Document:

Exhibit 4.7

    

    Execution
        Version

  

  

    

     

    
      

    

    

     

     

    ASSET REPRESENTATIONS REVIEW AGREEMENT

     

     

    among

      

    

     

    TOYOTA AUTO RECEIVABLES 2021-B OWNER TRUST,

      as Issuer,

     

     

    TOYOTA MOTOR CREDIT CORPORATION,

      as Servicer and Administrator,

     

     

    and

     

     

    CLAYTON FIXED INCOME SERVICES LLC,

      as Asset Representations Reviewer

     

     

    Dated as of June 14, 2021

     

     

     

    
      

     

    

    
      
        

    

    
    TABLE OF CONTENTS

     

    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

          
	
            Section 1.1.

          	
            Usage and Definitions

          	
            1

          
	
            Section 1.2.

          	
            Additional Definitions

          	
            1

          
	
            ARTICLE II

          	
            ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

          	
            2

          
	
            Section 2.1.

          	
            Engagement; Acceptance

          	
            2

          
	
            Section 2.2.

          	
            Confirmation of Status

          	
            2

          
	
            ARTICLE III

          	
            ASSET REPRESENTATIONS REVIEW PROCESS

          	
            3

          
	
            Section 3.1.

          	
            Review Notice and Identification of Review Receivables

          	
            3

          
	
            Section 3.2.

          	
            Review Materials

          	
            3

          
	
            Section 3.3.

          	
            Performance of Reviews

          	
            3

          
	
            Section 3.4.

          	
            Review Reports

          	
            4

          
	
            Section 3.5.

          	
            Review Representatives

          	
            5

          
	
            Section 3.6.

          	
            Dispute Resolution

          	
            5

          
	
            Section 3.7.

          	
            Limitations on Review Obligations

          	
            5

          
	
            ARTICLE IV

          	
            ASSET REPRESENTATIONS REVIEWER

          	
            6

          
	
            Section 4.1.

          	
            Representations and Warranties

          	
            6

          
	
            Section 4.2.

          	
            Covenants

          	
            7

          
	
            Section 4.3.

          	
            Fees and Expenses

          	
            7

          
	
            Section 4.4.

          	
            Limitation on Liability

          	
            8

          
	
            Section 4.5.

          	
            Indemnification by Asset Representations Reviewer

          	
            9

          
	
            Section 4.6.

          	
            Indemnification of Asset Representations Reviewer

          	
            9

          
	
            Section 4.7.

          	
            Inspections of Asset Representations Reviewer

          	
            10

          
	
            Section 4.8.

          	
            Delegation of Obligations

          	
            10

          
	
            Section 4.9.

          	
            Confidential Information

          	
            10

          
	
            Section 4.10.

          	
            Personally Identifiable Information

          	
            12

          
	
            ARTICLE V

          	
            RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER

          	
            14

          
	
            Section 5.1.

          	
            Eligibility Requirements for Asset Representations Reviewer

          	
            14

          
	
            Section 5.2.

          	
            Resignation and Removal of Asset Representations Reviewer

          	
            14

          
	
            Section 5.3.

          	
            Successor Asset Representations Reviewer

          	
            15

          
	
            Section 5.4.

          	
            Merger, Consolidation or Succession

          	
            15

          
	
            ARTICLE VI

          	
            OTHER AGREEMENTS

          	
            15

          
	
            Section 6.1.

          	
            Independence of Asset Representations Reviewer

          	
            15

          
	
            Section 6.2.

          	
            No Petition

          	
            16

          
	
            Section 6.3.

          	
            Limitation of Liability of Owner Trustee

          	
            16

          
	
            Section 6.4.

          	
            Termination of Agreement

          	
            16

          
	
            ARTICLE VII

          	
            MISCELLANEOUS PROVISIONS

          	
            16

          
	
            Section 7.1.

          	
            Amendments

          	
            16

          
	
            Section 7.2.

          	
            Assignment; Benefit of Agreement; Third Party Beneficiaries

          	
            17

          

    

    

    
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            Section 7.3.

          	
            Notices

          	
            17

          
	
            Section 7.4.

          	
            GOVERNING LAW

          	
            17

          
	
            Section 7.5.

          	
            WAIVER OF JURY TRIAL

          	
            17

          
	
            Section 7.6.

          	
            No Waiver; Remedies

          	
            18

          
	
            Section 7.7.

          	
            Severability 

            

          	
            18

          
	
            Section 7.8.

          	
            Headings

          	
            18

          
	
            Section 7.9.

          	
            Counterparts and Electronic Signatures

          	
            18

          
	
            Section 7.10.

          	
            Submission to Jurisdiction

          	
            18

          

     

    Schedule A – Review Materials

    Schedule B – Representations, Warranties and Tests

     

    

     

    

    

      

      

      

        

        

        

          

          

          

          

          

          

          

          

          

        

        

      

      

    

    
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    ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of June 14, 2021 (this “Agreement”), among TOYOTA AUTO RECEIVABLES 2021-B OWNER TRUST, a Delaware statutory
      trust (the “Issuer”), TOYOTA MOTOR CREDIT CORPORATION, a California corporation (“TMCC”), as servicer (in such capacity, the “Servicer”) and administrator (in such capacity, the “Administrator”), and CLAYTON FIXED INCOME
      SERVICES LLC, a Delaware limited liability company (the “Asset Representations Reviewer”).

     

    WITNESSETH

     

    WHEREAS, the Issuer desires to engage the Asset Representations Reviewer to perform reviews of certain Receivables for compliance with certain representations and
      warranties made with respect thereto; and

     

    WHEREAS, the Asset Representations Reviewer desires to perform such reviews of Receivables in accordance with the terms of this Agreement.

     

    NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

     

    ARTICLE I

      USAGE AND DEFINITIONS

     

    Section 1.1.   Usage and Definitions. 
        Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Sale and Servicing Agreement.

     

    Section 1.2.   Additional Definitions.  The
        following terms have the meanings given below:

     

    “Annual Fee” has the meaning stated in Section 4.3(a).

     

    “Annual Period” has the meaning stated in Section 4.3(e).

     

    “Confidential Information” has the meaning stated in Section 4.9(b).

     

    “Contract” means, with respect to any Receivable, the original tangible record constituting or forming a part of such Receivable, or a copy or image of such
      original tangible record, together with (and as modified by) any correction notice issued by the Servicer to the related Obligor with respect thereto.

     

    “Information Recipients” has the meaning stated in Section 4.9(a).

     

    “Indemnified Parties” has the meaning stated in Section 4.6(a).

     

    “Indenture” means the Indenture, dated as of June 14, 2021, between the Issuer and the Indenture Trustee, as the same may be amended, supplemented or modified
      from time to time.

    

    

    
      
        

    

    
    “Indenture Trustee” means U.S. Bank National Association, as indenture trustee under the Indenture, and any successor thereto.

     

    “Issuer PII” has the meaning stated in Section 4.10(a).

     

    “PII” has the meaning stated in Section 4.10(a).

     

    “Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Review Receivable according to Section
      3.3.

     

    “Review Fee” has the meaning stated in Section 4.3(b).

     

    “Review Materials” means, for a Review and a Review Receivable, the documents and other materials listed in Schedule A.

     

    “Review Notice” means a notice delivered to the Asset Representations Reviewer by the Indenture Trustee pursuant to 12.02 of the Indenture.

     

    “Review Receivables” means those certain Receivables identified by the Servicer to the Asset Representations Reviewer following receipt of a Review Notice as
      not having been paid in full by the Obligor or purchased from the Issuer in accordance with the terms of the Basic Documents at or prior to the date of such Review Notice.

     

    “Review Report” means, for a Review, the report of the Asset Representations Reviewer as described in Section 3.4.

     

    “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of June 14, 2021, among the Issuer, the Seller and TMCC.

     

    “Test” has the meaning stated in Section 3.3(a).

     

    “Test Complete” has the meaning stated in Section 3.3(c).

     

    “Test Fail” has the meaning stated in Section 3.3(a).

     

    “Test Pass” has the meaning stated in Section 3.3(a).

     

    ARTICLE II

      ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

     

    Section 2.1.   Engagement; Acceptance.  The
        Issuer hereby engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuer.  Clayton Fixed Income Services LLC hereby accepts the engagement and agrees to perform the obligations of the Asset Representations
        Reviewer on the terms set forth in this Agreement.

     

    Section 2.2.   Confirmation of Status.  The
        parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables for compliance with the representations and warranties under the Basic Documents, except as described in this

     

      

    
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    Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Basic Documents.

     

    ARTICLE III

      ASSET REPRESENTATIONS REVIEW PROCESS

     

    Section 3.1.   Review Notice and Identification of
          Review Receivables.  Within ten (10) Business Days after delivery of a Review Notice to the Asset Representations Reviewer, the Servicer will deliver a list of the Review Receivables to the Asset Representations Reviewer.  Upon receipt of a
        Review Notice and the related list of Review Receivables from the Servicer, the Asset Representations Reviewer will start a Review.  Delivery of any Review Notice shall be made pursuant to Section 10.03 of the Sale and Servicing Agreement.

     

    Section 3.2.   Review Materials.

     

    (a) Access to Review Materials.  Within sixty (60) days of the delivery of a Review Notice to the Asset Representations Reviewer, the Servicer will give the Asset Representations Reviewer access to the Review Materials for
        all of the Review Receivables in one or more of the following ways, to be determined in the sole discretion of the Servicer: (i) by providing access to the Servicer’s receivables systems, either remotely or at an office of the Servicer, (ii) by
        electronic posting to a password-protected website to which the Asset Representations Reviewer has access, (iii) by providing scanned copies at an office of the Servicer where the Review Materials are located or (iv) in another manner agreed to
        between the Servicer and the Asset Representations Reviewer.  The Servicer may redact or remove PII from the Review Materials, but will use commercially reasonable efforts not to change the meaning or usefulness of the Review Materials for the
        Review.

     

    (b) Missing or Insufficient Review Materials.  The Asset Representations Reviewer will review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset Representations Reviewer to
        perform any Test.  If the Asset Representations Reviewer determines that there are missing or insufficient Review Materials, the Asset Representations Reviewer will notify the Servicer and the Administrator promptly, and in any event no less than
        twenty (20) Business Days before completing the Review.  The Servicer will have fifteen (15) Business Days to give the Asset Representations Reviewer access to the missing Review Materials or other documents or information to correct any such
        insufficiency.  If the missing or insufficient Review Materials or other documents or information have not been provided by the Servicer within such fifteen (15) Business Day period, the related Review Report will report a Test Fail for each Test
        in respect of which such missing or insufficient Review Materials is necessary to determine whether a Test Pass result is appropriate.

     

    Section 3.3.   Performance of Reviews.

     

    (a) Test Procedures.  For a Review, the Asset Representations Reviewer will perform, for each Review Receivable, the procedures listed under “Tests” in Schedule B for each representation and warranty (each, a “Test”),
        using the Review Materials necessary to perform the procedures described for such Test in Schedule B.  For each Test and Review Receivable, the

     

    
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    Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”).

     

    (b) Review Period.  The Asset Representations Reviewer will complete the Review of all of the Review Receivables within sixty (60) days after having received access to the Review Materials pursuant to Section 3.2(a). 
        However, if additional Review Materials are provided to the Asset Representations Reviewer in respect of any Review Receivables pursuant to Section 3.2(b), the Review period will be extended for an additional thirty (30) days in respect of any such
        Review Receivables.

     

    (c) Completion of Review for Certain Review Receivables.  Following the delivery of the list of the Review Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may
        notify the Asset Representations Reviewer if a Review Receivable is paid in full by the Obligor or purchased from the Issuer in accordance with the terms of the Basic Documents.  On receipt of such notice, the Asset Representations Reviewer will
        immediately terminate all Tests of the related Review Receivable, and the Review of such Review Receivables will be considered complete (a “Test Complete”).  In this case, the related Review Report will indicate a Test Complete for such
        Review Receivable and the related reason.

     

    (d) Previously Reviewed Receivable; Duplicative Tests.  If any Review Receivable was included in a prior Review, the Asset Representations Reviewer will not conduct additional Tests on such Review Receivable, but will include
        the previously reported Test results in the Review Report for the current Review.  If the same Test is required for more than one representation and warranty, the Asset Representations Reviewer will only perform the Test once for each Review
        Receivable, but will report the results of the Test for each applicable representation and warranty on the Review Report.

     

    (e) Termination of Review.  If a Review is in process and the Notes will be paid in full on the next Payment Date, the Servicer or the Administrator will notify the Asset Representations Reviewer no less than ten (10) days
        before that Payment Date.  On receipt of such notice, the Asset Representations Reviewer will terminate the Review immediately and will not be obligated to deliver a Review Report.

