Common use of Satisfaction and Discharge Clause in Contracts

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. Optional Preservation of the Trust Estate 30 Section 5.06. Limitation of Suits 31 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 Default 32 Section 5.13. Undertaking for Cost 33 Section 5.14. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 24 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 24 Section 5.01. 5.01 Events of Default 26 25 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 5.04 Remedies; Priorities 29 Section 5.05. 5.05 Optional Preservation of the Trust Estate Receivables 30 Section 5.06. 5.06 Limitation of Suits 31 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 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 Default Defaults 32 Section 5.13. 5.13 Undertaking for Cost Costs 33 Section 5.14. 5.14 Waiver of Stay or Extension Law Laws 33 Section 5.15. 5.15 Action on Note Notes 33 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 6.01 Duties of Indenture Trustee 35 34 Section 6.02. 6.02 Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5036

Satisfaction and Discharge. Section 11.01 Satisfaction and Discharge of Indenture 23 105 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 11.02 Application of Trust Money 25 105 Section 4.0412.01 [Reserved] 106 Section 12.02 Notices 106 Section 12.03 Communication by Holders of 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 Trustee and Agents 108 Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders 108 Section 12.08 Governing Law; Waiver of 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. Repayment 110 Section 12.15 Judgment Currency 110 Section 12.16 FATCA 110 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 Monies Held by Paying Agent 25 Section 5.01May 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 The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee (in such capacity, the “Trustee”). Events The Company, the Guarantors and the Trustee agree as follows for the benefit of Default 26 Section 5.02. Acceleration of Maturity; Rescission each other and Annulment 27 Section 5.03. Collection of Indebtedness for the equal and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. Optional Preservation ratable benefit of the Trust Estate 30 Section 5.06. Limitation Holders (as defined) of Suits 31 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 Default 32 Section 5.13. Undertaking for Cost 33 Section 5.14. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trusteethe Company’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 506.250% Senior Notes due 2025 (the “Notes”):

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 24 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 24 Section 5.01. 5.01 Events of Default 26 24 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 5.04 Remedies; Priorities 29 Section 5.05. 5.05 Optional Preservation of the Trust Estate Receivables 30 Section 5.06. 5.06 Limitation of Suits 31 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 32 Section 5.12. 5.12 Waiver of Past Default Defaults 32 Section 5.13. 5.13 Undertaking for Cost Costs 33 Section 5.14. 5.14 Waiver of Stay or Extension Law Laws 33 Section 5.15. 5.15 Action on Note Notes 33 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 6.01 Duties of Indenture Trustee 35 34 Section 6.02. 6.02 Rights of Indenture Trustee 36 Section 6.03. 6.03 Individual Rights of Indenture Trustee 38 37 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 37 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Defaults 37 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 38 Section 6.07. 6.07 Compensation and Indemnity 39 38 Section 6.08. 6.08 Replacement of Indenture Trustee 40 39 Section 6.09. 6.09 Successor Indenture Trustee by Xxxxxx 41 Merger 40 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 40 Section 6.11. 6.11 Eligibility; Disqualification 43 41 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 41 Section 6.13. 6.13 Representations and Warranties of the Indenture Trustee 43 42 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder 6.14 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Demands to Repurchase Receivables 42

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 30 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 32 Section 4.03. Covenant Defeasance 32 Section 4.04. Conditions to Defeasance or Covenant Defeasance 33 Section 4.05. Application of Trust Money 25 Money; Excess Funds 35 Section 4.044.06. Repayment of Monies Held by Paying Agent 25 to Repay Moneys Held 35 Section 4.07. Return of Unclaimed Amounts 36 Section 4.08. Reinstatement 36 Section 5.01. Events of Default 26 36 Section 5.02. Acceleration of Maturity; Rescission Rescission, and Annulment 27 38 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 39 Section 5.04. Remedies 29 Trustee May File Proofs of Claim 40 Section 5.05. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Securities 41 Section 5.06. Limitation Application of Suits 31 Money Collected 41 Section 5.07. Limitation on Suits 42 Section 5.08. Unconditional Rights Right of Noteholders Securityholders to Receive Principal Principal, Premium, and Interest 31 42 Section 5.085.09. Restoration of Rights and Remedies 31 42 Section 5.095.10. Rights and Remedies Cumulative 32 43 Section 5.105.11. Delay or Omission Not a Waiver 32 43 Section 5.115.12. Control by Noteholders 32 Securityholders 43 Section 5.125.13. Waiver of Past Default 32 Defaults 43 Section 5.135.14. Undertaking for Cost 33 Costs 44 Section 5.145.15. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Laws 44

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 24 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 25 Section 4.03. Application of Trust Money 25 26 Section 4.04. Repayment of Monies Held by Paying Agent 25 26 Section 5.01. Events of Default 26 27 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 28 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 29 Section 5.04. Remedies 29 30 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 31 32 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 33 Section 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11. Control by Noteholders 32 33 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost 33 Costs 34 Section 5.14. Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. Action on Note 33 Notes 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 39 Section 6.04. Indenture Trustee’s Disclaimer 38 39 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 39 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 40 Section 6.07. Compensation and Indemnity 39 41 Section 6.08. Replacement of Indenture Trustee 40 41 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 42 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 44 Section 6.12. Preferential Collection of Claims Against Issuer 43 44 Section 6.13. Representations and Warranties of Indenture Trustee 43 44 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 45 Section 6.15. Encryption 44 45 Section 7.01. Noteholder List and Noteholder Communications 45 46 Section 7.02. Noteholder Demand for Asset Representations Review 46 47 Section 7.03. Reports by Issuer 47 48 Section 7.04. Reports by Indenture Trustee 47 48 Section 8.01. Collection of Money 48 49 Section 8.02. Accounts 48 49 Section 8.03. General Provisions Regarding Accounts 49 50 Section 8.04. Release of Trust Estate 50 51 Section 8.05. Opinion of Counsel 5051

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. SECTION 4.02 Application of Trust Money 25 Section 4.04. SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. ARTICLE V REMEDIES SECTION 5.01 Events of Default 26 Section 5.02. SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 28 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. 28 SECTION 5.04 Remedies; Priorities 30 SECTION 5.05 Optional Preservation of the Trust Estate 30 Section 5.06. Receivables 32 SECTION 5.06 Limitation of Suits 31 Section 5.07. 32 SECTION 5.07 Unconditional Rights of Noteholders to To Receive Principal and Interest 31 Section 5.08. 33 SECTION 5.08 Restoration of Rights and Remedies 31 Section 5.09. 33 SECTION 5.09 Rights and Remedies Cumulative 32 Section 5.10. 33 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 33 SECTION 5.11 Control by Noteholders 32 Section 5.12. 33 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 34 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 34 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 35 SECTION 5.15 Action on Note 33 Section 5.16. Notes 35 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 35 ARTICLE VI THE INDENTURE TRUSTEE SECTION 6.01 Duties of Indenture Trustee 35 Section 6.02. 36 SECTION 6.02 Rights of Indenture Trustee 36 Section 6.03. 37 SECTION 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. SECTION 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. SECTION 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 39 SECTION 6.06 Reports and Documents by Indenture Trustee to Noteholders Holders 39 Section 6.07. SECTION 6.07 Compensation and Indemnity 39 Section 6.08. SECTION 6.08 Replacement of Indenture Trustee 40 Section 6.09. SECTION 6.09 Successor Indenture Trustee by Xxxxxx Merger 41 Section 6.10. SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. 41 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 42 SECTION 6.12 Preferential Collection of Claims Against Issuer 43 Section 6.13. SECTION 6.13 Indenture Trustee as Paying Agent, Note Registrar and Securities Intermediary 43 SECTION 6.14 Representations and Warranties of the Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5043

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes Notes. 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment Annulment. 27 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Trustee. 28 Section 5.04. Remedies Remedies. 29 Section 5.05. Optional Preservation of the Trust Estate 30 Section 5.06. Limitation of Suits 31 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 of the Controlling Class 32 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost Costs 33 Section 5.14. Waiver of Stay or Extension Law Laws 33 Section 5.15. Action on Note Notes 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17Obligations. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee Trustee. 35 Section 6.02. Rights of Indenture Trustee Trustee. 36 Section 6.03. Individual Rights of Indenture Trustee 38 37 Section 6.04. Indenture Trustee’s Disclaimer 38 37 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 38 Section 6.07. Compensation and Indemnity Indemnity. 39 Section 6.08. Replacement of Indenture Trustee 40 Trustee. 39 Section 6.09. Successor Indenture Trustee by Xxxxxx Mxxxxx. 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Trustee. 41 Section 6.11. Eligibility; Disqualification 43 42 Section 6.12. Preferential Collection of Claims Against Issuer 43 42 Section 6.13. Representations and Warranties of Indenture Trustee 43 42 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 43 Section 7.01. Noteholder List and Noteholder Communications 45 44 Section 7.02. Noteholder Demand for Asset Representations Review 46 45 Section 7.03. Reports by Issuer 47 Issuer. 46 Section 7.04. Reports by Indenture Trustee 47 Trustee. 46 Section 8.01. Collection of Money 48 47 Section 8.02. Accounts 48 Accounts. 47 Section 8.03. General Provisions Regarding Accounts 49 Accounts. 48 Section 8.04. Release of Trust Estate 50 Estate. 49 Section 8.05. Opinion of Counsel 5049

Satisfaction and Discharge. 28 SECTION 4.01. Satisfaction and Discharge of Indenture 23 Section 28 SECTION 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.0429 SECTION 4.03. Repayment of Monies Moneys Held by Paying Agent 25 Section 29 SECTION 4.04. Release of Collateral 29 ARTICLE V. REMEDIES 29 SECTION 5.01. Events of Default 26 Section 29 SECTION 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 31 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 32 SECTION 5.04. Remedies 29 Section Remedies; Priorities 34 SECTION 5.05. Optional Preservation of the Trust Estate 30 Section Receivables 36 SECTION 5.06. Limitation of Suits 31 Section 36 SECTION 5.07. Unconditional Rights of Noteholders to To Receive Principal and Interest 31 Section 37 SECTION 5.08. Restoration of Rights and Remedies 31 Section 37 SECTION 5.09. Rights and Remedies Cumulative 32 Section 38 SECTION 5.10. Delay or Omission Not a Waiver 32 Section 38 SECTION 5.11. Control by Noteholders 32 Section 38 SECTION 5.12. Waiver of Past Default 32 Section Defaults 38 SECTION 5.13. Undertaking for Cost 33 Section Costs 39 SECTION 5.14. Waiver of Stay or Extension Law 33 Section Laws 39 SECTION 5.15. Action on Note 33 Section Notes 39 SECTION 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.1740 ARTICLE VI. Sale of Trust Estate 34 Section THE INDENTURE TRUSTEE 40 SECTION 6.01. Duties of Indenture Trustee 35 Section 40 SECTION 6.02. Rights of Indenture Trustee 36 Section 42 SECTION 6.03. Individual Rights of Indenture Trustee 38 Section 44 SECTION 6.04. Indenture Trustee’s Disclaimer 38 Section 44 SECTION 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section Defaults 44 SECTION 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section Holders 44 SECTION 6.07. Compensation and Indemnity 39 Section 44 SECTION 6.08. Replacement of Indenture Trustee 40 Section 45 SECTION 6.09. Successor Indenture Trustee by Xxxxxx 41 Section Merger 46 SECTION 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 46 SECTION 6.11. Eligibility; Disqualification 43 Section 48 SECTION 6.12. [Reserved] 48 SECTION 6.13. Preferential Collection of Claims Against Issuer 43 Section 6.1348 SECTION 6.14. Representations and Warranties Waiver of Setoffs 48 SECTION 6.15. Licenses 48 SECTION 6.16. Additional Duties 48 ARTICLE VII. NOTEHOLDERS’ LISTS AND REPORTS 48 SECTION 7.01. Issuer To Furnish Indenture Trustee 43 Section 6.14. Furnishing Names and Addresses of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section Noteholders 48 SECTION 7.02. Noteholder Demand for Asset Representations Review 46 Section Preservation of Information; Communications to Noteholders 49 SECTION 7.03. Reports by Issuer 47 Section 50 SECTION 7.04. Reports by Indenture Trustee 47 Section 50 ARTICLE VIII. ACCOUNTS, DISBURSEMENTS AND RELEASES 51 SECTION 8.01. Collection of Money 48 Section 51 SECTION 8.02. Trust Accounts 48 Section 51 SECTION 8.03. General Provisions Regarding Accounts 49 Section 52 SECTION 8.04. Release of Trust Estate 50 Section 53 SECTION 8.05. Opinion of Counsel 5053

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 21 SECTION 4.02 Application of Trust Money 25 Section 4.04. 22 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 22 SECTION 5.01 Events of Default 26 Section 5.02. 22 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 23 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. 24 SECTION 5.04 Remedies; Priorities 26 SECTION 5.05 Optional Preservation of the Trust Estate 30 Section 5.06. Collateral 28 SECTION 5.06 Limitation of Suits 31 Section 5.07. Unconditional 28 SECTION 5.07 Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 29 SECTION 5.08 Restoration of Rights and Remedies 31 Section 5.09. 29 SECTION 5.09 Rights and Remedies Cumulative 32 Section 5.10. 29 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 29 SECTION 5.11 Control by Noteholders 32 Section 5.12. 29 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 30 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 30 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 30 SECTION 5.15 Action on Note 33 Section 5.16. Notes 31 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 31 SECTION 6.01 Duties of Indenture Trustee 35 Section 6.02. 31 SECTION 6.02 Rights of Indenture Trustee 36 Section 6.03. 33 SECTION 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 35 SECTION 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 35 SECTION 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 36 SECTION 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Holders 36 SECTION 6.07 Compensation and Indemnity 39 Section 6.08. 36 SECTION 6.08 Replacement of Indenture Trustee 40 Section 6.09. 37 SECTION 6.09 Successor Indenture Trustee by Xxxxxx 41 Section 6.10. 38 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. 38 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 39 SECTION 6.12 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5040

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 22 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 23 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 24 Section 5.01. 5.01 Events of Default 26 24 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 26 Section 5.04. Remedies 29 5.04 Remedies; Priorities 28 Section 5.05. 5.05 Optional Preservation of the Trust Estate 30 Receivables 29 Section 5.06. 5.06 Limitation of Suits 31 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 31 Section 5.12. 5.12 Waiver of Past Default Defaults 32 Section 5.13. 5.13 Undertaking for Cost 33 Costs 32 Section 5.14. 5.14 Waiver of Stay or Extension Law Laws 32 Section 5.15 Action on Notes 33 Section 5.15. Action on Note 33 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale 6.01 Duties of Trust Estate Indenture Trustee 34 Section 6.01. Duties 6.02 Rights of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. 6.03 Individual Rights of Indenture Trustee 38 37 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 37 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Defaults 37 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 37 Section 6.07. 6.07 Compensation and Indemnity 39 37 Section 6.08. 6.08 Replacement of Indenture Trustee 40 38 Section 6.09. 6.09 Successor Indenture Trustee by Xxxxxx 41 Merger 39 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 40 Section 6.11. 6.11 Eligibility; Disqualification 43 41 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 41 Section 6.13. 6.13 Representations and Warranties of the Indenture Trustee 43 41 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder 6.14 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Demands to Repurchase Receivables 42

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 24 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 26 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 26 Section 5.01. Events of Default 26 27 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 28 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 Remedies; Priorities 30 Section 5.05. Optional Preservation of the Trust Estate 30 32 Section 5.06. Limitation of Suits 31 32 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08. Restoration of Rights and Remedies 31 33 Section 5.09. Rights and Remedies Cumulative 32 33 Section 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11. Control by Noteholders 32 of the Controlling Class 34 Section 5.12. Waiver of Past Default 32 Defaults 34 Section 5.13. Undertaking for Cost 33 Costs 34 Section 5.14. Waiver of Stay or Extension Law 33 Laws 35 Section 5.15. Action on Note 33 Notes 35 Section 5.16. Performance and Enforcement of Certain Obligations 33 35 Section 5.17. Sale of Trust Estate 34 36 Section 6.01. Duties of Indenture Trustee 35 37 Section 6.02. Rights of Indenture Trustee 36 38 Section 6.03. Individual Rights of Indenture Trustee 38 40 Section 6.04. Indenture Trustee’s Disclaimer 38 40 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 40 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 41 Section 6.07. Compensation and Indemnity 39 41 Section 6.08. Replacement of Indenture Trustee 40 42 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 43 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 44 Section 6.12. Preferential Collection of Claims Against Issuer 43 45 Section 6.13. Issuer as Holder of the 2017-A Exchange Note 45 Section 6.14. Representations and Warranties of Indenture Trustee 43 45 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 46 Section 6.156.16. Encryption 44 46 Section 7.01. Noteholder List and Noteholder Communications 45 47 Section 7.02. Noteholder Demand for Asset Representations Review 46 48 Section 7.03. Reports by Issuer 47 49 Section 7.04. Reports by Indenture Trustee 47 49 Section 8.01. Collection of Money 48 51 Section 8.02. Accounts 48 Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2017-A Bank Accounts; General Provisions Regarding Accounts 49 2017-A Bank Accounts. 53 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5055

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 Section 5.01. 5.01 Events of Default 26 25 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 5.04 Remedies; Priorities 30 Section 5.05. 5.05 Optional Preservation of the Trust Estate 30 Receivables 31 Section 5.06. 5.06 Limitation of Suits 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 Default 32 Defaults 33 Section 5.13. 5.13 Undertaking for Cost 33 Costs 34 Section 5.14. 5.14 Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. 5.15 Action on Note 33 Notes 34 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 6.01 Duties of Indenture Trustee 35 Section 6.02. 6.02 Rights of Indenture Trustee 36 37 Section 6.03. 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Defaults 39 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 6.07 Compensation and Indemnity 39 Section 6.08. 6.08 Replacement of Indenture Trustee 40 Section 6.09. 6.09 Successor Indenture Trustee by Xxxxxx Merger 41 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. 6.11 Eligibility; Disqualification 43 42 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 42 Section 6.13. 6.13 Representations and Warranties of the Indenture Trustee 42 Section 7.01 Issuing Entity to Furnish Indenture Trustee Names and Addresses of Noteholders 43 Section 6.14. Furnishing 7.02 Preservation of Monthly Investor Information; Communications to Noteholders 43 Section 7.03 Reports and Other Documents by Issuing Entity 44 Section 6.15. Encryption 44 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. 7.04 Reports by Indenture Trustee 47 44 Section 8.01. 8.01 Collection of Money 48 45 Section 8.02. 8.02 Trust Accounts 48 45 Section 8.03. 8.03 General Provisions Regarding Accounts 49 47 Section 8.04. 8.04 Release of Trust Estate 50 48 Section 8.05. 8.05 Opinion of Counsel 5048

