Exhibit 4.1


 







 



 


JOHN DEERE OWNER TRUST 2022-C


 


Class A-1 4.140% Asset Backed Notes


 


Class A-2 4.98% Asset Backed Notes


 


Class A-3 5.09% Asset Backed Notes


 


Class A-4 5.20% Asset Backed Notes


 





 



 


INDENTURE


 




Dated as of October 19, 2022


 





 



 


U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION


 


Indenture Trustee


 





 



 






     


     


    

 


Table of Contents


 


Page


	ARTICLE I
	 
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 
	SECTION 1.01. Definitions	2
	SECTION 1.02. Incorporation by Reference of Trust Indenture Act	10
	SECTION 1.03. Rules of Construction	10
	SECTION 1.04. Calculations of Interest	10
	 	 
	ARTICLE II
	 
	THE NOTES
	 
	SECTION 2.01. Form	11
	SECTION 2.02. Execution, Authentication and Delivery	11
	SECTION 2.03. Temporary Notes	12
	SECTION 2.04. Registration; Registration of Transfer and Exchange	12
	SECTION 2.05. Mutilated, Destroyed, Lost or Stolen Notes	13
	SECTION 2.06. Persons Deemed Owner	14
	SECTION 2.07. Payment of Principal and Interest; Defaulted Interest	14
	SECTION 2.08. Cancellation	15
	SECTION 2.09. Release of Collateral	16
	SECTION 2.10. Book-Entry Notes	16
	SECTION 2.11. Notices to Clearing Agency	17
	SECTION 2.12. Definitive Notes	17
	SECTION 2.13. Notes as Indebtedness for Tax Purposes	17
	SECTION 2.14. Noteholder FATCA Information	17
	 	 
	ARTICLE III
	 
	COVENANTS
	 
	SECTION 3.01. Payment of Principal and Interest	18
	SECTION 3.02. Maintenance of Office or Agency	18
	SECTION 3.03. Money for Payments to be Held in Trust	18
	SECTION 3.04. Existence	20
	SECTION 3.05. Protection of Trust Estate	20
	SECTION 3.06. Opinions as to Trust Estate	21
	SECTION 3.07. Performance of Obligations; Servicing of Receivables	22
	SECTION 3.08. Negative Covenants	24
	SECTION 3.09. Annual Statement as to Compliance	25
	SECTION 3.10. Issuing Entity May Consolidate, etc., Only on Certain Terms	25
	SECTION 3.11. Successor or Transferee	26
	SECTION 3.12. No Other Business	27



 






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	SECTION 3.13. No Borrowing	27
	SECTION 3.14. Servicer’s Obligations	27
	SECTION 3.15. Guarantees, Loans, Advances and Other Liabilities	27
	SECTION 3.16. Capital Expenditures	27
	SECTION 3.17. Removal of Administrator	27
	SECTION 3.18. Restricted Payments	27
	SECTION 3.19. Notice of Events of Default	28
	SECTION 3.20. Further Instruments and Acts	28
	 	 
	ARTICLE IV
	 
	SATISFACTION AND DISCHARGE
	 
	SECTION 4.01. Satisfaction and Discharge of Indenture	28
	SECTION 4.02. Application of Trust Money	29
	SECTION 4.03. Repayment of Moneys Held by Paying Agent	29
	 	 
	ARTICLE V
	 
	REMEDIES
	 
	SECTION 5.01. Events of Default	30
	SECTION 5.02. Acceleration of Maturity; Rescission and Annulment	31
	SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	31
	SECTION 5.04. Remedies; Priorities	34
	SECTION 5.05. Optional Preservation of the Receivables	35
	SECTION 5.06. Limitation of Suits	35
	SECTION 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest	36
	SECTION 5.08. Restoration of Rights and Remedies	36
	SECTION 5.09. Rights and Remedies Cumulative	36
	SECTION 5.10. Delay or Omission Not a Waiver	36
	SECTION 5.11. Control by Noteholders	36
	SECTION 5.12. Waiver of Past Defaults	37
	SECTION 5.13. Undertaking for Costs	37
	SECTION 5.14. Waiver of Stay or Extension Laws	38
	SECTION 5.15. Action on Notes	38
	SECTION 5.16. Performance and Enforcement of Certain Obligations	38
	 	 
	ARTICLE VI
	 
	THE INDENTURE TRUSTEE
	 
	SECTION 6.01. Duties of Indenture Trustee	39
	SECTION 6.02. Rights of Indenture Trustee	41
	SECTION 6.03. Individual Rights of Indenture Trustee	43
	SECTION 6.04. Indenture Trustee’s Disclaimer	43
	SECTION 6.05. Notice of Defaults	43



 






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	SECTION 6.06. Reports by Indenture Trustee to Holders	43
	SECTION 6.07. Compensation and Indemnity	43
	SECTION 6.08. Replacement of Indenture Trustee	44
	SECTION 6.09. Successor Indenture Trustee by Merger	45
	SECTION 6.10. Appointment of Co-Trustee or Separate Trustee	46
	SECTION 6.11. Eligibility; Disqualification	47
	SECTION 6.12. Preferential Collection of Claims Against Issuing Entity	47
	 	 
	ARTICLE VII
	 
	NOTEHOLDERS’ LISTS AND REPORTS
	 
	SECTION 7.01. Issuing Entity to Furnish Indenture Trustee Names and Addresses of Noteholders	47
	SECTION 7.02. Preservation of Information; Communications to Noteholders	47
	SECTION 7.03. Reports by Issuing Entity	48
	SECTION 7.04. Reports by Indenture Trustee	49
	 	 
	ARTICLE VIII
	 
	ACCOUNTS, DISBURSEMENTS AND RELEASES
	 
	SECTION 8.01. Collection of Money	49
	SECTION 8.02. Trust Accounts	50
	SECTION 8.03. General Provisions Regarding Accounts	51
	SECTION 8.04. Release of Trust Estate	52
	SECTION 8.05. Opinion of Counsel	52
	 	 
	ARTICLE IX
	 
	SUPPLEMENTAL INDENTURES
	 
	SECTION 9.01. Supplemental Indentures Without Consent of Noteholders	53
	SECTION 9.02. Supplemental Indentures with Consent of Noteholders	54
	SECTION 9.03. Execution of Supplemental Indentures	55
	SECTION 9.04. Effect of Supplemental Indenture	56
	SECTION 9.05. Conformity with Trust Indenture Act	56
	SECTION 9.06. Reference in Notes to Supplemental Indentures	56
	 	 
	ARTICLE X
	 
	REDEMPTION OF NOTES
	 
	SECTION 10.01. Redemption	56
	SECTION 10.02. Form of Redemption Notice	57
	SECTION 10.03. Notes Payable on Redemption Date	57



 






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	ARTICLE XI
	 
	MISCELLANEOUS
	 
	SECTION 11.01. Compliance Certificates and Opinions, etc.	57
	SECTION 11.02. Form of Documents Delivered to Indenture Trustee	59
	SECTION 11.03. Acts of Noteholders	60
	SECTION 11.04. Notices, etc., to Indenture Trustee, Issuing Entity and Rating Agencies	60
	SECTION 11.05. Notices to Noteholders; Waiver	61
	SECTION 11.06. Alternate Payment and Notice Provisions	61
	SECTION 11.07. Conflict with Trust Indenture Act	62
	SECTION 11.08. Effect of Headings and Table of Contents	62
	SECTION 11.09. Successors and Assigns	62
	SECTION 11.10. Separability	62
	SECTION 11.11. Benefits of Indenture	62
	SECTION 11.12. Legal Holidays	62
	SECTION 11.13. GOVERNING LAW; WAIVER OF TRIAL BY JURY	63
	SECTION 11.14. Counterparts	63
	SECTION 11.15. Recording of Indenture	63
	SECTION 11.16. Trust Obligation	64
	SECTION 11.17. No Petition	64
	SECTION 11.18. Subordination Agreement	64
	SECTION 11.19. No Recourse	64
	SECTION 11.20. Inspection	65
	SECTION 11.21. Limitation of Liability	65
	SECTION 11.22. Communications with Rating Agencies	65
	 	 
	ARTICLE XII
	 
	ASSET REPRESENTATIONS REVIEW
	 
	SECTION 12.01. Noteholder Requests for Vote on Asset Representations Review	66
	SECTION 12.02. Noteholder Vote on Asset Representations Review	66
	SECTION 12.03. Delivery of Repurchase Requests and Repurchase Response Notices	66
	SECTION 12.04. Noteholder Communications with Indenture Trustee	67
	SECTION 12.05. Resignation or Removal of Asset Representations Reviewer	67



 


EXHIBITS

Testimonium, Signatures and Seals Acknowledgments


 


	Exhibit A	Schedule of Receivables
	Exhibit B	Form of Sale and Servicing Agreement
	Exhibit C	Form of Depository Agreement
	Exhibit D	Form of Class A-1 Note
	Exhibit E	Form of Class A-2 Note
	Exhibit F	Form of Class A-3 Note
	Exhibit G	Form of Class A-4 Note




 






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INDENTURE
dated as of October 19, 2022, between JOHN DEERE OWNER TRUST 2022-C, a Delaware statutory trust (the “Issuing Entity”),
and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, solely as trustee and not in its individual capacity
(the “Indenture Trustee”).


 


Each party agrees as follows for the benefit of the
other party and for the equal and ratable benefit of the Holders of the Issuing Entity’s Class A-1 4.140% Asset Backed Notes
(the “Class A-1 Notes”), Class A-2 4.98% Asset Backed Notes (the “Class A-2 Notes”), Class A-3
5.09% Asset Backed Notes (the “Class A-3 Notes”) and Class A-4 5.20% Asset Backed Notes (the “Class A-4
Notes” and together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Notes”):


 


GRANTING CLAUSE


 


The Issuing Entity hereby Grants to the Indenture
Trustee at the Closing Date, as trustee for the benefit of the Holders of the Notes, all of the Issuing Entity’s right, title and
interest, whether now owned or hereafter acquired, in and to (a) the Receivables and all moneys due thereon after the Cut-off Date;
(b) the security interests in the Financed Equipment granted by Obligors pursuant to the Receivables and any other interest of the
Issuing Entity in the Financed Equipment; (c) any proceeds with respect to the Receivables from claims on any physical damage, credit
life or disability insurance policies covering Financed Equipment or Obligors; (d) the Purchase Agreement, including the right assigned
to the Issuing Entity to cause JDCC (as defined below) to repurchase Receivables from the Seller under certain circumstances; (e) all
funds on deposit from time to time in the Trust Accounts, including the Reserve Account Initial Deposit, and in all investments and proceeds
thereof (including all income thereon); (f) the Sale and Servicing Agreement (including all rights of the Seller under the Purchase
Agreement assigned to the Issuing Entity pursuant to the Sale and Servicing Agreement); (g) proceeds from the Financed Equipment
related to a Repossessed Receivable; and (h) all present and future claims, demands, causes and choses in action in respect of any
or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of
the foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds,
accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards,
rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time
constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”). This Indenture
shall constitute a security agreement for purposes of the Uniform Commercial Code as in effect in the States of New York and Delaware
on the date hereof.


 


The foregoing Grant is made in trust to secure the
payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice,
priority or distinction and to secure compliance with the provisions of this Indenture, all as provided in this Indenture.


 


The Indenture Trustee, as Indenture Trustee on behalf
of the Holders of the Notes, acknowledges such Grant, and accepts the trusts under this Indenture in accordance with the provisions of
this Indenture for the use and benefit of such Holders.


 






    


     


    

 


ARTICLE I


 


DEFINITIONS AND INCORPORATION BY REFERENCE


 


SECTION 1.01.
Definitions. (a) Except as otherwise specified herein or as the context may otherwise require, the following terms
have the respective meanings set forth below for all purposes of this Indenture.


 


“Act” has the meaning specified
in Section 11.03(a).


 


“Administration
Agreement” means the Administration Agreement dated as of October 19, 2022, among the Administrator, the Issuing
Entity and the Indenture Trustee as amended or supplemented from time to time.


 


“Administrator” means the administrator
under the Administration Agreement.


 


“Advisers Act” has the meaning
specified in Section 2.04.


 


“Affiliate” means, with respect
to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes
of this definition, “control” when used with respect to any specified Person means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the
terms “controlling” and “controlled” have meanings correlative to the foregoing.


 


“Authorized Officer” means, with
respect to the Issuing Entity, any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to
the Issuing Entity and who is identified on the list of Authorized Officers, containing the specimen signature of each such Person, delivered
by the Owner Trustee to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter)
and, so long as the Administration Agreement is in effect, any Assistant Treasurer, any Vice President or more senior officer of the Administrator
who is authorized to act for the Administrator in matters relating to the Issuing Entity and to be acted upon by the Administrator pursuant
to the Administration Agreement and who is identified on the list of Authorized Officers (containing the specimen signatures of such officers)
delivered by the Administrator to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to
time thereafter); provided, however, that for purposes of Section 3.09 and Section 1(a)(J) of the Administration Agreement
such officer of the Administrator must be any of the president, controller, chief executive officer, chief financial officer or chief
accounting officer.


 


“Bankruptcy Code” means the United
States Bankruptcy Code, Title 11 of the United States Code, as amended.


 


“Basic Documents” means this Indenture,
the Certificate of Trust, the Trust Agreement, the Purchase Agreement, the Sale and Servicing Agreement, the Administration Agreement,
the Depository Agreement, the Asset Representations Review Agreement and other documents and certificates delivered in connection therewith.


 






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“Benefit Plan” means (i) any
 “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Part 4 of Title I of ERISA,
(ii) a “plan” described by Section 4975(e)(1) of the Code, which is subject to Section 4975 of the Code
or (iii) any entity deemed to hold the plan assets (within the meaning of Department of Labor Regulation 2510.3-101, as modified
by Section 3(42) of ERISA) of any of the foregoing by reason of an employee benefit plan’s or other plan’s investment
in such entity.


 


“Book Entry Notes” means a beneficial
interest in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.10.


 


“Business Day” means any day other
than a Saturday, a Sunday or a day on which banking institutions or trust companies in The City of New York, Chicago, Illinois or
St. Paul, Minnesota are authorized or obligated by law, regulation or executive order to remain closed.


 


“Certificate” has the meaning
assigned to it in the Trust Agreement.


 


“Certificate of Trust” means the
certificate of trust of the Issuing Entity substantially in the form of Exhibit A to the Trust Agreement.


 


“Class A-1 Note” means a
Class A-1 4.140% Asset-Backed Note, substantially in the form of Exhibit D.


 


“Class A-1 Note Interest Rate”
means 4.140% per annum.


 


“Class A-2 Note” means a
Class A-2 4.98% Asset Backed Note, substantially in the form of Exhibit E.


 


“Class A-2 Note Interest Rate”
means 4.98% per annum.


 


“Class A-3 Note” means a
Class A-3 5.09% Asset Backed Note, substantially in the form of Exhibit F.


 


“Class A-3 Note Interest Rate”
means 5.09% per annum.


 


“Class A-4 Note” means a
Class A-4 5.20% Asset Backed Note, substantially in the form of Exhibit G.


 


“Class A-4 Note Interest Rate”
means 5.20% per annum.


 


“Clearing Agency” means an organization
registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.


 


“Clearing Agency Participant”
means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry
transfers and pledges of securities deposited with the Clearing Agency.


 


“Closing
Date” means October 19, 2022.


 






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“Code” means the Internal Revenue
Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.


 


“Collateral” has the meaning specified
in the Granting Clause of this Indenture.


 


“Corporate Trust Office” means
the office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered which office at
the date of the execution of this Indenture is located at 190 South LaSalle Street, 7th Floor, MK-IL-SL7R, Chicago, Illinois
60603, Attention: John Deere Owner Trust 2022-C, facsimile No.: 312-332-7996, or at such other address as the Indenture Trustee may designate
from time to time by notice to the Noteholders and the Issuing Entity, or the corporate trust office of any successor Indenture Trustee
(the address of which the successor Indenture Trustee will notify the Noteholders and the Issuing Entity).


 


“Default” means any occurrence
that is, or with notice or the lapse of time or both would become, an Event of Default.


 


“Definitive Notes” has the meaning
specified in Section 2.10.


 


“Depository Agreement” means the
agreement executed by the Issuing Entity and delivered to The Depository Trust Company, as the initial Clearing Agency, dated the Closing
Date, substantially in the form of Exhibit C, as amended or supplemented from time to time.


 


“ERISA” shall mean the Employee
Retirement Income Security Act of 1974, as amended.


 


“Event of Default” has the meaning
specified in Section 5.01.


 


“Exchange Act” means the Securities
Exchange Act of 1934, as amended.


 


“Executive Officer” means, with
respect to any (i) corporation, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, Executive
Vice President, any Vice President, the Secretary or the Treasurer of such corporation; and (ii) partnership, any general partner
thereof.


 


“FATCA”
means Sections 1471 through 1474 of the Code (or any amended or successor version) and any current or future regulations or official interpretations
thereof.


 


“FATCA
Withholding Tax” means any withholding or deduction pursuant to an agreement described in Section 1471(b) of
the Code or otherwise imposed pursuant to FATCA.


 


“Grant” means mortgage, pledge,
bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, and grant a lien upon and a security interest in
and right of set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant of the Collateral or of any other agreement
or instrument shall include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the
immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Collateral
and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to
exercise all rights and options, to bring Proceedings in the name of the Granting party or otherwise and generally to do and receive anything
that the Granting party is or may be entitled to do or receive thereunder or with respect thereto.


 






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“Holder” or “Noteholder”
means the Person in whose name a Class A-1 Note, a Class A-2 Note, a Class A-3 Note or a Class A-4 Note is registered
on the Note Register.


 


“Indenture” means this Indenture
as amended or supplemented from time to time.


 


“Indenture Trustee” means U.S.
Bank Trust Company, National Association, a national banking association, as Indenture Trustee under this Indenture, or any successor
Indenture Trustee under this Indenture.


 


“Independent” means, when used
with respect to any specified Person, that the Person (a) is in fact independent of the Issuing Entity, any other obligor upon the
Notes, the Seller and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material
indirect financial interest in the Issuing Entity, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons
and (c) is not connected with the Issuing Entity, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons
as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.


 


“Independent Certificate” means
a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with,
the applicable requirements of Section 11.01, made by an Independent appraiser, firm of certified public accountants or other expert
appointed by an Issuing Entity Order and acceptable to the Indenture Trustee, and such opinion or certificate shall state that the signer
has read the definition of “Independent” in this Indenture and that the signer is Independent within the meaning thereof.


 


“Issuing Entity” means John Deere
Owner Trust 2022-C until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein
and required by the TIA (as defined below), each other obligor on the Notes.


 


“Issuing Entity Order” and “Issuing
Entity Request” means a written order or request signed in the name of the Issuing Entity by any one of its Authorized Officers
and delivered to the Indenture Trustee.


 


“JDCC” means John Deere Capital
Corporation, a Delaware corporation, and its successors.


 


“John Deere Party” has the meaning
specified in Section 7.02(d).


 


“Note Interest Rate” means the
per annum interest rate borne by a Note.


 


“Note Owner” means, with respect
to a Book-Entry Note, the Person who is the owner of such Book-Entry Note, as reflected on the books of the Clearing Agency, or on the
books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant,
in each case in accordance with the rules of such Clearing Agency).


 






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“Note Register” and “Note
Registrar” have the respective meanings specified in Section 2.04.


 


“Noteholder FATCA Information”
means, with respect to any Noteholder or holder of an interest in a Note, information in reasonable detail sufficient to eliminate the
imposition of, or determine the amount of, FATCA Withholding Tax.


