Common use of Satisfaction and Discharge Clause in Contracts

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02 Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 ARTICLE V REMEDIES Section 5.01 Events of Default 25 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission Not a Waiver 32 Section 5.11 Control by Noteholders 32 Section 5.12 Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36

Satisfaction and Discharge. 23 Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02 Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 25 ARTICLE V REMEDIES 25 Section 5.01 Events of Default 25 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission Not a Waiver 32 Section 5.11 Control by Noteholders 32 Section 5.12 Waiver of Past Defaults 32 33 Section 5.13 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 3636 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section 6.05 Notice of Defaults 40 Section 6.06 Reports by Indenture Trustee 40 Section 6.07 Compensation and Indemnity 40 Section 6.08 Replacement of Indenture Trustee 41 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11 Eligibility; Disqualification 44 Section 6.12 Preferential Collection of Claims Against Issuing Entity 44 Section 6.13 Representations and Warranties of the Indenture Trustee 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 45

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 24 25 Section 4.03 4.04. Repayment of Monies Held by Paying Agent 24 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 26 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 27 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 5.04. Remedies 29 Section 5.05 5.05. Optional Preservation of the Receivables Trust Estate 30 Section 5.06 5.06. Limitation of Suits 30 31 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 5.08. Restoration of Rights and Remedies 31 Section 5.09 5.09. Rights and Remedies Cumulative 32 Section 5.10 5.10. Delay or Omission Not a Waiver 32 Section 5.11 5.11. Control by Noteholders 32 Section 5.12 5.12. Waiver of Past Defaults Default 32 Section 5.13 5.13. Undertaking for Costs Cost 33 Section 5.14 5.14. Waiver of Stay or Extension Laws Law 33 Section 5.15 5.15. Action on Notes Note 33 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 35 Section 6.02 6.02. Rights of Indenture Trustee 3636 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 ARTICLE EIGHT ACCOUNTS, DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50 ARTICLE NINE

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02 Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 ARTICLE V REMEDIES Section 5.01 Events of Default 25 24 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 31 Section 5.10 Delay or Omission Not a Waiver 32 31 Section 5.11 Control by Noteholders 32 Section 5.12 Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 33 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 3636 Section 6.03 Individual Rights of Indenture Trustee 37 Section 6.04 Indenture Trustee’s Disclaimer 37 Section 6.05 Notice of Defaults 37 Section 6.06 Reports by Indenture Trustee 38 Section 6.07 Compensation and Indemnity 38 Section 6.08 Replacement of Indenture Trustee 39 Section 6.09 Successor Indenture Trustee by Merger 40 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 40 Section 6.11 Eligibility; Disqualification 41 Section 6.12 Preferential Collection of Claims Against Issuing Entity 41 Section 6.13 Representations and Warranties of the Indenture Trustee 42 Section 6.14 Communications Regarding Demands to Repurchase Receivables 42 ARTICLE VII

Satisfaction and Discharge. Section SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 24 SECTION 4.02 Application of Trust Money 24 Section 25 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 24 25 ARTICLE V REMEDIES Section SECTION 5.01 Events of Default 25 Section 26 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 28 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 28 SECTION 5.04 Remedies; Priorities 29 Section 30 SECTION 5.05 Optional Preservation of the Receivables 30 Section 32 SECTION 5.06 Limitation of Suits 30 Section 32 SECTION 5.07 Unconditional Rights of Noteholders to To Receive Principal and Interest 31 Section 33 SECTION 5.08 Restoration of Rights and Remedies 31 Section 33 SECTION 5.09 Rights and Remedies Cumulative 32 Section 33 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 33 SECTION 5.11 Control by Noteholders 32 Section 33 SECTION 5.12 Waiver of Past Defaults 32 Section 34 SECTION 5.13 Undertaking for Costs 33 Section 34 SECTION 5.14 Waiver of Stay or Extension Laws 33 Section 35 SECTION 5.15 Action on Notes 33 Section 35 SECTION 5.16 Performance and Enforcement of Certain Obligations 34 35 ARTICLE VI THE INDENTURE TRUSTEE Section SECTION 6.01 Duties of Indenture Trustee 34 Section 36 SECTION 6.02 Rights of Indenture Trustee 3637 SECTION 6.03 Individual Rights of Indenture Trustee 38 SECTION 6.04 Indenture Trustee’s Disclaimer 38 SECTION 6.05 Notice of Defaults 39 SECTION 6.06 Reports by Indenture Trustee to Holders 39 SECTION 6.07 Compensation and Indemnity 39 SECTION 6.08 Replacement of Indenture Trustee 40 SECTION 6.09 Successor Indenture Trustee by Merger 41 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 41 SECTION 6.11 Eligibility; Disqualification 42 SECTION 6.12 Preferential Collection of Claims Against Issuer 43 SECTION 6.13 Indenture Trustee as Paying Agent, Note Registrar and Securities Intermediary 43 SECTION 6.14 Representations and Warranties of the Indenture Trustee 43

Satisfaction and Discharge. Section 4.01 SECTION 4.1 Satisfaction and Discharge of Indenture 23 Section 4.02 21 SECTION 4.2 Application of Trust Money 24 Section 4.03 22 SECTION 4.3 Repayment of Monies Moneys Held by Paying Agent 24 22 SECTION 4.4 Auction of Trust Student Loans 22 ARTICLE V REMEDIES Section 5.01 Remedies SECTION 5.1 Events of Default 25 Section 5.02 23 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 24 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 25 SECTION 5.4 Remedies; Priorities 29 Section 5.05 27 SECTION 5.5 Optional Preservation of the Receivables 30 Section 5.06 Trust Student Loans 29 SECTION 5.6 Limitation of Suits 30 Section 5.07 29 SECTION 5.7 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 30 SECTION 5.8 Restoration of Rights and Remedies 31 Section 5.09 30 SECTION 5.9 Rights and Remedies Cumulative 32 Section 30 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 30 SECTION 5.11 Control by Noteholders 32 Section 30 SECTION 5.12 Waiver of Past Defaults 32 Section 31 SECTION 5.13 Undertaking for Costs 33 Section 31 SECTION 5.14 Waiver of Stay or Extension Laws 33 Section 32 SECTION 5.15 Action on Notes 33 Section 32 SECTION 5.16 Performance and Enforcement of Certain Obligations 34 32 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 The Indenture Trustee SECTION 6.1 Duties of Indenture Trustee 34 Section 6.02 33 SECTION 6.2 Rights of Indenture Trustee 3634 SECTION 6.3 Individual Rights of Indenture Trustee 35 SECTION 6.4 Indenture Trustee’s Disclaimer 35 SECTION 6.5 Notice of Defaults 35 SECTION 6.6 Reports by Indenture Trustee to Noteholders 35 SECTION 6.7 Compensation and Indemnity 36 SECTION 6.8 Replacement of Indenture Trustee 36 SECTION 6.9 Successor Indenture Trustee by Xxxxxx 37 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee 38 SECTION 6.11 Eligibility; Disqualification 39 SECTION 6.12 Preferential Collection of Claims Against the Issuer 39 ARTICLE VII Noteholders’ Lists and Reports

Satisfaction and Discharge. Section 4.01 28 SECTION 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 28 SECTION 4.02. Application of Trust Money 24 Section 4.03 29 SECTION 4.03. Repayment of Monies Moneys Held by Paying Agent 24 29 SECTION 4.04. Release of Collateral 29 ARTICLE V V. REMEDIES Section 5.01 29 SECTION 5.01. Events of Default 25 Section 5.02 29 SECTION 5.02. Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 31 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 32 SECTION 5.04. Remedies; Priorities 29 Section 5.05 34 SECTION 5.05. Optional Preservation of the Receivables 30 Section 5.06 36 SECTION 5.06. Limitation of Suits 30 Section 5.07 36 SECTION 5.07. Unconditional Rights of Noteholders to To Receive Principal and Interest 31 Section 5.08 37 SECTION 5.08. Restoration of Rights and Remedies 31 Section 5.09 37 SECTION 5.09. Rights and Remedies Cumulative 32 Section 5.10 38 SECTION 5.10. Delay or Omission Not a Waiver 32 Section 5.11 38 SECTION 5.11. Control by Noteholders 32 Section 5.12 38 SECTION 5.12. Waiver of Past Defaults 32 Section 5.13 38 SECTION 5.13. Undertaking for Costs 33 Section 5.14 39 SECTION 5.14. Waiver of Stay or Extension Laws 33 Section 5.15 39 SECTION 5.15. Action on Notes 33 Section 5.16 39 SECTION 5.16. Performance and Enforcement of Certain Obligations 34 40 ARTICLE VI VI. THE INDENTURE TRUSTEE Section 6.01 40 SECTION 6.01. Duties of Indenture Trustee 34 Section 6.02 40 SECTION 6.02. Rights of Indenture Trustee 3642 SECTION 6.03. Individual Rights of Indenture Trustee 44 SECTION 6.04. Indenture Trustee’s Disclaimer 44 SECTION 6.05. Notice of Defaults 44 SECTION 6.06. Reports by Indenture Trustee to Holders 44 SECTION 6.07. Compensation and Indemnity 44 SECTION 6.08. Replacement of Indenture Trustee 45 SECTION 6.09. Successor Indenture Trustee by Merger 46 SECTION 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 46 SECTION 6.11. Eligibility; Disqualification 48 SECTION 6.12. [Reserved] 48 SECTION 6.13. Preferential Collection of Claims Against Issuer 48 SECTION 6.14. Waiver of Setoffs 48 SECTION 6.15. Licenses 48 SECTION 6.16. Additional Duties 48 ARTICLE VII. NOTEHOLDERS’ LISTS AND REPORTS 48 SECTION 7.01. Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders 48 SECTION 7.02. Preservation of Information; Communications to Noteholders 49 SECTION 7.03. Reports by Issuer 50 SECTION 7.04. Reports by Indenture Trustee 50 ARTICLE VIII. ACCOUNTS, DISBURSEMENTS AND RELEASES 51 SECTION 8.01. Collection of Money 51 SECTION 8.02. Trust Accounts 51 SECTION 8.03. General Provisions Regarding Accounts 52 SECTION 8.04. Release of Trust Estate 53 SECTION 8.05. Opinion of Counsel 53

Satisfaction and Discharge. 23 Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02 Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 25 ARTICLE V REMEDIES 25 Section 5.01 Events of Default 25 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission Not a Waiver 32 Section 5.11 Control by Noteholders 32 Section 5.12 Waiver of Past Defaults 32 33 Section 5.13 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 3636 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section 6.05 Notice of Defaults 39 Section 6.06 Reports by Indenture Trustee 40 Section 6.07 Compensation and Indemnity 40 Section 6.08 Replacement of Indenture Trustee 41 Section 6.09 Successor Indenture Trustee by Merger 42 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11 Eligibility; Disqualification 43 Section 6.12 Preferential Collection of Claims Against Issuing Entity 44 Section 6.13 Representations and Warranties of the Indenture Trustee 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 45

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 24 25 Section 4.03 4.04. Repayment of Monies Held by Note Paying Agent 24 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 26 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 27 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 5.04. Remedies; Priorities 29 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 31 Section 5.06 5.06. Limitation of Suits 30 31 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08 5.08. Restoration of Rights and Remedies 31 32 Section 5.09 5.09. Rights and Remedies Cumulative 32 Section 5.10 5.10. Delay or Omission Not a Waiver 32 Section 5.11 5.11. Control by Noteholders 32 of the Majority Noteholders 33 Section 5.12 5.12. Waiver of Past Defaults 32 33 Section 5.13 5.13. Undertaking for Costs 33 34 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 34 Section 5.15 5.15. Action on Notes 33 34 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 Section 5.17. Sale of Trust Estate 35 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 36 Section 6.02 6.02. Rights of Indenture Trustee 3637 Section 6.03. Individual Rights of Indenture Trustee 39 Section 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05. Notice of Defaults and Repurchase Requests 39 Section 6.06. Reports by Indenture Trustee to Holders 40 Section 6.07. Compensation and Indemnity 40 Section 6.08. Replacement of Indenture Trustee 41 Section 6.09. Successor Indenture Trustee by Xxxxxx 42 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 43 Section 6.11. Eligibility; Disqualification 44 Section 6.12. Preferential Collection of Claims Against Issuer 44 Section 6.13. Issuer as Holder of the 2021-A Exchange Note 44 Section 6.14. Representations and Warranties of Indenture Trustee 44 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 45 Section 6.16. Encryption 45 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 46 Section 7.02. Noteholder Demand for Asset Representations Review 47 Section 7.03. Reports by Issuer 48 Section 7.04. Reports by Indenture Trustee 48 ARTICLE EIGHT DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 50 Section 8.02. Monthly Investor Report 50 Section 8.03. Disbursement of Funds 50 Section 8.04. 2021-A Bank Accounts; General Provisions Regarding 2021-A Bank Accounts. 52 Section 8.05. Release of Trust Estate 54 ARTICLE NINE

Satisfaction and Discharge. Section SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 30 SECTION 4.02 Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 31 ARTICLE V 5. REMEDIES Section SECTION 5.01 Events of Default 25 Section 32 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 34 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 35 SECTION 5.04 Remedies; Priorities 29 Section Trustee May File Proofs of Claim 35 SECTION 5.05 Optional Preservation Trustee May Enforce Claims Without Possession of the Receivables 30 Section Securities 35 SECTION 5.06 Application of Money Collected 36 SECTION 5.07 Limitation on Suits 36 SECTION 5.08 Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal and Interest 31 Section 5.08 37 SECTION 5.09 Restoration of Rights and Remedies 31 Section 5.09 37 SECTION 5.10 Rights and Remedies Cumulative 32 Section 5.10 37 SECTION 5.11 Delay or Omission Not a Waiver 32 Section 5.11 37 SECTION 5.12 Control by Noteholders 32 Section 5.12 Holders 37 SECTION 5.13 Waiver of Past Defaults 32 Section 5.13 37 SECTION 5.14 Undertaking for Costs 33 Section 5.14 38 SECTION 5.15 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance 38 ARTICLE 6. THE TRUSTEE SECTION 6.01 Certain Duties and Enforcement Responsibilities 38 SECTION 6.02 Notice of Defaults 39 SECTION 6.03 Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 3639 SECTION 6.04 Trustee’s Disclaimer 40 SECTION 6.05 May Hold Securities 40 SECTION 6.06 Money Held in Trust 40 SECTION 6.07 Compensation and Reimbursement. The Company agrees: 40 SECTION 6.08 Disqualification; Conflicting Interests 41 SECTION 6.09 Corporate Trustee Required; Eligibility 41 SECTION 6.10 Resignation and Removal; Appointment of Successor 42 SECTION 6.11 Acceptance of Appointment by Successor 43 SECTION 6.12 Merger, Conversion, Consolidation or Succession to Business 44 SECTION 6.13 Eligibility; Disqualification 44 SECTION 6.14 Preferential Collection of Claims Against 44

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 24 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 25 Section 4.03. Application of Trust Money 24 26 Section 4.03 4.04. Repayment of Monies Held by Paying Agent 24 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 27 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 28 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 5.04. Remedies 30 Section 5.05. Optional Preservation of the Receivables 30 Trust Estate 31 Section 5.06 5.06. Limitation of Suits 30 32 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08 5.08. Restoration of Rights and Remedies 31 32 Section 5.09 5.09. Rights and Remedies Cumulative 32 33 Section 5.10 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11 5.11. Control by Noteholders 32 33 Section 5.12 5.12. Waiver of Past Defaults 32 33 Section 5.13 5.13. Undertaking for Costs 33 34 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 34 Section 5.15 5.15. Action on Notes 33 34 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 Section 5.17. Sale of Trust Estate 35 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 36 Section 6.02 6.02. Rights of Indenture Trustee 3637 Section 6.03. Individual Rights of Indenture Trustee 39 Section 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 39 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 40 Section 6.07. Compensation and Indemnity 41 Section 6.08. Replacement of Indenture Trustee 41 Section 6.09. Successor Indenture Trustee by Xxxxxx 42 Section 6.10. Appointment of Co-Trustee or Separate Trustee 43 Section 6.11. Eligibility; Disqualification 44 Section 6.12. Preferential Collection of Claims Against Issuer 44 Section 6.13. Representations and Warranties of Indenture Trustee 44 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 45 Section 6.15. Encryption 45 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 46 Section 7.02. Noteholder Demand for Asset Representations Review 47 Section 7.03. Reports by Issuer 48 Section 7.04. Reports by Indenture Trustee 48 ARTICLE EIGHT ACCOUNTS, DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 49 Section 8.02. Accounts 49 Section 8.03. General Provisions Regarding Accounts 50 Section 8.04. Release of Trust Estate 51 Section 8.05. Opinion of Counsel 51 ARTICLE NINE

Satisfaction and Discharge. Section SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 21 SECTION 4.02 Application of Trust Money 24 Section 21 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 24 22 ARTICLE V REMEDIES Section SECTION 5.01 Events of Default 25 Section 22 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 23 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 23 SECTION 5.04 Remedies; Priorities 29 Section 25 SECTION 5.05 Optional Preservation of the Receivables 30 Section Collateral 27 SECTION 5.06 Limitation of Suits 30 Section 27 SECTION 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 28 SECTION 5.08 Restoration of Rights and Remedies 31 Section 28 SECTION 5.09 Rights and Remedies Cumulative 32 Section 28 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 29 SECTION 5.11 Control by Noteholders 32 Section 29 SECTION 5.12 Waiver of Past Defaults 32 Section 29 SECTION 5.13 Undertaking for Costs 33 Section 29 SECTION 5.14 Waiver of Stay or Extension Laws 33 Section 30 SECTION 5.15 Action on Notes 33 Section 30 SECTION 5.16 Performance and Enforcement of Certain Obligations 34 Obligations. 30 ARTICLE VI THE INDENTURE TRUSTEE Section SECTION 6.01 Duties of Indenture Trustee 34 Section 31 SECTION 6.02 Rights of Indenture Trustee 3632 SECTION 6.03 Individual Rights of Indenture Trustee 34 SECTION 6.04 Indenture Trustee’s Disclaimer 34 SECTION 6.05 Notice of Defaults 35 SECTION 6.06 Reports by Indenture Trustee to Holders 35 SECTION 6.07 Compensation and Indemnity 35 SECTION 6.08 Replacement of Indenture Trustee 36 SECTION 6.09 Successor Indenture Trustee by Xxxxxx 37 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 38 SECTION 6.11 Eligibility; Disqualification 39 SECTION 6.12 Preferential Collection of Claims Against Issuer 39 -iii- (NAROT 2023-B Indenture) TABLE OF CONTENTS (continued) Page ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS

Satisfaction and Discharge. Section SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 21 SECTION 4.02 Application of Trust Money 24 Section 22 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 24 22 ARTICLE V REMEDIES Section SECTION 5.01 Events of Default 25 Section 22 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 23 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 24 SECTION 5.04 Remedies; Priorities 29 Section 26 SECTION 5.05 Optional Preservation of the Receivables 30 Section Collateral 27 SECTION 5.06 Limitation of Suits 30 Section 28 SECTION 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 28 SECTION 5.08 Restoration of Rights and Remedies 31 Section 29 SECTION 5.09 Rights and Remedies Cumulative 32 Section 29 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 29 SECTION 5.11 Control by Noteholders 32 Section 29 SECTION 5.12 Waiver of Past Defaults 32 Section 29 SECTION 5.13 Undertaking for Costs 33 Section 30 SECTION 5.14 Waiver of Stay or Extension Laws 33 Section 30 SECTION 5.15 Action on Notes 33 Section 30 SECTION 5.16 Performance and Enforcement of Certain Obligations 34 31 ARTICLE VI THE INDENTURE TRUSTEE Section SECTION 6.01 Duties of Indenture Trustee 34 Section 31 SECTION 6.02 Rights of Indenture Trustee 3633 SECTION 6.03 Individual Rights of Indenture Trustee 35 SECTION 6.04 Indenture Trustee’s Disclaimer 35 SECTION 6.05 Notice of Defaults 36 SECTION 6.06 Reports by Indenture Trustee to Holders 36 SECTION 6.07 Compensation and Indemnity 36 SECTION 6.08 Replacement of Indenture Trustee 37 SECTION 6.09 Successor Indenture Trustee by Xxxxxx 38 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 38 TABLE OF CONTENTS (continued) Page SECTION 6.11 Eligibility; Disqualification 39 SECTION 6.12 Preferential Collection of Claims Against Issuer 39 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 22 Section 4.02 Application of Trust Money 24 23 Section 4.03 Repayment of Monies Held by Paying Agent 24 ARTICLE V REMEDIES Section 5.01 Events of Default 25 24 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 26 Section 5.04 Remedies; Priorities 29 28 Section 5.05 Optional Preservation of the Receivables 30 29 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 30 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 31 Section 5.10 Delay or Omission Not a Waiver 32 31 Section 5.11 Control by Noteholders 32 31 Section 5.12 Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 33 32 Section 5.14 Waiver of Stay or Extension Laws 33 32 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 33 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 3635 Section 6.03 Individual Rights of Indenture Trustee 37 Section 6.04 Indenture Trustee’s Disclaimer 37 Section 6.05 Notice of Defaults 37 Section 6.06 Reports by Indenture Trustee 37 Section 6.07 Compensation and Indemnity 37 Section 6.08 Replacement of Indenture Trustee 38 Section 6.09 Successor Indenture Trustee by Merger 39 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 40 Section 6.11 Eligibility; Disqualification 41 Section 6.12 Preferential Collection of Claims Against Issuing Entity 41 Section 6.13 Representations and Warranties of the Indenture Trustee 41 Section 6.14 Communications Regarding Demands to Repurchase Receivables 42 ARTICLE VII

Satisfaction and Discharge. Section 4.01 SECTION 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 67 SECTION 4.02. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 68 ARTICLE V FIVE REMEDIES Section 5.01 SECTION 5.01. Events of Default 25 Section 5.02 69 SECTION 5.02. Acceleration of Maturity; : Rescission and Annulment 26 Section 5.03 71 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation 72 SECTION 5.04. Trustee May File Proofs of the Receivables 30 Section 5.06 Claim 72 SECTION 5.05. Trustee May Enforce Claims Without Possession of Notes 73 SECTION 5.06. Application of Money Collected 73 SECTION 5.07. Limitation on Suits 74 SECTION 5.08. Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal and Interest 31 Section 5.08 Bring Suit for Payment 74 SECTION 5.09. Restoration of Rights and Remedies 31 Section 5.09 74 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.10 74 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.11 75 SECTION 5.12. Control by Noteholders 32 Section 5.12 Holders 75 SECTION 5.13. Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 33 Section 5.14 75 SECTION 5.14. Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 75 SECTION 5.15. Undertaking for Costs 75 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 SECTION 6.01. Duties of Indenture the Trustee 34 Section 6.02 76 SECTION 6.02. Notice of Defaults 77 SECTION 6.03. Certain Rights of Indenture Trustee 3677 SECTION 6.04. Trustee Not Responsible for Recitals or Issuance of Notes 79 SECTION 6.05. May Hold Notes 79 SECTION 6.06. Money Held in Trust 79 SECTION 6.07. Compensation and Reimbursement 79 SECTION 6.08. Corporate Trustee Required; Eligibility 80 SECTION 6.09. Resignation and Removal; Appointment of Successor 81 SECTION 6.10. Acceptance of Appointment by Successor 81 SECTION 6.11. Merger, Conversion, Consolidation or Succession to Business 82 SECTION 6.12. Appointment of Authenticating Agent 82 ARTICLE SEVEN

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 19 Section 4.02 4.02. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 20 ARTICLE V DEFAULTS AND REMEDIES Section 5.01 Events 5.01. Event of Default 25 20 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 21 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 22 Section 5.04 Remedies; Priorities 29 5.04. Remedies 22 Section 5.05 Optional Preservation 5.05. Indenture Trustee May File Proofs of the Receivables 30 Claim 23 Section 5.06 5.06. Indenture Trustee May Enforce Claims Without Possession of Notes 24 Section 5.07. Application of Money Collected 24 Section 5.08. Limitation of on Suits 30 26 Section 5.07 5.09. Unconditional Rights of Noteholders to Receive Principal and Interest 31 27 Section 5.08 5.10. Restoration of Rights and Remedies 31 27 Section 5.09 5.11. Rights and Remedies Cumulative 32 27 Section 5.10 5.12. Delay or Omission Not a Waiver 32 28 Section 5.11 5.13. Control by Noteholders 32 28 Section 5.12 5.14. Waiver of Past Defaults 32 28 Section 5.13 5.15. Undertaking for Costs 33 28 Section 5.14 5.16. Waiver of Stay or Extension Laws 33 29 Section 5.15 5.17. Sale of Trust Estate 29 Section 5.18. Action on Notes 33 30 Section 5.16 Performance and Enforcement 5.19. No Recourse 31 Section 5.20. Application of Certain Obligations 34 the Trust Indenture Act 31 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 31 Section 6.02 6.02. Notice of Default 33 Section 6.03. Rights of Indenture Trustee 3633 Section 6.04. Not Responsible for Recitals, Issuance of Notes or Mortgage Loans 34 Section 6.05. May Hold Notes 35 Section 6.06. Money Held in Trust 35 Section 6.07. Eligibility, Disqualification 35 Section 6.08. Indenture Trustee’s Capital and Surplus 35 Section 6.09. Resignation and Removal; Appointment of Successor 36 Section 6.10. Acceptance of Appointment by Successor Indenture Trustee 37 Section 6.11. Merger, Conversion, Consolidation or Succession to Business of Indenture Trustee 37 Section 6.12. Preferential Collection of Claims Against Issuing Entity 38 Section 6.13. Co-Indenture Trustees and Separate Indenture Trustees 38 Section 6.14. Authenticating Agents 39 Section 6.15. Review of Mortgage Files 40 Section 6.16. Indenture Trustee Fees and Expenses Indemnification 40 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS Section 7.01. Note Registrar to Furnish Indenture Trustee Names and Addresses of Noteholders 41 Section 7.02. Preservation of Information: Communications to Noteholders 42 Section 7.03. Reports by Indenture Trustee. 42 Section 7.04. Reports by Issuing Entity 43 ARTICLE VIII ACCOUNTS, PAYMENTS OF INTEREST AND PRINCIPAL, AND RELEASES Section 8.01. Accounts; Investment; Collection of Moneys 43 Section 8.02. Allocation of Realized Losses. 50 Section 8.03. [Reserved]. 50 Section 8.04. General Provisions Regarding the Payment Account and Mortgage Loans 51 Section 8.05. Releases of Deleted Mortgage Loans 52 Section 8.06. Reports by Indenture Trustee to Noteholders; Access to Certain Information 52 Section 8.07. Release of Trust Estate 53 Section 8.08. Amendment to Sale and Servicing Agreement 53 Section 8.09. Delivery of the Mortgage Files Pursuant to Sale and Servicing Agreement 53 Section 8.10. Servicer as Agent 53 Section 8.11. Termination of Servicer 54 Section 8.12. Opinion of Counsel 54 Section 8.13. Appointment of Collateral Agents 54 ARTICLE IX