     

    Section 3.4.   Review Reports.  Within five (5)
        days after the end of the applicable Review period under Section 3.3(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer, the Depositor, the Administrator and the Indenture Trustee a Review Report indicating for each
        Review Receivable whether there was a Test Pass, Test Fail or Test Complete for each related Test.  For each Test Fail or Test Complete, the Review Report will indicate the related reason, including (for example) whether the Review Receivable was a
        Test Fail as a result of missing or incomplete Review Materials.  The Review Report will contain a summary of the Review results to be included in the Issuer’s Form 10-D report for the Collection Period in which the Review Report is received.  The
        Asset Representations Reviewer will ensure that the Review Report does not contain any PII.  On reasonable request of the Servicer or the Administrator, the Asset Representations Reviewer will provide additional details on the Test results.

     

    
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    Section 3.5.   Review Representatives.

     

    (a) Servicer Representative.  The Servicer will designate one or more representatives who will be available to assist the Asset Representations Reviewer in performing the Review, including responding to requests and answering
        questions from the Asset Representations Reviewer about access to Review Materials on the Servicer’s originations, receivables or other systems, obtaining missing or insufficient Review Materials and/or providing clarification of any Review
        Materials or Tests.

     

    (b) Asset Representations Reviewer Representative.  The Asset Representations Reviewer will designate one or more representatives who will be available to the Issuer, the Servicer and the Administrator during the performance
        of a Review.

     

    (c) Questions About Review.  The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Indenture
        Trustee, the Servicer or the Administrator until the earlier of (i) the payment in full of the Notes and (ii) two years after the delivery of the Review Report.  The Asset Representations Reviewer will not be obligated to respond to questions or
        requests for clarification from Noteholders or any other Person and will direct such Persons, and the Indenture Trustee will direct the Noteholders, to submit written questions or requests to the Servicer.

     

    Section 3.6.   Dispute Resolution.  If a Review
        Receivable that was the subject of a Review becomes the subject of a dispute resolution proceeding under Section 11.02 of the Sale and Servicing Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on
        request of a party to the proceeding.  The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute
        resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to Section 11.02 of the Sale and Servicing Agreement.  If not paid by a party to the dispute
        resolution, the expenses will be reimbursed by the Issuer according to Section 4.3(d) of this Agreement.

     

    Section 3.7.   Limitations on Review Obligations.

     

    (a) Review Process Limitations.  The Asset Representations Reviewer will have no obligation: (i) to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct a
        Review under the Indenture; (ii) to determine which Receivables are the subject of a Review; (iii) to obtain or confirm the validity of the Review Materials; (iv) to obtain missing or insufficient Review Materials; (v) to take any action or cause
        any other party to take any action under any of the Basic Documents to enforce any remedies for breaches of representations or warranties; or (vi) to establish cause, materiality or recourse for any Test Fail as described in Section 3.3.

     

    (b) Testing Procedure Limitations.  The Asset Representations Reviewer will only be required to perform the “Tests” described in Schedule B, and will not be obligated to perform additional procedures on any Review Receivable
        other than as specified in this Agreement.

     

    
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    However, the Asset Representations Reviewer may, in its discretion, (i) perform other tests that it deems reasonable and appropriate in determining whether the Review Receivables were in
      compliance with the representations and warranties made by TMCC and the Seller about the Review Receivables in the Basic Documents as of the Cutoff Date or Closing Date, as applicable, and (ii) provide additional information about any Review
      Receivable that it determines in good faith to be material to the related Review.

     

    ARTICLE IV

      ASSET REPRESENTATIONS REVIEWER

     

    Section 4.1.   Representations and Warranties. 

        The Asset Representations Reviewer represents and warrants to the Issuer as of the Closing Date:

     

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

     

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

     

    (c) No Conflicts and No Violation.  The completion of the transactions  contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (i) conflict with,
        or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on
        the properties or assets of the Asset Representations Reviewer under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations
        Reviewer or (iv) violate a law or, to the Asset Representations Reviewer’s knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over
        the Asset Representations Reviewer or its properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform
        its obligations under this Agreement.

     

    (d) No Proceedings.  To the Asset Representations Reviewer’s knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court,

     

    
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    regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties (i) asserting the invalidity of
      this Agreement, (ii) seeking to prevent the completion of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset Representations
      Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement.

     

    (e) Eligibility.  The Asset Representations Reviewer meets the eligibility requirements in Section 5.1.

     

    Section 4.2.   Covenants.  The Asset
        Representations Reviewer covenants and agrees that:

     

    (a) Eligibility.  It will notify the Issuer, the Servicer and the Administrator promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in Section 5.1.

     

    (b) Review Systems; Personnel.  It will maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems.
        The Asset Representations Reviewer will ensure that these systems allow for each Review Receivable and the related Review Materials to be individually tracked and stored as contemplated by this Agreement.  The Asset Representations Reviewer will
        maintain adequate staff that is properly trained to conduct Reviews as required by this Agreement.

     

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

     

    (d) Compliance with Applicable Law.  The Asset Representations Reviewer will act in accordance with all requirements applicable to an asset representations reviewer under applicable law (as amended from time to time) and
        other state or federal securities law applicable to asset representations reviewers in effect during the term of this Agreement.

     

    Section 4.3.   Fees and Expenses.

     

    (a) Annual Fee.  As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee (the “Annual Fee”) with respect to each Annual Period prior to the
        termination of the Issuer, in an amount equal to $5,000.

     

    (b) Review Fee.  Following the completion of a Review and the delivery of the related Review Report pursuant to Section 3.4, or the termination of a Review according to Section 3.3(e), and the delivery to the Issuer, the
        Indenture Trustee, the Servicer and the Administrator of a detailed invoice in respect thereof, the Asset Representations Reviewer will be entitled to a fee of $200 for each Review Receivable for which the Review was started (the “Review Fee”). 

        However, no Review Fee will be charged for any Review Receivable which was

     

    
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    included in a prior Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Review according to Section 3.3(e) or
      due to missing or insufficient Review Materials under Section 3.2(b).

     

    (c) Reimbursement of Travel Expenses.  If the Servicer provides access to the Review Materials at one of its properties, the Issuer will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred
        in connection with the Review, following the delivery to the Issuer, the Indenture Trustee, the Servicer and the Administrator of a detailed invoice in respect of such expenses; provided that such reimbursable expenses may not exceed $20,000.

     

    (d) Dispute Resolution Expenses.  If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.6 of this Agreement and its reasonable out-of-pocket expenses for participating in the
        proceeding are not paid by a party to the dispute resolution within ninety (90) days after the end of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such expenses after receipt of a detailed invoice in respect
        thereof.

     

    (e) Method of Payment.  The initial Annual Fee will become due and payable by TMCC within thirty (30) days of receipt by TMCC of an invoice in respect thereof.  Each other Annual Fee, and the amount of any properly invoiced
        fees, expenses or claims (including any Review Fee) to be reimbursed or paid by the Issuer pursuant to the terms of this Agreement, will become due and payable by the Issuer on the next Payment Date occurring at least five (5) Business Days after
        receipt by the Servicer of the related invoice from the Asset Representations Reviewer, in each case in accordance with the priority of payments set forth in Section 5.06(b) or (c) of the Sale and Servicing Agreement, as applicable; provided that,
        (i) Annual Fees (other than the initial Annual Fee) will not be payable by the Issuer prior to the Payment Date immediately following the end of each annual period occurring on the anniversary of the Closing Date (each such period, an “Annual
          Period”), and (ii) the Asset Representations Reviewer must submit its invoice for any outstanding fees, expenses or claims not later than ten (10) Business Days before the final Payment Date.  The Servicer shall provide notice to the Asset
        Representations Reviewer of the final Payment Date at least fifteen (15) Business Days prior to such Payment Date.  In the event that any such properly invoiced fees, expenses or claims are not paid or reimbursed in full by the Issuer on the
        related Payment Date, TMCC shall promptly pay the Asset Representations Reviewer for any such unpaid amounts.  If, subsequent to any such payment by TMCC to the Asset Representations Reviewer described in the immediately preceding sentence, the
        Asset Representations Reviewer receives payment or reimbursement in respect of the related fee, expense or claim, in part or in full, from the Issuer, then the Asset Representations Reviewer shall promptly refund TMCC for the amount of such payment
        or reimbursement received from the Issuer on such subsequent date.

     

    Section 4.4.   Limitation on Liability.  The
        Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment.  However, the Asset Representations Reviewer will be liable for its willful
        misconduct, bad faith or negligence in performing its obligations under this Agreement.  In no event will the Asset Representations Reviewer be liable for special, indirect or consequential

     

    
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    losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action.

     

    Section 4.5.   Indemnification by Asset Representations
          Reviewer .  The Asset Representations Reviewer will indemnify each of the Issuer, the Seller, the Servicer, the Administrator, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all
        fees, expenses, losses, damages and liabilities (including, but not limited to, reasonable legal fees, costs and expenses, and including any such reasonable fees, costs and expenses incurred in connection with any enforcement (including any action,
        claim, or suit brought by such indemnified parties) of any indemnification or other obligation of the Asset Representations Reviewer) resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in
        performing its obligations under this Agreement and (b) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.  The Asset Representations Reviewer’s obligations under this Section 4.5 will survive
        the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer.

     

    Section 4.6.   Indemnification of Asset Representations
          Reviewer.

     

    (a) Indemnification.  The Issuer will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”), for all costs, expenses, losses, damages and
        liabilities resulting from the performance of its obligations under this Agreement (including the fees and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting
        from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.

     

    (b) Proceedings.  Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.6(a), notify the Issuer, the Servicer and the
        Administrator of the Proceeding.  The Issuer, the Servicer and the Administrator may participate in and assume the defense and settlement of a Proceeding at its expense.  If the Issuer, the Servicer or the Administrator notifies the Indemnified
        Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuer, the Servicer or the Administrator assumes the defense of the Proceeding in a manner
        reasonably satisfactory to the Indemnified Person, the Issuer, the Servicer and the Administrator will not be liable for fees and expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Issuer, the
        Servicer or the Administrator, as applicable, and an Indemnified Person.  If there is a conflict, the Issuer, the Servicer or the Administrator will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person.  No
        settlement of a Proceeding may be made without the approval of the Issuer, the Servicer and the Administrator and the Indemnified Person, which approval will not be unreasonably withheld, conditioned or delayed.

     

    (c) Survival of Obligations.  The Issuer’s, the Servicer’s and the Administrator’s obligations under this Section 4.6 will survive the resignation or removal of the Asset Representations Reviewer and the termination of this
        Agreement.

     

    
      9

      
        

    

    (d) Repayment.  If the Issuer, the Servicer or the Administrator makes any payment under this Section 4.6 and the Indemnified Person later collects any of the amounts for which the payments were made to it from others, the
        Indemnified Person will promptly repay the amounts to the Issuer, the Servicer or the Administrator, as applicable.

     

    Section 4.7.   Inspections of Asset Representations
          Reviewer.  The Asset Representations Reviewer agrees that, with reasonable prior notice not more than once during any year, it will permit authorized representatives of the Issuer, the Servicer and the Administrator, during the Asset
        Representations Reviewer’s normal business hours, to examine and review the books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations
        Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement.  In addition, the Asset
        Representations Reviewer will permit the Issuer’s, the Servicer’s and the Administrator’s representatives to make copies and extracts of any of those documents and to discuss them with the Asset Representations Reviewer’s officers and employees. 
        Each of the Issuer, the Servicer and the Administrator will, and will cause its authorized representatives to, hold in confidence the information except if disclosure may be required by law or if the Issuer, the Servicer or the Administrator
        reasonably determines that it is required to make the disclosure under this Agreement or the other Basic Documents.  The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a
        period of at least two years after the termination of its obligations under this Agreement.

     

    Section 4.8.   Delegation of Obligations.  The
        Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuer, the Servicer and the Administrator.

     

    Section 4.9.   Confidential Information.

     

    (a) Treatment.  The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this Section 4.9, and will implement
        and maintain safeguards to further assure the confidentiality of the Confidential Information.  The Confidential Information will not, without the prior consent of the Issuer, the Servicer and the Administrator, be disclosed or used by the Asset
        Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal counsel (collectively, the “Information Recipients”) other than for the purposes of performing Reviews of Review
        Receivables or performing its obligations under this Agreement.  The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by TMCC, the Issuer or any of their respective
        Affiliates or special purpose entities formed by any of the foregoing Persons on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of research reports, newsletters or other publications or similar
        communications.

