee”)

 RECITALS 

A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee as supplemented by the First Supplemental
Indenture made as of August 25, 2006, the Second Supplemental Indenture made as of December 14, 2006, the Third Supplemental Indenture made as of May 25, 2007 and the Fourth Supplemental Indenture made as of September 26, 2007
(as further amended, supplemented, modified, restated and replaced from time to time, the “Trust Indenture”), provision was made for the issuance of Additional Debentures from time to time pursuant to a supplemental indenture.

 B. The Issuer has authorized the issuance of two series of Debentures to be known as the “Series 2007-3 Debentures” and the
“Series 2007-4 Debentures”. 
 FOR VALUE RECEIVED, the parties agree as follows: 

SECTION 1 – INTERPRETATION 
 1.1
Definitions 
 In this Fifth Supplemental Indenture the following terms will have the following meanings: 

(1) Series 2007-3 Debentures means the Senior Unsecured Series 2007-3 Debentures to be created and issued hereunder. 

(2) Series 2007-4 Debentures means the Senior Unsecured Series 2007-4 Debentures to be created and issued hereunder. 

(3) Series 2007-3 Interest Payment Date means a date upon which payment of interest is due in respect of a Series 2007-3 Debenture namely
each of March 1, 2008, June 1, 2008, September 1, 2008, December 1, 2008, March 1, 2009, June 1, 2009, September 1, 2009 and the Series 2007-3 Maturity Date. 

 (4) Series 2007-4 Interest Payment Date means a date upon which payment of interest is due in
respect of a Series 2007-4 Debenture namely each of May 30, 2008, November 30, 2008, May 30, 2009, November 30, 2009, May 30, 2010 and the Series 2007-4 Maturity Date. 

(5) Series 2007-3 Interest Period means in respect of a Series 2007-3 Interest Payment Date, the period commencing on and including the
previous Series 2007-3 Interest Payment Date and ending on the day before such Series 2007-3 Interest Payment Date. 
 (6) Series 2007-4
Interest Period means in respect of a Series 2007-4 Interest Payment Date, the period commencing on and including the previous Series 2007-4 Interest Payment Date and ending on the day before such Series 2007-4 Interest Payment Date.

 (7) Series 2007-3 Maturity Date means December 1, 2009. 
 (8) Series 2007-4 Maturity Date means November 30, 2010. 
 1.2 Meanings in
Trust Indenture 
 Unless otherwise defined in this Fifth Supplemental Indenture, all capitalized terms used in this Fifth
Supplemental Indenture shall have the meanings attributed thereto in the Trust Indenture. 
 1.3 Interpretation 

This Fifth Supplemental Indenture is supplemental to the Trust Indenture and the Trust Indenture shall be read in conjunction with this
Fifth Supplemental Indenture and all of the provisions of the Trust Indenture shall apply to and shall have effect in connection with this Fifth Supplemental Indenture in the same manner as if all of the provisions of the Trust Indenture and of this
Fifth Supplemental Indenture were contained in one instrument. If any terms of the Trust Indenture are inconsistent with the express terms hereof, the terms of the Trust Indenture shall be, solely in respect of the Series 2007-3 Debentures and the
Series 2007-4 Debentures, amended and supplemented so as to be consistent herewith. The provisions of this Fifth Supplemental Indenture are applicable only in respect of the Series 2007-3 Debentures and the Series 2007-4 Debentures. 

1.4 Currency 
 Unless
stated otherwise, all amounts herein are stated in Canadian Dollars. 
 SECTION 2 – DEBENTURES 

2.1 Designation, Terms, Form and Issuance of the Series 2007-3 Debentures and the Series 2007-4 Debentures 

(1) The Series 2007-3 Debentures shall: 
  

	 	(a)	be issued on or before November 30, 2007; 

  
 - 2 -

	 	(b)	be designated “Senior Unsecured Series 2007-3 Debentures”; 

  

	 	(c)	bear interest from and including the date of issuance at a rate equal to the Floating Rate plus 0.65%, payable quarterly in arrears on each Series 2007-3 Interest
Payment Date, the first such payment being due on March 1, 2008; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2007-3 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2007-3 Maturity Date in full to each holder of a Series 2007-3 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Fifth Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2007-3 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $50,000,000. 

(2) The Series 2007-4 Debentures shall: 
  

	 	(a)	be issued on or before November 30, 2007; 

  

	 	(b)	be designated “Senior Unsecured Series 2007-4 Debentures”; 

  

	 	(c)	bear interest on an annual basis not in advance commencing on the date of issuance at a fixed rate equal to 5.307% per annum, payable in equal instalments
semi-annually on each Series 2007-4 Interest Payment Date, the first such payment being due on May 30, 2008; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2007-4 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2007-4 Maturity Date in full to each holder of a Series 2007-4 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  
 - 3 -

	 	(g)	be substantially in the form set out in Schedule 2.1(2)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Fifth Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2007-4 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $450,000,000. 

(3) For purposes of the Series 2007-3 Debentures, the “Floating Rate Determination Date” shall be December I, March 1, June 1
and September 1 of each year. 
 (4) Section 4.5 of the Trust Indenture shall not apply in respect of the Series 2007-3 Debentures and
the Series 2007-4 Debentures but shall be replaced by the following: “Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any Series 2007-3 Debenture or any Series 2007-4 Debenture during
the following periods each year: 
  

	 	(a)	in the case of the Series 2007-3 Debentures (i) from and including November 16 to and including December 1, (ii) from and including February 14
to and including March 1, (iii) from and including May 17 to and including June 1, and (iv) from and including August 17 to and including September 1, and 

 

	 	(b)	in the case of Series 2007-4 Debentures (i) from and including November 15 to and including November 30, and (ii) from and including May 15 to
and including May 30.” 

 SECTION 3 – GENERAL 
 3.1 Confirmation of Trust Indenture 
 The Trust Indenture as supplemented
and amended by this Fifth Supplemental Indenture, shall and does continue in full force and effect, otherwise unamended, and the Trust Indenture, as so supplemented and amended together with all the grants created thereby, is hereby ratified and
confirmed. 
 3.2 Interest Act 
 For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Fifth Supplemental Indenture (and stated herein to be computed on the basis of a 365
day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such other period of time, as the case may be.

  
 - 4 -

 3.3 Acceptance 
 The Trustee hereby accepts the trust in this Fifth Supplemental Indenture declared and provided for and agrees to perform the same on the terms and conditions herein set forth. 

3.4 Counterparts and Formal Date 
 This Fifth Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same
instrument and notwithstanding their date of execution shall be deemed to bear date as of November 30, 2007. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 5 -

 The parties have executed this Fifth Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ Harald Ladewig

		 	Name:	 	Harald Ladewig
		 	Title:	 	Treasurer
		
	By:	 	 /s/ Yatendra Killer

		 	Name:	 	Yatendra Killer
		 	Title:	 	Assistant Treasurer
	
	CIBC MELLON TRUST COMPANY
		
	By:	 	 /s/ Chris McGregor

		 	Name:	 	Chris McGregor
		 	Title:	 	Account Manager
		
	By:	 	 /s/ Pamela Lively

		 	Name:	 	Pamela Lively
		 	Title:	 	Associate Manager

  
 - 6 -

 Schedule 2.1(1)(g) – Form of Series 2007-3 Debenture 

  
 2.1(1)(g) - 1

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other
name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has an interest herein. This certificate is used pursuant to a Master Letter of Representations of the Issuer to CDS, as such letter may be replaced or amended from
time to time. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) November 30, 2007, and (ii) the date the issuer became a
reporting issuer in any province or territory. 
  

