EXHIBIT 10.23



 Exhibit 10.23 
  

  
 AMENDED AND RESTATED TRUST AGREEMENT 
  
 by and
among 
  
 ACAS BUSINESS LOAN LLC, 2005-1, 
 as the Trust Depositor, 
  
 WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, 
 as the Owner Trustee, 
  
 and 
  
 AMERICAN CAPITAL STRATEGIES, LTD., 
 as the Servicer 
  
 Dated as of October 4, 2005 
  

  
 ACAS Business Loan Trust Notes, Series 2005-1 
 Class A-1, Class A-2A, Class A-2B, Class B, Class C, Class D and Class E Notes 







 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page


	ARTICLE I         DEFINITIONS	  	1
			
	 Section 1.01
	  	Capitalized Terms	  	1
	 Section 1.02
	  	Other Terms	  	3
	 Section 1.03
	  	Computation of Time Periods	  	4
	 Section 1.04
	  	Interpretation	  	4
	 Section 1.05
	  	References	  	4
	 Section 1.06
	  	Calculations	  	5
		
	ARTICLE II         ORGANIZATION	  	5
			
	 Section 2.01
	  	Name	  	5
	 Section 2.02
	  	Office	  	5
	 Section 2.03
	  	Purposes and Powers	  	5
	 Section 2.04
	  	Appointment of Owner Trustee	  	6
	 Section 2.05
	  	Organizational Expenses	  	6
	 Section 2.06
	  	Declaration of Trust	  	6
	 Section 2.07
	  	Liability of Trust Depositor	  	6
	 Section 2.08
	  	Title to Trust Property	  	7
	 Section 2.09
	  	Situs of Trust	  	7
	 Section 2.10
	  	Representations and Warranties of the Trust Depositor	  	7
	 Section 2.11
	  	Federal Income Tax Treatment	  	9
	 Section 2.12
	  	Covenants of the Trust Depositor	  	9
	 Section 2.13
	  	Special Purpose Entity Provisions	  	10
		
	ARTICLE III         TRUST CERTIFICATES AND TRANSFER OF INTERESTS	  	11
			
	 Section 3.01
	  	Ownership	  	11
	 Section 3.02
	  	The Trust Certificates	  	11
	 Section 3.03
	  	Authentication and Delivery of Trust Certificates	  	12
	 Section 3.04
	  	Registration of Transfer and Exchange of Trust Certificates	  	12
	 Section 3.05
	  	Mutilated, Destroyed, Lost or Stolen Trust Certificates	  	13
	 Section 3.06
	  	Persons Deemed Owners	  	13
	 Section 3.07
	  	Access to List of Certificateholder’s Name and Addresses	  	13
	 Section 3.08
	  	Maintenance of Office or Agency	  	14

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page


	 Section 3.09
	  	Temporary Trust Certificate	  	14
	 Section 3.10
	  	Appointment of Paying Agent	  	14
	 Section 3.11
	  	Ownership by Trust Depositor of Trust Certificate	  	15
	 Section 3.12
	  	Transfer Restrictions	  	15
		
	ARTICLE IV         ACTIONS BY OWNER TRUSTEE	  	16
			
	 Section 4.01
	  	Prior Notice to Certificateholder with Respect to Certain Matters	  	16
	 Section 4.02
	  	Action by Owners with Respect to Certain Matters	  	17
	 Section 4.03
	  	Action by Owners with Respect to Bankruptcy	  	17
	 Section 4.04
	  	Restrictions on Owners’ Power	  	17
		
	ARTICLE V         APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	  	18
			
	 Section 5.01
	  	Establishment of Trust Account	  	18
	 Section 5.02
	  	Application of Trust Funds	  	18
	 Section 5.03
	  	Method of Payment	  	19
	 Section 5.04
	  	No Segregation of Moneys; No Interest	  	19
	 Section 5.05
	  	Accounting and Reports to the Certificateholder, the Internal Revenue Service and Others	  	19
	 Section 5.06
	  	Signature on Returns; Tax Matters Partner	  	19
		
	ARTICLE VI         AUTHORITY AND DUTIES OF OWNER TRUSTEE	  	19
			
	 Section 6.01
	  	General Authority	  	19
	 Section 6.02
	  	General Duties	  	20
	 Section 6.03
	  	Action Upon Instruction	  	20
	 Section 6.04
	  	No Duties Except as Specified in this Agreement or in Instructions	  	21
	 Section 6.05
	  	No Action Except Under Specified Documents or Instructions	  	22
	 Section 6.06
	  	Restrictions	  	22
		
	ARTICLE VII         CONCERNING THE OWNER TRUSTEE	  	22
			
	 Section 7.01
	  	Acceptance of Trusts and Duties	  	22
	 Section 7.02
	  	Furnishing of Documents	  	23
	 Section 7.03
	  	Representations and Warranties	  	23
	 Section 7.04
	  	Reliance; Advice of Counsel	  	24

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page


	 Section 7.05
	  	Not Acting in Individual Capacity	  	24
	 Section 7.06
	  	Owner Trustee Not Liable for Trust Certificates, Notes or Contracts	  	24
	 Section 7.07
	  	Owner Trustee May Own Trust Certificates and Notes	  	25
		
	ARTICLE VIII         COMPENSATION OF OWNER TRUSTEE	  	25
			
	 Section 8.01
	  	Owner Trustee’s Fees and Expenses	  	25
	 Section 8.02
	  	Indemnification	  	25
	 Section 8.03
	  	Payments to the Owner Trustee	  	26
		
	ARTICLE IX         TERMINATION OF TRUST AGREEMENT	  	26
			
	 Section 9.01
	  	Termination of Trust Agreement	  	26
	 Section 9.02
	  	Dissolution upon Bankruptcy of Trust Depositor or Withdrawal or Removal of Trust Depositor	  	27
		
	ARTICLE X         SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	  	28
			
	 Section 10.01
	  	Eligibility Requirements for Owner Trustee	  	28
	 Section 10.02
	  	Resignation or Removal of Owner Trustee	  	28
	 Section 10.03
	  	Successor Owner Trustee	  	29
	 Section 10.04
	  	Merger or Consolidation of Owner Trustee	  	29
	 Section 10.05
	  	Appointment of Co-Trustee or Separate Trustee	  	29
		
	ARTICLE XI        MISCELLANEOUS	  	31
			
	 Section 11.01
	  	Supplements and Amendments	  	31
	 Section 11.02
	  	No Legal Title to Trust Estate in Owners	  	32
	 Section 11.03
	  	Limitations on Rights of Others	  	32
	 Section 11.04
	  	Notices	  	32
	 Section 11.05
	  	Severability of Provisions	  	34
	 Section 11.06
	  	Counterparts	  	34
	 Section 11.07
	  	Successors and Assigns	  	34
	 Section 11.08
	  	No Petition	  	35
	 Section 11.09
	  	No Recourse	  	35
	 Section 11.10
	  	Headings	  	35
	 Section 11.11
	  	Governing Law and Jury Waiver	  	35
	 Section 11.12
	  	Trust Certificate Transfer Restrictions	  	36

  

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 AMENDED AND RESTATED TRUST AGREEMENT 
  
 THIS AMENDED AND RESTATED TRUST AGREEMENT, dated as of October 4,
2005 (such agreement as amended, modified, supplemented, or restated from time to time, the “Agreement”), is among ACAS BUSINESS LOAN LLC, 2005-1, a Delaware limited liability company, as the Trust Depositor (together with its
successors and assigns, the “Trust Depositor”), WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, as the Owner Trustee (together with its successors and assigns, the “Owner Trustee”) and AMERICAN CAPITAL STRATEGIES,
LTD., as the Servicer (together with its successors and assigns, the “Servicer”) and amends and restates in its entirety the Trust Agreement, dated as of September 21, 2005 (the “Original Trust Agreement”),
between the parties hereto. 
  
 WHEREAS, the Trust
Depositor and the Owner Trustee established a trust known as the ACAS Business Loan Trust 2005-1 pursuant to the Original Trust Agreement and the Certificate of Trust (as defined below); 
  
 WHEREAS, the Trust Depositor desires to confirm its appointment of the Owner Trustee as the trustee of the Trust; and

  
 WHEREAS, the Owner Trustee is willing to continue to
serve as trustee of the Trust. 
  
 NOW, THEREFORE, based
upon the above recitals, the mutual promises and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  

	 	Section 1.01	Capitalized Terms. 

  
 For all purposes of this Agreement, except as otherwise expressly provided below or unless the context otherwise requires, capitalized terms used but not
otherwise defined herein shall have the meanings given to such terms in the ACAS Transfer and Servicing Agreement, dated as of October 4, 2005 (as amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to
time, the “Transfer and Servicing Agreement”), among ACAS Business Loan Trust 2005-1, as the Issuer, the Trust Depositor, as the Trust Depositor, American Capital Strategies, Ltd., as the Originator and as the Servicer and Wells
Fargo Bank, National Association, as the Indenture Trustee and as the Backup Servicer. 
  
 “Agreement” shall have the meaning given to such term in the Preamble hereof. 
  
 “Benefit Plan” means an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, a plan described in and subject to Section 4975 of
the Internal Revenue Code of 1986, as amended, or any entity whose underlying assets include assets of any such employee benefit plan or plan by reason of an employee benefit plan’s or 










 
plan’s investment in the entity (including, without limitation, insurance company general accounts). 
  
 “Certificate Balance” means $10.00. 
  
 “Certificate Distribution Account” means the account established and
maintained as such pursuant to Section 5.01. 
  
 “Certificateholder” or “Holder” means, with respect to a Definitive Trust Certificate, the Person in whose name the Trust Certificate is registered in the Certificate Register. 
  
 “Certificate of Trust” means the Certificate of Trust filed for the Trust,
pursuant to Section 3810(a) of the Statutory Trust Statute, with the Secretary of State of the State of Delaware on September 21, 2005. 
  
 “Certificate Register” and “Certificate Registrar” means the register maintained and the registrar (or any successor thereto) appointed
pursuant to Section 3.04. 
  
 “Definitive Trust
Certificate” shall have the meaning set forth in Section 3.09. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
  
 “Expenses” shall have the meaning given to such term in Section 8.02. 
  
 “Foreign Person” means any Person other than (i) a citizen or resident of the United States, (ii) a corporation, partnership or other entity
organized in or under the laws of the United States or any political subdivision thereof, (iii) an estate the income of which is subject to United States federal income taxation regardless of its source, or (iv) a trust whose
administration is subject to the primary supervision of a court within the United States and which has one or more United States fiduciaries who have authority to control all substantial decisions of the trust. 
  
 “Indemnified Parties” shall have the meaning given to such term in
Section 8.02. 
  
 “Note Depository Agreement” means
the agreement, dated as of the Closing Date, among the Trust, the Indenture Trustee and The Depository Trust Company, as the clearing agency, relating to the Notes, as the same may be amended, modified, restated, replaced, waived, substituted,
supplemented or extended from time to time. 
  
 “Notices” shall
have the meaning given to such term in Section 11.09. 
  
 “Owners” means the Holders of the Trust Certificates. 
  
 “Owner Trustee” has the meaning given to such term in the Preamble. 
  
 “Owner Trustee Corporate Trust Office” means the office of the Owner Trustee at which its corporate trust business shall be administered, which initially shall be 300 Delaware Avenue, 9th Floor, Wilmington, Delaware 19801, or such other office at such other address as the Owner 

  

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Trustee may designate from time to time by notice to the Certificateholder, the Servicer, the Indenture Trustee, the Trust Depositor and the Originator.

  
 “Paying Agent” means any paying agent or co-paying agent
appointed pursuant to Section 3.10. 
  
 “Percentage
Interest” shall mean (i) with respect to a Trust Certificate, the percentage set forth on the face thereof, and (ii) with respect to a Class E Note, the fraction, expressed as a percentage, the numerator of which is the original
principal balance of such Class E Note and the denominator of which is the aggregate original principal balance of the Class E Note. 
  
 “Secretary of State” means the Secretary of State of the State of Delaware. 
  
 “Statutory Trust Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801, et seq., as amended
from time to time. 
  
 “Tax Matters Partner” shall have the
meaning given to such term in subsection 5.06(b) hereof. 
  
 “Transfer” shall have the meaning given to such term in subsection 3.12(d). 
  
 “Treasury Regulations” means regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall
include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 
  
 “Trust” means the trust governed by this Agreement. 
  
 “Trust Certificate” means a trust certificate evidencing the beneficial equity interest of an Owner in the Trust, substantially in the form of Exhibit A hereto. 
  