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 21 SECTION 4.02 Application of Trust Money 25 Section 4.04. 22 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 22 SECTION 5.01 Events of Default 26 Section 5.02. 23 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 23 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. 24 SECTION 5.04 Remedies; Priorities 26 SECTION 5.05 Optional Preservation of the Trust Estate 30 Section 5.06. Collateral 28 SECTION 5.06 Limitation of Suits 31 Section 5.07. Unconditional 28 SECTION 5.07 Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 29 SECTION 5.08 Restoration of Rights and Remedies 31 Section 5.09. 29 SECTION 5.09 Rights and Remedies Cumulative 32 Section 5.10. 29 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 29 SECTION 5.11 Control by Noteholders 32 Section 5.12. 29 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 30 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 30 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 31 SECTION 5.15 Action on Note 33 Section 5.16. Notes 31 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 31 SECTION 6.01 Duties of Indenture Trustee 35 Section 6.02. 31 SECTION 6.02 Rights of Indenture Trustee 36 Section 6.03. 33 SECTION 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 35 SECTION 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 35 SECTION 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 36 SECTION 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Holders 36 SECTION 6.07 Compensation and Indemnity 39 Section 6.08. 36 SECTION 6.08 Replacement of Indenture Trustee 40 Section 6.09. 37 SECTION 6.09 Successor Indenture Trustee by Xxxxxx 41 Section 6.10. 38 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Trustee 42 Section 6.11Indenture Trustee. 39 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 40 SECTION 6.12 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations 40 -iii- (NAROT 2020-B Indenture) SECTION 7.01 Note Registrar To Furnish Names and Warranties Addresses of Indenture Trustee 43 Section 6.14. Furnishing Noteholders 40 SECTION 7.02 Preservation of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Information; Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. to Noteholders 41 SECTION 7.03 Reports by Issuer 47 Section 7.04. 41 SECTION 7.04 Reports by Indenture Trustee 47 Section 8.01. 42 SECTION 7.05 Indenture Trustee Website 42 SECTION 7.06 Information to be Provided by the Indenture Trustee 42 SECTION 7.07 Noteholder Demand for Repurchase; Dispute Resolution 43 SECTION 7.08 Asset Review Voting 43 SECTION 8.01 Collection of Money 48 Section 8.02. 44 SECTION 8.02 Accounts 48 Section 8.03. 44 SECTION 8.03 General Provisions Regarding Accounts 49 Section 8.04. 45 SECTION 8.04 Release of Owner Trust Estate 50 Section 8.05. 46 SECTION 8.05 Release of Receivables Upon Purchase by the Seller or the Servicer 46 SECTION 8.06 Opinion of Counsel 5047

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 22 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 23 Section 4.03. Application of Trust Money 25 24 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 24 Section 5.01. Events of Default 26 25 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 26 Section 5.04. Remedies 29 Remedies; Priorities 28 Section 5.05. Optional Preservation of the Trust Estate 30 Section 5.06. Limitation of Suits 31 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 of the Majority Noteholders 32 Section 5.12. Waiver of Past Default Defaults 32 Section 5.13. Undertaking for Cost Costs 33 Section 5.14. Waiver of Stay or Extension Law Laws 33 Section 5.15. Action on Note Notes 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders Holders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Issuer as Holder of the 2021-B Exchange Note 43 Section 6.14. Representations and Warranties of Indenture Trustee 43 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.156.16. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts Monthly Investor Report 48 Section 8.03. Disbursement of Funds 48 Section 8.04. 2021-B Bank Accounts; General Provisions Regarding Accounts 49 2021-B Bank Accounts. 51 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5052

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies Remedies; Priorities 29 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 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 of the Majority Noteholders 33 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost 33 Costs 34 Section 5.14. Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. Action on Note 33 Notes 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 39 Section 6.04. Indenture Trustee’s Disclaimer 38 39 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 39 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 40 Section 6.07. Compensation and Indemnity 39 40 Section 6.08. Replacement of Indenture Trustee 40 41 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 42 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 44 Section 6.12. Preferential Collection of Claims Against Issuer 43 44 Section 6.13. Issuer as Holder of the 2021-A Exchange Note 44 Section 6.14. Representations and Warranties of Indenture Trustee 43 44 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 45 Section 6.156.16. Encryption 44 45 Section 7.01. Noteholder List and Noteholder Communications 45 46 Section 7.02. Noteholder Demand for Asset Representations Review 46 47 Section 7.03. Reports by Issuer 47 48 Section 7.04. Reports by Indenture Trustee 47 48 Section 8.01. Collection of Money 48 50 Section 8.02. Accounts 48 Monthly Investor Report 50 Section 8.03. Disbursement of Funds 50 Section 8.04. 2021-A Bank Accounts; General Provisions Regarding Accounts 49 2021-A Bank Accounts. 52 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5054

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 21 SECTION 4.02 Application of Trust Money 25 Section 4.04. 22 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 22 SECTION 5.01 Events of Default 26 Section 5.02. 22 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 23 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. 24 SECTION 5.04 Remedies; Priorities 26 SECTION 5.05 Optional Preservation of the Trust Estate 30 Section 5.06. Collateral 27 SECTION 5.06 Limitation of Suits 31 Section 5.07. Unconditional 28 SECTION 5.07 Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 28 SECTION 5.08 Restoration of Rights and Remedies 31 Section 5.09. 29 SECTION 5.09 Rights and Remedies Cumulative 32 Section 5.10. 29 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 29 SECTION 5.11 Control by Noteholders 32 Section 5.12. 29 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 29 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 30 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 30 SECTION 5.15 Action on Note 33 Section 5.16. Notes 30 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 31 SECTION 6.01 Duties of Indenture Trustee 35 Section 6.02. 31 SECTION 6.02 Rights of Indenture Trustee 36 Section 6.03. 33 SECTION 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 35 SECTION 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 35 SECTION 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 36 SECTION 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Holders 36 SECTION 6.07 Compensation and Indemnity 39 Section 6.08. 36 SECTION 6.08 Replacement of Indenture Trustee 40 Section 6.09. 37 SECTION 6.09 Successor Indenture Trustee by Xxxxxx 41 Section 6.10. 38 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. 38 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 39 SECTION 6.12 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5039

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 22 SECTION 4.02 Application of Trust Money 25 Section 4.04. 23 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 23 SECTION 5.01 Events of Default 26 Section 5.02. 23 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 24 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 25 SECTION 5.04 Remedies; Priorities 27 Section 5.04. Remedies 29 Section 5.05. SECTION 5.05 Optional Preservation of the Trust Estate 30 Section 5.06. Collateral 29 SECTION 5.06 Limitation of Suits 31 Section 5.07. Unconditional 29 SECTION 5.07 Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 30 SECTION 5.08 Restoration of Rights and Remedies 31 Section 5.09. 30 SECTION 5.09 Rights and Remedies Cumulative 32 Section 5.10. 30 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 30 SECTION 5.11 Control by Noteholders 32 Section 5.12. 30 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 31 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 31 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 31 SECTION 5.15 Action on Note 33 Section 5.16. Notes 32 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 32 SECTION 6.01 Duties of Indenture Trustee 35 Section 6.02. 32 SECTION 6.02 Rights of Indenture Trustee 34 SECTION 6.03 Individual Rights of Indenture Trustee 36 Section 6.03. Individual Rights SECTION 6.04 Indenture Trustee’s Disclaimer 36 SECTION 6.05 Notice of Defaults 37 SECTION 6.06 Reports by Indenture Trustee to Holders 37 SECTION 6.07 Compensation and Indemnity 37 SECTION 6.08 Replacement of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. SECTION 6.09 Successor Indenture Trustee by Xxxxxx 41 Section 6.10. 39 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. 40 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 41 SECTION 6.12 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations 41 SECTION 7.01 Note Registrar To Furnish Names and Warranties Addresses of Indenture Trustee 43 Section 6.14. Furnishing Noteholders 41 SECTION 7.02 Preservation of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Information; Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. to Noteholders 42 SECTION 7.03 Reports by Issuer 47 Section 7.04. 42 SECTION 7.04 Reports by Indenture Trustee 47 Section 8.01. 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 8.01 Collection of Money 48 Section 8.02. 45 SECTION 8.02 Accounts 48 Section 8.03. 45 SECTION 8.03 General Provisions Regarding Accounts 49 Section 8.04. 46 SECTION 8.04 Release of Owner Trust Estate 50 Section 8.05. 47 SECTION 8.05 Release of Receivables Upon Purchase by the Seller or the Servicer 47 SECTION 8.06 Opinion of Counsel 5048

Satisfaction and Discharge. Section 4.1 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.2 Application of Trust Money 25 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. 5.1 Events of Default 26 25 Section 5.02. 5.2 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 5.4 Trustee May File Proofs of Claim 29 Section 5.05. Optional Preservation 5.5 Trustee May Enforce Claims Without Possession of the Trust Estate Securities 29 Section 5.6 Application of Money Collected 30 Section 5.06. 5.7 Limitation on Suits 30 Section 5.8 Unconditional Right of Suits 31 Section 5.07. Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Section 5.08. 5.9 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 Holders of Securities 31 Section 5.12. 5.13 Waiver of Past Default Defaults 32 Section 5.13. 5.14 Undertaking for Cost Costs 32 Section 5.15 Waiver of Stay, Extension or Usury Laws 33 Section 6.1 Certain Duties and Responsibilities 33 Section 5.14. Waiver 6.2 Notice of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate Defaults 34 Section 6.01. Duties 6.3 Certain Rights of Indenture Trustee 35 Section 6.02. Rights 6.4 Not Responsible for Recitals or Issuance of Indenture Trustee Securities 36 Section 6.03. Individual Rights of Indenture 6.5 May Hold Securities 36 Section 6.6 Money Held in Trust 37 Section 6.7 Compensation and Reimbursement 37 Section 6.8 Disqualifications; Conflicting Interests 37 Section 6.9 Corporate Trustee Required; Eligibility 38 Section 6.04. Indenture Trustee’s Disclaimer 6.10 Resignation and Removal; Appointment of Successor 38 Section 6.05. Notice 6.11 Acceptance of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents Appointment by Indenture Trustee to Noteholders Successor 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 6.12 Merger, Conversion, Consolidation or Succession to Business 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. 6.13 Preferential Collection of Claims Against Issuer 43 Company 41 Section 6.13. Representations and Warranties 6.14 Appointment of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Authenticating Agent 41

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 25 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 26 Section 4.03. Application of Trust Money 25 26 Section 4.04. Repayment of Monies Held by Paying Agent 25 26 Section 5.01. Events of Default 26 27 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 28 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 30 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 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 Default 32 Defaults 33 Section 5.13. Undertaking for Cost Costs 33 Section 5.14. Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. Action on Note 33 Notes 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 39 Section 6.04. Indenture Trustee’s Disclaimer 38 39 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 39 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 40 Section 6.07. Compensation and Indemnity 39 41 Section 6.08. Replacement of Indenture Trustee 40 41 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 42 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 44 Section 6.12. Preferential Collection of Claims Against Issuer 43 44 Section 6.13. Representations and Warranties of Indenture Trustee 43 44 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 45 Section 6.15. Encryption 44 45 Section 7.01. Noteholder List and Noteholder Communications 45 46 Section 7.02. Noteholder Demand for Asset Representations Review 46 47 Section 7.03. Reports by Issuer 47 48 Section 7.04. Reports by Indenture Trustee 47 48 Section 8.01. Collection of Money 48 49 Section 8.02. Accounts 48 49 Section 8.03. General Provisions Regarding Accounts 49 50 Section 8.04. Release of Trust Estate 50 51 Section 8.05. Opinion of Counsel 5051

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies Remedies; Priorities 29 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 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 of the Controlling Class 33 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost Costs 33 Section 5.14. Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. Action on Note 33 Notes 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 38 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 39 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Mxxxxx 40 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. Eligibility; Disqualification 43 42 Section 6.12. Preferential Collection of Claims Against Issuer 43 42 Section 6.13. Issuer as Holder of the 2012-A Exchange Note 42 Section 6.14. Representations and Warranties of Indenture Trustee 43 42 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 43 Section 6.156.16. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5044

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 24 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 Section 5.01. 5.01 Events of Default 26 25 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 5.04 Remedies; Priorities 29 Section 5.05. 5.05 Optional Preservation of the Trust Estate Receivables 30 Section 5.06. 5.06 Limitation of Suits 31 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 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 Section 5.12. 5.12 Waiver of Past Default 32 Defaults 33 Section 5.13. 5.13 Undertaking for Cost Costs 33 Section 5.14. 5.14 Waiver of Stay or Extension Law Laws 33 Section 5.15. 5.15 Action on Note Notes 33 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 6.01 Duties of Indenture Trustee 35 34 Section 6.02. 6.02 Rights of Indenture Trustee 36 Section 6.03. 6.03 Individual Rights of Indenture Trustee 38 37 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests Defaults 38 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 38 Section 6.07. 6.07 Compensation and Indemnity 39 38 Section 6.08. 6.08 Replacement of Indenture Trustee 40 39 Section 6.09. 6.09 Successor Indenture Trustee by Xxxxxx 41 Merger 40 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. 6.11 Eligibility; Disqualification 43 42 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 42 Section 6.13. 6.13 Representations and Warranties of the Indenture Trustee 43 42 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder 6.14 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Demands to Repurchase Receivables 43

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 21 SECTION 4.02 Application of Trust Money 25 Section 4.04. 21 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 22 SECTION 5.01 Events of Default 26 Section 5.02. 22 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 23 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. 23 SECTION 5.04 Remedies; Priorities 25 SECTION 5.05 Optional Preservation of the Trust Estate 30 Section 5.06. Collateral 27 SECTION 5.06 Limitation of Suits 31 Section 5.07. Unconditional 27 SECTION 5.07 Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 28 SECTION 5.08 Restoration of Rights and Remedies 31 Section 5.09. 28 SECTION 5.09 Rights and Remedies Cumulative 32 Section 5.10. 28 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 29 SECTION 5.11 Control by Noteholders 32 Section 5.12. 29 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 29 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 29 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 30 SECTION 5.15 Action on Note 33 Section 5.16. Notes 30 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 30 SECTION 6.01 Duties of Indenture Trustee 35 Section 6.02. 31 SECTION 6.02 Rights of Indenture Trustee 36 Section 6.03. 32 SECTION 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 34 SECTION 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 34 SECTION 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 35 SECTION 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Holders 35 SECTION 6.07 Compensation and Indemnity 39 Section 6.08. 35 SECTION 6.08 Replacement of Indenture Trustee 40 Section 6.09. 36 SECTION 6.09 Successor Indenture Trustee by Xxxxxx 41 Section 6.10. 37 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. 38 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 39 SECTION 6.12 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5039

Satisfaction and Discharge. Section 401. Satisfaction and Discharge of Indenture 23 33 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03402. Application of Trust Money 25 Fund 34 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01501. Events of Default 26 35 Section 5.02502. Acceleration of Maturity; Rescission and Annulment 27 37 Section 5.03503. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 39 Section 5.04504. Remedies 29 Trustee May File Proofs of Claim 40 Section 5.05505. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Securities 41 Section 5.06506. Application of Money Collected 41 Section 507. Limitation of on Suits 31 41 Section 5.07508. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 42 Section 5.08509. Restoration of Rights and Remedies 31 42 Section 5.09510. Rights and Remedies Cumulative 32 43 Section 5.10511. Delay or Omission Not a Waiver 32 43 Section 5.11512. Control by Noteholders 32 Holders 43 Section 5.12513. Waiver of Past Default 32 Defaults 44 Section 5.13514. Undertaking for Cost 33 Costs 45 Section 5.14601. Waiver of Stay or Extension Law 33 Certain Duties and Responsibilities 45 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05602. Notice of Defaults; Notice Defaults 45 Section 603. Certain Rights of Repurchase Requests 38 Trustee 45 Section 6.06604. Reports and Documents by Indenture Trustee to Noteholders 39 Not Responsible for Recitals or Issuance of Securities 47 Section 6.07605. May Hold Securities 47 Section 606. Money Held in Trust 47 Section 607. Compensation and Indemnity 39 Reimbursement 47 Section 6.08608. Replacement of Indenture Disqualification; Conflicting Interests 48 Section 609. Corporate Trustee 40 Required; Eligibility 48 Section 6.09610. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Resignation and Removal; Appointment of Co-Trustee Successor 48 Section 611. Acceptance of Appointment by Successor 50 Section 612. Merger, Conversion, Consolidation or Separate Trustee 42 Succession to Business 51 Section 6.11. Eligibility; Disqualification 43 Section 6.12613. Preferential Collection of Claims Against Issuer 43 Company 51 Section 6.13614. Representations Appointment of Authenticating Agent 52 Section 701. Company to Furnish Trustee Names and Warranties Addresses of Indenture Trustee 43 Holders 53 Section 6.14702. Furnishing Preservation of Monthly Investor Reports and Other Documents 44 Information; Communications to Holders 54 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03703. Reports by Issuer 47 the Trustee 54 Section 7.04704. Reports by the Company 54 Section 801. The Company May Consolidate, Etc., Only on Certain Terms 55 Section 802. Successor Substituted 55 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 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 Section 1101. Applicability of Article 62 Section 1102. Election to Redeem; Notice to Trustee 47 62 Section 8.011103. Collection Selection by Trustee of Securities to Be Redeemed 63 Section 1104. Notice of Redemption 63 Section 1105. Deposit of Redemption Price 64 Section 1106. Securities Payable on Redemption Date 64 Section 1107. Securities Redeemed in Part 64 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 48 and U.S. Government Obligations or Foreign Government Obligations to be Held in Trust; Other Miscellaneous Provisions 69 Section 8.021206. Accounts 48 Reinstatement 69 Section 8.031301. General Provisions Regarding Accounts 49 Applicability of Article 70 Section 8.041302. Release Satisfaction of Trust Estate 50 Sinking Fund Payments with Securities 70 Section 8.051303. Opinion Redemption of Counsel 50Securities for Sinking Fund 71