					
		 	CUSIP# CA43812ZAP59
		
	SERIES 2007-3	 	Serial No.                         
 

 HONDA CANADA FINANCE INC. 

DEBENTURE 
  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
	NOVEMBER 30, 2007	 	**CAD$ —**	 	DECEMBER 1, 2009

 for value received hereby promises to pay to or to the order of 
  

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	 	 	DOLLARS

 plus
interest thereon on each Interest Payment Date at a rate of interest equal to the Three Month BA Rate plus 0.65% calculated quarterly, not in advance, on the outstanding balance of the Debenture on the basis of the actual number of days elapsed and
a year of 365 days payable in lawful money of Canada 
 on presentation and, on the Maturity Date surrender of this Debenture. 

Interest Payment Dates: PAYABLE QUARTERLY IN ARREARS ON DECEMBER 1, MARCH 1, JUNE 1 AND SEPTEMBER 1 OF EACH YEAR COMMENCING ON MARCH 1, 2008*

 SPECIAL FEATURES 
 Reference is
hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and
paying agent. 
 IN WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories.

 Dated: NOVEMBER 30, 2007 

Countersigned on behalf of 
 Canadian Imperial
Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2007-3 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 26, 2005, the first supplemental Indenture thereto dated August 25, 2006, the second supplemental Indenture thereto dated December 14, 2006, the third supplemental Indenture thereto dated
May 25, 2007, the fourth supplemental Indenture thereto dated September 26, 2007 and the fifth supplemental Indenture thereto dated November 30, 2007 (the “Indenture”) between the Company and CIBC Mellon Trust Company (the
“Trustee”). This Debenture and all other Debentures now or hereafter issued or certified under the Indenture shall rank pari passu with all other senior unsecured obligations of the Company. 

 

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture.

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Maturity Date of the Debentures, as more particularly provided in the Indenture.

  

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	 In this Debenture, Three Month BA Rate means the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rates of
interest for Canadian dollar bankers’ acceptances with a maturity of three months from November 30, 2007 or applicable Floating Rate Determination Date, as expressed on the Reuters CDOR pages as of 10:00 a.m., Toronto time, on
November 30, 2007 or applicable Floating Rate Determination Date, if three or more such bid rates appear on such Reuters CDOR page at any such time. If fewer than three such bid rates appear on the Reuters CDOR page at any such time, the Three
Month BA Rate shall be the rate per annum equal to the arithmetic average rounded to the fifth decimal place of the bid rate quotations for Canadian dollar bankers’ acceptances with a maturity of three months from November 30, 2007 or
applicable Floating Rate Determination Date and in a principal amount equal to not less than $1,000,000

 

	 	
and that is representative of a single transaction in the market at such time, by the principal Toronto office of three of the five largest Schedule I Canadian chartered banks under the Bank Act
(Canada) in the Canadian interbank market selected by the Company at approximately 10:00 a.m., Toronto time, on November 30, 2007 or applicable Floating Rate Determination Date. The Three Month BA Rate will be determined on November 30,
2007 and on each Floating Rate Determination Date thereafter. Interest is calculated quarterly not in advance. “Floating Rate Determination Date” means December 1, March 1, June 1 and September 1 of each year.

 Interest Period means in respect of an Interest Payment Date, the period commencing on
and including the previous Interest Payment Date (or, in the case of the initial Interest Period, November 30, 2007), and ending on the day before such Interest Payment Date. 

 

	10.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of Interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 Schedule 2.1(2)(g) – Form of Series 2007-4 Debenture 

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other
name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has an interest herein. This certificate is used pursuant to a Master Letter of Representations of the issuer to CDS, as such letter may be replaced or amended from
time to time. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) November 30, 2007, and (ii) the date the issuer became a
reporting Issuer in any province or territory. 
  

							
		  		 	CUSIP# CA43812ZAQ33
			
	SERIES 2007-4	  		 	Serial No.                         
 

 HONDA CANADA FINANCE INC. 

DEBENTURE 
  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
	NOVEMBER 30, 2007	 	**CAD$ —**	 	NOVEMBER 30, 2010

 for value received hereby promises to pay to or to the order of 
  

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

					
	 on the Maturity Date the sum of 
	 	 	 	DOLLARS

 plus
interest thereon on each Interest Payment Date at a fixed rate of interest equal to 5.307% per annum calculated on an annual basis, not in advance, on the outstanding balance of the Debenture on the basis of the actual number of days elapsed
and a year of 365 days payable in lawful money of Canada 
 on presentation and, on the Maturity Date surrender of this Debenture. 

Interest Payment Dates: IN EQUAL INSTALMENTS SEMI-ANNUALLY ON NOVEMBER 30 AND MAY 30 OF EACH YEAR COMMENCING ON MAY 30, 2008* 

SPECIAL FEATURES 
 Reference is hereby made to
the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent.

 IN WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 

Dated: NOVEMBER 30, 2007 
 Countersigned on
behalf of 
 Canadian Imperial Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2007-4 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 26, 2005, the first supplemental Indenture thereto dated August 25, 2006, the second supplemental Indenture thereto dated December 14, 2006, the third supplemental Indenture thereto dated
May 25, 2007, the fourth supplemental Indenture thereto dated September 26, 2007 and the fifth supplemental Indenture thereto dated November 30, 2007 (the “Indenture”) between the Company and CIBC Mellon Trust Company (the
“Trustee”). 

 This Debenture and all other Debentures now or hereafter issued or certified under the
Indenture shall rank pari passu with all other senior unsecured obligations of the Company. 
  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of the Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures.

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Maturity Date of the Debentures, as more particularly provided in the Indenture.

  

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 SIXTH SUPPLEMENTAL INDENTURE 
 This Sixth Supplemental Indenture is made as of May 9, 2008, between 
  

	
	 HONDA CANADA FINANCE INC.,
 a corporation incorporated under the laws of Canada, (the “Issuer”)
  

and
  
 CIBC MELLON TRUST COMPANY 
 a trust company existing under the laws of Canada, (the
“Trustee”)

 RECITALS 

A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee as supplemented by the First Supplemental
Indenture made as of August 25, 2006, the Second Supplemental Indenture made as of December 14, 2006, the Third Supplemental Indenture made as of May 25, 2007, the Fourth Supplemental Indenture made as of September 26, 2007 and
the Fifth Supplemental Indenture made as of November 30, 2007 (as further amended, supplemented, modified, restated and replaced from time to time, the “Trust Indenture”), provision was made for the issuance of Additional
Debentures from time to time pursuant to a supplemental indenture. 
 B. The Issuer has authorized the issuance of two series of Debentures to
be known as the “Series 2008-1 Debentures” and the “Series 2008-2 Debentures”. 
 FOR VALUE RECEIVED, the parties
agree as follows: 
 SECTION 1 – INTERPRETATION 
 1.1 Definitions 
 In this Sixth Supplemental Indenture the following terms
will have the following meanings: 
 (1) Series 2008-1 Debentures means the Senior Unsecured Series 2008-1 Debentures to be
created and issued hereunder. 
 (2) Series 2008-2 Debentures means the Senior Unsecured Series 2008-2 Debentures to be created
and issued hereunder. 
 (3) Series 2008-1 Interest Payment Date means a date upon which payment of interest is due in respect of
a Series 2008-1 Debenture namely each of November 9, 2008, May 9, 2009, November 9, 2009 , May 9, 2010, November 9, 2010 and the Series 2008-1 Maturity Date. 