Satisfaction and Discharge. Section 4.01 401. Satisfaction and Discharge of Indenture 23 33 Section 4.02 402. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 Fund 34 ARTICLE V FIVE REMEDIES Section 5.01 501. Events of Default 25 35 Section 5.02 502. Acceleration of Maturity; Rescission and Annulment 26 37 Section 5.03 503. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 39 Section 5.04 Remedies; Priorities 29 504. Trustee May File Proofs of Claim 40 Section 5.05 Optional Preservation 505. Trustee May Enforce Claims Without Possession of the Receivables 30 Securities 41 Section 5.06 506. Application of Money Collected 41 Section 507. Limitation on Suits 41 Section 508. Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 42 Section 5.08 509. Restoration of Rights and Remedies 31 42 Section 5.09 510. Rights and Remedies Cumulative 32 43 Section 5.10 511. Delay or Omission Not a Waiver 32 43 Section 5.11 512. Control by Noteholders 32 Holders 43 Section 5.12 513. Waiver of Past Defaults 32 44 Section 5.13 514. Undertaking for Costs 33 45 ARTICLE SIX THE TRUSTEE Section 5.14 601. Certain Duties and Responsibilities 45 Section 602. Notice of Defaults 45 Section 603. Certain Rights of Trustee 45 Section 604. Not Responsible for Recitals or Issuance of Securities 47 Section 605. May Hold Securities 47 Section 606. Money Held in Trust 47 Section 607. Compensation and Reimbursement 47 Section 608. Disqualification; Conflicting Interests 48 Section 609. Corporate Trustee Required; Eligibility 48 Section 610. Resignation and Removal; Appointment of Successor 48 Section 611. Acceptance of Appointment by Successor 50 Section 612. Merger, Conversion, Consolidation or Succession to Business 51 Section 613. Preferential Collection of Claims Against Company 51 Section 614. Appointment of Authenticating Agent 52 ARTICLE SEVEN HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY Section 701. Company to Furnish Trustee Names and Addresses of Holders 53 Section 702. Preservation of Information; Communications to Holders 54 Section 703. Reports by the Trustee 54 Section 704. Reports by the Company 54 ARTICLE EIGHT CONSOLIDATION, MERGER, OR SALE OF ASSETS Section 801. The Company May Consolidate, Etc., Only on Certain Terms 55 Section 802. Successor Substituted 55 ARTICLE NINE SUPPLEMENTAL INDENTURES Section 901. Supplemental Indentures Without Consent of Holders 56 Section 902. Supplemental Indentures with Consent of Holders 57 Section 903. Execution of Supplemental Indentures 58 Section 904. Effect of Supplemental Indentures 58 Section 905. Conformity with Trust Indenture Act 59 Section 906. Reference in Securities to Supplemental Indentures 59 Section 907. Waiver of Stay Compliance by Holders 59 Section 908. Subordination Unimpaired 59 ARTICLE TEN COVENANTS Section 1001. Payment of Principal, Premium and Interest 59 Section 1002. Maintenance of Office or Extension Laws 33 Agency by the Company 60 Section 5.15 Action 1003. Money for Securities Payments to be Held in Trust 60 Section 1004. Statement by Officers as to Default 61 Section 1005. Limitations on Notes 33 Liens on Common Stock of Principal Subsidiaries 62 ARTICLE ELEVEN REDEMPTION OF SECURITIES Section 5.16 Performance 1101. Applicability of Article 62 Section 1102. Election to Redeem; Notice to Trustee 62 Section 1103. Selection by Trustee of Securities to Be Redeemed 63 Section 1104. Notice of Redemption 63 Section 1105. Deposit of Redemption Price 64 Section 1106. Securities Payable on Redemption Date 64 Section 1107. Securities Redeemed in Part 64 ARTICLE TWELVE DEFEASANCE AND COVENANT DEFEASANCE Section 1201. Company's Option to Effect Defeasance or Covenant Defeasance 65 Section 1202. Defeasance and Enforcement Discharge 65 Section 1203. Covenant Defeasance 65 Section 1204. Conditions to Defeasance or Covenant Defeasance 66 Section 1205. Deposited Money and U.S. Government Obligations or Foreign Government Obligations to be Held in Trust; Other Miscellaneous Provisions 69 Section 1206. Reinstatement 69 ARTICLE THIRTEEN SINKING FUNDS Section 1301. Applicability of Certain Obligations 34 Article 70 Section 1302. Satisfaction of Sinking Fund Payments with Securities 70 Section 1303. Redemption of Securities for Sinking Fund 71 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36FOURTEEN

Satisfaction and Discharge. Section 4.01 SECTION 4.1 Satisfaction and Discharge of Indenture 23 Section 4.02 SECTION 4.2 Application of Trust Money 24 Section 4.03 SECTION 4.3 Repayment of Monies Moneys Held by Paying Agent 24 SECTION 4.4 Auction of Trust Student Loans 24 ARTICLE V REMEDIES Section 5.01 Remedies SECTION 5.1 Events of Default 25 Section 5.02 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 SECTION 5.4 Remedies; Priorities 29 Section 5.05 SECTION 5.5 Optional Preservation of the Receivables 30 Section 5.06 Trust Student Loans 31 SECTION 5.6 Limitation of Suits 30 Section 5.07 32 SECTION 5.7 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 32 SECTION 5.8 Restoration of Rights and Remedies 31 Section 5.09 32 SECTION 5.9 Rights and Remedies Cumulative 32 Section 33 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 33 SECTION 5.11 Control by Noteholders 32 Section 33 SECTION 5.12 Waiver of Past Defaults 32 Section 33 SECTION 5.13 Undertaking for Costs 33 Section 34 SECTION 5.14 Waiver of Stay or Extension Laws 33 Section 34 SECTION 5.15 Action on Notes 33 Section 34 SECTION 5.16 Performance and Enforcement of Certain Obligations Obligations. 34 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 The Indenture Trustee SECTION 6.1 Duties of Indenture Trustee 34 Section 6.02 35 SECTION 6.2 Rights of Indenture Trustee 3637 SECTION 6.3 Individual Rights of Indenture Trustee 38 SECTION 6.4 Indenture Trustee’s Disclaimer 38 SECTION 6.5 Notice of Defaults 38 SECTION 6.6 Reports by Indenture Trustee to Noteholders 38 SECTION 6.7 Compensation and Indemnity 39 SECTION 6.8 Replacement of Indenture Trustee 39 SECTION 6.9 Successor Indenture Trustee by Merger 40 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee. 41 SECTION 6.11 Eligibility; Disqualification 42

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 24 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 24 26 Section 4.03 4.04. Repayment of Monies Held by Note Paying Agent 24 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 27 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 28 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04 5.04. Remedies; Priorities 29 30 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 32 Section 5.06 5.06. Limitation of Suits 30 32 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08 5.08. Restoration of Rights and Remedies 31 33 Section 5.09 5.09. Rights and Remedies Cumulative 32 33 Section 5.10 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11 5.11. Control by Noteholders 32 34 Section 5.12 5.12. Waiver of Past Defaults 32 34 Section 5.13 5.13. Undertaking for Costs 33 34 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 35 Section 5.15 5.15. Action on Notes 33 35 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 35 Section 5.17. Sale of Trust Estate 36 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 37 Section 6.02 6.02. Rights of Indenture Trustee 3638 Section 6.03. Individual Rights of Indenture Trustee 40 Section 6.04. Indenture Trustee’s Disclaimer 40 Section 6.05. Notice of Defaults and Repurchase Requests 40 Section 6.06. Reports by Indenture Trustee to Holders 41 Section 6.07. Compensation and Indemnity 41 Section 6.08. Replacement of Indenture Trustee 42 Section 6.09. Successor Indenture Trustee by Xxxxxx 43 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 43 Section 6.11. Eligibility; Disqualification 44 Section 6.12. Preferential Collection of Claims Against Issuer 45 Section 6.13. Issuer as Holder of the 2018-B Exchange Note 45 Section 6.14. Representations and Warranties of Indenture Trustee 45 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 46 Section 6.16. Encryption 46 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 47 Section 7.02. Noteholder Demand for Asset Representations Review 48 Section 7.03. Reports by Issuer 49 Section 7.04. Reports by Indenture Trustee 49 ARTICLE EIGHT DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 51 Section 8.02. Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2018-B Bank Accounts; General Provisions Regarding 2018-B Bank Accounts. 53 Section 8.05. Release of Trust Estate 55 ARTICLE NINE

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 25 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 25 Section 4.03. Application of Trust Money 24 27 Section 4.03 4.04. Repayment of Monies Held by Note Paying Agent 24 27 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 28 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 29 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 29 Section 5.04 5.04. Remedies; Priorities 29 31 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 33 Section 5.06 5.06. Limitation of Suits 30 33 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 34 Section 5.08 5.08. Restoration of Rights and Remedies 31 34 Section 5.09 5.09. Rights and Remedies Cumulative 32 34 Section 5.10 5.10. Delay or Omission Not a Waiver 32 34 Section 5.11 5.11. Control by Noteholders 32 35 Section 5.12 5.12. Waiver of Past Defaults 32 35 Section 5.13 5.13. Undertaking for Costs 33 35 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 36 Section 5.15 5.15. Action on Notes 33 36 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 36 Section 5.17. Sale of Trust Estate 37 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 38 Section 6.02 6.02. Rights of Indenture Trustee 3639 Section 6.03. Individual Rights of Indenture Trustee 41 Section 6.04. Indenture Trustee’s Disclaimer 41 Section 6.05. Notice of Defaults and Repurchase Requests 41 Section 6.06. Reports by Indenture Trustee to Holders 42 Section 6.07. Compensation and Indemnity 42 Section 6.08. Replacement of Indenture Trustee 43 Section 6.09. Successor Indenture Trustee by Xxxxxx 44 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 44 Section 6.11. Eligibility; Disqualification 46 Section 6.12. Preferential Collection of Claims Against Issuer 46 Section 6.13. Issuer as Holder of the 2020-A Exchange Note 46 Section 6.14. Representations and Warranties of Indenture Trustee 46 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 47 Section 6.16. Encryption 47 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 48 Section 7.02. Noteholder Demand for Asset Representations Review 49 Section 7.03. Reports by Issuer 50 Section 7.04. Reports by Indenture Trustee 50 ARTICLE EIGHT DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 52 Section 8.02. Monthly Investor Report 52 Section 8.03. Disbursement of Funds 52 Section 8.04. 2020-A Bank Accounts; General Provisions Regarding 2020-A Bank Accounts 54 Section 8.05. Release of Trust Estate 56 ARTICLE NINE

Satisfaction and Discharge. Section SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 22 SECTION 4.02 Application of Trust Money 24 Section 23 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 24 23 ARTICLE V REMEDIES Section SECTION 5.01 Events of Default 25 Section 23 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 24 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 25 SECTION 5.04 Remedies; Priorities 29 Section 27 SECTION 5.05 Optional Preservation of the Receivables 30 Section Collateral 29 SECTION 5.06 Limitation of Suits 30 Section 29 SECTION 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 30 SECTION 5.08 Restoration of Rights and Remedies 31 Section 30 SECTION 5.09 Rights and Remedies Cumulative 32 Section 30 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 30 SECTION 5.11 Control by Noteholders 32 Section 30 SECTION 5.12 Waiver of Past Defaults 32 Section 31 SECTION 5.13 Undertaking for Costs 33 Section 31 SECTION 5.14 Waiver of Stay or Extension Laws 33 Section 31 SECTION 5.15 Action on Notes 33 Section 32 SECTION 5.16 Performance and Enforcement of Certain Obligations 34 32 ARTICLE VI THE INDENTURE TRUSTEE Section SECTION 6.01 Duties of Indenture Trustee 34 Section 32 SECTION 6.02 Rights of Indenture Trustee 3634 SECTION 6.03 Individual Rights of Indenture Trustee 36 SECTION 6.04 Indenture Trustee’s Disclaimer 36 SECTION 6.05 Notice of Defaults 37 SECTION 6.06 Reports by Indenture Trustee to Holders 37 SECTION 6.07 Compensation and Indemnity 37 SECTION 6.08 Replacement of Indenture Trustee 38 SECTION 6.09 Successor Indenture Trustee by Xxxxxx 39 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 40 TABLE OF CONTENTS (continued) Page SECTION 6.11 Eligibility; Disqualification 41 SECTION 6.12 Preferential Collection of Claims Against Issuer 41 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS SECTION 7.01 Note Registrar To Furnish Names and Addresses of Noteholders 41 SECTION 7.02 Preservation of Information; Communications to Noteholders 42 SECTION 7.03 Reports by Issuer 42 SECTION 7.04 Reports by Indenture Trustee 42 SECTION 7.05 Indenture Trustee Website 43 SECTION 7.06 Information to be Provided by the Indenture Trustee 43 SECTION 7.07 Noteholder Demand for Repurchase; Dispute Resolution 43 SECTION 7.08 Asset Review Voting 44 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES SECTION 8.01 Collection of Money 45 SECTION 8.02 Accounts 45 SECTION 8.03 General Provisions Regarding Accounts 46 SECTION 8.04 Release of Owner Trust Estate 47 SECTION 8.05 Release of Receivables Upon Purchase by the Seller or the Servicer 47 SECTION 8.06 Opinion of Counsel 48 ARTICLE IX SUPPLEMENTAL INDENTURES

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 24 Section 4.02 Application of Trust Money 24 25 Section 4.03 Repayment of Monies Held by Paying Agent 24 25 ARTICLE V REMEDIES Section 5.01 Events of Default 25 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 27 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04 Remedies; Priorities 29 30 Section 5.05 Optional Preservation of the Receivables 30 31 Section 5.06 Limitation of Suits 30 31 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08 Restoration of Rights and Remedies 31 32 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission Not a Waiver 32 Section 5.11 Control by Noteholders 32 33 Section 5.12 Waiver of Past Defaults 32 33 Section 5.13 Undertaking for Costs 33 34 Section 5.14 Waiver of Stay or Extension Laws 33 34 Section 5.15 Action on Notes 33 34 Section 5.16 Performance and Enforcement of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 35 Section 6.02 Rights of Indenture Trustee 3637 Section 6.03 Individual Rights of Indenture Trustee 38 Section 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05 Notice of Defaults 39 Section 6.06 Reports by Indenture Trustee 39 Section 6.07 Compensation and Indemnity 39 Section 6.08 Replacement of Indenture Trustee 40 Section 6.09 Successor Indenture Trustee by Merger 41 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 41 Section 6.11 Eligibility; Disqualification 42 Section 6.12 Preferential Collection of Claims Against Issuing Entity 42 Section 6.13 Representations and Warranties of the Indenture Trustee 42 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS Section 7.01 Issuing Entity to Furnish Indenture Trustee Names and Addresses of Noteholders 43 Section 7.02 Preservation of Information; Communications to Noteholders 43 Section 7.03 Reports by Issuing Entity 44 Section 7.04 Reports by Indenture Trustee 44 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES Section 8.01 Collection of Money 45 Section 8.02 Trust Accounts 45 Section 8.03 General Provisions Regarding Accounts 47 Section 8.04 Release of Trust Estate 48 Section 8.05 Opinion of Counsel 48 ARTICLE IX

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 25 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 26 Section 4.03. Application of Trust Money 24 26 Section 4.03 4.04. Repayment of Monies Held by Paying Agent 24 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 27 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 28 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04 Remedies; Priorities 29 5.04. Remedies 30 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 31 Section 5.06 5.06. Limitation of Suits 30 31 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08 5.08. Restoration of Rights and Remedies 31 32 Section 5.09 5.09. Rights and Remedies Cumulative 32 Section 5.10 5.10. Delay or Omission Not a Waiver 32 Section 5.11 5.11. Control by Noteholders 32 33 Section 5.12 5.12. Waiver of Past Defaults 32 33 Section 5.13 5.13. Undertaking for Costs 33 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 34 Section 5.15 5.15. Action on Notes 33 34 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 Section 5.17. Sale of Trust Estate 35 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 36 Section 6.02 6.02. Rights of Indenture Trustee 3637 Section 6.03. Individual Rights of Indenture Trustee 39 Section 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 39 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 40 Section 6.07. Compensation and Indemnity 41 Section 6.08. Replacement of Indenture Trustee 41 Section 6.09. Successor Indenture Trustee by Xxxxxx 42 Section 6.10. Appointment of Co-Trustee or Separate Trustee 43 Section 6.11. Eligibility; Disqualification 44 Section 6.12. Preferential Collection of Claims Against Issuer 44 Section 6.13. Representations and Warranties of Indenture Trustee 44 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 45 Section 6.15. Encryption 45 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 46 Section 7.02. Noteholder Demand for Asset Representations Review 47 Section 7.03. Reports by Issuer 48 Section 7.04. Reports by Indenture Trustee 48 ARTICLE EIGHT ACCOUNTS, DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 49 Section 8.02. Accounts 49 Section 8.03. General Provisions Regarding Accounts 50 Section 8.04. Release of Trust Estate 51 Section 8.05. Opinion of Counsel 51 ARTICLE NINE

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 22 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 23 Section 4.02 4.03. Application of Trust Money 24 Section 4.03 4.04. Repayment of Monies Held by Note Paying Agent 24 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 26 Section 5.04 5.04. Remedies; Priorities 29 28 Section 5.05 5.05. Optional Preservation of the Receivables Trust Estate 30 Section 5.06 5.06. Limitation of Suits 30 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 5.08. Restoration of Rights and Remedies 31 Section 5.09 5.09. Rights and Remedies Cumulative 32 31 Section 5.10 5.10. Delay or Omission Not a Waiver 32 31 Section 5.11 5.11. Control by Noteholders of the Majority Noteholders 32 Section 5.12 5.12. Waiver of Past Defaults 32 Section 5.13 5.13. Undertaking for Costs 33 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 Section 5.15 5.15. Action on Notes 33 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 35 Section 6.02 6.02. Rights of Indenture Trustee 3636 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults and Repurchase Requests 38 Section 6.06. Reports by Indenture Trustee to Holders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Issuer as Holder of the 2021-B Exchange Note 43 Section 6.14. Representations and Warranties of Indenture Trustee 43 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.16. Encryption 44 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 ARTICLE EIGHT DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 48 Section 8.02. Monthly Investor Report 48 Section 8.03. Disbursement of Funds 48 Section 8.04. 2021-B Bank Accounts; General Provisions Regarding 2021-B Bank Accounts. 51 Section 8.05. Release of Trust Estate 52 ARTICLE NINE

Satisfaction and Discharge. Section SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 21 SECTION 4.02 Application of Trust Money 24 Section 22 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 24 22 ARTICLE V REMEDIES Section SECTION 5.01 Events of Default 25 Section 23 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 23 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 24 SECTION 5.04 Remedies; Priorities 29 Section 26 SECTION 5.05 Optional Preservation of the Receivables 30 Section Collateral 28 SECTION 5.06 Limitation of Suits 30 Section 28 SECTION 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 29 SECTION 5.08 Restoration of Rights and Remedies 31 Section 29 SECTION 5.09 Rights and Remedies Cumulative 32 Section 29 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 29 SECTION 5.11 Control by Noteholders 32 Section 29 SECTION 5.12 Waiver of Past Defaults 32 Section 30 SECTION 5.13 Undertaking for Costs 33 Section 30 SECTION 5.14 Waiver of Stay or Extension Laws 33 Section 31 SECTION 5.15 Action on Notes 33 Section 31 SECTION 5.16 Performance and Enforcement of Certain Obligations 34 31 ARTICLE VI THE INDENTURE TRUSTEE Section SECTION 6.01 Duties of Indenture Trustee 34 Section 31 SECTION 6.02 Rights of Indenture Trustee 3633 SECTION 6.03 Individual Rights of Indenture Trustee 35 SECTION 6.04 Indenture Trustee’s Disclaimer 35 SECTION 6.05 Notice of Defaults 36 SECTION 6.06 Reports by Indenture Trustee to Holders 36 SECTION 6.07 Compensation and Indemnity 36 SECTION 6.08 Replacement of Indenture Trustee 37 SECTION 6.09 Successor Indenture Trustee by Xxxxxx 38 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 39 SECTION 6.11 Eligibility; Disqualification 40 SECTION 6.12 Preferential Collection of Claims Against Issuer 40 -iii- (NAROT 2020-B Indenture) TABLE OF CONTENTS (continued) Page ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 24 25 Section 4.03 4.04. Repayment of Monies Held by Note Paying Agent 24 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 26 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 27 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 5.04. Remedies; Priorities 29 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 31 Section 5.06 5.06. Limitation of Suits 30 31 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08 5.08. Restoration of Rights and Remedies 31 32 Section 5.09 5.09. Rights and Remedies Cumulative 32 Section 5.10 5.10. Delay or Omission Not a Waiver 32 Section 5.11 5.11. Control by Noteholders 32 of the Controlling Class 33 Section 5.12 5.12. Waiver of Past Defaults 32 33 Section 5.13 5.13. Undertaking for Costs 33 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 34 Section 5.15 5.15. Action on Notes 33 34 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 Section 5.17. Sale of Trust Estate 35 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 36 Section 6.02 6.02. Rights of Indenture Trustee 3637 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults and Repurchase Requests 38 Section 6.06. Reports by Indenture Trustee to Holders 38 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 39 Section 6.09. Successor Indenture Trustee by Xxxxxx 40 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 41 Section 6.11. Eligibility; Disqualification 42 Section 6.12. Preferential Collection of Claims Against Issuer 42 Section 6.13. Issuer as Holder of the 2015-A Exchange Note 42 Section 6.14. Representations and Warranties of Indenture Trustee 43 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.16. Encryption 44

Satisfaction and Discharge. Section SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 21 SECTION 4.02 Application of Trust Money 24 Section 21 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 24 22 ARTICLE V REMEDIES Section SECTION 5.01 Events of Default 25 Section 22 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 23 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 23 SECTION 5.04 Remedies; Priorities 29 Section 25 SECTION 5.05 Optional Preservation of the Receivables 30 Section Collateral 27 SECTION 5.06 Limitation of Suits 30 Section 27 SECTION 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 28 SECTION 5.08 Restoration of Rights and Remedies 31 Section 28 SECTION 5.09 Rights and Remedies Cumulative 32 Section 28 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 29 SECTION 5.11 Control by Noteholders 32 Section 29 SECTION 5.12 Waiver of Past Defaults 32 Section 29 SECTION 5.13 Undertaking for Costs 33 Section 29 SECTION 5.14 Waiver of Stay or Extension Laws 33 Section 30 SECTION 5.15 Action on Notes 33 Section 30 SECTION 5.16 Performance and Enforcement of Certain Obligations 34 30 ARTICLE VI THE INDENTURE TRUSTEE Section SECTION 6.01 Duties of Indenture Trustee 34 Section 31 SECTION 6.02 Rights of Indenture Trustee 3632 SECTION 6.03 Individual Rights of Indenture Trustee 34 SECTION 6.04 Indenture Trustee’s Disclaimer 34 SECTION 6.05 Notice of Defaults 35 SECTION 6.06 Reports by Indenture Trustee to Holders 35 SECTION 6.07 Compensation and Indemnity 35 SECTION 6.08 Replacement of Indenture Trustee 36 SECTION 6.09 Successor Indenture Trustee by Xxxxxx 37 -iii- (NAROT 2023-A Indenture) TABLE OF CONTENTS (continued) Page SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 38 SECTION 6.11 Eligibility; Disqualification 39 SECTION 6.12 Preferential Collection of Claims Against Issuer 39 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 17 Section 4.02 Application of Trust Money 24 Funds; Indemnification 18 Section 4.03 Repayment Defeasance and Discharge of Monies Held by Paying Agent 24 Indenture 18 Section 4.04 Defeasance of Certain Obligations 19 Section 4.05 Effect of Subordination Provisions 20 ARTICLE V REMEDIES Section 5.01 Events of Default 25 20 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 21 Section 5.03 Collection of Indebtedness and Suits for For Enforcement by Indenture By Trustee 27 22 Section 5.04 Remedies; Priorities 29 Trustee May File Proofs of Claim 23 Section 5.05 Optional Preservation Trustee May Enforce Claims Without Possession of the Receivables 30 Securities 23 Section 5.06 Limitation Application of Suits 30 Money Collected 23 Section 5.07 Limitation on Suits 24 Section 5.08 Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 24 Section 5.08 5.09 Restoration of Rights and Remedies 31 24 Section 5.09 5.10 Rights and Remedies Cumulative 32 24 Section 5.10 5.11 Delay or Omission Not a Waiver 32 24 Section 5.11 5.12 Control by Noteholders 32 Holders 25 Section 5.12 5.13 Waiver of Past Defaults 32 25 Section 5.13 5.14 Undertaking for Costs 33 25 Section 5.14 5.15 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 25 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Certain Duties of Indenture Trustee 34 and Responsibilities 26 Section 6.02 Notice of Defaults 26 Section 6.03 Certain Rights of Indenture Trustee 3627 Section 6.04 Not Responsible for Recitals or Issuance of Securities 28 Section 6.05 May Hold Securities 28 Section 6.06 Money Held in Trust 28 Section 6.07 Compensation, Reimbursement and Indemnification 28 Section 6.08 Individual Rights; Disqualification; Conflicting Interests 29 Section 6.09 Corporate Trustee Required; Eligibility 29 Section 6.10 Resignation and Removal; Appointment of Successor 29 Section 6.11 Acceptance of Appointment by Successor 30 Section 6.12 Merger, Conversion, Consolidation or Succession to Business 31 Section 6.13 Preferential Collection of Claims Against Issuers 31

Satisfaction and Discharge. 24 Section 4.01 Satisfaction and Discharge of Indenture 23 24 Section 4.02 Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 25 ARTICLE V REMEDIES 25 Section 5.01 Events of Default 25 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission Not a Waiver 32 Section 5.11 Control by Noteholders 32 Section 5.12 Waiver of Past Defaults 32 33 Section 5.13 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 3636 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section 6.05 Notice of Defaults 40 Section 6.06 Reports by Indenture Trustee 40 Section 6.07 Compensation and Indemnity 40 Section 6.08 Replacement of Indenture Trustee 41 Section 6.09 Successor Indenture Trustee by Xxxxxx 42 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11 Eligibility; Disqualification 44 Section 6.12 Preferential Collection of Claims Against Issuing Entity 44 Section 6.13 Representations and Warranties of the Indenture Trustee 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 45

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 24 25 Section 4.03 4.04. Repayment of Monies Held by Note Paying Agent 24 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 26 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 27 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 5.04. Remedies; Priorities 29 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 31 Section 5.06 5.06. Limitation of Suits 30 31 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08 5.08. Restoration of Rights and Remedies 31 32 Section 5.09 5.09. Rights and Remedies Cumulative 32 Section 5.10 5.10. Delay or Omission Not a Waiver 32 Section 5.11 5.11. Control by Noteholders 32 of the Controlling Class 33 Section 5.12 5.12. Waiver of Past Defaults 32 33 Section 5.13 5.13. Undertaking for Costs 33 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 34 Section 5.15 5.15. Action on Notes 33 34 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 Section 5.17. Sale of Trust Estate 35 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 36 Section 6.02 6.02. Rights of Indenture Trustee 3637 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults and Repurchase Requests 38 Section 6.06. Reports by Indenture Trustee to Holders 38 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 39 Section 6.09. Successor Indenture Trustee by Xxxxxx 40 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 41 Section 6.11. Eligibility; Disqualification 42 Section 6.12. Preferential Collection of Claims Against Issuer 42 Section 6.13. Issuer as Holder of the 2014-A Exchange Note 42 Section 6.14. Representations and Warranties of Indenture Trustee 43 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.16. Encryption 44 ARTICLE SEVEN