Satisfaction and Discharge. SECTION 4.01. Satisfaction and Discharge of Indenture 23 Section 67 SECTION 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 68 SECTION 5.01. Events of Default 26 Section 69 SECTION 5.02. Acceleration of Maturity; : Rescission and Annulment 27 Section 71 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 72 SECTION 5.04. Remedies 29 Section Trustee May File Proofs of Claim 72 SECTION 5.05. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Section Notes 73 SECTION 5.06. Limitation Application of Suits 31 Section Money Collected 73 SECTION 5.07. Unconditional Rights Limitation on Suits 74 SECTION 5.08. Right of Noteholders Holders to Receive Principal and Interest 31 Section 5.08Bring Suit for Payment 74 SECTION 5.09. Restoration of Rights and Remedies 31 Section 5.0974 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.1074 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.1175 SECTION 5.12. Control by Noteholders 32 Section 5.12Holders 75 SECTION 5.13. Waiver of Past Default 32 Section 5.13. Undertaking for Cost 33 Section Defaults 75 SECTION 5.14. Waiver of Stay or Extension Law 33 Section Laws 75 SECTION 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section Undertaking for Costs 75 SECTION 6.01. Duties of Indenture the Trustee 35 Section 76 SECTION 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice Defaults 77 SECTION 6.03. Certain Rights of Repurchase Requests 38 Section Trustee 77 SECTION 6.04. Trustee Not Responsible for Recitals or Issuance of Notes 79 SECTION 6.05. May Hold Notes 79 SECTION 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section Money Held in Trust 79 SECTION 6.07. Compensation and Indemnity 39 Section Reimbursement 79 SECTION 6.08. Replacement of Indenture Corporate Trustee 40 Section Required; Eligibility 80 SECTION 6.09. Resignation and Removal; Appointment of Successor Indenture Trustee 81 SECTION 6.10. Acceptance of Appointment by Xxxxxx 41 Section 6.10Successor 81 SECTION 6.11. Merger, Conversion, Consolidation or Succession to Business 82 SECTION 6.12. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Authenticating Agent 82

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 19 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 20 Section 5.01. Events Event of Default 26 20 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 21 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 22 Section 5.04. Remedies 29 22 Section 5.05. Optional Preservation Indenture Trustee May File Proofs of the Trust Estate 30 Claim 23 Section 5.06. Limitation Indenture Trustee May Enforce Claims Without Possession of Suits 31 Notes 24 Section 5.07. Application of Money Collected 24 Section 5.08. Limitation on Suits 26 Section 5.09. Unconditional Rights of Noteholders to Receive Principal and Interest 31 27 Section 5.085.10. Restoration of Rights and Remedies 31 27 Section 5.095.11. Rights and Remedies Cumulative 32 27 Section 5.105.12. Delay or Omission Not a Waiver 32 28 Section 5.115.13. Control by Noteholders 32 28 Section 5.125.14. Waiver of Past Default 32 Defaults 28 Section 5.135.15. Undertaking for Cost 33 Costs 28 Section 5.145.16. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Laws 29 Section 5.17. Sale of Trust Estate 34 29 Section 5.18. Action on Notes 30 Section 5.19. No Recourse 31 Section 5.20. Application of the Trust Indenture Act 31 Section 6.01. Duties of Indenture Trustee 35 31 Section 6.02. Notice of Default 33 Section 6.03. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 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 Disclaimer 38 Capital and Surplus 35 Section 6.056.09. Notice Resignation and Removal; Appointment of Defaults; Notice Successor 36 Section 6.10. Acceptance of Repurchase Requests 38 Section 6.06. Reports and Documents Appointment by Successor Indenture Trustee 37 Section 6.11. Merger, Conversion, Consolidation or Succession to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement Business of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 37 Section 6.12. Preferential Collection of Claims Against Issuer 43 Issuing Entity 38 Section 6.13. Representations Co-Indenture Trustees and Warranties of Separate Indenture Trustee 43 Trustees 38 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Authenticating Agents 39 Section 6.15. Encryption 44 Review of Mortgage Files 40 Section 6.16. Indenture Trustee Fees and Expenses Indemnification 40 Section 7.01. Noteholder List Note Registrar to Furnish Indenture Trustee Names and Noteholder Communications 45 Addresses of Noteholders 41 Section 7.02. Noteholder Demand for Asset Representations Review 46 Preservation of Information: Communications to Noteholders 42 Section 7.03. Reports by Issuer 47 Indenture Trustee. 42 Section 7.04. Reports by Indenture Trustee 47 Issuing Entity 43 Section 8.01. Accounts; Investment; Collection of Money 48 Moneys 43 Section 8.02. Accounts 48 Allocation of Realized Losses. 50 Section 8.03. [Reserved]. 50 Section 8.04. General Provisions Regarding Accounts 49 the Payment Account and Mortgage Loans 51 Section 8.048.05. 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 50 53 Section 8.058.08. Amendment to Sale and Servicing Agreement 53 Section 8.09. Delivery of the Mortgage Files Pursuant to Sale and Servicing Agreement 53 Section 8.10. Servicer as Agent 53 Section 8.11. Termination of Servicer 54 Section 8.12. Opinion of Counsel 5054 Section 8.13. Appointment of Collateral Agents 54

Satisfaction and Discharge. SECTION 4.1 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. SECTION 4.2 Application of Trust Money 25 Section 4.04. 24 SECTION 4.3 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 24 SECTION 4.4 Auction of Trust Student Loans 24 SECTION 5.1 Events of Default 26 Section 5.02. 25 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 26 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies SECTION 5.4 Remedies; Priorities 29 Section 5.05. SECTION 5.5 Optional Preservation of the Trust Estate 30 Section 5.06. Student Loans 31 SECTION 5.6 Limitation of Suits 31 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 5.10. 33 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 33 SECTION 5.11 Control by Noteholders 32 Section 5.12. 33 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 33 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 34 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 34 SECTION 5.15 Action on Note 33 Section 5.16. Notes 34 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17Obligations. Sale of Trust Estate 34 Section 6.01. SECTION 6.1 Duties of Indenture Trustee 35 Section 6.02. SECTION 6.2 Rights of Indenture Trustee 36 Section 6.03. 37 SECTION 6.3 Individual Rights of Indenture Trustee 38 Section 6.04. SECTION 6.4 Indenture Trustee’s Disclaimer 38 Section 6.05. SECTION 6.5 Notice of Defaults; Notice of Repurchase Requests Defaults 38 Section 6.06. SECTION 6.6 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 38 SECTION 6.7 Compensation and Indemnity 39 Section 6.08. SECTION 6.8 Replacement of Indenture Trustee 40 Section 6.09. 39 SECTION 6.9 Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Merger 40 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee 42 Section 6.11Trustee. 41 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5042

Satisfaction and Discharge. 48 SECTION 4.1. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.0348 SECTION 4.2. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.0149 ARTICLE V REMEDIES 50 SECTION 5.1. Events of Default 26 Section 5.0250 SECTION 5.2. Acceleration of Maturity; Rescission and Annulment 27 Section 5.0351 SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.0453 SECTION 5.4. Remedies 29 Section 5.05Trustee May File Proofs of Claim 53 SECTION 5.5. Optional Preservation Trustee May Enforce Claim Without Possession of the Trust Estate 30 Section 5.06Securities 55 SECTION 5.6. Application of Money Collected 55 SECTION 5.7. Limitation of on Suits 31 Section 5.0755 SECTION 5.8. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Section 5.08Interest; Direct Action by Holders of Trust Preferred Securities 56 SECTION 5.9. Restoration of Rights and Remedies 31 Section 5.0957 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.1057 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.1157 SECTION 5.12. Control by Noteholders 32 Section 5.12Holders 58 SECTION 5.13. Waiver of Past Default 32 Section 5.13Defaults 58 SECTION 5.14. Undertaking for Cost 33 Section 5.14Costs 59 SECTION 5.15. Waiver of Usury, Stay or Extension Law 33 Section 5.15Laws 59 ARTICLE VI THE TRUSTEE 60 SECTION 6.1. Action on Note 33 Section 5.16. Performance Certain Duties and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05Responsibilities 60 SECTION 6.2. Notice of Defaults; Notice Defaults 61 SECTION 6.3. Certain Rights of Repurchase Requests 38 Section 6.06Trustee 61 SECTION 6.4. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07Not Responsible for Recitals or Issuance of Securities 62 SECTION 6.5. May Hold Securities 63 SECTION 6.6. Money Held in Trust 63 SECTION 6.7. Compensation and Indemnity 39 Section 6.08Reimbursement 63 SECTION 6.8. Replacement of Indenture Disqualification; Conflicting Interests 64 SECTION 6.9. Corporate Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section Required; Eligibility 64 SECTION 6.10. Resignation and Removal; Appointment of Co-Trustee or Separate Trustee 42 Section Successor 65 SECTION 6.11. Eligibility; Disqualification 43 Section Acceptance of Appointment by Successor 66 SECTION 6.12. Merger, Conversion, Consolidation or Succession to Business 67 SECTION 6.13. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section Corporation 68 SECTION 6.14. Furnishing Appointment of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Authenticating Agent 68

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 21 SECTION 4.02 Application of Trust Money 25 Section 4.04. 21 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 22 SECTION 5.01 Events of Default 26 Section 5.02. 22 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 23 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. 23 SECTION 5.04 Remedies; Priorities 25 SECTION 5.05 Optional Preservation of the Trust Estate 30 Section 5.06. Collateral 27 SECTION 5.06 Limitation of Suits 31 Section 5.07. Unconditional 27 SECTION 5.07 Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 28 SECTION 5.08 Restoration of Rights and Remedies 31 Section 5.09. 28 SECTION 5.09 Rights and Remedies Cumulative 32 Section 5.10. 28 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 29 SECTION 5.11 Control by Noteholders 32 Section 5.12. 29 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 29 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 29 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 30 SECTION 5.15 Action on Note 33 Section 5.16. Notes 30 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17Obligations. Sale of Trust Estate 34 Section 6.01. 30 SECTION 6.01 Duties of Indenture Trustee 35 Section 6.02. 31 SECTION 6.02 Rights of Indenture Trustee 36 Section 6.03. 32 SECTION 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 34 SECTION 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 34 SECTION 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 35 SECTION 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Holders 35 SECTION 6.07 Compensation and Indemnity 39 Section 6.08. 35 SECTION 6.08 Replacement of Indenture Trustee 40 Section 6.09. 36 SECTION 6.09 Successor Indenture Trustee by Xxxxxx 41 Section 6.10. 37 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. 38 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 39 SECTION 6.12 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5039 -iii- (NAROT 2023-B Indenture)

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 Section 5.01. 5.01 Events of Default 26 25 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 5.04 Remedies; Priorities 29 Section 5.05. 5.05 Optional Preservation of the Trust Estate Receivables 30 Section 5.06. 5.06 Limitation of Suits 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 32 Section 5.12. 5.12 Waiver of Past Default 32 Defaults 33 Section 5.13. 5.13 Undertaking for Cost Costs 33 Section 5.14. 5.14 Waiver of Stay or Extension Law Laws 33 Section 5.15. 5.15 Action on Note 33 Notes 34 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 6.01 Duties of Indenture Trustee 35 35 Section 6.02. 6.02 Rights of Indenture Trustee 36 Section 6.03. 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests Defaults 38 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 38 Section 6.07. 6.07 Compensation and Indemnity 39 Section 6.08. 6.08 Replacement of Indenture Trustee 40 39 Section 6.09. 6.09 Successor Indenture Trustee by Xxxxxx 41 Merger 40 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. 6.11 Eligibility; Disqualification 43 42 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 42 Section 6.13. 6.13 Representations and Warranties of the Indenture Trustee 43 42 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder 6.14 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Demands to Repurchase Receivables 43

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies Remedies; Priorities 29 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 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 of the Controlling Class 33 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost Costs 33 Section 5.14. Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. Action on Note 33 Notes 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 38 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 39 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 40 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. Eligibility; Disqualification 43 42 Section 6.12. Preferential Collection of Claims Against Issuer 43 42 Section 6.13. Issuer as Holder of the 2014-A Exchange Note 42 Section 6.14. Representations and Warranties of Indenture Trustee 43 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.156.16. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5044

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 21 Section 4.02. Application of Trust Funds; Indemnification 23 Section 4.03. Defeasance and Discharge of Indenture 23 Section 4.024.04. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent Certain Obligations 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. Collection of Indebtedness and Suits for For Enforcement by Indenture By Trustee 27 28 Section 5.04. Remedies Trustee May File Proofs of Claim 29 Section 5.05. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate Securities 30 Section 5.06. Limitation Application of Suits 31 Money Collected 30 Section 5.07. Limitation on Suits 30 Section 5.08. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Section 5.085.09. Restoration of Rights and Remedies 31 Section 5.095.10. Rights and Remedies Cumulative 32 31 Section 5.105.11. Delay or Omission Not a Waiver 32 31 Section 5.115.12. Control by Noteholders 32 Holders 31 Section 5.125.13. Waiver of Past Default Defaults 32 Section 5.135.14. Undertaking for Cost 33 Costs 32 Section 5.145.15. Waiver of Stay or Extension Law Laws 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Certain Duties of Indenture Trustee 35 and Responsibilities 33 TABLE OF CONTENTS (continued) Section 6.02. Rights Notice of Indenture Trustee 36 Defaults 34 Section 6.03. Individual Certain Rights of Indenture Trustee 38 34 Section 6.04. Indenture Trustee’s Disclaimer 38 Not Responsible for Recitals or Issuance of Securities 36 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 May Hold Securities 36 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Money Held in Trust 36 Section 6.07. Compensation Compensation, Reimbursement and Indemnity 39 Indemnification 36 Section 6.08. Replacement of Indenture Trustee 40 Disqualification; Conflicting Interests 37 Section 6.09. Successor Indenture Corporate Trustee by Xxxxxx 41 Required; Eligibility 37 Section 6.10. Resignation and Removal; Appointment of Co-Trustee or Separate Trustee 42 Successor 37 Section 6.11. Eligibility; Disqualification 43 Acceptance of Appointment by Successor 39 Section 6.12. Merger, Conversion, Consolidation or Succession to Business 40 Section 6.13. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Company or Guarantor 40 Section 7.01. Noteholder List Company to Furnish Trustee Names and Noteholder Communications 45 Addresses of Holders 40 Section 7.02. Noteholder Demand for Asset Representations Review 46 Preservation of Information; Communications to Holders 41 Section 7.03. Reports by Issuer 47 Trustee 42 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5043

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 21 SECTION 4.2 Application of Trust Money 25 Section 4.04. 22 SECTION 4.3 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 22 SECTION 4.4 Auction of Trust Student Loans 22 SECTION 5.1 Events of Default 26 Section 5.02. 23 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 24 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 25 SECTION 5.4 Remedies; Priorities 27 Section 5.04. Remedies 29 Section 5.05. SECTION 5.5 Optional Preservation of the Trust Estate 30 Section 5.06. Student Loans 29 SECTION 5.6 Limitation of Suits 31 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 5.10. 30 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 30 SECTION 5.11 Control by Noteholders 32 Section 5.12. 30 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 31 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 31 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 32 SECTION 5.15 Action on Note 33 Section 5.16. Notes 32 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 32 SECTION 6.1 Duties of Indenture Trustee 35 Section 6.02. 33 SECTION 6.2 Rights of Indenture Trustee 36 Section 6.03. 34 SECTION 6.3 Individual Rights of Indenture Trustee 38 Section 6.04. 35 SECTION 6.4 Indenture Trustee’s Disclaimer 38 Section 6.05. 35 SECTION 6.5 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 35 SECTION 6.6 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 35 SECTION 6.7 Compensation and Indemnity 39 Section 6.08. 36 SECTION 6.8 Replacement of Indenture Trustee 40 Section 6.09. 36 SECTION 6.9 Successor Indenture Trustee by Xxxxxx 41 Section 6.10. 37 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. 38 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 39 SECTION 6.12 Preferential Collection of Claims Against the Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5039

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 24 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 26 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 26 Section 5.01. Events of Default 26 27 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 28 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 Remedies; Priorities 30 Section 5.05. Optional Preservation of the Trust Estate 30 32 Section 5.06. Limitation of Suits 31 32 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08. Restoration of Rights and Remedies 31 33 Section 5.09. Rights and Remedies Cumulative 32 33 Section 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11. Control by Noteholders 32 34 Section 5.12. Waiver of Past Default 32 Defaults 34 Section 5.13. Undertaking for Cost 33 Costs 34 Section 5.14. Waiver of Stay or Extension Law 33 Laws 35 Section 5.15. Action on Note 33 Notes 35 Section 5.16. Performance and Enforcement of Certain Obligations 33 35 Section 5.17. Sale of Trust Estate 34 36 Section 6.01. Duties of Indenture Trustee 35 37 Section 6.02. Rights of Indenture Trustee 36 38 Section 6.03. Individual Rights of Indenture Trustee 38 40 Section 6.04. Indenture Trustee’s Disclaimer 38 40 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 40 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 41 Section 6.07. Compensation and Indemnity 39 41 Section 6.08. Replacement of Indenture Trustee 40 42 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 43 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 44 Section 6.12. Preferential Collection of Claims Against Issuer 43 45 Section 6.13. Issuer as Holder of the 2018-B Exchange Note 45 Section 6.14. Representations and Warranties of Indenture Trustee 43 45 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 46 Section 6.156.16. Encryption 44 46 Section 7.01. Noteholder List and Noteholder Communications 45 47 Section 7.02. Noteholder Demand for Asset Representations Review 46 48 Section 7.03. Reports by Issuer 47 49 Section 7.04. Reports by Indenture Trustee 47 49 Section 8.01. Collection of Money 48 51 Section 8.02. Accounts 48 Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2018-B Bank Accounts; General Provisions Regarding Accounts 49 2018-B Bank Accounts. 53 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5055

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 24 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 24 Section 5.01. 5.01 Events of Default 26 25 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 5.04 Remedies; Priorities 29 Section 5.05. 5.05 Optional Preservation of the Trust Estate Receivables 30 Section 5.06. 5.06 Limitation of Suits 31 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 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 Default Defaults 32 Section 5.13. 5.13 Undertaking for Cost Costs 33 Section 5.14. 5.14 Waiver of Stay or Extension Law Laws 33 Section 5.15. 5.15 Action on Note Notes 33 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 6.01 Duties of Indenture Trustee 35 34 Section 6.02. 6.02 Rights of Indenture Trustee 36 Section 6.03. 6.03 Individual Rights of Indenture Trustee 38 37 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests Defaults 38 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 38 Section 6.07. 6.07 Compensation and Indemnity 39 38 Section 6.08. 6.08 Replacement of Indenture Trustee 40 39 Section 6.09. 6.09 Successor Indenture Trustee by Xxxxxx 41 Merger 40 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. 6.11 Eligibility; Disqualification 43 42 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 42 Section 6.13. 6.13 Representations and Warranties of the Indenture Trustee 43 42 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder 6.14 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Demands to Repurchase Receivables 43