 


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


 


“Notes” means the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.


 


“Officer’s Certificate”
means a certificate signed by any Authorized Officer of the Issuing Entity, under the circumstances described in, and otherwise complying
with, the applicable requirements of Section 11.01, and delivered to the Indenture Trustee. Unless otherwise specified, any reference
in this Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized Officer of the Issuing
Entity.


 


“Opinion of Counsel” means one
or more written opinions of counsel who may, except as otherwise expressly provided in this Indenture or the Basic Documents, be employees
of or counsel to the Issuing Entity and which opinion or opinions shall, for purposes of the Indenture, be addressed to the Indenture
Trustee as Indenture Trustee, and shall comply with any applicable requirements of Section 11.01.


 


“Outstanding” means, as of the
date of determination, all Notes theretofore authenticated and delivered under this Indenture except:


 


(i)             Notes
theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation;


 


(ii)            Notes
or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture Trustee or any
Paying Agent in trust for the Holders of such Notes (provided, however, that if such Notes are to be redeemed, notice of such redemption
has been duly given pursuant to this Indenture or provision therefor, satisfactory to the Indenture Trustee); and


 


(iii)           Notes
in exchange for or in lieu of other Notes which have been authenticated and delivered pursuant to this Indenture unless proof satisfactory
to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser;


 






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provided
that in determining whether the Holders of the requisite Outstanding Amount of the Notes have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Issuing Entity, any other obligor upon
the Notes, the Seller or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that,
in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Notes that a Responsible Officer of the Indenture Trustee actually knows to be so owned shall be so disregarded.
Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Indenture Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuing Entity, any other
obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons.


 


“Outstanding Amount” means the
aggregate principal amount of all Notes, or a Class of Notes, as applicable, Outstanding at the date of determination.


 


“Owner Trustee” means Computershare
Delaware Trust Company, not in its individual capacity but solely as Owner Trustee under the Trust Agreement, or any successor Owner Trustee
under the Trust Agreement.


 


“Paying Agent” means the Indenture
Trustee, U.S. Bank Trust Company, National Association or any Person that meets the eligibility standards for the Indenture Trustee specified
in Section 6.11 and is authorized by the Issuing Entity to make the payments to and distributions from the Collection Account and
the Note Distribution Account, including payment of principal of or interest on the Notes on behalf of the Issuing Entity.


 


“Payment
Date” means the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
December 15, 2022.


 


“Person” means any individual,
corporation, limited liability company, estate, partnership, joint venture, association, joint stock company, trust (including any beneficiary
thereof), unincorporated organization or government or any agency or political subdivision thereof.


 


“Predecessor Note” means, with
respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular
Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.05 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.


 


“Proceeding” means any suit in
equity, action at law or other judicial or administrative proceeding.


 


“Prospectus”
means the prospectus dated October 12, 2022, relating to the Notes.


 






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“Protected Purchaser” has the
meaning specified in Article Eight of the UCC.


 


“Rating Agency” means Fitch and
Moody’s. If no such organization or successor is any longer in existence, “Rating Agency” shall be a nationally recognized
statistical rating organization or other comparable Person designated by the Issuing Entity, notice of which designation shall be given
to the Indenture Trustee, the Owner Trustee and the Servicer.


 


“Rating Agency Condition” means,
with respect to any action, (A) in the case of Moody’s, that such Rating Agency shall have been given 10 days’ (or such
shorter period that is acceptable to such Rating Agency) prior notice thereof and that such Rating Agency shall have notified the Seller,
the Servicer and the Issuing Entity in writing that such action will not result in a reduction or withdrawal of the then current ratings
of the Notes and (B) in the case of Fitch, that Fitch shall have been given 10 Business Days’ (or such shorter period that
is acceptable to Fitch) prior written notice thereof.


 


“Record Date” means, with respect
to a Payment Date or Redemption Date, the close of business on the day immediately preceding such Payment Date or Redemption Date, unless
Definitive Notes are issued, in which case the Record Date with respect to such Definitive Notes as to any Payment Date shall be the last
day of the immediately preceding calendar month.


 


“Redemption Date” means the Payment
Date specified by the Servicer or the Issuing Entity pursuant to Section 10.01(a) or (b), as applicable.


 


“Redemption Price” means in the
case of (a) a redemption of the Notes pursuant to Section 10.01(a), an amount equal to the Outstanding Amount of the Notes redeemed
plus accrued and unpaid interest on the Notes at the related Note Interest Rate to but excluding the Redemption Date, or (b) a payment
made to Noteholders pursuant to Section 10.01(b), the amount on deposit in the Note Distribution Account, but not in excess of the
amount specified in clause (a) above.


 


“Registered Holder” means the
Person in whose name a Note is registered on the Note Register on the applicable Record Date.


 


“Repurchase Rules and Regulations”
has the meaning specified in Section 7.02(d).


 


“Responsible Officer” means, with
respect to (a) the Indenture Trustee, any officer within the Corporate Trust Office of the Indenture Trustee who shall have direct
responsibility for the administration of this Indenture, including any Vice President, Assistant Vice President, or any other officer
of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated officers and also,
with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and
familiarity with the particular subject and (b) the Owner Trustee, any officer within the Corporate Trust Office of the Owner Trustee
who shall have direct responsibility for the administration of the Trust Agreement and the other Basic Documents on behalf of the Owner
Trustee, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer of the
Owner Trustee customarily performing functions similar to those performed by any of the above designated officers and also, with respect
to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity
with the particular subject.


 






    8


     


    

 


“Sale
and Servicing Agreement” means the Sale and Servicing Agreement dated as of October 19, 2022 among the Issuing Entity,
the Seller and the Servicer, in the form of Exhibit B, as amended or supplemented from time to time.


 


“Schedule of Receivables” means
the listing of the Receivables set forth in Exhibit A (which Exhibit may be in the form of microfiche).


 


“Securities Intermediary” means
U.S. Bank National Association, a national banking association and an Affiliate of the Indenture Trustee, or any successor Securities
Intermediary under this Indenture.


 


“Similar Law” means any federal,
state, local or other law that is substantially similar to Title I of ERISA or Section 4975 of the Code.


 


“State” means any one of the 50
states of the United States of America or the District of Columbia.


 


“Successor Servicer” has the meaning
specified in Section 3.07(e).


 


“Trust Accounts” mean the Collection
Account, the Note Distribution Account and the Reserve Account established pursuant to Section 5.01 of the Sale and Servicing Agreement.


 


“Trust Estate” means all money,
instruments, rights and other property that are subject or intended to be subject to the lien and security interest of this Indenture
for the benefit of the Noteholders (including, without limitation, all property and interests Granted to the Indenture Trustee), including
all proceeds thereof.


 


“Trust Indenture Act” or “TIA”
means the Trust Indenture Act of 1939 as in force on the date hereof, unless otherwise specifically provided.


 


“UCC” means, unless the context
otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction, as amended from time to time.


 


“Underwriter”
means each of Citigroup Global Markets Inc., BofA Securities, Inc., Credit Agricole Securities (USA) Inc., MUFG Securities
Americas Inc., HSBC Securities (USA) Inc. and RBC Capital Markets, LLC.


 


(b)            Except
as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein shall have
the respective meanings set forth in the Sale and Servicing Agreement.


 






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SECTION 1.02.
 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision
is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following
meanings:


 


“Commission” means the Securities and
Exchange Commission.


 


“indenture securities” means the Notes.


 


“indenture security holder” means a Noteholder.


 


“indenture to be qualified” means this
Indenture.


 


“indenture trustee” or “institutional
trustee” means the Indenture Trustee.


 


“obligor” on the indenture securities
means the Issuing Entity and any other obligor on the indenture securities.


 


All other TIA terms used in this Indenture that are
defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by
such definitions.


 


SECTION 1.03.
Rules of Construction. Unless the context otherwise requires:


 


(i)             a
term has the meaning assigned to it;


 


(ii)            an
accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles in the
United States as in effect from time to time;


 


(iii)           “or”
is not exclusive;


 


(iv)           “including”
means “including without limitation”; and


 


(v)            words
in the singular include the plural and words in the plural include the singular.


 


SECTION 1.04.
Calculations of Interest. All calculations of interest in respect of the Class A-1 Notes made hereunder shall be computed
on the basis of the actual number of days in the related period of accrual divided by 360. Interest in respect of the Class A-1
Notes shall accrue from and including the Closing Date or from and including the most recent Payment Date to which interest has been
paid to but excluding the current Payment Date. All calculations of interest in respect of the Class A-2 Notes, the Class A-3
Notes and the Class A-4 Notes made hereunder shall be made on the basis of a 360-day year consisting of twelve 30-day months. Interest
on the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes in respect of a Payment Date will accrue from and
including the 15th day of the month preceding such Payment Date (or the Closing Date in the case of the first Payment Date) to and including
the 14th day of the month of such Payment Date.


 






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ARTICLE II


 


THE NOTES


 


SECTION 2.01.
Form. The Class A-1, Class A-2, Class A-3 and Class A-4 Notes, in each case together with the Indenture
Trustee’s certificate of authentication, shall be in substantially the forms set forth in Exhibits D, E, F and G, respectively,
with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may
have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith,
be determined by the officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note
may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.


 


The Definitive Notes shall be typewritten, printed,
lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by
the officers executing such Notes, as evidenced by their execution of such Notes.


 


Each Note shall be dated the date of its authentication.
The terms of the Notes set forth in Exhibits D, E, F and G are part of the terms of this Indenture.


 


SECTION 2.02.
Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuing Entity by any of its Authorized
Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile.


 


Notes bearing the manual or facsimile signature of
individuals who were at any time Authorized Officers of the Issuing Entity shall bind the Issuing Entity, notwithstanding that such individuals
or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at
the date of such Notes.


 


The Indenture Trustee shall upon Issuing Entity Order
authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount of $310,000,000, Class A-2 Notes
for original issue in an aggregate principal amount of $439,211,000, Class A-3 Notes for original issue in an aggregate principal
amount of $439,211,000 and Class A-4 Notes for original issue in an aggregate principal amount of $82,246,000. The aggregate principal
amount of Class A-1, Class A-2, Class A-3 and Class A-4 Notes outstanding at any time may not exceed such amounts,
respectively, except as provided in Section 2.05.


 


Each Note shall be dated the date of its authentication.
The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof.


 


No Note shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in
the form provided for herein executed by the Indenture Trustee by the manual, facsimile or electronic signature of one of its authorized
signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated
and delivered hereunder.


 






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SECTION 2.03.
Temporary Notes. Pending the preparation of definitive Notes, the Issuing Entity may execute, and upon receipt of an Issuing
Entity Order the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed
or otherwise produced, of the tenor of the definitive Notes in lieu of which they are issued and with such variations not inconsistent
with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes.


 


If temporary Notes are issued, the Issuing Entity
will cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes
shall be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuing Entity to be maintained
as provided in Section 3.02, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the
Issuing Entity shall execute and the Indenture Trustee shall authenticate and deliver in exchange therefor a like principal amount of
definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits
under this Indenture as definitive Notes.


 


SECTION 2.04.
Registration; Registration of Transfer and Exchange. The Issuing Entity shall cause to be kept a register (the “Note
Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuing Entity shall provide for the registration
of Notes and the registration of transfers of Notes. The Indenture Trustee shall be “Note Registrar” for the purpose of registering
Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuing Entity shall promptly appoint
a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.


 


If a Person other than the Indenture Trustee is appointed
by the Issuing Entity as Note Registrar, the Issuing Entity will give the Indenture Trustee prompt written notice of the appointment of
such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the
right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right
to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the
Holders of the Notes and the principal amounts and number of such Notes.


 


Upon surrender for registration of transfer of any
Note at the office or agency of the Issuing Entity to be maintained as provided in Section 3.02, if the requirements of Section 8-401(a) of
the UCC are met, the Issuing Entity shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the
Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes of the same Class in any authorized
denominations, of a like aggregate principal amount.


 


At the option of the Holder, Notes may be exchanged
for other Notes of the same Class in any authorized denominations, of a like aggregate principal amount, upon surrender of the Notes
to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401(a) of
the UCC are met the Issuing Entity shall execute, and the Indenture Trustee authenticate and the Noteholder shall obtain from the Indenture
Trustee, the Notes which the Noteholder making the exchange is entitled to receive.


 






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All Notes issued upon any registration of transfer
or exchange of Notes shall be the valid obligations of the Issuing Entity, evidencing the same debt, and entitled to the same benefits
under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.


 


Every Note presented or surrendered for registration
of transfer or exchange shall be duly endorsed by, or be accompanied by a written instrument of transfer in the form attached to the form
of the applicable Note duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature
guaranteed by an “eligible guarantor institution” meeting the requirements of the Indenture Trustee which requirements will
include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Indenture
Trustee in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and such other documents as the Indenture
Trustee may require.


 


No service charge shall be made to a Holder for any
registration of transfer or exchange of Notes, but the Issuing Entity may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant
to Section 2.03 or 9.06 not involving any transfer.


 


Each Noteholder, by its acceptance of a Note (and
each Note Owner, by its acceptance of a beneficial interest in a Note) will be deemed to have represented for so long as it holds such
Note that (x) it is not, and is not acquiring the Note (or an interest therein) on behalf of, or with the assets of a Benefit Plan
or any governmental, non-U.S. or church plan or any other employee benefit plan or arrangement that is subject to Similar Law or (y) its
acquisition and holding of the Note do not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code or a violation of any applicable Similar Law.


 


SECTION 2.05.
Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee, or
the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered
to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuing Entity and the Indenture Trustee harmless,
then, in the absence of notice to the Issuing Entity, the Note Registrar or the Indenture Trustee that such Note has been acquired by
a Protected Purchaser, and provided that the requirements of Section 8-405 of the UCC are met, the Issuing Entity shall execute
and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Note, a replacement Note of the same Class; provided, however, that if any such destroyed, lost or stolen Note, but not
a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for redemption, instead
of issuing a replacement Note, the Issuing Entity may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption
Date without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant
to the proviso to the preceding sentence, a Protected Purchaser of the original Note in lieu of which such replacement Note was issued
presents for payment such original Note, the Issuing Entity and the Indenture Trustee shall be entitled to recover such replacement Note
(or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement
Note was delivered or any assignee of such Person, except a Protected Purchaser, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuing Entity or the Indenture Trustee
in connection therewith.


 






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Upon the issuance of any replacement Note under this
Section, the Issuing Entity may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee)
connected therewith.


 


Every replacement Note issued pursuant to this Section in
replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing
Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled
to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.


 


The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes.


 


SECTION 2.06.
Persons Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture
Trustee and any agent of the Issuing Entity or the Indenture Trustee shall treat the Person in whose name any Note is registered (as
of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on
such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuing Entity, the Indenture Trustee
nor any agent of the Issuing Entity or the Indenture Trustee shall be affected by notice to the contrary.


 


SECTION 2.07.
Payment of Principal and Interest; Defaulted Interest. (a) The Notes shall accrue interest as provided in the forms
of the Class A-1 Note, Class A-2 Note, Class A-3 Note and Class A-4 Note set forth in Exhibits D, E, F and G, respectively,
and such interest shall be payable on each Payment Date as specified therein. Any installment of interest or principal, if any, payable
on any Note which is punctually paid or duly provided for by the Issuing Entity on the applicable Payment Date shall be paid to the Person
in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date, by check mailed first-class, postage prepaid
to such Person’s address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have been
issued pursuant to Section 2.12, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the
account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Payment Date
(and except for the Redemption Price for any Note called for redemption pursuant to Section 10.01(a)) which shall be payable as
provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03.


 






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(b)            The
principal of each Note shall be payable in installments on each Payment Date as provided in the forms of the Class A-1 Note, Class A-2
Note, Class A-3 Note and Class A-4 Note set forth in Exhibits D, E, F and G, respectively. For purposes of distributions from
the Reserve Account pursuant to Section 5.05(e) of the Sale and Servicing Agreement, any portion of the Note Monthly Principal
Distributable Amount shall be deemed to be due on any Payment Date on which funds sufficient to pay such portion would be available to
make such payment from funds withdrawn from the Reserve Account and distributed with the priorities set forth in accordance with Section 5.04(b) of
the Sale and Servicing Agreement. For the avoidance of doubt, the Note Monthly Principal Distributable Amount, or any portion thereof,
shall not be due (other than in accordance with the first sentence of this Section 2.07(b), the subsequent sentence of this Section 2.07(b),
Section 5.02 and Section 10.03 of this Indenture), unless amounts are actually available to make such payments in accordance
with Section 5.04(b) of the Sale and Servicing Agreement. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing,
if the Indenture Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have
declared the Notes to be immediately due and payable in the manner provided in Section 5.02. All principal payments on each Class of
Notes shall be made pro rata to the Noteholders of such Class entitled thereto. Upon notice to the Indenture Trustee by the Issuing
Entity, the Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding
the Payment Date on which the Issuing Entity expects that the final installment of principal of and interest on such Note will be paid.
Such notice shall be mailed no later than five Business Days prior to such final Payment Date and shall specify that such final installment
will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered
for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.02.


 


(c)            If
the Issuing Entity defaults in a payment of interest on the Notes, the Issuing Entity shall pay defaulted interest (plus interest on such
defaulted interest at a rate per annum equal to the sum of (i) the applicable Note Interest Rate and (ii) 1.0%, to the extent
lawful) in any lawful manner. The Issuing Entity may pay such defaulted interest and interest on such defaulted interest to the persons
who are Noteholders on a subsequent special record date, which date shall be at least five Business Days prior to the payment date. The
Issuing Entity shall fix or cause to be fixed any such special record date and payment date, and, at least 10 days before any such special
record date, the Issuing Entity shall mail to each Noteholder a notice that states the special record date, the payment date and the amount
of defaulted interest and interest on such defaulted interest to be paid.


 


SECTION 2.08.
Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered
to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture
Trustee. The Issuing Entity may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and
delivered hereunder which the Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly
cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in
this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee
in accordance with its standard retention or disposal policy as in effect at the time unless the Issuing Entity shall direct by an Issuing
Entity Order that they be returned to it; provided that the Notes have not been previously disposed of by the Indenture Trustee.


 






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SECTION 2.09.
Release of Collateral. Subject to Section 11.01, the Indenture Trustee shall release property from the lien of this
Indenture only upon receipt of an Issuing Entity Request accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent
Certificates in accordance with TIA §§ 314(c) and 314(d)(l) or an Opinion of Counsel in lieu of such Independent
Certificates to the effect that the TIA does not require any such Independent Certificates.


 


SECTION 2.10.
Book-Entry Notes. The Notes, upon original issuance, will be issued in the form of a typewritten Note or Notes representing
the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuing
Entity. Such Note shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing
Agency, and no Note Owner will receive a Definitive Note (as hereinafter defined) representing such Note Owner’s interest in such
Note, except as provided in Section 2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”)
have been issued to Note Owners pursuant to Section 2.12:


 


(i)            the
provisions of this Section shall be in full force and effect;


 


(ii)           the
Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including
the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole holder of the
Notes, and shall have no obligation to the Note Owners;


 


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


 


(iv)          the
rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements
between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants; pursuant to the Depository Agreement, unless
and until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers among
the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency
Participants; and


 


(v)           whenever
this Indenture requires or permits actions to be taken based upon instructions or directions of Holders of Notes evidencing a specified
percentage of the Outstanding Amount of the Notes (or any Class thereof), the Clearing Agency shall be deemed to represent such
percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency Participants owning
or representing, respectively, such required percentage of the beneficial interest in the Notes (or any Class thereof) and has delivered
such instructions to the Indenture Trustee.


