Common use of Satisfaction and Discharge Clause in Contracts

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 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 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 36 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. 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 25 24 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 33 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 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 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 4536

Satisfaction and Discharge. 23 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 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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. Undertaking for Cost 33 Section 5.13 Undertaking for Costs 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 35 Section 6.02 6.02. Rights of Indenture Trustee 36 Section 6.03 6.03. Individual Rights of Indenture Trustee 39 38 Section 6.04 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 6.05 Notice 6.07. Compensation and Indemnity 39 Section 6.08. Replacement 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 6.09. Successor Indenture Trustee by Mxxxxx 42 Xxxxxx 41 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11 6.11. Eligibility; Disqualification 44 43 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity 44 Issuer 43 Section 6.13 6.13. Representations and Warranties of the Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.14 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 Demands to Repurchase Receivables 45Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50 ARTICLE NINE

Satisfaction and Discharge. 23 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 25 ARTICLE V REMEDIES 25 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 33 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 34 Section SECTION 6.01 Duties of Indenture Trustee 34 Section 36 SECTION 6.02 Rights of Indenture Trustee 36 Section 37 SECTION 6.03 Individual Rights of Indenture Trustee 39 Section 38 SECTION 6.04 Indenture Trustee’s Disclaimer 39 Section 38 SECTION 6.05 Notice of Defaults 40 Section 39 SECTION 6.06 Reports by Indenture Trustee 40 Section to Holders 39 SECTION 6.07 Compensation and Indemnity 40 Section 39 SECTION 6.08 Replacement of Indenture Trustee 41 Section 40 SECTION 6.09 Successor Indenture Trustee by Mxxxxx 42 Section Merger 41 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 41 SECTION 6.11 Eligibility; Disqualification 44 Section 42 SECTION 6.12 Preferential Collection of Claims Against Issuing Entity 44 Section 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 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 4543

Satisfaction and Discharge. 23 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 25 22 SECTION 4.4 Auction of Trust Student Loans 22 ARTICLE V REMEDIES 25 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 33 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 34 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 36 Section 6.03 34 SECTION 6.3 Individual Rights of Indenture Trustee 39 Section 6.04 35 SECTION 6.4 Indenture Trustee’s Disclaimer 39 Section 6.05 35 SECTION 6.5 Notice of Defaults 40 Section 6.06 35 SECTION 6.6 Reports by Indenture Trustee 40 Section 6.07 to Noteholders 35 SECTION 6.7 Compensation and Indemnity 40 Section 6.08 36 SECTION 6.8 Replacement of Indenture Trustee 41 Section 6.09 36 SECTION 6.9 Successor Indenture Trustee by Mxxxxx 42 Section Xxxxxx 37 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 38 SECTION 6.11 Eligibility; Disqualification 44 Section 39 SECTION 6.12 Preferential Collection of Claims Against Issuing Entity 44 Section 6.13 Representations the Issuer 39 ARTICLE VII Noteholders’ Lists and Warranties of the Indenture Trustee 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 45Reports

Satisfaction and Discharge. 23 Section 4.01 11.01 Satisfaction and Discharge of Indenture 23 105 Section 4.02 11.02 Application of Trust Money 24 105 ARTICLE 12. MISCELLANEOUS Section 4.03 Repayment 12.01 [Reserved] 106 Section 12.02 Notices 106 Section 12.03 Communication by Holders of Monies Held Notes with Other Holders of Notes 107 Section 12.04 Certificate and Opinion as to Conditions Precedent 108 Section 12.05 Statements Required in Certificate or Opinion 108 Section 12.06 Rules by Paying Agent 25 ARTICLE V REMEDIES 25 Trustee and Agents 108 Section 5.01 Events 12.07 No Personal Liability of Default 25 Directors, Officers, Employees and Stockholders 108 Section 5.02 Acceleration 12.08 Governing Law; Waiver of Maturity; Rescission Trial by Jury 108 Section 12.09 Jurisdiction 109 Section 12.10 No Adverse Interpretation of Other Agreements 109 Section 12.11 Successors 109 Section 12.12 Severability 109 Section 12.13 Counterpart Originals 109 Section 12.14 Table of Contents, Headings, etc. 110 Section 12.15 Judgment Currency 110 Section 12.16 FATCA 110 EXHIBITS Exhibit A1 FORM OF NOTE Exhibit A2 FORM OF REGULATION S TEMPORARY GLOBAL NOTE Exhibit B FORM OF CERTIFICATE OF TRANSFER Exhibit C FORM OF CERTIFICATE OF EXCHANGE Exhibit D FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR Exhibit E FORM OF NOTATION OF GUARANTEE Exhibit F FORM OF SUPPLEMENTAL INDENTURE INDENTURE dated as of May 8, 2015 among Viking Cruises Ltd, an exempted company incorporated with limited liability organized under the laws of Bermuda (the “Company”), the Guarantors (as defined) party hereto and Annulment 26 Section 5.03 Collection The Bank of Indebtedness New York Mellon Trust Company, N.A., a national banking association, as trustee (in such capacity, the “Trustee”). The Company, the Guarantors and Suits the Trustee agree as follows for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation the benefit of each other and for the equal and ratable benefit 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 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 36 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 Holders (as defined) of the Indenture Trustee 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 45Company’s 6.250% Senior Notes due 2025 (the “Notes”):

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 25 24 ARTICLE V REMEDIES 25 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 33 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 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual Rights of Indenture Trustee 39 37 Section 6.04 Indenture Trustee’s Disclaimer 39 37 Section 6.05 Notice of Defaults 40 37 Section 6.06 Reports by Indenture Trustee 40 38 Section 6.07 Compensation and Indemnity 40 38 Section 6.08 Replacement of Indenture Trustee 41 39 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Merger 40 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 40 Section 6.11 Eligibility; Disqualification 44 41 Section 6.12 Preferential Collection of Claims Against Issuing Entity 44 41 Section 6.13 Representations and Warranties of the Indenture Trustee 44 42 Section 6.14 Communications Regarding Demands to Repurchase Receivables 4542 ARTICLE VII

Satisfaction and Discharge. 23 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 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 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 36 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 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. 23 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 25 68 ARTICLE V FIVE REMEDIES 25 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 33 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 34 Section 6.01 SECTION 6.01. Duties of Indenture the Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section 6.05 76 SECTION 6.02. Notice of Defaults 40 Section 6.06 Reports by Indenture 77 SECTION 6.03. Certain Rights of Trustee 40 Section 6.07 77 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 Indemnity 40 Section 6.08 Replacement of Indenture Reimbursement 79 SECTION 6.08. Corporate Trustee 41 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Section 6.10 Required; Eligibility 80 SECTION 6.09. Resignation and Removal; Appointment of Co-Indenture Trustee Successor 81 SECTION 6.10. Acceptance of Appointment by Successor 81 SECTION 6.11. Merger, Conversion, Consolidation or Separate Indenture Trustee 42 Section 6.11 Eligibility; Disqualification 44 Section 6.12 Preferential Collection Succession to Business 82 SECTION 6.12. Appointment 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 45Authenticating Agent 82 ARTICLE SEVEN

Satisfaction and Discharge. 23 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 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 6.02. Rights of Indenture Trustee 37 Section 6.03. Individual Rights of Indenture Trustee 39 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05 6.05. Notice of Defaults 40 and Repurchase Requests 39 Section 6.06 6.06. Reports by Indenture Trustee to Holders 40 Section 6.07 6.07. Compensation and Indemnity 40 Section 6.08 6.08. Replacement of Indenture Trustee 41 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx Xxxxxx 42 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11 6.11. Eligibility; Disqualification 44 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity Issuer 44 Section 6.13 6.13. Issuer as Holder of the 2020-B Exchange Note 44 Section 6.14. Representations and Warranties of the Indenture Trustee 44 Section 6.14 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 Demands to Repurchase Receivables 452020-B Bank Accounts. 52 Section 8.05. Release of Trust Estate 54 ARTICLE NINE

Satisfaction and Discharge. 23 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 25 ARTICLE V REMEDIES 25 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 33 22 Section 5.13 5.14 Undertaking for Costs 33 22 ARTICLE 6 THE TRUSTEE 22 Section 5.14 Waiver of Stay or Extension Laws 33 6.1 Certain Duties and Responsibilities 22 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 36 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section 6.05 6.2 Notice of Defaults 40 23 Section 6.06 Reports by Indenture 6.3 Certain Rights of Trustee 40 23 Section 6.07 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 Indemnity 40 Reimbursement 25 Section 6.08 Replacement of Indenture 6.8 Disqualifications; Conflicting Interests 25 Section 6.9 Corporate Trustee 41 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Required; Eligibility 25 Section 6.10 Resignation and Removal; Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Successor 25 Section 6.11 Eligibility; Disqualification 44 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 Issuing Entity 44 Section 6.13 Representations Issuers and Warranties of the Indenture Trustee 44 Guarantor 27 Section 6.14 Communications Regarding Demands to Repurchase Receivables 45Appointment of Authenticating Agent 28

Satisfaction and Discharge. 23 Section 4.01 401. Satisfaction and Discharge of Indenture 23 33 Section 4.02 402. Application of Trust Money 24 Fund 34 ARTICLE FIVE REMEDIES Section 4.03 Repayment of Monies Held by Paying Agent 25 ARTICLE V REMEDIES 25 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 33 44 Section 5.13 514. Undertaking for Costs 33 45 ARTICLE SIX THE TRUSTEE Section 5.14 Waiver of Stay or Extension Laws 33 601. Certain Duties and Responsibilities 45 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 36 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section 6.05 602. Notice of Defaults 40 45 Section 6.06 Reports by Indenture 603. Certain Rights of Trustee 40 45 Section 6.07 604. 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 Indemnity 40 Reimbursement 47 Section 6.08 Replacement of Indenture 608. Disqualification; Conflicting Interests 48 Section 609. Corporate Trustee 41 Required; Eligibility 48 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Section 6.10 610. Resignation and Removal; Appointment of Co-Indenture Trustee Successor 48 Section 611. Acceptance of Appointment by Successor 50 Section 612. Merger, Conversion, Consolidation or Separate Indenture Trustee 42 Succession to Business 51 Section 6.11 Eligibility; Disqualification 44 Section 6.12 613. Preferential Collection of Claims Against Issuing Entity 44 Company 51 Section 6.13 Representations 614. Appointment of Authenticating Agent 52 ARTICLE SEVEN HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY Section 701. Company to Furnish Trustee Names and Warranties 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 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 Agency by the Company 60 Section 1003. Money for Securities Payments to be Held in Trust 60 Section 1004. Statement by Officers as to Default 61 Section 1005. Limitations on Liens on Common Stock of Principal Subsidiaries 62 ARTICLE ELEVEN REDEMPTION OF SECURITIES Section 1101. Applicability of Article 62 Section 1102. Election to Redeem; Notice to Trustee 44 62 Section 6.14 Communications Regarding Demands 1103. Selection by Trustee of Securities to Repurchase Receivables 45Be 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 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 Article 70 Section 1302. Satisfaction of Sinking Fund Payments with Securities 70 Section 1303. Redemption of Securities for Sinking Fund 71 ARTICLE FOURTEEN

Satisfaction and Discharge. 23 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 25 23 ARTICLE V REMEDIES 25 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 33 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 34 Section SECTION 6.01 Duties of Indenture Trustee 34 Section 32 SECTION 6.02 Rights of Indenture Trustee 36 Section 34 SECTION 6.03 Individual Rights of Indenture Trustee 39 Section 36 SECTION 6.04 Indenture Trustee’s Disclaimer 39 Section 36 SECTION 6.05 Notice of Defaults 40 Section 37 SECTION 6.06 Reports by Indenture Trustee 40 Section to Holders 37 SECTION 6.07 Compensation and Indemnity 40 Section 37 SECTION 6.08 Replacement of Indenture Trustee 41 Section 38 SECTION 6.09 Successor Indenture Trustee by Mxxxxx 42 Section Xxxxxx 39 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 40 TABLE OF CONTENTS (continued) Page SECTION 6.11 Eligibility; Disqualification 44 Section 41 SECTION 6.12 Preferential Collection of Claims Against Issuing Entity 44 Section 6.13 Representations Issuer 41 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS SECTION 7.01 Note Registrar To Furnish Names and Warranties 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 Section 6.14 Communications ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES SECTION 8.01 Collection of Money 45 SECTION 8.02 Accounts 45 SECTION 8.03 General Provisions Regarding Demands to Repurchase Accounts 46 SECTION 8.04 Release of Owner Trust Estate 47 SECTION 8.05 Release of Receivables 45Upon Purchase by the Seller or the Servicer 47 SECTION 8.06 Opinion of Counsel 48 ARTICLE IX SUPPLEMENTAL INDENTURES

Satisfaction and Discharge. 23 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 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 6.02. Rights of Indenture Trustee 37 Section 6.03. Individual Rights of Indenture Trustee 39 38 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 38 Section 6.05 6.05. Notice of Defaults 40 and Repurchase Requests 38 Section 6.06 6.06. Reports by Indenture Trustee 40 to Holders 38 Section 6.07 6.07. Compensation and Indemnity 40 39 Section 6.08 6.08. Replacement of Indenture Trustee 41 39 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx 42 Xxxxxx 40 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11 6.11. Eligibility; Disqualification 44 42 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity 44 Issuer 42 Section 6.13 6.13. Issuer as Holder of the 2014-A Exchange Note 42 Section 6.14. Representations and Warranties of the Indenture Trustee 43 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 456.16. Encryption 44 ARTICLE SEVEN