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 24 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 25 Section 4.03. Application of Trust Money 25 26 Section 4.04. Repayment of Monies Held by Paying Agent 25 26 Section 5.01. Events of Default 26 27 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 28 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 30 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 31 32 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 33 Section 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11. Control by Noteholders 32 33 Section 5.12. Waiver of Past Default 32 33 Section 5.13. Undertaking for Cost 33 34 Section 5.14. Waiver of Stay or Extension Law 33 34 Section 5.15. Action on Note 33 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 39 Section 6.04. Indenture Trustee’s Disclaimer 38 39 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 39 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 40 Section 6.07. Compensation and Indemnity 39 40 Section 6.08. Replacement of Indenture Trustee 40 41 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 42 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 44 Section 6.12. Preferential Collection of Claims Against Issuer 43 44 Section 6.13. Representations and Warranties of Indenture Trustee 43 44 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 45 Section 6.15. Encryption 44 45 Section 7.01. Noteholder List and Noteholder Communications 45 46 Section 7.02. Noteholder Demand for Asset Representations Review 46 47 Section 7.03. Reports by Issuer 47 48 Section 7.04. Reports by Indenture Trustee 47 48 Section 8.01. Collection of Money 48 49 Section 8.02. Accounts 48 49 Section 8.03. General Provisions Regarding Accounts 49 50 Section 8.04. Release of Trust Estate 50 51 Section 8.05. Opinion of Counsel 5051

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies Remedies; Priorities 29 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 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 of the Controlling Class 33 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost Costs 33 Section 5.14. Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. Action on Note 33 Notes 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 38 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 39 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 40 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. Eligibility; Disqualification 43 42 Section 6.12. Preferential Collection of Claims Against Issuer 43 42 Section 6.13. Issuer as Holder of the 2015-A Exchange Note 42 Section 6.14. Representations and Warranties of Indenture Trustee 43 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.156.16. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5044

Satisfaction and Discharge. SECTION 4.1 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 21 SECTION 4.2 Application of Trust Money 25 Section 4.04. 22 SECTION 4.3 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 22 SECTION 4.4 Auction of Trust Student Loans 22 SECTION 5.1 Events of Default 26 Section 5.02. 23 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 24 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 25 SECTION 5.4 Remedies; Priorities 27 Section 5.04. Remedies 29 Section 5.05. SECTION 5.5 Optional Preservation of the Trust Estate 30 Section 5.06. Student Loans 29 SECTION 5.6 Limitation of Suits 31 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 5.10. 30 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 30 SECTION 5.11 Control by Noteholders 32 Section 5.12. 30 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 31 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 31 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 32 SECTION 5.15 Action on Note 33 Section 5.16. Notes 32 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 32 SECTION 6.1 Duties of Indenture Trustee 35 Section 6.02. 33 SECTION 6.2 Rights of Indenture Trustee 36 Section 6.03. 34 SECTION 6.3 Individual Rights of Indenture Trustee 38 Section 6.04. 35 SECTION 6.4 Indenture Trustee’s Disclaimer 38 Section 6.05. 35 SECTION 6.5 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 35 SECTION 6.6 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 35 SECTION 6.7 Compensation and Indemnity 39 Section 6.08. 36 SECTION 6.8 Replacement of Indenture Trustee 40 Section 6.09. 36 SECTION 6.9 Successor Indenture Trustee by Xxxxxx 41 Section 6.10. 37 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. 38 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 39 SECTION 6.12 Preferential Collection of Claims Against the Issuer 43 Section 6.13. Representations and Warranties of 39 SECTION 7.1 Issuer to Furnish Indenture Trustee 43 Section 6.14. Furnishing Names and Addresses of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Noteholders 39 SECTION 7.2 Preservation of Information; Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. to Noteholders 40 SECTION 7.3 Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. 40 SECTION 8.1 Collection of Money 48 Section 8.02. 41 SECTION 8.2 Trust Accounts 48 Section 8.03. 41 SECTION 8.3 General Provisions Regarding Accounts 49 Section 8.04. 42 SECTION 8.4 Release of Indenture Trust Estate 50 Section 8.05. 43 SECTION 8.5 Opinion of Counsel 5044 SECTION 9.1 Supplemental Indentures Without Consent of Noteholders 44 SECTION 9.2 Supplemental Indentures with Consent of Noteholders 45 SECTION 9.3 Execution of Supplemental Indentures 46 SECTION 9.4 Effect of Supplemental Indenture 47 SECTION 9.5 Conformity with Trust Indenture Act 47 SECTION 9.6 Reference in Notes to Supplemental Indentures 47 SECTION 10.1 Redemption 47 SECTION 10.2 Form of Redemption Notice 48 SECTION 10.3 Notes Payable on Redemption Date 48

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 17 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 Funds; Indemnification 18 Section 4.04. Repayment 4.03 Defeasance and Discharge of Monies Held by Paying Agent 25 Indenture 18 Section 5.01. 4.04 Defeasance of Certain Obligations 19 Section 4.05 Effect of Subordination Provisions 20 Section 5.01 Events of Default 26 20 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 21 Section 5.03. 5.03 Collection of Indebtedness and Suits for For Enforcement by Indenture By Trustee 27 22 Section 5.04. Remedies 29 5.04 Trustee May File Proofs of Claim 23 Section 5.05. Optional Preservation 5.05 Trustee May Enforce Claims Without Possession of the Trust Estate 30 Securities 23 Section 5.06. 5.06 Application of Money Collected 23 Section 5.07 Limitation on Suits 24 Section 5.08 Unconditional Right of Suits 31 Section 5.07. Unconditional Rights 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 Default 32 Defaults 25 Section 5.13. 5.14 Undertaking for Cost 33 Costs 25 Section 5.14. 5.15 Waiver of Stay or Extension Law 33 Laws 25 Section 5.15. Action on Note 33 6.01 Certain Duties and Responsibilities 26 Section 5.16. Performance and Enforcement 6.02 Notice of Defaults 26 Section 6.03 Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 27 Section 6.03. 6.04 Not Responsible for Recitals or Issuance of Securities 28 Section 6.05 May Hold Securities 28 Section 6.06 Money Held in Trust 28 Section 6.07 Compensation, Reimbursement and Indemnification 28 Section 6.08 Individual Rights of Indenture Rights; Disqualification; Conflicting Interests 29 Section 6.09 Corporate Trustee 38 Required; Eligibility 29 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults6.10 Resignation and Removal; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee Successor 29 Section 6.11 Acceptance of Appointment by Successor 30 Section 6.12 Merger, Conversion, Consolidation or Separate Trustee 42 Succession to Business 31 Section 6.11. Eligibility; Disqualification 43 Section 6.12. 6.13 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Issuers 31

Satisfaction and Discharge. Section 11.01 Satisfaction and Discharge of Indenture 23 103 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 11.02 Application of Trust Money 25 104 Section 4.0412.01 [Reserved] 105 Section 12.02 Notices 105 Section 12.03 Communication by Holders of Notes with Other Holders of Notes 106 Section 12.04 Certificate and Opinion as to Conditions Precedent 106 Section 12.05 Statements Required in Certificate or Opinion 107 Section 12.06 Rules by Trustee and Agents 107 Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders 107 Section 12.08 Governing Law; Waiver of Trial by Jury 107 Section 12.09 Consent to Jurisdiction and Service of Process 107 Section 12.10 No Adverse Interpretation of Other Agreements 108 Section 12.11 Successors 108 Section 12.12 Severability 108 Section 12.13 Counterpart Originals 109 Section 12.14 Table of Contents, Headings, etc. Repayment 109 Section 12.15 Judgment Currency 109 Section 12.16 FATCA 109 Exhibit A FORM OF 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 Monies Held by Paying Agent 25 Section 5.01June 30, 2023 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 The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee (in such capacity, the “Trustee”). Events The Company, the Guarantors and the Trustee agree as follows for the benefit of Default 26 Section 5.02. Acceleration of Maturity; Rescission each other and Annulment 27 Section 5.03. Collection of Indebtedness for the equal and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. Optional Preservation ratable benefit of the Trust Estate 30 Section 5.06. Limitation Holders (as defined) of Suits 31 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 Default 32 Section 5.13. Undertaking for Cost 33 Section 5.14. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trusteethe Company’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 509.125% Senior Notes due 2031 (the “Notes”):

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 23 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies Remedies; Priorities 29 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 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 of the Majority Noteholders 33 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost Costs 33 Section 5.14. Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. Action on Note 33 Notes 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 39 Section 6.04. Indenture Trustee’s Disclaimer 38 39 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 39 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 40 Section 6.07. Compensation and Indemnity 39 40 Section 6.08. Replacement of Indenture Trustee 40 41 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 42 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. Eligibility; Disqualification 43 44 Section 6.12. Preferential Collection of Claims Against Issuer 43 44 Section 6.13. Issuer as Holder of the 2020-B Exchange Note 44 Section 6.14. Representations and Warranties of Indenture Trustee 43 44 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 45 Section 6.156.16. Encryption 44 45 Section 7.01. Noteholder List and Noteholder Communications 45 46 Section 7.02. Noteholder Demand for Asset Representations Review 46 47 Section 7.03. Reports by Issuer 47 48 Section 7.04. Reports by Indenture Trustee 47 48 Section 8.01. Collection of Money 48 50 Section 8.02. Accounts 48 Monthly Investor Report 50 Section 8.03. Disbursement of Funds 50 Section 8.04. 2020-B Bank Accounts; General Provisions Regarding Accounts 49 2020-B Bank Accounts. 52 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5054

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 24 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 25 Section 4.03. Application of Trust Money 25 26 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 26 Section 5.01. Events of Default 26 27 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 28 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 Remedies; Priorities 30 Section 5.05. Optional Preservation of the Trust Estate 30 32 Section 5.06. Limitation of Suits 31 32 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08. Restoration of Rights and Remedies 31 33 Section 5.09. Rights and Remedies Cumulative 32 33 Section 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11. Control by Noteholders 32 34 Section 5.12. Waiver of Past Default 32 Defaults 34 Section 5.13. Undertaking for Cost 33 Costs 34 Section 5.14. Waiver of Stay or Extension Law 33 Laws 35 Section 5.15. Action on Note 33 Notes 35 Section 5.16. Performance and Enforcement of Certain Obligations 33 35 Section 5.17. Sale of Trust Estate 34 36 Section 6.01. Duties of Indenture Trustee 35 37 Section 6.02. Rights of Indenture Trustee 36 38 Section 6.03. Individual Rights of Indenture Trustee 38 40 Section 6.04. Indenture Trustee’s Disclaimer 38 40 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 40 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 41 Section 6.07. Compensation and Indemnity 39 41 Section 6.08. Replacement of Indenture Trustee 40 42 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 43 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 45 Section 6.12. Preferential Collection of Claims Against Issuer 43 45 Section 6.13. Issuer as Holder of the 2019-A Exchange Note 45 Section 6.14. Representations and Warranties of Indenture Trustee 43 45 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 46 Section 6.156.16. Encryption 44 46 Section 7.01. Noteholder List and Noteholder Communications 45 47 Section 7.02. Noteholder Demand for Asset Representations Review 46 48 Section 7.03. Reports by Issuer 47 49 Section 7.04. Reports by Indenture Trustee 47 49 Section 8.01. Collection of Money 48 51 Section 8.02. Accounts 48 Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2019-A Bank Accounts; General Provisions Regarding Accounts 49 2019-A Bank Accounts. 53 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5055

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 25 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 25 Section 4.03. Application of Trust Money 25 27 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 27 Section 5.01. Events of Default 26 28 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 29 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 29 Section 5.04. Remedies 29 Remedies; Priorities 31 Section 5.05. Optional Preservation of the Trust Estate 30 33 Section 5.06. Limitation of Suits 31 33 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 34 Section 5.08. Restoration of Rights and Remedies 31 34 Section 5.09. Rights and Remedies Cumulative 32 34 Section 5.10. Delay or Omission Not a Waiver 32 34 Section 5.11. Control by Noteholders 32 35 Section 5.12. Waiver of Past Default 32 Defaults 35 Section 5.13. Undertaking for Cost 33 Costs 35 Section 5.14. Waiver of Stay or Extension Law 33 Laws 36 Section 5.15. Action on Note 33 Notes 36 Section 5.16. Performance and Enforcement of Certain Obligations 33 36 Section 5.17. Sale of Trust Estate 34 37 Section 6.01. Duties of Indenture Trustee 35 38 Section 6.02. Rights of Indenture Trustee 36 39 Section 6.03. Individual Rights of Indenture Trustee 38 41 Section 6.04. Indenture Trustee’s Disclaimer 38 41 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 41 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 42 Section 6.07. Compensation and Indemnity 39 42 Section 6.08. Replacement of Indenture Trustee 40 43 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 44 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 44 Section 6.11. Eligibility; Disqualification 43 45 Section 6.12. Preferential Collection of Claims Against Issuer 43 46 Section 6.13. Issuer as Holder of the 2019-B Exchange Note 46 Section 6.14. Representations and Warranties of Indenture Trustee 43 46 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 47 Section 6.156.16. Encryption 44 47 Section 7.01. Noteholder List and Noteholder Communications 45 48 Section 7.02. Noteholder Demand for Asset Representations Review 46 49 Section 7.03. Reports by Issuer 47 50 Section 7.04. Reports by Indenture Trustee 47 50 Section 8.01. Collection of Money 48 51 Section 8.02. Accounts 48 Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2019-B Bank Accounts; General Provisions Regarding 2019-B Bank Accounts 49 53 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5055

Satisfaction and Discharge. Section 4.1 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.2 Application of Trust Money 25 24 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. 5.1 Events of Default 26 25 Section 5.02. 5.2 Acceleration of Maturity; Rescission and Annulment 27 25 Section 5.03. 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 26 Section 5.4 Trustee May File Proofs of Claim 27 Section 5.04. Remedies 5.5 Trustee May Enforce Claims Without Possession of Securities 27 Section 5.6 Application of Money Collected 28 Section 5.7 Limitation on Suits 28 Section 5.8 Unconditional Right of Holders to Receive Principal, Premium, and Interest 29 Section 5.05. Optional Preservation of the Trust Estate 30 Section 5.06. Limitation of Suits 31 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 5.9 Restoration of Rights and Remedies 31 29 Section 5.09. 5.10 Rights and Remedies Cumulative 32 29 Section 5.10. 5.11 Delay or Omission Not a Waiver 32 29 Section 5.11. 5.12 Control by Noteholders 32 Holders 30 Section 5.12. 5.13 Waiver of Past Default Defaults 30 Section 5.14 Undertaking for Costs 30 Section 6.1 Certain Duties and Responsibilities 31 Section 6.2 Notice of Defaults 31 Section 6.3 Certain Rights of Trustee 31 Section 6.4 Not Responsible for Recitals or Issuance of Securities 32 Section 5.13. Undertaking for Cost 6.5 May Hold Securities 32 Section 6.6 Money Held in Trust 33 Section 5.14. Waiver of Stay or Extension Law 6.7 Compensation and Reimbursement 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 6.8 Disqualification; Conflicting Interests 34 Section 6.01. Duties 6.9 Corporate Trustee Required; Eligibility 34 Section 6.10 Resignation and Removal; Appointment of Indenture Trustee Successor 34 Section 6.11 Acceptance of Appointment by Successor 35 Section 6.02. Rights of Indenture Trustee 36 6.12 Merger, Conversion, Consolidation, or Succession to Business 37 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. 6.13 Preferential Collection of Claims Against Issuer 43 Company 37 Section 6.13. Representations and Warranties 6.14 Appointment of Indenture Trustee 43 Section 6.14. Furnishing Authenticating Agent 37 NOTE: This table of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand contents shall not, for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection any purpose, be deemed to be part of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50the Indenture.

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 24 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 25 Section 4.03. Application of Trust Money 25 26 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 26 Section 5.01. Events of Default 26 27 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 28 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 Remedies; Priorities 30 Section 5.05. Optional Preservation of the Trust Estate 30 32 Section 5.06. Limitation of Suits 31 32 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08. Restoration of Rights and Remedies 31 33 Section 5.09. Rights and Remedies Cumulative 32 33 Section 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11. Control by Noteholders 32 34 Section 5.12. Waiver of Past Default 32 Defaults 34 Section 5.13. Undertaking for Cost 33 Costs 35 Section 5.14. Waiver of Stay or Extension Law 33 Laws 35 Section 5.15. Action on Note 33 Notes 35 Section 5.16. Performance and Enforcement of Certain Obligations 33 35 Section 5.17. Sale of Trust Estate 34 36 Section 6.01. Duties of Indenture Trustee 35 37 Section 6.02. Rights of Indenture Trustee 36 38 Section 6.03. Individual Rights of Indenture Trustee 38 40 Section 6.04. Indenture Trustee’s Disclaimer 38 40 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 40 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 41 Section 6.07. Compensation and Indemnity 39 41 Section 6.08. Replacement of Indenture Trustee 40 42 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 43 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 44 Section 6.12. Preferential Collection of Claims Against Issuer 43 45 Section 6.13. Issuer as Holder of the 2018-A Exchange Note 45 Section 6.14. Representations and Warranties of Indenture Trustee 43 45 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 46 Section 6.156.16. Encryption 44 46 Section 7.01. Noteholder List and Noteholder Communications 45 47 Section 7.02. Noteholder Demand for Asset Representations Review 46 48 Section 7.03. Reports by Issuer 47 49 Section 7.04. Reports by Indenture Trustee 47 49 Section 8.01. Collection of Money 48 51 Section 8.02. Accounts 48 Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2018-A Bank Accounts; General Provisions Regarding Accounts 49 2018-A Bank Accounts. 53 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5055

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 30 SECTION 4.02 Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. 31 SECTION 5.01 Events of Default 26 Section 5.02. 32 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 34 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. Optional Preservation 35 SECTION 5.04 Trustee May File Proofs of the Trust Estate 30 Section 5.06. Claim 35 SECTION 5.05 Trustee May Enforce Claims Without Possession of Securities 35 SECTION 5.06 Application of Money Collected 36 SECTION 5.07 Limitation on Suits 36 SECTION 5.08 Unconditional Right of Suits 31 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 Default 32 Section 5.13. Defaults 37 SECTION 5.14 Undertaking for Cost 33 Section 5.14. Costs 38 SECTION 5.15 Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance Laws 38 SECTION 6.01 Certain Duties and Enforcement Responsibilities 38 SECTION 6.02 Notice of Defaults 39 SECTION 6.03 Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture 39 SECTION 6.04 Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 40 SECTION 6.05 May Hold Securities 40 SECTION 6.06 Money Held in Trust 40 SECTION 6.07 Compensation and Indemnity 39 Section 6.08Reimbursement. Replacement of Indenture The Company agrees: 40 SECTION 6.08 Disqualification; Conflicting Interests 41 SECTION 6.09 Corporate Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx Required; Eligibility 41 Section 6.10. SECTION 6.10 Resignation and Removal; Appointment of Co-Trustee Successor 42 SECTION 6.11 Acceptance of Appointment by Successor 43 SECTION 6.12 Merger, Conversion, Consolidation or Separate Trustee 42 Section 6.11. Succession to Business 44 SECTION 6.13 Eligibility; Disqualification 43 Section 6.12. 44 SECTION 6.14 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5044

