Document:

Exhibit 4.1

  

  

  

  
    $1,005,405,000

      Asset Backed Notes

     

    DAIMLER TRUCKS RETAIL TRUST 2020-1,

      as Issuer,

     

    and

     

    U.S. BANK NATIONAL ASSOCIATION,

      as Indenture Trustee

     

    
      

     

    

    INDENTURE

     

    Dated as of March 1, 2020

    
       

      

      

    

    

    
      
        

    

    CROSS REFERENCE TABLE*

     

    	TIA

            Section	 	 Indenture

            Section
	 	 	 
	
            310

          	
            (a)(1)

          	
            6.11

          
	 	
            (a)(2)

          	
            6.11

          
	 	
            (a)(3)

          	
            6.10; 6.11

          
	 	
            (a)(4)

          	
            N.A.**

          
	 	
            (a)(5)

          	
            6.11

          
	 	
            (b)

          	
            6.08; 6.11

          
	
            311

          	
            (a)

          	
            6.12

          
	 	
            (b)

          	
            6.12

          
	
            312

          	
            (a)

          	
            7.01

          
	 	
            (b)

          	
            7.01

          
	 	
            (c)

          	
            7.01

          
	
            313

          	
            (a)

          	
            7.04

          
	 	
            (b)(1)

          	
            7.04

          
	 	
            (b)(2)

          	
            7.04

          
	 	
            (c)

          	
            7.04; 11.05

          
	 	
            (d)

          	
            7.04

          
	
            314

          	
            (a)

          	
            3.09; 7.03

          
	 	
            (b)

          	
            3.06; 11.16

          
	 	
            (c)(1)

          	
            11.01

          
	 	
            (c)(2)

          	
            11.01

          
	 	
            (c)(3)

          	
            11.01

          
	 	
            (d)

          	
            11.01

          
	 	
            (e)

          	
            11.01

          
	 	
            (f)

          	
            11.01

          
	
            315

          	
            (a)

          	
            6.01

          
	 	
            (b)

          	
            6.05; 11.01

          
	 	
            (c)

          	
            6.01

          
	 	
            (d)

          	
            6.01

          
	 	
            (e)

          	
            5.13

          
	
            316

          	
            (a)

          	
            1.01

          
	 	
            (a)(1)(A)

          	
            5.11

          
	 	
            (a)(1)(B)

          	
            5.12

          
	 	
            (a)(2)

          	
            N.A.

          
	 	
            (b)

          	
            5.07

          
	 	
            (c)

          	
            N.A.

          
	
            317

          	
            (a)(1)

          	
            5.03

          
	 	
            (a)(2)

          	
            5.03

          
	 	
            (b)

          	
            3.03

          
	
            318

          	
            (a)

          	
            11.07

          

    
      

        
          

         

        

        	*	
                This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture.

              

      

    

     

    
      	
              **

            	
              N.A. means Not Applicable.

            

       

      

    

    
      
        

    

    
    
      TABLE OF CONTENTS

    

     

    

    	 	
            Page

          
	 	 
	
            ARTICLE ONE

             

            

            DEFINITIONS AND INCORPORATION BY REFERENCE

          

    

    

    	
            Section 1.01.

          	
            Capitalized Terms; Rules of Usage

          	
            2

          
	
            Section 1.02.

          	
            Incorporation by Reference of Trust Indenture Act

          	
            2

          

    

    

    	
            ARTICLE TWO

             

            

            THE NOTES

          

    

    

    	
            Section 2.01.

          	
            Form

          	
            3

          
	
            Section 2.02.

          	
            Execution, Authentication and Delivery

          	
            3

          
	
            Section 2.03.

          	
            Temporary Notes

          	
            4

          
	
            Section 2.04.

          	
            Tax Treatment

          	
            4

          
	
            Section 2.05.

          	
            Registration; Registration of Transfer and Exchange

          	
            4

          
	
            Section 2.06.

          	
            Mutilated, Destroyed, Lost or Stolen Notes

          	7
	
            Section 2.07.

          	
            Persons Deemed Owner

          	
            7

          
	
            Section 2.08.

          	
            Payment of Principal and Interest

          	
            7

          
	
            Section 2.09.

          	
            Cancellation

          	
            11

          
	
            Section 2.10.

          	
            Book-Entry Notes

          	
            11

          
	
            Section 2.11.

          	
            Notices to Clearing Agency

          	
            12

          
	
            Section 2.12.

          	
            Definitive Notes

          	
            12

          
	
            Section 2.13.

          	
            Release of Collateral

          	
            13

          
	
            Section 2.14.

          	
            FATCA

          	
            13

          
	
            Section 2.15.