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 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 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 36 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section 6.05 Notice of Defaults 40 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 Mxxxxx Merger 42 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11 Eligibility; Disqualification 44 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. 23 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 25 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 33 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 37 Section 6.02 6.02. Rights of Indenture Trustee 36 38 Section 6.03 6.03. Individual Rights of Indenture Trustee 39 40 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 40 Section 6.05 6.05. Notice of Defaults and Repurchase Requests 40 Section 6.06 6.06. Reports by Indenture Trustee 40 to Holders 41 Section 6.07 6.07. Compensation and Indemnity 40 41 Section 6.08 6.08. Replacement of Indenture Trustee 41 42 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx 42 Xxxxxx 43 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11 6.11. Eligibility; Disqualification 44 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity 44 Issuer 45 Section 6.13 6.13. Issuer as Holder of the 2018-A Exchange Note 45 Section 6.14. Representations and Warranties of the Indenture Trustee 44 45 Section 6.14 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 Demands to Repurchase Receivables 452018-A Bank Accounts. 53 Section 8.05. Release of Trust Estate 55 Page ARTICLE NINE

Satisfaction and Discharge. 23 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 25 23 ARTICLE V REMEDIES 25 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 33 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 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 35 Section 6.03 Individual Rights of Indenture Trustee 39 37 Section 6.04 Indenture Trustee’s Disclaimer 39 37 Section 6.05 Notice of Defaults 40 37 Section 6.06 Reports by Indenture Trustee 40 38 Section 6.07 Compensation and Indemnity 40 38 Section 6.08 Replacement of Indenture Trustee 41 39 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Merger 40 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 40 Section 6.11 Eligibility; Disqualification 44 41 Section 6.12 Preferential Collection of Claims Against Issuing Entity 44 42 Section 6.13 Representations and Warranties of the Indenture Trustee 44 42 Section 6.14 Communications Regarding Demands to Repurchase Receivables 4542 ARTICLE VII

Satisfaction and Discharge. 23 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 25 Indenture 18 Section 4.04 Defeasance of Certain Obligations 19 Section 4.05 Effect of Subordination Provisions 20 ARTICLE V REMEDIES 25 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 33 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 34 Section 6.01 Certain Duties of Indenture Trustee 34 and Responsibilities 26 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section 6.05 Notice of Defaults 40 26 Section 6.03 Certain Rights of Trustee 27 Section 6.04 Not Responsible for Recitals or Issuance of Securities 28 Section 6.05 May Hold Securities 28 Section 6.06 Reports by Indenture Trustee 40 Money Held in Trust 28 Section 6.07 Compensation Compensation, Reimbursement and Indemnity 40 Indemnification 28 Section 6.08 Replacement of Indenture Trustee 41 Individual Rights; Disqualification; Conflicting Interests 29 Section 6.09 Successor Indenture Corporate Trustee by Mxxxxx 42 Required; Eligibility 29 Section 6.10 Resignation and Removal; Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Successor 29 Section 6.11 Eligibility; Disqualification 44 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 Issuing Entity 44 Section 6.13 Representations and Warranties of the Indenture Trustee 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 45Issuers 31

Satisfaction and Discharge. 23 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 25 27 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 33 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 38 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual 6.02. 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 6.03. Individual Rights of Indenture Trustee 41 Section 6.09 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 Mxxxxx 42 Xxxxxx 44 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 44 Section 6.11 6.11. Eligibility; Disqualification 44 45 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity 44 Issuer 46 Section 6.13 6.13. Issuer as Holder of the 2019-B Exchange Note 46 Section 6.14. Representations and Warranties of the Indenture Trustee 44 46 Section 6.14 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 Demands to Repurchase Receivables 452019-B Bank Accounts 53 Section 8.05. Release of Trust Estate 55 ARTICLE NINE

Satisfaction and Discharge. 23 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 25 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 33 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 37 Section 6.02 6.02. Rights of Indenture Trustee 36 38 Section 6.03 6.03. Individual Rights of Indenture Trustee 39 40 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 40 Section 6.05 6.05. Notice of Defaults and Repurchase Requests 40 Section 6.06 6.06. Reports by Indenture Trustee 40 to Holders 41 Section 6.07 6.07. Compensation and Indemnity 40 41 Section 6.08 6.08. Replacement of Indenture Trustee 41 42 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx 42 Xxxxxx 43 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11 6.11. Eligibility; Disqualification 44 45 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity 44 Issuer 45 Section 6.13 6.13. Issuer as Holder of the 2019-A Exchange Note 45 Section 6.14. Representations and Warranties of the Indenture Trustee 44 45 Section 6.14 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 Demands to Repurchase Receivables 452019-A Bank Accounts. 53 Section 8.05. Release of Trust Estate 55 ARTICLE NINE

Satisfaction and Discharge. 23 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 25 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 6.02. Rights of Indenture Trustee 37 Section 6.03. Individual Rights of Indenture Trustee 39 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05 6.05. Notice of Defaults 40 Defaults; Notice of Repurchase Requests 39 Section 6.06 6.06. Reports and Documents by Indenture Trustee to Noteholders 40 Section 6.07 6.07. Compensation and Indemnity 40 41 Section 6.08 6.08. Replacement of Indenture Trustee 41 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx Xxxxxx 42 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11 6.11. Eligibility; Disqualification 44 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity Issuer 44 Section 6.13 6.13. Representations and Warranties of the Indenture Trustee 44 Section 6.14 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 Demands to Repurchase Receivables 45Accounts 50 Section 8.04. Release of Trust Estate 51 Section 8.05. Opinion of Counsel 51 ARTICLE NINE

Satisfaction and Discharge. 23 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 25 24 ARTICLE V REMEDIES 25 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 33 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 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 35 Section 6.03 Individual Rights of Indenture Trustee 39 37 Section 6.04 Indenture Trustee’s Disclaimer 39 37 Section 6.05 Notice of Defaults 40 37 Section 6.06 Reports by Indenture Trustee 40 37 Section 6.07 Compensation and Indemnity 40 37 Section 6.08 Replacement of Indenture Trustee 41 38 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Merger 39 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 40 Section 6.11 Eligibility; Disqualification 44 41 Section 6.12 Preferential Collection of Claims Against Issuing Entity 44 41 Section 6.13 Representations and Warranties of the Indenture Trustee 44 41 Section 6.14 Communications Regarding Demands to Repurchase Receivables 4542 ARTICLE VII

Satisfaction and Discharge. 23 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 25 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 6.02. Rights of Indenture Trustee 37 Section 6.03. Individual Rights of Indenture Trustee 39 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05 6.05. Notice of Defaults 40 Defaults; Notice of Repurchase Requests 39 Section 6.06 6.06. Reports and Documents by Indenture Trustee to Noteholders 40 Section 6.07 6.07. Compensation and Indemnity 40 Section 6.08 6.08. Replacement of Indenture Trustee 41 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx Xxxxxx 42 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11 6.11. Eligibility; Disqualification 44 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity Issuer 44 Section 6.13 6.13. Representations and Warranties of the Indenture Trustee 44 Section 6.14 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 Demands to Repurchase Receivables 45Accounts 50 Section 8.04. Release of Trust Estate 51 Section 8.05. Opinion of Counsel 51 ARTICLE NINE

Satisfaction and Discharge. 23 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 25 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 33 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 37 Section 6.02 6.02. Rights of Indenture Trustee 36 38 Section 6.03 6.03. Individual Rights of Indenture Trustee 39 40 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 40 Section 6.05 6.05. Notice of Defaults and Repurchase Requests 40 Section 6.06 6.06. Reports by Indenture Trustee 40 to Holders 41 Section 6.07 6.07. Compensation and Indemnity 40 41 Section 6.08 6.08. Replacement of Indenture Trustee 41 42 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx 42 Xxxxxx 43 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11 6.11. Eligibility; Disqualification 44 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity 44 Issuer 45 Section 6.13 6.13. Issuer as Holder of the 2018-B Exchange Note 45 Section 6.14. Representations and Warranties of the Indenture Trustee 44 45 Section 6.14 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 Demands to Repurchase Receivables 452018-B Bank Accounts. 53 Section 8.05. Release of Trust Estate 55 ARTICLE NINE

Satisfaction and Discharge. 23 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 25 24 SECTION 4.4 Auction of Trust Student Loans 24 ARTICLE V REMEDIES 25 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 33 Section 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 34 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 36 Section 6.03 37 SECTION 6.3 Individual Rights of Indenture Trustee 39 Section 6.04 38 SECTION 6.4 Indenture Trustee’s Disclaimer 39 Section 6.05 38 SECTION 6.5 Notice of Defaults 40 Section 6.06 38 SECTION 6.6 Reports by Indenture Trustee 40 Section 6.07 to Noteholders 38 SECTION 6.7 Compensation and Indemnity 40 Section 6.08 39 SECTION 6.8 Replacement of Indenture Trustee 41 Section 6.09 39 SECTION 6.9 Successor Indenture Trustee by Mxxxxx 42 Section Merger 40 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section Trustee. 41 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 4542

Satisfaction and Discharge. 23 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 25 22 ARTICLE V REMEDIES 25 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 33 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 34 Section SECTION 6.01 Duties of Indenture Trustee 34 Section 31 SECTION 6.02 Rights of Indenture Trustee 36 Section 33 SECTION 6.03 Individual Rights of Indenture Trustee 39 Section 35 SECTION 6.04 Indenture Trustee’s Disclaimer 39 Section 35 SECTION 6.05 Notice of Defaults 40 Section 36 SECTION 6.06 Reports by Indenture Trustee 40 Section to Holders 36 SECTION 6.07 Compensation and Indemnity 40 Section 36 SECTION 6.08 Replacement of Indenture Trustee 41 Section 37 SECTION 6.09 Successor Indenture Trustee by Mxxxxx 42 Section Xxxxxx 38 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section Trustee. 39 SECTION 6.11 Eligibility; Disqualification 44 Section 40 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 45Issuer 40 -iii- (NAROT 2020-B Indenture) TABLE OF CONTENTS (continued) Page ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS

Satisfaction and Discharge. 23 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 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 6.02. Rights of Indenture Trustee 37 Section 6.03. Individual Rights of Indenture Trustee 39 38 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 38 Section 6.05 6.05. Notice of Defaults 40 and Repurchase Requests 38 Section 6.06 6.06. Reports by Indenture Trustee 40 to Holders 38 Section 6.07 6.07. Compensation and Indemnity 40 39 Section 6.08 6.08. Replacement of Indenture Trustee 41 39 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx 42 Xxxxxx 40 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11 6.11. Eligibility; Disqualification 44 42 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity 44 Issuer 42 Section 6.13 6.13. Issuer as Holder of the 2015-A Exchange Note 42 Section 6.14. Representations and Warranties of the Indenture Trustee 43 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 456.16. Encryption 44

Satisfaction and Discharge. 23 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 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 6.02. Rights of Indenture Trustee 37 Section 6.03. Individual Rights of Indenture Trustee 39 38 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 38 Section 6.05 6.05. Notice of Defaults 40 and Repurchase Requests 38 Section 6.06 6.06. Reports by Indenture Trustee 40 to Holders 38 Section 6.07 6.07. Compensation and Indemnity 40 39 Section 6.08 6.08. Replacement of Indenture Trustee 41 39 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx 42 40 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11 6.11. Eligibility; Disqualification 44 42 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity 44 Issuer 42 Section 6.13 6.13. Issuer as Holder of the 2012-A Exchange Note 42 Section 6.14. Representations and Warranties of the Indenture Trustee 42 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 43 Section 6.16. Encryption 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 45ARTICLE SEVEN

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 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 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 36 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 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. 23 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 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 Trustee. 35 Page Section 6.02 6.02. Rights of Indenture Trustee Trustee. 36 Section 6.03 6.03. Individual Rights of Indenture Trustee 39 37 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 37 Section 6.05 6.05. Notice of Defaults 40 Defaults; Notice of Repurchase Requests 38 Section 6.06 6.06. Reports and Documents by Indenture Trustee 40 to Noteholders 38 Section 6.07 6.07. Compensation and Indemnity 40 Indemnity. 39 Section 6.08 6.08. Replacement of Indenture Trustee 41 Trustee. 39 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx 42 Mxxxxx. 41 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Trustee. 41 Section 6.11 6.11. Eligibility; Disqualification 44 42 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity 44 Issuer 42 Section 6.13 6.13. Representations and Warranties of the Indenture Trustee 42 Section 6.14. Encryption 43 ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS Section 7.01. Noteholder List and Noteholder Communications 44 Section 6.14 Communications 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 Demands to Repurchase Receivables 45Accounts. 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 24 Section 4.02 Application of Trust Money 24 25 Section 4.03 Repayment of Monies Held by Paying Agent 25 ARTICLE V REMEDIES 25 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 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 34 Section 6.01 Duties of Indenture Trustee 34 35 Section 6.02 Rights of Indenture Trustee 36 37 Section 6.03 Individual Rights of Indenture Trustee 39 38 Section 6.04 Indenture Trustee’s Disclaimer 39 38 Section 6.05 Notice of Defaults 40 39 Section 6.06 Reports by Indenture Trustee 40 39 Section 6.07 Compensation and Indemnity 40 39 Section 6.08 Replacement of Indenture Trustee 41 40 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Merger 41 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11 Eligibility; Disqualification 44 42 Section 6.12 Preferential Collection of Claims Against Issuing Entity 44 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 6.14 Communications 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 Demands to Repurchase Receivables 45Accounts 47 Section 8.04 Release of Trust Estate 48 Section 8.05 Opinion of Counsel 48 ARTICLE IX