     

    (b) Definition.  “Confidential Information” means oral, written and electronic materials (irrespective of its source or form of communication) furnished before, on or after the

     

    
      10

      
        

    

    date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including:

     

    (i)   lists of Review Receivables and any
        related Review Materials;

     

    (ii)   origination and servicing guidelines,
        policies and procedures, and form contracts; and

     

    (iii)   notes, analyses,
        compilations, studies or other documents or records prepared by the Servicer or the Administrator, which contain information supplied by or on behalf of the Servicer, the Administrator or their respective representatives.

     

    However, Confidential Information will not include information that (A) is or becomes generally available to the public other than as a result of disclosure by the Information
      Recipients, (B) was available to, or becomes available to, the Information Recipients on a non-confidential basis from a Person or entity other than the Issuer, the Servicer or the Administrator before its disclosure to the Information Recipients
      who, to the knowledge of the Information Recipient is not bound by a confidentiality agreement with the Issuer, the Servicer or the Administrator and is not prohibited from transmitting the information to the Information Recipients, (C) is
      independently developed by the Information Recipients without the use of the Confidential Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’ possession or (D) the Issuer, the
      Servicer or the Administrator provides permission to the applicable Information Recipients to release.

     

    (c) Protection.  The Asset Representations Reviewer will take reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to
        protect its own confidential information and not less than a reasonable standard of care.  The Asset Representations Reviewer acknowledges that PII is also subject to the additional requirements in Section 4.10.

     

    (d) Disclosure.  If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential
        Information, it may disclose the Confidential Information.  However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, will use its reasonable efforts to provide the Issuer, the
        Servicer and the Administrator with notice of the requirement and will cooperate, at the Issuer’s or the Servicer’s expense, as applicable, in the Issuer’s or the Servicer’s pursuit of a proper protective order or other relief for the disclosure of
        the Confidential Information.  If the Issuer or the Servicer is unable to obtain a protective order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part
        of the Confidential Information that it is advised by its legal counsel it is legally required to disclose.

     

    (e) Responsibility for Information Recipients.  The Asset Representations Reviewer will be responsible for a breach of this Section 4.9 by its Information Recipients.

     

    (f) Violation.  The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer, the Servicer and the Administrator, and the

     

    
      11

      
        

    

    Issuer, the Servicer and the Administrator may seek injunctive relief in addition to legal remedies.  If an action is initiated by the Issuer, the Servicer or the Administrator to
      enforce this Section 4.9, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney’s fees, incurred for the enforcement.

     

    Section 4.10.   Personally Identifiable Information.

     

    (a) Definitions.  “PII” means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or
        assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual.  “Issuer PII” means PII furnished by the Issuer, the
        Servicer, the Administrator or their respective Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement.

     

    (b) Use of Issuer PII.  The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII except as provided in this Agreement.  The Asset Representations Reviewer will use Issuer PII only to perform its
        obligations under this Agreement or as specifically directed in writing by the Issuer and will only reproduce Issuer PII to the extent necessary for these purposes.  The Asset Representations Reviewer must comply with all laws applicable to PII,
        Issuer PII and the Asset Representations Reviewer’s business, including any legally required codes of conduct, including those relating to privacy, security and data protection.  The Asset Representations Reviewer will protect and secure Issuer
        PII.  The Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with applicable law and this Agreement.  The Asset Representations Reviewer will implement and maintain reasonable and
        appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security
        or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and (iv) otherwise comply with its obligations under this Agreement.  These safeguards include a written data security plan, employee training,
        information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures.

     

    (c) Additional Limitations.  In addition to the use and protection requirements described in Section 4.10(b), the Asset Representations Reviewer’s disclosure of Issuer PII is also subject to the following requirements:

     

    (i)   The Asset Representations Reviewer will
        not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform a Review, (B) with the prior consent of the Issuer or (C) as required
        by applicable law.  When permitted, the disclosure of or access to Issuer PII will be limited to the specific information necessary for the individual to complete the assigned task.  The Asset Representations Reviewer will inform personnel with
        access to Issuer PII of the

     

    
      12

      
        

    

    confidentiality requirements in this Agreement and train its personnel with access to Issuer PII on the proper use and protection of Issuer PII.

     

    (ii)   The Asset Representations Reviewer will
        not sell, disclose, provide or exchange Issuer PII with or to any third party without the prior consent of the Issuer.

     

    (iii)   Notwithstanding
        anything to the contrary contained in this Agreement, the Asset Representations Reviewer’s use and handling of Issuer PII shall also be subject to the terms and limitations described in that separate letter agreement between TMCC and the Asset
        Representations Reviewer dated October 22, 2015 (the “Letter Agreement”) and, in the event of any conflict between the terms of the Letter Agreement and the terms of this Agreement related to the Asset Representations Reviewer’s use and
        handling of Issuer PII, the most restrictive of such terms shall govern.

     

    (d) Notice of Breach.  The Asset Representations Reviewer will notify the Issuer, the Servicer and the Administrator promptly in the event of an actual or reasonably suspected security breach, unauthorized access,
        misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and, where applicable, immediately take action to prevent any further breach.

     

    (e) Return or Disposal of Issuer PII.  Except where return or disposal is prohibited by applicable law, promptly on the earlier of the completion of the Review or the request of the Issuer, all Issuer PII in any medium in the
        Asset Representations Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer
        retaining any actual or recoverable copies, in both cases, without charge to the Issuer.  Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or
        disclosure of Issuer PII to that required by applicable law.

     

    (f) Compliance; Modification.  The Asset Representations Reviewer will cooperate with and provide information to the Issuer, the Servicer and the Administrator regarding the Asset Representations Reviewer’s compliance with
        this Section 4.10.  The Asset Representations Reviewer, the Issuer, the Servicer and the Administrator agree to modify this Section 4.10 as necessary for any party to comply with applicable law.

     

    (g) Audit of Asset Representations Reviewer.  The Asset Representations Reviewer will permit the Issuer, the Servicer and the Administrator and their authorized representatives to audit the Asset Representations Reviewer’s
        compliance with this Section 4.10 during the Asset Representations Reviewer’s normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate
        additional audits.  The Issuer, the Servicer and the Administrator agree to make reasonable efforts to schedule any audit described in this Section 4.10 with the inspections described in Section 4.7.  The Asset Representations Reviewer will also
        permit the Issuer, the Servicer and the Administrator, during normal business hours on reasonable advance written notice, to audit any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer’s
        obligations under this Agreement.

     

    
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    (h) Affiliates and Third Parties.  If the Asset Representations Reviewer processes the PII of the Issuer’s, the Servicer’s or the Administrator’s Affiliates or a third party when performing a Review, and if such Affiliate or
        third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an intended third-party beneficiary of this Section 4.10, and this Agreement is intended to benefit the Affiliate or third party.  The Affiliate or
        third party may enforce the PII-related terms of this Section 4.10 against the Asset Representations Reviewer as if each were a signatory to this Agreement.

     

    ARTICLE V

      RESIGNATION AND REMOVAL;

      SUCCESSOR ASSET REPRESENTATIONS REVIEWER

     

    Section 5.1.   Eligibility Requirements for Asset
          Representations Reviewer.  The Asset Representations Reviewer must be a Person who (a) is not an Affiliate of TMCC, the Seller, the Issuer, the Servicer, the Administrator, the Indenture Trustee or the Owner Trustee and (b) is not an
        Affiliate of any Person that was engaged by TMCC or any underwriter of the Notes to perform any due diligence on the Receivables prior to the Closing Date.

     

    Section 5.2.   Resignation and Removal of Asset
          Representations Reviewer.

     

    (a) No Resignation.  The Asset Representations Reviewer will not resign as Asset Representations Reviewer unless it determines it is legally unable to perform its obligations under this Agreement and there is no reasonable
        action that it could take to make the performance of its obligations under this Agreement permitted under applicable law.  In such event, the Asset Representations Reviewer will deliver a notice of its resignation to the Issuer, the Servicer and
        the Administrator, together with an Opinion of Counsel supporting its determination.

     

    (b) Removal.  If any of the following events occur, the Issuer, by notice to the Asset Representations Reviewer, may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement:

     

    (i)   the Asset Representations Reviewer no
        longer meets the eligibility requirements in Section 5.1;

     

    (ii)   the Asset Representations Reviewer
        breaches of any of its representations, warranties, covenants or obligations in this Agreement; or

     

    (iii)   an Insolvency
        Event of the Asset Representations Reviewer occurs.

     

    (c) Notice of Resignation or Removal.  The Issuer will notify the Servicer, the Administrator, the Owner Trustee and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer.

     

    (d) Continue to Perform After Resignation or Removal.  No resignation or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under
        this Agreement, until a successor Asset Representations Reviewer has accepted its engagement according to Section 5.3(b).

     

    
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    Section 5.3.   Successor Asset Representations
          Reviewer .

     

    (a) Engagement of Successor Asset Representations Reviewer.  Following the resignation or removal of the Asset Representations Reviewer, the Issuer will engage a successor Asset Representations Reviewer who meets the
        eligibility requirements of Section 5.1.

     

    (b) Effectiveness of Resignation or Removal.  No resignation or removal of the Asset Representations Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuer, the
        Servicer and the Administrator an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entering into a new agreement with the Issuer on substantially the same terms
        as this Agreement.

     

    (c) Transition and Expenses.  If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuer, the Servicer and the Administrator and take all actions reasonably
        requested to assist the Issuer in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer.  The Asset Representations Reviewer will pay the
        reasonable expenses of transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the
        expenses from the Issuer, the Servicer, the Administrator or the successor Asset Representations Reviewer. To the extent expenses incurred by the Asset Representations Reviewer in connection with the replacement of the Asset Representations
        Reviewer are not paid by the Asset Representations Reviewer that is being replaced, the Issuer will pay such expenses in accordance with the priority of payments set forth in Section 5.06(b) or (c) of the Sale and Servicing Agreement, as
        applicable.

     

    Section 5.4.   Merger, Consolidation or Succession. 

        Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset
        Representations Reviewer, if that Person meets the eligibility requirements in Section 5.1, will be the successor to the Asset Representations Reviewer under this Agreement.  Such Person will execute and deliver to the Issuer, the Servicer and the
        Administrator an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law).

     

    ARTICLE VI

      OTHER AGREEMENTS

     

    Section 6.1.   Independence of Asset Representations
          Reviewer.  The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer for the manner in which it accomplishes the performance of its obligations under this Agreement.  Unless
        authorized by the Issuer, the Servicer or the Administrator, the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Servicer or the Administrator, respectively, and will not be considered an agent of any
        such Person.  Nothing in this Agreement will make the Asset Representations Reviewer and

     

    
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    the Issuer, the Servicer or the Administrator members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

     

    Section 6.2.   No Petition.  Each of the parties
        agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of all securities issued by the Seller, the Issuer or by a trust for which the Seller was a depositor, it will not
        start or pursue against, or join any other Person in starting or pursuing against the Seller or the Issuer, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar
        law.  This Section 6.2 will survive the termination of this Agreement.

     

    Section 6.3.   Limitation of Liability of Owner
          Trustee.  This Agreement has been signed on behalf of the Issuer by Wilmington Trust, National Association, not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer.  In no event will Wilmington Trust, National
        Association in its individual capacity or a beneficial owner of the Issuer be liable for the Issuer’s obligations under this Agreement.  For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of,
        the Trust Agreement.

     

    Section 6.4.   Termination of Agreement.  This
        Agreement will terminate, except for the obligations under Section 4.6, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust
        Agreement.

     

    ARTICLE VII

      MISCELLANEOUS PROVISIONS

     

    Section 7.1.   Amendments.  The parties may
        amend this Agreement:

     

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

     

    (ii)   to add, change or eliminate terms of
        this Agreement, in each case without the consent of the Noteholders or any other Person, if the Administrator delivers an Officer’s Certificate to the Issuer, the Owner Trustee and the Indenture Trustee stating that the amendment will not have a
        material adverse effect on the Noteholders; or

     

    (iii)   to add, change or
        eliminate terms of this Agreement for which an Officer’s Certificate is not or cannot be delivered under Section 7.1(ii), with the consent of a majority of the Outstanding Amount of the Notes of the Controlling Class, acting together as a single
        Class.

     

    
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    Section 7.2.   Assignment; Benefit of
          Agreement; Third Party Beneficiaries.

     

    (a) Assignment.  Except as stated in Section 5.4, this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the Issuer, the Servicer and the Administrator.