 “Trust Depositor” has the meaning given to such term in the Preamble.

  
 “Trust Estate” means all right, title and interest of the
Trust in and to the property and rights assigned to the Trust pursuant to Article II of the Transfer and Servicing Agreement, all rights of the Trust under the Swaps, all funds on deposit from time to time in the Trust Accounts and the
Certificate Distribution Account, all payments under the Swaps, and all other property of the Trust from time to time, including any rights of the Owner Trustee and the Trust pursuant to the Transfer and Servicing Agreement. 
  

	 	Section 1.02	Other Terms. 

  
 All accounting terms used but not specifically defined herein shall be construed in accordance with generally accepted accounting principles. The symbol
“$” shall mean the lawful currency of the United States. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. 
  

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	 	Section 1.03	Computation of Time Periods. 

  
 Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word
“from” means “from and including”, the words “to” and “until” each mean “to but excluding”, and the word “within” means “from and excluding a specified date and to and including a
later specified date”. 
  

	 	Section 1.04	Interpretation. 

  
 In this Agreement, unless a contrary intention appears: 
  
 (i) the singular number includes the plural number and vice versa; 
  
 (ii) reference to any Person includes such Person’s successors and assigns but, if applicable, only if
such successors and assigns are permitted by the Transaction Documents; 
  
 (iii) reference to any gender includes each other gender; 
  
 (iv) reference to day or days without further qualification means calendar days; 
  
 (v) unless otherwise stated, reference to any time means New
York, New York time; 
  
 (vi) references to
“writing” include printing, typing, lithography, electronic or other means of reproducing words in a visible form; 
  
 (vii) reference to any agreement (including any Transaction Document), document or instrument means such agreement, document or instrument
as amended, modified, supplemented, replaced, restated, waived or extended and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of the other Transaction Documents, and reference to any promissory note
includes any promissory note that is an extension or renewal thereof or a substitute or replacement therefor; and 
  
 (viii) reference to any Requirement of Law means such Requirement of Law as amended, modified, codified, replaced or reenacted, in whole
or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any Section or other provision of any Requirement of Law means that provision of such Requirement of Law from time to time in effect
and constituting the substantive amendment, modification, codification, replacement or reenactment of such Section or other provision. 
  

	 	Section 1.05	References. 

  
 All section references (including references to the Preamble), unless otherwise indicated, shall be to Sections (and the Preamble) in this
Agreement. 
  

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	 	Section 1.06	Calculations. 

  
 Except as otherwise provided herein, all interest rate and basis point calculations hereunder will be made on the basis of a 360 day year and the actual
days elapsed in the relevant period and will be carried out to at least three decimal places. 
  
 ARTICLE II 
  
 ORGANIZATION 
  

	 	Section 2.01	Name. 

  
 The Trust shall be known as the “ACAS Business Loan Trust 2005-1”, in which name the Owner Trustee may conduct the activities of the Trust, make
and execute contracts and other instruments on behalf of the Trust and sue and be sued. 
  

	 	Section 2.02	Office. 

  
 The office of the Trust shall be in care of the Owner Trustee at the Owner Trustee Corporate Trust Office or at such other address in the State of
Delaware as the Owner Trustee may designate by written notice to the Owner and the Trust Depositor. 
  

	 	Section 2.03	Purposes and Powers. 

  
 The sole purpose of the Trust is, and the Trust shall have the power and authority, to manage the Trust Estate and collect and disburse the periodic
income therefrom for the use and benefit of the Owners, and, in furtherance of such purpose, to engage in the following ministerial activities: 
  
 (i) to issue the Notes pursuant to the Indenture and the Trust Certificates pursuant to this Agreement and to hold and sell the Notes and
the Trust Certificates; 
  
 (ii) with the
proceeds of the sale of the Notes and the Trust Certificates, to purchase the Loans and other Loan Assets, and to pay the balance, if any, to the Trust Depositor pursuant to the Transfer and Servicing Agreement; 
  
 (iii) to assign, grant, transfer, pledge, mortgage and
convey the Trust Estate pursuant to the Indenture and to hold, manage and distribute to the Owners pursuant to the Transfer and Servicing Agreement any portion of the Trust Estate released from the Lien of, and remitted to the Trust pursuant to, the
Indenture; 
  
 (iv) to enter into and perform its
obligations under the Transaction Documents to which it is to be a party; 
  
 (v) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and 
  

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 (vi) subject to compliance with the Transaction Documents, to engage in such other
activities as may be required in connection with the administration and conservation of the Trust Estate (including the administration of the Loans) and the making of distributions to the Owners, the Noteholders and the Swap Counterparties. The
Trust shall not engage in any activities other than in connection with the foregoing. Nothing contained herein shall be deemed to authorize the Trust to engage in any business operations or any activities other than those set forth in the
introductory sentence of this Section 2.03. Specifically, except as permitted by the Transaction Documents, the Trust shall have no authority to engage in any business operations, or acquire any assets other than those specifically
included in the Trust Estate under Section 1.01, or otherwise vary the assets held by the Trust. The Owner Trustee shall have no discretionary duties other than performing those ministerial acts set forth above necessary to accomplish
the purpose of this Trust as set forth in the introductory sentence of this Section 2.03. Notwithstanding anything to the contrary contained herein, the Trust may hold the Notes prior to their purchase by the Initial Purchaser.

  

	 	Section 2.04	Appointment of Owner Trustee. 

  
 The Trust Depositor hereby confirms the appointment of the Owner Trustee as trustee of the Trust as of the date hereof, to have all the rights, powers and
duties set forth herein, and the Owner Trustee hereby accepts such appointment. 
  

	 	Section 2.05	Organizational Expenses. 

  
 The Trust Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse
the Owner Trustee for any such expenses paid by the Owner Trustee. 
  

	 	Section 2.06	Declaration of Trust. 

  
 The Owner Trustee hereby declares that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the sole purpose of
conserving the Trust Estate and collecting and disbursing the periodic income therefrom for the use and benefit of the Owners, subject to the obligations of the Trust under the Transaction Documents. It is the intention of the parties hereto that
the Trust constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties
set forth herein and in the Statutory Trust Statute for the sole purpose and to the extent necessary to accomplish the purpose of this Trust as set forth in the introductory sentence of Section 2.03. 
  

	 	Section 2.07	Liability of Trust Depositor. 

  
 (a) Pursuant to Section 3803(a) of the Statutory Trust Statute, the Trust Depositor shall be liable directly to and will indemnify any injured party
or any other creditor of the Trust for all losses, claims, damages, liabilities and expenses of the Trust to the extent that the Trust Depositor would be liable if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership
Act in which Trust Depositor were a general partner (including any Maryland personal property replacement tax that is imposed on the Trust as a partnership); 

  

 6 








 
provided, however, that Trust Depositor shall not be liable for any losses incurred by a Certificateholder in the capacity of an
investor in the Trust Certificates or a Noteholder in the capacity of an investor in the Notes. In addition, any third party creditors of the Trust (other than in connection with the obligations described in the immediately preceding sentence for
which the Trust Depositor shall not be liable) shall be deemed third party beneficiaries of this paragraph. The obligations of the Trust Depositor under this subsection 2.07(a) shall be evidenced by the Trust Certificates described in
Section 3.11. 
  
 (b) Other than to the extent set
forth in subsection 2.07(a), no Owner, solely by virtue of its being the Holder of a Trust Certificate, shall have any personal liability for any liability or obligation of the Trust. 
  

	 	Section 2.08	Title to Trust Property. 

  
 Legal title to the Trust Estate shall be vested at all times in the Trust as a separate legal entity except where Requirements of Law in any jurisdiction
requires title to any part of the Trust Estate to be vested in an Owner Trustee or Owner Trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be. If any portion of
the Trust Estate is deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, (a) the Owner Trustee, upon having actual knowledge thereof, will immediately notify the Indenture Trustee and the Servicer and (b) the
Servicer will cause to be filed such UCC financing statements and related filings, documents, or writings as are necessary (or as shall be reasonably requested by the Indenture Trustee) to maintain the Indenture Trustee’s security interest in
the Collateral under the Transfer and Servicing Agreement. 
  

	 	Section 2.09	Situs of Trust. 

  
 The Trust will be located and administered in the State of Delaware or the State of Maryland; provided, however that the
Trust’s location for purposes of the UCC shall be the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Minnesota or the State of Delaware. The Trust shall not have any
employees in any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be received by
the Trust only in Delaware or Minnesota and payments will be made by the Trust only from Delaware or Minnesota. The only office of the Trust will be at the Owner Trustee Corporate Trust Office. 
  

	 	Section 2.10	Representations and Warranties of the Trust Depositor. 

  
 The Trust Depositor hereby represents and warrants to the Owner Trustee that: 
  
 (a) The Trust Depositor is duly organized, validly existing and in good standing as a limited liability company under the
laws of the State of Delaware, with limited liability company power and authority to own its properties and to conduct its business and had at all relevant times, and has, limited liability company power, authority and legal right to acquire and own
the Loan Assets. 
  

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 (b) The Trust Depositor is duly qualified to do business as a foreign limited liability company in good
standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications. 
  
 (c) The Trust Depositor has the power and authority to execute and deliver
this Agreement and to carry out its terms; the Trust Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Owner Trustee on behalf of the Trust as part of the Trust Estate and has
duly authorized such sale and assignment and deposit with the Owner Trustee on behalf of the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement have been duly authorized by the Trust Depositor by
all necessary limited liability company action. This Agreement constitutes the legal, valid and binding obligation of the Trust Depositor and is enforceable in accordance with its terms, except as enforcement of such terms may be limited by
bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by the availability of equitable remedies. 
  
 (d) The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach
of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited liability company operating agreement of the Trust Depositor, or any indenture, agreement or
other instrument to which the Trust Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of the properties of the Trust Depositor pursuant to the terms of any such indenture, agreement or other
instrument (other than pursuant to the Transaction Documents); nor violate any Requirements of Law or any order, rule or regulation applicable to the Trust Depositor of any court or of any Governmental Authority having jurisdiction over the Trust
Depositor or its properties. 
  
 (e) All approvals,
authorizations, consents, orders or other actions of any Person or any Governmental Authority required in connection with the execution and delivery of this Agreement and the fulfillment of the terms hereof have been obtained. 
  
 (f) There are no proceedings or investigations pending, or to the Trust
Depositor’s best knowledge threatened, before any court, regulatory body, administrative agency or other Governmental Authority having jurisdiction over the Trust Depositor or its properties: (i) asserting the invalidity of this Agreement,
any of the other Transaction Documents or the Trust Certificates, (ii) seeking to prevent the issuance of the Trust Certificates or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction
Documents, (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Trust Depositor of its obligations under, or the validity or enforceability of, this Agreement, any of the other Transaction
Documents or the Trust Certificates or (iv) involving the Trust Depositor and which might adversely affect the federal income tax or other federal, state or local tax attributes of the Trust Certificates. 
  

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	 	Section 2.11	Federal Income Tax Treatment. 

  
 In the event that the Trust Certificates and the Class E Note are all owned by a single holder, it is the intention of the parties hereto that the Trust
be disregarded as a separate entity for federal income tax purposes pursuant to Treasury Regulation Section 301.7701-3(b)(1)(ii) as in effect for periods after January 1, 1997. In the event that the Trust Certificates and the Class E Note
are owned by more than one holder, it is the intent of the Trust Depositor, the Servicer, the Holders of the Class E Note and the Certificateholders that, for purposes of federal income taxes, the Trust be treated as a partnership. The
Certificateholders and the Holders of the Class E Note, by acceptance of a Trust Certificate and a Class E Note, respectively, agree to treat the Trust Certificates and Class E Notes as equity and to take no action inconsistent with the treatment
of, the Trust and the Trust Certificates and Class E Notes for such tax purposes as just described. If applicable, neither the Owner Trustee nor the Trust Depositor shall make the election provided under Section 754 or Section 761 of the
Code, unless as required by law. 
  

	 	Section 2.12	Covenants of the Trust Depositor. 