Satisfaction and Discharge. 23 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 25 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 6.02. Rights of Indenture Trustee 37 Section 6.03. Individual Rights of Indenture Trustee 39 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05 6.05. Notice of Defaults 40 Defaults; Notice of Repurchase Requests 39 Section 6.06 6.06. Reports and Documents by Indenture Trustee to Noteholders 40 Section 6.07 6.07. Compensation and Indemnity 40 41 Section 6.08 6.08. Replacement of Indenture Trustee 41 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx Xxxxxx 42 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11 6.11. Eligibility; Disqualification 44 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity Issuer 44 Section 6.13 6.13. Representations and Warranties of the Indenture Trustee 44 Section 6.14 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 Demands to Repurchase Receivables 45Accounts 50 Section 8.04. Release of Trust Estate 51 Section 8.05. Opinion of Counsel 51 ARTICLE NINE

Satisfaction and Discharge. 23 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 25 22 ARTICLE V REMEDIES 25 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 33 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 34 Section SECTION 6.01 Duties of Indenture Trustee 34 Section 31 SECTION 6.02 Rights of Indenture Trustee 36 Section 33 SECTION 6.03 Individual Rights of Indenture Trustee 39 Section 35 SECTION 6.04 Indenture Trustee’s Disclaimer 39 Section 35 SECTION 6.05 Notice of Defaults 40 Section 36 SECTION 6.06 Reports by Indenture Trustee 40 Section to Holders 36 SECTION 6.07 Compensation and Indemnity 40 Section 36 SECTION 6.08 Replacement of Indenture Trustee 41 Section 37 SECTION 6.09 Successor Indenture Trustee by Mxxxxx 42 Section Xxxxxx 38 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 38 TABLE OF CONTENTS (continued) Page SECTION 6.11 Eligibility; Disqualification 44 Section 39 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 45Issuer 39 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS

Satisfaction and Discharge. 23 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 25 29 SECTION 4.04. Release of Collateral 29 ARTICLE V V. REMEDIES 25 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 33 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 34 Section 6.01 40 SECTION 6.01. Duties of Indenture Trustee 34 Section 6.02 40 SECTION 6.02. Rights of Indenture Trustee 36 Section 6.03 42 SECTION 6.03. Individual Rights of Indenture Trustee 39 Section 6.04 44 SECTION 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05 44 SECTION 6.05. Notice of Defaults 40 Section 6.06 44 SECTION 6.06. Reports by Indenture Trustee 40 Section 6.07 to Holders 44 SECTION 6.07. Compensation and Indemnity 40 Section 6.08 44 SECTION 6.08. Replacement of Indenture Trustee 41 Section 6.09 45 SECTION 6.09. Successor Indenture Trustee by Mxxxxx 42 Section 6.10 Merger 46 SECTION 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11 46 SECTION 6.11. Eligibility; Disqualification 44 Section 6.12 48 SECTION 6.12. [Reserved] 48 SECTION 6.13. Preferential Collection of Claims Against Issuing Entity 44 Section 6.13 Representations and Warranties Issuer 48 SECTION 6.14. Waiver of the 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 44 Section 6.14 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 Demands to Repurchase Receivables 45Accounts 52 SECTION 8.04. Release of Trust Estate 53 SECTION 8.05. Opinion of Counsel 53

Satisfaction and Discharge. 23 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 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 6.02. Rights of Indenture Trustee 37 Section 6.03. Individual Rights of Indenture Trustee 39 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05 6.05. Notice of Defaults 40 and Repurchase Requests 39 Section 6.06 6.06. Reports by Indenture Trustee to Holders 40 Section 6.07 6.07. Compensation and Indemnity 40 Section 6.08 6.08. Replacement of Indenture Trustee 41 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx Xxxxxx 42 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11 6.11. Eligibility; Disqualification 44 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity Issuer 44 Section 6.13 6.13. Issuer as Holder of the 2021-A Exchange Note 44 Section 6.14. Representations and Warranties of the Indenture Trustee 44 Section 6.14 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 Demands to Repurchase Receivables 452021-A Bank Accounts. 52 Section 8.05. Release of Trust Estate 54 ARTICLE NINE

Satisfaction and Discharge. 23 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 25 20 ARTICLE V DEFAULTS AND REMEDIES 25 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 33 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 34 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 33 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 6.03 Individual Rights 6.10. Acceptance of Appointment by Successor Indenture Trustee 37 Section 6.11. Merger, Conversion, Consolidation or Succession to Business of Indenture Trustee 39 37 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 6.12. Preferential Collection of Claims Against Issuing Entity 44 38 Section 6.13 Representations 6.13. Co-Indenture Trustees and Warranties 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 Indenture Trustee 44 Mortgage Files Pursuant to Sale and Servicing Agreement 53 Section 6.14 Communications Regarding Demands to Repurchase Receivables 458.10. 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. 23 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 25 24 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 33 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 35 Section 6.02 6.02. Rights of Indenture Trustee 36 Section 6.03 6.03. Individual Rights of Indenture Trustee 39 38 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 38 Section 6.05 6.05. Notice of Defaults 40 and Repurchase Requests 38 Section 6.06 6.06. Reports by Indenture Trustee 40 to Holders 39 Section 6.07 6.07. Compensation and Indemnity 40 39 Section 6.08 6.08. Replacement of Indenture Trustee 41 40 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx 42 Xxxxxx 41 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11 6.11. Eligibility; Disqualification 44 43 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity 44 Issuer 43 Section 6.13 6.13. Issuer as Holder of the 2021-B Exchange Note 43 Section 6.14. Representations and Warranties of the Indenture Trustee 43 Section 6.15. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.14 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 Demands to Repurchase Receivables 452021-B Bank Accounts. 51 Section 8.05. Release of Trust Estate 52 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 25 24 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 33 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 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual Rights of Indenture Trustee 39 37 Section 6.04 Indenture Trustee’s Disclaimer 39 38 Section 6.05 Notice of Defaults 40 38 Section 6.06 Reports by Indenture Trustee 40 38 Section 6.07 Compensation and Indemnity 40 38 Section 6.08 Replacement of Indenture Trustee 41 39 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Merger 40 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11 Eligibility; Disqualification 44 42 Section 6.12 Preferential Collection of Claims Against Issuing Entity 44 42 Section 6.13 Representations and Warranties of the Indenture Trustee 44 42 Section 6.14 Communications Regarding Demands to Repurchase Receivables 4543

Satisfaction and Discharge. 23 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 25 31 ARTICLE V 5. REMEDIES 25 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 33 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 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual Rights of Indenture Trustee 39 Section SECTION 6.04 Indenture Trustee’s Disclaimer 39 Section 40 SECTION 6.05 Notice of Defaults May Hold Securities 40 Section SECTION 6.06 Reports by Indenture Trustee Money Held in Trust 40 Section SECTION 6.07 Compensation and Indemnity Reimbursement. The Company agrees: 40 Section SECTION 6.08 Replacement of Indenture Disqualification; Conflicting Interests 41 SECTION 6.09 Corporate Trustee Required; Eligibility 41 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Section SECTION 6.10 Resignation and Removal; Appointment of Co-Indenture Trustee Successor 42 SECTION 6.11 Acceptance of Appointment by Successor 43 SECTION 6.12 Merger, Conversion, Consolidation or Separate Indenture Trustee 42 Section 6.11 Succession to Business 44 SECTION 6.13 Eligibility; Disqualification 44 Section 6.12 SECTION 6.14 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 4544

Satisfaction and Discharge. 23 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 25 22 ARTICLE V REMEDIES 25 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 33 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 34 Section SECTION 6.01 Duties of Indenture Trustee 34 Section 31 SECTION 6.02 Rights of Indenture Trustee 36 Section 32 SECTION 6.03 Individual Rights of Indenture Trustee 39 Section 34 SECTION 6.04 Indenture Trustee’s Disclaimer 39 Section 34 SECTION 6.05 Notice of Defaults 40 Section 35 SECTION 6.06 Reports by Indenture Trustee 40 Section to Holders 35 SECTION 6.07 Compensation and Indemnity 40 Section 35 SECTION 6.08 Replacement of Indenture Trustee 41 Section 36 SECTION 6.09 Successor Indenture Trustee by Mxxxxx 42 Section Xxxxxx 37 -iii- (NAROT 2023-A Indenture) TABLE OF CONTENTS (continued) Page SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 38 SECTION 6.11 Eligibility; Disqualification 44 Section 39 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 45Issuer 39 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS

Satisfaction and Discharge. 23 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 25 22 ARTICLE V REMEDIES 25 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 33 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 34 Section SECTION 6.01 Duties of Indenture Trustee 34 Section 31 SECTION 6.02 Rights of Indenture Trustee 36 Section 32 SECTION 6.03 Individual Rights of Indenture Trustee 39 Section 34 SECTION 6.04 Indenture Trustee’s Disclaimer 39 Section 34 SECTION 6.05 Notice of Defaults 40 Section 35 SECTION 6.06 Reports by Indenture Trustee 40 Section to Holders 35 SECTION 6.07 Compensation and Indemnity 40 Section 35 SECTION 6.08 Replacement of Indenture Trustee 41 Section 36 SECTION 6.09 Successor Indenture Trustee by Mxxxxx 42 Section Xxxxxx 37 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 38 SECTION 6.11 Eligibility; Disqualification 44 Section 39 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 45Issuer 39 -iii- (NAROT 2023-B Indenture) TABLE OF CONTENTS (continued) Page ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS

Satisfaction and Discharge. 23 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 25 27 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 33 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 38 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual 6.02. 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 6.03. Individual Rights of Indenture Trustee 41 Section 6.09 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 Mxxxxx 42 Xxxxxx 44 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 44 Section 6.11 6.11. Eligibility; Disqualification 44 46 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity 44 Issuer 46 Section 6.13 6.13. Issuer as Holder of the 2020-A Exchange Note 46 Section 6.14. Representations and Warranties of the Indenture Trustee 44 46 Section 6.14 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 Demands to Repurchase Receivables 452020-A Bank Accounts 54 Section 8.05. Release of Trust Estate 56 ARTICLE NINE

Satisfaction and Discharge. 23 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 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 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 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 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 Page ARTICLE VI SIX THE INDENTURE TRUSTEE 34 Section 6.01 6.01. Duties of Indenture Trustee 34 35 Section 6.02 6.02. Rights of Indenture Trustee 36 Section 6.03 6.03. Individual Rights of Indenture Trustee 39 37 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 37 Section 6.05 6.05. Notice of Defaults 40 37 Section 6.06 6.06. Reports and Documents by Indenture Trustee 40 to Noteholders 37 Section 6.07 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 6.08 Replacement 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 6.09 Successor 6.14. Furnishing of Documents 41 Section 6.15. Encryption 41 ARTICLE SEVEN NOTEHOLDERS’ LISTS AND REPORTS Section 7.01. Issuer to Furnish Indenture Trustee by Mxxxxx Names and Addresses of Noteholders 42 Section 6.10 Appointment 7.02. Preservation of Co-Information; Communications, Reports and Certain Documents to Noteholders 42 Section 7.03. Reports by Issuer 42 Section 7.04. Reports by Indenture Trustee or Separate Indenture Trustee 42 43 ARTICLE EIGHT ACCOUNTS, DISBURSEMENTS AND RELEASES Section 6.11 Eligibility; Disqualification 8.01. Collection of Money 44 Section 6.12 Preferential Collection of Claims Against Issuing Entity 8.02. Accounts 44 Section 6.13 Representations and Warranties 8.03. General Provisions Regarding Accounts 45 Section 8.04. Release of the Indenture Trustee 44 Trust Estate 45 Section 6.14 Communications Regarding Demands to Repurchase Receivables 458.05. Opinion of Counsel 46 Page ARTICLE NINE

Satisfaction and Discharge. 23 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 Paying Agent 25 24 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 Section 5.01 5.01. Events of Default 25 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment Annulment. 26 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee Trustee. 27 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 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 30 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 32 of the Controlling Class 31 Section 5.12 5.12. Waiver of Past Defaults 33 32 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 Obligations. 33 ARTICLE VI SIX THE INDENTURE TRUSTEE 34 Section 6.01 6.01. Duties of Indenture Trustee Trustee. 34 Section 6.02 6.02. Rights of Indenture Trustee. 35 Section 6.03. Individual Rights of Indenture Trustee 36 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 45Page