     

    (b) Benefit of Agreement; Third-Party Beneficiaries.  This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns.  The Owner Trustee and the Indenture Trustee, for the
        benefit of the Noteholders, will be third-party beneficiaries of this Agreement and may enforce this Agreement against the Asset Representations Reviewer, the Servicer and the Administrator.  No other Person will have any right or obligation under
        this Agreement.

     

    Section 7.3.   Notices.

     

    (a) Notices to Parties.  All notices, requests, demands, consents, waivers or other communications to or from the parties must be in writing and will be considered given:

     

    (i)   for overnight mail, on delivery or, for
        registered first class mail, postage prepaid, three (3) days after deposit in the mail;

     

    (ii)   for a fax, when receipt is confirmed by
        telephone, reply email or reply fax from the recipient;

     

    (iii)   for an email, when
        receipt is confirmed by telephone or reply email from the recipient; and

     

    (iv)   for an electronic posting to a
        password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has occurred.

     

    (b) Notice Addresses.  Any notice, request, demand, consent, waiver or other communication will be addressed as stated in the Sale and Servicing Agreement or the Administration Agreement, as applicable, or to another address
        as a party may give by notice to the other parties.

     

    Section 7.4.   GOVERNING

            LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402
          OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    Section 7.5.   WAIVER

            OF JURY TRIAL.  EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY

     

    
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    IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     

    Section 7.6.   No Waiver; Remedies.  No party’s
        failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver.  No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the
        exercise of any other power, right or remedy.  The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

     

    Section 7.7.   Severability.  If a part of this
        Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement. 

      

     

    Section 7.8.   Headings.  The headings in this
        Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

     

    Section 7.9.   Counterparts and Electronic
          Signatures.  This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document. Each party agrees that this
        Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of
        validity, enforceability, and admissibility.

     

    Section 7.10.   Submission to Jurisdiction.  Each party submits to the
        nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement. Each party irrevocably waives, to
        the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

     

    [Remainder of Page Left Blank]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
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    IN
      WITNESS WHEREOF, the Issuer, the Servicer, the Administrator and the Asset Representations Reviewer have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the date first above written.

     

    
      	
               

            	
              TOYOTA AUTO RECEIVABLES 2021-B OWNER TRUST, as Issuer

            
	
               

            	
               

            	
               

            
	
               

            	
              By:   

            	
              Wilmington Trust, National Association, not in its individual capacity, but solely as Owner Trustee

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	
              By:

            	
              /s/ Clarice Wright                                    

                

            
	
               

            	
               

            	
              Name:  Clarice Wright

            
	
               

            	
               

            	
              Title:    Vice President

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	
              TOYOTA MOTOR CREDIT CORPORATION,

            
	
               

            	
               

            	
              as Servicer and Administrator

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	
              By:

            	
              /s/ Cindy Wang                                         

            
	
               

            	
               

            	
              Name:  Cindy Wang

            
	
               

            	
               

            	
              Title:    Group Vice President – Treasury

            

    

    

     

    
      
        

    

    

      	 	
              CLAYTON FIXED INCOME SERVICES LLC,

            
	 	 	
              as Asset Representations Reviewer

            
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/ Susan Connally                                   

                

            
	 	 	
              Name:  Susan Connally

              

            
	 	 	
              Title:    Vice President

              

            

    

     

    

    

    

     

     

    

     

    

     

    

     

     

    

     

    

    

    

     

    
      
        

    

    
    Schedule A

    Review Materials

     

    “Review Materials” means, with respect to each Receivable:

     

    	

          	(a)	
            the Contract;

          

     

    	

          	(b)	
            the original credit application executed by the related Obligor (or a photocopy or other image or electronic record thereof;

          

     

    	

          	(c)	
            the original certificate of title (or evidence that such certificate of title has been applied for), or a photocopy or other image thereof, and of such documents that the Servicer shall keep on file
              evidencing the security interest in the related Financed Vehicle;

          

     

    	

          	(d)	
            an electronic data tape describing certain characteristics of the Receivables as of the Cutoff Date or such other applicable date of determination (the “Data Tape”);

          

     

    	

          	(e)	
            a list of approved contract forms for the Review Receivables, as provided by TMCC; and

          

     

    	

          	(f)	
            such other documentation or information (whether tangible or electronic, and including, without limitation, screen prints or reports of the Servicer’s receivables and securitization systems) as the
              Servicer, as the case may be, may maintain and which the Servicer shall have determined to be relevant to any Test with respect to such Receivable.

          

     

    

      

    

    
      Sch. A-1

      
        

    

    
    Schedule B

    Representations, Warranties and Tests

     

    	
            Representations and Warranties

              Made as of the Cutoff Date and the Closing Date

              (unless otherwise specified)

          	
            Tests

          
	
            1.    Origination.  Each Receivable was originated in the United States by a Dealer for the
                retail sale of the related Financed Vehicle in the ordinary course of such Dealer’s business, has been fully and properly executed or electronically authenticated by the parties thereto, has been purchased by TMCC from such Dealer under an
                existing agreement with TMCC and has been validly assigned by such Dealer to TMCC.

          	
            Test 1-1: Dealer Address

            Confirm the Dealer address on the Contract is a United States address.

            Test 1-2: Contract Signed

            Confirm the Obligor(s) and Dealer signed the Contract.

            Test 1-3: Valid Assignee

            Confirm TMCC, or a name included in the list of acceptable name variations, is identified as the assignee in either the Assignment section of the Contract or separate assignment document.

            Test 1-4: Valid Assignor Signature

            Confirm the Contract was completed electronically or if completed on paper, confirm the Dealer signature is present as assignor on the Contract or separate assignment document.

          
	
            2.    Security Interest.  With respect to each Receivable, as of the Closing Date, TMCC has,
                or has started procedures that will result in TMCC having, a perfected, first priority security interest in the related Financed Vehicle, which security interest was validly created and is assignable by the Seller to the Purchaser, and by
                the Purchaser to the Issuer.

          	
            Test 2-1: Lienholder

            Confirm the title documents identify either TMCC, or a name included in the list of acceptable name variations, as the first lienholder.

            Test 2-2:  Obligor Name

            Confirm the Obligor name(s) on the Contract, taking into account any amendments or correction notices, match(es) the name(s) on the title documents.

            Test 2-3:  Valid VIN

            Confirm the vehicle identification number on the Contract, taking into account any amendments or correction notices, matches the vehicle identification number on the title documents.

          
	
            3.    Simple Interest.  Each Receivable provides for scheduled monthly payments that fully
                amortize the Amount Financed by maturity (except for minimally different payments in the first or last month in the life of the Receivable) and provides for a finance charge or yield interest at its APR, in either case calculated based on
                the Simple Interest Method.

          	
            Test 3-1: Payments

            Review the Contract and confirm it reflects a level monthly payment except for the first and final payment, if any.  Sum the first payment (if any), the product of the number of payments (or the
              number of regular payments, if there is a first or final payment) and the Payment Amount and the final payment (if any) and confirm that this amount is equal to the Total of Payments in the Truth in Lending section of the Contract.

            Test 3-2: Simple Interest

            Observe the Contact and confirm it is a Simple Interest Method Contract.

          

    

    

    
      Sch. B-1

      
        

    

    	
            Representations and Warranties

              Made as of the Cutoff Date and the Closing Date

              (unless otherwise specified)

          	
            Tests

          
	
            4.    Prepayment.  Each Receivable allows for prepayment without penalty.

          	
            Test 4-1: Prepayment

            Confirm the Contract provides a prepayment disclosure that does not require a penalty.

          
	
            5.    Compliance with Law.  To the Seller’s knowledge, each Receivable complied in all
                material respects at the time it was originated with all requirements of applicable federal, state and local laws, and regulations thereunder.

          	
            Test 5-1: Complete Contract

            Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are approved for use according to TMCC internal documentation.

          
	
            6.    Binding Obligation.  Each Receivable is on a form contract containing customary and
                enforceable provisions that includes rights and remedies allowing the holder to enforce the obligation and realize on the related Financed Vehicle and represents the legal, valid and binding payment obligation in writing of the related
                Obligor, enforceable by the holder thereof in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors’ rights in
                general and by general principles of equity and consumer protection laws, regardless of whether such enforceability is considered in a proceeding in equity or at law.

          	
            Test 6-1:  Valid Contract Form

            Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are approved for use according to TMCC internal documentation.

            Test 6-2: Contract Executed

            Confirm the Obligor(s) signed the Contract.

          
	
            7.    No Government Obligors.  None of the Receivables is due from the United States or any
                state or local government, or from any agency, department or instrumentality of the United States or any state or local government.

          	
            Test 7-1: Personal Use

            Review the Obligor section on the Contract and confirm the Obligor name(s)  is that of a natural person.

            Test 7-2: No Government Obligor

            If the Obligor section on the Contract does not report a natural person’s name or an obvious non-governmental business, confirm internet search results show no indication of the Obligor(s) to be a
              government agency, department, political subdivision or instrumentality.

          
	
            8.    Receivables in Force.  As of the Cutoff Date, no Receivable has been satisfied, nor
                has any Financed Vehicle been released in whole or in part from the lien granted by the related Receivable.

          	
            Test 8-1: Active Account

            Observe the Receivable in TMCC’s Data Tape, and confirm it was an active account on the Cutoff Date.

          

    

    

    
      Sch. B-2

      
        

    

    	
            Representations and Warranties

              Made as of the Cutoff Date and the Closing Date

              (unless otherwise specified)

          	
            Tests

          
	
            9.    No Amendments or Waivers.  As of the Cutoff Date, no material provision of a
                Receivable has been amended, modified or waived in a manner that is prohibited by the provisions of the Sale and Servicing Agreement.

          	
            Test 9-1: Contract Form

            Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are approved for use according to TMCC internal documentation.

            Test 9-2: Modification

            Review the Data Tape and the Contract (as amended by any related correction notice, if any) and confirm that, as of the Cutoff Date, there is no revision to the following terms:

            i. APR

            ii. Original Contract Term

            iii. Monthly Payment

            iv. Total Amount Financed

            v. Make / Model / Model Year

            vi. Simple Interest Method Loan

             

          
	
            10.  No Defenses.  To the Seller’s knowledge, as of the Closing Date, no Receivable is
                subject to any right of rescission, setoff, counterclaim or defense, nor has any such right been asserted or threatened with respect to any Receivable.

          	
            Test 10-1: No Litigation

            Review the Review Materials and confirm there is no evidence of litigation or other attorney involvement as of the Closing Date.

          
	
            11.  No Payment Default.  Except for payment delinquencies that have been continuing for a
                period of not more than 29 days, no payment default under the terms of any Receivable exists as of the Cutoff Date.

          	
            Test 11-1: Delinquency

            Observe TMCC’s Data Tape and confirm the Receivable was not more than 29 days delinquent as of the Cutoff Date.

             

          
	
            12.  No Repossession.  No Financed Vehicle has been repossessed without reinstatement as of
                the Cutoff Date.

          	
            Test 12-1: Repossession Inventory

            Observe TMCC’s receivables systems and confirm the Receivable was not held in repossession inventory as of the Cutoff Date.

          
	
            13.  Insurance.  The terms of each Receivable require the related Obligor to obtain and
                maintain physical damage insurance covering the related Financed Vehicle in accordance with TMCC’s normal requirements.  No Financed Vehicle was subject to force-placed insurance.

          	
            Test 13-1: Physical Damage Covered

            Confirm the Contract contains language that required the Obligor to obtain and maintain insurance against physical damage to the Financed Vehicle.

            Test 13-2: No Force-Placed Insurance

            Confirm the Review Materials contain no evidence the Financed Vehicle was subject to force-placed insurance.

             

          

    

    

    
      Sch. B-3

      
        

    

    	
            Representations and Warranties

              Made as of the Cutoff Date and the Closing Date

              (unless otherwise specified)

          	
            Tests

          
	
            14.  Good Title.  Immediately prior to the transfer and assignment herein contemplated, the
                Seller had good and marketable title to each Receivable free and clear of all Liens and rights of others (other than pursuant to the Basic Documents) and, immediately upon the transfer and assignment thereof, the Purchaser will have good
                and marketable title to each Receivable, free and clear of all Liens and rights of others (other than pursuant to the Basic Documents).

          	
            Test 14-1: Sole Lienholder

            Confirm the title documents designate TMCC, or a name included in the list of acceptable name variations as the sole lien holder and that no other lien holder is listed.

            Test 14-2: No Transfer of Title

            Confirm the title documents indicate the Receivable has not been sold, assigned, or transferred to any other entity.