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 23 Section 4.03. Application of Trust Money 24 25 Section 4.03 4.04. Repayment of Monies Held by Note Paying Agent 24 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 26 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 27 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 5.04. Remedies; Priorities 29 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 31 Section 5.06 5.06. Limitation of Suits 30 31 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08 5.08. Restoration of Rights and Remedies 31 32 Section 5.09 5.09. Rights and Remedies Cumulative 32 Section 5.10 5.10. Delay or Omission Not a Waiver 32 Section 5.11 5.11. Control by Noteholders 32 of the Majority Noteholders 33 Section 5.12 5.12. Waiver of Past Defaults 32 33 Section 5.13 5.13. Undertaking for Costs 33 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 34 Section 5.15 5.15. Action on Notes 33 34 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 Section 5.17. Sale of Trust Estate 35 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 36 Section 6.02 6.02. Rights of Indenture Trustee 3637 Section 6.03. Individual Rights of Indenture Trustee 39 Section 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05. Notice of Defaults and Repurchase Requests 39 Section 6.06. Reports by Indenture Trustee to Holders 40 Section 6.07. Compensation and Indemnity 40 Section 6.08. Replacement of Indenture Trustee 41 Section 6.09. Successor Indenture Trustee by Xxxxxx 42 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. Eligibility; Disqualification 44 Section 6.12. Preferential Collection of Claims Against Issuer 44 Section 6.13. Issuer as Holder of the 2020-B Exchange Note 44 Section 6.14. Representations and Warranties of Indenture Trustee 44 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 45 Section 6.16. Encryption 45 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 46 Section 7.02. Noteholder Demand for Asset Representations Review 47 Section 7.03. Reports by Issuer 48 Section 7.04. Reports by Indenture Trustee 48 ARTICLE EIGHT DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 50 Section 8.02. Monthly Investor Report 50 Section 8.03. Disbursement of Funds 50 Section 8.04. 2020-B Bank Accounts; General Provisions Regarding 2020-B Bank Accounts. 52 Section 8.05. Release of Trust Estate 54 ARTICLE NINE

Satisfaction and Discharge. 17 Section 4.01 4.1 Satisfaction and Discharge of Indenture 23 17 Section 4.02 4.2 Application of Trust Money 24 17 ARTICLE 5 REMEDIES 18 Section 4.03 Repayment of Monies Held by Paying Agent 24 ARTICLE V REMEDIES Section 5.01 5.1 Events of Default 25 18 Section 5.02 5.2 Acceleration of Maturity; Rescission and Annulment 26 18 Section 5.03 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 19 Section 5.04 Remedies; Priorities 29 5.4 Trustee May File Proofs of Claim 19 Section 5.05 Optional Preservation 5.5 Trustee May Enforce Claims Without Possession of the Receivables 30 Securities 20 Section 5.06 5.6 Application of Money Collected 20 Section 5.7 Limitation on Suits 20 Section 5.8 Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 21 Section 5.08 5.9 Restoration of Rights and Remedies 31 21 Section 5.09 5.10 Rights and Remedies Cumulative 32 21 Section 5.10 5.11 Delay or Omission Not a Waiver 32 21 Section 5.11 5.12 Control by Noteholders 32 Holders of Securities 21 Section 5.12 5.13 Waiver of Past Defaults 32 22 Section 5.13 5.14 Undertaking for Costs 33 22 ARTICLE 6 THE TRUSTEE 22 Section 5.14 Waiver 6.1 Certain Duties and Responsibilities 22 Section 6.2 Notice of Stay or Extension Laws 33 Defaults 23 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of 6.3 Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 3623 Section 6.4 Not Responsible for Recitals or Issuance of Securities 24 Section 6.5 May Hold Securities 24 Section 6.6 Money Held in Trust 24 Section 6.7 Compensation and Reimbursement 25 Section 6.8 Disqualifications; Conflicting Interests 25 Section 6.9 Corporate Trustee Required; Eligibility 25 Section 6.10 Resignation and Removal; Appointment of Successor 25 Section 6.11 Acceptance of Appointment by Successor 26 Section 6.12 Merger, Conversion, Consolidation or Succession to Business 27 Section 6.13 Preferential Collection of Claims Against Issuers and the Guarantor 27 Section 6.14 Appointment of Authenticating Agent 28

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes. 24 Section 4.03. Application of Trust Money 24 25 Section 4.03 4.04. Repayment of Monies Held by Paying Agent 24 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 26 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 Annulment. 27 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Trustee. 28 Section 5.04 5.04. Remedies; Priorities . 29 Section 5.05 5.05. Optional Preservation of the Receivables Trust Estate 30 Section 5.06 5.06. Limitation of Suits 30 31 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 5.08. Restoration of Rights and Remedies 31 Section 5.09 5.09. Rights and Remedies Cumulative 32 Section 5.10 5.10. Delay or Omission Not a Waiver 32 Section 5.11 5.11. Control by Noteholders of the Controlling Class 32 Section 5.12 5.12. Waiver of Past Defaults 32 33 Section 5.13 5.13. Undertaking for Costs 33 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 Section 5.15 5.15. Action on Notes 33 Section 5.16 5.16. Performance and Enforcement of Certain Obligations Obligations. 34 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 Trustee. 35 Page Section 6.02 6.02. Rights of Indenture Trustee. 36 Section 6.03. Individual Rights of Indenture Trustee 3637 Section 6.04. Indenture Trustee’s Disclaimer 37 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 38 Section 6.07. Compensation and Indemnity. 39 Section 6.08. Replacement of Indenture Trustee. 39 Section 6.09. Successor Indenture Trustee by Mxxxxx. 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee. 41 Section 6.11. Eligibility; Disqualification 42 Section 6.12. Preferential Collection of Claims Against Issuer 42 Section 6.13. Representations and Warranties of Indenture Trustee 42 Section 6.14. Encryption 43 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 44 Section 7.02. Noteholder Demand for Asset Representations Review 45 Section 7.03. Reports by Issuer. 46 Section 7.04. Reports by Indenture Trustee. 46 ARTICLE EIGHT ACCOUNTS, DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 47 Section 8.02. Accounts. 47 Section 8.03. General Provisions Regarding Accounts. 48 Section 8.04. Release of Trust Estate. 49 Section 8.05. Opinion of Counsel 49 ARTICLE NINE

Satisfaction and Discharge. 23 Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02 Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 25 ARTICLE V REMEDIES 25 Section 5.01 Events of Default 25 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission Not a Waiver 32 Section 5.11 Control by Noteholders 32 Section 5.12 Waiver of Past Defaults 32 33 Section 5.13 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 3636 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section 6.05 Notice of Defaults 40 Section 6.06 Reports by Indenture Trustee 40 Section 6.07 Compensation and Indemnity 40 Section 6.08 Replacement of Indenture Trustee 41 Section 6.09 Successor Indenture Trustee by Xxxxxx 42 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11 Eligibility; Disqualification 44 Section 6.12 Preferential Collection of Claims Against Issuing Entity 44 Section 6.13 Representations and Warranties of the Indenture Trustee 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 45

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 24 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 25 Section 4.03. Application of Trust Money 24 26 Section 4.03 4.04. Repayment of Monies Held by Paying Agent 24 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 27 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 28 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04 Remedies; Priorities 29 5.04. Remedies 30 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 31 Section 5.06 5.06. Limitation of Suits 30 32 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08 5.08. Restoration of Rights and Remedies 31 32 Section 5.09 5.09. Rights and Remedies Cumulative 32 33 Section 5.10 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11 5.11. Control by Noteholders 32 33 Section 5.12 5.12. Waiver of Past Defaults 32 Default 33 Section 5.13 5.13. Undertaking for Costs 33 Cost 34 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 Law 34 Section 5.15 5.15. Action on Notes 33 Note 34 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 Section 5.17. Sale of Trust Estate 35 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 36 Section 6.02 6.02. Rights of Indenture Trustee 3637 Section 6.03. Individual Rights of Indenture Trustee 39 Section 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 39 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 40 Section 6.07. Compensation and Indemnity 40 Section 6.08. Replacement of Indenture Trustee 41 Section 6.09. Successor Indenture Trustee by Xxxxxx 42 Section 6.10. Appointment of Co-Trustee or Separate Trustee 43 Section 6.11. Eligibility; Disqualification 44 Section 6.12. Preferential Collection of Claims Against Issuer 44 Section 6.13. Representations and Warranties of Indenture Trustee 44 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 45 Section 6.15. Encryption 45 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 46 Section 7.02. Noteholder Demand for Asset Representations Review 47 Section 7.03. Reports by Issuer 48 Section 7.04. Reports by Indenture Trustee 48 ARTICLE EIGHT ACCOUNTS, DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 49 Section 8.02. Accounts 49 Section 8.03. General Provisions Regarding Accounts 50 Section 8.04. Release of Trust Estate 51 Section 8.05. Opinion of Counsel 51 ARTICLE NINE

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 24 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 25 Section 4.03. Application of Trust Money 24 26 Section 4.03 4.04. Repayment of Monies Held by Note Paying Agent 24 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 27 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 28 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04 5.04. Remedies; Priorities 29 30 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 32 Section 5.06 5.06. Limitation of Suits 30 32 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08 5.08. Restoration of Rights and Remedies 31 33 Section 5.09 5.09. Rights and Remedies Cumulative 32 33 Section 5.10 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11 5.11. Control by Noteholders 32 34 Section 5.12 5.12. Waiver of Past Defaults 32 34 Section 5.13 5.13. Undertaking for Costs 33 35 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 35 Section 5.15 5.15. Action on Notes 33 35 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 35 Section 5.17. Sale of Trust Estate 36 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 37 Section 6.02 6.02. Rights of Indenture Trustee 3638 Section 6.03. Individual Rights of Indenture Trustee 40 Section 6.04. Indenture Trustee’s Disclaimer 40 Section 6.05. Notice of Defaults and Repurchase Requests 40 Section 6.06. Reports by Indenture Trustee to Holders 41 Section 6.07. Compensation and Indemnity 41 Section 6.08. Replacement of Indenture Trustee 42 Section 6.09. Successor Indenture Trustee by Xxxxxx 43 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 43 Section 6.11. Eligibility; Disqualification 44 Section 6.12. Preferential Collection of Claims Against Issuer 45 Section 6.13. Issuer as Holder of the 2018-A Exchange Note 45 Section 6.14. Representations and Warranties of Indenture Trustee 45 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 46 Section 6.16. Encryption 46 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 47 Section 7.02. Noteholder Demand for Asset Representations Review 48 Section 7.03. Reports by Issuer 49 Section 7.04. Reports by Indenture Trustee 49 ARTICLE EIGHT DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 51 Section 8.02. Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2018-A Bank Accounts; General Provisions Regarding 2018-A Bank Accounts. 53 Section 8.05. Release of Trust Estate 55 Page ARTICLE NINE

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 22 Section 4.02 Application of Trust Money 24 23 Section 4.03 Repayment of Monies Held by Paying Agent 24 23 ARTICLE V REMEDIES Section 5.01 Events of Default 25 23 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 25 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 26 Section 5.04 Remedies; Priorities 29 28 Section 5.05 Optional Preservation of the Receivables 30 29 Section 5.06 Limitation of Suits 30 29 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 30 Section 5.08 Restoration of Rights and Remedies 31 30 Section 5.09 Rights and Remedies Cumulative 32 31 Section 5.10 Delay or Omission Not a Waiver 32 31 Section 5.11 Control by Noteholders 32 31 Section 5.12 Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 33 32 Section 5.14 Waiver of Stay or Extension Laws 33 32 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 33 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 3635 Section 6.03 Individual Rights of Indenture Trustee 37 Section 6.04 Indenture Trustee’s Disclaimer 37 Section 6.05 Notice of Defaults 37 Section 6.06 Reports by Indenture Trustee 38 Section 6.07 Compensation and Indemnity 38 Section 6.08 Replacement of Indenture Trustee 39 Section 6.09 Successor Indenture Trustee by Merger 40 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 40 Section 6.11 Eligibility; Disqualification 41 Section 6.12 Preferential Collection of Claims Against Issuing Entity 42 Section 6.13 Representations and Warranties of the Indenture Trustee 42 Section 6.14 Communications Regarding Demands to Repurchase Receivables 42 ARTICLE VII

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 24 25 Section 4.03 4.04. Repayment of Monies Held by Note Paying Agent 24 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 26 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 27 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 5.04. Remedies; Priorities 29 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 31 Section 5.06 5.06. Limitation of Suits 30 31 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08 5.08. Restoration of Rights and Remedies 31 32 Section 5.09 5.09. Rights and Remedies Cumulative 32 Section 5.10 5.10. Delay or Omission Not a Waiver 32 Section 5.11 5.11. Control by Noteholders 32 of the Controlling Class 33 Section 5.12 5.12. Waiver of Past Defaults 32 33 Section 5.13 5.13. Undertaking for Costs 33 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 34 Section 5.15 5.15. Action on Notes 33 34 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 Section 5.17. Sale of Trust Estate 35 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 36 Section 6.02 6.02. Rights of Indenture Trustee 3637 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults and Repurchase Requests 38 Section 6.06. Reports by Indenture Trustee to Holders 38 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 39 Section 6.09. Successor Indenture Trustee by Mxxxxx 40 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 41 Section 6.11. Eligibility; Disqualification 42 Section 6.12. Preferential Collection of Claims Against Issuer 42 Section 6.13. Issuer as Holder of the 2012-A Exchange Note 42 Section 6.14. Representations and Warranties of Indenture Trustee 42 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 43 Section 6.16. Encryption 44 ARTICLE SEVEN

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02 Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 ARTICLE V REMEDIES Section 5.01 Events of Default 25 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission Not a Waiver 32 Section 5.11 Control by Noteholders 32 Section 5.12 Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 3636 Section 6.03 Individual Rights of Indenture Trustee 37 Section 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05 Notice of Defaults 38 Section 6.06 Reports by Indenture Trustee 38 Section 6.07 Compensation and Indemnity 38 Section 6.08 Replacement of Indenture Trustee 39 Section 6.09 Successor Indenture Trustee by Merger 40 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 41 Section 6.11 Eligibility; Disqualification 42 Section 6.12 Preferential Collection of Claims Against Issuing Entity 42 Section 6.13 Representations and Warranties of the Indenture Trustee 42 Section 6.14 Communications Regarding Demands to Repurchase Receivables 43

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 25 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 25 Section 4.03. Application of Trust Money 24 27 Section 4.03 4.04. Repayment of Monies Held by Note Paying Agent 24 27 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 28 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 29 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 29 Section 5.04 5.04. Remedies; Priorities 29 31 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 33 Section 5.06 5.06. Limitation of Suits 30 33 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 34 Section 5.08 5.08. Restoration of Rights and Remedies 31 34 Section 5.09 5.09. Rights and Remedies Cumulative 32 34 Section 5.10 5.10. Delay or Omission Not a Waiver 32 34 Section 5.11 5.11. Control by Noteholders 32 35 Section 5.12 5.12. Waiver of Past Defaults 32 35 Section 5.13 5.13. Undertaking for Costs 33 35 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 36 Section 5.15 5.15. Action on Notes 33 36 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 36 Section 5.17. Sale of Trust Estate 37 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 38 Section 6.02 6.02. Rights of Indenture Trustee 3639 Section 6.03. Individual Rights of Indenture Trustee 41 Section 6.04. Indenture Trustee’s Disclaimer 41 Section 6.05. Notice of Defaults and Repurchase Requests 41 Section 6.06. Reports by Indenture Trustee to Holders 42 Section 6.07. Compensation and Indemnity 42 Section 6.08. Replacement of Indenture Trustee 43 Section 6.09. Successor Indenture Trustee by Xxxxxx 44 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 44 Section 6.11. Eligibility; Disqualification 45 Section 6.12. Preferential Collection of Claims Against Issuer 46 Section 6.13. Issuer as Holder of the 2019-B Exchange Note 46 Section 6.14. Representations and Warranties of Indenture Trustee 46 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 47 Section 6.16. Encryption 47 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 48 Section 7.02. Noteholder Demand for Asset Representations Review 49 Section 7.03. Reports by Issuer 50 Section 7.04. Reports by Indenture Trustee 50 ARTICLE EIGHT DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 51 Section 8.02. Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2019-B Bank Accounts; General Provisions Regarding 2019-B Bank Accounts 53 Section 8.05. Release of Trust Estate 55 ARTICLE NINE

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 24 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 25 Section 4.03. Application of Trust Money 24 26 Section 4.03 4.04. Repayment of Monies Held by Note Paying Agent 24 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 27 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 28 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04 5.04. Remedies; Priorities 29 30 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 32 Section 5.06 5.06. Limitation of Suits 30 32 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08 5.08. Restoration of Rights and Remedies 31 33 Section 5.09 5.09. Rights and Remedies Cumulative 32 33 Section 5.10 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11 5.11. Control by Noteholders 32 34 Section 5.12 5.12. Waiver of Past Defaults 32 34 Section 5.13 5.13. Undertaking for Costs 33 34 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 35 Section 5.15 5.15. Action on Notes 33 35 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 35 Section 5.17. Sale of Trust Estate 36 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 37 Section 6.02 6.02. Rights of Indenture Trustee 3638 Section 6.03. Individual Rights of Indenture Trustee 40 Section 6.04. Indenture Trustee’s Disclaimer 40 Section 6.05. Notice of Defaults and Repurchase Requests 40 Section 6.06. Reports by Indenture Trustee to Holders 41 Section 6.07. Compensation and Indemnity 41 Section 6.08. Replacement of Indenture Trustee 42 Section 6.09. Successor Indenture Trustee by Xxxxxx 43 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 43 Section 6.11. Eligibility; Disqualification 45 Section 6.12. Preferential Collection of Claims Against Issuer 45 Section 6.13. Issuer as Holder of the 2019-A Exchange Note 45 Section 6.14. Representations and Warranties of Indenture Trustee 45 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 46 Section 6.16. Encryption 46 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 47 Section 7.02. Noteholder Demand for Asset Representations Review 48 Section 7.03. Reports by Issuer 49 Section 7.04. Reports by Indenture Trustee 49 ARTICLE EIGHT DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 51 Section 8.02. Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2019-A Bank Accounts; General Provisions Regarding 2019-A Bank Accounts. 53 Section 8.05. Release of Trust Estate 55 ARTICLE NINE

Satisfaction and Discharge. Section 4.01 SECTION 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 67 SECTION 4.02. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 68 ARTICLE V FIVE REMEDIES Section 5.01 SECTION 5.01. Events of Default 25 Section 5.02 69 SECTION 5.02. Acceleration of Maturity; : Rescission and Annulment 26 Section 5.03 70 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation 72 SECTION 5.04. Trustee May File Proofs of the Receivables 30 Section 5.06 Claim 72 SECTION 5.05. Trustee May Enforce Claims Without Possession of Notes 73 SECTION 5.06. Application of Money Collected 73 SECTION 5.07. Limitation on Suits 73 SECTION 5.08. Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal and Interest 31 Section 5.08 Bring Suit for Payment 74 SECTION 5.09. Restoration of Rights and Remedies 31 Section 5.09 74 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.10 74 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.11 74 SECTION 5.12. Control by Noteholders 32 Section 5.12 Holders 75 SECTION 5.13. Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 33 Section 5.14 75 SECTION 5.14. Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 75 SECTION 5.15. Undertaking for Costs 75 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 SECTION 6.01. Duties of Indenture the Trustee 34 Section 6.02 76 SECTION 6.02. Notice of Defaults 77 SECTION 6.03. Certain Rights of Indenture Trustee 3677 SECTION 6.04. Trustee Not Responsible for Recitals or Issuance of Notes 79 SECTION 6.05. May Hold Notes 79 SECTION 6.06. Money Held in Trust 79 SECTION 6.07. Compensation and Reimbursement 79 SECTION 6.08. Corporate Trustee Required; Eligibility 80 SECTION 6.09. Resignation and Removal; Appointment of Successor 80 SECTION 6.10. Acceptance of Appointment by Successor 81 SECTION 6.11. Merger, Conversion, Consolidation or Succession to Business 81 SECTION 6.12. Appointment of Authenticating Agent 82

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 26 Section 4.02 Application of Trust Money 24 27 Section 4.03 Repayment of Monies Moneys Held by Paying Agent 24 27 Section 4.04 Release of Collateral 27 ARTICLE V V. REMEDIES Section 5.01 Events of Default 25 28 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 29 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 30 Section 5.04 Remedies; Priorities 29 32 Section 5.05 Optional Preservation of the Receivables 30 35 Section 5.06 Limitation of Suits 30 35 Section 5.07 Unconditional Rights of Noteholders to To Receive Principal and Interest 31 36 Section 5.08 Restoration of Rights and Remedies 31 36 Section 5.09 Rights and Remedies Cumulative 32 36 Section 5.10 Delay or Omission Not a Waiver 32 36 Section 5.11 Control by the Controlling Class of Noteholders 32 36 Section 5.12 Waiver of Past Defaults 32 37 Section 5.13 Undertaking for Costs 33 37 Section 5.14 Waiver of Stay or Extension Laws 33 38 Section 5.15 Action on Notes 33 38 Section 5.16 Performance and Enforcement of Certain Obligations 34 38 ARTICLE VI VI. THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 39 Section 6.02 Representations and Warranties of the Indenture Trustee 40 Section 6.03 Rights of Indenture Trustee 3641 Section 6.04 Individual Rights of Indenture Trustee 42 Section 6.05 Indenture Trustee’s Disclaimer 43 Section 6.06 Notice of Defaults 43 Section 6.07 Reports by Indenture Trustee to Holders 43 Section 6.08 Compensation and Indemnity 43 Section 6.09 Replacement of Indenture Trustee 44 Section 6.10 Successor Indenture Trustee by Merger 45 Section 6.11 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 45 Section 6.12 Eligibility; Disqualification 46 Section 6.13 [Reserved] 47 Section 6.14 Preferential Collection of Claims Against Issuer 47 Section 6.15 Waiver of Setoffs 47 -ii- (2013-A Indenture) TABLE OF CONTENTS (continued) Page ARTICLE VII. NOTEHOLDERS’ LISTS AND REPORTS

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 21 Section 4.02 Application of Trust Money 24 23 Section 4.03 Repayment of Monies Held by Paying Agent 24 23 ARTICLE V REMEDIES Section 5.01 Events of Default 25 23 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 25 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 25 Section 5.04 Remedies; Priorities 29 27 Section 5.05 Optional Preservation of the Receivables 30 28 Section 5.06 Limitation of Suits 30 29 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 30 Section 5.08 Restoration of Rights and Remedies 31 30 Section 5.09 Rights and Remedies Cumulative 32 30 Section 5.10 Delay or Omission Not a Waiver 32 30 Section 5.11 Control by Noteholders 32 30 Section 5.12 Waiver of Past Defaults 32 31 Section 5.13 Undertaking for Costs 33 31 Section 5.14 Waiver of Stay or Extension Laws 33 31 Section 5.15 Action on Notes 33 32 Section 5.16 Performance and Enforcement of Certain Obligations 34 32 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 33 Section 6.02 Rights of Indenture Trustee 3634 Section 6.03 Individual Rights of Indenture Trustee 35 Section 6.04 Indenture Trustee’s Disclaimer 35 Section 6.05 Notice of Defaults 36 Section 6.06 Reports by Indenture Trustee 36 Section 6.07 Compensation and Indemnity 37 Section 6.08 Replacement of Indenture Trustee 38 Section 6.09 Successor Indenture Trustee by Merger 39 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 39 Section 6.11 Eligibility; Disqualification 40 Section 6.12 Preferential Collection of Claims Against Issuing Entity 40 Section 6.13 Representations and Warranties of the Indenture Trustee 41 ARTICLE VII

Satisfaction and Discharge. Section 4.01 SECTION 9.01. Satisfaction and Discharge of Indenture 23 Section 4.02 96 SECTION 9.02. Application of Trust Money 24 Section 4.03 97 SECTION 9.03. Repayment of Monies Held by Paying Agent 24 97 ARTICLE V REMEDIES Section 5.01 X Events of Default; Remedies SECTION 10.01. Events of Default 25 Section 5.02 97 SECTION 10.02. Acceleration and Remedies 101 SECTION 10.03. Performance by Indenture Trustee 103 SECTION 10.04. Evidence of Maturity; Rescission Compliance 103 SECTION 10.05. Controlling Holders Representative 103 SECTION 10.06. Certain Rights and Annulment 26 Section 5.03 Powers of the Controlling Holders Representative 105 SECTION 10.07. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 107 SECTION 10.08. Remedies 109 SECTION 10.09. Optional Preservation of the Receivables 30 Section 5.06 Trust Estate 110 SECTION 10.10. Limitation of Suits 30 Section 5.07 110 SECTION 10.11. Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 111 SECTION 10.12. Restoration of Rights and Remedies 31 Section 5.09 111 SECTION 10.13. Rights and Remedies Cumulative 32 Section 5.10 111 SECTION 10.14. Delay or Omission Not a Waiver 32 Section 5.11 Control by Noteholders 32 Section 5.12 111 SECTION 10.15. Waiver of Past Defaults 32 Section 5.13 112 SECTION 10.16. Undertaking for Costs 33 Section 5.14 112 SECTION 10.17. Waiver of Stay or Extension Laws 33 Section 5.15 112 SECTION 10.18. Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 113 SECTION 10.19. Waiver 113 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 XI The Indenture Trustee SECTION 11.01. Duties of Indenture Trustee 34 Section 6.02 Rights 113 SECTION 11.02. Certain Matters Affecting the Indenture Trustee 116 SECTION 11.03. Indenture Trustee’s Disclaimer 118 SECTION 11.04. Indenture Trustee May Own Notes 118 SECTION 11.05. Fees and Expenses of Indenture Trustee; Indemnification of and by the Indenture Trustee 118 SECTION 11.06. Eligibility Requirements for Indenture Trustee 119 SECTION 11.07. Resignation and Removal of Indenture Trustee 36120 SECTION 11.08. Successor Indenture Trustee 121 SECTION 11.09. Merger or Consolidation of Indenture Trustee 122 SECTION 11.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 122 SECTION 11.11. Access to Certain Information 123 ARTICLE XII Noteholders’ Lists, Reports and Meetings SECTION 12.01. Issuers to Furnish Indenture Trustee Names and Addresses of Noteholders 125 SECTION 12.02. Preservation of Information; Communications to Noteholders 125 SECTION 12.03. [Reserved]. 125 SECTION 12.04. Voting by Noteholders 125 SECTION 12.05. Communication by Noteholders with Other Noteholders 126 ARTICLE XIII Indenture Supplements SECTION 13.01. Indenture Supplements Without Consent of Noteholders 126 SECTION 13.02. Indenture Supplements with Consent of Noteholders 127 SECTION 13.03. Execution of Indenture Supplements 129 SECTION 13.04. Effect of Indenture Supplement 129 SECTION 13.05. Reference in Notes to Indenture Supplements 129 ARTICLE XIV Collateral and Security SECTION 14.01. Issuers’ Obligations Absolute 129 SECTION 14.02. Release of Liens 130 ARTICLE XV 130 Guaranty