 (4) Series 2008-2 Interest Payment Date means a date upon which payment of interest is due in
respect of a Series 2008-2 Debenture namely each of November 9, 2008, May 9, 2009, November 9, 2009, May 9, 2010, November 9, 2010, May 9, 2011, November 9, 2011, May 9,
2012, November 9, 2012 and the Series 2008-2 Maturity Date. 
 (5) Series 2008-1 Interest Period means in respect of a
Series 2008-1 Interest Payment Date, the period commencing on and including the previous Series 2008-1 Interest Payment Date and ending on the day before such Series 2008-1 Interest Payment Date. 

(6) Series 2008-2 Interest Period means in respect of a Series 2008-2 Interest Payment Date, the period commencing on and including the
previous Series 2008-2 Interest Payment Date and ending on the day before such Series 2008-2 Interest Payment Date. 
 (7) Series 2008-1
Maturity Date means May 9, 2011. 
 (8) Series 2008-2 Maturity Date means May 9, 2013. 

1.2 Meanings in Trust Indenture 
 Unless otherwise defined in this Sixth Supplemental Indenture, all capitalized terms used in this Sixth Supplemental Indenture shall have the meanings attributed thereto in the Trust Indenture.

 1.3 Interpretation 
 This Sixth Supplemental Indenture is supplemental to the Trust Indenture and the Trust Indenture shall be read in conjunction with this Sixth Supplemental Indenture and all of the provisions of the Trust
Indenture shall apply to and shall have effect in connection with this Sixth Supplemental Indenture in the same manner as if all of the provisions of the Trust Indenture and of this Sixth Supplemental Indenture were contained in one instrument. If
any terms of the Trust Indenture are inconsistent with the express terms hereof, the terms of the Trust Indenture shall be, solely in respect of the Series 2008-1 Debentures and the Series 2008-2 Debentures, amended and supplemented so as to be
consistent herewith. The provisions of this Sixth Supplemental Indenture are applicable only in respect of the Series 2008-1 Debentures and the Series 2008-2 Debentures. 
 1.4 Currency 
 Unless stated otherwise, all amounts herein are stated in
Canadian Dollars. 
 SECTION 2 – DEBENTURES 
 2.1 Designation, Terms, Form and Issuance of the Series 2008-1 Debentures and the Series 2008-2 Debentures 
 (1) The Series 2008-1 Debentures shall: 
  

	 	(a)	be issued on or before May 9, 2008; 

  
 - 2 -

	 	(b)	be designated “Senior Unsecured Series 2008-1 Debentures”; 

  

	 	(c)	bear interest on an annual basis not in advance commencing on the date of issuance at a fixed rate equal to 4.727% per annum, payable in equal instalments
semi-annually on each Series 2008-1 Interest Payment Date, the first such payment being due on November 9, 2008; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2008-1 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2008-1 Maturity Date in full to each holder of a Series 2008-1 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Sixth Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2008-1 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $400,000,000. 

(2) The Series 2008-2 Debentures shall: 
  

	 	(a)	be issued on or before May 9, 2008; 

  

	 	(b)	be designated “Senior Unsecured Series 2008-2 Debentures”; 

  

	 	(c)	bear interest on an annual basis not in advance commencing on the date of issuance at a fixed rate equal to 5.076% per annum, payable in equal installments
semi-annually on each Series 2008-2 Interest Payment Date, the first such payment being due on November 9, 2008; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2008-2 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2008-2 Maturity Date in full to each holder of a Series 2008-2 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  
 - 3 -

	 	(g)	be substantially in the form set out in Schedule 2.1(2)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Sixth Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2008-2 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $350,000,000. 

(3) Section 4.5 of the Trust Indenture shall not apply in respect of the Series 2008-1 Debentures and the Series 2008-2 Debentures but shall be
replaced by the following: “Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any Series 2008-1 Debenture or any Series 2008-2 Debenture during the following periods each year:

  

	 	(a)	in the case of Series 2008-1 Debentures (i) from and including April 22 to and including May 9, and (ii) from and including October 23 to and
including November 9, and 

  

	 	(b)	in the case of Series 2008-2 Debentures (i) from and including April 22 to and including May 9, and (ii) from and including October 23 to and
including November 9.” 

 SECTION 3 – GENERAL 
 3.1 Confirmation of Trust Indenture 
 The Trust Indenture as supplemented
and amended by this Sixth Supplemental Indenture, shall and does continue in full force and effect, otherwise unamended, and the Trust Indenture, as so supplemented and amended together with all the grants created thereby, is hereby ratified and
confirmed. 
 3.2 Interest Act 
 For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Sixth Supplemental Indenture (and stated herein to be computed on the basis of a 365
day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such other period of time, as the case maybe.

  
 - 4 -

 3.3 Acceptance 
 The Trustee hereby accepts the trust in this Sixth Supplemental Indenture declared and provided for and agrees to perform the same on the terms and conditions herein set forth. 

3.4 Counterparts and Formal Date 
 This Sixth Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same
instrument and notwithstanding their date of execution shall be deemed to bear date as of May 9, 2008. 
 [SIGNATURE PAGE
FOLLOWS] 

  
 - 5 -

 The parties have executed this Sixth Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By: 	 	 /s/ Harald Ladewig

		 	Name: 	 	Harald Ladewig
		 	Title:	 	Treasurer
		
	By:	 	 /s/ Yatendra Killer

		 	Name:	 	Yatendra Killer
		 	Title:	 	Assistant Treasurer
	
	CIBC MELLON TRUST COMPANY
		
	By:	 	 /s/ Chris McGregor

		 	Name:	 	Chris McGregor
		 	Title:	 	Account Manager
		
	By:	 	 /s/ Pamela Lively

		 	Name:	 	Pamela Lively
		 	Title:	 	Associate Manager

  
 - 6 -

 Schedule 2.1(1)(g) – Form of Series 2008-1 Debenture 

  
 2.1(1)(g) - 1

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other
name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has an interest herein. This certificate is used pursuant to a Master Letter of Representations of the issuer to CDS, as such letter may be replaced or amended from
time to time. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) May 9, 2008, and (ii) the date the issuer became a reporting
Issuer in any province or territory. 
  

							
		  		 	 CUSIP# CA43812ZAR16

			
	SERIES 2008-1	  		 	Serial No.                         
 

 HONDA CANADA FINANCE INC. 

DEBENTURE 
  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
	May 9, 2008	 	**CAD$ —**	 	May 9, 2011

 for value received hereby promises to pay to or to the order of 
  

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	 FOUR HUNDRED MILLION	 	DOLLARS

 plus
interest thereon on each Interest Payment Date at a fixed rate of interest equal to 4.727% per annum calculated on an annual basis not in advance, on the outstanding balance of the Debenture on the basis of the actual number of days elapsed and
a year of 365 days payable in lawful money of Canada on presentation and, on the Maturity Date surrender of this Debenture. 
 Interest Payment
Dates: IN EQUAL INSTALMENTS SEMI-ANNUALLY ON MAY 9 AND NOVEMBER 9 OF EACH YEAR COMMENCING ON NOVEMBER 9, 2008* 
 SPECIAL FEATURES 

Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually
countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent. 
 IN WITNESS WHEREOF,
Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 
 Dated: MAY 9, 2008 

Countersigned on behalf of 
 Canadian Imperial
Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2008-1 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 2, 2005, the first supplemental indenture thereto dated August 25, 2006, the second supplemental indenture thereto dated December 14, 2006, the third supplemental indenture thereto dated
May 25, 2007, the fourth supplemental indenture thereto dated September 26, 2007, the fifth supplemental indenture thereto dated November 30, 2007 and the sixth supplemental indenture thereto dated May 9, 2008 (the
“Indenture”) between the Company and CIBC Mellon Trust Company (the “Trustee”). This Debenture and all other debentures now or hereafter issued or certified under the Indenture shall rank pari passu with all other senior
unsecured obligations of the Company. 