 






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SECTION 2.11.
Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture,
unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give
all such notices and communications specified herein to be given to Holders of the Notes to the Clearing Agency, and shall have no obligation
to the Note Owners or other Holders of the Notes.


 


SECTION 2.12.
Definitive Notes. If (i) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no
longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Administrator is unable to locate
a qualified successor, (ii) the Administrator at its option advises the Indenture Trustee in writing that it elects to terminate
the book-entry system through the Clearing Agency or (iii) after the occurrence of an Event of Default or a Servicer Default, Note
Owners representing beneficial interests aggregating at least a majority of the Outstanding Amount of the Notes advise the Clearing Agency
in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of the Note Owners,
then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such event and of the availability
of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing
the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuing Entity shall execute and the Indenture
Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuing Entity,
the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely
on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize
the Holders of the Definitive Notes as Noteholders.


 


SECTION 2.13.
Notes as Indebtedness for Tax Purposes. The Issuing Entity is entering into this Indenture with the intention that, for
federal, State and local income and franchise tax purposes, each Note will qualify as indebtedness (except to the extent such Notes are
retained or treated as retained by the Depositor or its affiliates for such purposes) secured by the Collateral.


 


SECTION 2.14.
Noteholder FATCA Information. Without limiting any other information or certification requirements under applicable tax
law, each Noteholder or holder of an interest in a Note, by acceptance of such Note or such interest therein, agrees to provide to the
Indenture Trustee, any Paying Agent or the Issuing Entity, upon its request, the Noteholder Tax Identification Information and, to the
extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or holder of an interest in
a Note, by acceptance of such Note or such interest therein, agrees that the Indenture Trustee, any Paying Agent or the Issuing Entity
has the right to withhold any amounts (properly withholdable under law and without any corresponding gross-up) payable to a Noteholder
or holder of an interest in a Note, either because such withholding is required under applicable tax law or as a result of the failure
of the Noteholder or holder of an interest in the Note to comply with the requirements of the preceding sentence or other provisions
requiring withholding under applicable tax law.


 






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ARTICLE III


 


COVENANTS


 


SECTION 3.01.
Payment of Principal and Interest. The Issuing Entity will duly and punctually pay the principal of and interest on the
Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, the Issuing Entity will cause to
be distributed all amounts on deposit in the Note Distribution Account on a Payment Date. Amounts properly withheld under the Code by
any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuing Entity
to such Noteholder for all purposes of this Indenture.


 


SECTION 3.02.
Maintenance of Office or Agency. The Issuing Entity will maintain in the Borough of Manhattan, The City of New York, an
office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the
Issuing Entity in respect of the Notes and this Indenture may be served. The Issuing Entity hereby initially appoints U.S. Bank Trust
Company, National Association to serve as its agent for the foregoing purposes. The Issuing Entity will give prompt written notice to
the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuing Entity
shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders,
notices and demands may be made or served at the Corporate Trust Office, and the Issuing Entity hereby appoints the Indenture Trustee
as its agent to receive all such surrenders, notices and demands.


 


SECTION 3.03.
Money for Payments to be Held in Trust. As provided in Section 8.02(a) and (b), all payments of amounts due and
payable with respect to any Notes that are to be made from amounts withdrawn from the Collection Account and the Note Distribution Account
pursuant to Section 8.02(c) shall be made on behalf of the Issuing Entity by the Indenture Trustee or by another Paying Agent,
and no amounts so withdrawn from the Collection Account and the Note Distribution Account for payments of Notes shall be paid over to
the Issuing Entity except as provided in this Section.


 


At or before noon (New York time) on each Payment
Date and Redemption Date, the Issuing Entity shall deposit or cause to be deposited in the Note Distribution Account an aggregate sum
sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled
thereto and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so
to act.


 


The Issuing Entity will cause each Paying Agent
other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree
with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this
Section, that such Paying Agent will:


 


(i)            hold
all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein
provided;


 






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(ii)           give
the Indenture Trustee notice of any default by the Issuing Entity of which it has actual knowledge (or any other obligor upon the Notes)
in the making of any payment required to be made with respect to the Notes;


 


(iii)          at
any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture
Trustee all sums so held in trust by such Paying Agent;


 


(iv)          immediately
resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time
it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and


 


(v)           comply
with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding
taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.


 


The Issuing Entity may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuing Entity Order direct any Paying Agent
to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same
trusts as those upon which the sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee,
such Paying Agent shall be released from all further liability with respect to such money.


 


Subject to applicable laws with respect to escheat
of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any
Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust, and the
Indenture Trustee or such Paying Agent, as the case may be, shall give prompt notice of such occurrence to the Issuing Entity and shall
release such money to the Issuing Entity on Issuing Entity Request; and the Holder of such Note shall thereafter, as an unsecured general
creditor, look only to the Issuing Entity for payment thereof (but only to the extent of the amounts so paid to the Issuing Entity),
and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, however,
that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuing
Entity cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of
general circulation in The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to
the Issuing Entity. The Indenture Trustee may also adopt and employ, at the expense of the Issuing Entity, any other reasonable means
of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose Notes have been called
but have not been surrendered for redemption or whose right to or interest in moneys due and payable but not claimed is determinable
from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder).


 






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SECTION 3.04.
Existence. The Issuing Entity will keep in full effect its existence, rights and franchises as a statutory trust under
the laws of the State of Delaware (unless it becomes, or any successor Issuing Entity hereunder is or becomes, organized under the laws
of any other State or of the United States of America, in which case the Issuing Entity will keep in full effect its existence, rights
and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction
in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral
and each other instrument or agreement included in the Trust Estate.


 


SECTION 3.05.
Protection of Trust Estate. (a) The Issuing Entity will from time to time prepare, execute, deliver and file all such
supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other
instruments, and will take such other action necessary or advisable to:


 


(i)            maintain
or preserve the lien and security interest (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof;


 


(ii)           perfect,
publish notice of or protect the validity of any Grant made or to be made by this Indenture;


 


(iii)          enforce
any of the Collateral; or


 


(iv)          preserve
and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against the claims
of all persons and parties.


 


The Issuing Entity hereby designates the Indenture
Trustee, and hereby authorizes the Indenture Trustee as its agent and attorney-in-fact, to execute any financing statement, continuation
statement or other instrument delivered to the Indenture Trustee pursuant to this Section.


 


(b)           The
Issuing Entity hereby represents and warrants that, as to the Collateral pledged to the Indenture Trustee for the benefit of the Noteholders,
on the Closing Date:


 


(i)            the
Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral that is in existence
in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors
of and purchasers from the Issuing Entity;


 


(ii)           the
Receivables constitute “tangible chattel paper” or “electronic chattel paper” under the applicable UCC;


 


(iii)          the
Issuing Entity owns and has good and marketable title to such Collateral free and clear of any liens, claims or encumbrances of any Person,
other than the interest Granted under this Indenture;


 


(iv)          the
Issuing Entity has acquired its ownership in such Collateral in good faith without notice of any adverse claim;


 






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(v)           the
Trust Accounts are not in the name of any person other than the Indenture Trustee and the Issuing Entity has not consented to the bank
maintaining the Trust Accounts to comply with the instructions of any person other than the Indenture Trustee;


 


(vi)          the
Issuing Entity has not assigned, pledged, sold, granted a security interest in or otherwise conveyed any interest in such Collateral
(or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant
to this Indenture;


 


(vii)         the
Issuing Entity has caused or will have caused, within ten days after the Closing Date, the filing of all appropriate financing statements
in the proper filing office in the appropriate jurisdiction under the applicable law in order to perfect the security interest Granted
hereunder in the Receivables;


 


(viii)        in
the case of each Receivable constituting “electronic chattel paper” as defined under the applicable UCC, the Servicer, as
custodian for the Issuing Entity, has “control” within the meaning of Section 9-105 of the applicable UCC of such Receivables;


 


(ix)           in
the case of the Receivables constituting “electronic chattel paper” as defined under the applicable UCC, the contracts that
constitute or evidence the Receivables do not have any marks or notations indicating that they have been pledged, assigned or otherwise
conveyed to any Person other than the Issuing Entity;


 


(x)            other
than its Granting hereunder, the Issuing Entity has not Granted such Collateral, the Issuing Entity has not authorized the filing of
and is not aware of any financing statements against the Issuing Entity that include a description of such Collateral other than the
financing statement in favor of the Indenture Trustee, and the Issuing Entity is not aware of any judgment or tax lien filing against
it; and


 


(xi)           the
information relating to such Collateral set forth in the Schedule of Receivables (attached hereto as Exhibit A) is correct.


 


SECTION 3.06.
Opinions as to Trust Estate. (a) On the Closing Date, the Issuing Entity shall furnish to the Indenture Trustee an
Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording and
filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the execution and
filing of any financing statements and continuation statements, as are necessary to perfect and make effective the lien and security
interest of this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is
necessary to make such lien and security interest effective.


 


(b)            On
or before February 28 in each calendar year, beginning in 2023, the Issuing Entity shall furnish to the Indenture Trustee an Opinion
of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording
and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution
and filing of any financing statements and continuation statements as is necessary to maintain the lien and security interest created
by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary
to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling
of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing
statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest
of this Indenture until February 28 in the following calendar year.


 






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SECTION 3.07.
Performance of Obligations; Servicing of Receivables. (a) The Issuing Entity will not take any action and will use
its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material
covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation,
subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly
provided in this Indenture, the Sale and Servicing Agreement or such other instrument or agreement.


 


(b)            The
Issuing Entity may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such
duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuing Entity shall be deemed to be
action taken by the Issuing Entity. Initially, the Issuing Entity has contracted with the Servicer and the Administrator to assist the
Issuing Entity in performing its duties under this Indenture.


 


(c)            The
Issuing Entity will punctually perform and observe all of its obligations and agreements contained in this Indenture, the Basic Documents
and in the instruments and agreements included in the Trust Estate, including but not limited to filing or causing to be filed all UCC
financing statements and continuation statements required to be filed by the terms of this Indenture and the Sale and Servicing Agreement
in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided therein, the Issuing
Entity shall not waive, amend, modify, supplement or terminate any Basic Document or any provision thereof without the consent of the
Indenture Trustee or the Holders of at least a majority of the Outstanding Amount of the Notes.


 


(d)            If
the Issuing Entity shall have knowledge of the occurrence of a Servicer Default under the Sale and Servicing Agreement, the Issuing Entity
shall promptly notify a Responsible Officer of the Indenture Trustee and the Administrator thereof (and the Administrator shall make
such notice available to the Rating Agencies), and shall specify in such notice the action, if any, the Issuing Entity is taking with
respect to such default. If a Servicer Default shall arise from the failure of the Servicer to perform any of its duties or obligations
under the Sale and Servicing Agreement with respect to the Receivables, the Issuing Entity shall take all reasonable steps available
to it to remedy such failure.


 






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(e)            As
promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant to
Section 8.01 of the Sale and Servicing Agreement, the Issuing Entity shall appoint a successor servicer (the “Successor Servicer”),
and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Indenture Trustee. In the
event that a Successor Servicer has not been appointed and accepted its appointment at the time when the Servicer ceases to act as Servicer,
the Indenture Trustee without further action shall automatically be appointed the Successor Servicer, subject to Section 8.02 of
the Sale and Servicing Agreement. The Indenture Trustee may resign as the Servicer by giving written notice of such resignation to the
Issuing Entity and in such event will be released from such duties and obligations, such release not to be effective until the date a
new servicer enters into a servicing agreement with the Issuing Entity as provided below. In each case of either the appointment of the
Indenture Trustee (or any Affiliate as provided below) as Successor Servicer, or resignation of the Indenture Trustee as Servicer, the
Indenture Trustee shall provide to the Depositor, in writing, such information as reasonably requested by the Depositor to comply with
its reporting obligation under the Exchange Act with respect to a successor Servicer or the resignation of the Servicer. Upon delivery
of any such notice to the Issuing Entity, the Issuing Entity shall obtain a new servicer as the Successor Servicer under the Sale and
Servicing Agreement. Any Successor Servicer other than the Indenture Trustee shall (i) be an established financial institution having
a net worth of not less than $50,000,000 and whose regular business includes the servicing of equipment receivables, (ii) enter
into a servicing agreement with the Issuing Entity having substantially the same provisions as the provisions of the Sale and Servicing
Agreement applicable to the Servicer and (iii) shall provide to the Depositor, in writing, such information as reasonably requested
by the Depositor to comply with its reporting obligation under the Exchange Act with respect to a successor Servicer. If within 30 days
after the delivery of the notice referred to above, the Issuing Entity shall not have obtained such a new servicer, the Indenture Trustee
may appoint, or may petition a court of competent jurisdiction to appoint, a Successor Servicer. In connection with any such appointment,
the Indenture Trustee may make such arrangements for the compensation of such successor as it and such successor shall agree, subject
to the limitations set forth below and in the Sale and Servicing Agreement, and in accordance with Section 8.02 of the Sale and
Servicing Agreement, the Issuing Entity shall enter into an agreement with such successor for the servicing of the Receivables (such
agreement to be in form and substance satisfactory to the Indenture Trustee). If the Indenture Trustee shall succeed to the Servicer’s
duties as servicer of the Receivables as provided herein, it shall do so in its capacity as servicer and not in its capacity as Indenture
Trustee and, accordingly, the provisions of Article VI hereof shall be inapplicable to the Indenture Trustee in its duties as the
successor to the Servicer and the servicing of the Receivables. In case the Indenture Trustee shall become successor to the Servicer
under the Sale and Servicing Agreement, the Indenture Trustee shall be entitled to appoint as Servicer any one of its affiliates, provided
that it shall be fully liable for the actions and omissions of such affiliate in such capacity as Successor Servicer.


 


(f)             Upon
any termination of the Servicer’s rights and powers pursuant to the Sale and Servicing Agreement, the Issuing Entity shall promptly
notify the Indenture Trustee. As soon as a Successor Servicer is appointed, the Issuing Entity shall notify the Indenture Trustee of
such appointment, specifying in such notice the name and address of such Successor Servicer.


 


(g)            Without
derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture
Trustee hereunder, the Issuing Entity agrees that it will not, without the prior written consent of the Indenture Trustee or the Holders
of at least a majority in Outstanding Amount of the Notes, amend, modify, waive, supplement, terminate or surrender, or agree to any
amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral (except to the extent otherwise
provided in the Sale and Servicing Agreement) or the Basic Documents, or waive timely performance or observance by the Servicer or the
Seller under the Sale and Servicing Agreement or JDCC under the Purchase Agreement; provided, however, that no such amendment shall (i) increase
or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions
that are required to be made for the benefit of the Noteholders or (ii) reduce the aforesaid percentage of the Notes which are required
to consent to any such amendment, without the consent of the holders of all the outstanding Notes. If any such amendment, modification,
supplement or waiver shall be so consented to by the Indenture Trustee or such Holders, the Issuing Entity agrees, promptly following
a request by the Indenture Trustee to do so, to execute and deliver, in its own name and at its own expense, such agreements, instruments,
consents and other documents as the Indenture Trustee may reasonably deem necessary or appropriate in the circumstances.


 






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SECTION 3.08.
Negative Covenants. So long as any Notes are Outstanding, the Issuing Entity shall not:


 


(i)            except
as expressly permitted by this Indenture, the Purchase Agreement, the Trust Agreement or the Sale and Servicing Agreement, sell, transfer,
exchange or otherwise dispose of any of the properties or assets of the Issuing Entity, including those included in the Trust Estate,
unless directed to do so by the Indenture Trustee;


 


(ii)           claim
any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld
from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes
levied or assessed upon any part of the Trust Estate; or


 


(iii)          (A) permit
the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated,
terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this
Indenture except as may be expressly permitted hereby, (B) permit any lien, charge, excise, claim, security interest, mortgage or
other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate
or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that
arise by operation of law, in each case on a Financed Equipment and arising solely as a result of an action or omission of the related
Obligor) or (C) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such
tax, mechanics’ or other lien arising by operation of law) security interest in the Trust Estate.


 






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SECTION 3.09.
Annual Statement as to Compliance. The Issuing Entity will deliver to the Indenture Trustee, within 120 days after the
end of each fiscal year of the Issuing Entity (commencing with the fiscal year ending in 2022), an Officer’s Certificate stating,
as to the Authorized Officer signing such Officer’s Certificate, that


 



(i)            a
review of the activities of the Issuing Entity during the 12-month period ending at the end of such fiscal year (or in the case of the
fiscal year ending October 2022, the period from the Closing Date to October 30, 2022) and of performance under this Indenture
has been made under such Authorized Officer’s supervision; and


 


(ii)           to
the best of such Authorized Officer’s knowledge, based on such review, the Issuing Entity has complied with all conditions and
covenants under this Indenture throughout such year, or, if there has been a default in the compliance of any such condition or covenant,
specifying each such default known to such Authorized Officer and the nature and status thereof.


 


SECTION 3.10.
Issuing Entity May Consolidate, etc., Only on Certain Terms. (a)  The Issuing Entity shall not consolidate
or merge with or into any other Person, unless


 


(i)            the
Person (if other than the Issuing Entity) formed by or surviving such consolidation or merger shall be a Person organized and existing
under the laws of the United States of America or any State and shall expressly assume, by an indenture supplemental hereto, executed
and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal
of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuing
Entity to be performed or observed, all as provided herein;


 


(ii)           immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;


 


(iii)          the
Rating Agency Condition shall have been satisfied with respect to such transaction;


 


(iv)          the
Issuing Entity shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect
that such transaction will not have any material adverse tax consequence to the Trust, any Noteholder or any Certificateholder;


 


(v)           any
action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and


 


(vi)          the
Issuing Entity shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that
such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein
provided for relating to such transaction have been complied with (including any filing required by the Exchange Act).


 


(b)            The
Issuing Entity shall not convey or transfer any of its properties or assets, including those included in the Trust Estate, to any Person,
unless


 


(i)            the
Person that acquires by conveyance or transfer the properties and assets of the Issuing Entity the conveyance or transfer of which is
hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of
America or any State, (B) expressly assumes, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee,
in a form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance
or observance of every agreement and covenant of this Indenture on the part of the Issuing Entity to be performed or observed, all as
provided herein, (C) expressly agrees by means of such supplemental indenture that all right, title and interest so conveyed or
transferred shall be subject and subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such supplemental
indenture, expressly agrees to indemnify, defend and hold harmless the Issuing Entity against and from any loss, liability or expense
arising under or related to this Indenture and the Notes, (E) expressly agrees by means of such supplemental indenture that such
Person (or if a group of Persons, then one specified Person) shall make all filings with the Commission (and any other appropriate Person)
required by the Exchange Act in connection with the Notes and (F) such conveyance or transfer is expressly permitted by this Indenture,
the Purchase Agreement, the Sale and Servicing Agreement and the Trust Agreement;


 






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(ii)            immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;


 


(iii)          the
Rating Agency Condition shall have been satisfied with respect to such transaction;


 


(iv)          the
Issuing Entity shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect
that such transaction will not have any material adverse tax consequence to the Trust, any Noteholder or any Certificateholder;


 


(v)           any
action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and


 


(vi)          the
Issuing Entity shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that
such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein
provided for relating to such transaction have been complied with (including any filing required by the Exchange Act).