Satisfaction and Discharge. 23 CANCELLATION OF NOTES HELD BY THE ISSUER OR FIA 48 Section 4.01 601. Satisfaction and Discharge of Indenture 23 48 Section 4.02 602. Application of Trust Money 24 48 Section 4.03 Repayment 603. Cancellation of Monies Notes Held by Paying Agent 25 the Issuer or FIA 49 ARTICLE V VII EVENTS OF DEFAULT AND REMEDIES 25 50 Section 5.01 701. Events of Default 25 50 Section 5.02 702. Acceleration of Maturity; Rescission and Annulment 26 51 Section 5.03 703. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 52 Section 5.04 Remedies; Priorities 29 704. Indenture Trustee May File Proofs of Claim 53 Section 5.05 Optional Preservation 705. Indenture Trustee May Enforce Claims Without Possession of Notes 53 Section 706. Application of Money Collected 54 Section 707. Indenture Trustee May Elect to Hold the Collateral Certificate 54 TABLE OF CONTENTS (continued) Page Section 708. Sale of Receivables 30 for Accelerated Notes 54 Section 5.06 709. Noteholders Have the Right to Direct the Time, Method and Place of Conducting Any Proceeding for Any Remedy Available to the Indenture Trustee 54 Section 710. Limitation of on Suits 30 55 Section 5.07 711. Unconditional Rights Right of Noteholders to Receive Principal and Interest 31 Interest; Limited Recourse 55 Section 5.08 712. Restoration of Rights and Remedies 31 56 Section 5.09 713. Rights and Remedies Cumulative 32 56 Section 5.10 714. Delay or Omission Not a Waiver 32 56 Section 5.11 715. Control by Noteholders 32 56 Section 5.12 716. Waiver of Past Defaults 33 56 Section 5.13 717. Undertaking for Costs 33 57 Section 5.14 718. Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 57 ARTICLE VI VIII THE INDENTURE TRUSTEE 34 58 Section 6.01 801. Certain Duties and Responsibilities 58 Section 802. Notice of Indenture Trustee 34 Defaults 59 Section 6.02 803. Certain Rights of Indenture Trustee 36 59 Section 6.03 Individual Rights 804. Not Responsible for Recitals or Issuance of Notes 60 Section 805. May Hold Notes 60 Section 806. Money Held in Trust 60 Section 807. Compensation and Reimbursement, Limit on Compensation, Reimbursement and Indemnity 61 Section 808. Disqualification; Conflicting Interests 61 Section 809. Corporate Indenture Trustee 39 Required; Eligibility 61 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 810. Resignation and Indemnity 40 Section 6.08 Replacement of Indenture Trustee 41 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Section 6.10 Removal; Appointment of Co-Indenture Trustee Successor 62 Section 811. Acceptance of Appointment by Successor 63 Section 812. Merger, Conversion, Consolidation or Separate Indenture Trustee 42 Succession to Business 64 Section 6.11 Eligibility; Disqualification 44 Section 6.12 813. Preferential Collection of Claims Against Issuing Entity 44 Issuer 64 Section 6.13 814. Appointment of Authenticating Agent 64 Section 815. Tax Returns 66 Section 816. Representations and Covenants of the Indenture Trustee 66 Section 817. Custody of the Collateral 67 Section 818. Indenture Trustee’s Application for Instructions from the Issuer 67 TABLE OF CONTENTS (continued) Page ARTICLE IX NOTEHOLDERS’ MEETINGS, LISTS, REPORTS BY INDENTURE TRUSTEE, ISSUER AND BENEFICIARY 68 Section 901. Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders 68 Section 902. Preservation of Information; Communications to Noteholders 68 Section 903. Reports by Indenture Trustee 69 Section 904. Meetings of Noteholders; Amendments and Waivers 70 Section 905. Reports by Issuer to the Commission 71 Section 906. Reports by Indenture Trustee 71 Section 907. Monthly Noteholders’ Statement 72 Section 908. Payment Instruction to Master Trust 72 ARTICLE X INDENTURE SUPPLEMENTS; AMENDMENTS TO THE POOLING AND SERVICING AGREEMENT AND AMENDMENTS TO THE TRUST AGREEMENT 73 Section 1001. Supplemental Indentures Without Consent of Noteholders 73 Section 1002. Supplemental Indentures with Consent of Noteholders 74 Section 1003. Execution of Indenture Supplements 76 Section 1004. Effect of Indenture Supplements 76 Section 1005. Conformity with Trust Indenture Act 76 Section 1006. Reference in Notes to Indenture Supplements 76 Section 1007. Amendments to the Pooling and Servicing Agreement 76 Section 1008. Amendments to the Trust Agreement 77 Section 1009. Notice 77 ARTICLE XI REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUER 79 Section 1101. Payment of Principal and Interest 79 Section 1102. Maintenance of Office or Agency 79 Section 1103. Money for Note Payments to be Held in Trust 79 Section 1104. Statement as to Compliance 81 Section 1105. Legal Existence 81 Section 1106. Further Instruments and Acts 81 Section 1107. Compliance with Laws 81 Section 1108. Notice of Events of Default 81 Section 1109. Certain Negative Covenants 81 TABLE OF CONTENTS (continued) Page Section 1110. No Other Business 82 Section 1111. No Borrowing 82 Section 1112. Rule 144A Information 82 Section 1113. Performance of Obligations; Servicing of Receivables 82 Section 1114. Issuer May Consolidate, Etc., Only on Certain Terms 83 Section 1115. Successor Substituted 85 Section 1116. Guarantees, Loans, Advances and Other Liabilities 85 Section 1117. Capital Expenditures 85 Section 1118. Restricted Payments 85 ARTICLE XII EARLY REDEMPTION OF NOTES 87 Section 1201. Applicability of Article 87 Section 1202. Optional Xxxxxxxxxx 00 Section 1203. Notice 88 ARTICLE XIII COLLATERAL 89 Section 1301. Recording, Etc. 89 Section 1302. Trust Indenture Act Requirements 90 Section 1303. Suits To Protect the Collateral 90 Section 1304. Purchaser Protected 91 Section 1305. Powers Exercisable by Receiver or Indenture Trustee 91 Section 1306. Determinations Relating to Collateral 91 Section 1307. Release of Collateral 91 Section 1308. Certain Actions by Indenture Trustee 92 Section 1309. Opinions as to Collateral 92 Section 1310. Delegation of Duties 93 ARTICLE XIV MISCELLANEOUS 94 Section 1401. No Petition 94 Section 1402. Trust Obligations 94 Section 1403. Limitations on Liability 94 Section 1404. Tax Treatment 95 Section 1405. Actions Taken by the Issuer 95 Section 1406. Alternate Payment Provisions 95 Section 1407. Termination of Issuer 95 Section 1408. Final Distribution 95 TABLE OF CONTENTS (continued) Page Section 1409. Termination Distributions 96 Section 1410. Derivative Counterparty as Third-Party Beneficiary 96 ARTICLE XV COMPLIANCE WITH REGULATION AB 97 Section 1501. Intent of the Parties; Reasonableness 97 Section 1502. Additional Representations and Warranties of the Indenture Trustee 44 97 Section 6.14 Communications Regarding Demands 1503. Information to Repurchase Receivables 45Be Provided by the Indenture Trustee 97 Section 1504. Report on Assessment of Compliance and Attestation 98 EXHIBITS EXHIBIT A [FORM OF] PAYMENT INSTRUCTIONS EXHIBIT B [FORM OF] MONTHLY NOTEHOLDERS’ STATEMENT EXHIBIT C [FORM OF] INVESTMENT LETTER EXHIBIT D-1 [FORM OF] CLEARANCE SYSTEM CERTIFICATE TO BE GIVEN TO THE TRUSTEE BY EUROCLEAR OR CLEARSTREAM, LUXEMBOURG FOR DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A TEMPORARY GLOBAL NOTE EXHIBIT D-2 [FORM OF] CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG BY [·] WITH RESPECT TO REGISTERED NOTES SOLD TO QUALIFIED INSTITUTIONAL BUYERS EXHIBIT D-3 [FORM OF] CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG BY A BENEFICIAL OWNER OF NOTES, OTHER THAN A QUALIFIED INSTITUTIONAL BUYER EXHIBIT E [FORM OF] ANNUAL CERTIFICATION EXHIBIT F [FORM OF] SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939 AND INDENTURE PROVISIONS* Trust Indenture Act Section Indenture Section 310(a)(1) 6.11 (a)(2) 6.11

Satisfaction and Discharge. 23 Section 4.01 Satisfaction and Discharge of Indenture 23 27 Section 4.02 Application of Trust Money 24 28 Section 4.03 Repayment of Monies Moneys Held by Paying Agent 25 28 ARTICLE V FIVE REMEDIES 25 Section 5.01 Events of Default 25 29 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 30 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 31 Section 5.04 Remedies; Priorities 29 33 Section 5.05 Optional Preservation of the Receivables 30 Collateral 34 Section 5.06 Limitation of Suits 30 34 Section 5.07 Unconditional Rights of Noteholders to To Receive Principal and Interest 31 35 Section 5.08 Restoration of Rights and Remedies 31 35 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 Noteholders 32 36 Section 5.12 Waiver of Past Defaults 33 36 Section 5.13 Undertaking for Costs 33 37 Section 5.14 Waiver of Stay or Extension Laws 33 37 Section 5.15 Action on Notes 33 37 Section 5.16 Performance and Enforcement of Certain Obligations 34 37 ARTICLE VI SIX THE INDENTURE TRUSTEE 34 Section 6.01 Duties of Indenture Trustee 34 38 Section 6.02 Rights of Indenture Trustee 36 40 Section 6.03 Individual Rights of Indenture Trustee 39 41 Section 6.04 Indenture Trustee’s Disclaimer 39 41 Section 6.05 Notice of Defaults 40 41 Section 6.06 Reports by Indenture Trustee 40 to Holders 41 Section 6.07 Compensation and Indemnity 40 41 Section 6.08 Replacement of Indenture Trustee 41 42 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Merger 43 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 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 45Page

Satisfaction and Discharge. 23 Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 38 Section 4.02 4.02. Application of Trust Money 24 39 ARTICLE 5 REMEDIES Section 4.03 Repayment of Monies Held by Paying Agent 25 ARTICLE V REMEDIES 25 Section 5.01 5.01. Events of Default 25 39 Section 5.02 5.02. Acceleration of Maturity; Rescission and Annulment 26 41 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 42 Section 5.04 Remedies; Priorities 29 5.04. Trustee May File Proofs of Claim 43 Section 5.05 Optional Preservation 5.05. Application of the Receivables 30 Money Collected 43 Section 5.06 5.06. Limitation on Suits 44 Section 5.07. Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal and Interest 31 Payment 44 Section 5.08 5.08. Restoration of Rights and Remedies 31 44 Section 5.09 5.09. Rights and Remedies Cumulative 32 45 Section 5.10 5.10. Delay or Omission Not a Waiver 32 45 Section 5.11 5.11. Control by Noteholders 32 Holders 45 Section 5.12 5.12. Waiver of Past Defaults 33 45 Section 5.13 5.13. Undertaking for Costs 33 46 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 46 ARTICLE 6 THE TRUSTEE Section 5.15 Action on Notes 33 6.01. Certain Duties and Responsibilities 46 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 36 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section 6.05 6.02. Notice of Defaults 40 47 Section 6.06 Reports by Indenture 6.03. Certain Rights Of Trustee 40 47 Section 6.07 6.04. Not Responsible for Recitals 49 Section 6.05. May Hold Securities 49 Section 6.06. Money Held in Trust 49 Section 6.07. Compensation and Indemnity 40 Reimbursement 49 Section 6.08 Replacement of Indenture 6.08. Disqualification; Conflicting Interests 50 Section 6.09. Corporate Trustee 41 Required; Eligibility 50 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Section 6.10 6.10. Resignation and Removal; Appointment of Co-Indenture Trustee Successor 50 Section 6.11. Acceptance of Appointment by Successor 52 Section 6.12. Merger, Conversion, Consolidation or Separate Indenture Trustee 42 Succession to Business 52 Section 6.11 Eligibility; Disqualification 44 Section 6.12 6.13. Preferential Collection of Claims Against Issuing Entity 44 52 ARTICLE 7 HOLDERS’ LISTS AND REPORTS BY TRUSTEE Section 6.13 Representations 7.01. Company to Furnish Trustee Names and Warranties Addresses of the Indenture Holders 53 Section 7.02. Preservation of Information; Communications to Holders 53 Section 7.03. Reports By Trustee 44 54 Section 6.14 Communications Regarding Demands to Repurchase Receivables 457.04. Reports by Company 54 ARTICLE 8 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE Section 8.01. Company May Consolidate, etc., Only on Certain Terms 54 Section 8.02. Successor Substituted 55

Satisfaction and Discharge. 23 Section 4.01 11.01 Satisfaction and Discharge of Indenture 23 100 Section 4.02 11.02 Application of Trust Money 24 101 ARTICLE 12 MISCELLANEOUS Section 4.03 Repayment 12.01 [Reserved] 101 Section 12.02 Notices 101 Section 12.03 [Reserved] 103 Section 12.04 Certificate and Opinion as to Conditions Precedent 103 Section 12.05 Statements Required in Certificate or Opinion 104 Section 12.06 Rules by Trustee and Agents 104 Section 12.07 No Personal Liability of Monies Held Directors, Officers, Employees and Stockholders 104 Section 12.08 Governing Law 104 Section 12.09 Waiver of Jury Trial 105 Section 12.10 [Reserved] 105 Section 12.11 No Adverse Interpretation of Other Agreements 105 Section 12.12 Successors 105 Section 12.13 Severability 105 Section 12.14 Counterpart Originals 105 Section 12.15 Table of Contents, Headings, etc. 105 Section 12.16 Security Advice Waiver 106 Section 12.17 Patriot Act 106 Section 12.18 Judgment Currency 106 Page ARTICLE 13 SUBORDINATION OF NOTES Section 13.01 Agreement to Subordinate 106 Section 13.02 Liquidation; Dissolution; Bankruptcy 107 Section 13.03 Default on Designated Senior Debt 107 Section 13.04 Acceleration of Notes 108 Section 13.05 When Distribution Must Be Paid Over 108 Section 13.06 Notice by the Company 109 Section 13.07 Subrogation 109 Section 13.08 Relative Rights 109 Section 13.09 Subordination May Not Be Impaired by the Company and Guarantors 110 Section 13.10 Distribution or Notice to Representative 110 Section 13.11 Rights of Trustee and Paying Agent 25 ARTICLE V REMEDIES 25 110 Section 5.01 Events 13.12 Authorization to Effect Subordination 110 EXHIBITS Exhibit A Form of Default 25 Section 5.02 Acceleration Note Exhibit B Form of Maturity; Rescission Certificate of Transfer Exhibit C Form of Certificate of Exchange Exhibit D Form of Note Guarantee INDENTURE, dated as of March 21, 2013, among Xxxxxx Inc., a Delaware corporation (the “Company”), the Guarantors (as defined herein) listed on the signature pages hereto, Deutsche Trustee Company Limited, as Trustee, Deutsche Bank AG, London Branch as Principal Paying Agent and Annulment 26 Section 5.03 Collection of Indebtedness Deutsche Bank Luxembourg S.A., as Transfer Agent 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 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 36 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 45Registrar.