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of the Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures.

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Debenture Maturity Date, as more particularly provided in the Indenture. 

 

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written Instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of times less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 Schedule 2.1(2)(g) – Form of Series 2008-2 Debenture 

  
 - 2 -

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other
name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has an interest herein. This certificate is used pursuant to a Master Letter of Representations of the issuer to CDS, as such letter may be replaced or amended from
time to time. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) May 9, 2008, and (ii) the date the issuer became a reporting
Issuer in any province or territory. 
  

							
		  		 	CUSIP# CA43812ZAS98
			
	SERIES 2008-2	  		 	Serial No.                         

 HONDA CANADA FINANCE INC. 

DEBENTURE 
  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
	May 9, 2008	 	**CAD$ —**	 	May 9, 2013

 for value received hereby promises to pay to or to the order of 
  

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	 CADS THREE HUNDRED AND FIFTY MILLION	 	DOLLARS

 plus
interest thereon on each Interest Payment Date at a fixed rate of interest equal to 5.076% per annum calculated on an annual basis not in advance, on the outstanding balance of the Debenture on the basis of the actual number of days elapsed and
a year of 365 days payable in lawful money of Canada on presentation and, on the Maturity Date surrender of this Debenture. 
 Interest Payment
Dates: IN EQUAL INSTALMENTS SEMI-ANNUALLY ON MAY 9 AND NOVEMBER 9 OF EACH YEAR COMMENCING ON NOVEMBER 9, 2008* 
 SPECIAL FEATURES 

Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually
countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent. 
 IN WITNESS WHEREOF,
Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 
 Dated: MAY 9, 2008 

Countersigned on behalf of 
 Canadian Imperial
Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2008-2 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 26, 2005, the first supplemental indenture thereto dated August 25, 2006, the second supplemental indenture thereto dated December 14, 2006, the third supplemental indenture thereto dated
May 25, 2007, the fourth supplemental indenture thereto dated September 26, 2007, the fifth supplemental indenture thereto dated November 30, 2007 and the sixth supplemental indenture thereto dated May 9, 2008 (the
“Indenture”) between the Company and CIBC Mellon Trust Company (the “Trustee”). This Debenture and all other debentures now or hereafter issued or certified under the Indenture shall rank pari passu with all other senior
unsecured obligations of the Company. 

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of the Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures.

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Debenture Maturity Date, as more particularly provided in the Indenture. 

 

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written Instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of times less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 SEVENTH SUPPLEMENTAL INDENTURE 

This Seventh Supplemental Indenture is made as of September 12, 2008, between 

 

	
	 HONDA CANADA FINANCE INC.,
 a corporation incorporated under the laws of Canada, (the “Issuer”)
  

and
  
 CIBC MELLON TRUST COMPANY 
 a trust company existing under the laws of Canada, (the
“Trustee”)

 RECITALS 

A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee as supplemented by the First Supplemental
Indenture made as of August 25, 2006, the Second Supplemental Indenture made as of December 14, 2006, the Third Supplemental Indenture made as of May 25, 2007, the Fourth Supplemental Indenture made as of September 26, 2007, the
Fifth Supplemental Indenture made as of November 30, 2007 and the Sixth Supplemental Indenture made as of May 9, 2008 (as further amended, supplemented, modified, restated and replaced from time to time, the “Trust
Indenture”), provision was made for the issuance of Additional Debentures from time to time pursuant to a supplemental indenture, 
 B.
The Issuer has authorized the issuance of two series of Debentures to be known as the “Series 2008-3 Debentures” and the “Series 2008-4 Debentures”. 
 FOR VALUE RECEIVED, the parties agree as follows: 
 SECTION 1 – INTERPRETATION

 1.1 Definitions 
 In this Seventh Supplemental Indenture the following terms will have the following meanings: 
 (1)
Series 2008-3 Debentures means the Senior Unsecured Series 2008-3 Debentures to be created and issued hereunder. 
 (2)
Series 2008-4 Debentures means the Senior Unsecured Series 2008-4 Debentures to be created and issued hereunder. 
 (3)
Series 2008-3 Interest Payment Date means a date upon which payment of interest is due in respect of a Series 2008-3 Debenture namely each of March 12, 2009, September 12, 2009, March 12,
2010, September 12, 2010, March 12, 2011, September 12, 2011, March 12, 2012, September 12, 2012, March 12, 2013, and the Series 2008-3 Maturity Date. 

 (4) Series 2008-4 Interest Payment Date means a date upon which payment of interest is due in
respect of a Series 2008-4 Debenture namely each of December 13, 2008, March 13, 2009, June 13, 2009, September 13, 2009, December 13, 2009, March 13, 2010, June 13, 2010 and the
Series 2008-4 Maturity Date. 
 (5) Series 2008-3 Interest Period means in respect of a Series 2008-3 Interest Payment Date, the
period commencing on and including the previous Series 2008-3 Interest Payment Date and ending on the day before such Series 2008-3 Interest Payment Date. 
 (6) Series 2008-4 Interest Period means in respect of a Series 2008-4 Interest Payment Date, the period commencing on and including the previous Series 2008-4 Interest Payment Date and
ending on the day before such Series 2008-4 Interest Payment Date. 
 (7) Series 2008-3 Maturity Date means September 12,
2013. 
 (8) Series 2008-4 Maturity Date means September 13, 2010. 
 1.2 Meanings in Trust Indenture 
 Unless otherwise defined in this Seventh
Supplemental Indenture, all capitalized terms used in this Seventh Supplemental Indenture shall have the meanings attributed thereto in the Trust Indenture. 
 1.3 Interpretation 
 This Seventh Supplemental Indenture is supplemental to
the Trust Indenture and the Trust Indenture shall be read in conjunction with this Seventh Supplemental Indenture and all of the provisions of the Trust Indenture shall apply to and shall have effect in connection with this Seventh Supplemental.
Indenture in the same manner as if all of the provisions of the Trust Indenture and of this Seventh Supplemental Indenture were contained in one instrument. If any terms of the Trust Indenture are inconsistent with the express terms hereof, the
terms of the Trust Indenture shall be, solely in respect of the Series 2008-3 Debentures and the Series 2008-4 Debentures, amended and supplemented so as to be consistent herewith. The provisions of this Seventh Supplemental Indenture are applicable
only in respect of the Series 2008-3 Debentures and the Series 2008-4 Debentures. 
 1.4 Currency 

Unless stated otherwise, all amounts herein are stated in Canadian Dollars. 

  
 - 2 -

 SECTION 2 — DEBENTURES 
 2.1 Designation, Terms, Form and Issuance of the Series 2008-3 Debentures and the Series 2008-4 Debentures 
 (1) The Series 2008-3 Debentures shall: 
  

	 	(a)	be issued on or before September 12, 2008; 

  

	 	(b)	be designated “Senior Unsecured Series 2008-3 Debentures”; 

  

	 	(c)	bear interest on an annual basis not in advance commencing on the date of issuance at a fixed rate equal to 5.613% per annum, payable in equal instalments
semi-annually on each Series 2008-3 Interest Payment Date, the first such payment being due on March 12, 2009; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2008-3 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2008-3 Maturity Date in full to each holder of a Series 2008-3 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Seventh Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2008-3
Debenture; 

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $550,000,000. 