  
 The Trust Depositor agrees and covenants that during the term of this Agreement, and to the fullest extent permitted by Requirements of Law, that:

  
 (a) in the event that (i) the Certificate Balance shall
be reduced by realized losses and (ii) any litigation with claims in excess of $1,000,000 to which the Trust Depositor is a party which shall be reasonably likely to result in a material judgment against the Trust Depositor that the Trust
Depositor will not be able to satisfy shall be commenced, during the period beginning immediately following the commencement of such litigation and continuing until such litigation is dismissed or otherwise terminated (and, if such litigation has
resulted in a final judgment against the Trust Depositor, such judgment has been satisfied), the Trust Depositor shall not pay any distribution to ACAS, or make any distribution on or in respect of its membership interests to ACAS, or repay the
principal amount of any indebtedness of the Trust Depositor held by ACAS, unless (x) after giving effect to such payment, distribution or repayment, the Trust Depositor’s liquid assets shall not be less than the amount of actual damages
claimed in such litigation or (y) the Rating Agencies shall not downgrade the then existing rating, if any, on the Trust Certificate with respect to any such payment, distribution or repayment; 
  
 (b) it shall not, for any reason, (i) institute proceedings for the
Trust to be adjudicated bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (iii) file a petition seeking or consenting to reorganization or relief under any applicable federal
or state law relating to the bankruptcy of the Trust, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Trust or a substantial part of the property of the Trust,
(v) cause or permit the Trust to make any assignment for the benefit of creditors, (vi) admit in writing the inability of the Trust to pay its debts generally as they become due, or (vii) declare or effect a moratorium on the debt of
the Trust or take any action in furtherance of any such action; 
  
 (c) it shall not create, incur or suffer to exist any indebtedness or engage in any business, except, in each case, as permitted by its certificate of formation, limited liability company operating agreement and the Transaction Documents;

  

 9 








 (d) it shall obtain from each other party to each Transaction Document to which it or the Trust is a
party, and each other agreement entered into on or after the date hereof to which it or the Trust is a party, an agreement by each such counterparty that, prior to the occurrence of the event specified in subsection 9.01(e), such counterparty
shall not institute against, or join any other Person in instituting against, it or the Trust, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under the laws of the United States or any
state of the United States; and 
  
 (e) it shall not, for any
reason, (i) withdraw or attempt to withdraw from this Agreement, (ii) dissolve or institute proceedings for it to be adjudicated bankrupt or insolvent, (iii) consent to the institution of bankruptcy or insolvency proceedings against
it, (iv) file a petition seeking or consenting to reorganization or relief under any applicable federal or state law relating to bankruptcy, (v) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or
other similar official) of it or a substantial part of its property, (vi) make any assignment for the benefit of creditors, (vii) admit in writing its inability to pay its debts generally as they become due, or (viii) declare or
effect a moratorium on its debt or take any action in furtherance of any such action. 
  

	 	Section 2.13	Special Purpose Entity Provisions. 

  
 (a) The Trust shall: 
  
 (i) maintain its own separate books and records and bank accounts; 
  
 (ii) at all times hold itself out to the public and all other Persons as a legal entity separate from the
Trust Depositor, the Owner Trustee and any other Person; 
  
 (iii) file its own tax returns, if any, as may be required under applicable law, to the extent (A) not part of a consolidated group filing a consolidated return or returns, or (B) not treated as a division
for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable law; 
  
 (iv) except as contemplated by the Transaction Documents, not commingle its assets with assets of any other Person; 
  
 (v) conduct its business in its own name and strictly comply
with all organizational formalities to maintain its separate existence; 
  
 (vi) maintain separate financial statements; 
  
 (vii) pay its own liabilities only out of its own funds; 
  
 (viii) maintain an arm’s length relationship with its Affiliates, the Trust Depositor and the Owner Trustee; 
  
 (ix) pay the salaries of its own employees, if any;

  

 10 








 (x) not hold out its credit or assets as being available to satisfy the obligations of
others; 
  
 (xi) allocate fairly and reasonably
any overhead for shared office space; 
  
 (xii)
use separate stationery, invoices and checks; 
  
 (xiii) except as contemplated by the Transaction Documents, not pledge its assets for the benefit of any other Person; 
  
 (xiv) correct any known misunderstanding regarding its separate identity; 
  
 (xv) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities;

  
 (xvi) observe all formalities required under
the Delaware Statutory Trust Act; 
  
 (xvii) not
acquire any obligations or securities of the Trust Depositor; 
  
 (xviii) cause the trustees, officers, agents and other representatives of the Trust to act at all times with respect to the Trust consistently and in furtherance of the foregoing and in the best interests of the
Trust; 
  
 (xix) not hold itself out to be
responsible for the decisions or actions respecting the daily business and affairs of others; 
  
 (xx) not incur, assume or guaranty any indebtedness other than as set forth in this Agreement or the Transaction Documents; and

  
 (xxi) not lend any funds to any entity.

  
 ARTICLE III 
  
 TRUST CERTIFICATES AND TRANSFER OF INTERESTS 
  

	 	Section 3.01	Ownership. 

  
 Upon the formation of the Trust by the contribution by the Trust Depositor pursuant to Section 2.05 and until the issuance of the Trust
Certificates, the Trust Depositor shall be the sole beneficiary of the Trust. 
  

	 	Section 3.02	The Trust Certificates. 

  
 The Trust Certificates shall be substantially in the form of Exhibit A hereto. The Trust Certificates shall be issued in an amount equal to the
Certificate Balance. Except as otherwise set forth in a supplement to this Agreement, the Trust Certificates shall be issued from time to time in minimum Percentage Interests of 10% and integral multiples of 1% in excess thereof;
provided, however, one Trust Certificate may be issued in a different denomination. The Trust Certificates shall be executed by the Owner Trustee on behalf of the Trust by manual or 

  

 11 








 
facsimile signature of an authorized officer of the Owner Trustee and shall be deemed to have been validly issued when so executed. The Trust Certificates
bearing the manual or facsimile signature of individuals who were, at the time when such signatures were affixed, authorized to sign on behalf of the Owner Trustee shall be a valid and binding obligation of the Trust, notwithstanding that such
individuals or any of them have ceased to be so authorized prior to the authentication and delivery of such Trust Certificates or did not hold such offices at the date of such Trust Certificates. Each Trust Certificate shall be dated the date of its
authentication. 
  

	 	Section 3.03	Authentication and Delivery of Trust Certificates. 

  
 The Owner Trustee or the Certificate Registrar shall cause to be authenticated and delivered upon the order of the Trust Depositor, in exchange for the
Loans and the other Loan Assets, simultaneously with the sale, assignment and transfer to the Trust of the Loans and other Loan Assets, and the constructive delivery to the Owner Trustee of the Loan Files and the other Loan Assets, a Trust
Certificate duly authenticated by the Owner Trustee or the Certificate Registrar, in the amount of the Certificate Balance evidencing the entire ownership of the Trust, and Notes issued by the Owner Trustee and authenticated by the Indenture Trustee
in aggregate principal amount of, in the case of (i) Class A-1 Notes, $435,000,000, (ii) Class A-2A Notes, $150,000,000, (iii) Class A-2B Notes, $50,000,000, (iv) Class B Notes, $50,000,000, (v) Class C Notes,
$145,000,000, (vi) the Class D Notes, $90,000,000 and (vii) the Class E Note, $80,000,000. No Trust Certificate shall be entitled to any benefit under this Agreement, or be valid for any purpose, unless there appears on such Trust
Certificate a certificate of authentication substantially in the form set forth in the form of the Trust Certificate attached hereto as Exhibit A, executed by the Owner Trustee or the Certificate Registrar, by manual signature, and such
certificate upon any Trust Certificate shall be conclusive evidence, and the only evidence, that such Trust Certificate has been duly authenticated and delivered hereunder. Upon issuance, authorization and delivery pursuant to the terms hereof, each
Trust Certificate will be entitled to the benefits of this Agreement. 
  

	 	Section 3.04	Registration of Transfer and Exchange of Trust Certificates. 

  
 (a) The Certificate Registrar shall keep or cause to be kept, a Certificate Register, subject to such reasonable regulations as it may prescribe. The
Certificate Register shall provide for the registration of the Trust Certificates and transfers and exchanges of the Trust Certificates as provided herein. The Owner Trustee is hereby initially appointed Certificate Registrar for the purpose of
registering the Trust Certificates and transfers and exchanges of the Trust Certificates as herein provided. In the event that, subsequent to the Closing Date, the Owner Trustee notifies the Servicer that it is unable to act as Certificate
Registrar, the Servicer shall appoint another bank or trust company, agreeing to act in accordance with the provisions of this Agreement applicable to it, and otherwise acceptable to the Owner Trustee, to act as successor Certificate Registrar
hereunder. 
  
 (b) Upon surrender for registration of transfer of
any Trust Certificate at the Owner Trustee Corporate Trust Office, the Owner Trustee shall execute, authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in the name of the designated transferee, one new
Trust Certificate having the same aggregate principal amount. 
  

 12 








 (c) Every Trust Certificate presented or surrendered for registration of transfer shall be accompanied by
a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder thereof or his attorney duly authorized in writing. 
  
 (d) No service charge shall be made for any registration of transfer or exchange of a Trust Certificate, but the Owner
Trustee may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer of a Trust Certificate. 
  
 (e) All Trust Certificates surrendered for registration of transfer shall be canceled and subsequently destroyed by the
Owner Trustee. 
  

	 	Section 3.05	Mutilated, Destroyed, Lost or Stolen Trust Certificates. 

  
 If (a) any mutilated Trust Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to its
satisfaction of the destruction, loss or theft of any Trust Certificate, and (b) there is delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them harmless, then, in
the absence of notice that such Trust Certificate has been acquired by a protected purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee or its authenticating agent shall authenticate and deliver, in exchange for or
in lieu of any such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust Certificate of like tenor and fractional undivided interest. In connection with the issuance of any new Trust Certificate under this Section 3.05,
the Owner Trustee may require the payment by the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. Any duplicate Trust Certificate issued pursuant to this Section 3.05 shall
constitute complete and indefeasible evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Trust Certificate shall be found at any time. 
  

	 	Section 3.06	Persons Deemed Owners. 

  
 Prior to due presentation of a Trust Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar and any of their respective
agents may treat the Person in whose name any Trust Certificate is registered as the owner of such Trust Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever, and none of
the Owner Trustee, the Certificate Registrar, any Paying Agent or any of their respective agents shall be affected by any notice of the contrary. 
  

	 	Section 3.07	Access to List of Certificateholder’s Name and Addresses. 

  

The Owner Trustee shall furnish or cause to be furnished to the Servicer and the Trust Depositor, within 15 days after receipt by the Certificate
Registrar of a written request therefor from the Servicer or the Trust Depositor, the name and address of the Certificateholder as of the most recent Record Date in such form as the Servicer or the Trust Depositor may reasonably require. Every
Certificateholder, by receiving and holding a Trust Certificate, agrees with the Servicer, the Trust Depositor and the Owner Trustee that none of the Servicer, the Trust Depositor or the Owner Trustee shall be held accountable by reason of the
disclosure of any such 

  

 13 








 
information as to the name and address of the Certificateholder hereunder, regardless of the source from which such information was derived. 
  

	 	Section 3.08	Maintenance of Office or Agency. 

  
 The Certificate Registrar shall maintain in Delaware an office or offices or agency or agencies where a Trust Certificate may be surrendered for
registration of transfer or exchange and where notices and demands to or upon the Certificate Registrar in respect of a Trust Certificate and this Agreement may be served. The Certificate Registrar hereby designates the Owner Trustee Corporate Trust
Office as its office for such purposes. The Certificate Registrar shall give prompt written notice to the Trust Depositor, the Servicer and to the Certificateholder of any change in the location of the Certificate Register or any such office or
agency. 
  

	 	Section 3.09	Temporary Trust Certificate. 

  
 Pending the preparation of a definitive fully registered Trust Certificate (the “Definitive Trust Certificate”), the Owner Trustee, on
behalf of the Trust, may execute, authenticate and deliver a temporary Trust Certificate that is printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the Definitive
Trust Certificate in lieu of which it is issued. If a temporary Trust Certificate is issued, the Trust Depositor will cause a Definitive Trust Certificate to be prepared without unreasonable delay. After the preparation of a Definitive Trust
Certificate, each temporary Trust Certificate shall be exchangeable for a Definitive Trust Certificate upon surrender of the temporary Trust Certificate at the office or agency to be maintained as provided in Section 3.08 without charge
to the Holder. Upon surrender for cancellation of a temporary Trust Certificate, the Owner Trustee shall execute and authenticate and deliver in exchange therefor a like principal amount of a Definitive Trust Certificate. Until so exchanged, a
temporary Trust Certificate shall in all respects be entitled to the same benefits hereunder as a Definitive Trust Certificate. 
  

	 	Section 3.10	Appointment of Paying Agent. 