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 Moneys Held by Paying Agent 25 Section 4.04 Trust Money Received by Indenture Trustee ARTICLE V FIVE 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 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 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 35 ARTICLE VI SIX THE INDENTURE TRUSTEE 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual Rights of Indenture Trustee 39 38 Section 6.04 Indenture Trustee’s Disclaimer 39 38 Section 6.05 Notice of Defaults 40 38 Section 6.06 Reports by Indenture Trustee 40 to Holders 38 Section 6.07 Compensation and Indemnity 40 38 Section 6.08 Replacement of Indenture Trustee 41 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Merger Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 40 Section 6.11 Eligibility; Disqualification 44 41 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 4542 ARTICLE SEVEN NOTEHOLDERS’ LISTS AND REPORTS

Satisfaction and Discharge. 23 Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 26 Section 4.02 4.02. Application of Trust Money 24 27 Section 4.03 4.03. Repayment of Monies Moneys Held by Paying Agent 25 28 Section 4.04. Trust Money Received by Indenture Trustee 28 ARTICLE V FIVE REMEDIES 25 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 Trustee. 30 Section 5.04 5.04. Remedies; Priorities 29 32 Section 5.05 5.05. Optional Preservation of the Receivables 30 Collateral 34 Section 5.06 5.06. Limitation of Suits 30 34 Section 5.07 5.07. Unconditional Rights of Noteholders to To Receive Principal and Interest 31 35 Section 5.08 5.08. Restoration of Rights and Remedies 31 35 Section 5.09 5.09. Rights and Remedies Cumulative 32 35 Section 5.10 5.10. Delay or Omission Not a Waiver 32 35 Section 5.11 5.11. Control by Noteholders 32 35 Section 5.12 5.12. Waiver of Past Defaults 33 36 Section 5.13 5.13. Undertaking for Costs 33 36 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 37 Section 5.15 5.15. Action on Notes 33 37 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 37 ARTICLE VI SIX THE INDENTURE TRUSTEE 34 Section 6.01 6.01. Duties of Indenture Trustee 34 38 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual 6.02. Rights of Indenture Trustee 39 Section 6.04 6.03. Individual Rights of Indenture Trustee 40 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(ii) Page

Satisfaction and Discharge. 23 Section SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section in Respect of any Series of Securities. 25 SECTION 4.02 Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 25 Money. 26 ARTICLE V REMEDIES 25 Section Remedies SECTION 5.01 Events of Default 25 Section Default. 26 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section Annulment. 28 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 29 SECTION 5.04 Trustee 27 Section 5.04 Remedies; Priorities 29 Section May File Proofs of Claim. 30 SECTION 5.05 Optional Preservation Trustee May Enforce Claims Without Possession of the Receivables Securities. 30 Section SECTION 5.06 Application of Money Collected. 30 SECTION 5.07 Limitation on Suits. 31 SECTION 5.08 Unconditional Right of Suits 30 Section 5.07 Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest Interest. 31 Section 5.08 SECTION 5.09 Restoration of Rights and Remedies 31 Section 5.09 Remedies. 32 SECTION 5.10 Rights and Remedies Cumulative Cumulative. 32 Section 5.10 SECTION 5.11 Delay or Omission Not a Waiver Waiver. 32 Section 5.11 SECTION 5.12 Control by Noteholders Holders. 32 Section 5.12 SECTION 5.13 Waiver of Past Defaults Defaults. 33 Section 5.13 SECTION 5.14 Undertaking for Costs Costs. 33 Section 5.14 SECTION 5.15 Waiver of Stay or Extension Laws Laws. 33 Section 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE The Trustee SECTION 6.01 Certain Duties and Responsibilities. 34 Section 6.01 Duties SECTION 6.02 Notice of Indenture Trustee Defaults. 34 Section 6.02 SECTION 6.03 Certain Rights of Indenture Trustee Trustee. 34 SECTION 6.04 Not Responsible for Recitals or Issuance of Securities. 36 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section SECTION 6.05 Notice of Defaults 40 Section May Hold Securities. 36 SECTION 6.06 Reports by Indenture Trustee 40 Section Money Held in Trust. 36 SECTION 6.07 Compensation and Indemnity 40 Section Reimbursement. 36 SECTION 6.08 Replacement of Indenture Disqualification; Conflicting Interests. 37 SECTION 6.09 Corporate Trustee 41 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Section Required; Eligibility. 38 SECTION 6.10 Resignation and Removal; Appointment of Co-Indenture Trustee Successor. 38 SECTION 6.11 Acceptance of Appointment by Successor. 40 SECTION 6.12 Merger, Conversion, Consolidation or Separate Indenture Trustee 42 Section 6.11 Eligibility; Disqualification 44 Section 6.12 Succession to Business. 41 SECTION 6.13 Preferential Collection of Claims Against Issuing Entity 44 Section 6.13 Representations and Warranties Company. 41 SECTION 6.14 Appointment of the Indenture Trustee 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 45Authenticating Agent. 41

Satisfaction and Discharge. 23 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 25 23 ARTICLE V REMEDIES 25 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 33 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 34 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 36 Section 6.03 Individual Rights 6.04 Not Responsible for Recitals or Issuance of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer Notes 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 45May Hold Notes 39

Satisfaction and Discharge. 23 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 25 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 6.02. Rights of Indenture Trustee 37 Section 6.03. Individual Rights of Indenture Trustee 39 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05 6.05. Notice of Defaults 40 Defaults; Notice of Repurchase Requests 39 Section 6.06 6.06. Reports and Documents by Indenture Trustee to Noteholders 40 Section 6.07 6.07. Compensation and Indemnity 40 Section 6.08 6.08. Replacement of Indenture Trustee 41 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx Xxxxxx 42 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11 6.11. Eligibility; Disqualification 44 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity Issuer 44 Section 6.13 6.13. Representations and Warranties of the Indenture Trustee 44 Section 6.14 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 Demands to Repurchase Receivables 45Accounts 51 Section 8.04. Release of Trust Estate 52 Section 8.05. Opinion of Counsel 52 ARTICLE NINE

Satisfaction and Discharge. 23 Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 4.02. Application of Trust Money 24 Section 4.03 4.03. Repayment of Monies Held by Paying Agent 25 ARTICLE V FIVE REMEDIES 25 Section 5.01 5.01. Events of Default 25 30 Section 5.02 5.02. Acceleration of Maturity; , Rescission and Annulment 26 30 Section 5.03 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 30 Section 5.04 5.04. Remedies; , Priorities 29 32 Section 5.05 5.05. Optional Preservation of the Receivables 30 33 Section 5.06 5.06. Limitation of Suits 30 Section 5.07 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 37 Section 5.08 5.08. Restoration of Rights and Remedies 31 37 Section 5.09 5.09. Rights and Remedies Cumulative 32 37 Section 5.10 5.10. Delay or Omission Not a Waiver 32 37 Section 5.11 5.11. Control by Noteholders 32 37 Section 5.12 5.12. Waiver of Past Defaults 33 37 Section 5.13 5.13. Undertaking for Costs 33 37 Section 5.14 5.14. Waiver of Stay or Extension Laws 33 Section 5.15 5.15. Action on Notes 33 37 Section 5.16 5.16. Performance and Enforcement of Certain Obligations 34 37 ARTICLE VI SIX THE INDENTURE TRUSTEE 34 Section 6.01 6.01. Duties of Indenture Trustee 34 37 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual 6.02. Rights of Indenture Trustee 39 Section 6.04 6.03. Individual Rights of Indenture Trustee 40 Section 6.04. Indenture Trustee’s Disclaimer 39 40 Section 6.05 6.05. Notice of Defaults 40 Section 6.06 6.06. Reports by Indenture Trustee to Holders 40 Section 6.07 6.07. Compensation and Indemnity 40 Section 6.08 6.08. Replacement of Indenture Trustee 41 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx 42 Xxxxxx Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 46 Section 6.11 6.11. Eligibility; , Disqualification 44 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity 44 Issuer Section 6.13 6.13. Representations and Warranties of the Indenture Trustee 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 45Trustee

Satisfaction and Discharge. 23 Section 4.01 SECTION 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02 29 SECTION 4.02. Application of Trust Money 24 Section 4.03 30 SECTION 4.03. Repayment of Monies Moneys Held by Paying Agent 25 SECTION 4.04. Release of Collateral 31 ARTICLE V V. REMEDIES 25 Section 5.01 SECTION 5.01. Events of Default 25 Section 5.02 31 SECTION 5.02. Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 33 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04 SECTION 5.04. Remedies; Priorities 29 Section 5.05 36 SECTION 5.05. Optional Preservation of the Receivables 30 Section 5.06 38 SECTION 5.06. Limitation of Suits 30 Section 5.07 38 SECTION 5.07. Unconditional Rights of Noteholders to To Receive Principal and Interest 31 Section 5.08 39 SECTION 5.08. Restoration of Rights and Remedies 31 Section 5.09 39 SECTION 5.09. Rights and Remedies Cumulative 32 Section 5.10 40 SECTION 5.10. Delay or Omission Not a Waiver 32 Section 5.11 40 SECTION 5.11. Control by Noteholders 32 Section 5.12 40 SECTION 5.12. Waiver of Past Defaults 33 Section 5.13 41 SECTION 5.13. Undertaking for Costs 33 Section 5.14 41 SECTION 5.14. Waiver of Stay or Extension Laws 33 Section 5.15 41 SECTION 5.15. Action on Notes 33 Section 5.16 42 SECTION 5.16. Performance and Enforcement of Certain Obligations 34 42 ARTICLE VI VI. THE INDENTURE TRUSTEE 34 Section 6.01 43 SECTION 6.01. Duties of Indenture Trustee 34 Section 6.02 43 SECTION 6.02. Rights of Indenture Trustee 36 Section 6.03 45 SECTION 6.03. Individual Rights of Indenture Trustee 39 Section 6.04 47 SECTION 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05 47 SECTION 6.05. Notice of Defaults 40 Section 6.06 47 SECTION 6.06. Reports by Indenture Trustee 40 Section 6.07 to Holders 47 SECTION 6.07. Compensation and Indemnity 40 Section 6.08 47 SECTION 6.08. Replacement of Indenture Trustee 41 Section 6.09 48 SECTION 6.09. Successor Indenture Trustee by Mxxxxx 42 Section 6.10 Xxxxxx 49 SECTION 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11 50 SECTION 6.11. Eligibility; Disqualification 44 Section 6.12 51 SECTION 6.12. [Reserved] 51 SECTION 6.13. Preferential Collection of Claims Against Issuing Entity 44 Section 6.13 Representations and Warranties Issuer 51 SECTION 6.14. Waiver of the Indenture Trustee 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 45Setoffs 51 SECTION 6.15. Licenses

Satisfaction and Discharge. 23 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 25 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 6.02. Rights of Indenture Trustee 37 Section 6.03. Individual Rights of Indenture Trustee 39 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05 6.05. Notice of Defaults 40 Defaults; Notice of Repurchase Requests 39 Section 6.06 6.06. Reports and Documents by Indenture Trustee to Noteholders 40 Section 6.07 6.07. Compensation and Indemnity 40 41 Section 6.08 6.08. Replacement of Indenture Trustee 41 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx Xxxxxx 42 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11 6.11. Eligibility; Disqualification 44 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity Issuer 44 Section 6.13 6.13. Representations and Warranties of the Indenture Trustee 44 Section 6.14 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 Demands to Repurchase Receivables 45Accounts 50 Section 8.04. Release of Trust Estate 51 Section 8.05. Opinion of Counsel 51 ARTICLE NINE