 


SECTION 3.11.
Successor or Transferee. (a) Upon any consolidation or merger of the Issuing Entity in accordance with Section 3.10(a),
the Person formed by or surviving such consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted
for, and may exercise every right and power of, the Issuing Entity under this Indenture with the same effect as if such Person had been
named as the Issuing Entity herein.


 


(b)            Upon
a conveyance or transfer of all the assets and properties of the Issuing Entity pursuant to Section 3.10(b), the Issuing Entity
will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuing Entity with
respect to the Notes immediately upon the delivery to and acceptance by the Indenture Trustee of the Officer’s Certificate and
Opinion of Counsel specified in Section 3.10(b)(vi) stating that the Issuing Entity is to be so released.


 






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SECTION 3.12.
No Other Business. The Issuing Entity shall not engage in any business other than financing, purchasing, owning, selling
and managing the Receivables in the manner contemplated by this Indenture and the Basic Documents, issuing the Notes and Certificates
and activities incidental thereto.


 


SECTION 3.13.
No Borrowing. The Issuing Entity shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly,
for any indebtedness except for the Notes.


 


SECTION 3.14.
Servicer’s Obligations. The Issuing Entity shall cause the Servicer to comply with Sections 4.09, 4.10, 4.11 and
5.06 of the Sale and Servicing Agreement.


 


SECTION 3.15.
Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by the Sale and Servicing Agreement or this Indenture,
the Issuing Entity shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the
effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise
become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase
or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital
contribution to, any other Person.


 


SECTION 3.16.
Capital Expenditures. The Issuing Entity shall not make any expenditure (by long-term or operating lease or otherwise)
for capital assets (either realty or personality).


 


SECTION 3.17.
Removal of Administrator. So long as any Notes are Outstanding, the Issuing Entity shall not remove the Administrator without
cause unless the Rating Agency Condition shall have been satisfied in connection with such removal.


 


SECTION 3.18.
Restricted Payments. The Issuing Entity shall not, directly or indirectly, (i) pay any dividend or make any distribution
(by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner
of a beneficial interest in the Issuing Entity or otherwise with respect to any ownership or equity interest or security in or of the
Issuing Entity or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest
or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuing Entity
may make, or cause to be made, (x) distributions to the Servicer, the Owner Trustee and the Certificateholders as permitted by,
and to the extent funds are available for such purpose under, the Sale and Servicing Agreement and (y) payments to the Indenture
Trustee pursuant to Section 1(a)(ii) of the Administration Agreement. The Issuing Entity will not, directly or indirectly,
make payments to or distributions from the Collection Account except in accordance with this Indenture and the Basic Documents.


 






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SECTION 3.19.
Notice of Events of Default. The Issuing Entity agrees to give a Responsible Officer of the Indenture Trustee and the Administrator
prompt written notice of each Event of Default hereunder and, within five days after obtaining knowledge of any of the following occurrences,
written notice of each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement and
each default on the part of JDCC of its obligations under the Purchase Agreement, and the Administrator shall make such notices available
to the Rating Agencies.


 


SECTION 3.20.
Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuing Entity will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.


 


ARTICLE IV


 


SATISFACTION AND DISCHARGE


 


SECTION 4.01.
Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except
as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes,
(iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.05,
3.08, 3.10, 3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of
the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Section 4.02) and (vi) the
rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or
any of them, and the Indenture Trustee, on demand of and at the expense of the Issuing Entity, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to the Notes, when


 


(A)          either


 


(1)           all
Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have been
replaced or paid as provided in Section 2.05 and (ii) Notes for whose payment money has theretofore been deposited in trust
or segregated and held in trust by the Issuing Entity and thereafter repaid to the Issuing Entity or discharged from such trust, as provided
in Section 3.03) have been delivered to the Indenture Trustee for cancellation; or


 


(2)           all
Notes not theretofore delivered to the Indenture Trustee for cancellation


 


(a)            have
become due and payable,


 


(b)            will
become due and payable at the Class A-4 Final Scheduled Payment Date within one year, or


 






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(c)            are
to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption
by the Indenture Trustee in the name, and at the expense, of the Issuing Entity, and the Issuing Entity, in the case of clause (a) or
(b) immediately above or this clause (c), has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee
cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts
are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore
delivered to the Indenture Trustee for cancellation as of such day of discharge or when due on the Class A-4 Final Scheduled Payment
Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.01(a)), as the case may be;


 


(B)           the
Issuing Entity has paid or caused to be paid all other sums payable hereunder by the Issuing Entity; and


 


(C)           the
Issuing Entity has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA)
an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 11.01(a) and
each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been
complied with.


 


SECTION 4.02.
Application of Trust Money. All moneys deposited with the Indenture Trustee pursuant to Section 4.01 shall be held
in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through
any Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment or redemption of which
such moneys have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest; but
such moneys need not be segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required
by law.


 


SECTION 4.03.
Repayment of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect
to the Notes, all moneys then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect
to such Notes shall, upon demand of the Issuing Entity, be paid to the Indenture Trustee to be held and applied according to Section 3.03
and thereupon such Paying Agent shall be released from all further liability with respect to such moneys.


 






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ARTICLE V


 


REMEDIES


 


SECTION 5.01.
Events of Default. “Event of Default”, wherever used herein, means any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):


 


(i)            default
in the payment of any interest on any Note when the same becomes due and payable, and such default shall continue for a period of five
days; or


 


(ii)           default
in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable; or


 


(iii)          default
in the observance or performance of any covenant or agreement of the Issuing Entity made in this Indenture (other than a covenant or
agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any representation
or warranty of the Issuing Entity made in this Indenture or in any certificate or other writing delivered pursuant hereto or in connection
herewith proving to have been incorrect in any material respect as of the time when the same shall have been made, and such default shall
continue or not be cured, or the circumstance or condition in respect of which such representation or warranty was incorrect shall not
have been eliminated or otherwise cured, for a period of 30 days after there shall have been given, by registered or certified mail,
to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by the Holders of at least 25% of the
Outstanding Amount of the Notes, a written notice specifying such default or incorrect representation or warranty and requiring it to
be remedied and stating that such notice is a “Notice of Default” hereunder; or


 


(iv)          the
filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any substantial
part of the Trust Estate in an involuntary case under any applicable federal or State bankruptcy, insolvency or other similar law now
or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for the
Issuing Entity or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuing Entity’s
affairs, and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days; or


 


(v)           the
commencement by the Issuing Entity of a voluntary case under any applicable federal or State bankruptcy, insolvency or other similar
law now or hereafter in effect, or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case under
any such law, or the consent by the Issuing Entity to the appointment or taking possession by a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, or the making by the
Issuing Entity of any general assignment for the benefit of creditors, or the failure by the Issuing Entity generally to pay its debts
as such debts become due, or the taking of action by the Issuing Entity in furtherance of any of the foregoing.


 






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The Issuing Entity shall deliver to a Responsible
Officer of the Indenture Trustee, within five days after the occurrence thereof, written notice in the form of an Officer’s Certificate
of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (iii), (iv) and
(v), its status and what action the Issuing Entity is taking or proposes to take with respect thereto.


 


SECTION 5.02.
Acceleration of Maturity; Rescission and Annulment. If an Event of Default should occur and be continuing, then and in
every such case, the Indenture Trustee or the Holders of Notes representing a majority of the Outstanding Amount of the Notes may declare
all the Notes to be immediately due and payable, by a notice in writing to the Issuing Entity (and to the Indenture Trustee if given
by Noteholders), and upon any such declaration the unpaid principal amount of the Notes, together with accrued and unpaid interest thereon
through the date of acceleration, shall become immediately due and payable.


 


At any time after such declaration of acceleration
of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as
hereinafter in this Article V provided, the Holders of Notes representing a majority of the Outstanding Amount of the Notes, by
written notice to the Issuing Entity and the Indenture Trustee, may rescind and annul such declaration and its consequences if:


 


(i)             the
Issuing Entity has paid or deposited with the Indenture Trustee a sum sufficient to pay


 


(A)          all
payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event
of Default giving rise to such acceleration had not occurred; and


 


(B)           all
sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the
Indenture Trustee and its agents and counsel; and


 


(ii)            all
Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been
cured or waived as provided in Section 5.12.


 


No such rescission shall affect any subsequent default
or impair any right consequent thereto.


 


SECTION 5.03.
Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. (a) The Issuing Entity covenants that if
(i) default is made in the payment of any interest on any Note when the same becomes due and payable, and such default continues
for a period of five days, or (ii) default is made in the payment of the principal of or any installment of the principal of any
Note when the same becomes due and payable, the Issuing Entity will, upon demand of the Indenture Trustee, pay to it, for the benefit
of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue
principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at
a rate per annum equal to the sum of (i) the respective Note Interest Rate borne by such Notes and (ii) 1.0% and in addition
thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee and its agents and counsel.


 






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(b)            In
case the Issuing Entity shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee
of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to
judgment or final decree, and may enforce the same against the Issuing Entity or other obligor upon such Notes and collect in the manner
provided by law out of the property of the Issuing Entity or other obligor upon such Notes, wherever situated, the moneys adjudged or
decreed to be payable.


 


(c)            If
an Event of Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.04, in its discretion,
proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee
shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right
vested in the Indenture Trustee by this Indenture or by law.


 


(d)            In
case there shall be pending, relative to the Issuing Entity or any other obligor upon the Notes or any Person having or claiming an ownership
interest in the Trust Estate, Proceedings under the Bankruptcy Code or any other applicable federal or State bankruptcy, insolvency or
other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official
shall have been appointed for or taken possession of the Issuing Entity or its property or such other obligor or Person, or in case of
any other comparable judicial Proceedings relative to the Issuing Entity or other obligor upon the Notes, or to the creditors or property
of the Issuing Entity or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be
due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made
any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise:


 


(i)             to
file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim
for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and
counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor
Indenture Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in such Proceedings;


 






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(ii)            unless
prohibited by applicable law and regulations, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee
or Person performing similar functions in any such Proceedings;


 


(iii)           to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with
respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and


 


(iv)           to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture
Trustee or the Holders of Notes allowed in any judicial proceedings relative to the Issuing Entity, its creditors and its property; and
any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders
to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly
to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture
Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities
incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or
bad faith.


 


(e)            Nothing
herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf
of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder
thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid,
to vote for the election of a trustee in bankruptcy or similar Person.


 


(f)            All
rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without
the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action
or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery
of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture
Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes.


 


(g)            In
any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture
to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Holders of the Notes, and
it shall not be necessary to make any Noteholder a party to any such Proceedings.


 






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SECTION 5.04.
Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing, the Indenture Trustee may
do one or more of the following (subject to Section 5.05):


 


(i)            institute
Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this
Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuing Entity
and any other obligor upon such Notes moneys adjudged due;


 


(ii)            institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;


 


(iii)          exercise
any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of
the Indenture Trustee and the Holders of the Notes; and


 


(iv)          sell
the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in
any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Trust
Estate following an Event of Default, other than an Event of Default described in Section 5.01(i) or (ii), unless (A) the
Holders of 100% of the Outstanding Amount of the Notes consent thereto, (B) the proceeds of such sale or liquidation distributable
to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest or
(C) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal
of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee
obtains the consent of Holders of 66-2/3% of the Outstanding Amount of the Notes. In determining such sufficiency or insufficiency with
respect to clause (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.


 


(b)           If
the Indenture Trustee collects any money or property pursuant to this Article V, it shall pay out the money or property in the following
order:


 


FIRST: to the Indenture Trustee for
amounts due under Section 6.07, the Owner Trustee for amounts due under Sections 8.01 and 8.02 of the Trust Agreement, and the Asset
Representations Reviewer for amounts due under Article IV and Section 5.03 of the Asset Representations Review Agreement to
the extent due and payable by the Issuing Entity, pro rata on the basis of the amount due to each;


 


SECOND: to the Noteholders in the following
amounts and the following order of priority:


 


(i)            to
the Noteholders, accrued and unpaid interest on the Outstanding Amount of each class of Notes at the applicable Note Interest Rate (such
amount to be applied pro rata on the basis of the total interest due on the Notes);


 






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(ii)           to
the Noteholders on account of principal until the Outstanding Amount of the Notes is reduced to zero (such amount to be applied pro
rata on the basis of the Outstanding Amount of each class of Notes); and


 


THIRD: to the Certificate Distribution
Account for distribution to the Certificateholder.


 


The Indenture Trustee may fix a record date and
payment date for any payment to Noteholders pursuant to this Section. At least 15 days before such record date, the Issuing Entity shall
mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid.


 


SECTION 5.05.
Optional Preservation of the Receivables. If the Notes have been declared to be due and payable under Section 5.02
following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may,
but need not, elect to maintain possession of the Trust Estate. It is the desire of the parties hereto and the Noteholders that there
be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such
desire into account when determining whether or not to maintain possession of the Trust Estate. In determining whether to maintain possession
of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for
such purpose.


 


SECTION 5.06.
Limitation of Suits. No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with
respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:


 


(i)            such
Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default;


 


(ii)           the
Holders of not less than 25% of the Outstanding Amount of the Notes have made written request to the Indenture Trustee to institute such
Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder;


 


(iii)          such
Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities
to be incurred in complying with such request;


 


(iv)          the
Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings;
and


 


(v)           no
direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of
a majority of the Outstanding Amount of the Notes; it being understood and intended that no one or more Holders of Notes shall have any
right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights
of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right
under this Indenture, except in the manner herein provided.


 






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In the event the Indenture Trustee shall receive
conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less than a majority
of the Outstanding Amount of the Notes, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken,
notwithstanding any other provisions of this Indenture, and shall have no liability to any person for such action or inaction.


 


SECTION 5.07.
Unconditional Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provisions in this Indenture,
the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest,
if any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption,
on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without
the consent of such Holder.


 


SECTION 5.08.
Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce
any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined
adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuing Entity, the Indenture Trustee and the
Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder,
and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been
instituted.


 


SECTION 5.09.
Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the
Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law,
be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of
any other appropriate right or remedy.


 


SECTION 5.10.
Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any
right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such
Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture
Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or
by the Noteholders, as the case may be.


 


SECTION 5.11.
Control by Noteholders. The Holders of a majority of the Outstanding Amount of the Notes shall have the right to direct
the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or
exercising any trust or power conferred on the Indenture Trustee; provided that


 






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(i)            such
direction shall not be in conflict with any rule of law or with this Indenture;


 


(ii)           subject
to the express terms of Section 5.04, any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by the
Holders of Notes representing not less than 100% of the Outstanding Amount of the Notes;


 


(iii)          if
the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant
to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Amount
of the Notes to sell or liquidate the Trust Estate shall be of no force and effect; and


 


(iv)          the
Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction;


 


provided,
however, that, subject to Section 6.01, the Indenture Trustee need not take any action that it determines might involve it
in liability or might materially adversely affect the rights of any Noteholders not consenting to such action.


 


SECTION 5.12.
Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02,
the Holders of Notes of not less than a majority of the Outstanding Amount of the Notes may waive any past Default or Event of Default
and its consequences except a Default (a) in payment of principal of or interest on any of the Notes or (b) in respect of a
covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note. In the case of any such
waiver, the Issuing Entity, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.


 


Upon any such waiver, such Default shall cease to
exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been
cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default
or Event of Default or impair any right consequent thereto.


 


SECTION 5.13.
Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance
thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture
Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall
not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders,
in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes or (c) any suit instituted by any Noteholder
for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note
and in this Indenture (or, in the case of redemption, on or after the Redemption Date).


 






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SECTION 5.14.
Waiver of Stay or Extension Laws. The Issuing Entity covenants (to the extent that it may lawfully do so) that it will not
at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever
enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuing Entity
(to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will
not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution
of every such power as though no such law had been enacted.


 


SECTION 5.15.
Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall
not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien
of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment
by the Indenture Trustee against the Issuing Entity or by the levy of any execution under such judgment upon any portion of the Trust
Estate or upon any of the assets of the Issuing Entity. Any money or property collected by the Indenture Trustee shall be applied in accordance
with Section 5.04(b).


 


SECTION 5.16.
Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to
do so and at the Administrator’s expense, the Issuing Entity agrees to take all such lawful action as the Indenture Trustee may
request to compel or secure the performance and observance by the Seller and the Servicer, as applicable, of each of their obligations
to the Issuing Entity under or in connection with the Sale and Servicing Agreement or to JDCC under or in connection with the Purchase
Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available
to the Issuing Entity under or in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Indenture
Trustee, including the transmission of notices of default on the part of the Seller or the Servicer thereunder and the institution of
legal or administrative actions or proceedings to compel or secure performance by the Seller or the Servicer of each of their obligations
under the Sale and Servicing Agreement.


 


(b)           If
an Event of Default has occurred and is continuing, the Indenture Trustee at the direction (which direction shall be in writing or by
telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Outstanding Amount of the Notes shall exercise
all rights, remedies, powers, privileges and claims of the Issuing Entity against the Seller or the Servicer under or in connection with
the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the
Seller or the Servicer of each of their obligations to the Issuing Entity thereunder and to give any consent, request, notice, direction,
approval, extension or waiver under the Sale and Servicing Agreement, and any right of the Issuing Entity to take such action shall be
suspended.


 






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(c)           Promptly
following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuing Entity agrees to take all
such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by JDCC of each of its obligations
to the Seller under or in connection with the Purchase Agreement in accordance with the terms thereof, and to exercise any and all rights,
remedies, powers and privileges lawfully available to the Issuing Entity under or in connection with the Purchase Agreement to the extent
and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller thereunder
and the institution of legal or administrative actions or proceedings to compel or secure performance by JDCC of each of its obligations
under the Purchase Agreement.


 


(d)           If
an Event of Default has occurred and is continuing, the Indenture Trustee at the direction (which direction shall be in writing or by
telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3% of the Outstanding Amount of the Notes shall exercise
all rights, remedies, powers, privileges and claims of the Seller against JDCC under or in connection with the Purchase Agreement to
the extent granted as security for the Notes hereunder, including the right or power to take any action to compel or secure performance
or observance by JDCC of each of its obligations to the Seller thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Purchase Agreement, and any right of the Seller to take such action shall be suspended.


 


Notwithstanding the foregoing, the Indenture Trustee
(i) shall have no duty or obligation to monitor the Servicer’s, the Seller’s, the Custodian’s, JDCC’s or
the Asset Representations Reviewer’s performance of any of their obligations under or in connection with the Sale and Servicing
Agreement, the Purchase Agreement or the Asset Representations Review Agreement, and (ii) shall have no responsibility for the performance
or nonperformance of any such party’s obligations under such agreements.


 


ARTICLE VI


 


THE INDENTURE TRUSTEE


 


SECTION 6.01.
Duties of Indenture Trustee. (a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall
exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent
person would exercise or use under the circumstances in the conduct of such person’s own affairs.


 


(b)            Except
during the continuance of an Event of Default:


 


(i)            the
Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied
covenants or obligations shall be read into this Indenture against the Indenture Trustee; and


 


(ii)           in
the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements
of this Indenture; however, the Indenture Trustee shall examine the certificates and opinions which by any provision hereof are specifically
required to be furnished to the Indenture Trustee to determine whether or not they conform on their face to the requirements of this Indenture,
but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein.


 






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The Indenture Trustee shall not be required to determine,
confirm or recalculate the information contained in the Servicer’s Certificate delivered to it pursuant to the Sale and Servicing
Agreement.