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 22 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 23 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 23 Section 5.01. 5.01 Events of Default 26 23 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 25 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 26 Section 5.04. Remedies 29 5.04 Remedies; Priorities 28 Section 5.05. 5.05 Optional Preservation of the Trust Estate 30 Receivables 29 Section 5.06. 5.06 Limitation of Suits 31 29 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 30 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 31 Section 5.12. 5.12 Waiver of Past Default Defaults 32 Section 5.13. 5.13 Undertaking for Cost 33 Costs 32 Section 5.14. 5.14 Waiver of Stay or Extension Law Laws 32 Section 5.15 Action on Notes 33 Section 5.15. Action on Note 33 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale 6.01 Duties of Trust Estate Indenture Trustee 34 Section 6.01. Duties 6.02 Rights of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. 6.03 Individual Rights of Indenture Trustee 38 37 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 37 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Defaults 37 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 38 Section 6.07. 6.07 Compensation and Indemnity 39 38 Section 6.08. 6.08 Replacement of Indenture Trustee 40 39 Section 6.09. 6.09 Successor Indenture Trustee by Xxxxxx 41 Merger 40 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 40 Section 6.11. 6.11 Eligibility; Disqualification 43 41 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 42 Section 6.13. 6.13 Representations and Warranties of the Indenture Trustee 43 42 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder 6.14 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Demands to Repurchase Receivables 42

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 25 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 25 Section 4.03. Application of Trust Money 25 27 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 27 Section 5.01. Events of Default 26 28 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 29 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 29 Section 5.04. Remedies 29 Remedies; Priorities 31 Section 5.05. Optional Preservation of the Trust Estate 30 33 Section 5.06. Limitation of Suits 31 33 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 34 Section 5.08. Restoration of Rights and Remedies 31 34 Section 5.09. Rights and Remedies Cumulative 32 34 Section 5.10. Delay or Omission Not a Waiver 32 34 Section 5.11. Control by Noteholders 32 35 Section 5.12. Waiver of Past Default 32 Defaults 35 Section 5.13. Undertaking for Cost 33 Costs 35 Section 5.14. Waiver of Stay or Extension Law 33 Laws 36 Section 5.15. Action on Note 33 Notes 36 Section 5.16. Performance and Enforcement of Certain Obligations 33 36 Section 5.17. Sale of Trust Estate 34 37 Section 6.01. Duties of Indenture Trustee 35 38 Section 6.02. Rights of Indenture Trustee 36 39 Section 6.03. Individual Rights of Indenture Trustee 38 41 Section 6.04. Indenture Trustee’s Disclaimer 38 41 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 41 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 42 Section 6.07. Compensation and Indemnity 39 42 Section 6.08. Replacement of Indenture Trustee 40 43 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 44 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 44 Section 6.11. Eligibility; Disqualification 43 46 Section 6.12. Preferential Collection of Claims Against Issuer 43 46 Section 6.13. Issuer as Holder of the 2020-A Exchange Note 46 Section 6.14. Representations and Warranties of Indenture Trustee 43 46 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 47 Section 6.156.16. Encryption 44 47 Section 7.01. Noteholder List and Noteholder Communications 45 48 Section 7.02. Noteholder Demand for Asset Representations Review 46 49 Section 7.03. Reports by Issuer 47 50 Section 7.04. Reports by Indenture Trustee 47 50 Section 8.01. Collection of Money 48 52 Section 8.02. Accounts 48 Monthly Investor Report 52 Section 8.03. Disbursement of Funds 52 Section 8.04. 2020-A Bank Accounts; General Provisions Regarding 2020-A Bank Accounts 49 54 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5056

Satisfaction and Discharge. Section 4.1. Satisfaction and Discharge of Indenture 23 32 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.034.2. Application of Trust Money 25 33 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.015.1. Events of Default 26 33 Section 5.025.2. Acceleration of Maturity; Rescission and Annulment 27 34 Section 5.035.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 35 Section 5.045.4. Remedies 29 Trustee May File Proofs of Claim 36 Section 5.055.5. Optional Preservation Trustee May Enforce Claim Without Possession of the Trust Estate 30 Securities 36 Section 5.065.6. Application of Money Collected 37 Section 5.7. Limitation of on Suits 31 37 Section 5.075.8. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium, if any, and Interest 31 Interest; Direct Action by Holders of Preferred Securities 38 Section 5.085.9. Restoration of Rights and Remedies 31 38 Section 5.095.10. Rights and Remedies Cumulative 32 38 Section 5.105.11. Delay or Omission Not a Waiver 32 38 Section 5.115.12. Control by Noteholders 32 Holders 39 Section 5.125.13. Waiver of Past Default 32 Defaults 39 Section 5.135.14. Undertaking for Cost 33 Costs 39 Section 5.145.15. Waiver of Usury, Stay or Extension Law 33 Laws 40 Section 5.156.1. Action on Note 33 Corporate Trustee Required 40 Section 5.166.2. Performance Certain Duties and Enforcement of Certain Obligations 33 Responsibilities 40 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.056.3. Notice of DefaultsDefaults 42 Section 6.4. Certain Rights of Trustee 42 Section 6.5. May Hold Securities 44 Section 6.6. Compensation; Notice Reimbursement; Indemnity 44 Section 6.7. Resignation and Removal; Appointment of Repurchase Requests 38 Successor 45 Section 6.066.8. Reports and Documents Acceptance of Appointment by Indenture Trustee Successor 46 Section 6.9. Merger, Conversion, Consolidation or Succession to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Business 47 Section 6.10. Appointment Not Responsible for Recitals or Issuance of Co-Trustee or Separate Trustee 42 Securities 47 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection Appointment of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Authenticating Agent 47

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 17 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 Funds; Indemnification 18 Section 4.04. Repayment 4.03 Defeasance and Discharge of Monies Held by Paying Agent 25 Indenture 18 Section 5.01. 4.04 Defeasance of Certain Obligations 20 Section 5.01 Events of Default 26 20 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 22 Section 5.03. 5.03 Collection of Indebtedness and Suits for For Enforcement by Indenture By Trustee 27 22 Section 5.04. Remedies 29 5.04 Trustee May File Proofs of Claim 23 Section 5.05. Optional Preservation 5.05 Trustee May Enforce Claims Without Possession of the Trust Estate 30 Securities 23 Section 5.06. 5.06 Application of Money Collected 24 Section 5.07 Limitation on Suits 24 Section 5.08 Unconditional Right of Suits 31 Section 5.07. Unconditional Rights 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 25 Section 5.10. 5.11 Delay or Omission Not a Waiver 32 25 Section 5.11. 5.12 Control by Noteholders 32 Holders 25 Section 5.12. 5.13 Waiver of Past Default 32 Defaults 25 Section 5.13. 5.14 Undertaking for Cost 33 Costs 25 Section 5.14. 5.15 Waiver of Stay or Extension Law 33 Laws 26 Section 5.15. Action on Note 33 6.01 Certain Duties and Responsibilities 26 Section 5.16. Performance and Enforcement 6.02 Notice of Defaults 27 Section 6.03 Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 27 Section 6.03. Individual Rights 6.04 Not Responsible for Recitals or Issuance of Indenture Securities 28 Section 6.05 May Hold Securities 28 Section 6.06 Money Held in Trust 28 Section 6.07 Compensation, Reimbursement and Indemnification 28 Section 6.08 Disqualification; Conflicting Interests 29 Section 6.09 Corporate Trustee 38 Required; Eligibility 29 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults6.10 Resignation and Removal; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee Successor 29 Section 6.11 Acceptance of Appointment by Successor 31 Section 6.12 Merger, Conversion, Consolidation or Separate Trustee 42 Succession to Business 31 Section 6.11. Eligibility; Disqualification 43 Section 6.12. 6.13 Preferential Collection of Claims Against Issuer 43 Company or Guarantor 31 Section 6.13. Representations and Warranties 7.02 Preservation of Indenture Trustee 43 Information; Communications to Holders 32 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. 7.03 Reports by Issuer 47 Trustee 33 Section 7.04. 7.04 Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5033

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance Application of the Notes Trust Money 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Moneys Held by Paying Agent 25 24 Section 5.01. Events of Default 26 24 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies Remedies; Priorities 29 Section 5.05. Optional Preservation of the Trust Estate Collateral 30 Section 5.06. Limitation of Suits 31 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and and/or Interest 31 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 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost Costs 33 Section 5.14. Waiver of Stay or Extension Law Laws 33 Section 5.15. Action on Note 33 Notes 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 34 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 36 Section 6.04. Indenture Trustee’s Disclaimer 38 36 Section 6.05. Notice Notices of Defaults; Notice of Repurchase Requests 38 Default 37 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 37 Section 6.07. Compensation and Indemnity 39 37 Section 6.08. Replacement of Indenture Trustee 40 38 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Mxxxxx 39 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.10 39 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Eligibility 40

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of the Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance Application of the Notes Issuer Money 24 Section 4.035.01. Application of Trust Money 25 Pay Out Events 24 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.015.02. Events of Default 26 25 Section 5.025.03. Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.035.04. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.045.05. Remedies Remedies; Priorities 29 Section 5.055.06. Optional Preservation of the Trust Estate 30 Collateral 31 Section 5.065.07. Limitation of on Suits 31 Section 5.075.08. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.085.09. Restoration of Rights and Remedies 31 32 Section 5.095.10. Rights and Remedies Cumulative 32 Section 5.105.11. Delay or Omission Not a Waiver 32 Section 5.11. Control by Noteholders 32 Section 5.12. Waiver Rights of Past Default Noteholders to Direct Indenture Trustee 32 Section 5.13. Undertaking for Cost Waiver of Past Defaults 33 Section 5.14. Undertaking for Costs 33 Section 5.15. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note Laws 33 Section 5.16. Performance and Enforcement Sale of Certain Obligations 33 Receivables 34 Section 5.17. Sale of Trust Estate Action on Notes 34 Section 6.01. Duties of Indenture Trustee 35 34 Section 6.02. Notice of Pay Out Event or Event of Default 36 Section 6.03. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 37 Section 6.04. Indenture Trustee’s Disclaimer Not Responsible for Recitals or Issuance of Notes 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests Dealings With Issuer 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Money Held in Trust 38 Section 6.07. Compensation Compensation, Reimbursement and Indemnity 39 Indemnification 38 Section 6.08. Replacement of Indenture Trustee 40 39 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Merger 40 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. Eligibility; Disqualification 43 42 Section 6.12. Preferential Collection of Claims Against Issuer 43 42 Section 6.13. Representations and Warranties Covenants of Indenture Trustee 43 42 Section 6.14. Furnishing Custody of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50the Collateral 43

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 22 SECTION 4.2 Application of Trust Money 25 Section 4.04. 23 SECTION 4.3 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 23 SECTION 4.4 Auction of Trust Student Loans 23 SECTION 5.1 Events of Default 26 Section 5.02. 24 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 25 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. 26 SECTION 5.4 Remedies; Priorities 28 SECTION 5.5 Optional Preservation of the Trust Estate 30 Section 5.06. Student Loans 31 SECTION 5.6 Limitation of Suits 31 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. 33 SECTION 5.9 Rights and Remedies Cumulative 32 Section 5.10. 33 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 33 SECTION 5.11 Control by Noteholders 32 Section 5.12. 33 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 34 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 34 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 34 SECTION 5.15 Action on Note 33 Section 5.16. Notes 34 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17Obligations. Sale of Trust Estate 34 Section 6.01. 35 SECTION 6.1 Duties of Indenture Trustee 35 Section 6.02. SECTION 6.2 Rights of Indenture Trustee 36 Section 6.03. 37 SECTION 6.3 Individual Rights of Indenture Trustee 38 Section 6.04. 37 SECTION 6.4 Indenture Trustee’s Disclaimer 38 Section 6.05. SECTION 6.5 Notice of Defaults; Notice of Repurchase Requests Defaults 38 Section 6.06. SECTION 6.6 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 38 SECTION 6.7 Compensation and Indemnity 39 Section 6.08. 38 SECTION 6.8 Replacement of Indenture Trustee 40 Section 6.09. 39 SECTION 6.9 Successor Indenture Trustee by Xxxxxx 41 Section 6.10. 40 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee 42 Section 6.11Trustee. 40 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 41 SECTION 6.12 Preferential Collection of Claims Against the Issuer 43 Section 6.13. Representations and Warranties of 42 SECTION 7.1 Issuer to Furnish Indenture Trustee 43 Section 6.14. Furnishing Names and Addresses of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Noteholders 42 SECTION 7.2 Preservation of Information; Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. to Noteholders 42 SECTION 7.3 Reports by Issuer 47 Section 7.04Issuer. Reports by Indenture Trustee 47 Section 8.01. 43 SECTION 8.1 Collection of Money 48 Section 8.02. 43 SECTION 8.2 Trust Accounts 48 Section 8.03. 44 SECTION 8.3 General Provisions Regarding Accounts 49 Section 8.04. 45 SECTION 8.4 Release of Indenture Trust Estate 50 Section 8.05. 46 SECTION 8.5 Opinion of Counsel 5046

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 24 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 26 Section 5.01. Events of Default 26 27 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 28 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 Remedies; Priorities 30 Section 5.05. Optional Preservation of the Trust Estate 30 32 Section 5.06. Limitation of Suits 31 32 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08. Restoration of Rights and Remedies 31 33 Section 5.09. Rights and Remedies Cumulative 32 33 Section 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11. Control by Noteholders 32 of the Majority Noteholders 34 Section 5.12. Waiver of Past Default 32 Defaults 34 Section 5.13. Undertaking for Cost 33 Costs 34 Section 5.14. Waiver of Stay or Extension Law 33 Laws 35 Section 5.15. Action on Note 33 Notes 35 Section 5.16. Performance and Enforcement of Certain Obligations 33 35 Section 5.17. Sale of Trust Estate 34 36 Section 6.01. Duties of Indenture Trustee 35 37 Section 6.02. Rights of Indenture Trustee 36 38 Section 6.03. Individual Rights of Indenture Trustee 38 40 Section 6.04. Indenture Trustee’s Disclaimer 38 40 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 40 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 41 Section 6.07. Compensation and Indemnity 39 41 Section 6.08. Replacement of Indenture Trustee 40 42 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 43 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 45 Section 6.12. Preferential Collection of Claims Against Issuer 43 45 Section 6.13. Issuer as Holder of the 2023-A Exchange Note 45 Section 6.14. Representations and Warranties of Indenture Trustee 43 45 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 46 Section 6.156.16. Encryption 44 46 Section 7.01. Noteholder List and Noteholder Communications 45 47 Section 7.02. Noteholder Demand for Asset Representations Review 46 48 Section 7.03. Reports by Issuer 47 49 Section 7.04. Reports by Indenture Trustee 47 49 Section 8.01. Collection of Money 48 51 Section 8.02. Accounts 48 Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2023-A Bank Accounts; General Provisions Regarding Accounts 49 2023-A Bank Accounts. 53 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5055

Satisfaction and Discharge. 27 SECTION 4.1 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 27 SECTION 4.2 Application of Trust Money 25 Section 4.04. 28 SECTION 4.3 Repayment of Monies Held by Note Paying Agent 25 Section 5.01. 28 ARTICLE V. Remedies 28 SECTION 5.1 Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 28 SECTION 5.2 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. Optional Preservation of the Trust Estate 30 Section 5.06. 28 SECTION 5.3 Limitation of Suits 31 Section 5.07. 30 SECTION 5.4 Unconditional Rights of Noteholders to To Receive Principal and Interest 31 Section 5.08. SECTION 5.5 Restoration of Rights and Remedies 31 Section 5.09. SECTION 5.6 Rights and Remedies Cumulative 32 Section 5.10. 31 SECTION 5.7 Delay or Omission Not a Waiver 32 Section 5.11. SECTION 5.8 Control by Noteholders 32 Section 5.12. SECTION 5.9 Waiver of Past Default Defaults 32 Section 5.13. SECTION 5.10 Undertaking for Cost 33 Section 5.14. Costs 32 SECTION 5.11 Waiver of Stay or Extension Law Laws 33 Section 5.15. SECTION 5.12 Action on Note Notes 33 Section 5.16. SECTION 5.13 Performance and Enforcement of Certain Obligations 33 Section 5.17ARTICLE VI. Sale of Trust Estate The Trustee 34 Section 6.01. SECTION 6.1 Duties of Indenture Trustee 35 Section 6.02. 34 SECTION 6.2 Rights of Indenture Trustee 36 Section 6.03. SECTION 6.3 Individual Rights of Indenture Trustee 38 Section 6.04. Indenture 37 SECTION 6.4 Trustee’s 's Disclaimer 38 Section 6.05. 37 SECTION 6.5 Notice of Defaults; Notice of Repurchase Requests Defaults 38 Section 6.06. SECTION 6.6 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Holders 38 SECTION 6.7 Compensation and Indemnity 39 Section 6.08. 38 SECTION 6.8 Replacement of Indenture Trustee 40 Section 6.09. 39 SECTION 6.9 Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Merger 40 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee 41 SECTION 6.11 Eligibility: Disqualification 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. SECTION 6.12 Preferential Collection of Claims Against Issuer 43 Section 6.13. 42 SECTION 6.13 Representations and Warranties of Indenture the Trustee 42 SECTION 6.14 Waiver of Setoffs 43 Section 6.14. Furnishing SECTION 6.15 No Consent to Certain Acts of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Seller 43 ARTICLE VII.