  
 The Paying Agent shall make distributions to the Certificateholder from the Certificate Distribution Account pursuant to subsection 5.02(a) and
shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. The Owner
Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent
initially shall be the Owner Trustee, and any co-paying agent chosen by the Paying Agent that is acceptable to the Owner Trustee. Each Paying Agent shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Owner Trustee.
In the event that Wachovia Bank of Delaware, National Association shall no longer be the Paying Agent, the Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such
successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that,
as Paying Agent, such successor Paying Agent or additional Paying Agent will hold 

  

 14 








 
all sums, if any, held by it for payment to the Certificateholder in trust for the benefit of the Certificateholder entitled thereto until such sums shall be
paid to such Certificateholder. The Paying Agent shall return all unclaimed funds to the Owner Trustee and, upon removal of a Paying Agent, such Paying Agent shall also return all funds in its possession to the Owner Trustee. The provisions of
Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Owner Trustee also in its role as Paying Agent and Certificate Registrar, for so long as the Owner Trustee shall act as Paying Agent and/or the Certificate Registrar,
and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
  

	 	Section 3.11	Ownership by Trust Depositor of Trust Certificate. 

  
 The Trust Depositor shall on the Closing Date purchase from the Trust a Trust Certificate representing the Certificate Balance. 
  

	 	Section 3.12	Transfer Restrictions. 

  
 The Trust Certificates may not be offered, transferred or sold except to the Trust Depositor or an Affiliate thereof or to institutional “accredited
investors” (as defined in Rule 501(a)(1)-(3) or (7) under the Securities Act) who are United States Persons (as defined in Section 7701(a)(30) of the Code) in reliance on an exemption from the registration requirements of the
Securities Act. The Trust Certificates may not be offered, transferred or sold to any natural Persons. 
  
 (a) The Trust Certificates have not been registered or qualified under the Securities Act, or any state securities law. No transfer, sale, pledge or other
disposition of any Trust Certificate shall be made unless such disposition is made pursuant to an effective registration statement under the Securities Act and effective registration or qualification under applicable state securities laws, or is
made in a transaction which does not require such registration or qualification. No transfer of any Trust Certificates shall be made if such transfer would require the Trust to register as an “investment company” under the Investment
Company Act. In the event that a transfer is to be made, the transferee shall execute and deliver to the Owner Trustee a certification substantially in the form of Exhibit B hereto. In the event that such transfer is to be made in reliance on
the availability of an exemption under the Securities Act, the Owner Trustee may require the prospective transferee to provide an opinion of counsel satisfactory to it that such transfer may be made pursuant to an exemption from the Securities Act,
which opinion of counsel shall not be an expense of the Owner Trustee or of the Trust. 
  
 (b) The Trust Certificates may not be acquired by, for the account of or with any assets of a Benefit Plan and any such purported transfer shall not be effective. Each holder and transferee of a Trust Certificate
shall be required to represent (i) that it is not a Benefit Plan and is not acquiring such Trust Certificate for the account of or with the assets of a Benefit Plan and (ii) that if such Trust Certificate is subsequently deemed to be a
Benefit Plan asset, it will dispose of such Trust Certificate. 
  
 (c) Each Trust Certificate will bear the legends set forth in paragraph 7 of Exhibit B hereto. 
  

 15 








 (d) No transfer, sale, pledge or other disposition of one or more Trust Certificates (a
“Transfer”) shall be made unless, (i) simultaneously with the Transfer, a proportionate amount of Class E Notes are transferred so that the ratio of the Percentage Interest of the Trust Certificates so Transferred to all Trust
Certificates and the ratio of the Percentage Interest of the Class E Notes so transferred to the Percentage Interest of all Class E Notes are equal, (ii) the Transfers of the Trust Certificates and Class E Notes referred to herein are made to
the same Person and (iii) the Percentage Interest of the Trust Certificates and Class E Notes, respectively, so Transferred, is no less than ten (10) percent. 
  
 (e) Notwithstanding any other provision herein or elsewhere, other than to determine that any certification delivered to the
Owner Trustee pursuant to subsection 3.12(a) hereof is substantially in the form of Exhibit B hereto and to determine (including, without limitation, based on one or more certificates from the Person transferring such Trust Certificate
and/or the Note Registrar) that any transfer of a Trust Certificate described in such certification delivered to the Owner Trustee complies with subsection 3.12(d), the Owner Trustee shall have no obligation to determine whether or not any
transfer or exchange or proposed or purported transfer or exchange of a Trust Certificate is permitted under or in accordance with this Agreement, and the Owner Trustee shall have no personal liability to any Person in connection with any transfer
or exchange or proposed or purported transfer or exchange (and/or registration thereof). 
  
 (f) If the transferee of a Class E Note and Certificate is a partnership, a limited liability company, a grantor trust (within the meaning of Sections 671-679 of the Internal Revenue Code of 1986, as amended (the
“Code”)) or an S corporation (within the meaning of Section 1361 of the Code) (each a “flow-through entity”), except as previously disclosed to the Trust Depositor in writing, no person or entity will own,
directly or indirectly through one or more flow-through entities, an interest in the transferee such that more than 65% of the value of the person’s interest in the Purchaser is attributable to the transferee’s investment in the Trust.

  
 ARTICLE IV 
  
 ACTIONS BY OWNER TRUSTEE 
  

	 	Section 4.01	Prior Notice to Certificateholder with Respect to Certain Matters. 

  
 Subject to the provisions and limitation of Section 4.04, with respect to the following matters, the Owner
Trustee shall not take action unless, at least 30 days before the taking of such action, the Owner Trustee shall have notified the Certificateholders in writing of the proposed action, the Indenture Trustee shall have consented to such action in the
event any Notes are outstanding and the Certificateholders shall not have notified the Owner Trustee in writing prior to the thirtieth (30th) day after such notice is given that such Certificateholders has withheld consent or provided alternative direction: 
  
 (a) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Loans) and the
compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of the Loans); 
  

 16 








 (b) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is
required to be filed under the Statutory Trust Statute); 
  
 (c)
the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required; 
  
 (d) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment
materially and adversely affects the interest of any Owner; 
  
 (e) the amendment, change or modification of the Transfer and Servicing Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially and adversely affect the
interests of any Owner; or 
  
 (f) the appointment pursuant to the
Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent, Indenture Trustee or Certificate
Registrar of its obligations under the Indenture or the Agreement, as applicable. 
  

	 	Section 4.02	Action by Owners with Respect to Certain Matters. 

  
 Subject to the provisions and limitations of Section 4.04, the Owner Trustee shall not have the power, except upon the direction of the
Owners, to (a) remove the Servicer pursuant to Section 8.02 of the Transfer and Servicing Agreement, (b) except as expressly provided in the Transaction Documents, sell the Loans or other Trust Assets after the termination of the
Indenture, (c) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, (d) authorize the merger or consolidation of the Trust with or into any other statutory trust
or entity (other than in accordance with Section 3.10 of the Indenture) or (e) amend the Certificate of Trust. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the
Owners. 
  

	 	Section 4.03	Action by Owners with Respect to Bankruptcy. 

  
 Subject to subsection 2.12(b), the Owner Trustee shall not have the power to commence a voluntary proceeding in a bankruptcy relating to the Trust
without the prior approval of the Owners and the delivery to the Owner Trustee by such Owners of a certificate certifying that such Owners reasonably believe that the Trust is insolvent. 
  

	 	Section 4.04	Restrictions on Owners’ Power. 

  
 The Owners shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to any obligation
of the Trust or the Owner Trustee under this Agreement or any of the Transaction Documents or would be contrary to the purpose of this Trust as set forth in Section 2.03, nor shall the Owner Trustee be obligated to follow any such
direction, if given. 
  

 17 








 ARTICLE V 
  

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
  

	 	Section 5.01	Establishment of Trust Account. 

  
 (a) The Owner Trustee, for the benefit of the Certificateholder, shall establish and maintain in the name of the Owner Trustee an Eligible Account (the
“Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholder. 
  
 (b) The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Certificate
Distribution Account and in all proceeds thereof. Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders. If, at
any time, the Certificate Distribution Account ceases to be an Eligible Account, the Servicer or the Indenture Trustee in accordance with Section 7.01 of the Transfer and Servicing Agreement establish a new Certificate Distribution Account as
an Eligible Account and shall transfer any cash and/or any investments to such new Certificate Distribution Account. The funds in the Certificate Distribution Account will be held and invested in accordance with the provisions of Article VII
of the Transfer and Servicing Agreement. 
  

	 	Section 5.02	Application of Trust Funds. 

  
 (a) After the Indenture is discharged, the Paying Agent will deposit in the Certificate Distribution Account amounts received for distribution pursuant
hereto, in the following priority: (1) FIRST, to the Owner Trustee for all fees and expenses owed thereto and for any other amounts payable pursuant to Article IX hereof and (2) SECOND, to the Certificateholders. 
  
 (b) Upon request, the Paying Agent shall send to the Certificateholders the
statement or statements provided to the Owner Trustee by the Servicer pursuant to Section 9.01 of the Transfer and Servicing Agreement with respect to such Distribution Date. 
  
 (c) In the event that any withholding tax is imposed on the Trust’s payment (or allocation of income) to the
Certificateholders, such tax shall reduce the amount otherwise distributable to the Certificateholders in accordance with this Section 5.02. The Paying Agent is hereby authorized and directed to retain from amounts otherwise
distributable to the Owners sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings, and withholding payment of
such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to the Certificateholders shall be treated as cash distributed to such Certificateholders at the time it is withheld by
the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution, the Paying Agent may in its sole discretion withhold such amounts in accordance with this
subsection 5.02(c). 
  

 18 









	 	Section 5.03	Method of Payment. 

  
 Subject to subsection 9.01(c) respecting the final payment upon retirement of the Trust Certificate, distributions required to be made to any
Certificateholder of record on the related Record Date shall be made by wire transfer of immediately available funds to the bank account of such Certificateholder appearing in the Certificate Register. 
  

	 	Section 5.04	No Segregation of Moneys; No Interest. 

  
 Subject to Sections 5.01 and 5.02, moneys received by the Owner Trustee hereunder need not be segregated in any manner except to the extent
required by law or the Transfer and Servicing Agreement and may be deposited under such general conditions as may be prescribed by law, and the Owner Trustee shall not be liable for any interest thereon. 
  

	 	Section 5.05	Accounting and Reports to the Certificateholder, the Internal Revenue Service and Others. 

  
 The Servicer shall (a) maintain (or cause to be maintained) the books of the Trust on a fiscal year basis that is
consistent with the fiscal year basis used by the Originator, (b) deliver to the Owners, as may be required by the Code and applicable Treasury Regulations, such information as may be required to enable the Owners to prepare its federal and
state income tax returns, (c) file any tax returns relating to the Trust and make such elections as from time to time may be required or appropriate under any applicable state or federal statute or any rule or regulation thereunder so as to
maintain the federal income tax treatment for the Trust as set forth in Section 2.11, (d) cause any such tax returns to be signed in the manner required by law and (e) collect or cause to be collected any withholding tax as
described in and in accordance with subsection 5.02(c) with respect to income or distributions to the Owners. 
  

	 	Section 5.06	Signature on Returns; Tax Matters Partner. 

  
 (a) The Trust Depositor shall sign on behalf of the Trust the tax returns of the Trust. 
  
 (b) If Subchapter K of the Code should become applicable to the Trust, the initial Certificateholder shall be designated the
“tax matters partner” of the Trust pursuant to Section 6231(a)(7)(A) of the Code and applicable Treasury Regulations. 
  
 ARTICLE VI 
  
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
  

	 	Section 6.01	General Authority. 

  
 Subject to the provisions and limitations of Sections 2.03 and 2.06, the Owner Trustee is authorized and directed to execute and deliver the
Transaction Documents to which the Trust is to be a party, each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Trust is to be a party and any amendment or other agreement related
thereto, as evidenced conclusively by the Owner Trustee’s execution thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take 

  

 19 








 
all actions required of the Trust pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action as the
Servicer recommends with respect to the Transaction Documents. 
  

	 	Section 6.02	General Duties. 

  
 Subject to the provisions and limitations of Sections 2.03 and 2.06, it shall be the duty of the Owner Trustee to discharge (or cause to be
discharged through the Servicer) all of its responsibilities pursuant to the terms of this Agreement and the Transaction Documents to which the Trust is a party and under which it has expressly assumed any responsibility and to administer the Trust
in the interest of the Owners, subject to the Transaction Documents and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities
hereunder and under the Transaction Documents to the extent the Servicer has agreed in the Transfer and Servicing Agreement to perform any act or to discharge any duty of the Owner Trustee hereunder or under any Transaction Document, and the Owner
Trustee (in its capacity as such and individually) shall not be held liable for the default or failure of the Servicer to carry out its obligations under the Transfer and Servicing Agreement. 
  