          	
            Authenticating Agents

          	
            13

          

    

    

    	
            ARTICLE THREE

             

            

            COVENANTS

          

    

    

    	
            Section 3.01.

          	
            Payment of Principal and Interest

          	14
	
            Section 3.02.

          	
            Maintenance of Office or Agency

          	14
	
            Section 3.03.

          	
            Money for Payments to be Held in Trust

          	14
	
            Section 3.04.

          	
            Existence

          	15
	
            Section 3.05.

          	
            Protection of Trust Estate

          	15
	
            Section 3.06.

          	
            Opinions as to Trust Estate

          	16
	
            Section 3.07.

          	
            Performance of Obligations; Servicing of Receivables

          	17
	
            Section 3.08.

          	
            Negative Covenants

          	18
	
            Section 3.09.

          	
            Annual Statement as to Compliance

          	19
	
            Section 3.10.

          	
            Issuer May Consolidate Etc., Only on Certain Terms

          	19
	
            Section 3.11.

          	
            Successor or Transferee

          	21
	
            Section 3.12.

          	
            Servicer’s Obligations

          	21

     

    

    
      i

      
        

    

    	 	 	
            Page

          
	 	 	 
	
            Section 3.13.

          	
            Guarantees, Loans, Advances and Other Liabilities

          	21
	
            Section 3.14.

          	
            Capital Expenditures

          	22
	
            Section 3.15.

          	
            Removal of Administrator

          	22
	
            Section 3.16.

          	
            Restricted Payments

          	22
	
            Section 3.17.

          	
            Notice of Events of Default

          	22
	
            Section 3.18.

          	
            Further Instruments and Acts

          	22
	
            Section 3.19.

          	
            Compliance with Laws

          	22
	
            Section 3.20.

          	
            Amendments of Sale and Servicing Agreement and Trust Agreement

          	22

    

    

    	
            ARTICLE FOUR

             

            

            SATISFACTION AND DISCHARGE

          

    

    

    	
            Section 4.01.

          	
            Satisfaction and Discharge of Indenture

          	23
	
            Section 4.02.

          	
            Satisfaction, Discharge and Defeasance of the Notes

          	24
	
            Section 4.03.

          	
            Application of Trust Money

          	25
	
            Section 4.04.

          	
            Repayment of Monies Held by Paying Agent

          	25

    

    

    	
            ARTICLE FIVE

             

            

            EVENTS OF DEFAULT; REMEDIES

          

    

    

    	
            Section 5.01.

          	
            Events of Default

          	26
	
            Section 5.02.

          	
            Acceleration of Maturity; Rescission and Annulment

          	27
	
            Section 5.03.

          	
            Collection of Indebtedness and Suits for Enforcement by Indenture Trustee

          	
            28

          
	
            Section 5.04.

          	
            Remedies

          	29
	
            Section 5.05.

          	
            Optional Preservation of the Trust Estate

          	
            31

          
	
            Section 5.06.

          	
            Limitation of Suits

          	31

          
	
            Section 5.07.

          	
            Unconditional Rights of Noteholders to Receive Principal and Interest

          	31
	
            Section 5.08.

          	
            Restoration of Rights and Remedies

          	31
	
            Section 5.09.

          	
            Rights and Remedies Cumulative

          	32
	
            Section 5.10.

          	
            Delay or Omission Not a Waiver

          	32
	
            Section 5.11.

          	
            Control by Noteholders

          	32
	
            Section 5.12.

          	
            Waiver of Past Default

          	
            33

          
	
            Section 5.13.

          	
            Undertaking for Cost

          	33
	
            Section 5.14.

          	
            Waiver of Stay or Extension Law

          	33
	
            Section 5.15.

          	
            Action on Note

          	33
	
            Section 5.16.

          	
            Performance and Enforcement of Certain Obligations

          	34
	
            Section 5.17.

          	
            Sale of Trust Estate

          	34

     

    

    
      ii

      
        

    

    	 	
            Page

          
	 	 
	
            ARTICLE SIX

             

            

            THE INDENTURE TRUSTEE

          

    

    

    	
            Section 6.01.

          	
            Duties of Indenture Trustee

          	35
	
            Section 6.02.

          	
            Rights of Indenture Trustee

          	36
	
            Section 6.03.

          	
            Individual Rights of Indenture Trustee

          	38
	
            Section 6.04.

          	
            Indenture Trustee’s Disclaimer

          	38
	
            Section 6.05.

          	
            Notice of Defaults; Notice of Repurchase Requests

          	38
	
            Section 6.06.

          	
            Reports and Documents by Indenture Trustee to Noteholders

          	39
	
            Section 6.07.