(2) The Series 2008-4 Debentures shall: 
  

	 	(a)	be issued on or before September 12, 2008; 

  

	 	(b)	be designated “Senior Unsecured Series 2008-4 Debentures”; 

  

	 	(c)	bear interest from and including the date of issuance at a rate equal to the Floating Rate plus 1.6%, payable quarterly in arrears on each Series 2008-4 Interest
Payment Date, the first such payment being due on December 13, 2008; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  
 - 3 -

	 	(e)	mature on the Series 2008-4 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2008-4 Maturity Date in full to each holder of a Series 2008-4 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 2.1(2)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Seventh Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2008-4
Debenture; 

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $100,000,000. 

(3) For the purposes of the Series 2008-4 Debentures, the “Floating Rate Determination Date” shall be March 13, June 13,
September 13 and December 13 of each year. 
 (4) Section 4.5 of the Trust Indenture shall not apply in respect of the Series
2008-3 Debentures and the Series 2008-4 Debentures but shall be replaced by the following: “Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any Series 2008-3 Debenture or any Series
2008-4 Debenture during the following periods each year: 
  

	 	(a)	in the case of Series 2008-3 Debentures (i) from and including February 25 to and including March 12, and (ii) from and including August 28 to
and including September 12, and 

  

	 	(b)	in the case of Series 2008-4 Debentures (i) from and including February 26 to and including March 13; (ii) from and including May 29 to and
including June 13; (iii) from and including August 29 to and including September 13, and (iv) from and including November 28 to and including December 13.” 

SECTION 3 — GENERAL 
 3.1
Confirmation of Trust Indenture 
 The Trust Indenture as supplemented and amended by this Seventh Supplemental Indenture,
shall and does continue in full force and effect, otherwise unamended, and the Trust Indenture, as so supplemented and amended together with all the grants created thereby, is hereby ratified and confirmed. 

  
 - 4 -

 3.2 Interest Act 
 For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Seventh Supplemental Indenture (and stated herein to be computed on the basis of a
365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such other period of time, as the case may
be. 
 3.3 Acceptance 
 The Trustee hereby accepts the trust in this Seventh Supplemental Indenture declared and provided for and agrees to perform the same on the terms and conditions herein set forth. 

3.4 Counterparts and Formal Date 
 This Seventh Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same
instrument and notwithstanding their date of execution shall be deemed to bear date as of September 12, 2008. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 5 -

 The parties have executed this Seventh Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ Harald Ladewig

		 	Name:	 	Harald Ladewig
		 	Title:	 	Treasurer
		
	By:	 	 /s/ David A. Sudbury

		 	Name:	 	David A. Sudbury
		 	Title:	 	Vice President
	
	CIBC MELLON TRUST COMPANY
		
	By:	 	 /s/ Chris McGregor

		 	Name:	 	Chris McGregor
		 	Title:	 	Account Manager
		
	By:	 	 /s/ Pamela Lively

		 	Name:	 	Pamela Lively
		 	Title:	 	Associate Manager

  
 - 6 -

 Schedule 2.1(1)(g) – Form of Series 2008-3 Debenture 

  
 2.1(1)(g) - 1

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other
name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has an interest herein. This certificate is used pursuant to a Master Letter of Representations of the Issuer to CDS, as such letter may be replaced or amended from
time to time. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) September 12, 2008, and (ii) the date the issuer became a
reporting issuer in any province or territory. 
  

							
		  		 	 CUSIP# CA43812ZAT71

			
	SERIES 2008-3	  		 	 Serial No. 260

 

					
		  	 HONDA CANADA FINANCE INC.
 DEBENTURE
	  	

  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
	SEPTEMBER 12, 2008	 	**CAD$550,000,000**	 	SEPTEMBER 12, 2013

 for value received hereby promises to pay to or to the order of 
  

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	 on the Maturity Date the sum of
	 	 	 	  CAD$ FIVE HUNDRED AND FIFTY MILLION	 	DOLLARS

 plus
interest thereon on each Interest Payment Date at a fixed rate of interest equal to 5.613% per annum calculated on an annual basis, not in advance, on the outstanding balance of the Debenture on the basis of the actual number of days elapsed
and a year of 365 days payable in lawful money of Canada on presentation and, on the Maturity Date surrender of this Debenture. 
 Interest
Payment Dates: IN EQUAL INSTALLMENTS SEMI-ANNUALLY ON MARCH 12 AND SEPTEMBER 12 OF EACH YEAR COMMENCING ON MARCH 12, 2009* 
 SPECIAL FEATURES

 Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only
when manually countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent. 
 IN
WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 
 Dated: SEPTEMBER 12,
2008 
 Countersigned on behalf of 

Canadian Imperial Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2008-3 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 26, 2005, the first supplemental indenture thereto dated August 25, 2006, the second supplemental indenture thereto dated December 14, 2006, the third supplemental indenture thereto dated
May 25, 2007, the fourth supplemental indenture thereto dated September 26, 2007, the fifth supplemental indenture thereto dated November 30, 2007, the sixth supplemental indenture thereto dated May 9, 2008 and the seventh
supplemental indenture thereto dated September 12, 2008 (the “Indenture”) between the Company and CIBC Mellon Trust Company (the “Trustee”). This Debenture and all other Debentures now or hereafter issued or certified under
the Indenture shall rank pari passu with all other senior unsecured obligations of the Company. 

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail.

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Maturity Date of the Debentures, as more particularly provided in the Indenture.

  

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of times less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 Schedule 2.1(2)(g) – Form of Series 2008-4 Debenture 

  
 - 2 -

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other
name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has an interest herein. This certificate is used pursuant to a Master Letter of Representations of the Issuer to CDS, as such letter may be replaced or amended from
time to time. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) September 12, 2008, and (ii) the date the issuer became a
reporting issuer in any province or territory. 
  

							
		  		 	 CUSIP# CA43812ZAU45

			
	SERIES 2008-4	  		 	 Serial No. 261

 

					
		  	 HONDA CANADA FINANCE INC.
 DEBENTURE
	  	

  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
	SEPTEMBER 12, 2008	 	**CAD$100,000,000**	 	SEPTEMBER 13, 2010

 for value received hereby promises to pay to or to the order of 
  

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

							
	on the Maturity Date the sum of	 	 	 	  CAD$ ONE HUNDRED MILLION	 	DOLLARS

 plus
interest thereon on each Interest Payment Date at a fixed rate of interest equal to the Three Month BA Rate plus 1.6% calculated quarterly, not in advance, on the outstanding balance of the Debenture on the basis of the actual number of days elapsed
and a year of 365 days payable in lawful money of Canada. 
 Interest Payment Dates: PAYABLE QUARTERLY IN ARREARS ON MARCH 13, JUNE 13,
SEPTEMBER 13 AND DECEMBER 13 OF EACH YEAR COMMENCING ON DECEMBER 13, 2008* 
 SPECIAL FEATURES 

Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually
countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent. 
 IN WITNESS WHEREOF,
Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 
 Dated: SEPTEMBER 12, 2008 

Countersigned on behalf of 
 Canadian Imperial
Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2008-4 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 26, 2005, the first supplemental indenture thereto dated August 25, 2006, the second supplemental indenture thereto dated December 14, 2006, the third supplemental indenture thereto dated
May 25, 2007, the fourth supplemental indenture thereto dated September 26, 2007, the fifth supplemental indenture thereto dated November 30, 2007, the sixth supplemental indenture thereto dated May 9, 2008 and the seventh
supplemental indenture thereto dated September 12, 2008 (the “Indenture”) between the Company and CIBC Mellon Trust Company (the “Trustee”). This Debenture and all other Debentures now or hereafter issued or certified under
the Indenture shall rank pari passu with all other senior unsecured obligations of the Company. 

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of the Debenture and the terms of the Indenture, the terms of the Indenture shall prevail. 

  

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures.

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Maturity Date of the Debentures, as more particularly provided in the Indenture.