	 	Section 6.03	Action Upon Instruction. 

  
 (a) Subject to Article IV, in accordance with the terms of the Transaction Documents, the Owners may by written instruction direct the Owner
Trustee in the management of the Trust. 
  
 (b) The Owner Trustee
shall not be required to take any action hereunder or under any other Transaction Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of
the Owner Trustee, is contrary to the terms hereof or of any other Transaction Document or is otherwise contrary to Requirements of Law. 
  
 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or under any
other Transaction Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Owners requesting instruction as to the course of action to be adopted, and to the extent the Owner
Trustee acts in good faith in accordance with any written instruction of the Owners received, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within
ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances), it may, but shall be under no duty to, take or refrain from taking such action not
inconsistent with this Agreement and the other Transaction Documents as it shall deem to be in the best interests of the Owners, and shall have no liability to any Person for such action or inaction. 
  
 (d) In the event that the Owner Trustee is unsure as to the applicability of
any provision of this Agreement or any other Transaction Document, or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any
determination by the Owner Trustee or 

  

 20 








 
is silent or incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee
may give notice (in such form as shall be appropriate under the circumstances) to the Owners requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction
received, the Owner Trustee shall not be liable, on account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as
reasonably may be specified in such notice or may be necessary under the circumstances), it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the other Transaction Documents as it
shall deem to be in the best interests of the Owners, and shall have no liability to any Person for such action or inaction. 
  
 (e) Notwithstanding anything contained herein to the contrary, the Owner Trustee shall not be required to take any action in any jurisdiction other than
in the State of Delaware if the taking of such action will (i) require the registration with, licensing by or the taking of any other similar action in respect of, any state or other Governmental Authority of any jurisdiction other than the
State of Delaware by or with respect to the Owner Trustee; (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of
Delaware being payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the
transactions by the Owner Trustee contemplated in this Agreement. In the event that the Owner Trustee has determined that any action set forth in clauses (i)-(iii) will result in the consequences stated therein, the Servicer and the
Owner Trustee shall appoint one or more Persons to act as co-trustee pursuant to Section 10.05. 
  

	 	Section 6.04	No Duties Except as Specified in this Agreement or in Instructions. 

  
 The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell,
dispose of or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided by the
terms of this Agreement or any document or written instruction received by the Owner Trustee pursuant to Section 6.03; and no implied duties or obligations shall be read into this Agreement or any other Transaction Document against the
Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it
hereunder or to prepare or file any Commission filing for the Trust or to record this Agreement or any other Transaction Document, which shall be the responsibility of the Servicer pursuant to the Transfer and Servicing Agreement. The Owner Trustee
nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any liens on any part of the Trust Estate that result from actions by, or claims against, the Owner Trustee in its individual
capacity that are not related to the ownership or the administration of the Trust Estate. The Owner Trustee has not participated in the preparation of the Offering Memorandum and shall not be liable to any Person on account of any statement therein
or omission therefrom, except as to information furnished in writing to the Trust specifically for use in connection with the preparation of the Offering Memorandum or the admission to trading of the Offered Notes. 
  

 21 









	 	Section 6.05	No Action Except Under Specified Documents or Instructions. 

  
 The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Trust Estate except (a) in accordance with
the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (b) in accordance with the other Transaction Documents and (c) in accordance with any document or instruction delivered to the Owner
Trustee pursuant to Section 6.03. 
  

	 	Section 6.06	Restrictions. 

  
 The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.03 or
(b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would result in the Trust becoming taxable as a corporation for federal or state income tax purposes. The Owners shall not direct the Owner Trustee to take actions
that would violate the provisions of this Section 6.06. 
  
 ARTICLE VII 
  
 CONCERNING THE OWNER TRUSTEE

  

	 	Section 7.01	Acceptance of Trusts and Duties. 

  
 The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this
Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of the Transaction Documents and this Agreement. The Owner Trustee shall not be answerable or accountable
hereunder or under any other Transaction Document under any circumstances, except (i) for its own willful misconduct or gross negligence or (ii) in the case of the inaccuracy of any representation or warranty contained in
Section 7.03 expressly made by the Owner Trustee in its individual capacity. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 
  
 (a) the Owner Trustee shall not be liable for any error of judgment made by a
Responsible Officer of the Owner Trustee which did not result from gross negligence on the part of such Responsible Officer; 
  
 (b) the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of the
Servicer or any Owner; 
  
 (c) no provision of this Agreement or
any other Transaction Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any Transaction Document if the Owner Trustee
shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
  
 (d) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the
Transaction Documents, including the principal of and interest on the Notes; 
  

 22 








 (e) the Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this
Agreement or for the due execution hereof by the Trust Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate, or for or in respect of the validity or sufficiency of the Transaction Documents,
other than the certificate of authentication on the Trust Certificate, and the Owner Trustee shall in no event assume or incur any liability, duty, or obligation to any Noteholder or to any Owner, other than as expressly provided for herein or
expressly agreed to in the Transaction Documents; 
  
 (f) the
Owner Trustee shall not be liable for the default or misconduct of the Servicer, the Trust Depositor, the Indenture Trustee or the Servicer under any of the Transaction Documents or otherwise and the Owner Trustee shall have no obligation or
liability to perform the obligations of the Trust under this Agreement or the other Transaction Documents that are required to be performed by the Servicer under the Transfer and Servicing Agreement (including pursuant to Section 5.03 thereof),
the Indenture Trustee under the Indenture or the Servicer or the Trust Depositor under the Transfer and Servicing Agreement; and 
  
 (g) the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or
defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other Transaction Document, at the request, order or direction of the Owners, unless such Owner has offered to the Owner Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any other Transaction
Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of any such act. 
  

	 	Section 7.02	Furnishing of Documents. 

  
 The Owner Trustee shall furnish to the Owners promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests,
demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Transaction Documents. 
  

	 	Section 7.03	Representations and Warranties. 

  
 The Owner Trustee hereby represents and warrants to the Trust Depositor and the Owners that: 
  
 (a) It is a national banking association duly organized and validly existing in good standing under the laws of the United
States. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 
  
 (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and
delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
  
 (c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by
it with any of the 

  

 23 








 
terms or provisions hereof, will (i) contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of
the Owner Trustee or any judgment or order binding on it, (ii) constitute any default under its charter documents, bylaws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may
be bound, or (iii) result in the creation or imposition of any lien, charge or encumbrance on the Trust Estate resulting from actions by or claims against the Owner Trustee individually which are unrelated to this Agreement or the other
Transaction Documents. 
  

	 	Section 7.04	Reliance; Advice of Counsel. 

  
 (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or
other governing body of any entity as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of determination of which is not specifically
prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized officers of the relevant party, as to such fact or matter and such
certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
  
 (b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or the other
Transaction Documents, the Owner Trustee (i) may, at the expense of the Trust Depositor, act directly or through its agents or attorneys pursuant to agreements entered into by any of them, and the Owner Trustee shall not be liable for the
conduct or misconduct of such agents or attorneys as shall have been selected by the Owner Trustee with reasonable care, and (ii) may, at the expense of the Trust Depositor, consult with counsel, accountants and other skilled Persons to be
selected with reasonable care and employed by it. The Owner 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. 
  

	 	Section 7.05	Not Acting in Individual Capacity. 

  
 Except as provided in this Article VII, in accepting the trusts hereby created, Wachovia Bank of Delaware, National Association acts solely as
Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any other Transaction Document shall look only to the Trust Estate
for payment or satisfaction thereof. 
  

	 	Section 7.06	Owner Trustee Not Liable for Trust Certificates, Notes or Contracts. 

  
 The recitals contained herein and in each Trust Certificate (other than the signature and countersignature of the Owner
Trustee and the certificate of authentication on the Trust Certificates) shall be taken as the statements of the Trust Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no 

  

 24 








 
representations as to the validity or sufficiency of this Agreement, any other Transaction Document or the Trust Certificates (other than the signature and
countersignature of the Owner Trustee and the certificate of authentication on the Trust Certificates) or the Notes, or of any Loan or related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to
the legality, validity and enforceability of any Loan, or the perfection and priority of any security interest created by any Loan in any Collateral or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of
the Trust Estate or its ability to generate the payments to be distributed to the Certificateholder under this Agreement or the Noteholders under the Indenture, including, without limitation, (a) the existence, condition and ownership of any
Collateral; (b) the existence and enforceability of any insurance thereon; (c) the existence and contents of any Loan on any computer or other record thereof; (d) the validity of the assignment of any Loan to the Trust or of any
intervening assignment; (e) the completeness of any Loan; (f) the performance or enforcement of any Loan; (g) the compliance by the Trust Depositor or the Servicer with any warranty or representation made under any Transaction
Document or in any related document or the accuracy of any such warranty or representation; or (h) any action of the Servicer, the Indenture Trustee, the Servicer or any subservicer taken in the name of the Owner Trustee. 
  

	 	Section 7.07	Owner Trustee May Own Trust Certificates and Notes. 

  
 The Owner Trustee in its individual or any other capacity may become the owner or pledgee of the Trust Certificates or Notes and may deal with the Trust
Depositor, the Servicer, the Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee. 
  
 ARTICLE VIII 
  
 COMPENSATION OF OWNER TRUSTEE 
  

	 	Section 8.01	Owner Trustee’s Fees and Expenses. 

  
 The Owner Trustee shall receive from the Servicer or the Trust as compensation for its services hereunder such fees as have been separately agreed upon
and which shall be paid consistent with Section 5.19 and Section 7.05 of the Transfer and Servicing Agreement. Additionally, the Owner Trustee shall be entitled to be reimbursed by the Trust or Servicer for its other reasonable expenses
hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder.

  

	 	Section 8.02	Indemnification. 

  
 The Trust and the Servicer, jointly and severally, shall be liable as primary obligor for, and shall indemnify the Owner Trustee and its successors,
assigns and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements
(including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by or asserted against the Owner 

  

 25 








 
Trustee or any Indemnified Party in any way relating to or arising out of this Agreement, the other Transaction Documents, the Trust Estate, the
administration of the Trust Estate or the action or inaction of the Owner Trustee hereunder, except only that the Trust and the Servicer shall not be liable for or required to indemnify an Indemnified Party from and against Expenses arising or
resulting from any of the matters described in the third sentence of Section 7.01; provided, however, that the Trust shall only be liable for or required to indemnify an Indemnified Party to the extent
provided in Section 7.05 of the Transfer and Servicing Agreement. The indemnities contained in this Section 8.02 shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. In the event of
any claim, action or proceeding for which indemnity will be sought pursuant to this Section 8.02, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the Trust Depositor, which approval shall not be
unreasonably withheld. 
  

	 	Section 8.03	Payments to the Owner Trustee. 

  
 Any amounts paid to the Owner Trustee pursuant to this Article VIII shall be deemed not to be a part of the Trust Estate immediately after such
payment. 
  
 ARTICLE IX 
  
 TERMINATION OF TRUST AGREEMENT 
  

	 	Section 9.01	Termination of Trust Agreement. 

  
 (a) This Trust shall dissolve and terminate in accordance with Section 3808 of the Statutory Trust Statute upon the earlier of (i) the day
following the final distribution by the Owner Trustee of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Transfer and Servicing Agreement and Article V; provided,
that, the Trust Depositor shall have delivered a written notice to the Owner Trustee electing to terminate the Trust, and (ii) the time provided in Section 9.02. The bankruptcy, liquidation, dissolution, death or incapacity of any
Owner, other than the Trust Depositor as described in Section 9.02, shall not (i) operate to terminate this Agreement or the Trust, (ii) entitle such Owner’s legal representatives or heirs to claim an accounting or to take
any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto. 
  
 (b) Except as provided in subsection 9.01(a), neither the Trust
Depositor nor any Holder shall be entitled to revoke or terminate the Trust. 
  
 (c) Notice of any dissolution of the Trust, specifying the Payment Date upon which the Certificateholders shall surrender their Trust Certificates to the Paying Agent for payment of the final distribution and
cancellation, shall be given by the Owner Trustee by letter to the Certificateholder mailed within five Business Days of receipt of notice of termination from the Servicer given pursuant to Section 10.01 of the Transfer and Servicing Agreement,
stating (i) the Payment Date upon or with respect to which final payment of the Trust Certificates shall be made upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein designated, (ii) the
amount of any such final payment and (iii) that the Record Date 

  

 26 








 
otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Trust Certificates at the
office of the Paying Agent therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to the Certificateholder. Upon presentation
and surrender of the Trust Certificates, the Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Payment Date pursuant to Section 5.02 after payment by the Trust or the Servicer of any
expenses incurred pursuant to Section 9.01(e). 
  