          	
            Compensation and Indemnity

          	39
	
            Section 6.08.

          	
            Replacement of Indenture Trustee

          	40
	
            Section 6.09.

          	
            Successor Indenture Trustee by Merger

          	41
	
            Section 6.10.

          	
            Appointment of Co-Trustee or Separate Trustee

          	42
	
            Section 6.11.

          	
            Eligibility; Disqualification

          	43
	
            Section 6.12.

          	
            Preferential Collection of Claims Against Issuer

          	
            43

          
	
            Section 6.13.

          	
            Representations and Warranties of Indenture Trustee

          	43
	
            Section 6.14.

          	
            Furnishing of Monthly Investor Reports and Other Documents

          	44
	
            Section 6.15.

          	
            Encryption

          	44

    

    

    	
            ARTICLE SEVEN

             

            

            NOTEHOLDER COMMUNICATIONS AND REPORTS

          

    

    

    	
            Section 7.01.

          	
            Noteholder List and Noteholder Communications

          	45
	
            Section 7.02.

          	
            Noteholder Demand for Asset Representations Review

          	46
	
            Section 7.03.

          	
            Reports by Issuer

          	47
	
            Section 7.04.

          	
            Reports by Indenture Trustee

          	47

    

    

    	
            ARTICLE EIGHT

             

            

            ACCOUNTS, DISBURSEMENTS AND RELEASES

          

    

    

    	
            Section 8.01.

          	
            Collection of Money

          	48
	
            Section 8.02.

          	
            Accounts

          	48
	
            Section 8.03.

          	
            General Provisions Regarding Accounts

          	49
	
            Section 8.04.

          	
            Release of Trust Estate

          	50
	
            Section 8.05.

          	
            Opinion of Counsel

          	50

    

    

    	
            ARTICLE NINE

             

            

            SUPPLEMENTAL INDENTURES

          

    

    

    	
            Section 9.01.

          	
            Supplemental Indentures Without Consent of Noteholders

          	51
	
            Section 9.02.

          	
            Supplemental Indentures with Consent of Noteholders

          	52
	
            Section 9.03.

          	
            Execution of Supplemental Indentures

          	54

     

    

    
      iii

      
        

    

    	 	 	
            Page

          
	 	 	 
	
            Section 9.04.

          	
            Effect of Supplemental Indenture

          	54
	
            Section 9.05.

          	
            Conformity with Trust Indenture Act

          	54
	
            Section 9.06.

          	
            Reference in Notes to Supplemental Indentures

          	54

    

    

    	
            ARTICLE TEN

             

            

            REDEMPTION OF NOTES

          

    

    

    	
            Section 10.01.

          	
            Redemption

          	55
	
            Section 10.02.

          	
            Form of Redemption Notice

          	55
	
            Section 10.03.

          	
            Notes Payable on Redemption Date

          	56

    

    

    	
            ARTICLE ELEVEN

             

            

            MISCELLANEOUS

          

    

    

    	
            Section 11.01.

          	
            Compliance Certificates and Opinions, Etc

          	57
	
            Section 11.02.

          	
            Form of Documents Delivered to Indenture Trustee

          	58
	
            Section 11.03.

          	
            Acts of Noteholders

          	59
	
            Section 11.04.

          	
            Notices, etc., to Indenture Trustee, Issuer, Depositor and Rating Agencies

          	60
	
            Section 11.05.

          	
            Notices to Noteholders; Waiver

          	60
	
            Section 11.06.

          	
            Alternate Payment and Notice Provisions

          	61
	
            Section 11.07.

          	
            Conflict with Trust Indenture Act

          	61
	
            Section 11.08.

          	
            Effect of Headings and Table of Contents

          	61
	
            Section 11.09.

          	
            Successors and Assigns

          	61
	
            Section 11.10.

          	
            Severability

          	61
	
            Section 11.11.

          	
            Benefits of Indenture; Third Party Beneficiaries

          	61
	
            Section 11.12.

          	
            Legal Holidays

          	61
	
            Section 11.13.

          	
            GOVERNING LAW

          	62
	
            Section 11.14.

          	
            WAIVER OF JURY TRIAL

          	62
	
            Section 11.15.

          	
            Counterparts

          	62
	
            Section 11.16.

          	
            Recording of Indenture

          	62
	
            Section 11.17.

          	
            Trust Obligation

          	62
	
            Section 11.18.

          	
            No Petition

          	63
	
            Section 11.19.

          	
            No Recourse

          	63
	
            Section 11.20.

          	
            Inspection

          	64
	
            Section 11.21.

          	
            Subordination Agreement

          	64
	
            Section 11.22.