          
	
            15.  Lawful Assignment.  No Receivable has been originated in, or is subject to the laws of,
                any jurisdiction under which the sale, transfer and assignment of such Receivable under this Agreement, or pursuant to the Sale and Servicing Agreement or the pledge of such Receivable under the Indenture are unlawful, void or voidable. 
                The terms of each Receivable do not limit the right of the owner of such Receivable to sell such Receivable.

          	
            Test 15-1: Contract Form

            Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are approved for use according to TMCC internal documentation.

            Test 15-2: Assignability

            Confirm the Contract does not contain language that limits the sale or transfer of the Receivable.

          
	
            16.  Additional Representations and Warranties.  (A) Each Receivable is being serviced by
                TMCC as of the Closing Date; (B) as of the Cutoff Date, each Receivable is secured by a new or used car, crossover utility vehicle, light-duty truck or sport utility vehicle; (C) no Receivable was more than 29 days past due as of the Cutoff
                Date; and (D) as of the Cutoff Date, no Receivable was noted in the records of TMCC or the Servicer as being the subject of a bankruptcy proceeding or insolvency proceeding.

          	
            Test 16(A):  Servicing

            Confirm the Review Materials show the Receivable was being serviced by TMCC as of the Closing Date.

            Test 16(B):  Financed Vehicle

            Review the Contract and confirm the Financed Vehicle is a new or used car, crossover utility vehicle, light-duty truck or sport utility vehicle.

            Test 16(C):  Delinquency

            Confirm the Data Tape shows the Receivable is not more than 29 days past due as of the Cut-off Date.

            Test 16(D):  No Bankruptcy

            Confirm the Data Tape shows the Obligor was not noted as being the subject of any bankruptcy or insolvency proceeding as of the Cutoff Date.

          

    

    

     

    

    

    

  

  Sch. B-4EX-4.2

 Exhibit 4.2 

FOURTH SUPPLEMENTAL INDENTURE 

DATED AS OF JUNE 14, 2021 

BETWEEN 
 GLOBE LIFE
INC., 
 AS ISSUER 

AND 
 REGIONS BANK,

 AS TRUSTEE 

 TABLE OF CONTENTS 

PAGE 
  

							
	 ARTICLE 1
	 		  			
	 DEFINITIONS
	 		  	 	1	 
			
	 Section 1.01.
	 	Definitions	  	 	1	 
			
	 ARTICLE 2
	 		  			
	 GENERAL TERMS AND CONDITIONS OF THE DEBENTURES
	  	 	5	 
			
	 Section 2.01.
	 	Designation, Principal Amount and Authorized Denominations	  	 	5	 
	 Section 2.02.
	 	Repayment	  	 	6	 
	 Section 2.03.
	 	Form	  	 	6	 
	 Section 2.04.
	 	Interest	  	 	7	 
	 Section 2.05.
	 	Interest Deferral	  	 	8	 
	 Section 2.06.
	 	Events of Default	  	 	8	 
	 Section 2.07.
	 	Security Registrar; Paying Agent	  	 	10	 
	 Section 2.08.
	 	Subordination	  	 	10	 
	 Section 2.09.
	 	Satisfaction, Discharge and Defeasance	  	 	11	 
			
	 ARTICLE 3
	 		  			
	 COVENANTS
	 		  	 	11	 
			
	 Section 3.01.
	 	Dividend and Other Payment Stoppages	  	 	11	 
			
	 ARTICLE 4
	 		  			
	 REDEMPTION OF THE DEBENTURES
	  	 	12	 
			
	 Section 4.01.
	 	Redemption	  	 	12	 
	 Section 4.02.
	 	Redemption Price	  	 	13	 
			
	 ARTICLE 5
	 		  			
	 ORIGINAL ISSUE OF DEBENTURES
	  	 	13	 
			
	 Section 5.01.
	 	Original Issue of Debentures	  	 	13	 
	 Section 5.02.
	 	Calculation of Original Issue Discount	  	 	13	 
			
	 ARTICLE 6
	 		  			
	 MISCELLANEOUS
	 		  	 	14	 
			
	 Section 6.01.
	 	Effectiveness	  	 	14	 
	 Section 6.02.
	 	Effect of Recitals	  	 	14	 
	 Section 6.03.
	 	Ratification of Base Indenture; Conflicts	  	 	14	 
	 Section 6.04.
	 	Debentures Unaffected by Officer’s Certificates	  	 	14	 
	 Section 6.05.
	 	Tax Treatment	  	 	14	 
	 Section 6.06.
	 	Governing Law	  	 	14	 
	 Section 6.07.
	 	Severability	  	 	15	 
	 Section 6.08.
	 	Counterparts	  	 	15	 
	 Section 6.09.
	 	Waiver of Jury Trial	  	 	15	 
	 Section 6.10.
	 	Force Majeure	  	 	15	 
	 Section 6.11.
	 	Trustee, Paying Agent, and Security Registrar Liability	  	 	15	 
	 Section 6.12.
	 	Submission to Jurisdiction	  	 	15	 

  
 i 

							
	 Section 6.13.
	 	Electronic Communications	  	 	16	 
	 Section 6.14.
	 	FATCA	  	 	16	 
	 Section 6.15.
	 	Notices	  	 	16	 
		
	 Exhibit A – Specimen Debenture
	  	 	A-1	 

  
 ii 

 FOURTH SUPPLEMENTAL INDENTURE, dated as of June 14, 2021 (this “Supplemental
Indenture”), between Globe Life, a Delaware corporation, as issuer (the “Company”), and Regions Bank (as successor in interest to The Bank of New York and The Bank of New York Mellon Trust Company, N.A. ), as trustee (the
“Trustee”), supplementing the Junior Subordinated Indenture, dated as of November 2, 2001 (the “Base Indenture,” and together with this Supplemental Indenture, the “Indenture”), each between the
Company and the Trustee. 
 RECITALS 

WHEREAS, the Company executed and delivered the Base Indenture to the Trustee to provide for the future issuance of the Company’s
unsecured junior subordinated debentures, notes or other evidence of indebtedness (the “Securities”), to be issued from time to time in one or more series as might be determined by the Company under the Base Indenture; 

WHEREAS, Section 8.1 of the Base Indenture provides that the Company and the Trustee may, without the consent of any Holders, enter into
a supplemental indenture to establish the forms or terms of the Securities of any series as provided in Sections 2.1 and 2.3 thereof; 

WHEREAS, pursuant to Sections 2.1 and 2.3 of the Base Indenture and this Supplemental Indenture, the Company desires to provide for the
establishment of a new series of its Securities to be known as its 4.250% Junior Subordinated Debentures due 2061 (the “Debentures”), with the form and terms thereof as hereinafter set forth; and 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to make
this Supplemental Indenture a valid instrument in accordance with its terms, and to make the Debentures, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been done and performed,
and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects. 
 NOW, THEREFORE, in consideration
of the premises and the purchase and acceptance of the Debentures by the Holders thereof, and for the purpose of setting forth, as provided in the Indenture, the form and substance of the Debentures and the terms, provisions and conditions thereof,
the Company covenants and agrees with the Trustee as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. 

For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(a) a term not defined herein that is defined in the Base Indenture has the same meaning when used in this Supplemental Indenture; 

 (b) the definition of any term in this Supplemental Indenture that is also defined in the
Base Indenture shall supersede the definition of such term in the Base Indenture; 
 (c) a term defined anywhere in this Supplemental
Indenture has the same meaning throughout; 
 (d) the singular includes the plural and vice versa; 

(e) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Supplemental
Indenture as a whole and not to any particular Article, Section or other subdivision, and any reference to an Article, Section or other subdivision refers to an Article, Section or other subdivision of this Supplemental Indenture; 

(f) headings are for convenience of reference only and do not affect interpretation; and 

(g) the following terms have the meanings given to them in this Section 1.1(g): 

“Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state bankruptcy, insolvency, reorganization or other
law for the relief of debtors. 
 “Base Indenture” has the meaning specified in the introduction to this Supplemental
Indenture. 
 “Business Day” means any day which is not a Saturday, a Sunday, a legal holiday or a day on which banking
institutions or trust companies located in New York City are authorized or obligated by law to close. 
 “Common Stock”
means shares of common stock of the Company, including treasury shares and shares sold pursuant to the Company’s dividend reinvestment plans and employee benefit plans. 

“Company” has the meaning specified in the introduction to this Supplemental Indenture. 

“Compounded Interest” means accrued and unpaid interest on the Debentures, together with interest thereon, to the extent
permitted by applicable law, compounded quarterly at the Coupon Rate. 
 “Coupon Rate” has the meaning specified in
Section 2.04(a) hereof. 
 “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any
Bankruptcy Law. 
 “Debentures” has the meaning specified in the Recitals of this Supplemental Indenture. 

“Deferral Period” means the period commencing on an Interest Payment Date with respect to which the Company elects or is
deemed to elect to defer interest pursuant to Section 2.05 and ending on the earlier of (i) the fifth anniversary of that Interest Payment Date and (ii) the next Interest Payment Date on which the Company has paid all deferred and unpaid
amounts (including Compounded Interest) and all other accrued interest on the Debentures. 

  
 2 

 “Depositary”, with respect to the Debentures, means The Depository Trust
Company or any successor clearing agency. 
 “Event of Default” has the meaning specified in Section 2.06 hereof. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, including the rules and regulations of the Securities
and Exchange Commission promulgated thereunder. 
 “given,” with respect to any notice to be given to a Holder pursuant to
this Supplemental Indenture, shall mean notice (x) given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices or
procedures at the Depositary (in the case of a Global Security) or (y) mailed to such Holder by first class mail, postage prepaid, at its address as it appears on the Security Register, in each case in accordance with Section 6.15 of this
Supplemental Indenture. Notice so “given” shall be deemed to include any notice to be “mailed” or “delivered,” as applicable, under this Indenture. 

“Global Security” means a Security in the form prescribed in Section 2.03 hereof and Exhibit A hereto evidencing all or
part of the Debentures registered in the name of the Depositary or its nominee for such series. 
 “Indenture” has the
meaning specified in the Recitals of this Supplemental Indenture. 
 “Interest Payment Date” means each March 15,
June 15, September 15 and December 15, commencing September 15, 2021; provided that, if any such day is not a Business Day, then the Interest Payment Date shall be the immediately succeeding Business Day. 

“Interest Payment Period” means the quarterly period from and including an Interest Payment Date to but not including the
next succeeding Interest Payment Date, except for the first Interest Payment Period which shall be the period from and including the date of initial issuance of the Debentures (subject to Section 2.01(b) hereof) to but excluding
September 15, 2021. 
 “Maturity Date” has the meaning specified in Section 2.02 hereof. 

“Parity Securities” shall have the meaning specified in Section 3.01(b) hereof. 

“Paying Agent” means any Person authorized by the Company to pay the principal of or interest and any other payments on the
Debentures on behalf of the Company. 
 “Predecessor Security” of any particular Security means every previous Security
evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.9 of the Base Indenture in exchange for or in lieu of
a mutilated, defaced, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, defaced, destroyed, lost or stolen Security. 

  
 3 

 “Rating Agency Event” means that any nationally recognized statistical
rating organization within the meaning of Section 3(a)(62) under the Exchange Act, that then publishes a rating for the Company (a “rating agency”) amends, clarifies or changes the criteria it uses to assign equity credit to
securities such as the Debentures, which amendment, clarification or change results in (a) the shortening of the length of time the Debentures are assigned a particular level of equity credit by that rating agency as compared to the length of
time they would have been assigned that level of equity credit by that rating agency or its predecessor on the date of initial issuance of the Debentures; or (b) the lowering of the equity credit (including up to a lesser amount) assigned to
the Debentures by that rating agency compared to the equity credit assigned by that rating agency or its predecessor on the initial issuance of the Debentures. 

“Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed for such redemption by or
pursuant to this Supplemental Indenture. 
 “Regular Record Date” means, with respect to an Interest Payment Date, the
March 1, June 1, September 1 and December 1, as the case may be, next preceding such Interest Payment Date, in each case whether or not a Business Day. 