 


(c)           The
Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that:


 


(i)            this
paragraph does not limit the effect of paragraph (b) of this Section;


 


(ii)           the
Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the
Indenture Trustee was negligent in ascertaining the pertinent facts; and


 


(iii)          the
Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 5.11 or otherwise from Holders under the Indenture.


 


(d)           Every
provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a), (b) and (c) of this
Section.


 


(e)           The
Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with
the Issuing Entity.


 


(f)            Money
held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this
Indenture or the Sale and Servicing Agreement.


 


(g)           No
provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds
to believe that repayments of such funds or adequate indemnity satisfactory to it against such loss, liability or expense is not reasonably
assured to it and none of the provisions contained in this Indenture shall in any event require the Indenture Trustee to perform, or
be responsible for the performance of, any of the obligations of the Servicer under this Indenture except during such time, if any, as
the Indenture Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of the Servicer in accordance
with the terms of this Indenture.


 


(h)           Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall
be subject to the provisions of this Section and to the provisions of the TIA.


 






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SECTION 6.02.
Rights of Indenture Trustee. (a) The Indenture Trustee may rely on any document believed by it to be genuine and to
have been signed or presented by the proper person. The Indenture Trustee need not investigate any fact or matter stated in the document.


  


(b)           Before
the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. The Indenture
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or
Opinion of Counsel.


 


(c)           The
Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on
the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder. In addition,
the Indenture Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them,
and the Indenture Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall
have been selected by the Indenture Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled
persons to be selected with reasonable care and employed by it. The Indenture Trustee shall not be liable for anything done, suffered
or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such persons
and not contrary to this Agreement or any Basic Document.


 


(d)           The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within
its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct,
negligence or bad faith.


 


(e)           The
Indenture Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them,
and the Indenture Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall
have been selected by the Indenture Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled
persons to be selected with reasonable care and employed by it.  The Indenture Trustee shall not be liable for anything done, suffered
or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such persons
and not contrary to this Indenture or any Basic Document.


 


(f)            The
Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders pursuant to this Indenture other than requests, demands or directions relating to an asset representations
review request under Article XII or noteholder communications with regard to Repurchase Requests and Repurchase Response Notices
under Section 12.03, unless such Holders shall have offered to the Indenture Trustee security or indemnity satisfactory to the Indenture
Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.


 






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(g)           The
Indenture Trustee shall not be deemed to have notice of or have discovered any default, breach of a representation or warranty made by
the Depositor or Sponsor made in the Transaction Documents or Event of Default unless a Responsible Officer of the Indenture Trustee has
actual knowledge thereof or unless written notice of any event which is in fact such a default or breach is received by the Indenture
Trustee at the Corporate Trust Office of the Indenture Trustee, and such notice references the Notes and this Indenture. For the avoidance
of doubt, the receipt by the Indenture Trustee of a Review Report or a Repurchase Request shall not constitute actual knowledge of any
breach of a representation or warranty made by the Seller or JDCC.


 


(h)           The
rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including, without limitation, its right to
be indemnified are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder, and to each agent,
custodian and other Person employed to act hereunder.


 


(i)            In
no event shall the Indenture Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Indenture Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.


 


(j)            The
Indenture Trustee will not be responsible or liable for a failure or delay in the performance of its obligations under this Indenture
from or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, acts of war, terrorism, pandemics,
epidemics, civil or military disturbances, nuclear catastrophes, fires, floods, earthquakes, storms, hurricanes or other natural catastrophes
and interruptions, loss or failures of mechanical, electronic or communication systems.  The Indenture Trustee will use reasonable
efforts consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.


 


(k)           In
no event shall the Indenture Trustee have any responsibility to monitor compliance with or enforce compliance with Regulation RR or other
rules or regulations relating to risk retention. The Indenture Trustee shall not be charged with knowledge of such rules, nor shall
it be liable to any Noteholder or other party for violation of such rules now or hereafter in effect.


 


(l)            The
Indenture Trustee shall not be required to take any action it is directed to take under this Indenture if the Indenture Trustee determines
in good faith that the action so directed would involve the Indenture Trustee in personal liability, be unjustly prejudicial to the non-directing
Holders, or is inconsistent with the Indenture.


 


(m)          In
no event shall the Indenture Trustee be liable for failure to perform its duties hereunder if such failure is a direct or proximate result
of another party’s failure to perform its obligations hereunder.


 


(n)           Any
discretion, permissive right, or privilege of the Indenture Trustee hereunder shall not be deemed to be or otherwise construed as a duty
or obligation.


 






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(o)           The
Securities Intermediary shall be afforded the same rights, privileges, protections and indemnities that the Indenture Trustee is given
under this Article Six.


 


SECTION 6.03.
Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the owner
or pledgee of Notes and may otherwise deal with the Issuing Entity or its affiliates with the same rights it would have if it were not
Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Indenture
Trustee must comply with Sections 6.10 and 6.11.


 


SECTION 6.04.
Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as
to the validity or adequacy of the Trust Estate, this Indenture or the Notes, it shall not be accountable for the Issuing Entity’s
use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuing Entity in the Indenture or in any
document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.


 


SECTION 6.05.
Notice of Defaults. If a Default occurs and is continuing and if it is actually known to a Responsible Officer of the Indenture
Trustee, the Indenture Trustee shall mail to each Noteholder notice of the Default within 90 days after it occurs. Except in the case
of a Default in payment of principal of or interest on any Note (including payments pursuant to the redemption provisions of such Note),
the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Noteholders; and provided that in the case of any default of the character specified in
Section 5.01(iii), no such notice to Holders shall be given until at least 30 days after the occurrence thereof.


 


SECTION 6.06.
Reports by Indenture Trustee to Holders. The Indenture Trustee shall deliver to each Noteholder such information as may
be required to enable such holder to prepare its federal and State income tax returns. The Indenture Trustee shall only be required to
provide to the Noteholders the information given to it by the Servicer. The Indenture Trustee shall not be required to determine, confirm
or recompute any such information.


 


SECTION 6.07.
Compensation and Indemnity. The Issuing Entity shall or shall cause the Servicer (pursuant to the Sale and Servicing Agreement)
to pay to the Indenture Trustee from time to time reasonable compensation for its services. The Indenture Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express trust. The Issuing Entity shall or shall cause the Servicer
(pursuant to the Sale and Servicing Agreement) to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or
made by it, including pursuant to Section 6.08 and costs of collection and enforcement of this Section 6.07, in addition to
the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of
the Indenture Trustee’s agents, counsel, accountants and experts. The Issuing Entity shall or shall cause the Servicer (pursuant
to the Sale and Servicing Agreement) to indemnify the Indenture Trustee against any and all loss, liability, claim, damage or expense
(including the fees of either in-house counsel or outside counsel, but not both) incurred by it in connection with the administration
of this trust and the performance of its duties hereunder. The Indenture Trustee shall notify the Issuing Entity and the Servicer promptly
of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuing Entity and the Servicer shall
not relieve the Issuing Entity or the Servicer of its obligations hereunder. The Issuing Entity shall or shall cause the Servicer to defend
the claim and the Indenture Trustee may have separate counsel and the Issuing Entity shall or shall cause the Servicer to pay the fees
and expenses of such counsel. Neither the Issuing Entity nor the Servicer need reimburse any expense or indemnify against any loss, liability
or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith.


 






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The Issuing Entity’s payment obligations to
the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses
after the occurrence of a Default specified in Section 5.01(iv) or (v) with respect to the Issuing Entity, the expenses
are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or State bankruptcy, insolvency
or similar law.


 


SECTION 6.08.
Replacement of Indenture Trustee. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture
Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08.
Upon thirty (30) days’ prior written notice to the Issuing Entity and the Depositor, the Indenture Trustee may resign at any time,
and the Indenture Trustee shall provide all information reasonably requested by the Depositor in order to comply with its reporting obligation
under Item 6.02 of Form 8-K with respect to the resignation of the Indenture Trustee. The Holders of a majority in Outstanding Amount
of the Notes may remove the Indenture Trustee by providing thirty (30) days’ prior written notice thereof to the Indenture Trustee
and the Depositor, and such Holders may appoint a successor Indenture Trustee. The Issuing Entity shall remove the Indenture Trustee if:


 


(i)            the
Indenture Trustee fails to comply with Section 6.11;


 


(ii)           the
Indenture Trustee is adjudged a bankrupt or insolvent;


 


(iii)          a
receiver or other public officer takes charge of the Indenture Trustee or its property; or


 


(iv)          the
Indenture Trustee otherwise becomes incapable of acting.


 


The Depositor may remove the Indenture Trustee if
the Indenture Trustee fails to comply with Section 3.07(e), Section 6.08 or Section 6.09 of the Indenture with respect
to notice to or providing information to the Depositor, or with Section 4.16 of the Sale and Servicing Agreement, in each case if
such failure continues for the lesser of 10 days or such period in which the applicable report required to be filed under the Exchange
Act can be filed timely (without taking into account any extensions).


 


If the Indenture Trustee resigns or is removed or
if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as
the retiring Indenture Trustee), the Issuing Entity shall promptly appoint a successor Indenture Trustee, which successor shall be, if
JDCC is the Servicer, reasonably acceptable to the Seller.


 






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A successor Indenture Trustee shall deliver a written
acceptance of its appointment to the retiring Indenture Trustee and to the Issuing Entity and shall also provide all information reasonably
requested by the Depositor in order to comply with its reporting obligation under the Exchange Act with respect to the replacement Indenture
Trustee. Thereupon, the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee
shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail
a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture
Trustee to the successor Indenture Trustee.


  


If a successor Indenture Trustee does not take office
within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuing Entity or the Holders
of a majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Indenture
Trustee.


 


If the Indenture Trustee fails to comply with Section 6.11,
any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor
Indenture Trustee.


 


Expenses associated with replacing the Indenture
Trustee with a successor indenture trustee shall be paid by the Servicer, unless the removal of the Indenture Trustee is a result of the
willful misconduct, negligence or bad faith of the Indenture Trustee as determined by a final non-appealable order by a court of competent
jurisdiction, in which case the removed Indenture Trustee will be responsible for such expenses.


 


Notwithstanding the replacement of the Indenture
Trustee pursuant to this Section, the Issuing Entity’s and the Administrator’s obligations under Section 6.07 shall continue
for the benefit of the retiring Indenture Trustee.


 


SECTION 6.09.
Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers
all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving
or transferee corporation or banking association without any further act shall be the successor Indenture Trustee. The Indenture Trustee
shall provide prior written notice of any such transaction to the Depositor and the Administrator (and the Administrator shall make such
notice available to the Rating Agencies), provided that such corporation or banking association shall be otherwise qualified and eligible
under Section 6.11. The Indenture Trustee shall provide the Depositor with written notice of such event no later than one (1) Business
Day after the effective date of such merger, together with the information reasonably requested by the Depositor in order to comply with
its reporting obligation under the Exchange Act with respect to a successor Indenture Trustee.


 


In case at the time such successor or successors
by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes
shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication
of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated,
any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes
or in this Indenture provided that the certificate of the Indenture Trustee shall have.


 






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SECTION 6.10.
Appointment of Co-Trustee or Separate Trustee. (a) Notwithstanding any other provisions of this Indenture, at any time,
for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust may at the time be located, the Indenture
Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons reasonably acceptable to the Issuing
Entity to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust, and to vest in
such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust, or any part hereof, and, subject
to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary
or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under
Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08.


 


(b)           Every
separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:


 


(i)            all
rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised
or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee
or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under
any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified
to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust
or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but
solely at the direction of the Indenture Trustee;


 


(ii)           no
trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and


 


(iii)          the
Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.


 


(c)           Any
notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer
to this Agreement and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts
conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture
Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision
of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such
instrument shall be filed with the Indenture Trustee.


 






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(d)           Any
separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any
separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new
or successor trustee.


 


SECTION 6.11.
Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a). The
Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report
of condition and its long-term unsecured debt shall be rated at least “Baa3” by Moody’s and “F1” or “A”
by Fitch. The Indenture Trustee shall comply with TIA § 310(b), including the optional provision permitted by the second sentence
of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture
or indentures under which other securities of the Issuing Entity are outstanding if the requirements for such exclusion set forth in TIA
 § 310(b)(1) are met.


 


SECTION 6.12.
Preferential Collection of Claims Against Issuing Entity. The Indenture Trustee shall comply with TIA § 311(a), excluding
any creditor relationship listed in TIA § 311(b). An indenture trustee who has resigned or been removed shall be subject to TIA §
311(a) to the extent indicated.


 


ARTICLE VII


 


NOTEHOLDERS’ LISTS AND REPORTS


 


SECTION 7.01.
Issuing Entity to Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuing Entity will furnish or cause
to be furnished to the Indenture Trustee (a) not more than five days after the earlier of (i) each Record Date and (ii) three
months after the last Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of
the Holders of Notes as of such Record Date, (b) at such other times as the Indenture Trustee may request in writing, within 30 days
after receipt by the Issuing Entity of any such request, a list of similar form and content as of a date not more than 10 days prior to
the time such list is furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar, no such list shall be
required to be furnished.


 


SECTION 7.02.
Preservation of Information; Communications to Noteholders. (a)  The Indenture Trustee shall preserve, in as current
a form as is reasonably practicable, the names and addresses of the Holders of Notes contained in the most recent list furnished to the
Indenture Trustee as provided in Section 7.01 and the names and addresses of Holders of Notes received by the Indenture Trustee in
its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.01 upon
receipt of a new list so furnished.


 






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(b)           Noteholders
may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under the
Notes.


 


(c)           The
Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection of TIA § 312(c).


 


(d)           The
Indenture Trustee shall provide prompt notice to John Deere Capital Corporation and John Deere Receivables LLC (each, a “John Deere
Party,” and together, the “John Deere Parties”) of all demands communicated (by any entity other than a John Deere
Party) to the Indenture Trustee for the repurchase or replacement of any Receivable for breach of the representations and warranties
concerning such Receivable. The Indenture Trustee shall, upon written request of either John Deere Party, provide notification to the
John Deere Parties with respect to any actions taken by the Indenture Trustee with respect to any such demand communicated to the Indenture
Trustee in respect of any Receivables, such notifications to be provided by the Indenture Trustee as soon as practicable and in any event
within five Business Days of such request or such other time frame as may be mutually agreed to by the Indenture Trustee and the applicable
John Deere Party. Such notices shall be provided to the John Deere Parties at (i) John Deere Capital Corporation at P.O. Box
5328, Madison, WI 53705, Attention: Manager, (800) 438-7394, with a copy to Deere & Company, One John Deere Place, Moline, Illinois
61265-8098, Attention: Treasury Department, Assistant Treasurer, (309) 748-5252, or at such other address or by such other means of communication
as may be specified by John Deere Capital Corporation to the Indenture Trustee from time to time, and (ii) John Deere Receivables
LLC, P.O. Box 5328, Madison, WI 53705, Attention: Manager, (800) 438-7394, with a copy to Deere & Company, One John Deere
Place, Moline, Illinois 61265-8098, Attention: Treasury Department, Assistant Treasurer, (309) 748-5252, or at such other address
or by such other means of communication as may be specified by John Deere Receivables LLC to the Indenture Trustee from time to time.


 


The Indenture Trustee and the Issuing Entity acknowledge
and agree that the purpose of this Section 7.02(d) is to facilitate compliance by the John Deere Parties with Rule 15Ga-1
under the Exchange Act and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and Regulations”).
The Indenture Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations may change over
time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities
markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by the John Deere Parties in good faith for
delivery of information under these provisions on the basis of evolving interpretations of the Repurchase Rules and Regulations.
The Indenture Trustee shall cooperate fully with the John Deere Parties to deliver any and all records and any other information necessary
in the good faith determination of the John Deere Parties to permit them to comply with the provisions of Repurchase Rules and Regulations.


 


SECTION 7.03.
Reports by Issuing Entity. (a) The Issuing Entity shall:


 


(i)            file
with the Indenture Trustee, within 15 days after the Issuing Entity is required to file the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may
from time to time by rules and regulations prescribe) which the Issuing Entity may be required to file with the Commission pursuant
to Section 13 or 15(d) of the Exchange Act;


 






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(ii)           file
with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission
such additional information, documents and reports with respect to compliance by the Issuing Entity with the conditions and covenants
of this Indenture as may be required from time to time by such rules and regulations; and


 


(iii)          supply
to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA § 313(c)) such summaries
of any information, documents and reports required to be filed by the Issuing Entity pursuant to clauses (i) and (ii) of this
Section 7.03(a) as may be required by rules and regulations prescribed from time to time by the Commission.


 


The Indenture Trustee shall have no obligation to confirm
or investigate the accuracy of any mathematical calculations or other facts stated in the reports provided pursuant to this Section.


 


(b)           Each
fiscal year of the Issuing Entity will consist of 52 or 53 weeks and will end on the fiscal month cutoff date specified for the calendar
month of October as set forth in Schedule C to the Sale and Servicing Agreement (or as otherwise determined by the Issuing Entity
and notified to the Indenture Trustee in writing).


 


SECTION 7.04.
Reports by Indenture Trustee. If required by TIA § 313(a), within 60 days after each February 1 beginning with
February 1, 2023, the Indenture Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated
as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b).


 


A copy of each report at the time of its mailing
to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed.
The Issuing Entity shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange.


 


ARTICLE VIII


 


ACCOUNTS, DISBURSEMENTS AND RELEASES


 


SECTION 8.01.
Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery
of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money
and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all
such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs
in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee
may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate
Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any
right to proceed thereafter as provided in Article V.


 






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SECTION 8.02.
Trust Accounts. (a) On or prior to the Closing Date, the Issuing Entity shall cause the Servicer to establish and maintain,
in the name of the Indenture Trustee, for the benefit of the Noteholders and the Certificateholders, the Collection Account and the Note
Distribution Account as provided in Section 5.01 of the Sale and Servicing Agreement. On or prior to the Closing Date, the Issuing
Entity shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Trust, the Reserve
Account as provided in Section 5.01 of the Sale and Servicing Agreement.


 


(b)           Not
less than one Business Day prior to each Payment Date, the Total Distribution Amount with respect to the preceding Collection Period
will be deposited in the Collection Account as provided in Section 5.02 of the Sale and Servicing Agreement. On or before each Payment
Date, the Noteholders’ Distributable Amount with respect to the preceding Collection Period will be transferred from the Collection
Account and/or the Reserve Account to the Note Distribution Account as provided in Sections 5.04 and 5.05 of the Sale and Servicing Agreement.


 


(c)           Except
as otherwise provided in Section 5.04(b), on each Payment Date and Redemption Date, the Indenture Trustee shall distribute all amounts
on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes
for principal and interest in the following amounts and in the following order of priority:


 


(i)            accrued
and unpaid interest on the Outstanding Amount of each class of Notes at the applicable Note Interest Rate (such amount to be applied
pro rata on the basis of the total interest due on the Notes);


 


(ii)           the
Note Monthly Principal Distributable Amount in the following order of priority:


 


(a)            to
the Class A-1 Noteholders on account of principal until the Outstanding Amount of the Class A-1 Notes is reduced to zero; and


 


(b)            to
the Class A-2 Noteholders on account of principal until the Outstanding Amount of the Class A-2 Notes is reduced to zero; and


 


(c)            to
the Class A-3 Noteholders on account of principal until the Outstanding Amount of the Class A-3 Notes is reduced to zero; and


 


(d)            to
the Class A-4 Noteholders on account of principal until the Outstanding Amount of the Class A-4 Notes is reduced to zero.