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 38 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 39 ARTICLE 5 REMEDIES Section 5.01. Events of Default 26 39 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 41 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 42 Section 5.04. Remedies 29 Trustee May File Proofs of Claim 43 Section 5.05. Optional Preservation Application of the Trust Estate 30 Money Collected 43 Section 5.06. Limitation of on Suits 31 44 Section 5.07. Unconditional Rights Right of Noteholders Holders to Receive Principal and Interest 31 Payment 44 Section 5.08. Restoration of Rights and Remedies 31 44 Section 5.09. Rights and Remedies Cumulative 32 45 Section 5.10. Delay or Omission Not a Waiver 32 45 Section 5.11. Control by Noteholders 32 Holders 45 Section 5.12. Waiver of Past Default 32 Defaults 45 Section 5.13. Undertaking for Cost 33 Costs 46 Section 5.14. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Laws 46 ARTICLE 6 THE TRUSTEE Section 6.01. Certain Duties of Indenture Trustee 35 and Responsibilities 46 Section 6.02. Rights Notice of Indenture Trustee 36 Defaults 47 Section 6.03. Individual Certain Rights of Indenture Of Trustee 38 47 Section 6.04. Indenture Trustee’s Disclaimer 38 Not Responsible for Recitals 49 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 May Hold Securities 49 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Money Held in Trust 49 Section 6.07. Compensation and Indemnity 39 Reimbursement 49 Section 6.08. Replacement of Indenture Trustee 40 Disqualification; Conflicting Interests 50 Section 6.09. Successor Indenture Corporate Trustee by Xxxxxx 41 Required; Eligibility 50 Section 6.10. Resignation and Removal; Appointment of Co-Trustee or Separate Trustee 42 Successor 50 Section 6.11. Eligibility; Disqualification 43 Acceptance of Appointment by Successor 52 Section 6.12. Merger, Conversion, Consolidation or Succession to Business 52 Section 6.13. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 52 ARTICLE 7 HOLDERS’ LISTS AND REPORTS BY TRUSTEE Section 7.01. Noteholder List Company to Furnish Trustee Names and Noteholder Communications 45 Addresses of Holders 53 Section 7.02. Noteholder Demand for Asset Representations Review 46 Preservation of Information; Communications to Holders 53 Section 7.03. Reports by Issuer 47 By Trustee 54 Section 7.04. Reports by Indenture Trustee 47 Company 54 ARTICLE 8 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE Section 8.01. Collection of Money 48 Company May Consolidate, etc., Only on Certain Terms 54 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Successor Substituted 55

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 19 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 20 Section 5.01. Events Event of Default 26 20 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 21 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 22 Section 5.04. Remedies 29 22 Section 5.05. Optional Preservation Indenture Trustee May File Proofs of the Trust Estate 30 Claim 23 Section 5.06. Limitation Indenture Trustee May Enforce Claims Without Possession of Suits 31 Notes 24 Section 5.07. Application of Money Collected 24 Section 5.08. Limitation on Suits 26 Section 5.09. Unconditional Rights of Noteholders to Receive Principal and Interest 31 27 Section 5.085.10. Restoration of Rights and Remedies 31 27 Section 5.095.11. Rights and Remedies Cumulative 32 27 Section 5.105.12. Delay or Omission Not a Waiver 32 28 Section 5.115.13. Control by Noteholders 32 28 Section 5.125.14. Waiver of Past Default 32 Defaults 28 Section 5.135.15. Undertaking for Cost 33 Costs 28 Section 5.145.16. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Laws 29 Section 5.17. Sale of Trust Estate 34 29 Section 5.18. Action on Notes 30 Section 5.19. No Recourse 31 Section 5.20. Application of the Trust Indenture Act 31 Section 6.01. Duties of Indenture Trustee 35 31 Section 6.02. Notice of Default 33 Section 6.03. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 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 Disclaimer 38 Capital and Surplus 35 Section 6.056.09. Notice Resignation and Removal; Appointment of Defaults; Notice Successor 36 Section 6.10. Acceptance of Repurchase Requests 38 Section 6.06. Reports and Documents Appointment by Successor Indenture Trustee 37 Section 6.11. Merger, Conversion, Consolidation or Succession to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement Business of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 37 Section 6.12. Preferential Collection of Claims Against Issuer 43 Issuing Entity 38 Section 6.13. Representations Co-Indenture Trustees and Warranties of Separate Indenture Trustee 43 Trustees 38 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Authenticating Agents 39 Section 6.15. Encryption 44 Review of Mortgage Files 40 Section 6.16. Indenture Trustee Fees and Expenses Indemnification 40 Section 7.01. Noteholder List Note Registrar to Furnish Indenture Trustee Names and Noteholder Communications 45 Addresses of Noteholders 41 Section 7.02. Noteholder Demand for Asset Representations Review 46 Preservation of Information: Communications to Noteholders 42 Section 7.03. Reports by Issuer 47 Indenture Trustee 42 Section 7.04. Reports by Indenture Trustee 47 Issuing Entity 43 Section 8.01. Accounts; Investment; Collection of Money 48 Moneys 43 Section 8.02. Accounts 48 Allocation of Realized Losses 50 Section 8.03. [Reserved] 50 Section 8.04. General Provisions Regarding Accounts 49 the Payment Account and Mortgage Loans 51 Section 8.048.05. 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 50 53 Section 8.058.08. Amendment to Sale and Servicing Agreement 53 Section 8.09. Delivery of the Mortgage Files Pursuant to Sale and Servicing Agreement 53 Section 8.10. Servicer as Agent 53 Section 8.11. Termination of Servicer 54 Section 8.12. Opinion of Counsel 5054 Section 8.13. Appointment of Collateral Agents 54

Satisfaction and Discharge. SECTION 4.1. Satisfaction and Discharge of Indenture 23 Section 4.02Indenture. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.0329 SECTION 4.2. Application of Trust Money 25 Section 4.04Money. Repayment of Monies Held by Paying Agent 25 Section 5.0130 REMEDIES SECTION 5.1. Events of Default 26 Section 5.02Default. 31 SECTION 5.2. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03Annulment. 32 SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 33 SECTION 5.4. Trustee 27 Section 5.04May File Proofs of Claim. Remedies 29 Section 5.0533 SECTION 5.5. Optional Preservation Trustee May Enforce Claim Without Possession of the Trust Estate 30 Section 5.06Securities. 33 SECTION 5.6. Application of Money Collected. 34 SECTION 5.7. Limitation of Suits 31 Section 5.07on Suits. 34 SECTION 5.8. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium, and Interest 31 Section 5.08Interest; Direct Action by Holders of Preferred Securities. 35 SECTION 5.9. Restoration of Rights and Remedies 31 Section 5.09Remedies. 35 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.10Cumulative. 35 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.11Waiver. 35 SECTION 5.12. Control by Noteholders 32 Section 5.12Holders. 36 SECTION 5.13. Waiver of Past Default 32 Section 5.13Defaults. 36 SECTION 5.14. Undertaking for Cost 33 Section 5.14Costs. 36 SECTION 5.15. Waiver of Usury, Stay or Extension Law 33 Section 5.15Laws. Action on Note 33 Section 5.1637 THE TRUSTEE SECTION 6.1. Performance Corporate Trustee Required. 37 SECTION 6.2. Certain Duties and Enforcement of Certain Obligations 33 Section 5.17Responsibilities. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.0537 SECTION 6.3. Notice of Defaults. 39 SECTION 6.4. Certain Rights of Trustee. 39 SECTION 6.5. May Hold Securities. 41 SECTION 6.6. Compensation; Notice Reimbursement; Indemnity. 41 SECTION 6.7. Resignation and Removal; Appointment of Repurchase Requests 38 Section 6.06Successor. Reports and Documents 42 SECTION 6.8. Acceptance of Appointment by Indenture Trustee Successor. 42 SECTION 6.9. Merger, Conversion, Consolidation or Succession to Noteholders 39 Section 6.07Business. Compensation and Indemnity 39 Section 6.0843 SECTION 6.10. Replacement Not Responsible for Recitals or Issuance of Indenture Trustee 40 Section 6.09Securities. Successor Indenture Trustee by Xxxxxx 41 Section 6.1043 SECTION 6.11. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11Authenticating Agent. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5043

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02in Respect of any Series of Securities. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 25 SECTION 4.02 Application of Trust Money 25 Section 4.04Money. Repayment of Monies Held by Paying Agent 25 Section 5.01. 26 SECTION 5.01 Events of Default Default. 26 Section 5.02. SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03Annulment. 28 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 29 SECTION 5.04 Trustee 27 Section 5.04May File Proofs of Claim. Remedies 29 Section 5.0530 SECTION 5.05 Trustee May Enforce Claims Without Possession of Securities. Optional Preservation 30 SECTION 5.06 Application of the Trust Estate Money Collected. 30 Section 5.06SECTION 5.07 Limitation on Suits. Limitation 31 SECTION 5.08 Unconditional Right of Suits 31 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 5.09Remedies. 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 Default 32 Section 5.13Defaults. 33 SECTION 5.14 Undertaking for Cost Costs. 33 Section 5.14. SECTION 5.15 Waiver of Stay or Extension Law Laws. 33 Section 5.15SECTION 6.01 Certain Duties and Responsibilities. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. SECTION 6.02 Notice of Defaults; Notice . 34 SECTION 6.03 Certain Rights of Repurchase Requests 38 Section 6.06Trustee. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.0734 SECTION 6.04 Not Responsible for Recitals or Issuance of Securities. 36 SECTION 6.05 May Hold Securities. 36 SECTION 6.06 Money Held in Trust. 36 SECTION 6.07 Compensation and Indemnity 39 Section 6.08Reimbursement. Replacement of Indenture 36 SECTION 6.08 Disqualification; Conflicting Interests. 37 SECTION 6.09 Corporate Trustee 40 Section 6.09Required; Eligibility. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. 38 SECTION 6.10 Resignation and Removal; Appointment of Co-Trustee Successor. 38 SECTION 6.11 Acceptance of Appointment by Successor. 40 SECTION 6.12 Merger, Conversion, Consolidation or Separate Trustee 42 Section 6.11Succession to Business. Eligibility; Disqualification 43 Section 6.12. 41 SECTION 6.13 Preferential Collection of Claims Against Issuer 43 Section 6.13Company. Representations and Warranties 41 SECTION 6.14 Appointment of Indenture Trustee 43 Section 6.14Authenticating Agent. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5041

Satisfaction and Discharge. SECTION 4.1. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.0326 SECTION 4.2. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.0127 SECTION 5.1. Events of Default 26 Section 5.0227 SECTION 5.2. Acceleration of Maturity; Rescission and Annulment 27 Section 5.0329 SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.0430 SECTION 5.4. Remedies 29 Section 5.05Trustee May File Proofs of Claim 30 SECTION 5.5. Optional Preservation Trustee May Enforce Claim Without Possession of the Trust Estate 30 Section 5.06Securities 31 SECTION 5.6. Application of Money Collected 31 SECTION 5.7. Limitation of on Suits 31 Section 5.07SECTION 5.8. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Section 5.08Interest; Direct Action by Holders of Preferred Securities 32 SECTION 5.9. Restoration of Rights and Remedies 31 Section 5.0932 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.1033 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.1133 SECTION 5.12. Control by Noteholders 32 Section 5.12Holders 33 SECTION 5.13. Waiver of Past Default 32 Section 5.13Defaults 33 SECTION 5.14. Undertaking for Cost 33 Section 5.14Costs 34 SECTION 5.15. Waiver of Usury, Stay or Extension Law 33 Section 5.15Laws 34 SECTION 6.1. Action on Note 33 Section 5.16Corporate Trustee Required 35 SECTION 6.2. Performance Certain Duties and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee Responsibilities 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05SECTION 6.3. Notice of DefaultsDefaults 36 SECTION 6.4. Certain Rights of Trustee 36 SECTION 6.5. May Hold Securities 38 SECTION 6.6. Compensation; Notice Reimbursement; Indemnity 38 SECTION 6.7. Resignation and Removal; Appointment of Repurchase Requests 38 Section 6.06Successor 40 SECTION 6.8. Reports and Documents Acceptance of Appointment by Indenture Trustee Successor 40 SECTION 6.9. Merger, Conversion, Consolidation or Succession to Noteholders 39 Section 6.07Business 41 SECTION 6.10. Compensation and Indemnity 39 Section 6.08. Replacement Not Responsible for Recitals or Issuance of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx Securities 41 Section 6.10SECTION 6.11. Appointment of Co-Authenticating Agent 41 SECTION 7.1. Company to Furnish Trustee or Separate Trustee 42 Section 6.11Names and Addresses of Holders 43 SECTION 7.2. Eligibility; Disqualification Preservation of Information, Communications to Holders 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03SECTION 7.3. Reports by Issuer Company and Trustee 44 SECTION 8.1. Company May Consolidate, Etc., Only on Certain Terms 44 SECTION 8.2. Successor Company Substituted 45 SECTION 9.1. Supplemental Indentures without Consent of Holders 46 SECTION 9.2. Supplemental Indentures with Consent of Holders 46 SECTION 9.3. Execution of Supplemental Indentures 47 Section 7.04SECTION 9.4. Reports by Indenture Effect of Supplemental Indentures 47 SECTION 9.5. Reference in Securities to Supplemental Indentures 47 SECTION 10.1. Payment of Principal, Premium and Interest 48 SECTION 10.2. Money for Security Payments to be Held in Trust 48 SECTION 10.3. Statement as to Compliance 49 SECTION 10.4. Calculation Agent 49 SECTION 10.5. Additional Tax Sums 50 SECTION 10.6. Additional Covenants 51 SECTION 10.7. Waiver of Covenants 52 SECTION 10.8. Treatment of Securities 52 SECTION 11.1. Optional Redemption 52 SECTION 11.2. Special Event Redemption 52 SECTION 11.3. Election to Redeem; Notice to Trustee 47 Section 8.0153 SECTION 11.4. Collection Selection of Money 48 Section 8.02Securities to be Redeemed 53 SECTION 11.5. Accounts 48 Section 8.03Notice of Redemption 54 SECTION 11.6. General Provisions Regarding Accounts 49 Section 8.04Deposit of Redemption Price 54 SECTION 11.7. Release Payment of Trust Estate 50 Section 8.05Securities Called for Redemption 55 SECTION 12.1. Opinion of Counsel 50Securities Subordinate to Senior Debt 55

Satisfaction and Discharge. Section 4.1 Satisfaction and Discharge of Indenture 23 47 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.2 Application of Trust Money 25 50 Section 4.04. Repayment of Monies Held by Paying Agent 25 4.3 Reinstatement 50 Section 5.01. 5.1 Rapid Amortization Event 50 Section 5.2 Partial Amortization 51 Section 5.3 Events of Default 26 51 Section 5.02. 5.4 Acceleration of Maturity; Rescission and Annulment 27 55 Section 5.03. Collection 5.5 Enforcement 57 Section 5.6 Application of Indebtedness and Suits for Enforcement Monies Collected by Indenture Trustee 27 63 Section 5.04. 5.7 Waiver of Appraisement, Valuation, Stay and Right to Marshaling 63 Section 5.8 Remedies 29 Section 5.05. Optional Preservation of the Trust Estate 30 Section 5.06. Limitation of Suits 31 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. Cumulative; Delay or Omission Not a Waiver 32 64 Section 5.11. 5.9 Control by Noteholders 32 of Notes 64 Section 5.12. Waiver 6.1 Certain Duties and Responsibilities 65 Section 6.2 Notice of Past Default 32 67 Section 5.13. Undertaking for Cost 33 Section 5.14. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of 6.3 Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 67 Section 6.03. Individual Rights 6.4 May Hold Notes 68 Section 6.5 Money Held in Trust 69 Section 6.6 Compensation and Reimbursement 69 Section 6.7 Corporate Indenture Trustee Required; Eligibility 70 Section 6.8 Resignation and Removal; Appointment of Successor 71 Section 6.9 Acceptance of Appointment by Successor 73 Section 6.10 Merger, Conversion, Consolidation or Succession to Business of Indenture Trustee 38 73 Section 6.04. 6.11 Co-Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports Trustees and Documents by Separate Indenture Trustee 73 Section 6.12 Fiduciary for Holders Only; Agent for Other Secured Parties 74 Section 6.13 Withholding 75 Section 6.14 Authenticating Agents 75 Section 7.1 Payment of Principal and Interest 76 Section 7.2 Maintenance of Office or Agency 76 Section 7.3 Money for Security Payments to Noteholders 39 Be Held in Trust 77 Section 6.07. Compensation and Indemnity 39 7.4 Existence of the Co-Issuers; Independent Managers; Existence of Master Issuer 77 Section 6.08. Replacement 7.5 Protection of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment Collateral; Performance of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Obligations 77

Satisfaction and Discharge. Section 401. Satisfaction and Discharge of Indenture 23 22 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03402. Application of Trust Money 25 23 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01501. Events of Default 26 23 Section 5.02502. Acceleration of Maturity; Rescission and Annulment 27 25 Section 5.03503. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 25 Section 504. Trustee May File Proofs of Claim 26 Section 505. Trustee May Enforce Claims Without Possession of Debt Securities 27 Section 5.04506. Remedies 29 Application of Money Collected 27 Section 5.05507. Optional Preservation of the Trust Estate 30 Limitations on Suits 28 Section 5.06. Limitation of Suits 31 Section 5.07508. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 28 Section 5.08509. Restoration of Rights and Remedies 31 28 Section 5.09510. Rights and Remedies Cumulative 32 29 Section 5.10511. Delay or Omission Not a Waiver 32 29 Section 5.11512. Control by Noteholders 32 Holders 29 Section 5.12513. Waiver of Past Default 32 Defaults 29 Section 5.13514. Undertaking for Cost 33 Costs 30 Section 5.14515. Waiver of Stay or Extension Law 33 Laws 30 Section 5.15601. Action on Note 33 Certain Duties and Responsibilities 30 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05602. Notice of Defaults; Notice Defaults 31 Section 603. Certain Rights of Repurchase Requests 38 Trustee 32 Section 6.06604. Reports and Documents by Indenture Trustee to Noteholders 39 Not Responsible for Recitals or Issuance of Debt Securities 33 Section 6.07605. May Hold Debt Securities 33 Section 606. Money Held in Trust 33 Section 607. Compensation and Indemnity Reimbursement 33 Section 608. Disqualification; Conflicting Interests 34 Section 609. Corporate Trustee Required; Eligibility 39 Section 6.08610. Replacement Resignation and Removal; Appointment of Indenture Trustee Successor 39 Section 611. Acceptance of Appointment by Successor 40 Section 6.09612. Successor Indenture Trustee by Xxxxxx Merger, Conversion, Consolidation or Succession to Business 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12613. Preferential Collection of Claims Against Issuer 43 Company 42 Section 6.13614. Representations and Warranties Appointment of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications Authenticating Agent 45 Section 7.02701. Noteholder Demand for Asset Representations Review 46 Company to Furnish Trustee Names and Addresses of Holders 47 Section 7.03702. Preservation of Information; Communications to Holders 47 Section 703. Reports by Issuer 47 Trustee 48 Section 7.04704. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate Company 50 Section 8.05801. Opinion Company May Consolidate, Etc., Only on Certain Terms 50 Section 802. Successor Corporation Substituted 51 Section 901. Supplemental Indentures without Consent of Counsel 50Holders 51 Section 902. Supplemental Indentures with Consent of Holders 52 Section 903. Execution of Supplemental Indentures 53 Section 904. Effect of Supplemental Indentures 54 Section 905. Conformity with Trust Indenture Act 54 Section 906. Reference in Debt Securities to Supplemental Indentures 54 Section 1001. Payment of Principal, Premium and Interest 54 Section 1002. Maintenance of Office or Agency 54 Section 1003. Money for Debt Securities Payments to Be Held in Trust 55 Section 1004. Statement by Officers as to Default 56 Section 1005. Waiver of Certain Covenants 56 Section 1101. Applicability of Article 56 Section 1102. Election to Redeem; Notice to Trustee 57 Section 1103. Selection by Trustee of Debt Securities to Be Redeemed 57 Section 1104. Notice of Redemption 57 Section 1105. Deposit of Redemption Price 58 Section 1106. Debt Securities Payable on Redemption Date 58 Section 1107. Debt Securities Redeemed in Part 58 Section 1201. Applicability of Article 59 Section 1202. Satisfaction of Sinking Fund Payments with Debt Securities 59 Section 1203. Redemption of Debt Securities for Sinking Fund 59 Section 1301. Exemption from Individual Liability 60 Section 1401. Applicability of Article 60 Section 1402. Defeasance upon Deposit of Moneys or U.S. Government Obligations 60 Section 1403. Deposited Moneys and U.S. Government Obligations to Be Held in Trust 62 Section 1404. Repayment to Company 62 TESTIMONIUM SIGNATURES AND SEALS ACKNOWLEDGEMENTS EXHIBIT A APPENDIX A INDENTURE, dated as of March 1,1986, between LOEWS CORPORATION, a corporation duly organized and existing under the laws of State of Delaware (herein called the (“Company”), having its principal office at 000 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, and THE CHASE MANHATTAN BANK (National Association), a national banking association duly organized and existing under the laws of the United States, as Trustee (herein called the “Trustee”).