“Regulatory Capital Event” means that the Company becomes subject to capital adequacy supervision by a capital regulator and
the capital adequacy guidelines that apply to the Company as a result of being so subject set forth criteria pursuant to which the full principal amount of the Debentures would not qualify as capital under such capital adequacy guidelines, as the
Company may determine at any time, in good faith. 
 “Securities” has the meaning specified in the Recitals of this
Supplemental Indenture. 
 “Security Registrar” means, with respect to the Debentures, Regions Bank, or any other firm
appointed by the Company, acting as security registrar for the Debentures. 
 “Security Registrar Office” means the office
of the applicable Security Registrar at which at any particular time its corporate agency business shall principally be administered, which office at the date hereof in the case of Regions Bank, in its capacity as Security Registrar under the
Indenture, is located at 3773 Richmond Avenue, Suite 1100 Houston, TX 77046, ATTN: Corporate Trust. 
 “Subsidiary” means,
at any time, any Person the shares of stock or other ownership interests of which ordinarily have voting power to elect a majority of the board of directors or other managers of such Person, are at the time owned or the management and policies of
which are otherwise at the time controlled, directly or indirectly through one or more intermediaries (including other Subsidiaries) or both, by another Person. 

“Supplemental Indenture” has the meaning specified in the introduction to this Supplemental Indenture. 

“Tax Event” means the receipt by the Company of an opinion of counsel, rendered by a law firm of nationally recognized
standing that is experienced in such tax matters, stating that, as a result of any: (i) amendment to, or change in, (including any promulgation, enactment, execution or modification of) the laws (or any regulations under those laws) of the
United States 

  
 4 

 
or any political subdivision thereof or therein affecting taxation, (ii) official administrative pronouncement (including a revenue ruling, private letter ruling, technical advice memorandum
or similar pronouncement) or judicial decision or administrative action or other official pronouncement interpreting or applying the laws or regulations enumerated in clause (i) above, by any court, government agency or regulatory authority, or
(iii) threatened challenge asserted in connection with an audit of the Company or any of its Subsidiaries, or a threatened challenge asserted in writing against any taxpayer that has raised capital through the issuance of securities that are
substantially similar to the Debentures (collectively, a “Tax Change”), which Tax Change is enacted or effective or which pronouncement or decision is announced or which challenge is asserted against the Company or becomes publicly
known on or after the date hereof, there is more than an insubstantial increase in the risk that interest accruable or payable by the Company on the Debentures is not, or will not be, deductible by the Company, in whole or in part, for United States
federal income tax purposes. 
 “Total Assets” means, at any date, the total assets appearing on the most recently prepared
consolidated balance sheet of the Company and its consolidated Subsidiaries as at the end of a fiscal quarter of the Company, prepared in accordance with generally accepted accounting principles. 

ARTICLE 2 
 GENERAL TERMS
AND CONDITIONS OF THE DEBENTURES 
 Section 2.01. Designation, Principal Amount and Authorized Denominations. 

(a) Designation. Pursuant to Sections 2.1 and 2.3 of the Base Indenture, there is hereby established a series of Securities of the
Company designated as the 4.250% Junior Subordinated Debentures due 2061, the principal amount of which to be issued shall be in accordance with Section 2.01(b) hereof and as set forth in any Issuer Order for the authentication and delivery of
Debentures pursuant to Section 2.4 of the Base Indenture, and the form and terms of which shall be as set forth hereinafter. 
 (b)
Principal Amount. Debentures in an initial aggregate principal amount of $325,000,000 shall, upon execution of this Supplemental Indenture, be executed by the Company and delivered to the Trustee or an Authenticating Agent for authentication,
and the Trustee or an Authenticating Agent shall thereupon authenticate and deliver said Debentures in accordance with Section 2.4 of the Base Indenture. Additional Debentures may be issued from time to time pursuant to this Supplemental
Indenture on the same terms and conditions as the Debentures issued under this Supplemental Indenture in all respects, except for any difference in the issue date, issue price and, if applicable, the first payment of interest thereon and the initial
interest accrual date. Additional Debentures issued pursuant to this Supplemental Indenture will be consolidated with, and will form a single series with, the previously outstanding Debentures issued pursuant to this Supplemental Indenture so long
as any such additional Debentures have the same tenor and terms (including, without limitation, rights to receive accrued and unpaid interest as the previously outstanding Debentures); provided that if such additional Debentures are not fungible
with the outstanding Debentures for U.S. federal income tax purposes, then they will be issued under one or more separate CUSIP numbers. 

  
 5 

 (c) Authorized Denominations. The denominations in which Debentures shall be issuable is a
minimum of $25 principal amount and integral multiples of $25 thereafter. 
 Section 2.02. Repayment. 

The principal of, and all accrued and unpaid interest on, all Outstanding Debentures shall be due and payable on June 15, 2061 or, if
such date is not a Business Day, the following Business Day (the “Maturity Date”). 
 Section 2.03. Form. 

The Debentures shall be substantially in the form of Exhibit A attached hereto and shall be issued in fully registered definitive form
without interest coupons. Principal of and interest on the Debentures issued in definitive form will be payable, the transfer of such Debentures will be registrable and such Debentures will be exchangeable for Debentures bearing identical terms and
provisions and notices and demands to or upon the Company in respect of the Debentures and the Indenture may be served at the Corporate Trust Office of the Trustee, and the Company appoints the Trustee as its agent for the foregoing purposes,
provided that payment of interest may be made at the option of the Company by check mailed to the Holders at such address as shall appear in the Security Register or by wire transfer in immediately available funds to the bank account number
of the Holders specified in writing by the Holders not less than 10 days before the relevant Interest Payment Date and entered in the Security Register by the Security Registrar. The Debentures may be presented for registration of transfer or
exchange at the Security Registrar Office. The Debentures are initially solely issuable as Global Securities. The Depository Trust Company is hereby designated as Depositary. Registered Debentures shall be physically transferred to all beneficial
owners in definitive form in exchange for their beneficial interests in a Global Security if the Depositary with respect to such Global Securities notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security
or the Depositary ceases to be a clearing agency registered under the Exchange Act, as the case may be, and a successor Depositary is not appointed by the Company within 90 days of such notice. 

In addition, beneficial interests in the Global Securities may be exchanged for definitive certificated Debentures upon request by or on
behalf of the Depositary in accordance with customary procedures following the request of a beneficial owner seeking to exercise or enforce its rights under such Debentures in connection with an Event of Default. If the Company determines at any
time that the Debentures shall no longer be represented by a Global Security, the Company shall inform the Depositary of such determination which will, in turn, notify participants of their right to withdraw their beneficial interest from the Global
Security. If such participants then elect to withdraw their beneficial interests, the Company shall issue certificates in definitive form in exchange for such beneficial interests in the Global Security. Any Global Security, or portion thereof, that
is exchangeable pursuant to this Section 2.03 shall be exchangeable for Debenture certificates registered in the names directed by the Depositary. 

  
 6 

 Section 2.04. Interest. 

(a) From and including the original issue date up to but excluding the Maturity Date or earlier Redemption Date, as applicable, the Debentures
will bear interest, accruing from the date of initial issuance (except as further described in the following sentence), at the per annum rate of 4.250% (the “Coupon Rate”), payable quarterly in arrears on each Interest Payment Date,
commencing on September 15, 2021. 
 (b) Interest payments will include accrued interest from and including the last date in respect of
which interest has been paid or duly provided for to, but excluding, the next succeeding Interest Payment Date, the Maturity Date or the Redemption Date, as the case may be. The amount of interest payable for any full Interest Payment Period will be
computed on the basis of a 360-day year of twelve thirty-day months, and the amount of interest payable for any period shorter than a full Interest Payment Period for
which interest is computed will be computed on the basis of thirty-day months and, for periods of less than a thirty-day month, the actual number of days elapsed per thirty-day month. 
 (c) Otherwise than in connection with the maturity or early redemption of the
Debentures or the payment in whole or in part of deferred or overdue interest on the Debentures, interest on the Debentures may be paid only on an Interest Payment Date. Notwithstanding the preceding sentence, in the event that any Interest Payment
Date is not a Business Day, then payment of interest payable on such Interest Payment Date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of such delay). 

(d) To the extent permitted by applicable law, interest not paid when due hereunder, including, without limitation, all deferred interest,
will accrue and compound quarterly at the Coupon Rate on each Interest Payment Date until paid. References to the term “interest” in this Indenture shall include such Compounded Interest. 

(e) For so long as the Debentures are represented by one or more Global Securities, the interest installment so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in the Base Indenture, be paid to the Person in whose name the Debentures (or one or more Predecessor Securities) are registered at the close of business on the Regular Record Date
next preceding the Interest Payment Date, which shall be the record date for such Interest Payment Date; provided that, in the event the Debentures at any time are not represented solely by one or more Global Securities, the Company may select a
different record date for such Interest Payment Date, which shall be at least one Business Day before an Interest Payment Date. Any such interest installment not punctually paid or duly provided for shall forthwith cease to be payable to the
registered Holders of Debentures on such record date, and may be paid to the Person in whose name the Debentures (or one or more Predecessor Securities) is registered at the close of business on a special record date to be fixed by the Trustee for
the payment of such defaulted interest after the Company has deposited with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest, notice whereof shall be given to the registered
Holders of Debentures not less than 10 days prior to such special record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debentures may be listed, and upon
such notice as may be required by such exchange. 

  
 7 

 Section 2.05. Interest Deferral. 

(a) Option to Defer Interest Payments. 

(i) So long as no Event of Default with respect to the Debentures has occurred and is continuing, the Company shall have the
right on one or more occasions, to defer the payment of interest on the Debentures for one or more Interest Payment Periods up to five consecutive years, provided that no Deferral Period shall extend beyond the Maturity Date, the earlier
accelerated maturity date of the Debentures or other redemption in full of the Debentures. If the Company shall fail to pay interest on the Debentures on any Interest Payment Date, the Company shall be deemed to elect to defer payment of such
interest on such Interest Payment Date, unless the Company shall pay such interest in full within five Business Days after any such Interest Payment Date. If the Company shall have paid all deferred interest on the Debentures, the Company shall have
the right to elect to begin a new Deferral Period pursuant to this Section 2.05. 
 (ii) During a Deferral Period,
interest will continue to accrue on the Debentures at the Coupon Rate, compounded quarterly, as of each Interest Payment Date to the extent permitted by applicable law. 

(iii) The Company shall pay all deferred interest in accordance with the provisions of Section 2.7 of the Base Indenture
applicable to Defaulted Interest. 
 (b) Payment of Deferred Interest. On the Maturity Date or if the principal amount of the
Debentures shall have been accelerated and such acceleration has not been rescinded, the Company shall pay all accrued and unpaid interest, including deferred interest, from any available funds. On any Interest Payment Date the Company may pay any
accrued and unpaid interest from any available funds. 
 (c) Notice of Deferral. The Company shall provide written notice to the
Trustee and the Holders of the Debentures of its election to commence or continue any Deferral Period at least one Business Day and not more than sixty Business Days prior to the applicable Interest Payment Date. Notice of the Company’s
election of a Deferral Period shall be given to the Trustee and each Holder of Debentures at such Holder’s address appearing in the Security Register by first-class mail, postage prepaid. Notwithstanding the foregoing, the failure of the
Company to provide notice in accordance with this Section 2.05(c) of its election to commence or continue any Deferral Period, including any deemed election as provided in Section 2.05(a)(i), shall not affect the validity of such deferral
hereunder. 
 Section 2.06. Events of Default. 