 






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SECTION 8.03.
General Provisions Regarding Accounts. (a) So long as no Default or Event of Default shall have occurred and be continuing,
all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee
upon Issuing Entity Order, subject to the provisions of Section 5.01(b) of the Sale and Servicing Agreement; provided that funds
on deposit in the Reserve Account shall be invested only in Eligible Investments meeting the requirements of §246.4(b)(2) of
Regulation RR, as determined solely by the Servicer. All income or other gain from investments of monies deposited in the Trust Accounts
net of any investment expenses and any losses resulting from such investments shall be deposited by the Indenture Trustee in the Collection
Account. The Issuing Entity will not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in
any of the Trust Accounts unless the security interest granted and perfected in such account will continue to be perfected in such investment
or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture
Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuing Entity shall deliver to the Indenture
Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect.


 


(b)           Subject
to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Trust
Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s
failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor
and not as Indenture Trustee, in accordance with their terms.


 


(c)           If
(i) the Issuing Entity shall have failed to give investment directions for any funds on deposit in the Trust Accounts to the Indenture
Trustee by 12:00 noon New York Time (or such other time as may be agreed by the Issuing Entity and Indenture Trustee) on any Business
Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not
have been declared due and payable pursuant to Section 5.02, or, if such Notes shall have been declared due and payable following
an Event of Default, amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.05 as if
there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds
in the Trust Accounts in the Eligible Investments described in the most recent Issuing Entity Order received.


 


Except as otherwise provided hereunder or agreed
in writing among the parties hereto, the Issuing Entity shall retain the authority to institute, participate and join in any plan of reorganization,
readjustment, merger or consolidation with respect to the issuer of any securities held hereunder, and, in general, to exercise each and
every other power or right with respect to each such asset or investment as individuals generally have and enjoy with respect to their
own assets and investment, including power to vote upon any securities.


 


With respect to any Eligible Investments, the Indenture
Trustee is permitted to purchase and sell Eligible Investments through or from affiliated banks and broker-dealers, invest funds in registered
investment companies that receive investment management and custodial services from the trustee or its affiliates subject to limitations
set forth herein with respect to Eligible Investments.


 






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(d)           U.S.
Bank National Association in its capacity as Securities Intermediary with respect to a Trust Account established pursuant to the Transaction
Documents agrees that (x) if it has or subsequently obtains by agreement, by operation of law or otherwise, a security interest
in a Trust Account or any financial asset credited thereto, such security interest shall be subordinate to the security interest of the
Indenture Trustee in such Trust Account and any financial asset credited thereto and (y) the financial assets and other items deposited
to such an Eligible Deposit Account will not be subject to deduction, set-off, banker’s lien, or any other right in favor of any
person other than the Indenture Trustee.


  


SECTION 8.04.
Release of Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture
Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this
Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent
with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII
shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see
to the application of any monies.


 


(b)           The
Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07
have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release
to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the Trust Accounts; provided, that, any
amounts on deposit in the Reserve Account shall be distributable only to the Depositor following the final distribution to the Certificateholders.
The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.04(b) only upon receipt
of an Issuing Entity Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent
Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01.


 


SECTION 8.05.
Opinion of Counsel. The Indenture Trustee shall receive at least seven days’ notice when requested by the Issuing
Entity to take any action pursuant to Section 8.04(a), accompanied by copies of any instruments involved, and the Indenture Trustee
shall also require as a condition to such action, an Opinion of Counsel stating the legal effect of any such action, outlining the steps
required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such
action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions
of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of
the Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any
certificate or other instrument delivered to the Indenture Trustee in connection with any such action.


 






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ARTICLE IX


 


SUPPLEMENTAL INDENTURES


  


SECTION 9.01.
Supplemental Indentures Without Consent of Noteholders. (a) Without the consent of the Holders of any Notes but with
prior notice made available by the Administrator to the Rating Agencies, the Issuing Entity and the Indenture Trustee, when authorized
by an Issuing Entity Order, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory
to the Indenture Trustee, for any of the following purposes:


 


(i)            to
correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and
confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the
lien of this Indenture additional property;


 


(ii)           to
evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuing Entity, and the assumption
by any such successor of the covenants of the Issuing Entity herein and in the Notes contained;


 


(iii)          to
add to the covenants of the Issuing Entity, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred
upon the Issuing Entity;


 


(iv)          to
convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee;


 


(v)           to
cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture which may be inconsistent with any
other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising
under this Indenture or in any supplemental indenture; provided that such action shall not, as evidenced by an Opinion of Counsel, adversely
affect in any material respect the interests of the Holders of the Notes;


 


(vi)          to
evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or
change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more
than one trustee, pursuant to the requirements of Article VI; or


 


(vii)         to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this
Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may
be expressly required by the TIA.


 


The Indenture Trustee is hereby authorized to join
in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein
contained.


 






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(b)           The
Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order, may, also without the consent of any of the Holders
of the Notes but with prior notice made available by the Administrator to the Rating Agencies, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this
Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that such action
shall not adversely affect in any material respect the interests of any Noteholder; provided that 10 days’ (or, in the case of
Fitch, 10 Business Days’) prior written notice of any such indenture or supplement indenture hereto be made available by the Administrator
to each Rating Agency and, if Moody’s notifies the Indenture Trustee before the expiration of such 10-day period that such indenture
or supplement indenture hereto will result in a downgrading or withdrawal of the then current rating of any Class of the Notes or
the Certificate, such amendment shall become effective with the consent of the Holders of Notes evidencing not less than a majority of
the Outstanding Amount of the Notes and the consent of the Certificateholder; provided that any solicitation of such consent shall disclose
the resulting downgrading or withdrawal as a result of such amendment.


 


SECTION 9.02.
Supplemental Indentures with Consent of Noteholders. The Issuing Entity and the Indenture Trustee, when authorized by an
Issuing Entity Order, also may, with prior written notice made available by the Administrator to the Rating Agencies and with the consent
of the Holders of not less than a majority of the Outstanding Amount of the Notes, by Act of such Holders delivered to the Issuing Entity
and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing
in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes
under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Note affected thereby:


 


(i)            change
the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest
rate thereon or the Redemption Price with respect thereto, change the provision of this Indenture relating to the application of collections
on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment
where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement
of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment
of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption
Date);


 


(ii)           reduce
the percentage of the Outstanding Amount of the Notes, the consent of the Holders of which is required for any such supplemental indenture,
or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences provided for in this Indenture;


 


(iii)          modify
or alter the provisions of the proviso to the definition of the term “Outstanding”;


 






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(iv)          reduce
the percentage of the Outstanding Amount of the Notes required to direct the Indenture Trustee to direct the Issuing Entity to sell or
liquidate the Trust Estate pursuant to Section 5.04;


 


(v)           modify
any provision of this Section except to increase any percentage specified herein or to provide that certain additional provisions
of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected
thereby;


 


(vi)          modify
any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal
due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect
the rights of the Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained herein; or


 


(vii)         permit
the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate
or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto
or deprive the Holder of any Note of the security provided by the lien of this Indenture.


 


The Indenture Trustee may in its discretion determine
whether or not any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders
of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any
such determination made in good faith.


 


It shall not be necessary for any Act of Noteholders
under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act
shall approve the substance thereof.


 


Promptly after the execution by the Issuing Entity
and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Holders of the
Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental
indenture or a copy of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such supplemental indenture.


 


SECTION 9.03.
Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be
provided with, and subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this Indenture and all conditions precedent have been satisfied.
The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s
own rights, duties, liabilities or immunities under this Indenture or otherwise.


 






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SECTION 9.04.
Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the
respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee,
the Issuing Entity and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects
to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes.


 


SECTION 9.05.
Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant
to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall
then be qualified under the Trust Indenture Act.


 


SECTION 9.06.
Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the
Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuing Entity or the Indenture Trustee shall
so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any such supplemental
indenture may be prepared and executed by the Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange for
Outstanding Notes.


 


ARTICLE X


 


REDEMPTION OF NOTES


 


SECTION 10.01.
Redemption. (a) The Notes are subject to redemption in whole, but not in part, at the written direction of the Servicer
pursuant to Section 9.01(a) of the Sale and Servicing Agreement, on any Payment Date, following the last day of a Collection
Period as of which the Note Value is 10% or less of the initial Note Value as of the Cut-off Date, for a purchase price equal to the
Redemption Price; provided, however, that the Issuing Entity has available funds sufficient to pay the Redemption Price. The Servicer
or the Issuing Entity shall furnish to the Administrator notice of such redemption, and the Administrator shall make such notice available
to the Rating Agencies. If the Notes are to be redeemed pursuant to this Section 10.01(a), the Servicer or the Issuing Entity shall
furnish notice of such election to the Indenture Trustee not later than 30 days prior to the Redemption Date and the Issuing Entity shall
deposit with the Indenture Trustee in the Note Distribution Account the Redemption Price of the Notes to be redeemed whereupon all such
Notes shall be due and payable on the Redemption Date upon the furnishing of a notice complying with Section 10.02 to each Holder
of the Notes.


 


(b)           In
the event that the assets of the Trust are sold pursuant to Section 9.02 of the Trust Agreement, all amounts on deposit in the Note
Distribution Account shall be paid to the Noteholders up to the Outstanding Amount of the Notes and all accrued and unpaid interest thereon.
If amounts are to be paid to Noteholders pursuant to this Section 10.01(b), the Servicer or the Issuing Entity shall, to the extent
practicable, furnish notice of such event to the Indenture Trustee not later than 30 days prior to the Redemption Date whereupon all
such amounts shall be payable on the Redemption Date.


 






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SECTION 10.02.
Form of Redemption Notice. (a) Notice of redemption under Section 10.01(a) shall be given by the Indenture
Trustee by first-class mail, postage prepaid, mailed not less than five days prior to the applicable Redemption Date to each Holder of
Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s address appearing
in the Note Register.


 


All notices of redemption shall state:


 


(i)           the
Redemption Date;


 


(ii)          the
Redemption Price;


 


(iii)         the
place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuing
Entity to be maintained as provided in Section 3.02); and


 


(iv)         the
CUSIP number.


 


Notice of redemption of the Notes shall be given
by the Indenture Trustee in the name and at the expense of the Issuing Entity. Failure to give notice of redemption, or any defect therein,
to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note.


 


(b)           Prior
notice of redemption under Section 10.01(b) is not required to be given to Noteholders.


 


SECTION 10.03.
Notes Payable on Redemption Date. The Notes or portions thereof to be redeemed shall, following notice of redemption as
required by Section 10.02 (in the case of redemption pursuant to Section 10.01(a)), on the Redemption Date become due and payable
at the Redemption Price and (unless the Issuing Entity shall default in the payment of the Redemption Price) no interest shall accrue
on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption
Price.


 


ARTICLE XI


 


MISCELLANEOUS


 


SECTION 11.01.
Compliance Certificates and Opinions, etc. (a) Upon any application or request by the Issuing Entity to the Indenture
Trustee to take any action under any provision of this Indenture, the Issuing Entity shall furnish to the Indenture Trustee (i) an
Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action
have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants
meeting the applicable requirements of this Section, except that, in the case of any such application or request as to which the furnishing
of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished.


 






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Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture shall include:


 


(i)           a
statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions
herein relating thereto;


 


(ii)          a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;


 


(iii)         a
statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable
such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and


 


(iv)         a
statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.


 


(b)           (i) Prior
to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release
of any property or securities subject to the lien of this Indenture, the Issuing Entity shall, in addition to any obligation imposed
in Section 11.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying
or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuing Entity
of the Collateral or other property or securities to be so deposited.


 


(ii)          Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (i) above, the Issuing Entity shall also deliver to the Indenture Trustee
an Independent Certificate as to the same matters, if the fair value to the Issuing Entity of the securities to be so deposited and of
all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of
the Issuing Entity, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more
of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if
the fair value thereof to the Issuing Entity as set forth in the related Officer’s Certificate is less than $25,000 or less than
one percent of the Outstanding Amount of the Notes.


 


(iii)          Other
than with respect to the release of any Purchased Receivables or Liquidated Receivables, whenever any property or securities are to be
released from the lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the
property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the
security under this Indenture in contravention of the provisions hereof.


 






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(iv)         Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (iii) above, the Issuing Entity shall also furnish to the Indenture Trustee
an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property other than
Purchased Receivables and Liquidated Receivables, or securities released from the lien of this Indenture since the commencement of the
then current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or
more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release of property or securities
if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the
then Outstanding Amount of the Notes.


 


(v)          Notwithstanding
Section 2.09, Section 3.10(b) or any other provision of this Section, the Issuing Entity may (A) collect, liquidate,
sell or otherwise dispose of Receivables as and to the extent permitted or required by the Basic Documents and (B) make cash payments
out of the Trust Accounts as and to the extent permitted or required by the Basic Documents.


 


SECTION 11.02.
Form of Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by,
or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion
of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion
with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.


 


Any certificate or opinion of an Authorized Officer
of the Issuing Entity may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by,
counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer
or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by,
an officer or officers of the Servicer, the Seller, the Issuing Entity or the Administrator, stating that the information with respect
to such factual matters is in the possession of the Servicer, the Seller, the Issuing Entity or the Administrator, unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters
are erroneous.


 






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Where any Person is required to make, give or execute
two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.


 


Whenever in this Indenture, in connection with any
application or certificate or report to the Indenture Trustee, it is provided that the Issuing Entity shall deliver any document as a
condition of the granting of such application, or as evidence of the Issuing Entity’s compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as
the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuing
Entity to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed
to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document
as provided in Article VI.


 


SECTION 11.03.
Acts of Noteholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby
expressly required, to the Issuing Entity. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of
any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01)
conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in the manner provided in this Section.


 


(b)           The
fact and date of the execution by any person of any such instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient.


 


(c)           The
ownership of Notes shall be proved by the Note Register.


 


(d)           Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of
every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered
to be done by the Indenture Trustee or the Issuing Entity in reliance thereon, whether or not notation of such action is made upon such
Note.


 


SECTION 11.04.
Notices, etc., to Indenture Trustee, Issuing Entity and Rating Agencies. Any request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made upon,
given or furnished to or filed with:


 


(a)            the
Indenture Trustee by any Noteholder or by the Issuing Entity shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing, or sent by facsimile, to or with the Indenture Trustee and received at its Corporate Trust Office, or


 






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(b)           the
Issuing Entity by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed,
first-class, postage prepaid, or sent by facsimile, to the Issuing Entity addressed to: John Deere Owner Trust 2022-C, in care of Computershare
Delaware Trust Company, 919 North Market Street, Suite 1600, Wilmington, Delaware 19801, Attention: Corporate Trust Services, facsimile
No.: (302) 575-2006, or at any other address previously furnished in writing to the Indenture Trustee by the Issuing Entity. The Issuing
Entity shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. The Indenture Trustee shall likewise
promptly transmit any notice received by it from the Noteholders to the Issuing Entity and the Administrator and, if such notice is a
Repurchase Request, to the Seller and the Sponsor in addition to any other parties entitled to receive such notice pursuant to the terms
hereof.


 


Notices required to be given to the Rating Agencies
shall be in writing, personally delivered or mailed by certified mail, return receipt requested to (i) in the case of Moody’s,
at the following address: Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center, 250 Greenwich
Street, New York, New York 10007; and (ii) in the case of Fitch, at the following address: Fitch Ratings, Inc., 33 Whitehall
Street, New York, New York 10004, Attention: ABS Surveillance or as to each of the foregoing, at such other address as shall be designated
by written notice to the other parties.


 


SECTION 11.05.
Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall
be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder
affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail
such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect
to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given.


 


Where this Indenture provides for notice in any
manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.


 


In case, by reason of the suspension of regular
mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to
Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice
as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice.


 


Where this Indenture provides for notice to the
Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under
any circumstance constitute a Default or Event of Default.


 






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SECTION 11.06.
Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary,
to the extent satisfactory to the Indenture Trustee, the Issuing Entity may enter into any agreement with any Holder of a Note providing
for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided
for in this Indenture for such payments or notices. The Issuing Entity will furnish to the Indenture Trustee a copy of each such agreement
and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements.


 


SECTION 11.07.
Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof
that is required to be included in this indenture by any of the provisions of the Trust Indenture Act, such required provision shall
control.


 


The provisions of TIA §§ 310 through 317
that impose duties on any person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture)
are a part of and govern this Indenture, whether or not physically contained herein.


 


SECTION 11.08.
Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof.


 


SECTION 11.09.
Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuing Entity shall bind its
successors and assigns, whether so expressed or not.


 


All agreements of the Indenture Trustee in this
Indenture shall bind its successors, co-trustees and agents of the Indenture Trustee.


 


SECTION 11.10.
Separability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.


 


SECTION 11.11.
Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than
the parties hereto and their successors hereunder, and the Noteholders, and any other party secured hereunder, and any other Person with
an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.


 


SECTION 11.12.
Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding
any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business
Day with the same force and effect as if made on the date on which nominally due.


 






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SECTION 11.13.
GOVERNING LAW; WAIVER OF TRIAL BY JURY.


 


(a)           THIS
INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.


 


(b)           EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.


 


SECTION 11.14.
Counterparts. The words “execution,” “signed,” “signature,” “delivery,”
and words of like import in or relating to any document to be signed in connection with this Indenture and the transactions contemplated
hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act or any other similar state laws based on the Uniform Electronic Transactions Act, and this Indenture
shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party
by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature; or (iii) any other
electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform
Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial
Code, in each case to the extent applicable (collectively, “Signature Law”). Each faxed, scanned, or photocopied manual signature,
or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original
manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed,
scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm
or otherwise verify the validity or authenticity thereof. This Indenture may be executed in any number of counterparts, each of which
shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For avoidance of doubt,
original manual signatures shall be used for execution or indorsement of writings and authentication of securities when required under
the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings.


 


SECTION 11.15.
Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording
is to be effected by the Issuing Entity and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture
Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for
the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the
Indenture Trustee under this Indenture.


 






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SECTION 11.16.
Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity,
the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection
herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in their individual capacity, (ii) any owner
of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent
of the Indenture Trustee or the Owner Trustee in their individual capacity, any holder of a beneficial interest in the Issuing Entity,
the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in their individual
capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have
no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or any failure to pay any installment
or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuing Entity
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII
of the Trust Agreement.


 


SECTION 11.17.
No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder or Note Owner, by accepting a
Note or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenant and agree that, prior to the end of the period
that is one year and one day after there has been paid in full all debt issued by any securitization vehicle in respect of which the
Seller holds any interest, they will not institute against the Seller or the Trust, or join in, or assist or encourage others to institute,
any institution against the Seller or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or State bankruptcy or similar law.


 


SECTION 11.18.
Subordination Agreement. Each Noteholder, by accepting a Note, hereby covenants and agrees that, to the extent it is deemed
to have any interest in any assets of the Seller, or a securitization vehicle related to the Seller, dedicated to other debt obligations
of the Seller or debt obligations of any other securitization vehicle related to the Seller, its interest in those assets is subordinate
to claims or rights of such other debtholders to those other assets. Furthermore, each Noteholder, by accepting a Note, hereby covenants
and agrees that such agreement constitutes a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.