 (d) In the
event that a Certificateholder shall not surrender its Trust Certificate(s) for cancellation within six months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to such
Certificateholder to surrender its Trust Certificate(s) for cancellation and receive the final distribution with respect thereto. If within one year after the second notice the Trust Certificate(s) shall not have been surrendered for cancellation,
the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the Certificateholder concerning surrender of its Trust Certificates, and the cost thereof shall be paid out of the funds and other assets
that shall remain subject to this Agreement. Any funds remaining in the Trust after exhaustion of such remedies shall be distributed by the Owner Trustee to the Trust Depositor. 
  
 (e) Upon the winding up of the Trust and payment of all liabilities in accordance with Section 3808 of the Statutory
Trust Statute, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute at which
time the Trust shall terminate. The Servicer shall be the liquidator of the Trust. 
  

	 	Section 9.02	Dissolution upon Bankruptcy of Trust Depositor or Withdrawal or Removal of Trust Depositor. 

  
 In the event that an Insolvency Event shall occur with respect to the Trust
Depositor, the Trust shall dissolve in accordance with Section 9.01, 90 days after the date of such event, unless, within such 90 day period, the Owner Trustee shall have received written instructions from the Required Holders not to
dissolve the Trust. Promptly after the occurrence of any Insolvency Event with respect to the Trust Depositor or the Trust, the Trust Depositor shall give the Indenture Trustee, the Owner Trustee and each Swap Counterparty written notice thereof,
and the Indenture Trustee shall give prompt written notice to the Noteholders thereof. Upon a dissolution pursuant to this Section 9.02, the Owner Trustee shall direct the Indenture Trustee promptly to sell, at the expense of the Trust,
the Trust Estate in a commercially reasonable manner and on commercially reasonable terms. It shall be a condition precedent to such dissolution that each Swap be terminated in accordance with its terms and all amounts including Swap Breakage Costs
owed to the Swap Counterparties shall be paid in full. The proceeds of such a sale of the Trust Estate shall be treated as Collections under the Transfer and Servicing Agreement. 
  

 27 








 ARTICLE X 
  

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
  

	 	Section 10.01	Eligibility Requirements for Owner Trustee. 

  
 The Owner Trustee shall at all times be a corporation (a) satisfying the provisions of Section 3807(a) of the Statutory Trust Statute,
(b) authorized to exercise corporate trust powers, (c) having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities, and (d) having (or having a parent that
has) a rating of at least Baa3 by Moody’s and BBB- by Fitch (if rated by Fitch). If such corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purpose of this Section 10.01, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case
at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.

  

	 	Section 10.02	Resignation or Removal of Owner Trustee. 

  
 (a) The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Servicer. Upon
receiving such notice of resignation, the Servicer shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor
Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for
the appointment of a successor Owner Trustee. Any successor Owner Trustee appointed hereunder shall promptly file an amendment to the Certificate of Trust to the extent required by Delaware law. 
  
 If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 10.01 and shall fail to resign after written request therefor by the Servicer, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver
of the Owner Trustee or of its property shall be appointed or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Servicer may
remove the Owner Trustee. If the Servicer shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Servicer shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee, and shall pay all fees owed to the outgoing Owner Trustee. 
  
 (b) Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the
provisions of this Section 10.02 shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and expenses owed to the outgoing Owner Trustee. The
Servicer shall provide notice of such resignation or removal of the Owner Trustee to each Rating Agency and each Swap Counterparty. 
  

 28 









	 	Section 10.03	Successor Owner Trustee. 

  
 (a) Any successor Owner Trustee appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to the Servicer, and to its
predecessor Owner Trustee, an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective, and such successor Owner Trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of
its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Servicer and the predecessor Owner Trustee shall execute and deliver such instruments and do such other
things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
  
 (b) No successor Owner Trustee shall accept appointment as provided in this Section 10.03 unless at the time of
such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.01. 
  
 (c) Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section 10.03, the Servicer shall mail notice thereof to the
Certificateholder, the Indenture Trustee, the Noteholders, the Swap Counterparties and each Rating Agency. If the Servicer shall fail to mail such notice within ten days after acceptance of such appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of the Servicer. 
  

	 	Section 10.04	Merger or Consolidation of Owner Trustee. 

  
 Any corporation into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder,
without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, that, such corporation shall be eligible pursuant to
Section 10.01; and, provided, further, that, the Owner Trustee shall mail notice of such merger or consolidation to each Rating Agency and each Swap Counterparty. 
  

	 	Section 10.05	Appointment of Co-Trustee or Separate Trustee. 

  
 (a) Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which
any part of the Trust Estate or any Collateral may at the time be located, the Servicer and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Servicer
and Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust or any part thereof
and, subject to the 

  

 29 








 
other provisions of this Section 10.05, such powers, duties, obligations, rights and trusts as the Servicer and the Owner Trustee may consider
necessary or desirable. If the Servicer shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee
under this Agreement shall be required to meet the terms of eligibility as a successor Owner Trustee pursuant to Section 10.01 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to
Section 10.03. 
  
 (b) Each separate trustee and
co-trustee shall, to the extent permitted by Requirements of Law, be appointed and act subject to the following provisions and conditions: 
  
 (1) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or
performed by the Owner 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 Owner 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 Owner 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 Estate 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 Owner Trustee; 
  
 (2) no trustee under this Agreement shall be personally
liable by reason of any act or omission of any other trustee under this Agreement; and 
  
 (3) the Servicer and the Owner Trustee acting jointly 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 Owner 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 X. 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 Owner
Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of or affording protection to, the Owner
Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Servicer. 
  
 (d) Any separate trustee or co-trustee may at any time appoint the Owner Trustee as 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 Owner Trustee, to the extent permitted by law, without the appointment of a new or successor co-trustee or separate trustee. 
  

 30 








 ARTICLE XI 
  

MISCELLANEOUS 
  

	 	Section 11.01	Supplements and Amendments. 

  
 (a) The Agreement may be amended by the Trust Depositor and the Owner Trustee, without the consent of any of the Noteholders, the Certificateholders or
the Swap Counterparties, to cure any ambiguity, to correct or supplement any provisions in this Agreement or to add any other provisions with respect to matters or questions arising under this Agreement that shall not be inconsistent with the
provisions of this Agreement; provided, however, that any such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder, the Certificateholders or
any Swap Counterparty. 
  
 (b) This Agreement may also be amended
from time to time by the Trust Depositor, and the Owner Trustee, with the consent of the Required Holders and each Swap Counterparty, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Agreement, or of modifying in any manner the rights of the Noteholders, the Swap Counterparties or the Certificateholders; provided, however, that no such amendment shall increase or reduce in any manner the amount of, or
accelerate or delay the timing of, (i) collections of payments on Loans or distributions that shall be required to be made for the benefit of the Noteholders or the Certificateholders, or (ii) eliminate the Certificateholders’ consent
or reduce the aforesaid percentage of the Outstanding Amount of the Notes required to consent to any such amendment, without the consent of the Holders of all outstanding Notes and the Trust Certificates. 
  
 (c) Prior to the execution of any such amendment or consent, the Trust
Depositor shall furnish written notification of the substance of such amendment or consent, together with a copy thereof, to the Indenture Trustee, the Servicer and each Rating Agency. 
  
 (d) Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of
the substance of such amendment or consent to each Noteholder, the Certificateholders and each Swap Counterparty. It shall not be necessary for the consent of the Certificateholders, Noteholders, Swap Counterparties or the Indenture Trustee pursuant
to this Section 11.01 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of
the Certificateholders, Noteholders or Swap Counterparties provided for in this Agreement or in any other Transaction Document) and of evidencing the authorization of the execution thereof by the Certificateholders, Noteholders and Swap
Counterparties shall be subject to such reasonable requirements as the Owner Trustee may prescribe. 
  
 (e) Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the
Secretary of State. 
  
 (f) Prior to the execution of any
amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating 

  

 31 








 
that the execution of such amendment is authorized or permitted by this Agreement and the Transaction Documents. The Owner Trustee may, but shall not be
obligated to, enter into any such amendment that affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
  

	 	Section 11.02	No Legal Title to Trust Estate in Owners. 

  
 The Owners shall not have legal title to any part of the Trust Estate. The Owners shall be entitled to receive distributions with respect to its undivided
ownership interest herein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of the Owners to and in its ownership interest in the Trust Estate shall operate to
terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. 
  

	 	Section 11.03	Limitations on Rights of Others. 

  
 Except as provided in Section 2.07, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Trust Depositor, the
Owners, the Servicer and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement (other than Section 2.07), whether express or implied, shall be construed to give to any other
Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
  

	 	Section 11.04	Notices. 

  
 All notices, demands, certificates, requests and communications hereunder (“Notices”) shall be in writing and shall be effective
(a) upon receipt when sent through the U.S. mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return receipt, (b) one Business Day after
delivery to an overnight courier, (c) on the date personally delivered to an authorized officer of the party to which sent, or (d) on the date transmitted by legible telecopier transmission with a confirmation of receipt, in all cases
addressed to the recipient as follows: 
  

	 	(i)	if to the Servicer or any Seller: 

  
 American Capital Strategies, Ltd. 
 2 Bethesda
Metro Center 
 14th Floor 
 Bethesda, Maryland 20814 
 Attention: Compliance Officer 
 Facsimile No.: (301) 654-6714 
  

	 	(ii)	if to the Trust Depositor: 

  
 ACAS Business Loan LLC, 2005-1 
 2 Bethesda
Metro Center 
 14th Floor 
 Bethesda, Maryland 20814 
 Attention: Compliance Officer 
 Facsimile No.: (301) 654-6714 
  

 32 









	 	(iii)	if to the Indenture Trustee: 

  
 Wells Fargo Bank, National Association 
 Sixth
Street and Marquette Avenue 
 MAC N9311-161 
 Minneapolis, Minnesota 55479 
 Attention: Corporate Trust Services/Asset Backed Administration 
 Facsimile No.: (612) 667-3464 
  

	 	(iv)	if to the Owner Trustee: 

  
 Wachovia Bank of Delaware, National Association 
 300 Delaware Avenue, 9th Floor 
 Wilmington, Delaware 19801 
 Attention:
Corporate Trust Administration 
 Facsimile No.: (302) 552-3129 
  

	 	(v)	if to S&P: 

  
 Standard & Poor’s Inc. 
 55
Water Street 
 41st Floor 
 New York, New York 10041 
 Attention: Surveillance: CDO Surveillance 
 Facsimile No.: (212) 438-2662 
 email: cdo_surveillance@sandp.com 
  

	 	(vi)	if to Moody’s: 

  
 Moody’s Investors Service, Inc. 
 99
Church Street 
 New York, New York 10007 
 Attention: CDO Monitoring Department 
 Facsimile No.: (212) 553-3707 
 email: cdomonitoring@moodys. com 
  

	 	(vii)	if to Fitch: 

  
 Fitch, Inc. 
 One State Street Plaza

 New York, New York 10004 
 Attention: CDO Surveillance 
 Facsimile No.: (212) 514-6501 
 email: cdo.surveillance@fitchratings.com 
  

 33 









	 	(viii)	if to the Initial Purchasers: 

  
 Wachovia Capital Markets, LLC 
 Citigroup
Global Markets Inc. 
 Banc of America Securities LLC 
 Harris Nesbitt Corp. 
 BB&T Capital Markets, 
 a division of Scott & Stringfellow,Inc. 
 HVB Capital Markets, Inc. 
 c/o Wachovia Capital Markets, LLC 
 One Wachovia Center, Mail Code: NC0610 
 301
South College Street 
 Charlotte, North Carolina 28288-0610 
 Attention: Asset Securitization Division 
 Facsimile No.: (704) 383-4012 
  

	 	(ix)	if to the Swap Counterparties: 

  
 At the address set forth for such party in the applicable Swap. 
  
 Each party hereto may, by notice given in accordance herewith to each of the other parties hereto, designate any further or
different address to which subsequent notices shall be sent. 
  

	 	Section 11.05	Severability of Provisions. 

  
 If any one or more of the covenants, agreements, provisions, or terms of this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement
or of the Trust Certificates or the rights of the Holder thereof, and any such prohibition, invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenants, agreements, provisions or terms in any other
jurisdiction. 
  