Solely for purposes of the Debentures, the first paragraph of Section 5.1, Section 5.1(a)-(i) and the following three paragraphs of
the Base Indenture shall be deleted and replaced by the following: 
 “Event of Default”, wherever used herein with respect to the
Debentures, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body): 
 (a) default in the payment of interest in full, including
Compounded Interest, on any Debenture for a period of 30 days, other than during a Deferral Period, or on the Maturity Date; 

  
 8 

 (b) default in the payment of principal of or premium, if any, on any Debenture on the
Maturity Date or upon redemption; 
 (c) failure by the Company to comply in any material respect with any of its agreements or covenants
in, or any of the provisions of, the Indenture with respect to the Debentures (other than an agreement, covenant or provision for which non-compliance is elsewhere in this Section specifically dealt with), and
such non-compliance continues for a period of 60 days after there has been given, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Debentures, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

(d) a default under any mortgage, agreement, indenture or instrument under which there may be issued, or by which there may be secured,
guaranteed or evidenced any Debt of the Company (including this Indenture) whether such Debt now exists or shall hereafter be created, in an aggregate principal amount then outstanding of $10,000,000 or more, which default (i) shall constitute
a failure to pay any portion of the principal of such Debt when due and payable after the expiration of any applicable grace period with respect thereto or (ii) shall result in such Debt becoming or being declared due and payable prior to the
date on which it would otherwise become due and payable, and such acceleration shall not be rescinded or annulled, or such Debt shall not be paid in full within a period of 30 days after there has been given, to the Company by the Trustee or to the
Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Debentures a written notice specifying such event of default and requiring the Company to cause such acceleration to be rescinded or annulled or to pay in
full such Debt and stating that such notice is a “Notice of Default” hereunder; (it being understood however, that the Trustee shall not be deemed to have knowledge of such default under such agreement or instrument unless either
(i) a Responsible Officer of the Trustee shall have actual knowledge of such default or (ii) a Responsible Officer of the Trustee shall have received written notice thereof from the Company or from any Holder); provided, however,
that if such default under such agreement or instrument is remedied or cured by the Company or waived by the holders of such indebtedness, then the Event of Default hereunder by reason thereof shall be deemed likewise to have been thereupon
remedied, cured or waived without further action upon the part of either the Trustee or any of such Holders; provided, further, that the foregoing shall not apply to any secured Debt under which the obligee has recourse (exclusive of recourse
for ancillary matters such as environmental indemnities, misapplication of funds, costs of enforcement and the like) only to the collateral pledged for repayment so long as the fair market value of such collateral does not exceed 2% of Total Assets
at the time of the default; 
 (e) the Company, pursuant to or within the meaning of any Bankruptcy Law, (i) commences a voluntary case
or proceeding, (ii) consents to the entry of an order for relief against it in an involuntary case or proceeding, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property, (iv) makes a
general assignment for the benefit of its creditors (v) makes an admission in writing of its inability to pay its debts generally as they become due or (vi) takes corporate action in furtherance of any such action; or 

  
 9 

 (f) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law
that (i) is for relief against the Company, in an involuntary case, (ii) adjudges the Company as bankrupt or insolvent, or approves as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in
respect of the Company, or appoints a Custodian of the Company, or for all or substantially all of its property, or (iii) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 60 days. 

The Trustee shall have no right or obligation under the Indenture or otherwise to exercise any remedies on behalf of the Holders of the
Debentures in connection with any failure by the Company to comply with any covenant or warranty of the Company contained in the Base Indenture (other than any covenant referred to in Section 5.1(a) or (b)), unless the Trustee is directed to
exercise such remedies pursuant to and subject to the provisions of Section 5.9 of the Base Indenture. 
 If an Event of Default has
occurred under Section 5.1(a), 5.1(b), 5.1(c) or 5.1(d), then, and in each and every such case, unless the Principal of all of the Securities shall have already become due and payable, either the Trustee or the Holders of not less than 25% in
aggregate principal amount of all of the Debentures then Outstanding hereunder (treated as one class) by notice in writing to the Company (and to the Trustee if given by Holders), may declare the entire principal of all of the Debentures then
Outstanding, and the interest accrued thereon, if any, to be due and payable immediately, and upon such declaration, the same shall become immediately due and payable. 

If an Event of Default has occurred under Section 5.1(e) or Section 5.1(f), the principal of and accrued but unpaid interest on the
Debentures shall automatically, and without any declaration or other action on the part of the Trustee or any Holder of the Debentures, become immediately due and payable. In connection with any such exercise of remedies, the Trustee shall be
entitled to the same immunities and protections and remedial rights (other than acceleration) as if such failure to comply were an Event of Default. The Trustee shall not be charged with knowledge or notice of any such failure to comply unless and
until it shall have received the foregoing direction under Section 5.9 of the Base Indenture. 
 Section 2.07. Security
Registrar; Paying Agent. 
 The Company appoints Regions Bank, N.A. as Security Registrar and Paying Agent with respect to the
Debentures. 
 Section 2.08. Subordination. 

The subordination provisions of Article XIII of the Base Indenture shall apply to the Debentures, provided that, for purposes of such
Article XIII, Senior Indebtedness will not include (i) (A) any indebtedness which by its terms ranks equally with the Debentures in right of payment, including guarantees of such indebtedness and including the Company’s 5.275 % Junior
Subordinated Debentures Due 2057 and 6.125% Junior Subordinated Debentures Due 2056, (B) any indebtedness which by its terms is subordinated to the Debentures in right of payment, which shall rank junior in right of payment to the Debentures,
(C) any indebtedness incurred for the purchase of goods or material or for services obtained in the ordinary course of business, which shall rank equally in right of payment to the Debentures, (D) indebtedness owed by the Company to its
subsidiaries, or (E) indebtedness owed by the Company to its employees, which shall rank equally in right of payment to the Debentures. 

  
 10 

 Section 2.09. Satisfaction, Discharge and Defeasance. 

The provisions of Article X of the Base Indenture shall apply to the Debentures except that Section 10.1(b)(iii) shall read: 

(iii) the Company has delivered to the Trustee an opinion of counsel from a law firm experienced in such matters based on the fact that
(x) the Company has received from, or there has been published by, the IRS a ruling or (y) since the date hereof, there has been a change in the applicable United States federal income tax law, in either case to the effect that, and such
opinion shall confirm that, the beneficial owner of the Securities of such series and Coupons appertaining thereto will not recognize income, gain or loss for United States federal income tax purposes as a result of such deposit, defeasance and
discharge and will be subject to United States federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, defeasance and discharge had not occurred; 

ARTICLE 3 
 COVENANTS

 Section 3.01. Dividend and Other Payment Stoppages. 

So long as any Debentures remain Outstanding, if the Company shall have given notice of its election to defer interest payments on the
Debentures but the related Deferral Period has not yet commenced or a Deferral Period is continuing, the Company shall not, and shall not permit any Subsidiary of the Company to: 

(a) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any shares of
capital stock of the Company other than: 
 (i) purchases or acquisitions of shares of the Company’s capital stock in
connection with the satisfaction by the Company of its obligations under any employment contract, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors, consultants or agents of the Company or its
subsidiaries, or in connection with the satisfaction by the Company of its obligations under any dividend reinvestment plan; 

(ii) purchases or acquisitions of shares of the Company’s capital stock in satisfaction of the Company’s obligations
under any contract or security requiring it to purchase shares of its capital stock entered into prior to the commencement of the deferral period; 

  
 11 

 (iii) as a result of a reclassification of any series or class of the
Company’s capital stock, or the exchange or conversion of one class or series of the Company’s capital stock for or into another class or series of its capital stock; 

(iv) the purchase of fractional interests in shares of the Company’s capital stock pursuant to an acquisition or the
conversion or exchange provisions of that capital stock or the security being converted or exchanged; 
 (v) dividends or
distributions of the Company’s capital stock, or rights to acquire capital stock, or repurchases or redemptions of capital stock, in each case solely from the issuance or exchange of capital stock; 

(vi) any declaration of a dividend in connection with the implementation of a shareholder rights plan, or issuances of capital
stock under any such plan in the future, or redemptions or repurchases of any rights outstanding under a shareholder rights plan; or 

(vii) acquisitions of the Company’s capital stock in connection with acquisitions of businesses made by the Company (which
acquisitions are made by the Company in connection with the satisfaction of indemnification obligations of the sellers of such businesses); or 

(b) make any payment of principal, premium, if any, or interest on, or repay, repurchase or redeem, any of the Company’s debt securities
or guaranties that rank equally with the Debentures (the “Parity Securities”) or junior to the Debentures, other than (i) any payment of current or deferred interest on Parity Securities and the Debentures made pro rata to the
amounts due on such Parity Securities and the Debentures; (ii) any payments of deferred interest on Parity Securities that, if not made, would cause the Company to breach the terms of the instrument governing such Parity Securities; or
(iii) any payment of principal on Parity Securities necessary to avoid a breach of the instrument governing such Parity Securities. 

ARTICLE 4 
 REDEMPTION OF
THE DEBENTURES 
 Section 4.01. Redemption. 

(a) The Debentures shall be redeemable in accordance with Article XII of the Base Indenture, except to the extent otherwise provided in this
Supplemental Indenture: 
 (i) in whole at any time or in part from time to time on or after June 15, 2026; 

(ii) in whole, but not in part, at any time prior to June 15, 2026, within 90 days after the occurrence of a Regulatory
Capital Event or a Tax Event; or 
 (iii) in whole, but not in part, at any time prior to June 15, 2026, within 90 days
after the occurrence of a Rating Agency Event; 

  
 12 

 provided that no partial redemption pursuant to Section 4.01(a)(i) shall be effected
(x) unless at least $25 million aggregate principal amount of the Debentures shall remain Outstanding after giving effect to such redemption and (y) if the principal amount of the Debentures shall have been accelerated and such
acceleration has not been rescinded or unless all accrued and unpaid interest, including deferred interest, shall have been paid in full on all Outstanding Debentures for all Interest Payment Periods terminating on or before the Redemption Date.

 (b) Notwithstanding any provision of Article XII of the Base Indenture to the contrary, the Debentures shall be subject to partial
redemption only in the amount of $25 and integral multiples of $25 in excess thereof. 
 Section 4.02. Redemption Price. 

The Redemption Price for any redemption pursuant to Section 4.01 will be equal to (1) in the case of any redemption pursuant to
Section 4.01(a)(i) or Section 4.01(a)(ii), 100% of the principal amount of the Debentures being redeemed, plus accrued and unpaid interest to but excluding the Redemption Date, and (2) in the case of any redemption pursuant to
Section 4.01(a)(iii), 102% of the principal amount of the Debentures being redeemed, plus accrued and unpaid interest (including compounded interest, if any) to, but excluding, the Redemption Date. 

If less than all of the Debentures are to be redeemed, the particular Debentures to be redeemed will be selected not more than 45 days prior
to the Redemption Date by the Trustee from the outstanding Debentures not previously called for redemption, by such method as the Trustee in its sole discretion deems fair and appropriate and which may provide for the selection for redemption of a
portion of the principal amount of any Debentures, provided that the unredeemed portion of the principal amount of any debenture shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such
Debenture. 
 ARTICLE 5 

ORIGINAL ISSUE OF DEBENTURES 

Section 5.01. Original Issue of Debentures. 

Debentures in the aggregate principal amount not to exceed $325,000,000, except as provided in Section 2.01(b) hereof, may, upon
execution of this Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Debentures to or upon the written order of the Company, signed by its
Chief Executive Officer, its President, or any Vice President (or more senior officer) and its Treasurer or an Assistant Treasurer, without any further action by the Company. 

Section 5.02. Calculation of Original Issue Discount. 

If during any calendar year any original issue discount shall have accrued on the Debentures, the Company shall file with each Paying Agent
(including the Trustee if it is a Paying Agent) by January 31 of the following calendar year (a) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on Outstanding
Debentures as of the end of such year and (b) such other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time. 

  
 13 

 ARTICLE 6 

MISCELLANEOUS 

Section 6.01. Effectiveness. 

This Supplemental Indenture will become effective upon its execution and delivery. 

Section 6.02. Effect of Recitals. 

The recitals contained herein and in the Debentures, except the Trustee’s certificates of authentication, shall be taken as the
statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture or of the
Debentures. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of the Debentures or the proceeds thereof. 

Section 6.03. Ratification of Base Indenture; Conflicts. 

The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture
shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. In the event of any conflict between this Supplemental Indenture and the Base Indenture or the provisions set forth in the certificates of Debentures,
as the case may be, this Supplemental Indenture shall control. 
 Section 6.04. Debentures Unaffected by Officer’s
Certificates. 
 None of the Company’s officer’s certificates pursuant to the Base Indenture entered into prior to the date
hereof applies to the Debentures. To the extent the terms of the Base Indenture are amended by any of such officer’s certificates, no such amendment shall relate or apply to the Debentures. To the extent the terms of the Base Indenture are
amended as provided herein, no such amendment shall in any way affect the terms of any such officer’s certificate or any other series of Securities. This Supplemental Indenture shall relate and apply solely to the Debentures. 

Section 6.05. Tax Treatment. 

The Company agrees, and by acceptance of a Debenture or a beneficial interest in a Debenture each Holder of a Debenture and any Person
acquiring a beneficial interest in a Debenture agrees, to treat the Debentures as indebtedness for United States federal income tax purposes. 

Section 6.06. Governing Law. 

This Supplemental Indenture, the Base Indenture as supplemented hereby and the Debentures shall be governed by and construed in accordance
with the laws of the State of New York without regard to the principles of conflict of laws. 

  
 14 

 Section 6.07. Severability. 

In case any provision in this Supplemental Indenture, the Indenture as supplemented hereby or in the Debentures shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 6.08. Counterparts. 

This Supplemental Indenture may be executed in any number of counterparts each of which shall be an original; but such counterparts shall
together constitute but one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic
Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

Section 6.09. Waiver of Jury Trial. 