 


SECTION 11.19.
No Recourse. Notwithstanding any provisions herein to the contrary, all of the obligations of the Issuing Entity under
or in connection with the Notes and this Indenture are nonrecourse obligations of the Issuing Entity payable solely from the Collateral
and following realization of the Collateral and its reduction to zero, any claims of the Noteholders and the Indenture Trustee against
the Issuing Entity shall be extinguished and shall not thereafter revive. It is understood that the foregoing provisions of this Section 11.19
shall not (i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which
is part of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes
or secured by this Indenture (to the extent it relates to the obligation to make payments on the Notes) until such Collateral has been
realized and reduced to zero, whereupon any outstanding indebtedness or obligation in respect of the Notes shall be extinguished and
shall not thereafter revive. It is further understood that the foregoing provisions of this Section 11.19 shall not limit the right
of any Person to name the Issuing Entity as a party defendant in any Proceeding or in the exercise of any other remedy under the Notes
or this Indenture, so long as no judgment in the nature of a deficiency judgment shall be asked for or (if obtained) enforced against
any such Person or entity.


 






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SECTION 11.20.
Inspection. The Issuing Entity agrees that, on reasonable prior notice, it will permit any representative of the Indenture
Trustee, during the Issuing Entity’s normal business hours, to examine all the books of account, records, reports, and other papers
of the Issuing Entity, to make copies and extracts therefrom, to cause such books to be audited by independent certified public accountants,
and to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing Entity’s officers, employees, and independent
certified public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and
shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law (and
all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably
determine that such disclosure is consistent with its obligations hereunder.


 


SECTION 11.21.
Limitation of Liability. It is expressly understood that (a) this Indenture is executed and delivered by Computershare
Delaware Trust Company, not individually or personally but solely as Owner Trustee, in the exercise of the powers and authority conferred
and vested in it under the Trust Agreement, dated as of October 18, 2022 (the “Trust Agreement”), between John Deere
Receivables LLC and Computershare Delaware Trust Company, (b) each of the representations, undertakings and agreements herein made
on the part of the Issuing Entity is made and intended not as personal representations, undertakings and agreements by Computershare
Delaware Trust Company, but is made and intended for the purpose for binding only the Issuing Entity and (c) under no circumstances
shall Computershare Delaware Trust Company be personally liable for the breach or failure of any obligation, representation, warranty
or covenant made or undertaken by the Issuing Entity under this Indenture or the other related documents.


 


SECTION 11.22.
Communications with Rating Agencies. If the Indenture Trustee shall receive any written or oral communication from any
Rating Agency (or any of their respective officers, directors or employees) with respect to the transactions contemplated hereby or under
the Basic Documents or in any way relating to the Notes, the Indenture Trustee agrees to refrain from communicating with such Rating
Agency and to promptly (and, in any event, within one Business Day) notify the Administrator of such communication.  The Indenture
Trustee agrees to act at the direction of the Administrator with respect to any communication to a Rating Agency and further agrees that
in no event shall the Indenture Trustee engage in any oral communication with respect to the transactions contemplated hereby or under
the Basic Documents or in any way relating to the Notes with any Rating Agency (or any of their respective officers, directors or employees)
without the participation of the Administrator. For the avoidance of doubt, the Indenture Trustee may make statements to Noteholders
available on its website (as contemplated by Section 5.06(a) of the Sale and Servicing Agreement), and such action is not prohibited
by this Section 11.22.


 






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ARTICLE XII


 


ASSET REPRESENTATIONS REVIEW


 


SECTION 12.01.
Noteholder Requests for Vote on Asset Representations Review. Upon the occurrence of a Delinquency Trigger as reported
on Form 10-D, Noteholders and Note Owners may, in writing, request a vote on whether to cause all ARR Receivables to be reviewed
by the Asset Representations Reviewer pursuant to the Asset Representations Review Agreement; provided that (i) if the requesting
party is a Note Owner and not a Noteholder, the Note Owner must include with its request a written certification that the requesting
party is a Note Owner of a specified principal balance of the Notes, together with one of the following additional forms of documentation
of the requesting party’s status as a Note Owner: (A) a trade confirmation, (B) an account statement; (C) a letter
from a broker-dealer; or (D) other similar document; and (ii) all such requests must be received by the Indenture Trustee within
90 days after the date on which the Form 10-D disclosing the occurrence of a Delinquency Trigger was filed. If Noteholders and Note
Owners representing at least 5% of the aggregate Outstanding Amount of all Notes Outstanding as of the date of the filing of such Form 10-D
properly and timely request a vote (such requesting Noteholders and Note Owners, collectively, the “Requesting Noteholders”),
then the Indenture Trustee will promptly notify the Servicer thereof; provided that for the purpose of determining whether the requisite
amount of Noteholders and Note Owners have so voted, any Notes held by the Sponsor or Servicer or any of their Affiliates shall not be
included in such calculation.


 


SECTION 12.02.
Noteholder Vote on Asset Representations Review. Promptly after receipt of a notice from the Servicer pursuant to Section 11.01(b)(iii) of
the Sale and Servicing Agreement, the Indenture Trustee shall distribute such notice to each Noteholder (and to each applicable Clearing
Agency for distribution to Note Owners in accordance with the rules of such Clearing Agency). If, by no later than the deadline
specified by the Servicer pursuant to Section 11.01(b)(i) of the Sale and Servicing Agreement, a majority of the Noteholders
casting a vote to initiate a review of the ARR Receivables, the Indenture Trustee will promptly notify the Servicer and Depositor of
such vote and the Servicer will direct the Asset Representations Reviewer to initiate an Asset Representations Review; provided that
for the purpose of determining whether the requisite amount of Noteholders have so voted, any Notes held by the Sponsor or Servicer or
any of their Affiliates shall not be included in such calculation. In any event, the Indenture Trustee will provide a notice of the result
of the vote to all Noteholders (including via the applicable Clearing Agency for further distribution to each Note Owner).


 


SECTION 12.03.
Delivery of Repurchase Requests and Repurchase Response Notices. If the Indenture Trustee receives a Repurchase Request
from a Noteholder or Note Owner it shall promptly forward such Repurchase Request to the Seller and the Sponsor. If the Indenture Trustee
receives a Repurchase Response Notice from the Sponsor or the Seller, it shall promptly deliver such Repurchase Response Notice to the
related Noteholder or Note Owner. If the Indenture Trustee receives a notice from a Noteholder or Note Owner indicating that it wishes
to pursue an ADR Proceeding with respect to an unfulfilled Repurchase Request, the Indenture Trustee shall promptly forward such notice
to the Seller and the Sponsor. The Indenture Trustee shall have no obligation to pursue or otherwise be involved in resolving any Repurchase
Request, including any such request that is the subject of an ADR Proceeding, unless it is directed to do so by Noteholders representing
not less than a majority of the Outstanding Amount and such Noteholders shall have offered to the Indenture Trustee security or indemnity
satisfactory to it against the reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by it, its
agents and its counsel in compliance with such direction. For the avoidance of doubt, if the Indenture Trustee does not agree to pursue
or otherwise be involved in resolving any Repurchase Request, the related Noteholders may independently pursue an ADR Proceeding in respect
of such Repurchase Request in accordance with Section 11.02 of the Sale and Servicing Agreement.


 






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SECTION 12.04.
Noteholder Communications with Indenture Trustee. A Noteholder (if the Notes are represented by Definitive Notes) or a
Note Owner (if the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests
and demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by written notice to the Indenture
Trustee. Any Note Owner must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together with
supporting documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership or
another similar document evidencing ownership of a Note. The Indenture Trustee will not be required to take action in response to requests,
demands or directions of a Noteholder or a Note Owner, other than requests, demands or directions relating to an asset representations
review request, a Repurchase Request or a Repurchase Response Notice under this Article XII, unless the Noteholder or Note Owner
has offered reasonable security or indemnity reasonably satisfactory to the Indenture Trustee to protect it against the fees and expenses
that it may incur in complying with the request, demand or direction. Noteholders may request a copy of any Review Report issued by the
Asset Representations Reviewer, as redacted pursuant to Section 11.01(d) of the Sale and Servicing Agreement, and the Indenture
Trustee shall provide such report to such requesting Noteholder; for the avoidance of doubt, the Indenture Trustee shall not have any
liability with respect to the disclosure of any personally identifiable information in connection with its delivery of a Review Report
in accordance with this Section 12.04.


 


SECTION 12.05.
Resignation or Removal of Asset Representations Reviewer. If the Asset Representations Reviewer gives notice of its intent
to resign or the Administrator terminates the Asset Representations Reviewer pursuant to the terms of the Asset Representations Review
Agreement or if a vacancy exists in the office of the Asset Representations Reviewer for any reason (the Asset Representations Reviewer
in such event being referred to herein as the retiring Asset Representations Reviewer), the Administrator shall promptly appoint and
designate a successor Asset Representations Reviewer. In the event that an Asset Representations Review has commenced at the time the
retiring Asset Representations Reviewer resigns or a vacancy exists, the Administrator shall cause the retiring Asset Representations
Reviewer to provide the successor Asset Representations Reviewer with any information relating to the Asset Representations Review. The
Administrator shall deliver a written notice to the Depositor, the Servicer, the Seller and the Indenture Trustee of the appointment
and acceptance of a successor Asset Representations Reviewer. Upon the resignation or removal of, or appointment of a successor to, the
Asset Representations Reviewer, the Indenture Trustee shall deliver a written notice to Noteholders and the Administrator shall notify
the Rating Agencies then rating the Notes (which, in the case of any such appointment of a successor, shall consist of prior written
notice thereof to the Rating Agencies then rating the Notes) of such appointment.


 


[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]


 






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IN WITNESS WHEREOF, the Issuing
Entity and the Indenture Trustee have caused this Indenture to be duly executed by their respective officers, thereunto duly authorized,
all as of the day and year first above written.


 


	 	JOHN DEERE OWNER TRUST 2022-C
	 	 
	 	By:	COMPUTERSHARE DELAWARE TRUST COMPANY, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 


	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely
    as Indenture Trustee
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 


	Acknowledged and agreed:	 
	 	 
	U.S. BANK NATIONAL ASSOCIATION, not in its individual
    capacity but solely as Securities Intermediary with respect to Sections 6.02(o) and 8.03(d)	 
	 	 
	 	 







	By:		
	 	Name:	 
	 	Title:	 



 


JDOT 2022-C - Indenture


 






     


     


    

 


EXHIBIT A


 


Schedule of Receivables


 


[To be delivered to the Trust at Closing]


 






     


     


    

 


EXHIBIT B


 


[Form of Sale and Servicing Agreement]


 






     


     


    

 


EXHIBIT C


 


[Form of Depository Agreement]


 






     


     


    

 






EXHIBIT D


 


REGISTERED


$310,000,000


No. R – [●]


 


SEE REVERSE FOR CERTAIN DEFINITIONS


 


CUSIP
NO. 47800B AA6


 


Unless this Note is presented by an authorized representative
of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer,
exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC) - ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.


 


THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.


 


JOHN DEERE OWNER TRUST 2022-C


 


4.140%
ASSET BACKED NOTES,

CLASS A-1


 


John
Deere Owner Trust 2022-C, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
 “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal
sum of THREE HUNDRED TEN MILLION DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is $310,000,000 and the denominator of which is $310,000,000 by (ii) the aggregate amount,
if any, payable from the Note Distribution Account in respect of principal of the Class A-1 Notes pursuant to Section 8.02(c) of
the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier
of October 16, 2023 and the Redemption Date, if any, pursuant to Section 10.01(a) of the Indenture. The Issuing Entity
will pay interest on this Note at the Class A-1 Note Interest Rate on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date after giving effect to all
payments of principal made on such preceding Payment Date (or on the initial principal amount of this Note from and including October 19,
2022 in the case of the first Payment Date). Interest on this Note will accrue for each Payment Date from and including the most recent
Payment Date (or, if no interest has yet been paid on this Note, from and including October 19, 2022) to but excluding such Payment
Date. Interest will be computed on the basis of the actual number of days in the period for which such interest is payable divided by
360. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.


 






    D-1


     


    

 


The principal of and interest on this Note are payable
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.
All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.


 


Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.


 


Unless the certificate of authentication hereon has
been executed by the Indenture Trustee whose name appears below by manual, facsimile or electronic signature, this Note shall not be entitled
to any benefit under the indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.


 






    D-2


     


    

 


IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.


 


	Date: October ___, 2022	JOHN DEERE OWNER TRUST 2022-C
	 	 
		By:	Computershare Delaware Trust Company, not in its individual capacity but solely as
Owner Trustee under the Trust Agreement
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


This is one of the Notes designated
above and referred to in the within-mentioned Indenture.


 


	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 
	 	 
	 	By:	 
	 	 	Authorized Signatory




 







    D-3


     


    

 


[REVERSE OF NOTE]


 


This
Note is one of the Class A-1 Notes of a duly authorized issue of Notes of the Issuing Entity, designated as its Asset Backed Notes,
all issued under an Indenture dated as of October 19, 2022 (such indenture, as supplemented or amended, is herein called the
 “Indenture”), between the Issuing Entity and U.S. Bank Trust Company, National Association, as indenture trustee (the “Indenture
Trustee”, which term includes any successor indenture trustee under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture
Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined
in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented
or amended.


 


The Notes are and will be equally and ratably secured
by the collateral pledged as security therefor as provided in the Indenture.


 


Principal of the Notes will be payable on each Payment
Date in an amount described on the face hereof.


 


As
described above, the entire unpaid principal amount of, together with accrued and unpaid interest on, this Note shall be due and payable
on the earlier of October 16, 2023 and the Redemption Date, if any, pursuant to Section 10.01(a) of the Indenture.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event
of Default shall have occurred and be continuing and the Indenture Trustee or the Holders of the Notes representing not less than a majority
of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section 5.02
of the Indenture. All principal payments on the Notes of a Class shall be made pro rata to the Noteholders of such Class entitled
thereto.


 


Payments of interest on this Note due and payable
on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made
by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name
of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of
such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation
of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on
any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name
of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such
Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.


 






    D-4


     


    

 


The Issuing Entity shall pay interest on overdue
installments of interest at a rate per annum equal to the sum of (i) the Class A-1 Note Interest Rate and (ii) 1.0%, to
the extent lawful.


 


As provided in the Indenture, the Notes may be redeemed
in whole, but not in part, at the option of the Servicer, on any Payment Date, following the last day of a Collection Period as of which
the Note Value is 10% or less of the initial Note Value as of the Cut-off Date.


 


As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration
of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed and such other documents as the Indenture Trustee may require, and thereupon one
or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required
to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of
transfer or exchange.


 


Each Noteholder or Note Owner, by acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee
in their individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their individual capacity, any holder of a beneficial
interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in their individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner
or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.


 


Each Noteholder or Note Owner, by acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that prior to the end of the period that is
one year and one day after there has been paid in full all debt issued by any securitization vehicle in respect of which the Seller holds
any interest, they will not institute against the Seller or the Trust, or join in, or assist or encourage others to institute, any institution
against the Seller or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings
under any United States federal or State bankruptcy or similar law.


 






    D-5


     


    

 


Prior to the due presentment for registration of
transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee shall treat
the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered
as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor any
such agent shall be affected by notice to the contrary.


 


The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the
Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority
of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance
by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder
and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend
or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.


 


The Issuing Entity has entered into the Indenture
and this Note is issued with the intention that, for federal, State and local income and franchise tax purposes, the Notes will qualify
as indebtedness secured by the Collateral. Each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of a beneficial
interest in a Note), will be deemed to agree to treat the Notes for federal, State and local income and franchise tax purposes as indebtedness
(except to the extent such Notes are retained or treated as retained by the Depositor or its affiliates for such purposes).


 


Without limiting any other information or certification
requirements under applicable tax law, each Noteholder or holder of an interest in this Note, by acceptance of this Note or such interest
therein, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuing Entity, upon its request, the Noteholder Tax Identification
Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or
holder of an interest in this Note, by acceptance of this Note or such interest therein, agrees that the Indenture Trustee, any Paying
Agent or the Issuing Entity has the right to withhold any amounts (properly withholdable under law and without any corresponding gross-up)
payable to a Noteholder or holder of an interest in this Note, either because such withholding is required under applicable tax law or
as a result of the failure of the Noteholder or holder of an interest in this Note to comply with the requirements of the preceding sentence
or other provisions requiring withholding under applicable tax law.


 


The term “Issuing Entity” as used in
this Note includes any successor to the Issuing Entity under the Indenture.


 






    D-6


     


    

 


The Issuing Entity is permitted by the Indenture,
under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the
Indenture.


 


The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations therein set forth.


 


This Note and the Indenture shall be construed in
accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.


 


No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay
the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.


 


Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, neither Computershare Delaware Trust Company, in its individual capacity, U.S. Bank
Trust Company, National Association, in its individual capacity, any owner of a beneficial interest in the Issuing Entity, nor any of
their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for,
nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any
of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants,
obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee
in the assets of the Issuing Entity. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse
to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the
Indenture or in this Note.


 






    D-7


     


    

 


ASSIGNMENT


 


Social Security or taxpayer I.D. or other identifying
number of assignee


 


		 	 



 


FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto


 






	 	 
	 	 
	 	 





(name and address of assignee)


 


the within Note and all rights thereunder, and hereby
irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution
in the premises.


 


	Dated:                                                                                               	                                                                                             NOTE: 

The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 
	 	 
	 	
    Signature Guaranteed:

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

	 	 


 






    D-8


     


    

 


EXHIBIT E


 


REGISTERED


$439,211,000


No. R – [●]


 


SEE REVERSE FOR CERTAIN DEFINITIONS


 


CUSIP
NO. 47800B AB4


 


Unless this Note is presented by an authorized representative
of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer,
exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC) - ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.


 


THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.


 


JOHN DEERE OWNER TRUST 2022-C


 


4.98%
ASSET BACKED NOTES,

CLASS A-2


 


John Deere
Owner Trust 2022-C, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
FOUR HUNDRED THIRTY NINE MILLION TWO HUNDRED ELEVEN THOUSAND DOLLARS payable on each Payment Date in an amount equal to the result obtained
by multiplying (i) a fraction the numerator of which is $439,211,000 and the denominator of which is $439,211,000 by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in respect of principal of the Class A-2 Notes pursuant to Section 8.02(c) of
the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier
of August 15, 2025 and the Redemption Date, if any, pursuant to Section 10.01(a) of the Indenture. Except as provided in
the Indenture, no payments of principal of the Class A-2 Notes shall be made until the principal of the Class A-1 Notes has
been paid in its entirety. The Issuing Entity will pay interest on this Note at the Class A-2 Note Interest Rate on each Payment
Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding
Payment Date after giving effect to all payments of principal made on such preceding Payment Date (or on the initial principal amount
of this Note from and including October 19, 2022 in the case of the first Payment Date). Interest on this Note will accrue for each
Payment Date from and including the 15th day of the month preceding such Payment Date (or, from and including, October 19, 2022 in
the case of the first Payment Date) to and including the 14th day of the month of such Payment Date. Interest will be computed on the
basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified
on the reverse hereof.


 








    E-1


     


    

 


The principal of and interest on this Note are payable
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.
All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.


 


Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.


 


Unless the certificate of authentication hereon has
been executed by the Indenture Trustee whose name appears below by manual, facsimile or electronic signature, this Note shall not be entitled
to any benefit under the indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.


 








    E-2


     


    

 


IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.


 


	Date: October ___, 2022	JOHN DEERE OWNER TRUST 2022-C
	 	 
		By:	Computershare Delaware Trust Company, not in its individual capacity but solely as
Owner Trustee under the Trust Agreement
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


This is one of the Notes designated above and referred
to in the within-mentioned Indenture.