  

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of times less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 EIGHTH SUPPLEMENTAL INDENTURE 

This Eighth Supplemental Indenture is made as of February 21, 2012 between 

 

	
	 HONDA CANADA FINANCE INC.,
 a corporation incorporated under the laws of Canada, (the “Issuer”)
  

and
  
 BNY TRUST COMPANY OF CANADA
 a trust company existing under the laws of Canada, (the
“Trustee”)

 RECITALS 

A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee as supplemented by the First Supplemental
Indenture made as of August 25, 2006, the Second Supplemental Indenture made as of December 14, 2006, the Third Supplemental Indenture made as of May 25, 2007, the Fourth Supplemental Indenture made as of September 26, 2007, the
Fifth Supplemental Indenture made as of November 30, 2007, the Sixth Supplemental Indenture made as of May 9, 2008 and the Seventh Supplemental Indenture made as of September 12, 2008 (as further amended, supplemented, modified,
restated and replaced from time to time, the “Trust Indenture”), provision was made for the issuance of Additional Debentures from time to time pursuant to a supplemental indenture. 

B. The Trustee is the successor firm of CIBC Mellon Trust Company, which was the original name of the trustee under the Trust Indenture. The Trustee has
assumed the role of Trustee under the Trust Indenture. 
 C. The Issuer has authorized the issuance of one series of Debentures to be known as
the “Series 2012-1 Debentures”. 
 FOR VALUE RECEIVED, the parties agree as follows: 

SECTION 1 – INTERPRETATION 
 1.1
Definitions 
 In this Eighth Supplemental Indenture the following terms will have the following meanings: 

(1) Series 2012-1 Debentures means the Senior Unsecured Series 2012-1 Debentures to be created and issued hereunder. 

(2) Series 2012-1 Interest Payment Date means a date upon which payment of interest is due in respect of a Series 2012-1 Debenture namely
each of May 23, 2012, August 23, 2012, November 23, 2012, February 23, 2013, May 23, 2013, August 23, 2013, November 23, 2013, February 23, 2014, May 23,
2014, August 23, 2014, November 23, 2014, and the Series 2012-1 Maturity Date. 

 (3) Series 2012-1 Interest Period means in respect of a Series 2012-1 Interest Payment Date,
the period commencing on and including the previous Series 2008-3 Interest Payment Date and ending on the day before such Series 2008-3 Interest Payment Date. 
 (4) Series 2012-1 Maturity Date means February 23, 2015. 
 1.2 Meanings in
Trust Indenture 
 Unless otherwise defined in this Eighth Supplemental Indenture, all capitalized terms used in this Eighth
Supplemental Indenture shall have the meanings attributed thereto in the Trust Indenture. 
 1.3 Interpretation 

This Eighth Supplemental Indenture is supplemental to the Trust Indenture and the Trust Indenture shall be read in conjunction with this
Eighth Supplemental Indenture and all of the provisions of the Trust Indenture shall apply to and shall have effect in connection with this Eighth Supplemental Indenture in the same manner as if all of the provisions of the Trust Indenture and of
this Eighth Supplemental Indenture were contained in one instrument. If any terms of the Trust Indenture are inconsistent with the express terms hereof, the terms of the Trust Indenture shall be, solely in respect of the Series 2012-1 Debentures,
amended and supplemented so as to be consistent herewith. The provisions of this Eighth Supplemental Indenture are applicable only in respect of the Series 2012-1 Debentures. 
 1.4 Currency 
 Unless stated otherwise, all amounts herein are stated in
Canadian Dollars. 
 SECTION 2 – DEBENTURES 
 2.1 Designation, Terms, Form and Issuance of the Series 2012-1 Debentures 
 (1) The Series
2012-1 Debentures shall: 
  

	 	(a)	be issued on or before February 21, 2012; 

  

	 	(b)	be designated “Senior Unsecured Series 2012-1 Debentures”; 

  

	 	(c)	bear interest from and including the date of issuance at a rate equal to the Floating Rate plus 0.95%, payable quarterly in arrears on each Series 2012-1 Interest
Payment Date, the first such payment being due on May 23, 2012; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  

	 	(e)	mature on the Series 2012-1 Maturity Date; 

  
 - 2 -

	 	(f)	provide for payment on the Series 2012-1 Maturity Date in full to each holder of a Series 2012-1 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Eighth Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2012-1 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $300,000,000. 

(2) For the purposes of the Series 2012-1 Debentures, the “Floating Rate Determination Date” shall be February 23, May 23,
August 23 and November 23 of each year. 
 (3) Section 4.5 of the Trust Indenture shall not apply in respect of the Series 2012-1
Debentures but shall be replaced by the following: “Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any Series 2012-1 Debenture during the following periods each year: (i) from
and including February 6 to and including February 23; (ii) from and including May 6 to and including May 23; (iii) from and including August 6 to and including August 23, (iv) from and including
November 6 to and including November 23.” 
 SECTION 3 – GENERAL 

3.1 Confirmation of Trust Indenture 
 The Trust Indenture as supplemented and amended by this Eighth Supplemental Indenture, shall and does continue in full force and effect, otherwise unamended, and the Trust Indenture, as so supplemented
and amended together with all the grants created thereby, is hereby ratified and confirmed. 
 3.2 Interest Act 

For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Eighth Supplemental
Indenture (and stated herein to be computed on the basis of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and
divided by 365 or such other period of time, as the case may be. 

  
 - 3 -

 3.3 Acceptance 
 The Trustee hereby accepts the trust in this Eighth Supplemental Indenture declared and provided for and agrees to perform the same on the terms and conditions herein set forth. 

3.4 Counterparts and Formal Date 
 This Eighth Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same
instrument and notwithstanding their date of execution shall be deemed to bear date as of February 21, 2012. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 4 -

 The parties have executed this Eighth Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ Harald Ladewig

		 	Name:	 	Harald Ladewig
		 	Title:	 	Vice-President & Treasurer
		
	By:	 	 /s/ Ted Evans

		 	Name:	 	Ted Evans
		 	Title:	 	Vice President, Compliance Officer & Secretary
	
	BNY TRUST COMPANY OF CANADA
		
	By:	 	 /s/ Pamela Lively

		 	Name:	 	Pamela Lively
		 	Title:	 	Authorized Signatory

  
 - 5 -

 Schedule 2.1(1)(g) – Form of Series 2012-1 Debenture 

  
 2.1(1)(g) - 1

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such other
name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has a property interest in the securities represented by this certificate herein and it is a violation of its rights for another person to hold, transfer or deal with
this certificate. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) February 21, 2012, and (ii) the date the issuer became a
reporting issuer in any province or territory. 
  