          	
            Security Interest Matters

          	64

    

    

    EXHIBITS

     

    	
            Exhibit A – Form of Notes

          	
            A-1

          
	
            Exhibit B – Form of Repurchase Request Notice

          	
            B-1

          

     

    

    
      iv

      
        

    

    This INDENTURE, dated as of March 1, 2020 (as amended, restated, supplemented or otherwise modified from time to time, this “Indenture”), is between DAIMLER TRUCKS RETAIL TRUST 2020-1, a Delaware statutory trust (the
      “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as trustee (the “Indenture Trustee”).

     

    Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the holders of the Issuer’s 0.00% Class A‐1 Asset Backed Notes (the “Class A‐1 Notes”), 1.14% Class A-2 Asset
      Backed Notes (the “Class A-2 Notes”), 1.22% Class A‐3 Asset Backed Notes (the “Class A‐3 Notes”) and 1.37% Class A‐4 Asset Backed Notes (the “Class A‐4 Notes” and, together with the Class A‐1 Notes, the Class A-2 Notes and the Class A-3 Notes, the
      “Notes”):

     

    GRANTING CLAUSE

     

    The Issuer hereby Grants to the Indenture Trustee on the Closing Date, on behalf of and for the benefit of the Noteholders, without recourse, all of the Issuer’s right, title and interest in, to and under the following
      assets, in each case, whether now owned or existing or hereafter acquired or arising, (i) the Receivables, (ii) all amounts due and collected on or in respect of the Receivables after the Cutoff Date, (iii) the security interests (including in the
      Financed Equipment) granted by the Obligors pursuant to the Receivables, (iv) all proceeds from claims on any insurance policies relating to the Receivables, the Financed Equipment or the Obligors, (v) the Receivable Files, (vi) the Collection
      Account, the Note Payment Account, the Reserve Fund and all amounts, securities, Financial Assets, investments and other property deposited in or credited to any of the foregoing and all proceeds thereof, (vii) all rights of the Depositor under the
      Receivables Purchase Agreement, including the right to require the Seller to repurchase certain Receivables from the Depositor, (viii) all rights of the Issuer under the Sale and Servicing Agreement, including the right to require the Seller to
      repurchase or the Servicer to purchase certain Receivables from the Issuer, (ix) the right to realize upon any property (including the right to receive future Net Liquidation Proceeds and Recoveries) that shall have secured a Receivable and have been
      repossessed by or on behalf of the Issuer, (x) all of the Issuer’s rights and benefits under the First-Tier Assignment (but none of its obligations or burdens) and (xi) all present and future claims, demands, causes of action and choses in action in
      respect of any or all of the foregoing, and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash
      or other liquid property, all accounts, accounts receivable, general intangibles, chattel paper, documents, money, investment property, deposit accounts, notes, drafts, acceptances, letters of credit, letter of credit rights, Insurance Proceeds,
      condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing
      (collectively, the “Collateral”).

     

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

     

    
      
        

    

    
    The Indenture Trustee, as trustee on behalf of the Noteholders, acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties as
      required in this Indenture in accordance with the terms hereof.  The Issuer hereby authorizes the filing of a financing statement against the Issuer describing the Collateral as constituting all assets of the Issuer as debtor, including its present
      and future right, title and interest in, to and under (but not, except to the extent required by law, any obligations with respect to) such assets whether now owned or existing or hereafter arising or acquired and wheresoever located.

     

    ARTICLE ONE

      

      DEFINITIONS AND INCORPORATION BY REFERENCE

     

    Section 1.01.    Capitalized Terms; Rules of Usage.  Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, dated
      as of March 1, 2020, among the Issuer, Daimler Retail Receivables LLC, as depositor, and Mercedes-Benz Financial Services USA LLC, as seller and servicer, which Appendix is hereby incorporated into and made a part of this Indenture.  Appendix A also
      contains rules as to usage applicable to this Indenture.

     

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

     

    “indenture securities” means the Notes.

     

    “indenture security holder” means a Noteholder.

     

    “indenture to be qualified” means this Indenture.

     

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

     

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

     

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

     

    
      2

      
        

    

    ARTICLE TWO

      

      THE NOTES

     

    Section 2.01.    Form.

     

    (a)          The Class A‐1 Notes, the Class A‐2 Notes, the Class A-3 Notes and the Class A-4 Notes, in each case together with the Indenture Trustee’s certificate of authentication,
      shall be issued in definitive form in substantially the form set forth in Exhibit A, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or
      other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the Authorized Officer of the Issuer executing such Notes, as evidenced by his or her execution of the Notes.  Any portion
      of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. The terms of the Notes as set forth in Exhibit A are part of the terms of this Indenture. Except as provided in
      Section 2.12, owners of beneficial interests in Book-Entry Notes will not be entitled to receive physical delivery of Definitive Notes.