 


	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 
	 	 
	 	By:	 
	 	 	Authorized Signatory


 






    E-3


     


    

 


[REVERSE OF NOTE]


 


This
Note is one of the Class A-2 Notes of a duly authorized issue of Notes of the Issuing Entity, designated as its Asset Backed Notes,
all issued under an Indenture dated as of October 19, 2022 (such indenture, as supplemented or amended, is herein called the
 “Indenture”), between the Issuing Entity and U.S. Bank Trust Company, National Association, as indenture trustee (the “Indenture
Trustee”, which term includes any successor indenture trustee under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture
Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined
in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented
or amended.


 


The Notes are and will be equally and ratably secured
by the collateral pledged as security therefor as provided in the Indenture.


 


Principal of the Notes will be payable on each Payment
Date in an amount described on the face hereof.


 


As
described above, the entire unpaid principal amount of, together with accrued and unpaid interest on, this Note shall be due and payable
on the earlier of August 15, 2025 and the Redemption Date, if any, pursuant to Section 10.01(a) of the Indenture.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event
of Default shall have occurred and be continuing and the Indenture Trustee or the Holders of the Notes representing not less than a majority
of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section 5.02
of the Indenture. All principal payments on the Notes of a Class shall be made pro rata to the Noteholders of such Class entitled
thereto.


 


Payments of interest on this Note due and payable
on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made
by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name
of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of
such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation
of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on
any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name
of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such
Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.


 






    E-4


     


    

 


The Issuing Entity shall pay interest on overdue
installments of interest at a rate per annum equal to the sum of (i) the Class A-2 Note Interest Rate and (ii) 1.0%, to
the extent lawful.


 


As provided in the Indenture, the Notes may be redeemed
in whole, but not in part, at the option of the Servicer, on any Payment Date, following the last day of a Collection Period as of which
the Note Value is 10% or less of the initial Note Value as of the Cut-off Date.


 


As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration
of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed and such other documents as the Indenture Trustee may require, and thereupon one
or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required
to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of
transfer or exchange.


 


Each Noteholder or Note Owner, by acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee
in their individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their individual capacity, any holder of a beneficial
interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in their individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner
or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.


 


Each Noteholder or Note Owner, by acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that prior to the end of the period that is
one year and one day after there has been paid in full all debt issued by any securitization vehicle in respect of which the Seller holds
any interest, they will not institute against the Seller or the Trust, or join in, or assist or encourage others to institute, any institution
against the Seller or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings
under any United States federal or State bankruptcy or similar law.


 






    E-5


     


    

 


Prior to the due presentment for registration of
transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee shall treat
the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered
as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor any
such agent shall be affected by notice to the contrary.


 


The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the
Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority
of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance
by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder
and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend
or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.


 


The Issuing Entity has entered into the Indenture
and this Note is issued with the intention that, for federal, State and local income and franchise tax purposes, the Notes will qualify
as indebtedness secured by the Collateral. Each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of a beneficial
interest in a Note), will be deemed to agree to treat the Notes for federal, State and local income and franchise tax purposes as indebtedness
(except to the extent such Notes are retained or treated as retained by the Depositor or its affiliates for such purposes).


 


Without limiting any other information or certification
requirements under applicable tax law, each Noteholder or holder of an interest in this Note, by acceptance of this Note or such interest
therein, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuing Entity, upon its request, the Noteholder Tax Identification
Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or
holder of an interest in this Note, by acceptance of this Note or such interest therein, agrees that the Indenture Trustee, any Paying
Agent or the Issuing Entity has the right to withhold any amounts (properly withholdable under law and without any corresponding gross-up)
payable to a Noteholder or holder of an interest in this Note, either because such withholding is required under applicable tax law or
as a result of the failure of the Noteholder or holder of an interest in this Note to comply with the requirements of the preceding sentence
or other provisions requiring withholding under applicable tax law.


 


The term “Issuing Entity” as used in
this Note includes any successor to the Issuing Entity under the Indenture.


 






    E-6


     


    

 


The Issuing Entity is permitted by the Indenture,
under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the
Indenture.


 


The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations therein set forth.


 


This Note and the Indenture shall be construed in
accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.


 


No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay
the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.


 


Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, neither Computershare Delaware Trust Company, in its individual capacity, U.S. Bank
Trust Company, National Association, in its individual capacity, any owner of a beneficial interest in the Issuing Entity, nor any of
their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for,
nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any
of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants,
obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee
in the assets of the Issuing Entity. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse
to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the
Indenture or in this Note.


 






    E-7


     


    

 


ASSIGNMENT


 


Social Security or taxpayer I.D. or other identifying
number of assignee


 


		 	 



 


FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto


 





	 	 
	 	 
	 	 





(name and address of assignee)


 


the within Note and all rights thereunder, and hereby
irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution
in the premises.


 


	Dated:                                                                               	                                                                                             NOTE:


The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in
every particular, without alteration, enlargement or any change whatsoever. 
	 	 
	 	
    Signature Guaranteed:

    

	 	 

                                                

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

	 	 


 






    E-8


     


    

 






EXHIBIT F


 


REGISTERED 


$439,211,000 


No. R – [●]


 


SEE REVERSE FOR CERTAIN DEFINITIONS


 


CUSIP
NO. 47800B AC2


 


Unless this Note is presented by an authorized representative
of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer,
exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC) - ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.


 


THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.


 


JOHN DEERE OWNER TRUST 2022-C


 


5.09%
ASSET BACKED NOTES,

CLASS A-3


 


John Deere
Owner Trust 2022-C, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of FOUR
HUNDRED THIRTY NINE MILLION TWO HUNDRED ELEVEN THOUSAND DOLLARS payable on each Payment Date in an amount equal to the result obtained
by multiplying (i) a fraction the numerator of which is $439,211,000 and the denominator of which is $439,211,000 by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in respect of principal of the Class A-3 Notes pursuant to Section 8.02(c) of
the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier
of June 15, 2027 and the Redemption Date, if any, pursuant to Section 10.01(a) of the Indenture. Except as provided in
the Indenture, no payments of principal of the Class A-3 Notes shall be made until the principal of each of the Class A-1 Notes
and the Class A-2 Notes has been paid in its entirety. The Issuing Entity will pay interest on this Note at the Class A-3 Note
Interest Rate on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of
this Note outstanding on the preceding Payment Date after giving effect to all payments of principal made on such preceding Payment Date
(or on the initial principal amount of this Note from and including October 19, 2022 in the case of the first Payment Date). Interest
on this Note will accrue for each Payment Date from and including the 15th day of the month preceding such Payment Date (or from and including
October 19, 2022 in the case of the first Payment Date) to and including the 14th day of the month of such Payment Date. Interest
will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall
be paid in the manner specified on the reverse hereof.


 






    F-1


     


    

 


The principal of and interest on this Note are payable
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.
All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.


 


Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.


 


Unless the certificate of authentication hereon has
been executed by the Indenture Trustee whose name appears below by manual, facsimile or electronic signature, this Note shall not be entitled
to any benefit under the indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.


 






    F-2


     


    

 


IN WITNESS WHEREOF, the Issuing Entity has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer.


  


	Date:
October ___, 2022	JOHN DEERE OWNER TRUST 2022-C
	 	 	 
		By:	COMPUTERSHARE DELAWARE TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement



 


		

	 	By:	 
	 	 	Name:
	 	 	Title:



 


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


This is one of the Notes designated above and referred
to in the within-mentioned Indenture.


 


	 	


U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Indenture Trustee


	 	 	 
	 	 	 
	 	By:	 
	 	 	Authorized Signatory



 






    F-3


     


    

 


[REVERSE OF NOTE]


 


This
Note is one of the Class A-3 Notes of a duly authorized issue of Notes of the Issuing Entity, designated as its Asset Backed Notes,
all issued under an Indenture dated as of October 19, 2022 (such indenture, as supplemented or amended, is herein called the
 “Indenture”), between the Issuing Entity and U.S. Bank Trust Company, National Association, as indenture trustee (the “Indenture
Trustee”, which term includes any successor indenture trustee under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture
Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined
in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented
or amended.


 


The Notes are and will be equally and ratably secured
by the collateral pledged as security therefor as provided in the Indenture.


 


Principal of the Notes will be payable on each Payment
Date in an amount described on the face hereof.


 


As
described above, the entire unpaid principal amount of, together with accrued and unpaid interest on, this Note shall be due and payable
on the earlier of June 15, 2027 and the Redemption Date, if any, pursuant to Section 10.01(a) of the Indenture.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event
of Default shall have occurred and be continuing and the Indenture Trustee or the Holders of the Notes representing not less than a majority
of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section 5.02
of the Indenture. All principal payments on the Notes of a Class shall be made pro rata to the Noteholders of such Class entitled
thereto.


 


Payments of interest on this Note due and payable
on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made
by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name
of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of
such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation
of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on
any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name
of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such
Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.


 






    F-4


     


    

 


The Issuing Entity shall pay interest on overdue
installments of interest at a rate per annum equal to the sum of (i) the Class A-3 Note Interest Rate and (ii) 1.0%, to
the extent lawful.


 


As provided in the Indenture, the Notes may be redeemed
in whole, but not in part, at the option of the Servicer, on any Payment Date, following the last day of a Collection Period as of which
the Note Value is 10% or less of the initial Note Value as of the Cut-off Date.


 


As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration
of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed and such other documents as the Indenture Trustee may require, and thereupon one
or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required
to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of
transfer or exchange.


 


Each Noteholder or Note Owner, by acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee
in their individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their individual capacity, any holder of a beneficial
interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in their individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner
or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.


 


Each Noteholder or Note Owner, by acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that prior to the end of the period that is
one year and one day after there has been paid in full all debt issued by any securitization vehicle in respect of which the Seller holds
any interest, they will not institute against the Seller or the Trust, or join in, or assist or encourage others to institute, any institution
against the Seller or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings
under any United States federal or State bankruptcy or similar law.


 






    F-5


     


    

 


Prior to the due presentment for registration of
transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee shall treat
the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered
as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor any
such agent shall be affected by notice to the contrary.


 


The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the
Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority
of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance
by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder
and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend
or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.


 


The Issuing Entity has entered into the Indenture
and this Note is issued with the intention that, for federal, State and local income and franchise tax purposes, the Notes will qualify
as indebtedness secured by the Collateral. Each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of a beneficial
interest in a Note), will be deemed to agree to treat the Notes for federal, State and local income and franchise tax purposes as indebtedness
(except to the extent such Notes are retained or treated as retained by the Depositor or its affiliates for such purposes).


 


Without limiting any other information or certification
requirements under applicable tax law, each Noteholder or holder of an interest in this Note, by acceptance of this Note or such interest
therein, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuing Entity, upon its request, the Noteholder Tax Identification
Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or
holder of an interest in this Note, by acceptance of this Note or such interest therein, agrees that the Indenture Trustee, any Paying
Agent or the Issuing Entity has the right to withhold any amounts (properly withholdable under law and without any corresponding gross-up)
payable to a Noteholder or holder of an interest in this Note, either because such withholding is required under applicable tax law or
as a result of the failure of the Noteholder or holder of an interest in this Note to comply with the requirements of the preceding sentence
or other provisions requiring withholding under applicable tax law.


 


The term “Issuing Entity” as used in
this Note includes any successor to the Issuing Entity under the Indenture.


 






    F-6


     


    

 


The Issuing Entity is permitted by the Indenture,
under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the
Indenture.


 


The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations therein set forth.


 


This Note and the Indenture shall be construed in
accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.


 


No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay
the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.


 


Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, neither Computershare Delaware Trust Company, in its individual capacity, U.S. Bank
Trust Company, National Association, in its individual capacity, any owner of a beneficial interest in the Issuing Entity, nor any of
their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for,
nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any
of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants,
obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee
in the assets of the Issuing Entity. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse
to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the
Indenture or in this Note.


 






    F-7


     


    

 


ASSIGNMENT


 


Social Security or taxpayer I.D. or other identifying
number of assignee


 





 



 


FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto


 





	 	 
	 	 
	 	 









(name and address of assignee)


 


the within Note and all rights thereunder, and hereby
irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution
in the premises.


 


	Dated:                                                                                              	                                                                                             NOTE: 

The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.
	 	
     

    Signature Guaranteed: 

    




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

                                                



 






    F-8


     


    

 


EXHIBIT G


 


REGISTERED 


$82,246,000 


No. R – [●]


 


SEE REVERSE FOR CERTAIN DEFINITIONS


 


CUSIP
NO. 47800B AD0


 


Unless this Note is presented by an authorized representative
of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer,
exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC) - ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.


 


THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.


 


JOHN DEERE OWNER TRUST 2022-C


 


5.20%
ASSET BACKED NOTES,

CLASS A-4


 


John Deere
Owner Trust 2022-C, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of EIGHTY
TWO MILLION TWO HUNDRED FORTY SIX THOUSAND DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is $82,246,000 and the denominator of which is $82,246,000 by (ii) the aggregate amount,
if any, payable from the Note Distribution Account in respect of principal of the Class A-4 Notes pursuant to Section 8.02(c) of
the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier
of September 17, 2029 and the Redemption Date, if any, pursuant to Section 10.01(a) of the Indenture. Except as provided
in the Indenture, no payments of principal of the Class A-4 Notes shall be made until the principal of each of the Class A-1
Notes, the Class A-2 Notes and the Class A-3 Notes has been paid in its entirety. The Issuing Entity will pay interest on this
Note at the Class A-4 Note Interest Rate on each Payment Date until the principal of this Note is paid or made available for payment,
on the principal amount of this Note outstanding on the preceding Payment Date after giving effect to all payments of principal made on
such preceding Payment Date (or on the initial principal amount of this Note from and including October 19, 2022 in the case of the
first Payment Date). Interest on this Note will accrue for each Payment Date from and including the 15th day of the month preceding such
Payment Date (or from and including October 19, 2022 in the case of the first Payment Date) to and including the 14th day of the
month of such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal
of and interest on this Note shall be paid in the manner specified on the reverse hereof.


 






    G-1


     


    

 


The principal of and interest on this Note are payable
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.
All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note.


 


Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.


 


Unless the certificate of authentication hereon has
been executed by the Indenture Trustee whose name appears below by manual, facsimile or electronic signature, this Note shall not be entitled
to any benefit under the indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.


 






    G-2


     


    

 


IN WITNESS WHEREOF, the Issuing
Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.


 





	Date: October ___, 2022	JOHN DEERE OWNER
TRUST 2022-C
	 	 	 
	 	By:	COMPUTERSHARE DELAWARE TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:



 


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


This is one of the Notes designated above and referred
to in the within-mentioned Indenture.


 


	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Indenture Trustee
	 	 	 
	 	 	 
		By:
	
	 	 	Authorized Signatory



 






    G-3


     


    

 


[REVERSE OF NOTE]


 


This
Note is one of the Class A-4 Notes of a duly authorized issue of Notes of the Issuing Entity, designated as its Asset Backed Notes,
all issued under an Indenture dated as of October 19, 2022 (such indenture, as supplemented or amended, is herein called the
 “Indenture”), between the Issuing Entity and U.S. Bank Trust Company, National Association, as indenture trustee (the “Indenture
Trustee”, which term includes any successor indenture trustee under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture
Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined
in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented
or amended.


 


The Notes are and will be equally and ratably secured
by the collateral pledged as security therefor as provided in the Indenture.


 


Principal of the Notes will be payable on each Payment
Date in an amount described on the face hereof.


 


As
described above, the entire unpaid principal amount of, together with accrued and unpaid interest on, this Note shall be due and payable
on the earlier of September 17, 2029 and the Redemption Date, if any, pursuant to Section 10.01(a) of the Indenture.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event
of Default shall have occurred and be continuing and the Indenture Trustee or the Holders of the Notes representing not less than a majority
of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section 5.02
of the Indenture. All principal payments on the Notes of a Class shall be made pro rata to the Noteholders of such Class entitled
thereto.


 


Payments of interest on this Note due and payable
on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made
by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name
of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of
such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation
of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on
any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name
of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such
Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.


 






    G-4


     


    

 


The Issuing Entity shall pay interest on overdue
installments of interest at a rate per annum equal to the sum of (i) the Class A-4 Note Interest Rate and (ii) 1.0%, to
the extent lawful.


 


As provided in the Indenture, the Notes may be redeemed
in whole, but not in part, at the option of the Servicer, on any Payment Date, following the last day of a Collection Period as of which
the Note Value is 10% or less of the initial Note Value as of the Cut-off Date.


 


As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration
of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed and such other documents as the Indenture Trustee may require, and thereupon one
or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required
to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of
transfer or exchange.


 


Each Noteholder or Note Owner, by acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee
in their individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in their individual capacity, any holder of a beneficial
interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in their individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner
or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.


 


Each Noteholder or Note Owner, by acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that prior to the end of the period that is
one year and one day after there has been paid in full all debt issued by any securitization vehicle in respect of which the Seller holds
any interest, they will not institute against the Seller or the Trust, or join in, or assist or encourage others to institute, any institution
against the Seller or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings
under any United States federal or State bankruptcy or similar law.


 






    G-5


     


    

 


Prior to the due presentment for registration of
transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee shall treat
the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered
as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor any
such agent shall be affected by notice to the contrary.


 


The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the
Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority
of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance
by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder
and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend
or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.


 


The Issuing Entity has entered into the Indenture
and this Note is issued with the intention that, for federal, State and local income and franchise tax purposes, the Notes will qualify
as indebtedness secured by the Collateral. Each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of a beneficial
interest in a Note), will be deemed to agree to treat the Notes for federal, State and local income and franchise tax purposes as indebtedness
(except to the extent such Notes are retained or treated as retained by the Depositor or its affiliates for such purposes).


 


Without limiting any other information or certification
requirements under applicable tax law, each Noteholder or holder of an interest in this Note, by acceptance of this Note or such interest
therein, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuing Entity, upon its request, the Noteholder Tax Identification
Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or
holder of an interest in this Note, by acceptance of this Note or such interest therein, agrees that the Indenture Trustee, any Paying
Agent or the Issuing Entity has the right to withhold any amounts (properly withholdable under law and without any corresponding gross-up)
payable to a Noteholder or holder of an interest in this Note, either because such withholding is required under applicable tax law or
as a result of the failure of the Noteholder or holder of an interest in this Note to comply with the requirements of the preceding sentence
or other provisions requiring withholding under applicable tax law.


 


The term “Issuing Entity” as used in
this Note includes any successor to the Issuing Entity under the Indenture.


 






    G-6


     


    

 


The Issuing Entity is permitted by the Indenture,
under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the
Indenture.


 


The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations therein set forth.


 


This Note and the Indenture shall be construed in
accordance with the laws of the State of New York and the obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.


 


No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay
the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.


 


Anything herein to the contrary notwithstanding,
except as expressly provided in the Basic Documents, neither Computershare Delaware Trust Company, in its individual capacity, U.S. Bank
Trust Company, National Association, in its individual capacity, any owner of a beneficial interest in the Issuing Entity, nor any of
their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for,
nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any
of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants,
obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee
in the assets of the Issuing Entity. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse
to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the
Indenture or in this Note.


 






    G-7


     


    

 


ASSIGNMENT


  

















	 	 	Social Security or taxpayer I.D. or other identifying
number of assignee
	 	 	 	 
		 	 	 
	 	 	 	 
	 	 	FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto



 





	 	 
	 	 
	 	 





(name and address of assignee)


 


the within Note and all rights thereunder, and hereby
irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution
in the premises.


 


	Dated:                                                                               	                                                                              NOTE:

The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.
	 	
     

    Signature Guaranteed:

     

    


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

                                                

                                                                                



 



    G-8