							
		  		 	 CUSIP# CA43812ZAV28

			
	SERIES 2012-1	  		 	 Serial No. 262

 

					
		  	 HONDA CANADA FINANCE INC.
 DEBENTURE
	  	

  

					
	Issue Date	 	Principal Amount	 	Maturity Date
			
	FEBRUARY 21, 2012	 	**CAD$300,000,000**	 	FEBRUARY 23, 2015

 for value received hereby promises to pay to or to the order of 
  

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

 

					
	ADDRESS	 	 	 	85 RICHMOND STREET WEST
			
	 	 	 	 	TORONTO, ONTARIO M5H 2C9

 

					
	on the Maturity Date the sum of	 	 CAD$ THREE HUNDRED MILLION
	 	DOLLARS

 plus
interest thereon on each Interest Payment Date at a fixed rate of interest equal to the Three Month BA Rate plus 0.95% calculated quarterly, not in advance, on the outstanding balance of the Debenture on the basis of the actual number of days
elapsed and a year of 365 days payable in lawful money of Canada 
 Interest Payment Dates: PAYABLE QUARTERLY IN ARREARS ON FEBRUARY 23, MAY 23,
AUGUST 23 AND NOVEMBER 23 OF EACH YEAR COMMENCING ON MAY 23, 2012* 
 SPECIAL FEATURES 

Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid only when manually
countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent. 
 IN WITNESS WHEREOF,
Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized signatories. 
 Dated: FEBRUARY 21, 2012

 Countersigned on behalf of 

Canadian Imperial Bank of Commerce 
  

																	
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  
	 	
		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory	 	

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be
forwarded by prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a
chartered bank in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of
the sum represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2012-1 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 26, 2005, the first supplemental indenture thereto dated August 25, 2006, the second supplemental indenture thereto dated December 14, 2006, the third supplemental indenture thereto dated
May 25, 2007, the fourth supplemental indenture thereto dated September 26, 2007, the fifth supplemental indenture thereto dated November 30, 2007, the sixth supplemental indenture thereto dated May 9, 2008 and the seventh
supplemental indenture thereto dated September 12, 2008 and the eighth supplemental indenture thereto dated February 21, 2012 (the “Indenture”) between the Company and BNY Trust Company of Canada (the “Trustee”). This
Debenture and all other Debentures now or hereafter issued or certified under the Indenture shall rank pari passu with all other senior unsecured obligations of the Company. 

 

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail.

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	 	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	 	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to
which they may be subject. 
  

	7.	The principal hereof may become due or be declared due before the Maturity Date of the Debentures, as more particularly provided in the Indenture.

  

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on
the basis of a 365 day year or any other period of times less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the
case may be. 

 

 NINTH SUPPLEMENTAL INDENTURE 

This Ninth Supplemental Indenture is made as of December 11, 2012 between 

 

	
	HONDA CANADA FINANCE INC.,
	a corporation incorporated under the laws of Canada, (the “Issuer”)
	
	and
	
	BNY TRUST COMPANY OF CANADA
	a trust company existing under the laws of Canada, (the “Trustee”)

 RECITALS 
 A. Pursuant to the Trust Indenture made as of September 26, 2005 between the Issuer and the Trustee as supplemented by the First Supplemental Indenture made as of August 25, 2006, the Second
Supplemental Indenture made as of December 14, 2006, the Third Supplemental Indenture made as of May 25, 2007, the Fourth Supplemental Indenture made as of September 26, 2007, the Fifth Supplemental Indenture made as of
November 30, 2007, the Sixth Supplemental Indenture made as of May 9, 2008, the Seventh Supplemental Indenture made as of September 12, 2008 and the Eighth Supplemental Indenture made as of February 21, 2012 (as further amended,
supplemented, modified, restated and replaced from time to time, the “Trust Indenture”), provision was made for the issuance of Additional Debentures from time to time pursuant to a supplemental indenture. 

B. The Trustee is the successor firm of CIBC Mellon Trust Company, which was the original name of the trustee under the Trust Indenture. The Trustee has
assumed the role of Trustee under the Trust Indenture. 
 C. The Issuer has authorized the issuance of one series of Debentures to be known as
the “Series 2012-2 Debentures”. 
 FOR VALUE RECEIVED, the parties agree as follows: 

SECTION 1 – INTERPRETATION 
  

	1.1	Definitions 

 In this
Ninth Supplemental Indenture the following terms will have the following meanings: 
 (1) Series 2012-2 Debentures means the
Senior Unsecured Series 2012-2 Debentures to be created and issued hereunder. 

 (2) Series 2012-2 Interest Payment Date means a date upon which payment of interest is due in
respect of a Series 2012-2 Debenture namely each of June 11, 2013, December 11, 2013, June 11, 2014, December 11, 2014, June 11, 2015, December 11, 2015, June 11,
2016, December 11, 2016, June 11, 2017, and the Series 2012-2 Maturity Date. 
 (3) Series 2012-2 Interest
Period means in respect of a Series 2012-2 Payment Date, the period commencing on and including the previous Series 2012-2 Interest Payment Date and ending on the day before such Series 2012-2 Interest Payment Date. 

(4) Series 2012-2 Maturity Date means December 11, 2017. 

 

	1.2	Meanings in Trust Indenture 

 Unless otherwise defined in this Ninth Supplemental Indenture, all capitalized terms used in this Ninth Supplemental Indenture shall have the meanings attributed thereto in the Trust Indenture.

  

	1.3	Interpretation 

 This
Ninth Supplemental Indenture is supplemental to the Trust Indenture and the Trust Indenture shall be read in conjunction with this Ninth Supplemental Indenture and all of the provisions of the Trust Indenture shall apply to and shall have effect in
connection with this Ninth Supplemental Indenture in the same manner as if all of the provisions of the Trust Indenture and of this Ninth Supplemental Indenture were contained in one instrument. If any terms of the Trust Indenture are inconsistent
with the express terms hereof, the terms of the Trust Indenture shall be, solely in respect of the Series 2012-2 Debentures, amended and supplemented so as to be consistent herewith. The provisions of this Ninth Supplemental Indenture are applicable
only in respect of the Series 2012-2 Debentures. 
  

	1.4	Currency 

 Unless stated
otherwise, all amounts herein are stated in Canadian Dollars. 
 SECTION 2 – DEBENTURES 

 

	2.1	Designation, Terms, Form and Issuance of the Series 2012-2 Debentures 

 

	(1)	The Series 2012-2 Debentures shall: 

  

	 	(a)	be issued on or before December 11, 2012; 

  

	 	(b)	be designated “Senior Unsecured Series 2012-2 Debentures”; 

  

	 	(c)	bear interest from and including the date of issuance at a fixed rate equal to 2.275% per annum, payable in equal installments semi-annually on each Series 2012-2
Interest Payment Date, the first such payment being due on June 11, 2013; 

  

	 	(d)	be issuable as fully registered Debentures in multiples of $1,000; 

  
 - 2 -

	 	(e)	mature on the Series 2012-2 Maturity Date; 

  

	 	(f)	provide for payment on the Series 2012-2 Maturity Date in full to each holder of a Series 2012-2 Debenture of the principal amount then outstanding thereunder together
with all accrued and unpaid interest thereon and any other amounts payable hereunder with respect thereto; 

  

	 	(g)	be substantially in the form set out in Schedule 2.1(1)(g) hereto with such appropriate insertions, deletions, substitutions and variations as may be required or
permitted by this Ninth Supplemental Indenture and the Trust Indenture or as may be required to comply with any law or the rules of any securities exchange as may be determined by the Responsible Officers executing any such Series 2012-2 Debenture;

  

	 	(h)	bear such distinguishing letters and numbers as the Issuing and Paying Agent may approve; and 

 

	 	(i)	be limited in principal amount to $400,000,000. 

(2) Section 4.5 of the Trust Indenture shall not apply in respect of the Series 2012-2 Debentures but shall be replaced by the following:
“Neither the Corporation nor the Issuing and Paying Agent shall be required to make transfers or exchanges of any Series 2012-2 Debenture during the following periods each year: (i) from and including May 26 to and including
June 11; and (ii) from and including November 26 to and including December 11.” 
 SECTION 3 – GENERAL

  

	3.1	Confirmation of Trust Indenture 

 The Trust Indenture as supplemented and amended by this Ninth Supplemental Indenture, shall and does continue in full force and effect, otherwise unamended, and the Trust Indenture, as so supplemented and
amended together with all the grants created thereby, is hereby ratified and confirmed. 
  

	3.2	Interest Act 

 For
purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Ninth Supplemental Indenture (and stated herein to be computed on the basis of a 365 day year or any other period of time less than a
calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such other period of time, as the case may be. 