Satisfaction and Discharge. 23 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 84 SECTION 8.04. Conditions to Defeasance 84 SECTION 8.05. Satisfaction and Discharge of Indenture 23 Section 4.02 86 SECTION 8.06. Survival of Certain Obligations 87 SECTION 8.07. Acknowledgment of Discharge by Trustee 87 SECTION 8.08. Application of Trust Money 24 Section 4.03 87 SECTION 8.09. Repayment to Issuers 87 SECTION 8.10. Indemnity for Government Securities 87 SECTION 8.11. Reinstatement 88 ARTICLE NINE AMENDMENTS AND WAIVERS SECTION 9.01. Without Consent of Monies Held Holders 88 SECTION 9.02. With Consent of Holders 89 SECTION 9.03. Effect of Supplemental Indentures 90 SECTION 9.04. Notation on or Exchange of Notes 90 SECTION 9.05. [Reserved] 90 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 91 ARTICLE TEN GUARANTEE SECTION 10.01. Notes Guarantees 91 SECTION 10.02. Subrogation 93 SECTION 10.03. Release of Subsidiary Guarantees 93 SECTION 10.04. Limitation and Effectiveness of Guarantees 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 94 Page ARTICLE ELEVEN SUBORDINATION SECTION 11.01. Agreement to Subordinate 94 SECTION 11.02. Liquidation, Dissolution, Bankruptcy 95 SECTION 11.03. Payment Blockage 95 SECTION 11.04. Trustee Entitled to Rely 96 SECTION 11.05. Trustee to Effectuate Subordination of Each Subsidiary Guarantee; Intercreditor Agreement 96 SECTION 11.06. Trustee Not Fiduciary for the Holders of Senior Debt 97 SECTION 11.07. Reliance on Subordination Provisions; Amendments 97 SECTION 11.08. Trustee’s Compensation Not Prejudiced 98 SECTION 11.09. Subrogation to Rights of Holders of Senior Debt 98 SECTION 11.10. Provisions Solely to Define Relative Rights 98 SECTION 11.11. Notice to Trustee 98 SECTION 11.12. No Suspense of Remedies 99 SECTION 11.13. Trust Moneys Not Subordinated 99 ARTICLE TWELVE MISCELLANEOUS SECTION 12.01. Release of U.S. Issuer’s Obligations 99 SECTION 12.02. Notices 100 SECTION 12.03. Certificate and Opinion as to Conditions Precedent 102 SECTION 12.04. Statements Required in Certificate or Opinion 102 SECTION 12.05. Rules by Trustee, Paying Agent 25 ARTICLE V REMEDIES 25 Section 5.01 Events and Registrar 103 SECTION 12.06. Legal Holidays 103 SECTION 12.07. Governing Law 103 SECTION 12.08. Jurisdiction 103 SECTION 12.09. No Recourse Against Others 104 SECTION 12.10. Successors 104 SECTION 12.11. Multiple Originals 104 SECTION 12.12. Table of Default 25 Section 5.02 Acceleration Contents, Cross-Reference Sheet and Headings 104 SECTION 12.13. Severability 104 SECTION 12.14. Currency Indemnity 104 Schedules Schedule I - Agreed Security Principles Exhibits Exhibit A - Form of Maturity; Rescission Notes 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 INDENTURE dated as of January 30, 2017 among Ardagh Packaging Finance plc, a public limited company incorporated under the laws of Ireland (the “Irish Issuer”), Ardagh Holdings USA Inc., a Delaware corporation (the “U.S. Issuer” and, together with the Irish Issuer, the “Issuers”), Ardagh Packaging Holdings Limited (the “Parent Guarantor”), Citibank, N.A., London Branch, as trustee (the “Trustee”), as principal paying agent (the “Principal Paying Agent”) and Annulment 26 Section 5.03 Collection as transfer agent (the “Transfer Agent”), Citibank, N.A. as U.S. paying agent (the “U.S. Paying Agent”) and Citigroup Global Markets Deutschland AG, as Registrar. RECITALS OF THE ISSUERS AND THE PARENT GUARANTOR The Issuers have duly authorized the execution and delivery of Indebtedness this Indenture to provide for the issuance of their 6.000% Senior Notes due 2025 issued on the date hereof (the “Original Notes”) and Suits any additional notes that may be issued after the Issue Date under this Indenture (“Additional Notes”). The Original Notes and Additional Notes together are the “Notes”. The Issuers and the Parent Guarantor have received good and valuable consideration for Enforcement by Indenture Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation the execution and delivery of this Indenture. The Parent Guarantor will derive substantial direct and indirect benefits from the issuance of the Receivables 30 Section 5.06 Limitation of Suits 30 Section 5.07 Unconditional Rights of Noteholders Notes. All necessary acts and things have been done to Receive Principal make (i) the Notes, when duly issued and Interest 31 Section 5.08 Restoration of Rights executed by the Issuers and Remedies 31 Section 5.09 Rights authenticated 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 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 delivered hereunder, the legal, valid 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 36 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 binding obligations of the Issuers and (ii) this Indenture Trustee 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 45(including the Guarantees included herein) a legal, valid and binding agreement of the Issuers and the Parent Guarantor in accordance with the terms of this Indenture.

Satisfaction and Discharge. 23 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 25 ARTICLE V FIVE 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 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 33 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 37 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual 6.02. Rights of Indenture Trustee 39 Section 6.04 6.03. Individual Rights of Indenture Trustee 40 Section 6.04. Indenture Trustee’s Disclaimer 39 40 Section 6.05 6.05. Notice of Defaults Rapid Amortization Events and Events of Master Servicing Termination 40 Section 6.06 6.06. Reports by Indenture Trustee to Holders 40 Section 6.07 6.07. Compensation and Indemnity 40 Section 6.08 6.08. Replacement of Indenture Trustee 41 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx Xxxxxx 42 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11 6.11. Eligibility; Disqualification 44 Section 6.12 6.12. Representations and Warranties 44 Section 6.13. 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 Issuer. 45

Satisfaction and Discharge. 23 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 25 26 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 6.02. Rights of Indenture Trustee 37 Section 6.03. Individual Rights of Indenture Trustee 39 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 Section 6.05 6.05. Notice of Defaults 40 Defaults; Notice of Repurchase Requests 39 Section 6.06 6.06. Reports and Documents by Indenture Trustee to Noteholders 40 Section 6.07 6.07. Compensation and Indemnity 40 41 Section 6.08 6.08. Replacement of Indenture Trustee 41 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx Xxxxxx 42 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11 6.11. Eligibility; Disqualification 44 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity Issuer 44 Section 6.13 6.13. Representations and Warranties of the Indenture Trustee 44 Section 6.14 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 Demands to Repurchase Receivables 45Accounts 50 Section 8.04. Release of Trust Estate 51 Section 8.05. Opinion of Counsel 51 ARTICLE NINE

Satisfaction and Discharge. 23 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 25 20 ARTICLE V DEFAULTS AND REMEDIES 25 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 33 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 34 Section 6.01 6.01. Duties of Indenture Trustee 29 Section 6.02. Notice of Default 31 Section 6.03. Rights of Indenture Trustee 32 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 6.02 Rights 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 6.03 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 6.12. Preferential Collection of Claims Against Issuing Entity 44 36 Section 6.13 Representations 6.13. Co-Indenture Trustees and Warranties Separate Indenture Trustees 36 Section 6.14. Authenticating Agents 37 Section 6.15. Review of the Mortgage Files 38 Section 6.16. Indenture Trustee 44 Expenses Indemnification 39 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS Section 6.14 7.01. Note Registrar to Furnish Indenture Trustee Names and Addresses of Noteholders 39 Section 7.02. Preservation of Information: Communications Regarding Demands to Repurchase Receivables 45Noteholders 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. 23 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 25 to Repay Moneys Held 31 Section 4.07. Return of Unclaimed Amounts 31 ARTICLE V 5 REMEDIES 25 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 33 37 Section 5.13 5.14. Undertaking for Costs 33 37 Section 5.14 5.15. Waiver of Stay or Extension Laws 33 38 ARTICLE 6 THE TRUSTEE Section 5.15 Action on Notes 33 6.01. Certain Duties and Responsibilities of Trustee 38 Section 5.16 Performance and Enforcement 6.02. Notice of Defaults 39 Section 6.03. Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section 6.05 Notice 6.04. Not Responsible for Recitals or Issuance of Defaults Securities 40 Section 6.06 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 Indenture Trustee 40 Section 6.07 Compensation and Indemnity 40 Section 6.08 Replacement of Indenture Trustee to Holders 41 Section 6.09 Successor Indenture 6.09. Corporate Trustee by Mxxxxx Required; Eligibility 42 Section 6.10 6.10. Resignation and Removal; Appointment of Co-Indenture Trustee or Separate Indenture Trustee Successor 42 Section 6.11 Eligibility; Disqualification 6.11. Acceptance of Appointment by Successor 43 Section 6.12. Merger, Conversion, Consolidation or Succession to Business 44 Section 6.12 6.13. Preferential Collection of Claims Against Issuing Entity Company 44 Section 6.13 Representations and Warranties 6.14. Appointment of the Indenture Trustee Authenticating Agent 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 45ARTICLE 7 [INTENTIONALLY OMITTED] ARTICLE 8

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 25 24 ARTICLE V REMEDIES 25 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 33 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 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual Rights of Indenture Trustee 39 37 Section 6.04 Indenture Trustee’s Disclaimer 39 37 Section 6.05 Notice of Defaults 40 38 Section 6.06 Reports by Indenture Trustee 40 38 Section 6.07 Compensation and Indemnity 40 38 Section 6.08 Replacement of Indenture Trustee 41 39 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Merger 40 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 40 Section 6.11 Eligibility; Disqualification 44 41 Section 6.12 Preferential Collection of Claims Against Issuing Entity 44 41 Section 6.13 Representations and Warranties of the Indenture Trustee 44 42 Section 6.14 Communications Regarding Demands to Repurchase Receivables 4542 ARTICLE VII

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 25 24 ARTICLE V REMEDIES 25 24 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 33 32 Section 5.13 Undertaking for Costs 33 32 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 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section 6.05 Notice of Defaults 40 39 Section 6.06 Reports by Indenture Trustee 40 39 Section 6.07 Compensation and Indemnity 40 39 Section 6.08 Replacement of Indenture Trustee 41 40 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Xxxxxx 41 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11 Eligibility; Disqualification 44 43 Section 6.12 Preferential Collection of Claims Against Issuing Entity 44 43 Section 6.13 Representations and Warranties of the Indenture Trustee 44 43 Section 6.14 Communications Regarding Demands to Repurchase Receivables 4544

Satisfaction and Discharge. 23 Section 4.01 SECTION 4.1. Satisfaction and Discharge of Indenture 23 Section 4.02 Indenture. 29 SECTION 4.2. Application of Trust Money 24 Section 4.03 Repayment Money. 30 SECTION 4.3. Defeasance and Discharge of Monies Held by Paying Agent 25 Securities of any Series. 30 SECTION 4.4. Reinstatement. 31 ARTICLE V 5 REMEDIES 25 Section 5.01 SECTION 5.1. Events of Default 25 Section 5.02 Default. 32 SECTION 5.2. Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 Annulment. 33 SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 33 SECTION 5.4. Trustee 27 Section 5.04 Remedies; Priorities 29 Section 5.05 Optional Preservation May File Proof of the Receivables 30 Section 5.06 Claim. 34 SECTION 5.5. Trustee May Enforce Claims Without Possession of Securities. 34 SECTION 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, Interest and Interest 31 Section 5.08 Additional Amounts. 35 SECTION 5.9. Restoration of Rights and Remedies 31 Section 5.09 Remedies. 35 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.10 Cumulative. 36 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.11 Waiver. 36 SECTION 5.12. Control by Noteholders 32 Section 5.12 Holders. 36 SECTION 5.13. Waiver of Past Defaults 33 Section 5.13 Defaults. 36 SECTION 5.14. Undertaking for Costs 33 Section 5.14 Costs. 37 SECTION 5.15. Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance Laws. 37 ARTICLE 6 THE TRUSTEE SECTION 6.1. Certain Duties and Enforcement Responsibilities. 37 SECTION 6.2. Notice of Defaults. 38 SECTION 6.3. Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual Rights Trustee. 39 SECTION 6.4. Not Responsible for Recitals or Issuance 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 Securities. 41 SECTION 6.5. May Hold Securities. 41 SECTION 6.6. Money Held in Trust. 41 SECTION 6.7. Compensation and Indemnity 40 Section 6.08 Replacement of Indenture Reimbursement. 41 SECTION 6.8. Conflicting Interests. 42 SECTION 6.9. Corporate Trustee 41 Section 6.09 Successor Indenture Trustee by Mxxxxx Required; Eligibility. 42 Section 6.10 SECTION 6.10. Resignation and Removal; Appointment of Co-Indenture Trustee Successor. 42 SECTION 6.11. Acceptance of Appointment by Successor. 44 SECTION 6.12. Merger, Conversion, Consolidation or Separate Indenture Trustee 42 Section 6.11 Eligibility; Disqualification 44 Section 6.12 Succession to Business. 45 SECTION 6.13. 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 Issuer or Guarantor. 45