Satisfaction and Discharge. Section 3.01 . Satisfaction and Discharge. 24 Article 4 Particular Covenants of the Company Section 4.01 Satisfaction . Payment of Principal and Discharge of Indenture 23 Interest 24 Section 4.02 Application . Maintenance of Trust Money Office or Agency. 24 Section 4.03 Repayment of Monies Held by . Appointments to Fill Vacancies in Trustee’s Office. 25 Section 4.04 . Provisions as to Paying Agent 24 ARTICLE V REMEDIES 25 Section 4.05 . Existence. 26 Section 4.06 . Rule 144A Information Requirement and Annual Reports. 26 Section 4.07 . Stay, Extension and Usury Laws. 28 Section 4.08 . Compliance Certificate; Statements as to Defaults. 28 Section 4.09 . Further Instruments and Acts. 29 Article 5 Lists of Holders Section 5.01 . Lists of Holders. 29 Section 5.02 . Preservation and Disclosure of Lists. 29 Article 6 Defaults and Remedies Section 6.01 . Events of Default 25 29 Section 5.02 Acceleration of Maturity6.02 . Acceleration; Rescission and Annulment 26 31 Section 5.03 Collection 6.03 . Additional Interest 32 Section 6.04 . Payments of Indebtedness Notes on Default; Suit Therefor. 32 Section 6.05 . Application of Monies Collected by Trustee. 34 Section 6.06 . Proceedings by Holders. 34 Section 6.07 . Proceedings by Trustee. 35 Section 6.08 . Remedies Cumulative and Suits Continuing. 36 Section 6.09 . Direction of Proceedings and Xxxxxx of Defaults by Majority of Holders. 36 Section 6.10 . Notice of Defaults. 36 Section 6.11 . Undertaking to Pay Costs. 37 Article 7 Concerning the Trustee Section 7.01 . Duties and Responsibilities of Trustee. 37 Section 7.02 . Reliance on Documents, Opinions, Etc. 39 Section 7.03 . No Responsibility for Enforcement Recitals, Etc. 40 Section 7.04 . Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes. 40 Section 7.05 . Monies and Shares of Common Stock to Be Held in Trust 40 Section 7.06 . Compensation and Expenses of Trustee. 40 Section 7.07 . Officers’ Certificate as Evidence. 41 Section 7.08 . Eligibility of Trustee. 41 Section 7.09 . Resignation or Removal of Trustee. 42 Section 7.10 . Acceptance by Successor Trustee. 43 Section 7.11 . Succession by Xxxxxx, Etc. 43 Section 7.12 . Trustee’s Application for Instructions from the Company. 44 Article 8 Concerning the Holders Section 8.01 . Action by Holders. 44 Section 8.02 . Proof of Execution by Holders. 44 Section 8.03 . Who Are Deemed Absolute Owners. 45 Section 8.04 . Company-Owned Notes Disregarded. 45 Section 8.05 . Revocation of Consents; Future Holders Bound. 45 Article 9 Holders’ Meetings Section 9.01 . Purpose of Meetings. 46 Section 9.02 . Call of Meetings by Trustee. 46 Section 9.03 . Call of Meetings by Company or Holders. 46 i Section 9.04 . Qualifications for Voting. 47 Section 9.05 . Regulations. 47 Section 9.06 . Voting. 47 Section 9.07 . No Delay of Rights by Meeting. 48 Article 10 Supplemental Indentures Section 10.01 . Supplemental Indentures Without Consent of Holders. 48 Section 10.02 . Supplemental Indentures with Consent of Holders. 49 Section 10.03 . Effect of Supplemental Indentures. 50 Section 10.04 . Notation on Notes. 50 Section 10.05 . Evidence of Compliance of Supplemental Indenture Trustee 27 to Be Furnished Trustee. 50 Article 11 Consolidation, Merger, Sale, Conveyance and Lease Section 5.04 Remedies11.01 . Company May Consolidate, Etc. on Certain Terms. 50 Section 11.02 . Successor Corporation to Be Substituted. 51 Section 11.03 . Opinion of Counsel to Be Given to Trustee. 52 Article 12 Immunity of Incorporators, Stockholders, Officers and Directors Section 12.01 . Indenture and Notes Solely Corporate Obligations. 52 Article 13 [Intentionally Omitted] Article 14 Conversion of Notes Section 14.01 . Conversion Privilege. 52 Section 14.02 . Conversion Procedure; Priorities 29 Settlement Upon Conversion. 55 Section 5.05 Optional Preservation 14.03 . Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or Redemption Notice. 59 Section 14.04 . Adjustment of Conversion Rate. 61 Section 14.05 . Adjustments of Prices. 70 Section 14.06 . Shares to Be Fully Paid. 70 Section 14.07 . Effect of Recapitalizations, Reclassifications and Changes of the Receivables 30 Common Stock. 70 Section 5.06 Limitation 14.08 . Certain Covenants. 72 Section 14.09 . Responsibility of Suits 30 Trustee. 72 Section 5.07 Unconditional 14.10 . Notice to Holders Prior to Certain Actions. 73 Section 14.11 . Stockholder Rights Plans. 73 Article 15 Repurchase of Noteholders Notes at Option of Holders Section 15.01 . [Intentionally Omitted.] 74 Section 15.02 . Repurchase at Option of Holders Upon a Fundamental Change. 74 Section 15.03 . Withdrawal of Fundamental Change Repurchase Notice. 76 Section 15.04 . Deposit of Fundamental Change Repurchase Price. 77 Section 15.05 . Covenant to Receive Principal Comply with Applicable Laws Upon Repurchase of Notes. 78 Article 16 Optional Redemption Section 16.01 . Optional Redemption. 78 Section 16.02 . Notice of Optional Redemption; Selection of Notes. 78 Section 16.03 . Payment of Notes Called for Redemption. 79 ii Section 16.04 . Restrictions on Redemption. 80 Article 17 Miscellaneous Provisions Section 17.01 . Provisions Binding on Company’s Successors. 80 Section 17.02 . Official Acts by Successor Corporation. 80 Section 17.03 . Addresses for Notices, Etc. 80 Section 17.04 . Governing Law; Jurisdiction. 81 Section 17.05 . Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. 81 Section 17.06 . Legal Holidays. 82 Section 17.07 . No Security Interest 31 Created. 82 Section 5.08 Restoration 17.08 . Benefits of Rights and Remedies 31 Indenture. 82 Section 5.09 Rights and Remedies Cumulative 32 17.09 . Table of Contents, Headings, Etc. 82 Section 5.10 Delay or Omission Not a Waiver 32 17.10 . Authenticating Agent 82 Section 5.11 Control by Noteholders 32 17.11 . Execution in Counterparts; Electronic Signing. 83 Section 5.12 17.12 . Severability. 84 Section 17.13 . Waiver of Past Defaults 32 Jury Trial 84 Section 5.13 Undertaking for Costs 33 17.14 . Force Majeure. 84 Section 5.14 Waiver 17.15 . Calculations. 84 Section 17.16 . USA PATRIOT Act 84 Exhibit A - Form of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance Note A-1 INDENTURE dated as of May 15, 2020 between TANDEM DIABETES CARE, INC., a Delaware corporation, as issuer (the “Company,” as more fully set forth in ‎Section 1.01) and Enforcement of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee,” as more fully set forth in ‎Section 1.01).

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 37 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes. 38 Section 4.03. Application of Trust Money 24 39 Section 4.03 4.04. Repayment of Monies Held by Paying Agent 24 39 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 40 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 Annulment. 41 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Trustee. 42 Section 5.04 5.04. Remedies; Priorities 29 . 44 Section 5.05 5.05. Optional Preservation of the Receivables 30 45 Section 5.06 5.06. Limitation of Suits 30 45 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 46 Section 5.08 5.08. Restoration of Rights and Remedies 31 46 Section 5.09 5.09. Rights and Remedies Cumulative 32 46 Section 5.10 5.10. Delay or Omission Not a Waiver 32 46 Section 5.11 5.11. Control by Noteholders 32 of the Controlling Class 46 Section 5.12 5.12. Waiver of Past Defaults 32 47 Section 5.13 5.13. Undertaking for Costs 33 47 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 47 Section 5.15 5.15. Action on Notes 33 48 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 Obligations. 48 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 Trustee. 50 Section 6.02 6.02. Rights of Indenture Trustee. 51 Section 6.03. Individual Rights of Indenture Trustee 3652 Section 6.04. Indenture Trustee’s Disclaimer 52 Section 6.05. Notice of Defaults 52 Section 6.06. Reports by Indenture Trustee to Noteholders 52 Section 6.07. Compensation and Indemnity. 52 Section 6.08. Replacement of Indenture Trustee. 53 Section 6.09. Successor Indenture Trustee by Xxxxxx. 54 Section 6.10. Appointment of Co-Trustee or Separate Trustee. 55 Section 6.11. Eligibility; Disqualification 56 Section 6.12. Preferential Collection of Claims Against Issuer 57 Section 6.13. Representations and Warranties of Indenture Trustee 57 ARTICLE SEVEN NOTEHOLDERS’ LISTS AND REPORTS Section 7.01. Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders 58 Section 7.02. Preservation of Information; Communications, Reports and Certain Documents to Noteholders. 58 Section 7.03. Reports by Issuer. 58 Section 7.04. Reports by Indenture Trustee. 59 ARTICLE EIGHT ACCOUNTS, DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 60 Section 8.02. Accounts. 60 Section 8.03. General Provisions Regarding Accounts. 61 Section 8.04. Release of Trust Estate. 61 Section 8.05. Opinion of Counsel 62 ARTICLE NINE

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 24 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 24 26 Section 4.03 4.04. Repayment of Monies Held by Note Paying Agent 24 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 27 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 28 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04 5.04. Remedies; Priorities 29 30 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 32 Section 5.06 5.06. Limitation of Suits 30 32 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08 5.08. Restoration of Rights and Remedies 31 33 Section 5.09 5.09. Rights and Remedies Cumulative 32 33 Section 5.10 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11 5.11. Control by Noteholders 32 of the Controlling Class 34 Section 5.12 5.12. Waiver of Past Defaults 32 34 Section 5.13 5.13. Undertaking for Costs 33 34 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 35 Section 5.15 5.15. Action on Notes 33 35 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 35 Section 5.17. Sale of Trust Estate 36 ARTICLE VI SIX THE INDENTURE TRUSTEE Page Section 6.01 6.01. Duties of Indenture Trustee 34 37 Section 6.02 6.02. Rights of Indenture Trustee 3638 Section 6.03. Individual Rights of Indenture Trustee 40 Section 6.04. Indenture Trustee’s Disclaimer 40 Section 6.05. Notice of Defaults and Repurchase Requests 40 Section 6.06. Reports by Indenture Trustee to Holders 41 Section 6.07. Compensation and Indemnity 41 Section 6.08. Replacement of Indenture Trustee 42 Section 6.09. Successor Indenture Trustee by Xxxxxx 43 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 43 Section 6.11. Eligibility; Disqualification 44 Section 6.12. Preferential Collection of Claims Against Issuer 45 Section 6.13. Issuer as Holder of the 2017-A Exchange Note 45 Section 6.14. Representations and Warranties of Indenture Trustee 45 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 46 Section 6.16. Encryption 46 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 47 Section 7.02. Noteholder Demand for Asset Representations Review 48 Section 7.03. Reports by Issuer 49 Section 7.04. Reports by Indenture Trustee 49 ARTICLE EIGHT DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 51 Section 8.02. Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2017-A Bank Accounts; General Provisions Regarding 2017-A Bank Accounts. 53 Section 8.05. Release of Trust Estate 55 ARTICLE NINE SUPPLEMENTAL INDENTURES Page

Satisfaction and Discharge. Section 4.01 SECTION 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 71 SECTION 4.02. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 72 ARTICLE V FIVE REMEDIES Section 5.01 SECTION 5.01. Events of Default 25 Section 5.02 73 SECTION 5.02. Acceleration of Maturity; : Rescission and Annulment 26 Section 5.03 75 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation 76 SECTION 5.04. Trustee May File Proofs of the Receivables 30 Section 5.06 Claim 76 SECTION 5.05. Trustee May Enforce Claims Without Possession of Notes 77 SECTION 5.06. Application of Money Collected 77 SECTION 5.07. Limitation on Suits 77 SECTION 5.08. Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal and Interest 31 Section 5.08 Bring Suit for Payment 78 SECTION 5.09. Restoration of Rights and Remedies 31 Section 5.09 78 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.10 78 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.11 78 SECTION 5.12. Control by Noteholders 32 Section 5.12 Holders 78 SECTION 5.13. Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 33 Section 5.14 79 SECTION 5.14. Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 79 SECTION 5.15. Undertaking for Costs 79 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 SECTION 6.01. Duties of Indenture the Trustee 34 Section 6.02 79 SECTION 6.02. Notice of Defaults 80 SECTION 6.03. Certain Rights of Indenture Trustee 3682 SECTION 6.04. Trustee Not Responsible for Recitals or Issuance of Notes 84 SECTION 6.05. May Hold Notes 84 SECTION 6.06. Money Held in Trust 84 SECTION 6.07. Compensation and Reimbursement 84 SECTION 6.08. Corporate Trustee Required; Eligibility 85 SECTION 6.09. Resignation and Removal; Appointment of Successor 85 SECTION 6.10. Acceptance of Appointment by Successor 86 SECTION 6.11. Merger, Conversion, Consolidation or Succession to Business 86 SECTION 6.12. Appointment of Authenticating Agent 87 SECTION 6.13. Security Documents; Intercreditor Agreements 88 ARTICLE SEVEN

Satisfaction and Discharge. Section 4.01 SECTION 4.1 Satisfaction and Discharge of Indenture 23 Section 4.02 20 SECTION 4.2 Application of Trust Money 24 Section 4.03 21 SECTION 4.3 Repayment of Monies Moneys Held by Paying Agent 24 22 SECTION 4.4 Auction of Trust Student Loans 22 ARTICLE V REMEDIES Section 5.01 Remedies SECTION 5.1 Events of Default 25 Section 5.02 23 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 24 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 24 SECTION 5.4 Remedies; Priorities 29 Section 5.05 26 SECTION 5.5 Optional Preservation of the Receivables Trust Student Loans 30 Section 5.06 SECTION 5.6 Limitation of Suits 30 Section 5.07 SECTION 5.7 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 SECTION 5.8 Restoration of Rights and Remedies 31 Section 5.09 SECTION 5.9 Rights and Remedies Cumulative 32 Section 31 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 31 SECTION 5.11 Control by Noteholders 32 Section 31 SECTION 5.12 Waiver of Past Defaults 32 Section SECTION 5.13 Undertaking for Costs 33 Section 32 SECTION 5.14 Waiver of Stay or Extension Laws 33 Section 32 SECTION 5.15 Action on Notes 33 Section SECTION 5.16 Performance and Enforcement of Certain Obligations 34 Obligations. 33 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 The Indenture Trustee SECTION 6.1 Duties of Indenture Trustee 34 Section 6.02 SECTION 6.2 Rights of Indenture Trustee 3635 SECTION 6.3 Individual Rights of Indenture Trustee 35 SECTION 6.4 Indenture Trustee’s Disclaimer 35 SECTION 6.5 Notice of Defaults 36 SECTION 6.6 Reports by Indenture Trustee to Noteholders 36 SECTION 6.7 Compensation and Indemnity 36 SECTION 6.8 Replacement of Indenture Trustee 37 SECTION 6.9 Successor Indenture Trustee by Xxxxxx 38 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee. 38 SECTION 6.11 Eligibility; Disqualification 39 SECTION 6.12 Preferential Collection of Claims Against the Issuer 39

Satisfaction and Discharge. Section 4.01 4.1 Satisfaction and Discharge of Indenture 23 22 Section 4.02 4.2 Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 23 ARTICLE V REMEDIES Section 5.01 5.1 Events of Default 25 23 Section 5.02 5.2 Acceleration of Maturity; Rescission and Annulment 26 24 Section 5.03 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 24 i TABLE OF CONTENTS (continued) Page Section 5.04 Remedies; Priorities 29 5.4 Trustee May File Proofs of Claim 25 Section 5.05 Optional Preservation 5.5 Trustee May Enforce Claim Without Possession of the Receivables 30 Securities 25 Section 5.06 5.6 Application of Money Collected 26 Section 5.7 Limitation on Suits 26 Section 5.8 Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Interest; Direct Action by Holders of Trust Preferred Securities 26 Section 5.08 5.9 Restoration of Rights and Remedies 31 26 Section 5.09 5.10 Rights and Remedies Cumulative 32 27 Section 5.10 5.11 Delay or Omission Not a Waiver 32 27 Section 5.11 5.12 Control by Noteholders 32 Holders 27 Section 5.12 5.13 Waiver of Past Defaults 32 27 Section 5.13 5.14 Undertaking for Costs 33 27 Section 5.14 5.15 Waiver of Usury, Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 28 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 6.1 Certain Duties and Responsibilities 28 Section 6.2 Notice of Indenture Trustee 34 Defaults 29 Section 6.02 6.3 Certain Rights of Indenture Trustee 3629 Section 6.4 Not Responsible for Recitals or Issuance of Securities 30 Section 6.5 May Hold Securities 30 Section 6.6 Money Held in Trust 30 Section 6.7 Compensation and Reimbursement 30 Section 6.8 Disqualification; Conflicting Interests 30 Section 6.9 Corporate Trustee Required; Eligibility 30 Section 6.10 Resignation and Removal; Appointment of Successor 31 Section 6.11 Acceptance of Appointment by Successor 32 Section 6.12 Merger, Conversion, Consolidation or Succession to Business 32 Section 6.13 Preferential Collection of Claims Against Company 33 Section 6.14 Appointment of Authenticating Agent 33

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02 Application of Trust Money 24 Section 4.03 Repayment of Monies Moneys Held by Paying Agent 24 Section 4.04 Trust Money Received by Indenture Trustee ARTICLE V FIVE REMEDIES Section 5.01 Events of Default 25 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of the Receivables 30 Collateral 31 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to To Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission Not a Waiver 32 33 Section 5.11 Control by Noteholders 32 Securityholders 33 Section 5.12 Waiver of Past Defaults 32 34 Section 5.13 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 34 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 35 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36Section 6.03 Individual Rights of Indenture Trustee 38 Section 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05 Notice of Defaults 38 Section 6.06 Reports by Indenture Trustee to Holders 38 Section 6.07 Compensation and Indemnity 38 Section 6.08 Replacement of Indenture Trustee Section 6.09 Successor Indenture Trustee by Merger Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 40 Section 6.11 Eligibility; Disqualification 42 Section 6.12 Representations and Warranties 42 ARTICLE SEVEN NOTEHOLDERS’ LISTS AND REPORTS

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 27 Section 4.02 4.02. Discharge and Legal Defeasance 28 Section 4.03. Covenant Defeasance 29 Section 4.04. Conditions to Legal Defeasance or Covenant Defeasance 29 Section 4.05. Application of Trust Money 24 31 Section 4.03 Repayment of Monies Held by 4.06. Paying Agent 24 to Repay Moneys Held 31 Section 4.07. Return of Unclaimed Amounts 31 ARTICLE V 5 REMEDIES Section 5.01 5.01. Events of Default 25 31 Section 5.02 5.02. Acceleration of Maturity; Rescission Rescission, and Annulment 26 33 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 33 Section 5.04 Remedies; Priorities 29 5.04. Trustee May File Proofs of Claim 34 Section 5.05 Optional Preservation 5.05. Trustee May Enforce Claims Without Possession of the Receivables 30 Securities 35 Section 5.06 5.06. Application of Money Collected 35 Section 5.07. Limitation on Suits 35 Section 5.08. Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium, and Interest 31 36 Section 5.08 5.09. Restoration of Rights and Remedies 31 36 Section 5.09 5.10. Rights and Remedies Cumulative 32 36 Section 5.10 5.11. Delay or Omission Not a Waiver 32 37 Section 5.11 5.12. Control by Noteholders 32 Holders 37 Section 5.12 5.13. Waiver of Past Defaults 32 37 Section 5.13 5.14. Undertaking for Costs 33 37 Section 5.14 5.15. Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 38 ARTICLE VI 6 THE INDENTURE TRUSTEE Section 6.01 6.01. Certain Duties and Responsibilities of Indenture Trustee 34 38 Section 6.02 6.02. Notice of Defaults 39 Section 6.03. Certain Rights of Indenture Trustee 3639 Section 6.04. Not Responsible for Recitals or Issuance of Securities 40 Section 6.05. May Hold Securities 40 Section 6.06. Money Held in Trust 41 Section 6.07. Compensation and Reimbursement 41 Section 6.08. Reports by Trustee to Holders 41 Section 6.09. Corporate Trustee Required; Eligibility 42 Section 6.10. Resignation and Removal; Appointment of Successor 42 Section 6.11. Acceptance of Appointment by Successor 43 Section 6.12. Merger, Conversion, Consolidation or Succession to Business 44 Section 6.13. Preferential Collection of Claims Against Company 44 Section 6.14. Appointment of Authenticating Agent 44 ARTICLE 7 [INTENTIONALLY OMITTED] ARTICLE 8

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02 Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 ARTICLE V REMEDIES Section 5.01 Events of Default 25 24 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 31 Section 5.10 Delay or Omission Not a Waiver 32 31 Section 5.11 Control by Noteholders 32 Section 5.12 Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 33 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 3636 Section 6.03 Individual Rights of Indenture Trustee 37 Section 6.04 Indenture Trustee’s Disclaimer 37 Section 6.05 Notice of Defaults 38 Section 6.06 Reports by Indenture Trustee 38 Section 6.07 Compensation and Indemnity 38 Section 6.08 Replacement of Indenture Trustee 39 Section 6.09 Successor Indenture Trustee by Merger 40 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 40 Section 6.11 Eligibility; Disqualification 41 Section 6.12 Preferential Collection of Claims Against Issuing Entity 41 Section 6.13 Representations and Warranties of the Indenture Trustee 42 Section 6.14 Communications Regarding Demands to Repurchase Receivables 42 ARTICLE VII

Satisfaction and Discharge. Section 4.01 SECTION 8.01. Issuers’ Option to Effect Defeasance or Covenant Defeasance 91 SECTION 8.02. Defeasance and Discharge 91 SECTION 8.03. Covenant Defeasance 92 SECTION 8.04. Conditions to Defeasance 92 SECTION 8.05. Satisfaction and Discharge of Indenture 23 Section 4.02 94 SECTION 8.06. Survival of Certain Obligations 94 SECTION 8.07. Acknowledgment of Discharge by Trustee 95 SECTION 8.08. Application of Trust Money 24 Section 4.03 95 SECTION 8.09. Repayment to Issuers 95 SECTION 8.10. Indemnity for Government Securities 95 SECTION 8.11. Reinstatement 95 ARTICLE NINE AMENDMENTS AND WAIVERS SECTION 9.01. Without Consent of Monies Held by Paying Holders 96 SECTION 9.02. With Consent of Holders 97 SECTION 9.03. Effect of Supplemental Indentures 98 SECTION 9.04. Notation on or Exchange of Notes 98 SECTION 9.05. Payment for Consent 99 SECTION 9.06. Notice of Amendment or Waiver 99 SECTION 9.07. Trustee to Sign Amendments, Etc. 99 SECTION 9.08. Additional Voting Terms; Calculation of Principal Amount 99 ARTICLE TEN GUARANTEE SECTION 10.01. Notes Guarantees 100 SECTION 10.02. Subrogation 101 SECTION 10.03. Release of Subsidiary Guarantees 101 SECTION 10.04. Limitation and Effectiveness of Guarantees 101 SECTION 10.05. Notation Not Required 102 SECTION 10.06. Successors and Assigns 102 SECTION 10.07. No Waiver 102 SECTION 10.08. Modification 102 SECTION 10.09. Trustee and Security Agent 24 to Effectuate Subordination of Heye International GmbH Subsidiary Guarantee 102 ARTICLE V REMEDIES Section 5.01 Events of Default 25 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission Not a Waiver 32 Section 5.11 Control by Noteholders 32 Section 5.12 Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36ELEVEN SECURITY

Satisfaction and Discharge. Section 4.01 11.01. Satisfaction and Discharge of Indenture 23 - 100 - Section 4.02 11.02. Application of Trust Money 24 - 100 - ARTICLE 12 MISCELLANEOUS Section 4.03 Repayment 12.01. Trust Indenture Act Controls - 101 - Section 12.02. Notices - 101 - Section 12.03. Communication by Holders with Other Holders - 102 - Section 12.04. Certificate and Opinion as to Conditions Precedent - 102 - Section 12.05. Statements Required in Certificate or Opinion - 102 - Section 12.06. Rules by Trustee and Agents - 103 - Section 12.07. No Personal Liability of Monies Held by Paying Agent 24 ARTICLE V REMEDIES Directors, Officers, Employees and Stockholders - 103 - Section 5.01 Events of Default 25 12.08. Governing Law - 103 - Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission Not a Waiver 32 Section 5.11 Control by Noteholders 32 Section 5.12 12.09. Waiver of Past Defaults 32 Jury Trial - 103 - Section 5.13 Undertaking for Costs 33 12.10. Force Majeure - 103 - Section 5.14 Waiver 12.11. No Adverse Interpretation of Stay or Extension Laws 33 Other Agreements - 103 - Section 5.15 Action on Notes 33 12.12. Successors - 103 - Section 5.16 Performance and Enforcement 12.13. Severability - 103 - Section 12.14. Counterpart Originals - 104 - Section 12.15. Table of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE Contents, Headings, etc. - 104 - Section 6.01 Duties 12.16. Qualification of Indenture Trustee 34 Section 6.02 Rights - 104 - EXHIBITS Exhibit A FORM OF NOTE Exhibit B FORM OF CERTIFICATE OF TRANSFER Exhibit C FORM OF CERTIFICATE OF EXCHANGE Exhibit D FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY EMDEON INC. AND EACH OF THE INITIAL GUARANTORS Exhibit E FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS INDENTURE, dated as of Indenture Trustee 36November 2, 2011, among Beagle Acquisition Corp., a Delaware corporation that shall be merged with and into Emdeon Inc., a Delaware corporation, with Emdeon Inc. continuing as the surviving corporation, the Guarantors (as defined herein) from time to time party hereto and Wilmington Trust, National Association, a national banking association, as Trustee.