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 18 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 19 Section 5.01. Events Event of Default 26 20 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 21 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 22 Section 5.04. Remedies 29 22 Section 5.05. Optional Preservation Indenture Trustee May File Proofs of the Trust Estate 30 Claim 22 Section 5.06. Limitation Indenture Trustee May Enforce Claims Without Possession of Suits 31 Notes 23 Section 5.07. Application of Money Collected 23 Section 5.08. Limitation on Suits 26 Section 5.09. Unconditional Rights of Noteholders to Receive Principal and Interest 31 27 Section 5.085.10. Restoration of Rights and Remedies 31 27 Section 5.095.11. Rights and Remedies Cumulative 32 27 Section 5.105.12. Delay or Omission Not a Waiver 32 27 Section 5.115.13. Control by Noteholders 32 27 Section 5.125.14. Waiver of Past Default 32 Defaults 28 Section 5.135.15. Undertaking for Cost 33 Costs 28 Section 5.145.16. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Laws 28 Section 5.17. Sale of Trust Estate 34 29 Section 5.18. Action on Notes 30 Section 5.19. No Recourse 30 Section 5.20. Application of the Trust Indenture Act 30 Section 6.01. Duties of Indenture Trustee 35 31 Section 6.02. Notice of Default 33 Section 6.03. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 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 Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports Capital and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Surplus 35

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance in Respect of the Notes 24 Section 4.03. any Series of Securities 25 SECTION 4.02 Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. 26 SECTION 5.01 Events of Default 26 Section 5.02. SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 28 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. Optional Preservation SECTION 5.04 Trustee May File Proofs of the Trust Estate Claim 30 Section 5.06. SECTION 5.05 Trustee May Enforce Claims Without Possession of Securities 30 SECTION 5.06 Application of Money Collected 30 SECTION 5.07 Limitation of on Suits 31 Section 5.07. SECTION 5.08 Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Section 5.08. SECTION 5.09 Restoration of Rights and Remedies 31 Section 5.09. SECTION 5.10 Rights and Remedies Cumulative 32 Section 5.10. SECTION 5.11 Delay or Omission Not a Waiver 32 Section 5.11. SECTION 5.12 Control by Noteholders Holders 32 Section 5.12. SECTION 5.13 Waiver of Past Default Defaults 32 Section 5.13. SECTION 5.14 Undertaking for Cost Costs 33 Section 5.14. SECTION 5.15 Waiver of Stay or Extension Law Laws 33 Section 5.15. Action on Note SECTION 6.01 Certain Duties and Responsibilities 33 Section 5.16. Performance and Enforcement SECTION 6.02 Notice of Defaults 33 SECTION 6.03 Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights 34 SECTION 6.04 Not Responsible for Recitals or Issuance of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Securities 35 SECTION 6.05 May Hold Securities 35 SECTION 6.06 Money Held in Trust 35 SECTION 6.07 Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Reimbursement 35 SECTION 6.08 Disqualification; Conflicting Interests 36 SECTION 6.09 Corporate Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Required; Eligibility 37 SECTION 6.10 Resignation and Removal; Appointment of Co-Trustee Successor 37 SECTION 6.11 Acceptance of Appointment by Successor 39 SECTION 6.12 Merger, Conversion, Consolidation or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Succession to Business 40 SECTION 6.13 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties Company 40 SECTION 6.14 Appointment of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Authenticating Agent 40

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 21 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 22 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 22 Section 5.01. 5.01 Events of Default 26 23 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 24 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 25 Section 5.04 Remedies; Priorities 27 Section 5.04. Remedies 29 Section 5.05. 5.05 Optional Preservation of the Trust Estate 30 Receivables 28 Section 5.06. 5.06 Limitation of Suits 31 28 Section 5.07. 5.07 Unconditional Rights of Noteholders 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 30 Section 5.12. 5.12 Waiver of Past Default 32 Defaults 30 Section 5.13. 5.13 Undertaking for Cost 33 Costs 31 Section 5.14. 5.14 Waiver of Stay or Extension Law 33 Laws 31 Section 5.15. 5.15 Action on Note 33 Notes 31 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 31 Section 5.17. Sale of Trust Estate 34 Section 6.01. 6.01 Duties of Indenture Trustee 32 Section 6.02 Rights of Indenture Trustee 33 Section 6.03 Individual Rights of Indenture Trustee 34 Section 6.04 Indenture Trustee’s Disclaimer 35 Section 6.02. Rights 6.05 Notice of Defaults 35 Section 6.06 Reports by Indenture Trustee to Holders 35 Section 6.07 Compensation and Indemnity 35 Section 6.08 Replacement of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. 6.09 Successor Indenture Trustee by Xxxxxx 41 Merger 37 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 37 Section 6.11. 6.11 Eligibility; Disqualification 43 38 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 38 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 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5039

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of the Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance Application of the Notes Issuer Money 24 Section 4.035.01. Application of Trust Money Pay Out Events 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.015.02. Events of Default 26 25 Section 5.025.03. Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.035.04. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.045.05. Remedies Remedies; Priorities 29 Section 5.055.06. Optional Preservation of the Trust Estate 30 Collateral 31 Section 5.065.07. Limitation of on Suits 31 Section 5.075.08. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.085.09. Restoration of Rights and Remedies 31 32 Section 5.095.10. Rights and Remedies Cumulative 32 Section 5.105.11. Delay or Omission Not a Waiver 32 Section 5.11. Control by Noteholders 32 Section 5.12. Waiver Rights of Past Default Noteholders to Direct Indenture Trustee 32 Section 5.13. Undertaking for Cost Waiver of Past Defaults 33 Section 5.14. Undertaking for Costs 33 Section 5.15. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note Laws 33 Section 5.16. Performance and Enforcement Sale of Certain Obligations 33 Receivables 34 Section 5.17. Sale of Trust Estate Action on Notes 34 Section 6.01. Duties of Indenture Trustee 35 34 Section 6.02. Notice of Pay Out Event or Event of Default 36 Section 6.03. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 37 Section 6.04. Indenture Trustee’s Disclaimer Not Responsible for Recitals or Issuance of Notes 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests Dealings With Issuer 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders Money Held in Trust 39 Section 6.07. Compensation Compensation, Reimbursement and Indemnity Indemnification 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx Merger 41 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. Eligibility; Disqualification 43 42 Section 6.12. Preferential Collection of Claims Against Issuer 43 42 Section 6.13. Representations and Warranties Covenants of Indenture Trustee 43 Section 6.14. Furnishing Custody of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50the Collateral 43

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 22 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 24 Section 4.04. 4.03 Repayment of Monies Moneys Held by Paying Agent 25 24 Section 5.01. 5.01 Events of Default 26 24 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 26 Section 5.04. Remedies 29 5.04 Remedies; Priorities 28 Section 5.05. 5.05 Optional Preservation of the Trust Estate Collateral 30 Section 5.06. 5.06 Limitation of Suits 31 30 Section 5.07. 5.07 Unconditional Rights of Noteholders to Receive Principal and and/or 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 32 Section 5.12. 5.12 Waiver of Past Default Defaults 32 Section 5.13. 5.13 Undertaking for Cost Costs 33 Section 5.14. 5.14 Waiver of Stay or Extension Law Laws 33 Section 5.15. 5.15 Action on Note Notes 33 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale 6.01 Duties of Trust Estate Indenture Trustee 34 Section 6.01. Duties 6.02 Rights of Indenture Trustee 35 Section 6.02. 6.03 Individual Rights of Indenture Trustee 36 Section 6.03. Individual Rights 6.04 Indenture Trustee’s Disclaimer 36 Section 6.05 Notices of Default 36 Section 6.06 Reports by Indenture Trustee to Holders 36 Section 6.07 Compensation and Indemnity 36 Section 6.08 Replacement of Indenture Trustee 37 Section 6.09 Successor Indenture Trustee by Mxxxxx 38 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 506.11 Eligibility 40

Satisfaction and Discharge. Section 4.1 Satisfaction and Discharge of Indenture 23 22 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.2 Application of Trust Money 25 23 ARTICLE V REMEDIES Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. 5.1 Events of Default 26 23 Section 5.02. 5.2 Acceleration of Maturity; Rescission and Annulment 27 24 Section 5.03. 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 24 TABLE OF CONTENTS (continued) Section 5.04. Remedies 29 5.4 Trustee May File Proofs of Claim 25 Section 5.05. Optional Preservation 5.5 Trustee May Enforce Claim Without Possession of the Trust Estate 30 Securities 25 Section 5.06. 5.6 Application of Money Collected 26 Section 5.7 Limitation on Suits 26 Section 5.8 Unconditional Right of Suits 31 Section 5.07. Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Interest; Direct Action by Holders of Trust Preferred Securities 26 Section 5.08. 5.9 Restoration of Rights and Remedies 31 26 Section 5.09. 5.10 Rights and Remedies Cumulative 32 27 Section 5.10. 5.11 Delay or Omission Not a Waiver 32 27 Section 5.11. 5.12 Control by Noteholders 32 Holders 27 Section 5.12. 5.13 Waiver of Past Default 32 Defaults 27 Section 5.13. 5.14 Undertaking for Cost 33 Costs 27 Section 5.14. 5.15 Waiver of Usury, Stay or Extension Law 33 Laws 28 ARTICLE VI THE TRUSTEE Section 5.15. Action on Note 33 6.1 Certain Duties and Responsibilities 28 Section 5.16. Performance and Enforcement 6.2 Notice of Defaults 29 Section 6.3 Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 29 Section 6.03. Individual Rights 6.4 Not Responsible for Recitals or Issuance of Indenture Trustee 38 Securities 30 Section 6.04. Indenture Trustee’s Disclaimer 38 6.5 May Hold Securities 30 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 6.6 Money Held in Trust 30 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 6.7 Compensation and Indemnity 39 Reimbursement 30 Section 6.08. Replacement of Indenture 6.8 Disqualification; Conflicting Interests 30 Section 6.9 Corporate Trustee 40 Required; Eligibility 30 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. 6.10 Resignation and Removal; Appointment of Co-Trustee Successor 31 Section 6.11 Acceptance of Appointment by Successor 32 Section 6.12 Merger, Conversion, Consolidation or Separate Trustee 42 Succession to Business 32 Section 6.11. Eligibility; Disqualification 43 Section 6.12. 6.13 Preferential Collection of Claims Against Issuer 43 Company 33 Section 6.13. Representations and Warranties 6.14 Appointment of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Authenticating Agent 33

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.044.03. Repayment of Monies Held by Paying Agent 25 Section 5.01. Events of Default 26 30 Section 5.02. Acceleration of Maturity; , Rescission and Annulment 27 30 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 30 Section 5.04. Remedies 29 Remedies, Priorities 32 Section 5.05. Optional Preservation of the Trust Estate 30 Receivables 33 Section 5.06. Limitation of Suits 31 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 37 Section 5.08. Restoration of Rights and Remedies 31 37 Section 5.09. Rights and Remedies Cumulative 32 37 Section 5.10. Delay or Omission Not a Waiver 32 37 Section 5.11. Control by Noteholders 32 37 Section 5.12. Waiver of Past Default 32 Defaults 37 Section 5.13. Undertaking for Cost 33 Costs 37 Section 5.14. Waiver of Stay or Extension Law 33 Laws Section 5.15. Action on Note 33 Notes 37 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 37 Section 6.01. Duties of Indenture Trustee 35 37 Section 6.02. Rights of Indenture Trustee 36 39 Section 6.03. Individual Rights of Indenture Trustee 38 40 Section 6.04. Indenture Trustee’s Disclaimer 38 40 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Defaults 40 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 40 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 46 Section 6.11. Eligibility; , Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Trustee

Satisfaction and Discharge. SECTION 4.01. Satisfaction and Discharge of Indenture 23 Section 69 SECTION 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 70 SECTION 5.01. Events of Default 26 Section 71 SECTION 5.02. Acceleration of Maturity; : Rescission and Annulment 27 Section 72 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 74 SECTION 5.04. Remedies 29 Section Trustee May File Proofs of Claim 74 SECTION 5.05. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Section Notes 75 SECTION 5.06. Limitation Application of Suits 31 Section Money Collected 75 SECTION 5.07. Unconditional Rights Limitation on Suits 75 SECTION 5.08. Right of Noteholders Holders to Receive Principal and Interest 31 Section 5.08Bring Suit for Payment 76 SECTION 5.09. Restoration of Rights and Remedies 31 Section 5.0976 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.1076 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.1176 SECTION 5.12. Control by Noteholders 32 Section 5.12Holders 77 SECTION 5.13. Waiver of Past Default 32 Section 5.13. Undertaking for Cost 33 Section Defaults 77 SECTION 5.14. Waiver of Stay or Extension Law 33 Section Laws 77 SECTION 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section Undertaking for Costs 77 SECTION 6.01. Duties of Indenture the Trustee 35 Section 78 SECTION 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice Defaults 79 SECTION 6.03. Certain Rights of Repurchase Requests 38 Section Trustee 79 SECTION 6.04. Trustee Not Responsible for Recitals or Issuance of Notes 81 SECTION 6.05. May Hold Notes 81 SECTION 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section Money Held in Trust 81 SECTION 6.07. Compensation and Indemnity 39 Section Reimbursement 81 SECTION 6.08. Replacement of Indenture Corporate Trustee 40 Section Required; Eligibility 82 SECTION 6.09. Resignation and Removal; Appointment of Successor Indenture Trustee 82 SECTION 6.10. Acceptance of Appointment by Xxxxxx 41 Section 6.10Successor 83 SECTION 6.11. Merger, Conversion, Consolidation or Succession to Business 84 SECTION 6.12. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Authenticating Agent 84

Satisfaction and Discharge. Section 4.1 Satisfaction and Discharge of Indenture 23 44 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.2 Application of Trust Money 25 46 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. 5.1 Events of Default 26 46 Section 5.02. 5.2 Acceleration of Maturity; Rescission and Annulment 27 47 Section 5.03. 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 48 Section 5.04. Remedies 29 5.4 Trustee May File Proofs of Claim 49 Section 5.05. Optional Preservation 5.5 Trustee May Enforce Claims Without Possession of the Trust Estate 30 Securities 50 Section 5.06. 5.6 Application of Money Collected 50 Section 5.7 Limitation on Suits 51 Section 5.8 Unconditional Right of Suits 31 Section 5.07. Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 51 Section 5.08. 5.9 Restoration of Rights and Remedies 31 52 Section 5.09. 5.10 Rights and Remedies Cumulative 32 52 Section 5.10. 5.11 Delay or Omission Not a Waiver 32 52 Section 5.11. 5.12 Control by Noteholders 32 Holders 52 Section 5.12. 5.13 Waiver of Past Default 32 Defaults 53 Section 5.13. Undertaking for Cost 33 Section 5.14. 5.14 Waiver of Stay or Extension Law 33 Laws 53 Section 5.15. Action on Note 33 5.15 Undertaking for Costs 53 Section 5.16. Performance 6.1 Certain Duties and Enforcement Responsibilities 54 Section 6.2 Notice of Defaults 55 Section 6.3 Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 55 Section 6.03. Individual Rights 6.4 Trustee Not Responsible for Recitals or Issuance of Indenture Trustee 38 Securities 57 Section 6.04. Indenture Trustee’s Disclaimer 38 6.5 May Hold Securities 58 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 6.6 Money Held in Trust 58 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 6.7 Compensation and Indemnity 39 Reimbursement 58 Section 6.08. Replacement of Indenture 6.8 Corporate Trustee 40 Required; Eligibility; Conflicting Interests 59 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. 6.9 Resignation and Removal; Appointment of Successor 59 Section 6.10 Acceptance of Appointment by Successor 61 Section 6.11 Merger, Conversion, Consolidation or Succession to Business 62 Section 6.12 Appointment of Authenticating Agent 63 Section 6.13 Privacy (Co-Trustee) 64 Section 6.14 Co-Trustee or Separate Trustee 42 64 Section 6.11. Eligibility; Disqualification 43 7.1 Disclosure of Names and Addresses of Holders 64 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. 7.2 Reports by Issuer 47 Trustee 65 Section 7.04. 7.3 Reports by the Company 65 Section 7.4 The Company to Furnish Trustee Names and Addresses of Holders 65 Section 8.1 Supplemental Indentures Without Consent of Holders 66 Section 8.2 Supplemental Indentures with Consent of Holders 67 Section 8.3 Execution of Supplemental Indentures 68 Section 8.4 Effect of Supplemental Indentures 68 Section 8.5 Conformity with Trust Indenture Trustee 47 Act 69 Section 8.01. Collection 8.6 Reference in Securities to Supplemental Indentures 69 Section 8.7 Notice of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Supplemental Indentures 69