Satisfaction and Discharge. 23 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 25 42 ARTICLE V FIVE EVENTS OF DEFAULT; REMEDIES 25 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 33 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 34 Section 6.01 6.01. Duties of Indenture Trustee 34 Trustee. 53 Section 6.02 6.02. Rights of Indenture Trustee 36 Trustee. 54 Section 6.03 6.03. Individual Rights of Indenture Trustee 39 55 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 55 Section 6.05 6.05. Notice of Defaults 40 55 Section 6.06 6.06. Reports by Indenture Trustee 40 to Noteholders 55 Section 6.07 6.07. Compensation and Indemnity 40 Indemnity. 55 Section 6.08 6.08. Replacement of Indenture Trustee 41 Trustee. 56 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx 42 Xxxxxx. 57 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Trustee. 58 Section 6.11 6.11. Eligibility; Disqualification 44 59 Section 6.12 6.12. Preferential Collection of Claims Against Issuing Entity 44 Issuer 60 Section 6.13 6.13. Representations and Warranties of the Indenture Trustee 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 4560 ARTICLE SEVEN

Satisfaction and Discharge. 23 Section 4.01 Satisfaction and Discharge of Indenture 23 24 Section 4.02 Discharge and Defeasance 25 Section 4.03 Covenant Defeasance 26 Section 4.04 Conditions To Defeasance Or Covenant Defeasance 26 Section 4.05 Application of Trust Money 24 Money; Excess Funds 28 Section 4.03 Repayment of Monies Held by 4.06 Paying Agent 25 to Repay Moneys Held 28 Section 4.07 Return of Unclaimed Amounts 29 ARTICLE V REMEDIES 25 Section 5.01 Events of Default 25 29 Section 5.02 Acceleration of Maturity; Rescission Rescission, and Annulment 26 31 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 32 Section 5.04 Remedies; Priorities 29 Trustee May File Proofs of Claim 32 Section 5.05 Optional Preservation Trustee May Enforce Claims Without Possession of the Receivables 30 Securities 33 Section 5.06 Limitation Application of Suits 30 Money Collected 33 Section 5.07 Limitation on Suits 34 Section 5.08 Unconditional Rights Right of Noteholders Securityholders to Receive Principal Principal, Premium, and Interest 31 34 Section 5.08 5.09 Restoration of Rights and Remedies 31 34 Section 5.09 5.10 Rights and Remedies Cumulative 32 35 Section 5.10 5.11 Delay or Omission Not a Waiver 32 35 Section 5.11 5.12 Control by Noteholders 32 Securityholders 35 Section 5.12 5.13 Waiver of Past Defaults 33 35 Section 5.13 5.14 Undertaking for Costs 33 36 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 36 ARTICLE VI THE INDENTURE TRUSTEE 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 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 45TRUSTEE

Satisfaction and Discharge. 23 Section 4.01 Satisfaction and Discharge of Indenture 23 25 Section 4.02 Application of Trust Money 24 26 Section 4.03 Repayment of Monies Moneys Held by Paying Agent 25 27 Section 4.04 Release of Collateral 27 ARTICLE V V. REMEDIES 25 Section 5.01 Events of Default 25 27 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 28 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 29 Section 5.04 Remedies; Priorities 29 31 Section 5.05 Optional Preservation of the Receivables 30 34 Section 5.06 Limitation of Suits 30 34 Section 5.07 Unconditional Rights of Noteholders to To Receive Principal and Interest 31 35 Section 5.08 Restoration of Rights and Remedies 31 35 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 33 36 Section 5.13 Undertaking for Costs 33 37 Section 5.14 Waiver of Stay or Extension Laws 33 37 (2011-B Indenture) TABLE OF CONTENTS (continued) Page Section 5.15 Action on Notes 33 37 Section 5.16 Performance and Enforcement of Certain Obligations 34 38 ARTICLE VI VI. THE INDENTURE TRUSTEE 34 Section 6.01 Duties of Indenture Trustee 34 38 Section 6.02 Rights of Indenture Trustee 36 40 Section 6.03 Individual Rights of Indenture Trustee 39 41 Section 6.04 Indenture Trustee’s Disclaimer 39 41 Section 6.05 Notice of Defaults 40 41 Section 6.06 Reports by Indenture Trustee 40 to Holders 41 Section 6.07 Compensation and Indemnity 40 41 Section 6.08 Replacement of Indenture Trustee 41 42 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Merger 43 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11 Eligibility; Disqualification 44 Section 6.12 [Reserved] 44 Section 6.13 Preferential Collection of Claims Against Issuing Entity 44 Section 6.13 Representations and Warranties of the Indenture Trustee Issuer 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables Waiver of Setoffs 45

Satisfaction and Discharge. 23 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 25 32 ARTICLE V REMEDIES 25 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 33 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 34 Section 6.01 Duties of Indenture 6.1. Corporate Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual Rights of Indenture Trustee Required 39 Section 6.04 Indenture Trustee’s Disclaimer 39 6.2. Certain Duties and Responsibilities 40 TABLE OF CONTENTS (continued) Page Section 6.05 6.3. 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 6.4. Certain Rights of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11 Eligibility; Disqualification 6.5. May Hold Securities 44 Section 6.12 Preferential Collection of Claims Against Issuing Entity 6.6. Compensation; Reimbursement; Indemnity 44 Section 6.13 Representations 6.7. Resignation and Warranties Removal; Appointment of the Indenture 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 44 Names and Addresses of Holders 48 Section 6.14 7.2. Preservation of Information, Communications Regarding Demands to Repurchase Receivables 45Holders 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. 23 Section 4.01 4.01. Satisfaction and Discharge of Indenture 23 30 Section 4.02 4.02. Application of Trust Money 24 31 ARTICLE FIVE REMEDIES Section 4.03 Repayment of Monies Held by Paying Agent 25 ARTICLE V REMEDIES 25 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 33 37 Section 5.13 5.14. Undertaking for Costs 33 38 Section 5.14 5.15. Waiver of Usury, Stay or Extension Laws 33 38 ARTICLE SIX THE TRUSTEE Section 5.15 Action on Notes 33 6.01. Certain Duties and Responsibilities 38 Section 5.16 Performance and Enforcement 6.02. Notice of Defaults 39 Section 6.03. Certain Obligations 34 ARTICLE VI THE INDENTURE TRUSTEE 34 Section 6.01 Duties of Indenture Trustee 34 Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section 6.05 Notice 6.04. Not Responsible for Recitals or Issuance of Defaults Securities 40 Section 6.06 Reports by Indenture Trustee 6.05. May Hold Securities 40 Section 6.07 6.06. Money Held in Trust 40 Section 6.07. Compensation and Indemnity Reimbursement 40 Section 6.08 Replacement of Indenture Trustee 6.08. Conflicting Interests 41 Section 6.09 6.09. Corporate Trustee Required; Eligibility 41 Section 6.10. Resignation and Removal; Appointment of Successor Indenture Trustee 41 Section 6.11. Acceptance of Appointment by Mxxxxx Successor 42 Section 6.10 Appointment of Co-Indenture Trustee 6.12. Merger, Conversion, Consolidation or Separate Indenture Trustee 42 Succession to Business 43 Section 6.11 Eligibility; Disqualification 44 Section 6.12 6.13. Preferential Collection of Claims Against Issuing Entity Company and Subsidiary Guarantors 44 Section 6.13 Representations 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 Warranties Addresses of the Indenture Holders 45 Section 7.02. Preservation of Information; Communications to Holders 46 Section 7.03. Reports by Trustee 44 46 Section 6.14 Communications Regarding Demands to Repurchase Receivables 457.04. 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. 23 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 25 33 ARTICLE V REMEDIES 25 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 33 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 34 Section 6.01 6.1. Corporate Trustee Required 40 Section 6.2. Certain Duties of Indenture Trustee 34 and Responsibilities 40 TABLE OF CONTENTS (continued) Page Section 6.02 Rights of Indenture Trustee 36 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section 6.05 6.3. 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 6.4. Certain Rights of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11 Eligibility; Disqualification 6.5. May Hold Securities 44 Section 6.12 Preferential Collection of Claims Against Issuing Entity 6.6. Compensation; Reimbursement; Indemnity 44 Section 6.13 Representations 6.7. Resignation and Warranties Removal; Appointment of the Indenture Trustee 44 Successor 45 Section 6.14 Communications Regarding Demands 6.8. Acceptance of Appointment by Successor 46 Section 6.9. Merger, Conversion, Consolidation or Succession to Repurchase Receivables 45Business 47 Section 6.10. Not Responsible for Recitals or Issuance of Securities 47 Section 6.11. Appointment of Authenticating Agent 47 ARTICLE VII

Satisfaction and Discharge. 23 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 25 ARTICLE V REMEDIES 25 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 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 36 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 45Registrar.

Satisfaction and Discharge. 23 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 25 20 Section 4.04. Auction of Trust Student Loans 21 ARTICLE V REMEDIES 25 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 33 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 34 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 of Indenture Trustee 36 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 6.04. Indenture Trustee’s Disclaimer 39 34 Section 6.05 6.05. Notice of Defaults 40 34 Section 6.06 6.06. Reports by Indenture Trustee 40 to Noteholders 34 Section 6.07 6.07. Compensation and Indemnity 40 34 Section 6.08 6.08. Replacement of Indenture Trustee 41 35 Section 6.09 6.09. Successor Indenture Trustee by Mxxxxx 42 36 Section 6.10 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 36 Section 6.11 6.11. Eligibility; Disqualification 44 37 Section 6.12 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 45Issuer 38 Page

Satisfaction and Discharge. 23 30 Section 4.01 Satisfaction and Discharge of Indenture 23 30 Section 4.02 Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 25 31 ARTICLE V REMEDIES 25 31 Section 5.01 Events of Default 25 31 Section 5.02 Acceleration of Maturity; Rescission and Annulment 26 33 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 34 Section 5.04 Remedies; Priorities 29 Trustee May File Proofs of Claim 34 Section 5.05 Optional Preservation Trustee May Enforce Claims Without Possession of the Receivables 30 Securities 35 Section 5.06 Limitation Application of Suits 30 Money Collected 35 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Limitation on Suits 35 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 Noteholders 32 Holders 36 Section 5.12 Waiver of Past Defaults 33 36 Section 5.13 Undertaking for Costs 33 37 Section 5.14 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 37 ARTICLE VI THE INDENTURE TRUSTEE 34 38 Section 6.01 Certain Duties of Indenture Trustee 34 and Responsibilities 38 Section 6.02 Rights of Indenture Trustee 36 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 6.03 Certain Rights of Trustee 39 TABLE OF CONTENTS (continued) Page Section 6.04 Not Responsible for Recitals or Issuance of Securities 40 Section 6.05 May Hold Securities 40 Section 6.06 Reports by Indenture Trustee Money Held in Trust 40 Section 6.07 Compensation and Indemnity 40 Reimbursement 41 Section 6.08 Replacement of Indenture Trustee Conflicting Interests 41 Section 6.09 Successor Indenture Corporate Trustee by Mxxxxx 42 Required; Eligibility 41 Section 6.10 Resignation and Removal; Appointment of Co-Indenture Trustee or Separate Indenture Trustee Successor 42 Section 6.11 Eligibility; Disqualification Acceptance of Appointment by Successor 43 Section 6.12 Merger, Conversion, Consolidation or Succession to Business 44 Section 6.12 6.13 Preferential Collection of Claims Against Issuing Entity 44 Section 6.13 Representations and Warranties of the Indenture Trustee Company 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 45Appointment of Authenticating Agent 44

Satisfaction and Discharge. 23 Section 4.01 SECTION 4.1. Satisfaction and Discharge of Indenture 23 Section 4.02 29 SECTION 4.2. Application of Trust Money 24 Section 4.03 Repayment 30 SECTION 4.3. Defeasance and Discharge of Monies Held by Paying Agent 25 Securities of any Series 30 SECTION 4.4. Reinstatement 32 ARTICLE V 5 REMEDIES 25 Section 5.01 SECTION 5.1. Events of Default 25 Section 5.02 32 SECTION 5.2. Acceleration of Maturity; Rescission and Annulment 26 Section 5.03 33 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 33 SECTION 5.4. Trustee May File Proof of the Receivables 30 Section 5.06 Claim 34 SECTION 5.5. Trustee May Enforce Claims Without Possession of Securities 35 SECTION 5.6. Application of Money Collected 35 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, Interest and Interest 31 Section 5.08 Additional Amounts 36 SECTION 5.9. Restoration of Rights and Remedies 31 Section 5.09 36 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.10 36 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.11 36 SECTION 5.12. Control by Noteholders 32 Section 5.12 Holders 36 SECTION 5.13. Waiver of Past Defaults 33 Section 5.13 37 SECTION 5.14. Undertaking for Costs 33 Section 5.14 37 SECTION 5.15. Waiver of Stay or Extension Laws 33 Section 5.15 Action on Notes 33 Section 5.16 Performance 37 ARTICLE 6 THE TRUSTEE SECTION 6.1. Certain Duties 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 36 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section 6.05 Responsibilities 38 SECTION 6.2. Notice of Defaults 40 Section 6.06 Reports by Indenture 39 SECTION 6.3. Certain Rights of Trustee 40 Section 6.07 39 SECTION 6.4. Not Responsible for Recitals or Issuance of Securities 41 SECTION 6.5. May Hold Securities 41 SECTION 6.6. Money Held in Trust 41 SECTION 6.7. Compensation and Indemnity 40 Section 6.08 Replacement of Indenture Reimbursement 41 SECTION 6.8. Conflicting Interests 42 SECTION 6.9. Corporate Trustee 41 Section 6.09 Successor Indenture Trustee by Mxxxxx Required; Eligibility 42 Section 6.10 SECTION 6.10. Resignation and Removal; Appointment of Co-Indenture Trustee Successor 42 SECTION 6.11. Acceptance of Appointment by Successor 44 SECTION 6.12. Merger, Conversion, Consolidation or Separate Indenture Trustee 42 Section 6.11 Eligibility; Disqualification 44 Section 6.12 Succession to Business 45 SECTION 6.13. Preferential Collection of Claims Against Issuing Entity 44 Section 6.13 Representations and Warranties Issuer or Guarantor 45 SECTION 6.14. Appointment of Authenticating Agent 45 SECTION 6.15. Trustee’s Application for Instructions from the Indenture Issuer 47 SECTION 6.16. Appointment of Co-Trustee 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 4547 HOLDERS’ LISTS AND REPORTS BY TRUSTEE, ISSUER AND GUARANTOR