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 31 Section 4.02 4.02. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 Funds 32 ARTICLE V FIVE REMEDIES Section 5.01 5.01. Events of Default 25 32 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 33 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 34 Section 5.04 Remedies; Priorities 29 5.04. Trustee May File Proofs of Claim 35 Section 5.05 Optional Preservation 5.05. Trustee May Enforce Claims Without Possession of the Receivables 30 Securities 35 Section 5.06 5.06. Application of Money Collected 35 Section 5.07. Limitation on Suits 36 Section 5.08. Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 37 Section 5.08 5.09. Restoration of Rights and Remedies 31 37 Section 5.09 5.10. Rights and Remedies Cumulative 32 37 Section 5.10 5.11. Delay or Omission Not a Waiver 32 37 Section 5.11 5.12. Control by Noteholders 32 Holders of Securities 37 Section 5.12 5.13. Waiver of Past Defaults 32 38 Section 5.13 Undertaking for Costs 33 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 38 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 Duties 6.01. Notice of Indenture Trustee 34 Defaults 38 Section 6.02 6.02. Certain Rights of Indenture Trustee 3639 Section 6.03. Not Responsible for Recitals or Issuance of Securities 40 Section 6.04. May Hold Securities 40 Section 6.05. Money Held in Trust 41 Section 6.06. Compensation and Reimbursement and Indemnification of Trustee 41 Section 6.07. Corporate Trustee Required; Eligibility 41 Section 6.08. Disqualification; Conflicting Interests 41 Section 6.09. Resignation and Removal; Appointment of Successor 42 Section 6.10. Acceptance of Appointment by Successor 43 Section 6.11. Merger, Conversion, Consolidation or Succession to Business 44 Section 6.12. Appointment of Authenticating Agent 44

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 24 25 Section 4.03 4.04. Repayment of Monies Held by Paying Agent 24 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 26 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 27 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04 Remedies; Priorities 5.04. Remedies 29 Section 5.05 5.05. Optional Preservation of the Receivables Trust Estate 30 Section 5.06 5.06. Limitation of Suits 30 31 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 5.08. Restoration of Rights and Remedies 31 Section 5.09 5.09. Rights and Remedies Cumulative 32 Section 5.10 5.10. Delay or Omission Not a Waiver 32 Section 5.11 5.11. Control by Noteholders of the Controlling Class 32 Section 5.12 5.12. Waiver of Past Defaults 32 33 Section 5.13 5.13. Undertaking for Costs 33 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 Section 5.15 5.15. Action on Notes 33 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 Section 5.17. Sale of Trust Estate 35 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 36 Section 6.02 6.02. Rights of Indenture Trustee 3637 Section 6.03. Individual Rights of Indenture Trustee 39 Section 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 39 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 40 Section 6.07. Compensation and Indemnity 40 Section 6.08. Replacement of Indenture Trustee 41 Section 6.09. Successor Indenture Trustee by Xxxxxx 42 Section 6.10. Appointment of Co-Trustee or Separate Trustee 43 Section 6.11. Eligibility; Disqualification 44 Section 6.12. Preferential Collection of Claims Against Issuer 44 Section 6.13. Representations and Warranties of Indenture Trustee 44 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 45 Section 6.15. Encryption 45 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 46 Section 7.02. Noteholder Demand for Asset Representations Review 47 Section 7.03. Reports by Issuer 48 Section 7.04. Reports by Indenture Trustee 48 ARTICLE EIGHT ACCOUNTS, DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 50 Section 8.02. Accounts 50 Section 8.03. General Provisions Regarding Accounts 51 Section 8.04. Release of Trust Estate 52 Section 8.05. Opinion of Counsel 52 ARTICLE NINE

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 40 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes. 41 Section 4.03. Application of Trust Money 24 42 Section 4.03 4.04. Repayment of Monies Held by Paying Agent 24 42 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 43 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 Annulment. 44 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Trustee. 45 Section 5.04 5.04. Remedies; Priorities 29 . 47 Section 5.05 5.05. Optional Preservation of the Receivables 30 48 Section 5.06 5.06. Limitation of Suits 30 48 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 49 Section 5.08 5.08. Restoration of Rights and Remedies 31 49 Section 5.09 5.09. Rights and Remedies Cumulative 32 49 Section 5.10 5.10. Delay or Omission Not a Waiver 32 49 Section 5.11 5.11. Control by Noteholders 32 of the Controlling Class 49 Section 5.12 5.12. Waiver of Past Defaults 32 50 Section 5.13 5.13. Undertaking for Costs 33 50 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 51 Section 5.15 5.15. Action on Notes 33 51 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 Obligations. 51 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 Trustee. 53 Section 6.02 6.02. Rights of Indenture Trustee. 54 Section 6.03. Individual Rights of Indenture Trustee 3655 Section 6.04. Indenture Trustee’s Disclaimer 55 Section 6.05. Notice of Defaults 55 Section 6.06. Reports by Indenture Trustee to Noteholders 55 Section 6.07. Compensation and Indemnity. 55 Section 6.08. Replacement of Indenture Trustee. 56 Section 6.09. Successor Indenture Trustee by Xxxxxx. 57 Section 6.10. Appointment of Co-Trustee or Separate Trustee. 58 Section 6.11. Eligibility; Disqualification 59 Section 6.12. Preferential Collection of Claims Against Issuer 60 Section 6.13. Representations and Warranties of Indenture Trustee 60 ARTICLE SEVEN

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes. 24 Section 4.03. Application of Trust Money 24 25 Section 4.03 4.04. Repayment of Monies Held by Paying Agent 24 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 26 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 Annulment. 27 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Trustee. 28 Section 5.04 5.04. Remedies; Priorities 29 . 30 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 31 Section 5.06 5.06. Limitation of Suits 30 31 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 5.08. Restoration of Rights and Remedies 31 32 Section 5.09 5.09. Rights and Remedies Cumulative 32 Section 5.10 5.10. Delay or Omission Not a Waiver 32 Section 5.11 5.11. Control by Noteholders of the Controlling Class 32 Section 5.12 5.12. Waiver of Past Defaults 32 33 Section 5.13 5.13. Undertaking for Costs 33 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 Section 5.15 5.15. Action on Notes 33 Section 5.16 5.16. Performance and Enforcement of Certain Obligations Obligations. 34 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 Trustee. 35 Section 6.02 6.02. Rights of Indenture Trustee. 36 Section 6.03. Individual Rights of Indenture Trustee 3637 Section 6.04. Indenture Trustee’s Disclaimer 37 Section 6.05. Notice of Defaults 37 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 37 Section 6.07. Compensation and Indemnity. 37 Section 6.08. Replacement of Indenture Trustee. 38 Section 6.09. Successor Indenture Trustee by Xxxxxx. 39 Section 6.10. Appointment of Co-Trustee or Separate Trustee. 40 Section 6.11. Eligibility; Disqualification 41 Section 6.12. Preferential Collection of Claims Against Issuer 41 Section 6.13. Representations and Warranties of Indenture Trustee 41 Section 6.14. Furnishing of Documents 41 Section 6.15. Encryption 41 ARTICLE SEVEN

Satisfaction and Discharge. Section 4.01 401. Satisfaction and Discharge of Indenture 23 60 Section 4.02 402. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 61 ARTICLE V FIVE REMEDIES Section 5.01 501. Events of Default 25 61 Section 5.02 502. Acceleration of Maturity; Rescission and Annulment 26 64 Section 5.03 503. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 66 Section 5.04 Remedies; Priorities 29 504. Trustee May File Proofs of Claim 66 Section 5.05 Optional Preservation 505. Trustee May Enforce Claims Without Possession of the Receivables 30 Notes 66 Section 5.06 506. Application of Money Collected 67 Section 507. Limitation on Suits 67 Section 508. Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 68 Section 5.08 509. Restoration of Rights and Remedies 31 68 Section 5.09 510. Rights and Remedies Cumulative 32 68 Section 5.10 511. Delay or Omission Not a Waiver 32 68 Section 5.11 512. Control by Noteholders 32 Holders 68 Section 5.12 513. Waiver of Past Existing Defaults 32 69 Section 5.13 514. Undertaking for Costs 33 69 Section 5.14 515. Waiver of Usury, Stay or Extension Laws 33 69 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 516. Subject to First Lien Intercreditor Agreement 70 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 601. Certain Duties and Responsibilities 70 Section 602. Notice of Indenture Trustee 34 Defaults 71 Section 6.02 603. Certain Rights of Indenture Trustee 3671 Section 604. Not Responsible for Recitals or Issuance of Notes 73 Section 605. May Hold Notes 73 Section 606. Money Held in Trust 73 Section 607. Compensation and Reimbursement 73 Section 608. Reserved. 74 Section 609. Corporate Trustee Required; Eligibility 74 Section 610. Resignation and Removal; Appointment of Successor 74 Section 611. Acceptance of Appointment by Successor 75 Section 612. Merger, Conversion, Consolidation or Succession to Business 76 Section 613. Reserved. 76 Section 614. Appointment of Authenticating Agent 76 Section 615. Collateral Documents. 78

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 19 Section 4.02 Application of Trust Money 24 20 Section 4.03 Repayment of Monies Held by Paying Agent 24 21 ARTICLE V REMEDIES Section 5.01 Events of Default 25 21 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 22 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 23 Section 5.04 Remedies; Priorities 29 25 Section 5.05 Optional Preservation of the Receivables 30 26 Section 5.06 Limitation of Suits 30 26 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 27 Section 5.08 Restoration of Rights and Remedies 31 27 Section 5.09 Rights and Remedies Cumulative 32 28 Section 5.10 Delay or Omission Not a Waiver 32 28 Section 5.11 Control by Noteholders 32 28 Section 5.12 Waiver of Past Defaults 32 28 Section 5.13 Undertaking for Costs 33 29 Section 5.14 Waiver of Stay or Extension Laws 33 29 Section 5.15 Action on Notes 33 29 Section 5.16 Performance and Enforcement of Certain Obligations 34 30 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 30 Section 6.02 Rights of Indenture Trustee 3632 Section 6.03 Individual Rights of Indenture Trustee 33 Section 6.04 Indenture Trustee’s Disclaimer 33 Section 6.05 Notice of Defaults 33 Section 6.06 Reports by Indenture Trustee to Holders 33 Section 6.07 Compensation and Indemnity 34 Section 6.08 Replacement of Indenture Trustee 34 Section 6.09 Successor Indenture Trustee by Merger 35 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 35 Section 6.11 Eligibility; Disqualification 37 Section 6.12 Preferential Collection of Claims Against Issuer 37 Section 6.13 Representations and Warranties of the Indenture Trustee 37 ARTICLE VII

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 24 25 Section 4.03 4.04. Repayment of Monies Held by Note Paying Agent 24 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 26 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 27 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 5.04. Remedies; Priorities 29 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 31 Section 5.06 5.06. Limitation of Suits 30 32 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08 5.08. Restoration of Rights and Remedies 31 32 Section 5.09 5.09. Rights and Remedies Cumulative 32 Section 5.10 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11 5.11. Control by Noteholders 32 of the Controlling Class 33 Section 5.12 5.12. Waiver of Past Defaults 32 33 Section 5.13 5.13. Undertaking for Costs 33 34 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 34 Section 5.15 5.15. Action on Notes 33 34 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 Section 5.17. Sale of Trust Estate 35 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 36 Section 6.02 6.02. Rights of Indenture Trustee 3637 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults and Repurchase Requests 38 Section 6.06. Reports by Indenture Trustee to Holders 38 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 39 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 41 Section 6.11. Eligibility; Disqualification 42 Section 6.12. Preferential Collection of Claims Against Issuer 42 Section 6.13. Issuer as Holder of the 201_-[__] Exchange Note 42 Section 6.14. Representations and Warranties of Indenture Trustee 43 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.16. Encryption 44 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 46 Section 7.04. Reports by Indenture Trustee 47 ARTICLE EIGHT DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 48 Section 8.02. Monthly Investor Report 48 Section 8.03. Disbursement of Funds 48 Section 8.04. 201_-[__] Bank Accounts; General Provisions Regarding 201_-[__] Bank Accounts. 51 Section 8.05. Release of Trust Estate 52 ARTICLE NINE

Satisfaction and Discharge. Section 4.01 SECTION 8.01. Issuers’ Option to Effect Defeasance or Covenant Defeasance 84 SECTION 8.02. Defeasance and Discharge 84 SECTION 8.03. Covenant Defeasance 85 SECTION 8.04. Conditions to Defeasance 85 SECTION 8.05. Satisfaction and Discharge of Indenture 23 Section 4.02 87 SECTION 8.06. Survival of Certain Obligations 87 SECTION 8.07. Acknowledgment of Discharge by Trustee 88 SECTION 8.08. Application of Trust Money 24 Section 4.03 88 SECTION 8.09. Repayment to Issuers 88 SECTION 8.10. Indemnity for Government Securities 88 SECTION 8.11. Reinstatement 88 ARTICLE NINE AMENDMENTS AND WAIVERS SECTION 9.01. Without Consent of Monies Held by Paying Agent 24 Holders 89 SECTION 9.02. With Consent of Holders 90 SECTION 9.03. Effect of Supplemental Indentures 91 SECTION 9.04. Notation on or Exchange of Notes 91 SECTION 9.05. Payment for Consent 91 SECTION 9.06. Notice of Amendment or Waiver 91 SECTION 9.07. Trustee to Sign Amendments, Etc. 91 SECTION 9.08. Additional Voting Terms; Calculation of Principal Amount 92 ARTICLE V REMEDIES Section 5.01 Events TEN GUARANTEE SECTION 10.01. Notes Guarantees 92 SECTION 10.02. Subrogation 93 SECTION 10.03. Release of Default 25 Section 5.02 Acceleration Subsidiary Guarantees 93 SECTION 10.04. Limitation and Effectiveness of MaturityGuarantees 94 SECTION 10.05. Notation Not Required 94 SECTION 10.06. Successors and Assigns 94 SECTION 10.07. No Waiver 94 SECTION 10.08. Modification 95 ARTICLE ELEVEN SUBORDINATION SECTION 11.01. Agreement to Subordinate 95 Page SECTION 11.02. Liquidation, Dissolution, Bankruptcy 95 SECTION 11.03. Payment Blockage 96 SECTION 11.04. Trustee Entitled to Rely 96 SECTION 11.05. Trustee to Effectuate Subordination of Each Subsidiary Guarantee; Rescission and Annulment 26 Section 5.03 Collection Intercreditor Agreement 97 SECTION 11.06. Trustee Not Fiduciary for the Holders of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 RemediesSenior Debt 98 SECTION 11.07. Reliance on Subordination Provisions; Priorities 29 Section 5.05 Optional Preservation of the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Amendments 98 SECTION 11.08. Trustee’s Compensation Not Prejudiced 98 SECTION 11.09. Subrogation to Rights of Noteholders Holders of Senior Debt 98 SECTION 11.10. Provisions Solely to Receive Principal and Interest 31 Section 5.08 Restoration Define Relative Rights 98 SECTION 11.11. Notice to Trustee 99 SECTION 11.12. No Suspense of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission 99 SECTION 11.13. Trust Moneys Not a Waiver 32 Section 5.11 Control by Noteholders 32 Section 5.12 Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 Subordinated 99 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36TWELVE MISCELLANEOUS

Satisfaction and Discharge. Section 4.01 8.01 Issuer’s Option to Effect Defeasance or Covenant Defeasance 109 Section 8.02 Defeasance and Discharge 109 Section 8.03 Covenant Defeasance 109 Section 8.04 Conditions to Defeasance 109 Section 8.05 Satisfaction and Discharge of Indenture 23 111 Section 4.02 8.06 Survival of Certain Obligations 112 Section 8.07 Acknowledgment of Discharge by Trustee 112 Section 8.08 Application of Trust Money 24 112 Section 4.03 8.09 Repayment to Issuer 112 Section 8.10 Indemnity for Government Securities 113 Section 8.11 Reinstatement 113 ARTICLE NINEAMENDMENTS AND WAIVERS Section 9.01 Without Consent of Monies Held Holders 113 Section 9.02 With Consent of Holders 114 Section 9.03 Effect of Supplemental Indentures 116 Section 9.04 Notation on or Exchange of Notes 116 Section 9.05 [Reserved] 116 Section 9.06 Notice of Amendment or Waiver 116 Section 9.07 Trustee to Sign Amendments, Etc. 116 Section 9.08 Additional Voting Terms; Calculation of Principal Amount 117 ARTICLE TENGUARANTEE Section 10.01 Note Guarantees 117 Section 10.02 Subrogation 118 Section 10.03 Release of Note Guarantees 118 Section 10.04 Limitation and Effectiveness of Note Guarantees 119 Section 10.05 Notation Not Required 120 Section 10.06 Successors and Assigns 120 Section 10.07 No Waiver 120 Section 10.08 Modification 120 Section 10.09 Limitation on the Italian Guarantor’s Liability 120 ARTICLE ELEVEN [RESERVED] ARTICLE TWELVEMISCELLANEOUS Section 12.01 Notices 121 Section 12.02 Certificate and Opinion as to Conditions Precedent 123 Section 12.03 Statements Required in Certificate or Opinion 123 Section 12.04 Rules by Trustee, Paying Agent 24 ARTICLE V REMEDIES and Xxxxxxxxx 000 Section 5.01 Events 12.05 [Reserved] 124 Section 12.06 Legal Holidays 124 Section 12.07 Governing Law 124 Section 12.08 Jurisdiction 124 Section 12.09 No Recourse Against Others 125 Section 12.10 Successors 125 Section 12.11 Counterparts 125 Section 12.12 Table of Default 25 Contents and Headings 126 Section 5.02 Acceleration 12.13 Severability 126 Section 12.14 Currency Indemnity 126 iv Schedules Schedule I – Guarantors Exhibits Exhibit A – Form of Maturity; Rescission Note Exhibit B – Form of Transfer Certificate for Transfer from Restricted Global Note to Regulation S Global Note Exhibit C – Form of Transfer Certificate for Transfer from Regulation S Global Note to Restricted Global Note Exhibit D – Form of Supplemental Indenture INDENTURE, dated as of February 16, 2021, among Carnival Corporation, a Panamanian corporation (the “Issuer”), Carnival plc, a company incorporated and Annulment 26 Section 5.03 Collection registered under the laws of Indebtedness England and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of Wales (“Carnival plc”), the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive other Guarantors party hereto and U.S. Bank National Association, as trustee (in such capacity, the “Trustee”), and as Principal Paying Agent, Transfer Agent and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission Not a Waiver 32 Section 5.11 Control by Noteholders 32 Section 5.12 Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36Registrar.

Satisfaction and Discharge. Section 4.01 4.1. Satisfaction and Discharge of Indenture 23 31 Section 4.02 4.2. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 32 ARTICLE V REMEDIES Section 5.01 5.1. Events of Default 25 32 Section 5.02 5.2. Acceleration of Maturity; Rescission and Annulment 26 33 Section 5.03 5.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 35 Section 5.04 Remedies; Priorities 29 5.4. Trustee May File Proofs of Claim 35 Section 5.05 Optional Preservation 5.5. Trustee May Enforce Claim Without Possession of the Receivables 30 Securities 36 Section 5.06 5.6. Application of Money Collected 36 Section 5.7. Limitation on Suits 36 Section 5.8. Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium, if any, and Interest 31 Interest; Direct Action by Holders of Preferred Securities 37 Section 5.08 5.9. Restoration of Rights and Remedies 31 37 Section 5.09 5.10. Rights and Remedies Cumulative 32 37 Section 5.10 5.11. Delay or Omission Not a Waiver 32 38 Section 5.11 5.12. Control by Noteholders 32 Holders 38 Section 5.12 5.13. Waiver of Past Defaults 32 38 Section 5.13 5.14. Undertaking for Costs 33 39 Section 5.14 5.15. Waiver of Usury, Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 39 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 6.1. Corporate Trustee Required 39 Section 6.2. Certain Duties and Responsibilities 40 TABLE OF CONTENTS (continued) Page Section 6.3. Notice of Indenture Trustee 34 Defaults 41 Section 6.02 6.4. Certain Rights of Indenture Trustee 3642 Section 6.5. May Hold Securities 44 Section 6.6. Compensation; Reimbursement; Indemnity 44 Section 6.7. Resignation and Removal; Appointment of Successor 45 Section 6.8. Acceptance of Appointment by Successor 45 Section 6.9. Merger, Conversion, Consolidation or Succession to Business 46 Section 6.10. Not Responsible for Recitals or Issuance of Securities 46 Section 6.11. Appointment of Authenticating Agent 46 ARTICLE VII HOLDER’S LISTS AND REPORTS BY COMPANY Section 7.1. Company to Furnish Trustee Names and Addresses of Holders 48 Section 7.2. Preservation of Information, Communications to Holders 48 Section 7.3. Reports by Company 49 ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE Section 8.1. Company May Consolidate, Etc., Only on Certain Terms 50 Section 8.2. Successor Company Substituted 50 ARTICLE IX

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 30 Section 4.02 4.02. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 31 ARTICLE V FIVE REMEDIES Section 5.01 5.01. Events of Default 25 31 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 33 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 34 Section 5.04 Remedies; Priorities 29 5.04. Trustee May File Proofs of Claim 34 Section 5.05 Optional Preservation 5.05. Trustee May Enforce Claims Without Possession of the Receivables 30 Securities 35 Section 5.06 5.06. Application of Money Collected 35 Section 5.07. Limitation on Suits 36 Section 5.08. Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 36 Section 5.08 5.09. Restoration of Rights and Remedies 31 36 Section 5.09 5.10. Rights and Remedies Cumulative 32 37 Section 5.10 5.11. Delay or Omission Not a Waiver 32 37 Section 5.11 5.12. Control by Noteholders 32 Holders 37 Section 5.12 5.13. Waiver of Past Defaults 32 37 Section 5.13 5.14. Undertaking for Costs 33 38 Section 5.14 5.15. Waiver of Usury, Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 38 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Certain Duties and Responsibilities 38 Section 6.02. Notice of Indenture Trustee 34 Defaults 39 Section 6.02 6.03. Certain Rights of Indenture Trustee 3639 Section 6.04. Not Responsible for Recitals or Issuance of Securities 40 Section 6.05. May Hold Securities 40 Section 6.06. Money Held in Trust 40 Section 6.07. Compensation and Reimbursement 40 Section 6.08. Conflicting Interests 41 Section 6.09. Corporate Trustee Required; Eligibility 41 Section 6.10. Resignation and Removal; Appointment of Successor 41 Section 6.11. Acceptance of Appointment by Successor 42 Section 6.12. Merger, Conversion, Consolidation or Succession to Business 43 Section 6.13. Preferential Collection of Claims Against Company and Subsidiary Guarantors 44 Section 6.14. Appointment of Authenticating Agent 44 ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY Section 7.01. Company to Furnish Trustee Names and Addresses of Holders 45 Section 7.02. Preservation of Information; Communications to Holders 46 Section 7.03. Reports by Trustee 46 Section 7.04. Reports by Company and Subsidiary Guarantors 46 ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE Section 8.01. Company May Consolidate, Etc., Only on Certain Terms 46 Section 8.02. Subsidiary Guarantors May Consolidate, Etc., Only on Certain Terms 47 Section 8.03. Successor Substituted 48 ARTICLE NINE

Satisfaction and Discharge. Section 4.01 SECTION 501. Satisfaction and Discharge of Indenture 23 Section 4.02 in Respect of Any Series of Securities 43 SECTION 502. Application of Trust Money 24 Section 4.03 Repayment 44 SECTION 503. Satisfaction, Discharge and Defeasance of Monies Held by Paying Agent 24 Securities of Any Series 44 SECTION 504. Reinstatement 46 SECTION 505. Definitions 46 ARTICLE V REMEDIES Section 5.01 SIX Remedies SECTION 601. Events of Default 25 Section 5.02 47 SECTION 602. Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 48 Page SECTION 603. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation 49 SECTION 604. Trustee May File Proofs of the Receivables 30 Section 5.06 Claim 50 SECTION 605. Trustee May Enforce Claims Without Possession of Securities 51 SECTION 606. Application of Money Collected 51 SECTION 607. Limitation on Suits 51 SECTION 608. Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Holders To Receive Principal Principal, Premium and Interest 31 Section 5.08 52 SECTION 609. Restoration of Rights and Remedies 31 Section 5.09 52 SECTION 610. Rights and Remedies Cumulative 32 Section 5.10 52 SECTION 611. Delay or Omission Not a Waiver 32 Section 5.11 53 SECTION 612. Control by Noteholders 32 Section 5.12 Holders 53 SECTION 613. Waiver of Past Defaults 32 Section 5.13 53 SECTION 614. Undertaking for Costs 33 Section 5.14 54 SECTION 615. Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance 54 ARTICLE SEVEN The Trustee SECTION 701. Certain Duties and Enforcement Responsibilities 54 SECTION 702. Notice of Defaults 55 SECTION 703. Certain Rights of Trustee 55 SECTION 704. Not Responsible for Recitals or Issuance of Securities 56 SECTION 705. May Hold Securities 56 SECTION 706. Money Held in Trust 57 SECTION 707. Compensation and Reimbursement 57 SECTION 708. Disqualification; Conflicting Interests 57 SECTION 709. Corporate Trustee Required; Eligibility 58 SECTION 710. Resignation and Removal; Appointment of Successor 58 SECTION 711. Acceptance of Appointment by Successor 60 Page SECTION 712. Merger, Conversion, Consolidation or Succession to Business 61 SECTION 713. Preferential Collection of Claims Against Company 61 (a) Segregation and Apportionment of Certain Obligations 34 Collections by Trustee; Certain Exceptions 61 (b) Certain Creditor Relationships Excluded from Segregation and Apportionment 62 (c) Definitions of Certain Terms Used in This Section 62 SECTION 714. Judgment Currency 64 SECTION 715. Appointment of Authenticating Agent 65 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties EIGHT Holders Lists and Reports by Trustee and Company SECTION 801. Company To Furnish Trustee Names and Addresses of Indenture Holders 67 SECTION 802. Preservation of Information; Communications to Holders 68 SECTION 803. Reports by Trustee 34 Section 6.02 Rights of Indenture Trustee 3669 SECTION 804. Reports by Company 70 ARTICLE NINE

Satisfaction and Discharge. Section 4.01 4.1. Satisfaction and Discharge of Indenture 23 30 Section 4.02 4.2. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 31 ARTICLE V REMEDIES Section 5.01 5.1. Events of Default 25 31 Section 5.02 5.2. Acceleration of Maturity; Rescission and Annulment 26 32 Section 5.03 5.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 33 Section 5.04 Remedies; Priorities 29 5.4. Trustee May File Proofs of Claim 34 Section 5.05 Optional Preservation 5.5. Trustee May Enforce Claim Without Possession of the Receivables 30 Securities 34 Section 5.06 5.6. Application of Money Collected 34 Section 5.7. Limitation on Suits 35 Section 5.8. Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium, if any, and Interest 31 Interest; Direct Action by Holders of Preferred Securities 35 Section 5.08 5.9. Restoration of Rights and Remedies 31 36 Section 5.09 5.10. Rights and Remedies Cumulative 32 36 Section 5.10 5.11. Delay or Omission Not a Waiver 32 36 Section 5.11 5.12. Control by Noteholders 32 Holders 36 Section 5.12 5.13. Waiver of Past Defaults 32 37 Section 5.13 5.14. Undertaking for Costs 33 37 Section 5.14 5.15. Waiver of Usury, Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 38 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 6.1. Corporate Trustee Required 38 Section 6.2. Certain Duties and Responsibilities 38 Section 6.3. Notice of Indenture Trustee 34 Defaults 40 Section 6.02 6.4. Certain Rights of Indenture Trustee 3640 Section 6.5. May Hold Securities 42 TABLE OF CONTENTS (continued) Page Section 6.6. Compensation; Reimbursement; Indemnity 42 Section 6.7. Resignation and Removal; Appointment of Successor 43 Section 6.8. Acceptance of Appointment by Successor 44 Section 6.9. Merger, Conversion, Consolidation or Succession to Business 44 Section 6.10. Not Responsible for Recitals or Issuance of Securities 45 Section 6.11. Appointment of Authenticating Agent 45 Section 6.12. Preferential Collection of Claims Against Company 46 ARTICLE VII HOLDER’S LISTS AND REPORTS BY COMPANY Section 7.1. Company to Furnish Trustee Names and Addresses of Holders 47 Section 7.2. Preservation of Information, Communications to Holders 47 Section 7.3. Reports by Company 47 ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE Section 8.1. Company May Consolidate, Etc., Only on Certain Terms 48 Section 8.2. Successor Company Substituted 49 ARTICLE IX