	 	Section 11.06	Counterparts. 

  
 This Agreement may be executed by facsimile signature and in several counterparts, each of which shall be an original and all of which shall constitute
but one and the same instrument. 
  

	 	Section 11.07	Successors and Assigns. 

  
 All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the Trust Depositor and the Owner Trustee and
their respective successors and permitted assigns, and each Owner and its successors and permitted assigns, all as herein 

  

 34 








 
provided. Any request, notice, direction, consent, waiver or other instrument or action by an Owner shall bind the successors and assigns of such Owner.

  

	 	Section 11.08	No Petition. 

  
 The Owner Trustee, by entering into this Agreement, each Certificateholder, by accepting a Trust Certificate, and the Indenture Trustee, each Noteholder
and each Swap Counterparty by accepting the benefits of this Agreement, covenants and agrees that, prior to the date that is one year and one day (or such longer preference period as shall then be in effect) after the payment in full of all amounts
owing in respect of each Class of Notes rated by any Rating Agency, it will not institute against Trust Depositor or the Trust, or join any other Person in instituting against the Trust Depositor or the Trust, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other similar proceedings under the laws of the United States or any state of the United States; provided, however, that nothing herein shall prohibit the Indenture
Trustee from filing proofs of claim or otherwise participating in any such proceedings instituted by any other Person. This Section 11.08 will survive the termination of this Agreement. 
  

	 	Section 11.09	No Recourse. 

  
 Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificate represent beneficial interests
in the Trust only and do not represent interests in or obligations of the Trust Depositor, the Servicer, the Originator, the Servicer, the Owner Trustee, the Indenture Trustee or any of the respective Affiliates, and no recourse may be had against
such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates or the other Transaction Documents. The Owner by accepting a Trust Certificate (a) acknowledges that such Trust
Certificate represents a beneficial interest in the Trust and Trust Assets only and does not represent an interest in or an obligation of the Trust Depositor, the Servicer, the Originator, the Servicer, the Owner Trustee, the Indenture Trustee, or
any Affiliate of the foregoing, and no recourse may be had against any such party or their assets, except as may be expressly set forth or contemplated in the Transaction Documents and (b) enters into the undertakings and agreements provided
for such Certificateholder set forth in Section 13.09 of the Transfer and Servicing Agreement. The right to distributions of Trust Assets or the proceeds thereof arising under this Agreement or the Trust Certificates shall be payable solely in
accordance with the priority set forth in Section 7.05 of the Transfer and Servicing Agreement until the final discharge of the Indenture, and no Owner or Certificateholder shall have any recourse against the Trust except in accordance
therewith. The provisions of this Section 11.09 shall survive any termination of this Agreement. 
  

	 	Section 11.10	Headings. 

  
 The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or
provisions hereof. 
  

	 	Section 11.11	Governing Law and Jury Waiver. 

  
 (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, 

  

 35 








 
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS; AND 
  
 (b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PERSON HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SUBSECTION 11.11(b). 
  

	 	Section 11.12	Trust Certificate Transfer Restrictions. 

  
 The Trust Certificates may not be acquired by, for the account of or with any assets of a Benefit Plan. By accepting and holding a Trust Certificate, the
Holder thereof shall be deemed to have represented and warranted that it is not, and is not acting for the account of or with any assets of, a Benefit Plan nor will it hold such Trust Certificate if the Trust Certificate is subsequently deemed to be
a Benefit Plan asset. 
  
 [Remainder of Page Intentionally Left
Blank] 
  

 36 








 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective officers hereunto duly authorized, as of the day and year first above written. 
  

			
	 ACAS BUSINESS LOAN LLC, 2005-1, as the
 Trust Depositor

		
	By:	 	/s/    SAMUEL A. FLAX        
	Name:	 	Samuel A. Flax
	Title:	 	Vice President and Secretary


  

			
	 WACHOVIA BANK OF DELAWARE,
 NATIONAL ASSOCIATION, as the Owner
 Trustee

		
	By:	 	/s/    STEVEN A. FINKLEA        
	Name:	 	Steven A. Finklea
	Title:	 	Vice President


  

			
	 AMERICAN CAPITAL STRATEGIES, LTD.,
 as
the Servicer

		
	By:	 	/s/    SAMUEL A. FLAX        
	Name:	 	Samuel A. Flax
	Title:	 	Executive VP and General Counsel


  

 ACAS Business Loan Trust 2005-1 
 Amended and Restated Trust Agreement 








 EXHIBIT A 
  
 FORM OF TRUST CERTIFICATE 
  
 THIS TRUST CERTIFICATE (“TRUST CERTIFICATE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR
STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS TRUST CERTIFICATE, AGREES THAT THIS TRUST CERTIFICATE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND TO A PERSON WHO HAS
FURNISHED TO THE OWNER TRUSTEE (A) AN INVESTMENT LETTER TO THE EFFECT THAT SUCH PURCHASER IS THE TRUST DEPOSITOR OR AN AFFILIATE THEREOF, OR AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)-(3) or (7) UNDER
THE ACT AND (B) IF REQUIRED, AN OPINION OF COUNSEL SATISFACTORY TO THE OWNER TRUSTEE. 
  
 NEITHER THIS TRUST CERTIFICATE NOR ANY INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A TRANSFER) BY, FOR THE ACCOUNT OF OR WITH ANY ASSETS OF (A) AN EMPLOYEE BENEFIT PLAN (AS
DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A PLAN DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED OR (C) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (INCLUDING, WITHOUT
LIMITATION, INSURANCE COMPANY GENERAL ACCOUNTS). FURTHER, THIS TRUST CERTIFICATE MAY BE TRANSFERRED ONLY TO A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. 
  
 IF THE TRANSFEREE OF A CLASS E NOTE AND CERTIFICATE IS A PARTNERSHIP, A LIMITED LIABILITY
COMPANY, A GRANTOR TRUST (WITHIN THE MEANING OF SECTIONS 671-679 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED) OR AN S CORPORATION (WITHIN THE MEANING OF SECTION 1361 OF THE CODE) (EACH A “FLOW-THROUGH ENTITY”), EXCEPT AS
PREVIOUSLY DISCLOSED TO THE TRUST DEPOSITOR IN WRITING, NO PERSON OR ENTITY WILL OWN, DIRECTLY OR INDIRECTLY THROUGH ONE OR MORE FLOW-THROUGH ENTITIES, AN INTEREST IN THE TRANSFEREE SUCH THAT MORE THAN 65% OF THE VALUE OF THE PERSON’S INTEREST
IN THE PURCHASER IS ATTRIBUTABLE TO THE TRANSFEREE’S INVESTMENT IN THE TRUST. 
  

 B-1 








 THIS TRUST CERTIFICATE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY. 
  
 NO TRANSFER, SALE, PLEDGE OR OTHER DISPOSITION OF ONE OR MORE TRUST CERTIFICATES (A
“TRANSFER”) SHALL BE MADE UNLESS (1) SIMULTANEOUSLY WITH THE TRANSFER A PROPORTIONATE AMOUNT OF CLASS E NOTES ARE TRANSFERRED SO THAT THE RATIO OF THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES SO TRANSFERRED TO ALL TRUST
CERTIFICATES AND THE RATIO OF THE PERCENTAGE INTEREST OF THE CLASS E NOTES SO TRANSFERRED TO THE PERCENTAGE INTEREST OF ALL CLASS E NOTES ARE EQUAL, (2) THE TRANSFERS OF THE TRUST CERTIFICATES AND CLASS E NOTES REFERRED TO HEREIN ARE MADE TO
THE SAME PERSON AND (3) THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES AND CLASS E NOTES, RESPECTIVELY, SO TRANSFERRED IS NO LESS THAN TEN (10%) PERCENT. 
  

					
	NUMBER                     	  	CUSIP NO.                     	  	PERCENTAGE INTEREST:                     

  

 B-2 








 ACAS BUSINESS LOAN TRUST 2005-1 
  
 TRUST CERTIFICATE 
  
 This Trust Certificate evidences a beneficial ownership interest in the Trust, as defined below, the property of which includes primarily the Loans transferred to the
Trust by ACAS Business Loan LLC, 2005-1. 
  
 (This Trust Certificate does not
represent an interest in or obligation of the Trust Depositor (as defined below), the Servicer (as defined below) or the Owner Trustee (as defined below) (as such or in their individual capacities) or any of their respective affiliates, except to
the extent described below.) 
  
 THIS CERTIFIES THAT ACAS BUSINESS LOAN LLC,
2005-1 is the registered owner of the nonassessable, fully paid, beneficial ownership interest in ACAS BUSINESS LOAN TRUST 2005-1 (the “Trust”) formed by ACAS Business Loan LLC, 2005-1, in the Percentage Interest evidenced hereby.

  
 The Trust is governed by an Amended and Restated Trust Agreement, dated as of
October 4, 2005 (as amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the “Trust Agreement”), among ACAS Business Loan LLC, 2005-1, as trust depositor (the “Trust
Depositor”), Wachovia Bank of Delaware, National Association, as owner trustee (the “Owner Trustee”) and American Capital Strategies, Ltd., as the servicer (the “Servicer”), a summary of certain of the
pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust Agreement or the Transfer and Servicing Agreement (defined in the Trust
Agreement). 
  
 This Trust Certificate is one of a duly authorized issue of ACAS
Business Loan Trust 2005-1 Trust Certificates (herein called the “Trust Certificates”). This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement
the Holder of this Trust Certificate by virtue of its acceptance hereof assents and by which such Holder is bound. 
  
 Under the Trust Agreement, there will be distributed on each Payment Date, to the Person in whose name this Trust Certificate is registered at the close of business on
the Record Date, such Certificateholder’s Percentage Interest in the amount to be distributed to Certificateholders on such Payment Date pursuant to the terms of the Trust Agreement, the Transfer and Servicing Agreement and the Indenture.

  
 The Holder of this Trust Certificate acknowledges and agrees that its rights
to receive distributions in respect of this Trust Certificate are subordinated to the rights of the Noteholders as described in the Transfer and Servicing Agreement and the Indenture. 
  
 It is the intent of the Trust Depositor, the Servicer, the Holders of the Class E Note and the Certificateholders that, for purposes of
federal income taxes, in the event that the Trust 

  

 B-3 








 
Certificates and the Class E Notes are owned by more than one Holder, the Trust will be treated as a partnership, the partners of which are the
Certificateholders and the Holders of the Class E Notes and, in the event that the Trust Certificates and the Class E Notes are all owned by a single holder, the Trust will be treated as a division of such holder. The Certificateholders and the
Holders of the Class E Notes, by acceptance of a Trust Certificate and a Class E Note, respectively, agree to treat the Trust Certificates and Class E Notes as equity and to take no action inconsistent with the treatment of, the Trust and the Trust
Certificates and Class E Notes for such tax purposes as just described. 
  
 Each
Certificateholder, by its acceptance of a Trust Certificate, covenants and agrees that such Certificateholder will not, prior to the date which is one year and one day (or such longer preference period as shall then be in effect) after the
termination of the Indenture, institute against the Trust or the Trust Depositor, or join in any institution against the Trust or the Trust Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Trust Certificates, the Notes, the Trust Agreement or any of the other Transaction Documents. 
  
 Distributions on this Trust Certificate will be made as provided in the Trust Agreement by
the Paying Agent by wire transfer or check mailed to the Certificateholder of record in the Certificate Register without the presentation or surrender of this Trust Certificate or the making of any notation hereon. Except as otherwise provided in
the Trust Agreement and notwithstanding the above, the final distribution on this Trust Certificate will be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Trust
Certificate at the office or agency maintained for that purpose by the Paying Agent. 
  
 Reference is hereby made to the further provisions of this Trust Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  
 Unless the certificate of authentication hereon shall have been executed by an authorized
officer of the Owner Trustee or the Certificate Registrar, by manual signature, this Trust Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement or the Transfer and Servicing Agreement or be valid for any purpose.

  
 THIS TRUST CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

 B-4 








 IN WITNESS WHEREOF, the Owner Trustee or the Certificate Registrar, on behalf of the Trust and not in its
individual capacity, has caused this Trust Certificate to be duly executed. 
  
 Date: 
  

			
	ACAS BUSINESS LOAN TRUST 2005-1
		
	By:	 	 WACHOVIA BANK OF DELAWARE,
 NATIONAL ASSOCIATION, solely
as
 Owner Trustee and not in its individual
 capacity

		
	By:	 	 
	 	 	Authorized Signatory


  
 CERTIFICATE OF
AUTHENTICATION 
  
 This is one of the Trust Certificates of ACAS
Business Loan Trust 2005-1 referred to in the within-mentioned Trust Agreement. 
  