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 20 SECTION 4.2 Application of Trust Money 25 Section 4.04. 21 SECTION 4.3 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 22 SECTION 4.4 Auction of Trust Student Loans 22 SECTION 5.1 Events of Default 26 Section 5.02. 23 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 24 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 24 SECTION 5.4 Remedies; Priorities 27 Section 5.04. Remedies 29 Section 5.05. SECTION 5.5 Optional Preservation of the Trust Estate Student Loans 30 Section 5.06. SECTION 5.6 Limitation of Suits 31 Section 5.07. 30 SECTION 5.7 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. SECTION 5.8 Restoration of Rights and Remedies 31 Section 5.09. SECTION 5.9 Rights and Remedies Cumulative 32 Section 5.10. 31 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 31 SECTION 5.11 Control by Noteholders 32 Section 5.12. 31 SECTION 5.12 Waiver of Past Default Defaults 32 Section 5.13. SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 32 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 32 SECTION 5.15 Action on Note Notes 33 Section 5.16. SECTION 5.16 Performance and Enforcement of Certain Obligations Obligations. 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. SECTION 6.1 Duties of Indenture Trustee 35 Section 6.02. 34 SECTION 6.2 Rights of Indenture Trustee 36 Section 6.03. 35 SECTION 6.3 Individual Rights of Indenture Trustee 38 Section 6.04. 35 SECTION 6.4 Indenture Trustee’s Disclaimer 38 Section 6.05. 36 SECTION 6.5 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 36 SECTION 6.6 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 36 SECTION 6.7 Compensation and Indemnity 39 Section 6.08. 36 SECTION 6.8 Replacement of Indenture Trustee 40 Section 6.09. 37 SECTION 6.9 Successor Indenture Trustee by Xxxxxx 41 Section 6.10. 38 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee 42 Section 6.11Trustee. 38 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 39 SECTION 6.12 Preferential Collection of Claims Against the Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5040

Satisfaction and Discharge. CANCELLATION OF NOTES HELD BY THE ISSUER OR FIA 48 Section 601. Satisfaction and Discharge of Indenture 23 48 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03602. Application of Trust Money 25 48 Section 4.04603. Repayment Cancellation of Monies Notes Held by Paying Agent 25 the Issuer or FIA 49 ARTICLE VII EVENTS OF DEFAULT AND REMEDIES 50 Section 5.01701. Events of Default 26 50 Section 5.02702. Acceleration of Maturity; Rescission and Annulment 27 51 Section 5.03703. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 52 Section 5.04704. Remedies 29 Indenture Trustee May File Proofs of Claim 53 Section 5.05705. Optional Preservation 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 Trust Estate 30 Collateral Certificate 54 Section 5.06708. Sale of Receivables for Accelerated Notes 54 Section 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 31 55 Section 5.07711. Unconditional Rights Right of Noteholders to Receive Principal and Interest 31 Interest; Limited Recourse 55 Section 5.08712. Restoration of Rights and Remedies 31 56 Section 5.09713. Rights and Remedies Cumulative 32 56 Section 5.10714. Delay or Omission Not a Waiver 32 56 Section 5.11715. Control by Noteholders 32 56 Section 5.12716. Waiver of Past Default 32 Defaults 56 Section 5.13717. Undertaking for Cost 33 Costs 57 Section 5.14718. Waiver of Stay or Extension Law 33 Laws 57 ARTICLE VIII THE INDENTURE TRUSTEE 58 Section 5.15801. Action on Note 33 Certain Duties and Responsibilities 58 Section 5.16802. Performance and Enforcement Notice of Defaults 59 Section 803. Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 59 Section 6.03804. Individual Rights Not Responsible for Recitals or Issuance of Indenture Trustee 38 Notes 60 Section 6.04805. Indenture Trustee’s Disclaimer 38 May Hold Notes 60 Section 6.05806. Notice of Defaults; Notice of Repurchase Requests 38 Money Held in Trust 60 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07807. Compensation and Reimbursement, Limit on Compensation, Reimbursement and Indemnity 39 61 Section 6.08808. Replacement of Disqualification; Conflicting Interests 61 Section 809. Corporate Indenture Trustee 40 Required; Eligibility 61 Section 6.09810. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Resignation and Removal; Appointment of Co-Trustee Successor 62 Section 811. Acceptance of Appointment by Successor 63 Section 812. Merger, Conversion, Consolidation or Separate Trustee 42 Succession to Business 64 Section 6.11. Eligibility; Disqualification 43 Section 6.12813. Preferential Collection of Claims Against Issuer 43 64 Section 6.13814. Appointment of Authenticating Agent 64 Section 815. Tax Returns 66 Section 816. Representations and Warranties Covenants of the Indenture Trustee 43 66 Section 6.14817. Furnishing Custody of Monthly Investor Reports the Collateral 67 Section 818. Indenture Trustee’s Application for Instructions from the Issuer 67 ARTICLE IX NOTEHOLDERS’ MEETINGS, LISTS, REPORTS BY INDENTURE TRUSTEE, ISSUER AND BENEFICIARY 68 Section 901. Issuer To Furnish Indenture Trustee Names and Other Documents 44 Addresses of Noteholders 68 Section 6.15902. Encryption 44 Preservation of Information; Communications to Noteholders 68 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 7.04903. Reports by Indenture Trustee 47 69 Section 8.01904. Collection 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 48 for Note Payments to be Held in Trust 79 Section 8.021104. Accounts 48 Statement as to Compliance 81 Section 8.031105. General Provisions Regarding Accounts 49 Legal Existence 81 Section 8.041106. 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 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 Estate 50 Obligations 94 Section 8.051403. Opinion 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 Counsel 50Issuer 95 Section 1408. Final Distribution 95 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 97 Section 1503. Information to Be Provided by the Indenture Trustee 97 Section 1504. Report on Assessment of Compliance and Attestation 98 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 310(a)(1) 6.11 (a)(2) 6.11

Satisfaction and Discharge. SECTION 4.1. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.0329 SECTION 4.2. Application of Trust Money 25 Section 4.0430 SECTION 4.3. Repayment Defeasance and Discharge of Monies Held by Paying Agent 25 Section 5.01Securities of any Series 30 SECTION 4.4. Reinstatement 32 REMEDIES SECTION 5.1. Events of Default 26 Section 5.0232 SECTION 5.2. Acceleration of Maturity; Rescission and Annulment 27 Section 5.0333 SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.0433 SECTION 5.4. Remedies 29 Section 5.05Trustee May File Proof of Claim 34 SECTION 5.5. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Section 5.06Securities 35 SECTION 5.6. Application of Money Collected 35 SECTION 5.7. Limitation of on Suits 31 Section 5.0735 SECTION 5.8. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium, Interest and Interest 31 Section 5.08Additional Amounts 36 SECTION 5.9. Restoration of Rights and Remedies 31 Section 5.0936 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.1036 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.1136 SECTION 5.12. Control by Noteholders 32 Section 5.12Holders 36 SECTION 5.13. Waiver of Past Default 32 Section 5.13Defaults 37 SECTION 5.14. Undertaking for Cost 33 Section 5.14Costs 37 SECTION 5.15. Waiver of Stay or Extension Law 33 Section 5.15Laws 37 THE TRUSTEE SECTION 6.1. Action on Note 33 Section 5.16. Performance Certain Duties and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee Responsibilities 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05SECTION 6.2. Notice of Defaults; Notice Defaults 39 SECTION 6.3. Certain Rights of Repurchase Requests 38 Section 6.06Trustee 39 SECTION 6.4. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07Not 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 39 Section 6.08Reimbursement 41 SECTION 6.8. Replacement of Indenture Conflicting Interests 42 SECTION 6.9. Corporate Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section Required; Eligibility 42 SECTION 6.10. Resignation and Removal; Appointment of Co-Trustee or Separate Trustee Successor 42 Section SECTION 6.11. Eligibility; Disqualification 43 Section Acceptance of Appointment by Successor 44 SECTION 6.12. Merger, Conversion, Consolidation or Succession to Business 45 SECTION 6.13. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section or Guarantor 45 SECTION 6.14. Furnishing Appointment of Monthly Investor Reports and Other Documents 44 Section Authenticating Agent 45 SECTION 6.15. Encryption 44 Section 7.01Trustee’s Application for Instructions from the Issuer 47 SECTION 6.16. Noteholder List Appointment of Co-Trustee 47 HOLDERS’ LISTS AND REPORTS BY TRUSTEE, ISSUER AND GUARANTOR SECTION 7.1. Issuer and Noteholder Guarantor to Furnish Trustee Names and Addresses of Holders 48 SECTION 7.2. Preservation of Information; Communications 45 Section 7.02to Holders 49 SECTION 7.3. Noteholder Demand for Asset Representations Review 46 Section 7.03Reports by Trustee 49 SECTION 7.4. Reports by Issuer 47 Section 7.04and Guarantor 49 SECTION 7.5. Reports by Indenture Trustee 47 Section 8.01. Collection Calculation of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate Original Issue Discount 50 Section 8.05. Opinion of Counsel 50CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE; ASSUMPTION

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 Section 5.01. 5.01 Events of Default 26 25 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 5.04 Remedies; Priorities 30 Section 5.05. 5.05 Optional Preservation of the Trust Estate 30 Receivables 31 Section 5.06. 5.06 Limitation of Suits 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 Default 32 Defaults 33 Section 5.13. 5.13 Undertaking for Cost 33 Costs 34 Section 5.14. 5.14 Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. 5.15 Action on Note 33 Notes 34 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 6.01 Duties of Indenture Trustee 35 Section 6.02. 6.02 Rights of Indenture Trustee 36 37 Section 6.03. 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests Defaults 38 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 6.07 Compensation and Indemnity 39 Section 6.08. 6.08 Replacement of Indenture Trustee 40 Section 6.09. 6.09 Successor Indenture Trustee by Xxxxxx Merger 41 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. 6.11 Eligibility; Disqualification 43 42 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 42 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 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder 6.14 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Demands to Repurchase Receivables 43

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 Section 4.04. 4.03 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 4.04 Trust Money Received by Indenture Trustee Section 5.01 Events of Default 26 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 5.04 Remedies; Priorities Section 5.05. 5.05 Optional Preservation of the Trust Estate 30 Collateral 31 Section 5.06. 5.06 Limitation of Suits 31 Section 5.07. 5.07 Unconditional Rights of Noteholders to 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 33 Section 5.11. 5.11 Control by Noteholders 32 Securityholders 33 Section 5.12. 5.12 Waiver of Past Default 32 Defaults 34 Section 5.13. 5.13 Undertaking for Cost 33 Costs Section 5.14. 5.14 Waiver of Stay or Extension Law 33 Laws Section 5.15. 5.15 Action on Note 33 Notes Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 35 Section 5.17. Sale of Trust Estate 34 Section 6.01. 6.01 Duties of Indenture Trustee 35 Section 6.02. 6.02 Rights of Indenture Trustee 36 Section 6.03. 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests Defaults 38 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 Holders 38 Section 6.07. 6.07 Compensation and Indemnity 39 Section 6.08. 6.08 Replacement of Indenture Trustee 40 Section 6.09. 6.09 Successor Indenture Trustee by Xxxxxx 41 Merger Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. 6.11 Eligibility; Disqualification 43 42 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. 6.12 Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 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 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5042

Satisfaction and Discharge. Section 3.01. Satisfaction and Discharge 25 ARTICLE 4 PARTICULAR COVENANTS OF THE COMPANY Section 4.01. Payment of Indenture 23 Principal and Interest 25 Section 4.02. Satisfaction, Discharge and Defeasance Maintenance of the Notes 24 Office or Agency 25 Section 4.03. Application of Trust Money 25 Appointments to Fill Vacancies in Trustee's Office 26 Section 4.04. Repayment of Monies Held by Provisions as to Paying Agent 25 26 Section 4.05. Existence 27 Section 4.06. Rule 144A Information Requirement and Annual Reports 27 Section 4.07. Stay, Extension and Usury Laws 29 Section 4.08. Compliance Certificate; Statements as to Defaults 30 Section 4.09. Further Instruments and Acts 30 ARTICLE 5 LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE Section 5.01. Lists of Holders 30 Section 5.02. Preservation and Disclosure of Lists 30 ARTICLE 6 DEFAULTS AND REMEDIES Section 6.01. Events of Default 26 31 Section 5.026.02. Acceleration of MaturityAcceleration; Rescission and Annulment 27 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. Optional Preservation of the Trust Estate 30 Section 5.06. Limitation of Suits 31 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 5.106.03. Delay or Omission Not a Waiver 32 Section 5.11. Control by Noteholders 32 Section 5.12. Waiver of Past Default 32 Section 5.13. Undertaking for Cost Additional Interest 33 Section 5.146.04. Waiver Payments of Stay or Extension Law 33 Section 5.15. Action Notes on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate Default; Suit Therefor 34 Section 6.016.05. Duties Application of Indenture Monies Collected by Trustee 35 Section 6.026.06. Rights of Indenture Trustee Proceedings by Holders 36 Section 6.036.07. Individual Rights Proceedings by Trustee 37 Section 6.08. Remedies Cumulative and Continuing 37 Section 6.09. Direction of Indenture Trustee 38 Proceedings and Waiver of Defaults by Majority of Holders 37 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.056.10. Notice of Defaults; Notice of Repurchase Requests Defaults 38 Section 6.066.11. Reports Undertaking to Pay Costs 38 ARTICLE 7 CONCERNING THE TRUSTEE Section 7.01. Duties and Documents by Indenture Responsibilities of Trustee to Noteholders 39 Section 6.077.02. Reliance on Documents, Opinions, Etc. 40 Section 7.03. No Responsibility for Recitals, Etc. 41 Section 7.04. Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes 42 Section 7.05. Monies and Shares of Common Stock to Be Held in Trust 42 Section 7.06. Compensation and Indemnity 39 Section 6.08. Replacement Expenses of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.117.07. Eligibility; Disqualification Officers' Certificate as Evidence 43 Section 6.127.08. Preferential Collection Eligibility of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.147.09. Furnishing Resignation or Removal of Monthly Investor Reports and Other Documents Trustee 43 Section 7.10. Acceptance by Successor Trustee 44 Section 6.157.11. Encryption 44 Section 7.01Succession by Merger, Etc. Noteholder List and Noteholder Communications 45 Section 7.027.12. Noteholder Demand Trustee's Application for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Instructions from the Company 45 ARTICLE 8 CONCERNING THE HOLDERS Section 8.01. Collection of Money 48 Action by Holders 46 Section 8.02. Accounts 48 Proof of Execution by Holders 46 Section 8.03. General Provisions Regarding Accounts 49 Who Are Deemed Absolute Owners 46 Section 8.04. Release of Trust Estate 50 Company-Owned Notes Disregarded 47 Section 8.05. Opinion Revocation of Counsel 50Consents; Future Holders Bound 47 ARTICLE 9 HOLDERS' MEETINGS Section 9.01. Purpose of Meetings 47 Section 9.02. Call of Meetings by Trustee 48 Section 9.03. Call of Meetings by Company or Holders 48 Section 9.04. Qualifications for Voting 48 Section 9.05. Regulations 48 Section 9.06. Voting 49 Section 9.07. No Delay of Rights by Meeting 49

Satisfaction and Discharge. Section 4.1 Satisfaction and Discharge of Indenture 23 101 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.2 Application of Trust Money 25 103 Section 4.04. 4.3 Repayment of Monies Held by Paying Agent 25 103 Section 5.01. 4.4 Limitation on Obligation to Incur Administrative Expenses 103 Section 5.1 Events of Default 26 104 Section 5.02. 5.2 Acceleration of Maturity; Rescission and Annulment 27 106 Section 5.03. 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 107 Section 5.04. 5.4 Remedies 29 109 Section 5.05. 5.5 Optional Preservation of the Trust Estate 30 Assets 111 Section 5.06. 5.6 Trustee May Enforce Claims without Possession of Notes 113 Section 5.7 Application of Money Collected 113 Section 5.8 Limitation of on Suits 31 113 Section 5.07. 5.9 Unconditional Rights of Noteholders Holders to Receive Principal and Interest 31 114 Section 5.08. 5.10 Restoration of Rights and Remedies 31 114 Section 5.09. 5.11 Rights and Remedies Cumulative 32 114 Section 5.10. 5.12 Delay or Omission Not a Waiver 32 114 Section 5.11. 5.13 Control by Noteholders 32 Majority of Controlling Class 114 Section 5.12. 5.14 Waiver of Past Default 32 Defaults 115 Section 5.13. 5.15 Undertaking for Cost 33 Costs 115 Section 5.14. 5.16 Waiver of Stay or Extension Law 33 Laws 116 Section 5.15. 5.17 Sale of Assets 116 Section 5.18 Action on Note 33 the Notes 117 Section 5.16. Performance 6.1 Certain Duties and Enforcement Responsibilities 117 Section 6.2 Notice of Event of Default 119 Section 6.3 Certain Obligations 33 Rights of Trustee 119 Section 5.17. Sale 6.4 Not Responsible for Recitals or Issuance of Notes 122 Section 6.5 May Hold Securities 122 Section 6.6 Money Held in Trust Estate 34 122 Section 6.01. 6.7 Compensation and Reimbursement 122 Section 6.8 Corporate Trustee Required; Eligibility 124 Section 6.9 Resignation and Removal; Appointment of Successor 124 Section 6.10 Acceptance of Appointment by Successor 125 Section 6.11 Merger, Conversion, Consolidation or Succession to Business of Trustee 126 Section 6.12 Co-Trustees 126 Section 6.13 Certain Duties of Indenture Trustee 35 Related to Delayed Payment of Proceeds and the Assets 127 Section 6.02. Rights of Indenture Trustee 36 6.14 Authenticating Agents 128 Section 6.03. Individual Rights of Indenture Trustee 38 6.15 Withholding 128 Section 6.04. Indenture Trustee’s Disclaimer 38 6.16 Fiduciary for Holders Only; Agent for Each Other Secured Party 129 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by Xxxxxx 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. 6.17 Representations and Warranties of Indenture Trustee 43 the Bank 129 Section 6.147.1 Payment of Principal and Interest 130 Section 7.2 Maintenance of Office or Agency 130 Section 7.3 Money for Note Payments to Be Held in Trust 131 Section 7.4 Existence of the Issuers 133 Section 7.5 Protection of Assets 134 Section 7.6 Opinions as to Assets 135 Section 7.7 Performance of Obligations 135 Section 7.8 [Reserved] 135 Section 7.9 Negative Covenants 135 Section 7.10 Statement as to Compliance 138 Section 7.11 The Issuer May Consolidate, Etc. Furnishing 139 Section 7.12 Successor Substituted 142 Section 7.13 No Other Business 142 Section 7.14 Annual Rating Review 143 Section 7.15 Reporting 143 Section 7.16 Calculation Agent 143 Section 7.17 Certain Tax Matters 144 Section 7.18 Effective Date; Purchase of Monthly Investor Reports and Other Documents 44 Additional Collateral Obligations 145 Section 6.15. Encryption 44 7.19 Representations Relating to Security Interests in the Assets 148 Section 7.01. Noteholder List and Noteholder Communications 45 7.20 Limitation on Long Dated Obligations 150 Section 7.02. Noteholder Demand for Asset Representations Review 46 7.21 Proceedings 150 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 507.22 Involuntary Bankruptcy Proceedings 151