Satisfaction and Discharge. Section 4.01 4.1. Satisfaction and Discharge of Indenture 23 32 Section 4.02 4.2. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 33 ARTICLE V REMEDIES Section 5.01 5.1. Events of Default 25 33 Section 5.02 5.2. Acceleration of Maturity; Rescission and Annulment 26 34 Section 5.03 5.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 35 Section 5.04 Remedies; Priorities 29 5.4. Trustee May File Proofs of Claim 36 Section 5.05 Optional Preservation 5.5. Trustee May Enforce Claim Without Possession of the Receivables 30 Securities 36 Section 5.06 5.6. Application of Money Collected 37 Section 5.7. Limitation on Suits 37 Section 5.8. Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium, if any, and Interest 31 Interest; Direct Action by Holders of Preferred Securities 38 Section 5.08 5.9. Restoration of Rights and Remedies 31 38 Section 5.09 5.10. Rights and Remedies Cumulative 32 38 Section 5.10 5.11. Delay or Omission Not a Waiver 32 38 Section 5.11 5.12. Control by Noteholders 32 Holders 39 Section 5.12 5.13. Waiver of Past Defaults 32 39 Section 5.13 5.14. Undertaking for Costs 33 39 Section 5.14 5.15. Waiver of Usury, Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 40 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 6.1. Corporate Trustee Required 40 Section 6.2. Certain Duties and Responsibilities 40 TABLE OF CONTENTS (continued) Page Section 6.3. Notice of Indenture Trustee 34 Defaults 42 Section 6.02 6.4. Certain Rights of Indenture Trustee 3642 Section 6.5. May Hold Securities 44 Section 6.6. Compensation; Reimbursement; Indemnity 44 Section 6.7. Resignation and Removal; Appointment of Successor 45 Section 6.8. Acceptance of Appointment by Successor 46 Section 6.9. Merger, Conversion, Consolidation or Succession to Business 47 Section 6.10. Not Responsible for Recitals or Issuance of Securities 47 Section 6.11. Appointment of Authenticating Agent 47 Section 6.12. Limited Capacity

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 18 Section 4.02 4.02. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 20 ARTICLE V DEFAULTS AND REMEDIES Section 5.01 Events 5.01. Event of Default 25 20 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 21 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 22 Section 5.04 Remedies; Priorities 29 5.04. Remedies 22 Section 5.05 Optional Preservation 5.05. Indenture Trustee May File Proofs of the Receivables 30 Claim 23 Section 5.06 5.06. Indenture Trustee May Enforce Claims Without Possession of Notes 23 Section 5.07. Application of Money Collected 24 Section 5.08. Limitation of on Suits 30 25 Section 5.07 5.09. Unconditional Rights of Noteholders to Receive Principal and Interest 31 26 Section 5.08 5.10. Restoration of Rights and Remedies 31 26 Section 5.09 5.11. Rights and Remedies Cumulative 32 26 Section 5.10 5.12. Delay or Omission Not a Waiver 32 26 Section 5.11 5.13. Control by Noteholders 32 27 Section 5.12 5.14. Waiver of Past Defaults 32 27 Section 5.13 5.15. Undertaking for Costs 33 27 Section 5.14 5.16. Waiver of Stay or Extension Laws 33 28 Section 5.15 5.17. Sale of Trust Estate 28 Section 5.18. Action on Notes 33 29 Section 5.16 Performance and Enforcement 5.19. No Recourse 29 Section 5.20. Application of Certain Obligations 34 the Trust Indenture Act 30 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 30 Section 6.02 6.02. Notice of Default 32 Section 6.03. Rights of Indenture Trustee 3632 Section 6.04. Not Responsible for Recitals, Issuance of Notes or Mortgage Loans 33 Section 6.05. May Hold Notes 34 Section 6.06. Money Held in Trust 34 Section 6.07. Eligibility, Disqualification 34 Section 6.08. Indenture Trustee’s Capital and Surplus 34 Section 6.09. Resignation and Removal; Appointment of Successor 34 Section 6.10. Acceptance of Appointment by Successor Indenture Trustee 36 Section 6.11. Merger, Conversion, Consolidation or Succession to Business of Indenture Trustee 36 Section 6.12. Preferential Collection of Claims Against Issuing Entity 36 Section 6.13. Co-Indenture Trustees and Separate Indenture Trustees 36 Section 6.14. Authenticating Agents 37 Section 6.15. Review of Mortgage Files 39 Section 6.16. Indenture Trustee Expenses Indemnification 39 NOTEHOLDERS’ LISTS AND REPORTS Section 7.01. Note Registrar to Furnish Indenture Trustee Names and Addresses of Noteholders 40 Section 7.02. Preservation of Information: Communications to Noteholders 40 Section 7.03. Reports by Indenture Trustee 41 Section 7.04. Reports by Issuing Entity 42 ARTICLE VIII ACCOUNTS, PAYMENTS OF INTEREST AND PRINCIPAL, AND RELEASES Section 8.01. Accounts; Investment; Collection of Moneys 42 Section 8.02. Allocation of Realized Losses. 48 Section 8.03. [Reserved] 48 Section 8.04. General Provisions Regarding the Payment Account and Mortgage Loans 48 Section 8.05. Releases of Deleted Mortgage Loans 49 Section 8.06. Reports by Indenture Trustee to Noteholders; Access to Certain Information 50 Section 8.07. Release of Trust Estate 50 Section 8.08. Amendment to Sale and Servicing Agreement 50 Section 8.09. Delivery of the Mortgage Files Pursuant to Sale and Servicing Agreement 51 Section 8.10. Servicer as Agent 51 Section 8.11. Termination of Servicer 51 Section 8.12. Opinion of Counsel 51 Section 8.13. Appointment of Collateral Agents 51 ARTICLE IX

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 24 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 25 Section 4.03. Application of Trust Money 24 26 Section 4.03 4.04. Repayment of Monies Held by Paying Agent 24 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 27 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 28 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04 Remedies; Priorities 29 5.04. Remedies 30 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 31 Section 5.06 5.06. Limitation of Suits 30 32 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08 5.08. Restoration of Rights and Remedies 31 32 Section 5.09 5.09. Rights and Remedies Cumulative 32 33 Section 5.10 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11 5.11. Control by Noteholders 32 33 Section 5.12 5.12. Waiver of Past Defaults 32 33 Section 5.13 5.13. Undertaking for Costs 33 34 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 34 Section 5.15 5.15. Action on Notes 33 34 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 Section 5.17. Sale of Trust Estate 35 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 36 Section 6.02 6.02. Rights of Indenture Trustee 3637 Section 6.03. Individual Rights of Indenture Trustee 39 Section 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 39 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 40 Section 6.07. Compensation and Indemnity 41 Section 6.08. Replacement of Indenture Trustee 41 Section 6.09. Successor Indenture Trustee by Xxxxxx 42 Section 6.10. Appointment of Co-Trustee or Separate Trustee 43 Section 6.11. Eligibility; Disqualification 44 Section 6.12. Preferential Collection of Claims Against Issuer 44 Section 6.13. Representations and Warranties of Indenture Trustee 44 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 45 Section 6.15. Encryption 45 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 46 Section 7.02. Noteholder Demand for Asset Representations Review 47 Section 7.03. Reports by Issuer 48 Section 7.04. Reports by Indenture Trustee 48 ARTICLE EIGHT ACCOUNTS, DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 49 Section 8.02. Accounts 49 Section 8.03. General Provisions Regarding Accounts 50 Section 8.04. Release of Trust Estate 51 Section 8.05. Opinion of Counsel 51 ARTICLE NINE

Satisfaction and Discharge. Section 4.01 SECTION 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 70 SECTION 4.02. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 71 ARTICLE V FIVE REMEDIES Section 5.01 SECTION 5.01. Events of Default 25 Section 5.02 72 SECTION 5.02. Acceleration of Maturity; : Rescission and Annulment 26 Section 5.03 74 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation 75 SECTION 5.04. Trustee May File Proofs of the Receivables 30 Section 5.06 Claim 75 SECTION 5.05. Trustee May Enforce Claims Without Possession of Notes 76 SECTION 5.06. Application of Money Collected 76 SECTION 5.07. Limitation on Suits 76 SECTION 5.08. Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal and Interest 31 Section 5.08 Bring Suit for Payment 77 SECTION 5.09. Restoration of Rights and Remedies 31 Section 5.09 77 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.10 77 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.11 77 SECTION 5.12. Control by Noteholders 32 Section 5.12 Holders 78 SECTION 5.13. Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 33 Section 5.14 78 SECTION 5.14. Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 78 SECTION 5.15. Undertaking for Costs 78 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 SECTION 6.01. Duties of Indenture the Trustee 34 Section 6.02 79 SECTION 6.02. Notice of Defaults 79 SECTION 6.03. Certain Rights of Indenture Trustee 3680 SECTION 6.04. Trustee Not Responsible for Recitals or Issuance of Notes 81 SECTION 6.05. May Hold Notes 82 SECTION 6.06. Money Held in Trust 82 SECTION 6.07. Compensation and Reimbursement 82 SECTION 6.08. Corporate Trustee Required; Eligibility 83 SECTION 6.09. Resignation and Removal; Appointment of Successor 83 SECTION 6.10. Acceptance of Appointment by Successor 84 SECTION 6.11. Merger, Conversion, Consolidation or Succession to Business 84 SECTION 6.12. Appointment of Authenticating Agent 84 ARTICLE SEVEN

Satisfaction and Discharge. 20 Section 4.01 4.1. Satisfaction and Discharge of Indenture 23 20 Section 4.02 4.2. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 ARTICLE 21 Article V REMEDIES 21 Section 5.01 5.1. Events of Default 25 21 Section 5.02 5.2. Acceleration of Maturity; Rescission and Annulment 26 22 Section 5.03 5.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 23 Section 5.04 Remedies; Priorities 29 5.4. Trustee May File Proofs of Claim 23 Section 5.05 Optional Preservation 5.5. Trustee May Enforce Claims Without Possession of the Receivables 30 Securities 23 Section 5.06 5.6. Application of Money Collected 24 Section 5.7. Limitation on Suits 24 Section 5.8. Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 24 Section 5.08 5.9. Rights and Remedies Cumulative 25 Section 5.10. Delay or Omission Not Waiver 25 Section 5.11. Control by Holders 25 Section 5.12. Waiver of Past Defaults 25 Section 5.13. Undertaking for Costs 25 Section 5.14. Waiver of Usury, Stay or Extension Laws 26 Section 5.15. Restoration of Rights and Remedies 26 Article VI THE TRUSTEE 26 Section 6.1. Certain Duties and Responsibilities of Trustee 26 Section 6.2. Notice of Defaults 27 Section 6.3. Certain Rights of Trustee 27 Section 6.4. Not Responsible for Recitals or Issuance of Securities 29 Section 6.5. May Hold Securities 29 Section 6.6. Money Held in Trust 29 Section 6.7. Compensation and Reimbursement 29 Section 6.8. Conflicting Interests 30 Section 6.9. Corporate Trustee Required; Eligibility 30 Section 6.10. Resignation and Removal; Appointment of Successor 30 Section 6.11. Acceptance of Appointment by Successor 31 Section 5.09 Rights and Remedies Cumulative 6.12. Merger, Conversion, Consolidation or Succession to Business 32 Section 5.10 Delay or Omission Not a Waiver 6.13. Preferential Collection of Claims Against Company 32 Section 5.11 Control by Noteholders 6.14. USA Patriot Act 32 Section 5.12 Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 6.15. Force Majeure 33 Section 5.14 Waiver 6.16. Appointment of Stay or Extension Laws Authenticating Agent 33 Article VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 34 Section 5.15 Action on Notes 33 7.1. Company to Furnish Trustee Names and Addresses of Holders 34 Section 5.16 Performance and Enforcement 7.2. Preservation of Certain Obligations Information; Communications to Holders 34 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture 7.3. Reports by Trustee 34 Section 6.02 Rights of Indenture Trustee 367.4. Reports by Company 35 Article VIII

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 44 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 45 Section 4.03. Application of Trust Money 24 46 Section 4.03 4.04. Repayment of Monies Held by Paying Agent 24 46 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 47 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 48 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 49 Section 5.04 Remedies; Priorities 29 5.04. Remedies 51 Section 5.05 5.05. Optional Preservation of the Receivables 30 52 Section 5.06 5.06. Limitation of Suits 30 52 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 53 Section 5.08 5.08. Restoration of Rights and Remedies 31 53 Section 5.09 5.09. Rights and Remedies Cumulative 32 53 Section 5.10 5.10. Delay or Omission Not a Waiver 32 53 Section 5.11 5.11. Control by Noteholders 32 of the Controlling Class 53 Section 5.12 5.12. Waiver of Past Defaults 32 54 Section 5.13 5.13. Undertaking for Costs 33 54 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 55 Section 5.15 5.15. Action on Notes 33 55 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 55 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 57 Section 6.02 6.02. Rights of Indenture Trustee 3658 Section 6.03. Individual Rights of Indenture Trustee 59 Section 6.04. Indenture Trustee’s Disclaimer 59 Section 6.05. Notice of Defaults 59 Section 6.06. Reports by Indenture Trustee to Noteholders 59 Section 6.07. Compensation and Indemnity 59 Section 6.08. Replacement of Indenture Trustee 60 Section 6.09. Successor Indenture Trustee by Xxxxxx 61 Section 6.10. Appointment of Co-Trustee or Separate Trustee 62 Section 6.11. Eligibility; Disqualification 63 Section 6.12. Preferential Collection of Claims Against Issuer 64 Section 6.13. Representations and Warranties of Indenture Trustee 64 ARTICLE SEVEN NOTEHOLDERS’ LISTS AND REPORTS Section 7.01. Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders 65 Section 7.02. Preservation of Information; Communications, Reports and Certain Documents to Noteholders 65 Section 7.03. Reports by Issuer 65 Section 7.04. Reports by Indenture Trustee 66 ARTICLE EIGHT ACCOUNTS, DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 67 Section 8.02. Accounts 67 Section 8.03. General Provisions Regarding Accounts 68 Section 8.04. Release of Trust Estate 68 Section 8.05. Opinion of Counsel 69 ARTICLE NINE SUPPLEMENTAL INDENTURES Section 9.01. Supplemental Indentures Without Consent of Noteholders 70 Section 9.02. Supplemental Indentures With Consent of Noteholders 71 Section 9.03. Execution of Supplemental Indentures 73 Section 9.04. Effect of Supplemental Indenture 73 Section 9.05. Conformity with Trust Indenture Act 73 Section 9.06. Reference in Notes to Supplemental Indentures 73 ARTICLE TEN REDEMPTION OF NOTES Section 10.01. Redemption 75 Section 10.02. Form of Redemption Notice 75 Section 10.03. Notes Payable on Redemption Date 76 ARTICLE ELEVEN

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 24 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 24 26 Section 4.03 4.04. Repayment of Monies Held by Note Paying Agent 24 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 27 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 28 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04 5.04. Remedies; Priorities 29 30 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 32 Section 5.06 5.06. Limitation of Suits 30 32 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08 5.08. Restoration of Rights and Remedies 31 33 Section 5.09 5.09. Rights and Remedies Cumulative 32 33 Section 5.10 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11 5.11. Control by Noteholders 32 of the Controlling Class 34 Section 5.12 5.12. Waiver of Past Defaults 32 34 Section 5.13 5.13. Undertaking for Costs 33 34 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 35 Section 5.15 5.15. Action on Notes 33 35 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 35 Section 5.17. Sale of Trust Estate 36 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 37 Section 6.02 6.02. Rights of Indenture Trustee 3638 Section 6.03. Individual Rights of Indenture Trustee 40 Section 6.04. Indenture Trustee’s Disclaimer 40 Section 6.05. Notice of Defaults and Repurchase Requests 40 Section 6.06. Reports by Indenture Trustee to Holders 41 Section 6.07. Compensation and Indemnity 41 Section 6.08. Replacement of Indenture Trustee 42 Section 6.09. Successor Indenture Trustee by Xxxxxx 43 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 43 Section 6.11. Eligibility; Disqualification 44 Section 6.12. Preferential Collection of Claims Against Issuer 45 Section 6.13. Issuer as Holder of the 2017-A Exchange Note 45 Section 6.14. Representations and Warranties of Indenture Trustee 45 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 46 Section 6.16. Encryption 46 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 47 Section 7.02. Noteholder Demand for Asset Representations Review 48 Section 7.03. Reports by Issuer 49 Section 7.04. Reports by Indenture Trustee 49 ARTICLE EIGHT DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 51 Section 8.02. Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2017-A Bank Accounts; General Provisions Regarding 2017-A Bank Accounts. 53 Section 8.05. Release of Trust Estate 55 ARTICLE NINE

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 19 Section 4.02 4.02. Application of Trust Money 24 20 Section 4.03 4.03. Repayment of Monies Moneys Held by Paying Agent 24 20 Section 4.04. Auction of Trust Student Loans 21 ARTICLE V REMEDIES Section 5.01 5.01. Events of Default 25 22 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 23 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 23 Section 5.04 5.04. Remedies; Priorities 29 25 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Student Loans 28 Section 5.06 5.06. Limitation of Suits 30 28 Section 5.07 5.07. Unconditional Rights of Noteholders to To Receive Principal and Interest 31 29 Section 5.08 5.08. Restoration of Rights and Remedies 31 29 Section 5.09 5.09. Rights and Remedies Cumulative 32 29 Section 5.10 5.10. Delay or Omission Not a Waiver 32 29 Section 5.11 5.11. Control by Noteholders 32 29 Section 5.12 5.12. Waiver of Past Defaults 32 30 Section 5.13 5.13. Undertaking for Costs 33 30 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 30 Section 5.15 5.15. Action on Notes 33 31 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 31 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 31 Section 6.02. Rights of Indenture Trustee 33 Section 6.03. Individual Rights of Indenture Trustee 34 Section 6.02 Rights 6.04. Indenture Trustee’s Disclaimer 34 Section 6.05. Notice of Defaults 34 Section 6.06. Reports by Indenture Trustee to Noteholders 34 Section 6.07. Compensation and Indemnity 34 Section 6.08. Replacement of Indenture Trustee 3635 Section 6.09. Successor Indenture Trustee by Mxxxxx 36 Section 6.10. Appointment of Co-Trustee or Separate Trustee 36 Section 6.11. Eligibility; Disqualification 37 Section 6.12. Preferential Collection of Claims Against Issuer 38 Page

Satisfaction and Discharge. Section 4.01 8.01 Issuer’s Option to Effect Defeasance or Covenant Defeasance 109 Section 8.02 Defeasance and Discharge 109 Section 8.03 Covenant Defeasance 110 Section 8.04 Conditions to Defeasance 110 Section 8.05 Satisfaction and Discharge of Indenture 23 112 Section 4.02 8.06 Survival of Certain Obligations 113 Section 8.07 Acknowledgment of Discharge by Trustee 113 Section 8.08 Application of Trust Money 24 113 Section 4.03 8.09 Repayment to Issuer 113 Section 8.10 Indemnity for Government Securities 114 Section 8.11 Reinstatement 114 ARTICLE NINEAMENDMENTS AND WAIVERS Section 9.01 Without Consent of Monies Held Holders 114 Section 9.02 With Consent of Holders 115 Section 9.03 Effect of Supplemental Indentures 117 Section 9.04 Notation on or Exchange of Notes 117 Section 9.05 [Reserved] 117 Section 9.06 Notice of Amendment or Waiver 117 Section 9.07 Trustee to Sign Amendments, Etc. 117 Section 9.08 Additional Voting Terms; Calculation of Principal Amount 117 ARTICLE TENGUARANTEE Section 10.01 Note Guarantees 118 Section 10.02 Subrogation 119 Section 10.03 Release of Note Guarantees 119 Section 10.04 Limitation and Effectiveness of Note Guarantees 120 Section 10.05 Notation Not Required 121 Section 10.06 Successors and Assigns 121 Section 10.07 No Waiver 121 Section 10.08 Modification 121 Section 10.09 Limitation on the Italian Guarantor’s Liability 121 ARTICLE ELEVEN [RESERVED] ARTICLE TWELVEMISCELLANEOUS Section 12.01 Notices 123 Section 12.02 Certificate and Opinion as to Conditions Precedent 124 Section 12.03 Statements Required in Certificate or Opinion 125 Section 12.04 Rules by Trustee, Paying Agent 24 ARTICLE V REMEDIES and Registrar 125 Section 5.01 Events 12.05 No Personal Liability of Default 25 Directors, Officers, Employees and Stockholders 125 Section 5.02 Acceleration 12.06 Legal Holidays 125 Section 12.07 Governing Law 125 Section 12.08 Jurisdiction 125 Section 12.09 No Recourse Against Others 126 Section 12.10 Successors 127 Section 12.11 Counterparts 127 Section 12.12 Table of Maturity; Rescission Contents and Annulment 26 Headings 127 Section 5.03 Collection 12.13 Severability 127 Section 12.14 Currency Indemnity 127 iv Schedules Schedule I – Guarantors Exhibits Exhibit A – Form of Indebtedness Note Exhibit B – Form of Transfer Certificate for Transfer from Restricted Global Note to Regulation S Global Note Exhibit C – Form of Transfer Certificate for Transfer from Regulation S Global Note to Restricted Global Note Exhibit D – Form of Supplemental Indenture INDENTURE, dated as of November 25, 2020, among Carnival Corporation, a Panamanian corporation (the “Issuer”), Carnival plc, a company incorporated and Suits registered under the laws of England and Wales (“Carnival plc”), the other Guarantors party hereto and U.S. Bank National Association, as trustee (in such capacity, the “Trustee”), and as Principal Paying Agent, Transfer Agent and Registrar for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission Not a Waiver 32 Section 5.11 Control by Noteholders 32 Section 5.12 Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36USD Notes.

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 19 Section 4.02 4.02. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 20 ARTICLE V DEFAULTS AND REMEDIES Section 5.01 Events 5.01. Event of Default 25 20 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 21 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 22 Section 5.04 Remedies; Priorities 29 5.04. Remedies 22 Section 5.05 Optional Preservation 5.05. Indenture Trustee May File Proofs of the Receivables 30 Claim 23 Section 5.06 5.06. Indenture Trustee May Enforce Claims Without Possession of Notes 24 Section 5.07. Application of Money Collected 24 Section 5.08. Limitation of on Suits 30 26 Section 5.07 5.09. Unconditional Rights of Noteholders to Receive Principal and Interest 31 27 Section 5.08 5.10. Restoration of Rights and Remedies 31 27 Section 5.09 5.11. Rights and Remedies Cumulative 32 27 Section 5.10 5.12. Delay or Omission Not a Waiver 32 28 Section 5.11 5.13. Control by Noteholders 32 28 Section 5.12 5.14. Waiver of Past Defaults 32 28 Section 5.13 5.15. Undertaking for Costs 33 28 Section 5.14 5.16. Waiver of Stay or Extension Laws 33 29 Section 5.15 5.17. Sale of Trust Estate 29 Section 5.18. Action on Notes 33 30 Section 5.16 Performance and Enforcement 5.19. No Recourse 31 Section 5.20. Application of Certain Obligations 34 the Trust Indenture Act 31 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 31 Section 6.02 6.02. Notice of Default 33 Section 6.03. Rights of Indenture Trustee 3633 Section 6.04. Not Responsible for Recitals, Issuance of Notes or Mortgage Loans 34 Section 6.05. May Hold Notes 35 Section 6.06. Money Held in Trust 35 Section 6.07. Eligibility, Disqualification 35 Section 6.08. Indenture Trustee’s Capital and Surplus 35 Section 6.09. Resignation and Removal; Appointment of Successor 36 Section 6.10. Acceptance of Appointment by Successor Indenture Trustee 37 Section 6.11. Merger, Conversion, Consolidation or Succession to Business of Indenture Trustee 37 Section 6.12. Preferential Collection of Claims Against Issuing Entity 38 Section 6.13. Co-Indenture Trustees and Separate Indenture Trustees 38 Section 6.14. Authenticating Agents 39 Section 6.15. Review of Mortgage Files 40 Section 6.16. Indenture Trustee Fees and Expenses Indemnification 40 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS Section 7.01. Note Registrar to Furnish Indenture Trustee Names and Addresses of Noteholders 41 Section 7.02. Preservation of Information: Communications to Noteholders 42 Section 7.03. Reports by Indenture Trustee 42 Section 7.04. Reports by Issuing Entity 43 ARTICLE VIII ACCOUNTS, PAYMENTS OF INTEREST AND PRINCIPAL, AND RELEASES Section 8.01. Accounts; Investment; Collection of Moneys 43 Section 8.02. Allocation of Realized Losses 50 Section 8.03. [Reserved] 50 Section 8.04. General Provisions Regarding the Payment Account and Mortgage Loans 51 Section 8.05. Releases of Deleted Mortgage Loans 52 Section 8.06. Reports by Indenture Trustee to Noteholders; Access to Certain Information 52 Section 8.07. Release of Trust Estate 53 Section 8.08. Amendment to Sale and Servicing Agreement 53 Section 8.09. Delivery of the Mortgage Files Pursuant to Sale and Servicing Agreement 53 Section 8.10. Servicer as Agent 53 Section 8.11. Termination of Servicer 54 Section 8.12. Opinion of Counsel 54 Section 8.13. Appointment of Collateral Agents 54 ARTICLE IX

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 18 Section 4.02 4.02. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 19 ARTICLE V DEFAULTS AND REMEDIES Section 5.01 Events 5.01. Event of Default 25 19 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 21 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 21 Section 5.04 Remedies; Priorities 29 5.04. Remedies 22 Section 5.05 Optional Preservation 5.05. Indenture Trustee May File Proofs of the Receivables 30 Claim 22 Section 5.06 5.06. Indenture Trustee May Enforce Claims Without Possession of Notes 23 Section 5.07. Application of Money Collected 23 Section 5.08. Limitation of on Suits 30 25 Section 5.07 5.09. Unconditional Rights of Noteholders to Receive Principal and Interest 31 26 Section 5.08 5.10. Restoration of Rights and Remedies 31 26 Section 5.09 5.11. Rights and Remedies Cumulative 32 26 Section 5.10 5.12. Delay or Omission Not a Waiver 32 26 Section 5.11 5.13. Control by Noteholders 32 26 Section 5.12 5.14. Waiver of Past Defaults 32 27 Section 5.13 5.15. Undertaking for Costs 33 27 Section 5.14 5.16. Waiver of Stay or Extension Laws 33 27 Section 5.15 5.17. Sale of Trust Estate 28 Section 5.18. Action on Notes 33 29 Section 5.16 Performance and Enforcement 5.19. No Recourse 29 Section 5.20. Application of Certain Obligations 34 the Trust Indenture Act 29 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 29 Section 6.02 6.02. Notice of Default 31 Section 6.03. Rights of Indenture Trustee 3632 Section 6.04. Not Responsible for Recitals, Issuance of Notes or Mortgage Loans 33 Section 6.05. May Hold Notes 33 Section 6.06. Money Held in Trust 33 Section 6.07. Eligibility, Disqualification 34 Section 6.08. Indenture Trustee’s Capital and Surplus 34 Section 6.09. Resignation and Removal; Appointment of Successor 34 Section 6.10. Acceptance of Appointment by Successor Indenture Trustee 35 Section 6.11. Merger, Conversion, Consolidation or Succession to Business of Indenture Trustee 36 Section 6.12. Preferential Collection of Claims Against Issuer 36 Section 6.13. Co-Indenture Trustees and Separate Indenture Trustees 36 Section 6.14. Authenticating Agents 37 Section 6.15. Review of Mortgage Files 38 Section 6.16. Indenture Trustee Fees and Expenses Indemnification 39 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS Section 7.01. Note Registrar to Furnish Indenture Trustee Names and Addresses of Noteholders 40 Section 7.02. Preservation of Information: Communications to Noteholders 40 Section 7.03. Reports by Indenture Trustee 40 Section 7.04. Reports by Issuer 41 ARTICLE VIII ACCOUNTS, PAYMENTS OF INTEREST AND PRINCIPAL, AND RELEASES Section 8.01. Accounts; Investment; Collection of Moneys 41 Section 8.02. Allocation of Realized Losses. 48 Section 8.03. [Reserved]. 48 Section 8.04. General Provisions Regarding the Payment Account and Mortgage Loans 48 Section 8.05. Releases of Deleted Mortgage Loans 49 Section 8.06. Reports by Indenture Trustee to Noteholders; Access to Certain Information 50 Section 8.07. Release of Trust Estate 50 Section 8.08. Amendment to Sale and Servicing Agreement 50 Section 8.09. Delivery of the Mortgage Files Pursuant to Sale and Servicing Agreement 51 Section 8.10. Servicer as Agent 51 Section 8.11. Termination of Servicer 51 Section 8.12. Opinion of Counsel 51 Section 8.13. Appointment of Collateral Agents 52 ARTICLE IX