 Date: 
  

			
	 WACHOVIA BANK OF DELAWARE,
 NATIONAL
ASSOCIATION, solely as Owner
 Trustee and not in its individual capacity

		
	By:	 	 
	 	 	Authorized Signatory
	
	or


  

			
	 WACHOVIA BANK OF DELAWARE,
 NATIONAL
ASSOCIATION, as Certificate
 Registrar

		
	By:	 	 
	 	 	Authorized Signatory


  

 B-5 








 [REVERSE OF TRUST CERTIFICATE] 
  
 The Trust Certificates do not represent an obligation of, or an interest in, the Trust Depositor, the Servicer, the Owner
Trustee or any affiliates of any of them and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated herein or in the Trust Agreement, the Indenture or the Transaction Documents. In addition, this
Trust Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections and recoveries with respect to the Loans (and certain other amounts), all as more specifically set forth
herein and in the Transaction Documents. A copy of each of the Transaction Documents may be examined by any Certificateholder upon written request during normal business hours at the principal office of the Trust Depositor and at such other places,
if any, designated by the Trust Depositor. 
  
 The Trust Agreement
permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trust Depositor and the rights of the Certificateholders under the Trust Agreement at any time, by the Trust Depositor
and the Owner Trustee with the consent of the Required Holders. Any such consent by the Required Holders shall be conclusive and binding on such Holder and on all future Holders of this Trust Certificate and of any Trust Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent is made upon this Trust Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of
the Holders of any of the Trust Certificates. 
  
 As provided in
the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Trust Certificate is registerable in the Certificate Register upon surrender of this Trust Certificate for registration of transfer at the offices or
agencies of the Certificate Registrar, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in
writing, and thereupon one or more new Trust Certificates of authorized denominations evidencing the same aggregate interest in the Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust
Agreement is the Owner Trustee. 
  
 The Trust Certificates are
issuable only as registered Trust Certificates without coupons in minimum Percentage Interests of 10% and integral multiples of 1% in excess thereof; provided, however, that one Trust Certificate may be issued in a
different denomination. As provided in the Trust Agreement and subject to certain limitations therein set forth, Trust Certificates are exchangeable for new Trust Certificates of authorized denominations evidencing the same aggregate denomination,
as requested by the Holder surrendering the same. No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or
governmental charge payable in connection therewith. 
  
 The Owner
Trustee, the Certificate Registrar and any agent of the Owner Trustee or the Certificate Registrar may treat the Person in whose name this Trust Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the
Certificate Registrar or any such agent shall be affected by any notice to the contrary. 
  

 B-6 








 This Trust Certificate may not be transferred directly or indirectly to (a) an employee benefit plan
(as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, (b) a plan described in and subject to Section 4975 of the Code or (c) any entity whose underlying assets include assets of any such
employee benefit plan or plan by reason of an employee benefit plan’s or plan’s investment in the entity (including, without limitation, insurance company general accounts). By accepting and holding this Trust Certificate, the Holder
hereof shall be deemed to have represented and warranted that it is not any of the foregoing entities and is not acting for the account of or with any assets of any of the foregoing entities. 
  
 This Trust Certificate may not be transferred to any Person who is not a U.S.
Person, as such term is defined in Section 7701(a)(30) of the Internal Revenue Code, as amended. 
  
 Each purchaser of the Trust Certificates shall be required, prior to purchasing a Trust Certificate, to execute the Purchaser’s Representation and
Warranty Letter in the form attached to the Trust Agreement as Exhibit B. 
  
 The obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate upon (i) the payment to Certificateholders of all amounts required to be paid to them pursuant to
the Trust Agreement and the Transfer and Servicing Agreement and the disposition of all property held as part of the Trust and (ii) the written consent of the Certificateholders. 
  

 B-7 








 ASSIGNMENT 
  
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 
  
 PLEASE INSERT SOCIAL SECURITY OR 
 OTHER
IDENTIFYING NUMBER OF ASSIGNEE 
  

	
	
	 
	(Please print or type name and address, including postal zip code, of assignee)
	
	 
	the within Trust Certificate, and all rights thereunder, hereby irrevocably constituting and appointing
	
	 
	to transfer said Trust Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.

  
 Dated: 
  

	
	
	*
	 Signature Guaranteed:



  

	
	
	*




	*	NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Trust Certificate in every particular, without alteration,
enlargement or any change whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. 

  

 B-8 








 EXHIBIT B 
  
 [Form of Purchaser’s Representation and Warranty Letter] 
  
 ACAS Business Loan Trust 2005-1 
 c/o Wachovia Bank of Delaware, National Association, 
 as Owner Trustee 
 300 Delaware Avenue, 9th Floor

 Wilmington, Delaware 19801 
 Attention: Corporate Trust
Administration 
  

	Re:	ACAS Business Loan Trust 2005-1 

  
 Ladies and Gentlemen: 
  
 In connection with our proposed acquisition of Trust Certificates (the “Trust Certificates”) issued under the Amended and Restated Trust
Agreement, dated as of October 4, 2005 (as amended, modified, restated, replaced, waived, substituted, supplemented or extended from time to time, the “Agreement”), between ACAS Business Loan LLC, 2005-1, as Trust Depositor
(the “Trust Depositor”), Wachovia Bank of Delaware, National Association, as Owner Trustee (the “Owner Trustee”) and American Capital Strategies, Ltd., as servicer (the “Servicer”), the undersigned
(the “Purchaser”) represents, warrants and agrees that: 
  
 1. It is the Trust Depositor or an Affiliate thereof, or an institutional “accredited investor” as defined in Rule 50l(a)(1)-(3) or (7) under the Securities Act and is acquiring the Trust
Certificates for its own institutional account or for the account of an institutional accredited investor. 
  
 2. It is not (a) an employee benefit plan (as defined in Section 3(3) of ERISA), subject to Title I of the Employee Retirement Income Security
Act of 1974, as amended, (b) a plan described in and subject to Section 4975 of the Internal Revenue Code of 1986, as amended, or (c) an entity (including an insurance company general account) whose underlying assets include assets of
any such employee benefit plan or plan by reason of the investment by any such employee benefit plan or plan in any such entity. 
  
 3. It is a U.S. Person as defined in Section 7701(a)(30) of the Code. 
  
 4. It has such knowledge and experience in evaluating business and financial matters so that it is capable of evaluating the
merits and risks of an investment in the Trust Certificates. It understands the full nature and risks of an investment in the Trust Certificates and based upon its present and projected net income and net worth, it believes that it can bear the
economic risk of an immediate or future loss of its entire investment in the Trust Certificates. 
  

 C-1 








 5. It understands that the Trust Certificates will be offered in a transaction not involving any public
offering within the meaning of the Securities Act, and that, if in the future it decides to resell, pledge or otherwise transfer any Trust Certificates, such Trust Certificates may be resold, pledged or transferred only (a) to a Person who the
seller reasonably believes is an institutional “accredited investor” as defined in Rule 501(a)(1)-(3) or (7) under the Securities Act that purchases for its own account or for the account of another institutional accredited
investor or (b) pursuant to an effective registration statement under the Securities Act. 
  
 6. If the transferee of a Class E Note and Certificate is a partnership, a limited liability company, a grantor trust (within the meaning of Sections 671-679 of the Internal Revenue Code of 1986, as amended) or an S
corporation (within the meaning of Section 1361 of the Code) (each a “flow-through entity”), except as previously disclosed to the Trust Depositor in writing, no person or entity will own, directly or indirectly through one or
more flow-through entities, an interest in the transferee such that more than 65% of the value of the person’s interest in the Purchaser is attributable to the transferee’s investment in the Trust. 
  
 7. It understands that each Trust Certificate will bear legends substantially
to the following effect: 
  
 THIS TRUST CERTIFICATE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS TRUST CERTIFICATE, AGREES THAT THIS TRUST CERTIFICATE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND TO A PERSON WHO HAS FURNISHED TO THE OWNER TRUSTEE (A) AN INVESTMENT LETTER TO THE EFFECT THAT SUCH PURCHASER IS THE TRUST DEPOSITOR OR AN AFFILIATE THEREOF, OR AN INSTITUTIONAL
ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)-(3) OR (7) UNDER THE ACT AND (B) IF REQUIRED, AN OPINION OF COUNSEL SATISFACTORY TO THE OWNER TRUSTEE. 
  
 NEITHER THIS TRUST CERTIFICATE NOR ANY INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A TRANSFER) BY, FOR
THE ACCOUNT OF OR WITH ANY ASSETS OF (A) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA,
(B) A PLAN DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED OR (C) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR
PLAN’S INVESTMENT IN THE ENTITY (INCLUDING, WITHOUT LIMITATION, INSURANCE COMPANY GENERAL ACCOUNTS). FURTHER, THIS TRUST CERTIFICATE MAY BE TRANSFERRED ONLY TO A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED. 
  

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 IF THE TRANSFEREE OF A CLASS E NOTE AND CERTIFICATE IS A PARTNERSHIP, A LIMITED LIABILITY COMPANY, A GRANTOR TRUST
(WITHIN THE MEANING OF SECTIONS 671-679 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED) OR AN S CORPORATION (WITHIN THE MEANING OF SECTION 1361 OF THE CODE) (EACH A “FLOW-THROUGH ENTITY”), EXCEPT AS PREVIOUSLY DISCLOSED TO THE
TRUST DEPOSITOR IN WRITING, NO PERSON OR ENTITY WILL OWN, DIRECTLY OR INDIRECTLY THROUGH ONE OR MORE FLOW-THROUGH ENTITIES, AN INTEREST IN THE TRANSFEREE SUCH THAT MORE THAN 65% OF THE VALUE OF THE PERSON’S INTEREST IN THE PURCHASER IS
ATTRIBUTABLE TO THE TRANSFEREE’S INVESTMENT IN THE TRUST. 
  
 THIS
TRUST CERTIFICATE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY. 
  
 NO TRANSFER, SALE, PLEDGE OR OTHER DISPOSITION OF ONE OR MORE TRUST CERTIFICATES (A “TRANSFER”) SHALL BE MADE UNLESS (1) SIMULTANEOUSLY WITH THE TRANSFER A PROPORTIONATE AMOUNT OF CLASS E NOTES ARE TRANSFERRED SO
THAT THE RATIO OF THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES SO TRANSFERRED TO ALL TRUST CERTIFICATES AND THE RATIO OF THE PERCENTAGE INTEREST OF THE CLASS E NOTES SO TRANSFERRED TO THE PERCENTAGE INTEREST OF ALL CLASS E NOTES ARE EQUAL,
(2) THE TRANSFERS OF THE TRUST CERTIFICATES AND CLASS E NOTES REFERRED TO HEREIN ARE MADE TO THE SAME PERSON AND (3) THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES AND CLASS E NOTES, RESPECTIVELY, SO TRANSFERRED IS NO LESS THAN TEN
(10%) PERCENT. 
  
 8. It is acquiring the Trust
Certificates for its own account and not with a view to the public offering thereof in violation of the Securities Act (subject, nevertheless, to the understanding that disposition of its property shall at all times be and remain within its
control). 
  
 9. It has been furnished with all information
regarding the Trust and Trust Certificates which it has requested from the Trust and the Trust Depositor. 
  
 10. Neither it nor anyone acting on its behalf has offered, transferred, pledged, sold or otherwise disposed of any Trust Certificate, any interest in any
Trust Certificate or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of any Trust Certificate, any interest in any Trust Certificate or any other similar security from, or otherwise
approached or negotiated with respect to any Trust Certificate, any interest in any Trust Certificate or any other similar security with, any Person in any manner or made any general solicitation by means of general advertising or in any other
manner, which would constitute a distribution of the Trust Certificates under the Securities Act or which would require registration pursuant to the Securities Act nor will it act, nor has it authorized or will authorize any Person to act, in such
manner with respect to any Trust Certificate. 
  

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 11. For the purposes of Section 3(c)(a)(A) of the Investment Company Act, it shall be counted as one
purchaser. 
  
 12. It also is acquiring Class E Notes such that
the ratio and Percentage Interest of the Class E Notes being acquired to all Class E Notes and the ratio and Percentage Interest of the Trust Certificates being acquired to all Trust Certificates are equal. 
  
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	Dated:	                     

  

	
	Very truly yours,
	
	 
	 NAME OF PURCHASER



  

			
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 


  

	
	NOTE: To be executed by an executive officer


  

 C-5