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 6.10. Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances. 
 Section 6.11. Trustee, Paying Agent, and Security Registrar
Liability. 
 In no event shall the Trustee, Paying Agent, or Security Registrar be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) unless it shall be proved that such party acted in bad faith or was grossly negligent in acting or failing to act. 

Section 6.12. Submission to Jurisdiction. 

The parties irrevocably submit to the non-exclusive jurisdiction of any New York State or federal
court sitting in the Borough of Manhattan, City of New York, over any suit, action or proceeding arising out of or relating to this Indenture. To the fullest extent permitted by applicable law, the parties irrevocably waive and agree not to assert,
by way of motion, as a 

  
 15 

 
defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action
or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

Section 6.13. Electronic Communications. 

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give such
instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects to give the
Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such
instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions
conflict or are inconsistent with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk
of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 
 Section 6.14.
FATCA. 
 The Company agrees (i) to provide the Trustee with such reasonable information as it has in its possession to enable the
Trustee to determine whether any payments pursuant to the Indenture are subject to the withholding requirements described in Section 1471(b) of the US Internal Revenue Code of 1986 (the “Code”) or otherwise imposed pursuant to
Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof (“Applicable Law”), and (ii) that the Trustee shall be entitled to make any withholding or deduction from
payments under the Indenture to the extent necessary to comply with Applicable Law, for which the Trustee shall not have any liability. 

Section 6.15. Notices. 

Solely for purposes of the Debentures, Section 11.4 of the Base Indenture shall be deleted and replaced by the following: 

Any notice or demand that by any provision of this Supplemental Indenture is required or permitted to be given or served by the Trustee or by
the Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address
is filed by the Company with the Trustee) to Globe Life Inc., 3700 South Stonebridge Drive, McKinney, Texas 75070, Attention: General Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee (in any capacity hereunder)
shall be deemed to have been sufficiently given or made upon receipt by the Trustee. 

  
 16 

 The Trustee, by notice to the Company, may designate additional or different addresses for
subsequent notices or communications. 
 Any notice or communication mailed to a Holder shall be mailed to it by first class mail, postage
prepaid, at its address as it appears on the Security Register and shall be sufficiently given to it if so mailed within the time prescribed; provided that, notwithstanding anything to the contrary herein, notices given to Holders of Global
Securities may be given electronically through the facilities of the Depositary. 
 Failure to mail or deliver a notice or communication to
a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed or delivered, as the case may be, in the manner provided above, it is duly given, whether or not the addressee
receives it. 
 In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to
give such notice to Holders by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

  
 17 

 IN WITNESS WHEREOF, the Company has caused this Fourth Supplemental Indenture to be signed
and delivered, and the Trustee has caused this Fourth Supplemental Indenture to be signed and delivered, all as of the day and year first written above. 
  

			
	 GLOBE LIFE INC.

		
	By:	 	/s/ M. Shane Henrie
		 	 Name: M. Shane Henrie

		 	Title: Corporate Senior Vice President and Chief Accounting Officer

  

			
	REGIONS BANK., as Trustee
		
	By:	 	/s/ James Henry
		 	Name: James Henry
		 	Title: Vice President

 Exhibit A 

[FORM OF FACE OF DEBENTURE] 
 [UNLESS THIS
SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF DTC OR A NOMINEE THEREOF. THIS
SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR SUCH NOMINEE, EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.]1 
  

	1 	 Insert in Global Securities. 

  
 A-1 

			
	No. 001	  	Principal Amount: $325,000,000
	Issue Date: June 14, 2021	  	CUSIP No.: 37959E 300

 GLOBE LIFE INC. 

4.250% Junior Subordinated Debentures due 2061 

GLOBE LIFE INC., a corporation organized and existing under the laws of Delaware (hereinafter called the “Company”, which
term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to [Cede & Co.]2, or registered assigns, the principal sum
of Three Hundred Twenty-Five Million Dollars ($325,000,000), and all accrued and unpaid interest thereon on June 15, 2061 or, if such date is not a Business Day, the following Business Day (the “Maturity Date”). 

The Company further promises to pay interest on said principal sum from June 14, 2021 or from the most recent interest payment date to
which interest has been paid or duly provided for. Until the Maturity Date or earlier Redemption Date, each Debenture will bear interest at the per annum rate of 4.250% (the “Coupon Rate”) payable (subject to the interest deferral
provisions of Section 2.05 of the Supplemental Indenture) quarterly in arrears on March 15, June 15, September 15 and December 15 of each year (each such date, an “Interest Payment Date”), commencing on
September 15, 2021, and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at such interest rate, compounded quarterly. Interest payments will include accrued interest from
and including the last date in respect of which interest has been duly paid or provided for to, but not including, the next succeeding Interest Payment Date, the Maturity Date or the Redemption Date, as the case may be. The amount of interest
payable for any full Interest Payment Period will be computed on the basis of a 360-day year of twelve thirty-day months, and the amount of interest payable for any
period shorter than a full Interest Payment Period for which interest is computed will be computed on the basis of thirty-day months and, for periods of less than a
thirty-day month, the actual number of days elapsed per thirty-day month. 

In the event that any date on which interest is payable on this Debenture is not a Business Day, then payment of interest payable on such date
will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of such delay). For so long as the Debentures are represented by one or more Global Securities, the interest installment so
payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Base Indenture, be paid to the Person in whose name this Debenture (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date next preceding the Interest Payment Date, which shall be the record date for such Interest Payment Date; provided that in the event the Debentures at any time are not represented solely by one or Global
Securities, the Company may select a different record date for such Interest Payment Date, which shall be at least one Business Day before an Interest Payment Date. Any such interest installment not punctually paid or duly provided for shall
forthwith cease to be payable to the registered Holders on such record date, and may be paid to the Person in whose 
  

	2 	 Insert in Global Securities. 

  
 A-2 

 
name the Debentures (or one or more Predecessor Securities) is registered at the close of business on a special record date to be fixed by the Trustee for the payment of such defaulted interest
after the Company has deposited with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest, notice whereof shall be given to the registered Holders of this series of Debenture not less
than ten days prior to such special record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debentures may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in the Indenture. 
 The principal of (and premium, if any) and the interest (including
Compounded Interest) on this Debenture shall be payable at the office or agency of the Trustee maintained for that purpose in the United States, in any coin or currency of the United States of America which at the time of payment is legal tender for
payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the registered Holder at such address as shall appear in the Security Register; provided further
that, notwithstanding the foregoing provisions of this sentence, for so long as the Depositary (as defined in the Indenture referred to on the reverse hereof) is the Holder of all of the Debentures Outstanding, and provided that the
Depositary has provided wire transfer instructions to the Company or the Paying Agent in a timely manner prior to each Interest Payment Date (which it may do by standing instructions) designating an account of the Depositary or its nominee at a
commercial bank in the United States to which it wishes payments of interest on the Debentures to be made, the Company shall pay interest on the Debentures by wire transfer of federal (same day) funds to the account of the Depositary or its nominee
in accordance with such wire transfer instructions. 
 The indebtedness evidenced by this Debenture is, to the extent provided in the
Indenture, subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness, and this Debenture is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Debenture by accepting
the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on its behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints
the Trustee its attorney-in-fact for any and all such purposes. Each Holder hereof, by its acceptance hereof, waives all notice of the acceptance of the subordination
provisions contained herein and in the Indenture by each holder of Senior Indebtedness, whether now Outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions. 

As provided in the Indenture, so long as no Event of Default has occurred and is continuing, the Company shall have the right on one or more
occasions, to defer the payment of interest for one or more Interest Payment Periods up to five consecutive years, provided that no Deferral Period shall extend beyond the Maturity Date, the earlier accelerated maturity date hereof or other
redemption in full hereof. If the Company shall fail to pay interest hereon on any Interest Payment Date, the Company shall be deemed to elect to defer payment of such interest on such Interest Payment Date, unless the Company shall pay such
interest in full within five Business Days after any such Interest Payment Date. If the Company shall have paid all deferred interest hereon, the Company shall have the right to elect to begin a new Deferral Period as provided in the Indenture. 

  
 A-3 

 Reference is hereby made to the further provisions of this Debenture set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Debenture shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

Any additional Debentures issued under the same CUSIP as this Debenture shall be fungible with this Debenture for U.S. federal income tax
purposes. 

  
 A-4 

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

Dated: June 14, 2021 
  

			
	GLOBE LIFE INC., as Issuer
		
	By:	 	 
		 	Name: M. Shane Henrie
		 	Title: Corporate Senior Vice President and Chief Accounting Officer

 Certificate of Authentication 

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

 

			
	Regions Bank., as Trustee
		
	By:	 	 
		 	Authorized Signatory
	Dated:	 	 

  
 A-5 

 REVERSE OF SECURITY 

This Debenture is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under a Subordinated Indenture, dated as of November 2, 2001 (herein called the “Base Indenture”), between the Company and Regions Bank. (as successor in interest to The Bank of New York and The
Bank of New York Mellon Trust Company, N.A.), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), as supplemented and amended by the Fourth Supplemental Indenture, dated as of
June 14, 2021, each between the Company and the Trustee (the “Supplemental Indenture”, and together with the Base Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Trustee, the Company and the Holders of the Debentures, and of the terms upon which the Debentures are, and are to be,
authenticated and delivered. The terms of the Debentures include those stated in the Indenture, and the Debentures are subject to all such terms. This Debenture is one of the series designated on the face hereof, initially limited in aggregate
principal amount to $325,000,000. 
 All terms used in this Debenture that are defined in the Indenture shall have the meanings assigned to
them in the Indenture. 
 This Debenture shall be redeemable at the option of the Company in accordance with the terms of the Indenture. In
particular, this Security is redeemable: 
 (a) in whole at any time or in part from time to time on or after June 15, 2026; or 

(b) in whole, but not in part, at any time prior to June 15, 2026 within 90 days after the occurrence of a Tax Event, a Regulatory
Capital Event or a Rating Agency Event; 
 provided that no such partial redemption shall be effected (x) in the case of
redemption pursuant to subsection (a), unless at least $25 million aggregate principal amount of Securities of this series shall remain Outstanding after giving effect to such redemption and (y) if the principal amount of the Debentures of
this series shall have been accelerated and such acceleration has not been rescinded or unless all accrued and unpaid interest, including deferred interest, shall have been paid in full on all Outstanding Debentures for all Interest Payment Periods
terminating on or before the Redemption Date. 
 Notice of redemption shall be given at least 30 but not more than 60 days before the
Redemption Date to each Holder of Securities of this series to be redeemed at its registered address. The notice of redemption for such Debentures shall state, among other things, the amount of Debentures to be redeemed, the Redemption Date, if not
then ascertainable, the manner in which the Redemption Price shall be calculated and the place or places that payment shall be made upon presentation and surrender of such Debenture to be redeemed. Unless the Company defaults in the payment of the
Redemption Price together with accrued interest, interest will cease to accrue on any Debentures that have been called for redemption on the Redemption Date. 

  
 A-6 

 In the event of redemption of this Debenture in part only, a new Debenture or Debentures for
the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 Installments of accrued and
unpaid interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of the Debentures, or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular Record Dates
according to their terms. 
 The Indenture contains provisions for satisfaction, discharge and defeasance of the entire indebtedness on this
Debenture, upon compliance by the Company with certain conditions set forth therein. 
 The Debentures are not entitled to the benefit of
any sinking fund. 
 If an Event of Default with respect to the Debentures shall occur and be continuing, the principal of the Debentures
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Debenture shall be conclusive and binding upon such Holder and upon all future Holders of this Debenture and of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Debenture. 
 No reference herein to
the Indenture and no provision of this Debenture or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Debenture at the times,
place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Debenture is registrable in the Security Register, upon surrender of this Debenture for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any) and
interest on this Debenture are payable duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Debentures, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
 A-7 

 The Debenture are issuable only in registered form without coupons in denominations of $25
and any integral multiples of $25 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Debentures are exchangeable for a like aggregate principal amount of Debentures of a different authorized
denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Debenture is registered as the
owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

No recourse shall be had for the payment of the principal of or the interest on this Debenture, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture, against any incorporator, shareholder, officer or director, past, present or future, as such, of the Company or of any predecessor or successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 

THIS DEBENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF
CONFLICT OF LAWS. 

  
 A-8 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers this Debenture to: 

 

	
	 
	 

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

 

	
	 
	 

 (Insert address and zip code of assignee) 

agent to transfer this Debenture on the books of the Security Registrar. The agent may substitute another to act for him or her. 

 

			
	Dated:	  	Signature:
		  	 
		
		  	Signature Guarantee:
		  	 

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

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to,
or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-9

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