Satisfaction and Discharge. Section 4.01 SECTION 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 50 SECTION 4.02. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 50 ARTICLE V REMEDIES Section 5.01 Remedies SECTION 5.01. Events of Default 25 Section 5.02 51 SECTION 5.02. Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 53 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation 55 SECTION 5.04. Trustee May File Proofs of the Receivables 30 Section 5.06 Claim 55 SECTION 5.05. Trustee May Enforce Claims Without Possession of Securities 56 SECTION 5.06. Application of Money Collected 56 SECTION 5.07. Limitation on Suits 56 SECTION 5.08. Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Section 5.08 57 SECTION 5.09. Restoration of Rights and Remedies 31 Section 5.09 57 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.10 58 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.11 58 SECTION 5.12. Control by Noteholders 32 Section 5.12 Holders 58 SECTION 5.13. Waiver of Past Defaults 32 Section 5.13 58 SECTION 5.14. Undertaking for Costs 33 Section 5.14 59 SECTION 5.15. Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 59 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 The Trustee SECTION 6.01. Certain Duties and Responsibilities 60 SECTION 6.02. Notice of Indenture Trustee 34 Section 6.02 Defaults 60 SECTION 6.03. Certain Rights of Indenture Trustee 3661 SECTION 6.04. Not Responsible for Recitals or Issuance of Securities 62 SECTION 6.05. May Hold Securities 62 SECTION 6.06. Money Held in Trust 63 SECTION 6.07. Compensation and Reimbursement 63 SECTION 6.08. Conflicting Interests 63 SECTION 6.09. Corporate Trustee Required; Eligibility 63 SECTION 6.10. Resignation and Removal; Appointment of Successor 64 SECTION 6.11. Acceptance of Appointment by Successor 65 SECTION 6.12. Merger, Conversion, Consolidation or Succession to Business 66 SECTION 6.13. Preferential Collection of Claims Against the Company or a Guarantor 66 SECTION 6.14. Appointment of Authenticating Agent 66

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 20 Section 4.02 4.02. Application of Trust Money 24 21 Section 4.03 4.03. Repayment of Monies Moneys Held by Paying Agent 24 21 Section 4.04. Auction of Trust Student Loans 21 ARTICLE V REMEDIES Section 5.01 5.01. Events of Default 25 22 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 23 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 24 Section 5.04 5.04. Remedies; Priorities 29 25 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Student Loans 28 Section 5.06 5.06. Limitation of Suits 30 28 Section 5.07 5.07. Unconditional Rights of Noteholders to To Receive Principal and Interest 31 29 Section 5.08 5.08. Restoration of Rights and Remedies 31 29 Section 5.09 5.09. Rights and Remedies Cumulative 32 29 Section 5.10 5.10. Delay or Omission Not a Waiver 32 30 Section 5.11 5.11. Control by Noteholders 32 30 Section 5.12 5.12. Waiver of Past Defaults 32 30 Section 5.13 5.13. Undertaking for Costs 33 30 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 31 Section 5.15 5.15. Action on Notes 33 31 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 Obligations. 31 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee. 32 Section 6.02. Rights of Indenture Trustee 33 Section 6.03. Individual Rights of Indenture Trustee 34 Section 6.02 Rights 6.04. Indenture Trustee’s Disclaimer 34 Section 6.05. Notice of Defaults 35 Section 6.06. Reports by Indenture Trustee to Noteholders 35 Section 6.07. Compensation and Indemnity 35 Section 6.08. Replacement of Indenture Trustee 3636 Section 6.09. Successor Indenture Trustee by Xxxxxx 37 Section 6.10. Appointment of Co-Trustee or Separate Trustee 37 Section 6.11. Eligibility; Disqualification 38 Section 6.12. Preferential Collection of Claims Against Issuer 39 Page ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS Section 7.01. Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders 39 Section 7.02. Preservation of Information; Communications to Noteholders 40 Section 7.03. Reports by Issuer 41 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 41 Section 8.02. Trust Accounts 41 Section 8.03. General Provisions Regarding Accounts 42 Section 8.04. Release of Indenture Trust Estate 42 Section 8.05. Opinion of Counsel 43

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 21 Section 4.02 Application of Trust Money 24 22 Section 4.03 Repayment of Monies Held by Paying Agent 24 22 ARTICLE V REMEDIES Section 5.01 Events of Default 25 23 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 24 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 25 Section 5.04 Remedies; Priorities 29 27 Section 5.05 Optional Preservation of the Receivables 30 28 Section 5.06 Limitation of Suits 30 28 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 29 Section 5.08 Restoration of Rights and Remedies 31 29 Section 5.09 Rights and Remedies Cumulative 32 29 Section 5.10 Delay or Omission Not a Waiver 32 29 Section 5.11 Control by Noteholders 32 30 Section 5.12 Waiver of Past Defaults 32 30 Section 5.13 Undertaking for Costs 33 31 Section 5.14 Waiver of Stay or Extension Laws 33 31 Section 5.15 Action on Notes 33 31 Section 5.16 Performance and Enforcement of Certain Obligations 34 31 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 32 Section 6.02 Rights of Indenture Trustee 3633 Section 6.03 Individual Rights of Indenture Trustee 34 Section 6.04 Indenture Trustee’s Disclaimer 35 Section 6.05 Notice of Defaults 35 Section 6.06 Reports by Indenture Trustee to Holders 35 Section 6.07 Compensation and Indemnity 35 Section 6.08 Replacement of Indenture Trustee 36 Section 6.09 Successor Indenture Trustee by Merger 37 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 37 Section 6.11 Eligibility; Disqualification 38 Section 6.12 Preferential Collection of Claims Against Issuer 38 Section 6.13 Representations and Warranties of the Indenture Trustee 39 ARTICLE VII

Satisfaction and Discharge. Section 4.01 4.1. Satisfaction and Discharge of Indenture 23 30 Section 4.02 4.2. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 31 ARTICLE V REMEDIES Section 5.01 5.1. Events of Default 25 31 Section 5.02 5.2. Acceleration of Maturity; Rescission and Annulment 26 32 Section 5.03 5.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 33 Section 5.04 Remedies; Priorities 29 5.4. Trustee May File Proofs of Claim 34 Section 5.05 Optional Preservation 5.5. Trustee May Enforce Claim Without Possession of the Receivables 30 Securities 34 Section 5.06 5.6. Application of Money Collected 34 Section 5.7. Limitation on Suits 35 Section 5.8. Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium, if any, and Interest 31 Interest; Direct Action by Holders of Preferred Securities 35 Section 5.08 5.9. Restoration of Rights and Remedies 31 36 Section 5.09 5.10. Rights and Remedies Cumulative 32 36 Section 5.10 5.11. Delay or Omission Not a Waiver 32 36 Section 5.11 5.12. Control by Noteholders 32 Holders 36 Section 5.12 5.13. Waiver of Past Defaults 32 37 Section 5.13 5.14. Undertaking for Costs 33 37 Section 5.14 5.15. Waiver of Usury, Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 38 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 6.1. Corporate Trustee Required 38 Section 6.2. Certain Duties and Responsibilities 38 Section 6.3. Notice of Indenture Trustee 34 Defaults 40 Section 6.02 6.4. Certain Rights of Indenture Trustee 3640 Section 6.5. May Hold Securities 42 TABLE OF CONTENTS (continued) Page Section 6.6. Compensation; Reimbursement; Indemnity 42 Section 6.7. Resignation and Removal; Appointment of Successor 43 Section 6.8. Acceptance of Appointment by Successor 44 Section 6.9. Merger, Conversion, Consolidation or Succession to Business 44 Section 6.10. Not Responsible for Recitals or Issuance of Securities 45 Section 6.11. Appointment of Authenticating Agent 45 Section 6.12. Preferential Collection of Claims Against Company 46 ARTICLE VII HOLDER’S LISTS AND REPORTS BY COMPANY Section 7.1. Company to Furnish Trustee Names and Addresses of Holders 46 Section 7.2. Preservation of Information, Communications to Holders 47 Section 7.3. Reports by Company 47 ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE Section 8.1. Company May Consolidate, Etc., Only on Certain Terms 48 Section 8.2. Successor Company Substituted 49 ARTICLE IX

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 24 Section 4.02 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 24 25 Section 4.03 4.04. Repayment of Monies Held by Note Paying Agent 24 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 27 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 28 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04 5.04. Remedies; Priorities 29 30 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Estate 32 Section 5.06 5.06. Limitation of Suits 30 32 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08 5.08. Restoration of Rights and Remedies 31 33 Section 5.09 5.09. Rights and Remedies Cumulative 32 33 Section 5.10 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11 5.11. Control by Noteholders 32 of the Majority Noteholders 34 Section 5.12 5.12. Waiver of Past Defaults 32 34 Section 5.13 5.13. Undertaking for Costs 33 34 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 35 Section 5.15 5.15. Action on Notes 33 35 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 35 Section 5.17. Sale of Trust Estate 36 Page ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 37 Section 6.02 6.02. Rights of Indenture Trustee 3638 Section 6.03. Individual Rights of Indenture Trustee 40 Section 6.04. Indenture Trustee’s Disclaimer 40 Section 6.05. Notice of Defaults and Repurchase Requests 40 Section 6.06. Reports by Indenture Trustee to Holders 41 Section 6.07. Compensation and Indemnity 41 Section 6.08. Replacement of Indenture Trustee 42 Section 6.09. Successor Indenture Trustee by Xxxxxx 43 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 43 Section 6.11. Eligibility; Disqualification 45 Section 6.12. Preferential Collection of Claims Against Issuer 45 Section 6.13. Issuer as Holder of the 2023-A Exchange Note 45 Section 6.14. Representations and Warranties of Indenture Trustee 45 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 46 Section 6.16. Encryption 46 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 47 Section 7.02. Noteholder Demand for Asset Representations Review 48 Section 7.03. Reports by Issuer 49 Section 7.04. Reports by Indenture Trustee 49 ARTICLE EIGHT DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 51 Section 8.02. Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2023-A Bank Accounts; General Provisions Regarding 2023-A Bank Accounts. 53 Section 8.05. Release of Trust Estate 55 ARTICLE NINE

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 24 Section 4.02 Application of Trust Money 24 Section 4.03 Repayment of Monies Moneys Held by Paying Agent 24 ARTICLE V FIVE REMEDIES Section 5.01 Events of Default 25 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of the Receivables 30 Collateral 31 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to To Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission Not a Waiver 32 Section 5.11 Control by Noteholders 32 Securityholders Section 5.12 Waiver of Past Defaults 32 33 Section 5.13 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 34 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36Section 6.03 Individual Rights of Indenture Trustee 37 Section 6.04 Indenture Trustee’s Disclaimer 37 Section 6.05 Notice of Defaults 37 Section 6.06 Reports by Indenture Trustee to Holders 37 Section 6.07 Compensation and Indemnity 38 Section 6.08 Replacement of Indenture Trustee Section 6.09 Successor Indenture Trustee by Xxxxxx Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 40 Section 6.11 Eligibility; Disqualification 41 Section 6.12 Representations and Warranties 41 ARTICLE SEVEN NOTEHOLDERS’ LISTS AND REPORTS

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 Securities of any Series 29 Section 4.02 4.02. Application of Trust Money 24 31 Section 4.03 Repayment 4.03. Satisfaction and Discharge of Monies Held by Paying Agent 24 Subordinated Indenture 31 Section 4.04. Reinstatement 32 Section 4.05 Relevant Regulator Consent 32 ARTICLE V FIVE REMEDIES Section 5.01 5.01. Events of Default 25 32 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 32 Section 5.03 Collection 5.03. Payment Defaults, Perpetual Security Defaults, Payment Events 33 Section 5.04. Subordinated Trustee May File Proofs of Indebtedness and Claim 35 Section 5.05. Subordinated Trustee May Enforce Claims Without Possession of Securities 36 Section 5.06. Application of Money Collected 36 Section 5.07. Limitation on Suits for Enforcement by Indenture Trustee 27 36 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation 5.08. Unconditional Right of the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal (and Interest 31 Premium, if any) and Interest, if any 37 Section 5.08 5.09. Restoration of Rights and Remedies 31 37 Section 5.09 5.10. Rights and Remedies Cumulative 32 37 Section 5.10 5.11. Delay or Omission Not a Waiver 32 37 Section 5.11 5.12. Control by Noteholders 32 Holders 37 Section 5.12 5.13. Waiver of Past Defaults 32 38 Section 5.13 5.14. Undertaking for Costs 33 38 Section 5.14 5.15. Waiver of Stay or Extension Laws 33 38 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 5.16. Judgment Currency 38 ARTICLE VI SIX THE INDENTURE SUBORDINATED TRUSTEE Section 6.01 6.01. Certain Duties and Responsibilities 39 Section 6.02. Notice of Indenture Trustee 34 Default 40 Section 6.02 6.03. Certain Rights of Indenture Subordinated Trustee 3640 Section 6.04. Not Responsible for Recitals or Issuance of Securities 41 Section 6.05. May Hold Securities 42 Section 6.06. Money Held in Trust 42 Section 6.07. Compensation and Reimbursement 42 Section 6.08. Disqualification; Conflicting Interests 42 Section 6.09. Corporate Subordinated Trustee Required; Different Subordinated Trustees for Different Series; Eligibility 43 Section 6.10. Resignation and Removal; Appointment of Successor 43 Section 6.11. Acceptance of Appointment by Successor 44 Section 6.12. Merger, Conversion, Consolidation or Succession to Business 45 Section 6.13. Preferential Collection of Claims Against the Issuer 45 ARTICLE SEVEN

Satisfaction and Discharge. Section 4.01 3.01. Satisfaction and Discharge 32 Article 4 Particular Covenants of Indenture 23 the Company Section 4.02 Application 4.01. Payment of Trust Money 24 Principal and Interest 33 Section 4.03 Repayment 4.02. Maintenance of Monies Held by Office or Agency 33 Section 4.03. Appointments to Fill Vacancies in Trustee’s Office 34 Section 4.04. Provisions as to Paying Agent 24 ARTICLE V REMEDIES 34 Section 5.01 4.05. Existence 35 Section 4.06. Rule 144A Information Requirement and Annual Reports 35 Section 4.07. Stay, Extension and Usury Laws 37 Section 4.08. Compliance Certificate; Statements as to Defaults 37 Section 4.09. Further Instruments and Acts 38 Article 5 Lists of Holders and Reports by the Company and the Trustee Section 5.01. Lists of Holders 38 Section 5.02. Preservation and Disclosure of Lists 38 Article 6 Defaults and Remedies Section 6.01. Events of Default 25 38 Section 5.02 Acceleration of Maturity6.02. Acceleration; Rescission and Annulment 26 40 Section 5.03 Collection 6.03. Additional Interest 41 Section 6.04. Payments of Indebtedness and Suits for Enforcement Notes on Default; Suit Therefor 42 Section 6.05. Application of Monies Collected by Indenture Trustee 27 43 Section 5.04 Remedies; Priorities 29 6.06. Proceedings by Holders 44 Section 5.05 Optional Preservation of the Receivables 30 6.07. Proceedings by Trustee 45 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and 6.08. Remedies Cumulative 32 and Continuing 45 Section 5.10 Delay 6.09. Direction of Proceedings and Xxxxxx of Defaults by Majority of Holders 46 Section 6.10. Notice of Defaults 46 Section 6.11. Undertaking to Pay Costs 47 Article 7 Concerning the Trustee Section 7.01. Duties and Responsibilities of Trustee 47 Section 7.02. Reliance on Documents, Opinions, Etc 49 Section 7.03. No Responsibility for Recitals, Etc 50 Section 7.04. Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Omission Not a Waiver 32 Note Registrar May Own Notes 51 Section 5.11 Control 7.05. Monies and Shares of Common Stock to Be Held in Trust 51 Section 7.06. Compensation and Expenses of Trustee 51 Section 7.07. Officer’s Certificate as Evidence 52 Section 7.08. Eligibility of Trustee 52 Section 7.09. Resignation or Removal of Trustee 52 Section 7.10. Acceptance by Noteholders 32 Successor Trustee 53 Section 5.12 Waiver 7.11. Succession by Xxxxxx, Etc 54 Section 7.12. Trustee’s Application for Instructions from the Company 55 Article 8 Concerning the Holders Section 8.01. Action by Holders 55 Section 8.02. Proof of Past Defaults 32 Execution by Holders 55 Section 5.13 Undertaking for Costs 33 8.03. Who Are Deemed Absolute Owners 56 Section 5.14 Waiver 8.04. Company-Owned Notes Disregarded 56 Section 8.05. Revocation of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36Consents; Future Holders Bound 57

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 35 Section 4.02 4.02. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 37 ARTICLE V REMEDIES Section 5.01 5.01. Events of Default 25 37 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 38 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 39 Section 5.04 Remedies; Priorities 29 5.04. Trustee May File Proofs of Claim 39 Section 5.05 Optional Preservation 5.05. Trustee May Enforce Claims Without Possession of the Receivables 30 Securities 40 Section 5.06 5.06. Application of Money Collected 40 Section 5.07. Limitation on Suits 40 Section 5.08. Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 41 Section 5.08 5.09. Restoration of Rights and Remedies 31 41 Section 5.09 5.10. Rights and Remedies Cumulative 32 42 Section 5.10 5.11. Delay or Omission Not a Waiver 32 42 Section 5.11 5.12. Control by Noteholders 32 Holders 42 Section 5.12 5.13. Waiver of Past Defaults 32 42 Section 5.13 5.14. Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 43 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 6.01. Certain Duties and Responsibilities 43 Section 6.02. Notice of Indenture Trustee 34 Defaults 44 Section 6.02 6.03. Certain Rights of Trustee 45 Section 6.04. Not Responsible for Recitals or Issuance of Securities 47 Section 6.05. May Hold Securities 47 Section 6.06. Money Held in Trust 47 Section 6.07. Compensation and Reimbursement 47 Section 6.08. Disqualification; Conflicting Interests 48 Section 6.09. Corporate Trustee Required; Eligibility 48 Section 6.10. Resignation and Removal; Appointment of Successor 48 Section 6.11. Acceptance of Appointment by Successor 50 Section 6.12. Merger, Conversion, Consolidation or Succession to Business 51 Section 6.13. Preferential Collection of Claims Against the Company 51 iii Page Section 6.14. Appointment of Authenticating Agent 51 ARTICLE VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND THE COMPANY Section 7.01. The Company to Furnish Trustee Names and Addresses of Holders 53 Section 7.02. Preservation of Information; Communications to Holders 53 Section 7.03. Reports by Trustee 53 Section 7.04. Reports by the Company 54 ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE Section 8.01. The Company May Consolidate, Etc., Only on Certain Terms 54 Section 8.02. Successor Substituted 55 ARTICLE IX SUPPLEMENTAL INDENTURES Section 9.01. Supplemental Indentures Without Consent of Holders 55 Section 9.02. Supplemental Indentures with Consent of Holders 56 Section 9.03. Execution of Supplemental Indentures 57 Section 9.04. Effect of Supplemental Indentures 57 Section 9.05. Conformity with Trust Indenture Act 58 Section 9.06. Reference in Securities to Supplemental Indentures 58 ARTICLE X COVENANTS Section 10.01. Payment of Principal, Premium and Interest 58 Section 10.02. Maintenance of Office or Agency 58 Section 10.03. Money for Securities Payments to Be Held in Trust 59 Section 10.04. Statement by Officers as to Default 60 Section 10.05. Waiver of Certain Covenants 60 ARTICLE XI REDEMPTION OF SECURITIES Section 11.01. Applicability of Article 61 Section 11.02. Election to Redeem; Notice to Trustee 3661 Section 11.03. Selection by Trustee of Securities to be Redeemed 61 Section 11.04. Notice of Redemption 62 Section 11.05. Deposit of Redemption Price 62 Section 11.06. Securities Payable on Redemption Date 62 Section 11.07. Securities Redeemed in Part 63 ARTICLE XII SINKING FUNDS Page Section 12.01. Applicability of Article 63 Section 12.02. Satisfaction of Sinking Fund Payments with Securities 63 Section 12.03. Redemption of Securities for Sinking Fund 64 ARTICLE XIII DEFEASANCE Section 13.01. Applicability of Article 64 Section 13.02. Legal Defeasance 64 Section 13.03. Covenant Defeasance 66 Section 13.04. Application by Trustee of Funds Deposited for Payment of Securities 67 Section 13.05. Repayment to the Company 68 Section 13.06. Reinstatement 68

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 22 Section 4.02 Application of Trust Money 24 23 Section 4.03 Repayment of Monies Held by Paying Agent 24 23 ARTICLE V REMEDIES Section 5.01 Events of Default 25 23 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 25 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 26 Section 5.04 Remedies; Priorities 29 28 Section 5.05 Optional Preservation of the Receivables 30 29 Section 5.06 Limitation of Suits 30 29 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 30 Section 5.08 Restoration of Rights and Remedies 31 30 Section 5.09 Rights and Remedies Cumulative 32 30 Section 5.10 Delay or Omission Not a Waiver 32 30 Section 5.11 Control by Noteholders 32 31 Section 5.12 Waiver of Past Defaults 32 31 Section 5.13 Undertaking for Costs 33 31 Section 5.14 Waiver of Stay or Extension Laws 33 32 Section 5.15 Action on Notes 33 32 Section 5.16 Performance and Enforcement of Certain Obligations 34 32 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 33 Section 6.02 Rights of Indenture Trustee 3635 Section 6.03 Individual Rights of Indenture Trustee 36 Section 6.04 Indenture Trustee’s Disclaimer 36 Section 6.05 Notice of Defaults 36 Section 6.06 Reports by Indenture Trustee 36 Section 6.07 Compensation and Indemnity 37 Section 6.08 Replacement of Indenture Trustee 37 Section 6.09 Successor Indenture Trustee by Merger 38 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 39 Section 6.11 Eligibility; Disqualification 40 Section 6.12 Preferential Collection of Claims Against Issuing Entity 40 Section 6.13 Representations and Warranties of the Indenture Trustee 40 ARTICLE VII

Satisfaction and Discharge. Section 4.01 11.01. Satisfaction and Discharge of Indenture 23 95 Section 4.02 11.02. Application of Trust Money 24 97 ARTICLE 12 MISCELLANEOUS Section 4.03 Repayment 12.01. [Reserved] 97 Section 12.02. Notices 97 Section 12.03. Communication by Holders of Monies Held Notes with Other Holders of Notes 99 Section 12.04. Certificate and Opinion as to Conditions Precedent 99 Section 12.05. Statements Required in Certificate or Opinion 99 Section 12.06. Rules by Paying Agent 24 ARTICLE V REMEDIES Trustee and Agents 99 Section 5.01 Events 12.07. No Recourse to DTE Energy or Personal Liability of Default 25 Directors, Officers, Employees and Stockholders 100 Section 5.02 Acceleration 12.08. Governing Law 100 Section 12.09. No Adverse Interpretation of Maturity; Rescission Other Agreements 100 Section 12.10. Successors 100 Section 12.11. Severability 100 Section 12.12. Counterpart Originals 100 Section 12.13. Table of Contents, Headings, etc. 100 Section 12.14. USA Patriot Act 101 EXHIBITS Exhibit A-1 FORM OF 2029 NOTE Exhibit A-2 FORM OF 2031 NOTE Exhibit B-1 FORM OF CERTIFICATE OF TRANSFER (2029 NOTES) Exhibit B-2 FORM OF CERTIFICATE OF TRANSFER (2031 NOTES) Exhibit C-1 FORM OF CERTIFICATE OF EXCHANGE (2029 NOTES) Exhibit C-2 FORM OF CERTIFICATE OF EXCHANGE (2031 NOTES) Exhibit D-1 FORM OF CERTIFICATE ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR (2029 NOTES) Exhibit D-2 FORM OF CERTIFICATE ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR (2031 NOTES) Exhibit E FORM OF SUPPLEMENTAL INDENTURE INDENTURE dated as of June 9, 2021, among DT Midstream, Inc., a Delaware corporation (the “Issuer”), the Guarantors (as defined herein) and Annulment 26 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of U.S. BANK NATIONAL ASSOCIATION, as trustee (the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission Not a Waiver 32 Section 5.11 Control by Noteholders 32 Section 5.12 Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36“Trustee”).