 

	3.3	Acceptance 

 The Trustee
hereby accepts the trust in this Ninth Supplemental Indenture declared and provided for and agrees to perform the same on the terms and conditions herein set forth. 

  
 - 3 -

	3.4	Counterparts and Formal Date 

 This Ninth Supplemental Indenture may be executed in several counterparts, each of which so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same
instrument and notwithstanding their date of execution shall be deemed to bear date as of December 11, 2012. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 4 -

 The parties have executed this Ninth Supplemental Indenture. 

 

					
	HONDA CANADA FINANCE INC.
		
	By:	 	 /s/ Harald Ladewig

		 	Name:	 	Harald Ladewig
		 	Title:	 	Vice-President & Treasurer
		
	By:	 	 /s/ Jean-Marc Leclerc

		 	Name:	 	Jean-Marc Leclerc
		 	Title:	 	Vice-President, Compliance/Risk
		 		 	Officer & Secretary
	
	BNY TRUST COMPANY OF CANADA
		
	By:	 	 /s/ Steven Bronde

		 	Name:	 	Steven Bronde
		 	Title:	 	Vice President

  
 - 5 -

 Schedule 2.1(1)(g) – Form of Series 2012-2 Debenture 

  
 2.1(1)(g) - 1

 Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services
Inc. (“CDS”) to Honda Canada Finance Inc. (the “Issuer”) or its agent for registration of transfer, exchange, or payment, and any certificate issued in respect thereof is registered in the name of CDS & CO., or in such
other name as is requested by an authorized representative of CDS (and any payment is made to CDS & CO. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered holder hereof, CDS & CO., has a property interest in the securities represented by this certificate herein and it is a violation of its rights for another person to hold,
transfer or deal with this certificate. Unless permitted under securities legislation, the holder of this security must not trade the security before the date that is 4 months and a day after the later of (i) December 11, 2012, and
(ii) the date the issuer became a reporting issuer in any province or territory. 
  

					
	SERIES 2012-2	  		  	 ISIN# CA438121AA30
 Serial
No. 263

			
		  	 HONDA CANADA FINANCE INC.
 DEBENTURE
	  	
			
	Issue Date	  	Principal Amount	  	Maturity Date
			
	DECEMBER 11, 2012	  	**CAD$400,000,000**	  	DECEMBER 11, 2017

 for value received hereby promises to pay to or to the order of 

 

					
	REGISTERED HOLDER	 	 	 	CDS & CO.

					
			
	ADDRESS	 	 	 	              85 RICHMOND STREET WEST
			
	 	 	 	 	              TORONTO. ONTARIO M5H 2C9

  

							
	on the Maturity Date the sum of	 	 	 	CAD$ 400,000,000	 	DOLLARS

	
	  
 plus interest thereon on each Interest Payment Date at a rate of
interest equal to 2.275% per annum calculated on an annual basis, not in advance, paid semi-annually and payable in lawful money of Canada
  

Interest Payment Dates: IN EQUAL INSTALMENTS SEMI-ANNUALLY ON JUNE 11 AND DECEMBER 11 OF EACH YEAR COMMENCING ON JUNE 11, 2013*

 

	
	SPECIAL FEATURES

  

	
	 Reference is hereby made to the further provisions of this Debenture set forth on the reverse hereof. This Debenture shall become valid
only when manually countersigned on behalf of Honda Canada Finance Inc. by an authorized signing officer of the registrar and paying agent.
  

IN WITNESS WHEREOF, Honda Canada Finance Inc. has caused this Debenture to be signed by its duly authorized
signatories.
  
 Dated: DECEMBER
11, 2012
  
 Countersigned on
behalf of
 Canadian Imperial Bank of Commerce

  

															
	By:	 	  
	 		 	By:	 	  
	 		 	By:	 	  

		 	Authorized Signing Officer	 		 		 	Authorized Signatory	 		 		 	Authorized Signatory

  

	*	Non-resident withholding tax may be deducted where applicable. 

 FURTHER TERMS AND PROVISIONS 

 

	1.	At least five (5) Business Days prior to each payment date as interest on this Debenture and principal become due, the Company shall forward or cause to be forwarded by
prepaid ordinary mail to the Registered Holder at the address appearing on the register of Debentureholders maintained by Canadian Imperial Bank of Commerce (the “Issuing, Transfer and Redemption Agent”), a cheque drawn on a chartered bank
in Toronto for such interest or principal, as the case may be, payable to the registered Holder. The forwarding of such cheque shall satisfy and discharge the liability of the Company for such interest or principal to the extent of the sum
represented thereby unless such cheque shall not be paid on presentation. 

  

	2.	This Debenture is one of a series of like debentures designated as Senior Unsecured Series 2012-1 Debentures of the Company (the “Debentures”) issued pursuant
to the indenture made as of September 26, 2005, the first supplemental indenture thereto dated August 25, 2006, the second supplemental indenture thereto dated December 14, 2006, the third supplemental indenture thereto dated
May 25, 2007, the fourth supplemental indenture thereto dated September 26, 2007, the fifth supplemental indenture thereto dated November 30, 2007, the sixth supplemental indenture thereto dated May 9, 2008, the seventh
supplemental indenture thereto dated September 12, 2008, the eighth supplemental indenture thereto dated February 21, 2012 and the ninth supplemental indenture thereto dated December 11, 2012 (the “Indenture”) between the
Company and BNY Trust Company of Canada (the “Trustee”). This Debenture and all other Debentures now or hereafter issued or certified under the Indenture shall rank pari passu with all other senior unsecured obligations of the Company.

  

	3.	This Debenture is issued subject to the provisions of the Indenture which is hereby referred to for a complete statement of the rights of the holders of Debentures
issued thereunder and of the Company and of the Trustee in respect thereof and of the terms and conditions upon which the Debentures are issued and held, to all of which the Registered Holder by acceptance of this Debenture assents. In the case of
any conflict or inconsistency between the terms of this Debenture and the terms of the Indenture, the terms of the Indenture shall prevail.

	4.	The Indenture contains provisions dealing with the effect of default under one or more of the Debentures. 

 

	5.	This Debenture is a direct obligation of the Company, subject to the terms and conditions of the Indenture. 

 

	6.	This Debenture shall be transferable subject to resale restrictions imposed under applicable securities laws; provided however, that no transfer of this Debenture shall
be valid or effective unless: 

  

	(1)	it is made on the Register by the holder thereof (or by his duly appointed attorney) by written instrument in form and execution satisfactory to the Issuing, Transfer
and Redemption Agent and upon compliance with such reasonable requirements that the Issuing, Transfer and Redemption Agent or other registrar may prescribe; and 

 

	(2)	particulars thereof are endorsed on this Debenture by the Issuing, Transfer and Redemption Agent. 

Registered Holders should consult their own legal advisors with respect to application of resale restrictions under securities laws to which they may be
subject. 
  

	7.	The principal hereof may become due or be declared due before the Maturity Date of the Debentures, as more particularly provided in the Indenture.

  

	8.	The Indenture contains provisions for the holding of meetings of, and the giving of notices to the Debentureholders and the rendering of Extraordinary Resolutions (as
defined in the Indenture) passed by the holders of a specified majority of the principal amount of the Debentures outstanding under the Indenture at a meeting of the Debentureholders or written instruments signed by Debentureholders may become
binding upon all Debentureholders. 

  

	9.	For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest provided in this Debenture (and stated herein to be computed on the basis
of a 365 day year or any other period of time less than a calendar year) are equivalent to the rates so determined multiplied by the actual number of days in the applicable calendar year and divided by 365 or such period of time, as the case may be.

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