Satisfaction and Discharge. 23 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 25 22 SECTION 4.4 Auction of Trust Student Loans 22 ARTICLE V REMEDIES 25 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 33 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 Obligations. 32 ARTICLE VI THE INDENTURE TRUSTEE 34 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 36 Section 6.03 34 SECTION 6.3 Individual Rights of Indenture Trustee 39 Section 6.04 35 SECTION 6.4 Indenture Trustee’s Disclaimer 39 Section 6.05 35 SECTION 6.5 Notice of Defaults 40 Section 6.06 35 SECTION 6.6 Reports by Indenture Trustee 40 Section 6.07 to Noteholders 35 SECTION 6.7 Compensation and Indemnity 40 Section 6.08 36 SECTION 6.8 Replacement of Indenture Trustee 41 Section 6.09 36 SECTION 6.9 Successor Indenture Trustee by Mxxxxx 42 Section Xxxxxx 37 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section Trustee. 38 SECTION 6.11 Eligibility; Disqualification 44 Section 39 SECTION 6.12 Preferential Collection of Claims Against Issuing Entity 44 Section 6.13 Representations the Issuer 39 ARTICLE VII Noteholders’ Lists and Warranties of the Indenture Trustee 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 45Reports

Satisfaction and Discharge. 23 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 25 20 ARTICLE V DEFAULTS AND REMEDIES 25 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 33 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 34 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 33 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 6.03 Individual Rights 6.10. Acceptance of Appointment by Successor Indenture Trustee 37 Section 6.11. Merger, Conversion, Consolidation or Succession to Business of Indenture Trustee 39 37 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 6.12. Preferential Collection of Claims Against Issuing Entity 44 38 Section 6.13 Representations 6.13. Co-Indenture Trustees and Warranties 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 Indenture Trustee 44 Mortgage Files Pursuant to Sale and Servicing Agreement 53 Section 6.14 Communications Regarding Demands to Repurchase Receivables 458.10. 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. 23 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 25 19 ARTICLE V DEFAULTS AND REMEDIES 25 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 33 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 34 Section 6.01 6.01. Duties of Indenture Trustee 29 Section 6.02. Notice of Default 31 Section 6.03. Rights of Indenture Trustee 32 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 6.02 Rights 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 6.03 Individual Rights 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 6.04 7.01. Note Registrar to Furnish Indenture Trustee’s Disclaimer 39 Section 6.05 Notice Trustee Names and Addresses of Defaults Noteholders 40 Section 6.06 7.02. Preservation of Information: Communications to Noteholders 40 Section 7.03. Reports by Indenture Trustee 40 Section 6.07 Compensation 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 Indemnity 40 Mortgage Loans 48 Section 6.08 Replacement 8.05. Releases of Deleted Mortgage Loans 49 Section 8.06. Reports by Indenture Trustee 41 to Noteholders; Access to Certain Information 50 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 8.07. Release of Trust Estate 50 Section 6.10 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 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 45Collateral Agents 52 ARTICLE IX

Satisfaction and Discharge. 23 Section 4.01 9.01 Satisfaction and Discharge of Indenture 23 Indenture. 100 Section 4.02 9.02 Application of Trust Money 24 Money. 101 Section 4.03 9.03 Repayment of Monies Held by Paying Agent 25 Agent. 101 ARTICLE V X EVENTS OF DEFAULT; REMEDIES 25 Section 5.01 10.01 Events of Default 25 Default. 101 Section 5.02 10.02 Acceleration and Remedies. 104 Section 10.03 Performance by the Indenture Trustee. 106 Section 10.04 Evidence of Maturity; Rescission Compliance. 106 Section 10.05 Controlling Class Representative. 106 Section 10.06 Certain Rights and Annulment 26 Powers of the Controlling Class Representative. 108 Section 5.03 10.07 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Trustee. 110 Section 5.04 10.08 Remedies; Priorities 29 . 112 Section 5.05 10.09 Optional Preservation of the Receivables 30 Trust Estate. 112 Section 5.06 10.10 Limitation of Suits 30 Suits. 113 Section 5.07 10.11 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Interest. 113 Section 5.08 10.12 Restoration of Rights and Remedies 31 Remedies. 114 Section 5.09 10.13 Rights and Remedies Cumulative 32 Cumulative. 114 Section 5.10 10.14 Delay or Omission Not a Waiver 32 Waiver. 114 Section 5.11 Control by Noteholders 32 Section 5.12 10.15 Waiver of Past Defaults 33 Defaults. 114 Section 5.13 10.16 Undertaking for Costs 33 Costs. 114 Section 5.14 10.17 Waiver of Stay or Extension Laws 33 Laws. 115 Section 5.15 10.18 Action on Notes 33 Notes. 115 Section 5.16 Performance and 10.19 Waiver. 115 Section 10.20 Enforcement of Certain Obligations 34 Swap Contract. 115 ARTICLE VI XI THE INDENTURE TRUSTEE 34 Section 6.01 11.01 Duties of Indenture Trustee 34 Trustee. 116 Section 6.02 Rights of 11.02 Certain Matters Affecting the Indenture Trustee 36 Trustee. 119 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 11.03 Indenture Trustee’s Disclaimer 39 Disclaimer. 120 Section 6.05 Notice of Defaults 40 Section 6.06 Reports by 11.04 Indenture Trustee 40 May Own Notes. 120 Section 6.07 Compensation 11.05 Fees and Indemnity 40 Section 6.08 Replacement Expenses of Indenture Trustee 41 Trustee; Indemnification of and by the Indenture Trustee. 121 Section 6.09 11.06 Eligibility Requirements for Indenture Trustee. 122 Section 11.07 Resignation and Removal of Indenture Trustee. 122 Section 11.08 Successor Indenture Trustee by Mxxxxx 42 Trustee. 123 Section 6.10 11.09 Merger or Consolidation of Indenture Trustee. 124 Section 11.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Trustee. 124 Section 6.11 Eligibility; Disqualification 44 11.11 Access to Certain Information. 125 ARTICLE XII NOTEHOLDERS’ LISTS, REPORTS AND MEETINGS Section 6.12 Preferential Collection of Claims Against Issuing Entity 44 Section 6.13 Representations and Warranties of the 12.01 Issuers to Furnish Indenture Trustee 44 Names and Addresses of Noteholders. 127 Section 6.14 12.02 Preservation of Information; Communications Regarding Demands to Repurchase Receivables 45Noteholders. 127 Section 12.03 Fiscal Year. 127 Section 12.04 Voting by Noteholders. 127 Section 12.05 Communication by Noteholders with other Noteholders. 127 ARTICLE XIII INDENTURE SUPPLEMENTS Section 13.01 Indenture Supplements without Consent of Noteholders. 128 Section 13.02 Indenture Supplements with Consent of Noteholders. 129 Section 13.03 Execution of Indenture Supplements. 130 Section 13.04 Effect of Indenture Supplement. 130 Section 13.05 Reference in Notes to Indenture Supplements. 131 ARTICLE XIV

Satisfaction and Discharge. 23 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 25 Securities of Any Series 44 SECTION 504. Reinstatement 46 SECTION 505. Definitions 46 ARTICLE V REMEDIES 25 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 33 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 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 36 Section 6.03 Individual Rights of Indenture Trustee 39 Section 6.04 Indenture Trustee’s Disclaimer 39 Section 6.05 Responsibilities 54 SECTION 702. Notice of Defaults 40 Section 6.06 Reports by Indenture 55 SECTION 703. Certain Rights of Trustee 40 Section 6.07 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 Indemnity 40 Section 6.08 Replacement of Indenture Reimbursement 57 SECTION 708. Disqualification; Conflicting Interests 57 SECTION 709. Corporate Trustee 41 Section 6.09 Successor Indenture Trustee by Mxxxxx 42 Section 6.10 Required; Eligibility 58 SECTION 710. Resignation and Removal; Appointment of Co-Indenture Trustee Successor 58 SECTION 711. Acceptance of Appointment by Successor 60 Page SECTION 712. Merger, Conversion, Consolidation or Separate Indenture Trustee 42 Section 6.11 Eligibility; Disqualification 44 Section 6.12 Succession to Business 61 SECTION 713. Preferential Collection of Claims Against Issuing Entity 44 Company 61 (a) Segregation and Apportionment of Certain 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 6.13 Representations 62 SECTION 714. Judgment Currency 64 SECTION 715. Appointment of Authenticating Agent 65 ARTICLE EIGHT Holders Lists and Warranties Reports by Trustee and Company SECTION 801. Company To Furnish Trustee Names and Addresses of the Indenture Holders 67 SECTION 802. Preservation of Information; Communications to Holders 68 SECTION 803. Reports by Trustee 44 Section 6.14 Communications Regarding Demands to Repurchase Receivables 4569 SECTION 804. Reports by Company 70 ARTICLE NINE

Satisfaction and Discharge. 23 Section SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 48 SECTION 4.02 Application of Trust Money 24 Section 4.03 Repayment of Monies Held by Paying Agent 25 49 ARTICLE V FIVE REMEDIES 25 Section SECTION 5.01 Events of Default 25 Section 50 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 26 Section 51 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 53 SECTION 5.04 Remedies; Priorities 29 Section Trustee May File Proofs of Claim 53 SECTION 5.05 Optional Preservation Trustee May Enforce Claims Without Possession of the Receivables 30 Section Notes 54 SECTION 5.06 Application of Money Collected 54 SECTION 5.07 Limitation on Suits 54 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 55 SECTION 5.09 Restoration of Rights and Remedies 31 Section 5.09 55 SECTION 5.10 Rights and Remedies Cumulative 32 Section 5.10 55 SECTION 5.11 Delay or Omission Not a Waiver 32 Section 5.11 55 SECTION 5.12 Control by Noteholders 32 Section 5.12 Holders 56 SECTION 5.13 Waiver of Past Defaults 33 Section 5.13 Undertaking for Costs 33 Section 56 SECTION 5.14 Waiver of Stay or Extension Laws 33 Section 56 SECTION 5.15 Action on Notes 33 Section 5.16 Performance and Enforcement of Certain Obligations 34 Undertaking for Costs 56 ARTICLE VI SIX THE INDENTURE TRUSTEE 34 Section SECTION 6.01 Duties of Indenture the Trustee 34 Section 57 SECTION 6.02 Rights of Indenture Trustee 36 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 58 SECTION 6.03 Certain Rights of Trustee 58 SECTION 6.04 Trustee Not Responsible for Recitals or Issuance of Notes 59 SECTION 6.05 May Hold Notes 60 SECTION 6.06 Reports by Indenture Trustee 40 Section Money Held in Trust 60 SECTION 6.07 Compensation and Indemnity 40 Section Reimbursement 60 SECTION 6.08 Replacement of Indenture Corporate Trustee 41 Section Required; Eligibility 61 SECTION 6.09 Successor Indenture Trustee by Mxxxxx 42 Section 6.10 Resignation and Removal; Appointment of Co-Indenture Trustee Successor 61 SECTION 6.10 Acceptance of Appointment by Successor 62 SECTION 6.11 Merger, Conversion, Consolidation or Separate Indenture Trustee 42 Section 6.11 Eligibility; Disqualification 44 Section Succession to Business 62 SECTION 6.12 Appointment of Authenticating Agent 63 SECTION 6.13 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 45Issuer 64 ARTICLE SEVEN

Satisfaction and Discharge. 23 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 25 22 SECTION 4.4 Auction of Trust Student Loans 22 ARTICLE V REMEDIES 25 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 33 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 34 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 36 Section 6.03 34 SECTION 6.3 Individual Rights of Indenture Trustee 39 Section 6.04 35 SECTION 6.4 Indenture Trustee’s Disclaimer 39 Section 6.05 35 SECTION 6.5 Notice of Defaults 40 Section 6.06 35 SECTION 6.6 Reports by Indenture Trustee 40 Section 6.07 to Noteholders 35 SECTION 6.7 Compensation and Indemnity 40 Section 6.08 36 SECTION 6.8 Replacement of Indenture Trustee 41 Section 6.09 36 SECTION 6.9 Successor Indenture Trustee by Mxxxxx 42 Section Xxxxxx 37 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 38 SECTION 6.11 Eligibility; Disqualification 44 Section 39 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 45Issuer 39