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 4.02. Application of Trust Money 24 23 Section 4.03 4.03. Repayment of Monies Held by Paying Agent 24 Section 4.04. Repayment of Monies Held by Paying Agent 24 Section 4.05. Satisfaction, Discharge and Defeasance of the Notes 24 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES Section 5.01 5.01. Events of Default 25 26 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 5.04. Remedies; Priorities 29 Section 5.05 5.05. Optional Preservation of the Receivables 30 Collateral 32 Section 5.06 5.06. Limitation of Suits 30 32 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08 5.08. Restoration of Rights and Remedies 31 33 Section 5.09 5.09. Rights and Remedies Cumulative 32 33 Section 5.10 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11 5.11. Control by Noteholders 32 Controlling Class 33 Section 5.12 5.12. Waiver of Past Defaults 32 34 Section 5.13 5.13. Undertaking for Costs 33 34 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 35 Section 5.15 5.15. Action on Notes 33 35 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 35 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 37 Section 6.02 6.02. Rights of Indenture Trustee 3638 Section 6.03. Individual Rights of Indenture Trustee 40 Section 6.04. Indenture Trustee’s Disclaimer 40 Section 6.05. Notice of Defaults; Repurchase Requests 40 Section 6.06. Report and Documents by Indenture Trustee to Noteholders 41 Section 6.07. Compensation and Indemnity 41 Page Section 6.08. Replacement of Indenture Trustee 42 Section 6.09. Successor Indenture Trustee by Merger 43 Section 6.10. Appointment of Co-Trustee or Separate Trustee 43 Section 6.11. Eligibility; Disqualification 45 Section 6.12. Waiver of Setoffs 45 Section 6.13. Indenture Trustee as Securities Intermediary 45 Section 6.14. Representations and Warranties of the Indenture Trustee 45 Section 6.15. Preferential Collection Claims Against Issuer 46 Section 6.16. Encryption 46 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List 47 Section 7.02. Noteholder List Retention; TIA Communication 47 Section 7.03. Noteholder Communications with Indenture Trustee 47 Section 7.04. Communications between Noteholders 48 Section 7.05. Noteholder Demand for Asset Representations Review 48 Section 7.06. Reports by Indenture Trustee 49 Section 7.07. Reports by Issuer 50 ARTICLE EIGHT ACCOUNTS, DISBURSEMENTS AND RELEASES Section 8.01. Collection of Money 51 Section 8.02. Trust Accounts 51 Section 8.03. General Provisions Regarding Trust Accounts 52 Section 8.04. Release of Collateral 52 Section 8.05. Opinion of Counsel and Officer’s Certificate 52 ARTICLE NINE SUPPLEMENTAL INDENTURES Section 9.01. Supplemental Indentures With Consent of the Noteholders 53 Section 9.02. Supplemental Indentures Without Consent of Noteholders 54 Section 9.03. Execution of Supplemental Indentures 56 Section 9.04. Effect of Supplemental Indentures 56 Section 9.05. Reference in Notes to Supplemental Indentures 56 Section 9.06. Conformity with Trust Indenture Act 56 ARTICLE TEN REDEMPTION OF NOTES Section 10.01. Redemption 57 Section 10.02. Form of Redemption Notice 57 Section 10.03. Notes Payable on Redemption Date 58 Page ARTICLE ELEVEN

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 20 Section 4.02 4.02. Application of Trust Money 24 21 Section 4.03 4.03. Repayment of Monies Moneys Held by Paying Agent 24 21 Section 4.04. Auction of Trust Student Loans 21 ARTICLE V REMEDIES Section 5.01 5.01. Events of Default 25 22 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 23 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 24 Section 5.04 5.04. Remedies; Priorities 29 26 Section 5.05 5.05. Optional Preservation of the Receivables 30 Trust Student Loans 29 Section 5.06 5.06. Limitation of Suits 30 29 Section 5.07 5.07. Unconditional Rights of Noteholders to To Receive Principal and Interest 31 30 Section 5.08 5.08. Restoration of Rights and Remedies 31 30 Section 5.09 5.09. Rights and Remedies Cumulative 32 30 Section 5.10 5.10. Delay or Omission Not a Waiver 32 31 Section 5.11 5.11. Control by Noteholders 32 31 Section 5.12 5.12. Waiver of Past Defaults 32 31 Section 5.13 5.13. Undertaking for Costs 33 32 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 32 Section 5.15 5.15. Action on Notes 33 32 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 32 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 33 Section 6.02 6.02. Rights of Indenture Trustee 3635 Section 6.03. Individual Rights of Indenture Trustee 35 Section 6.04. Indenture Trustee’s Disclaimer 36 Section 6.05. Notice of Defaults 36 Section 6.06. Reports by Indenture Trustee to Noteholders 36 Section 6.07. Compensation and Indemnity 36 Section 6.08. Replacement of Indenture Trustee 37 Section 6.09. Successor Indenture Trustee by Mxxxxx 38 Section 6.10. Appointment of Co-Trustee or Separate Trustee 38 Section 6.11. Eligibility; Disqualification 39 Section 6.12. Preferential Collection of Claims Against Issuer 40 Page

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 4.02. Application of Trust Money 24 30 Section 4.03 4.03. Repayment of Monies Moneys Held by Paying Agent 24 ARTICLE V FIVE REMEDIES Section 5.01 Events of Default 25 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of the Receivables 5.01. Remedies 30 Section 5.06 5.02. Limitation of Suits 30 Section 5.07 5.03. Unconditional Rights of Noteholders to To Receive Principal and Interest 31 Section 5.08 5.04. Restoration of Rights and Remedies 31 32 Section 5.09 5.05. Rights and Remedies Cumulative 32 Section 5.10 5.06. Delay or Omission Not a Waiver 32 Section 5.11 5.07. Control by Insurer and Noteholders 32 Section 5.12 Waiver of Past Defaults 32 Section 5.13 5.08. Undertaking for Costs 33 Section 5.14 5.09. Waiver of Stay or Extension Laws 33 Section 5.15 5.10. Action on Notes 33 Section 5.16 5.11. Performance and Enforcement of Certain Obligations Obligations. 33 Section 5.12. Subrogation 34 Section 5.13. Preference Claims. 34 Section 5.14. Noteholder Rights Section 5.15. Insurer’s Rights Regarding Actions, Proceedings or Investigations 35 ARTICLE VI SIX THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 37 Section 6.02 6.02. Rights of Indenture Trustee 3639 Section 6.03. Individual Rights of Indenture Trustee 40 Section 6.04. Indenture Trustee’s Disclaimer 40 Section 6.05. Notice of Rapid Amortization Events and Events of Master Servicing Termination 40 Section 6.06. Reports by Indenture Trustee to Holders 40 Section 6.07. Compensation and Indemnity 40 Section 6.08. Replacement of Indenture Trustee 41 Section 6.09. Successor Indenture Trustee by Xxxxxx 42 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 43 Section 6.11. Eligibility; Disqualification 44 Section 6.12. Representations and Warranties 44 Section 6.13. Preferential Collection of Claims Against Issuer. 45

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of this Indenture 23 22 Section 4.02 Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 23 ARTICLE V REMEDIES Defaults and Remedies Section 5.01 Early Amortization Events 23 Section 5.02 Events of Default 25 23 Section 5.02 5.03 Acceleration of Maturity; Rescission and Annulment 26 25 Section 5.03 5.04 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 26 Section 5.04 5.05 Remedies; Priorities 29 28 Section 5.05 5.06 Optional Preservation of the Receivables 30 Trust Estate 29 Section 5.06 5.07 Limitation of on Suits 30 Section 5.07 5.08 Unconditional Rights of Noteholders to Receive Principal and Interest 31 30 Section 5.08 5.09 Restoration of Rights and Remedies 31 Section 5.09 5.10 Rights and Remedies Cumulative 32 31 Section 5.10 5.11 Delay or Omission Not a Waiver 32 31 Section 5.11 5.12 Control by Noteholders 32 31 Section 5.12 5.13 Waiver of Past Defaults 32 Section 5.13 5.14 Undertaking for Costs 33 32 Section 5.14 5.15 Waiver of Stay or Extension Laws 33 32 Section 5.15 5.16 Action on Notes 33 Section 5.16 5.17 Sale of Loans 33 Section 5.18 Performance and Enforcement of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE The Indenture Trustee Section 6.01 Duties of the Indenture Trustee 34 Section 6.02 Rights Notice of Early Amortization Event or Event of Default 36 Section 6.03 Certain Matters Affecting the Indenture Trustee 3636 Section 6.04 Not Responsible for Recitals or Issuance of Notes 39 Section 6.05 Indenture Trustee May Hold Notes 39

Satisfaction and Discharge. Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 18 Section 4.02 4.02. Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 20 ARTICLE V DEFAULTS AND REMEDIES Section 5.01 Events 5.01. Event of Default 25 20 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 21 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 22 Section 5.04 Remedies; Priorities 29 5.04. Remedies 22 Section 5.05 Optional Preservation 5.05. Indenture Trustee May File Proofs of the Receivables 30 Claim 23 Section 5.06 5.06. Indenture Trustee May Enforce Claims Without Possession of Notes 23 Section 5.07. Application of Money Collected 24 Section 5.08. Limitation of on Suits 30 25 Section 5.07 5.09. Unconditional Rights of Noteholders to Receive Principal and Interest 31 25 Section 5.08 5.10. Restoration of Rights and Remedies 31 26 Section 5.09 5.11. Rights and Remedies Cumulative 32 26 Section 5.10 5.12. Delay or Omission Not a Waiver 32 26 Section 5.11 5.13. Control by Noteholders 32 26 Section 5.12 5.14. Waiver of Past Defaults 32 27 Section 5.13 5.15. Undertaking for Costs 33 27 Section 5.14 5.16. Waiver of Stay or Extension Laws 33 27 Section 5.15 5.17. Sale of Trust Estate 27 Section 5.18. Action on Notes 33 29 Section 5.16 Performance and Enforcement 5.19. No Recourse 29 Section 5.20. Application of Certain Obligations 34 the Trust Indenture Act 29 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 6.01. Duties of Indenture Trustee 34 29 Section 6.02 6.02. Notice of Default 31 Section 6.03. Rights of Indenture Trustee 3632 Section 6.04. Not Responsible for Recitals, Issuance of Notes or Mortgage Loans 33 Section 6.05. May Hold Notes 33 Section 6.06. Money Held in Trust 33 Section 6.07. Eligibility, Disqualification 34 Section 6.08. Indenture Trustee’s Capital and Surplus 34 Section 6.09. Resignation and Removal; Appointment of Successor 34 Section 6.10. Acceptance of Appointment by Successor Indenture Trustee 35 Section 6.11. Merger, Conversion, Consolidation or Succession to Business of Indenture Trustee 36 Section 6.12. Preferential Collection of Claims Against Issuing Entity 36 Section 6.13. Co-Indenture Trustees and Separate Indenture Trustees 36 Section 6.14. Authenticating Agents 37 Section 6.15. Review of Mortgage Files 38 Section 6.16. Indenture Trustee Expenses Indemnification 39 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS Section 7.01. Note Registrar to Furnish Indenture Trustee Names and Addresses of Noteholders 39 Section 7.02. Preservation of Information: Communications to Noteholders 40 Section 7.03. Reports by Indenture Trustee. 40 Section 7.04. Reports by Issuing Entity 41 ARTICLE VIII ACCOUNTS, PAYMENTS OF INTEREST AND PRINCIPAL, AND RELEASES Section 8.01. Accounts; Investment; Collection of Moneys 42 Section 8.02. Allocation of Realized Losses. 47 Section 8.03. [Reserved]. 48

Satisfaction and Discharge. Section 4.01 Satisfaction SECTION 8.01.Issuers’ Option to Effect Defeasance or Covenant Defeasance ‌ 90 SECTION 8.02.Defeasance and Discharge ‌ 90 SECTION 8.03.Covenant Defeasance ‌ 90 SECTION 8.04.Conditions to Defeasance ‌ 91 SECTION 8.05.Satisfaction and Discharge of Indenture 23 Section 4.02 Application ‌ 92 SECTION 8.06.Survival of Certain Obligations ‌ 93 SECTION 8.07.Acknowledgment of Discharge by Trustee ‌ 93 SECTION 8.08.Application of Trust Money 24 Section 4.03 Repayment ‌ 93 SECTION 8.09.Repayment to Issuers ‌ 93 SECTION 8.10.Indemnity for Government Securities ‌ 94 SECTION 8.11.Reinstatement ‌ 94 ARTICLE NINE AMENDMENTS AND WAIVERS SECTION 9.01.Without Consent of Monies Held by Paying Holders ‌ 94 SECTION 9.02.With Consent of Holders ‌ 96 SECTION 9.03.Effect of Supplemental Indentures ‌ 97 SECTION 9.04.Notation on or Exchange of Notes ‌ 97 SECTION 9.05.[Reserved] ‌ 97 SECTION 9.06.Notice of Amendment or Waiver ‌ 97 SECTION 9.07.Trustee to Sign Amendments, Etc. ‌ 97 SECTION 9.08.Additional Voting Terms; Calculation of Principal Amount ‌ 98 ARTICLE TEN GUARANTEE SECTION 10.01.Notes Guarantees ‌ 98 SECTION 10.02.Subrogation ‌ 99 SECTION 10.03.Release of Subsidiary Guarantees ‌ 99 SECTION 10.04.Limitation and Effectiveness of Guarantees ‌ 100 SECTION 10.05.Notation Not Required ‌ 100 SECTION 10.06.Successors and Assigns ‌ 100 SECTION 00.00.Xx Waiver ‌ 100 SECTION 10.08.Modification ‌ 100 SECTION 10.09.Trustee and Security Agent 24 to Effectuate Subordination of Heye International GmbH Subsidiary Guarantee ‌ 100 ​ ​ ARTICLE V REMEDIES Section 5.01 Events of Default 25 Section 5.02 Acceleration of MaturityELEVEN SECURITY SECTION 00.00.Xxxxxxxx; Rescission and Annulment 26 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission Not a Waiver 32 Section 5.11 Control by Noteholders 32 Section 5.12 Waiver of Past Defaults 32 Section 5.13 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36Security Documents ‌ 101

Satisfaction and Discharge. Section 4.01 SECTION 4.1 Satisfaction and Discharge of Indenture 23 Section 4.02 43 SECTION 4.2 Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 44 ARTICLE V REMEDIES Section 5.01 45 SECTION 5.1 Events of Default 25 Section 5.02 45 TABLE OF CONTENTS (continued) Page SECTION 5.2 Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 46 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation 47 SECTION 5.4 Trustee May File Proofs of the Receivables 30 Section 5.06 Claim 48 SECTION 5.5 Trustee May Enforce Claims Without Possession of Securities 49 SECTION 5.6 Application of Money Collected 49 SECTION 5.7 Limitation on Suits 50 SECTION 5.8 Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal and Interest 31 Section 5.08 and to Convert 50 SECTION 5.9 Restoration of Rights and Remedies 31 Section 5.09 50 SECTION 5.10 Rights and Remedies Cumulative 32 Section 5.10 51 SECTION 5.11 Delay or Omission Not a Waiver 32 Section 5.11 51 SECTION 5.12 Control by Noteholders 32 Section 5.12 Holders of Securities 51 SECTION 5.13 Waiver of Past Defaults 32 Section 5.13 52 SECTION 5.14 Undertaking for Costs 33 Section 5.14 52 SECTION 5.15 Waiver of Stay Stay, Usury or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 52 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 53 SECTION 6.1 Certain Duties and Responsibilities 53 SECTION 6.2 Notice of Indenture Trustee 34 Section 6.02 Defaults 54 SECTION 6.3 Certain Rights of Indenture Trustee 3654 SECTION 6.4 Not Responsible for Recitals or Issuance of Securities 56 SECTION 6.5 May Hold Securities, Act as Trustee under Other Indentures 56 SECTION 6.6 Money Held in Trust 56 SECTION 6.7 Compensation and Reimbursement 56 SECTION 6.8 Corporate Trustee Required; Eligibility 57 SECTION 6.9 Resignation and Removal; Appointment of Successor 58 SECTION 6.10 Acceptance of Appointment by Successor 59 SECTION 6.11 Merger, Conversion, Consolidation or Succession to Business 59 SECTION 6.12 Authenticating Agents 60 SECTION 6.13 Disqualification; Conflicting Interests 61 SECTION 6.14 Preferential Collection of Claims Against Company 61 ARTICLE VII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 61 SECTION 7.1 Company May Consolidate, Etc 61 SECTION 7.2 Successor Substituted 62 ARTICLE VIII SUPPLEMENTAL INDENTURES 62 SECTION 8.1 Supplemental Indentures Without Consent of Holders of Securities 62 SECTION 8.2 Supplemental Indentures with Consent of Holders of Securities 63 SECTION 8.3 Execution of Supplemental Indentures 64 TABLE OF CONTENTS (continued) Page SECTION 8.4 Effect of Supplemental Indentures 65 SECTION 8.5 Reference in Securities to Supplemental Indentures 65 SECTION 8.6 Notice of Supplemental Indentures 65 ARTICLE IX MEETINGS OF HOLDERS OF SECURITIES 65 SECTION 9.1 Purposes for Which Meetings May Be Called 65 SECTION 9.2 Call, Notice and Place of Meetings 65 SECTION 9.3 Persons Entitled to Vote at Meetings 66 SECTION 9.4 Quorum; Action 66 SECTION 9.5 Determination of Voting Rights; Conduct and Adjournment of Meetings 67 SECTION 9.6 Counting Votes and Recording Action of Meetings 68 ARTICLE X COVENANTS 68 SECTION 10.1 Payment of Principal and Interest 68 SECTION 10.2 Maintenance of Offices or Agencies 68 SECTION 10.3 Money for Security Payments to Be Held in Trust 69 SECTION 10.4 Existence 70 SECTION 10.5 Payment of Taxes and Other Claims 70 SECTION 10.6 Statement by Officers as to Default 71 SECTION 10.7 Delivery of Certain Information 71 SECTION 10.8 Waiver of Certain Covenants 72 SECTION 10.9 Additional Interest 72 ARTICLE XI REDEMPTION OF SECURITIES 72 SECTION 11.1 Right of Redemption 72 SECTION 11.2 Applicability of Article 73 SECTION 11.3 Election to Redeem; Notice to Trustee 73 SECTION 11.4 Selection by Trustee of Securities to Be Redeemed 73 SECTION 11.5 Notice of Redemption 74 SECTION 11.6 Deposit of Redemption Price 74 SECTION 11.7 Securities Payable on Redemption Date 75 SECTION 11.8 Conversion Arrangement on Call for Redemption 76 ARTICLE XII CONVERSION OF THE SECURITIES 76 SECTION 12.1 Conversion Privilege 76 SECTION 12.2 Conversion Procedure 80 SECTION 12.3 Taxes on Conversion 81 SECTION 12.4 Company to Provide Stock 81 SECTION 12.5 Adjustment of Conversion Price 81 SECTION 12.6 No Adjustment 86 TABLE OF CONTENTS (continued) Page SECTION 12.7 Equivalent Adjustments 87 SECTION 12.8 Adjustment for Tax Purposes 87 SECTION 12.9 Notice of Adjustment 87 SECTION 12.10 Notice of Certain Transactions 87 SECTION 12.11 Effect of Reclassification, Consolidation, Merger, Share Exchange or Sale on Conversion Privilege 88 SECTION 12.12 Trustee’s Disclaimer 89 SECTION 12.13 Voluntary Reduction 90 SECTION 12.14 Conversion Value of Securities Tendered 90 SECTION 12.15 Simultaneous Adjustments 91 ARTICLE XIII REDEMPTION AND REPURCHASES 91 SECTION 13.1 Repurchase of Securities at Option of the Holder on Specified Dates 91 SECTION 13.2 Effect of Repurchase Notice 94 SECTION 13.3 Deposit of Repurchase Price 94 SECTION 13.4 Securities Repurchased in Part 95 SECTION 13.5 Covenant to Comply with Securities Laws upon Repurchase of Securities 95 SECTION 13.6 Repayment to the Company 95 ARTICLE XIV REPURCHASE OF SECURITIES AT THE OPTION OF THE HOLDER 96 SECTION 14.1 Right to Require Repurchase Upon a Fundamental Change 96 SECTION 14.2 Notices; Method of Exercising Repurchase Right, Etc. 96 SECTION 14.3 Certain Definitions 99

Satisfaction and Discharge. Section SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section in Respect of any Series of Securities 24 SECTION 4.02 Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 24 25 ARTICLE V REMEDIES Section Remedies SECTION 5.01 Events of Default 25 Section 26 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 27 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 28 SECTION 5.04 Remedies; Priorities Trustee May File Proofs of Claim 29 Section SECTION 5.05 Optional Preservation Trustee May Enforce Claims Without Possession of the Receivables 30 Section Securities 29 SECTION 5.06 Application of Money Collected 29 SECTION 5.07 Limitation of on Suits 30 Section 5.07 SECTION 5.08 Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Section 5.08 SECTION 5.09 Restoration of Rights and Remedies 31 Section 5.09 SECTION 5.10 Rights and Remedies Cumulative 32 Section 5.10 31 SECTION 5.11 Delay or Omission Not a Waiver 32 Section 5.11 31 SECTION 5.12 Control by Noteholders 32 Section 5.12 Holders 31 SECTION 5.13 Waiver of Past Defaults 32 Section 5.13 SECTION 5.14 Undertaking for Costs 33 Section 5.14 32 SECTION 5.15 Waiver of Stay or Extension Laws 32 ARTICLE VI The Trustee SECTION 6.01 Certain Duties and Responsibilities 33 Section 5.15 Action SECTION 6.02 Notice of Defaults 33 SECTION 6.03 Certain Rights of Trustee 33 SECTION 6.04 Not Responsible for Recitals or Issuance of Securities 34 SECTION 6.05 May Hold Securities 35 SECTION 6.06 Money Held in Trust 35 SECTION 6.07 Compensation and Reimbursement 35 SECTION 6.08 Disqualification; Conflicting Interests 36 SECTION 6.09 Corporate Trustee Required; Eligibility 36 SECTION 6.10 Resignation and Removal; Appointment of Successor 37 SECTION 6.11 Acceptance of Appointment by Successor 38 SECTION 6.12 Merger, Conversion, Consolidation or Succession to Business 39 SECTION 6.13 Preferential Collection of Claims Against Company 39 SECTION 6.14 Appointment of Authenticating Agent 39 ARTICLE VII Holders’ Lists and Reports by Trustee and Company SECTION 7.01 Company to Furnish Trustee Names and Addresses of Holders 41 SECTION 7.02 Preservation of Information; Communications to Holders 41 SECTION 7.03 Reports by Trustee 42 SECTION 7.04 Reports by Company 42 ARTICLE VIII Consolidation, Merger, Conveyance or Transfer SECTION 8.01 Company May Consolidate, Etc., Only on Notes 33 Section 5.16 Performance Certain Terms 43 SECTION 8.02 Successor Corporation Substituted 44 ARTICLE IX Supplemental Indentures SECTION 9.01 Supplemental Indentures Without Consent of Holders 44 SECTION 9.02 Supplemental Indentures with Consent of Holders 45 SECTION 9.03 Execution of Supplemental Indentures 46 SECTION 9.04 Effect of Supplemental Indentures 46 SECTION 9.05 Conformity with Trust Indenture Act 47 SECTION 9.06 Reference in Securities to Supplemental Indentures 47 ARTICLE X Covenants SECTION 10.01 Payment of Principal, Premium and Enforcement Interest 47 SECTION 10.02 Maintenance of Office or Agency 47 SECTION 10.03 Money for Securities Payments to be Held in Trust 48 SECTION 10.04 Statement by Officers as to Default 49 SECTION 10.05 Limitations on Liens on Stock of Restricted Subsidiaries 49 SECTION 10.06 Limitations on Issue or Disposition of Stock of Restricted Subsidiaries 50 SECTION 10.07 Waiver of Certain Covenants 50 ARTICLE XI Redemption of Securities SECTION 11.01 Applicability of Article 50 SECTION 11.02 Election to Redeem; Notice to Trustee 50 SECTION 11.03 Selection by Trustee of Securities to be Redeemed 51 SECTION 11.04 Notice of Redemption 51 SECTION 11.05 Deposit of Redemption Price 52 SECTION 11.06 Securities Payable on Redemption Date 52 SECTION 11.07 Securities Redeemed in Part 53 ARTICLE XII Sinking Funds SECTION 12.01 Applicability of Article 53 SECTION 12.02 Satisfaction of Sinking Fund Payments with Securities 53 SECTION 12.03 Redemption of Securities for Sinking Fund 54 ARTICLE XIII Defeasance and Covenant Defeasance SECTION 13.01 Company’s Option to Effect Defeasance or Covenant Defeasance 54 SECTION 13.02 Defeasance and Discharge 54 SECTION 13.03 Covenant Defeasance 54 SECTION 13.04 Conditions to Defeasance or Covenant Defeasance 55 SECTION 13.05 Deposited Money or U.S. Government Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE Section 6.01 Duties to Be Held in Trust; Miscellaneous Provisions 56 SECTION 13.06 Reinstatement 57 SECTION 13.07 Qualifying Trustee SENIOR INDENTURE, dated as of Indenture Trustee 34 Section 6.02 Rights March 10, 2009, between Lincoln National Corporation, an Indiana corporation (the “Company”), and The Bank of Indenture Trustee 36New York Mellon, a New York banking corporation, as trustee hereunder (the “Trustee”).

Satisfaction and Discharge. Section 43 SECTION 4.01 Satisfaction and Discharge of Supplemental Indenture 23 Section in Respect of the Notes 43 SECTION 4.02 Application of Trust Money 24 Section 44 SECTION 4.03 Repayment of Monies Held by Paying Agent 24 Reinstatement 45 ARTICLE V REMEDIES Section Defaults and Remedies 45 SECTION 5.01 Events of Default 25 Section 45 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 47 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section Other Remedies 47 SECTION 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation of the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08 Restoration of Rights and Remedies 31 Section 5.09 Rights and Remedies Cumulative 32 Section 5.10 Delay or Omission Not a Waiver 32 Section 5.11 Control by Noteholders 32 Section 5.12 Waiver of Past Defaults 32 Section 5.13 48 SECTION 5.05 Control by Majority 48 SECTION 5.06 Limitation on Suits 48 SECTION 5.07 Rights of Holders of Notes to Receive Payment 49 SECTION 5.08 Collection Suit by Trustee 49 SECTION 5.09 Trustee May File Proofs of Claim 49 SECTION 5.10 Priorities 50 SECTION 5.11 Undertaking for Costs 33 Section 5.14 Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 50 ARTICLE VI THE INDENTURE TRUSTEE Section The Trustee 50 SECTION 6.01 Certain Duties and Responsibilities 50 SECTION 6.02 Notice of Indenture Trustee 34 Section 6.02 Defaults 51 SECTION 6.03 Certain Rights of Trustee 52 SECTION 6.04 Not Responsible for Recitals or Issuance of Notes 53 SECTION 6.05 May Hold Notes 53 SECTION 6.06 Money Held in Trust 53 SECTION 6.07 Compensation and Reimbursement 53 SECTION 6.08 Disqualification; Conflicting Interests 54 SECTION 6.09 Corporate Trustee Required; Eligibility 55 SECTION 6.10 Resignation and Removal; Appointment of Successor 55 SECTION 6.11 Acceptance of Appointment by Successor 57 SECTION 6.12 Merger, Conversion, Consolidation or Succession to Business 58 SECTION 6.13 Appointment of Authenticating Agent 58 SECTION 6.14 Preferential Collection of Claims 59 ARTICLE VII Holders’ Lists and Reports by Trustee and the Issuers 59 SECTION 7.01 Issuers to Furnish Trustee Names and Addresses of Holders 59 Page SECTION 7.02 Preservation of Information; Communications to Holders 60 SECTION 7.03 Reports by Trustee 61 SECTION 7.04 Reports by Issuers 61 ARTICLE VIII Successors 62 SECTION 8.01 Merger, Consolidation or Sale of Assets 62 SECTION 8.02 Successor Person Substituted 64 ARTICLE IX Amendment, Supplement And Waiver 64 SECTION 9.01 Without Consent of Holders of the Notes 64 SECTION 9.02 With Consent of Holders of the Notes 65 SECTION 9.03 Compliance with Trust Indenture Act 67 SECTION 9.04 Revocation and Effect of Consents 67 SECTION 9.05 Notation on or Exchange of Notes 67 SECTION 9.06 Trustee 36to Sign Amendments, etc 67 ARTICLE X Covenants 67 SECTION 10.01 Payment of Notes 67 SECTION 10.02 Maintenance of Office or Agency 68 SECTION 10.03 Reports 68 SECTION 10.04 Compliance Certificate 69 SECTION 10.05 Taxes 70 SECTION 10.06 Stay, Extension and Usury Laws 70 SECTION 10.07 Changes in Covenants When Notes Rated Investment Grade 70 SECTION 10.08 Restricted Payments 71 SECTION 10.09 Dividend and Other Payment Restrictions Affecting Subsidiaries 74 SECTION 10.10 Incurrence of Indebtedness and Issuance of Preferred Stock 75 SECTION 10.11 Asset Sales 79 SECTION 10.12 Transactions with Affiliates 80 SECTION 10.13 Liens 82 SECTION 10.14 Business Activities 82 SECTION 10.15 Corporate Existence 82 SECTION 10.16 Offer to Repurchase Upon Change of Control 82 SECTION 10.17 Limitations on Issuances of Guarantees of Indebtedness 84 SECTION 10.18 Payments for Consent 85 SECTION 10.19 Existence of Corporate Co-Issuer 85 SECTION 10.20 Designation of Restricted and Unrestricted Subsidiaries 85 SECTION 10.21 Calculation of Original Issue Discount 86 ARTICLE XI Redemption of Notes 86 SECTION 11.01 Applicability of Article 86 Page