     

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

     

    Section 2.02.    Execution, Authentication and Delivery.

     

    (a)          The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers.  The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
        Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the
        authentication and delivery of such Notes or did not hold such offices on the date of such Notes.

     

    (b)          The Indenture Trustee shall, upon Issuer Order, authenticate and deliver for original issue the following aggregate principal amounts of Notes: (i) $200,000,000 of Class A-1
        Notes, (ii) $384,000,000 of Class A-2 Notes, (iii) $336,000,000 of Class A-3 Notes and (iv) $85,405,000 of Class A-4 Notes.  The aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and
        Class A-4 Notes Outstanding at any time may not exceed such respective amounts except as provided in Section 2.06.

     

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

     

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

     

    
      3

      
        

    

    Section 2.03.    Temporary Notes.

     

    (a)          Pending the preparation of Definitive Notes pursuant to Section 2.12, the Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and
        deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this
        Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes.

     

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

     

    Section 2.04.    Tax Treatment.  The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for all purposes including United States
      federal, State and local income, single business and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate.  The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a
      Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree (i) to treat the Notes as indebtedness for all purposes, including United States federal, State and local income, single business and franchise tax
      purposes if held by persons other than the beneficial owner of the equity in the Issuer or an affiliate of such beneficial owner for such purposes and (ii) not to take any action inconsistent with the agreement in clause (i) above.

     

    Section 2.05.    Registration; Registration of Transfer and Exchange.

     

    (a)          The Issuer shall cause to be kept a register (the “Note Register”) in which the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. 
        The Indenture Trustee initially shall be the registrar (the “Note Registrar”) for the purpose of registering Notes and transfers of Notes as herein provided.  Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor
        or, if it elects not to make such an appointment, assume the duties of Note Registrar.

     

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

     

    
      4

      
        

    

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

     

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

     

    Every Note presented or surrendered for registration of transfer or exchange shall (if so required by the Issuer or the Indenture Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form
      and substance satisfactory to the Issuer and the Indenture Trustee, duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing.

     

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

     

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

     

    (e)          The preceding provisions of this Section notwithstanding, the Issuer shall not be required to make, and the Note Registrar need not register, transfers or exchanges of any Note selected for redemption.

     

    (f)          Each Person (and if such Person is a Benefit Plan or other employee benefit plan or arrangement, its fiduciary) to whom a Note is transferred will be required to represent, in the case of a Definitive Note,
      or deemed to represent, in the case of a Book-Entry Note, that either (i) it is not acquiring the Note with the assets of a Benefit Plan or other employee benefit plan or arrangement that is subject to Similar Law or (ii) (a) its acquisition and
      holding of the Note or any interest therein will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of Similar Law, and (b) the Note is rated investment grade by a nationally
      recognized statistical rating agency at the time of purchase or transfer.

     

    
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    (g)          The Indenture Trustee shall not be responsible for ascertaining whether any transfer complies with, or for otherwise monitoring or determining compliance with, the requirements or terms of the Securities
      Act, applicable State securities laws, ERISA or the Code; except that if a certificate is specifically required by the terms of this Section to be provided to the Indenture Trustee by a prospective transferor or transferee, the Indenture Trustee
      shall be under a duty to receive and examine the same to determine whether it conforms substantially on its face to the applicable requirements of this Section.

     

    (h)          Any purported transfer of a Note not in accordance with this Section shall be null and void and shall not be given effect for any purpose whatsoever.

     

    (i)           Upon any sale or transfer of any Note (or interest therein) that was retained by the Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax purposes as of
      the Closing Date, if for tax or other reasons it may be necessary to track any such Note (for example, if the Notes have original issue discount), tracking conditions such as requiring separate CUSIPs may be required by the Issuer as a condition to
      such transfer and the Issuer shall provide prior written notice of such sale or transfer and tracking condition to the Indenture Trustee.

     

    (j)          The Class A-1 Notes have not been registered under the Securities Act or the securities laws of any jurisdiction. Consequently, the Class A-1 Notes are not transferable other than pursuant to an effective
      registration statement under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of certain other provisions of this Indenture.

     

    (k)          Except in a sale, pledge or other transfer of the Class A-1 Notes to the Depositor or an Affiliate of the Depositor or pursuant an effective registration statement under the Securities Act, no further sale,
      pledge or other transfer of any Class A-1 Note (or interest therein) may be made by any Person unless either (A) such sale, pledge or other transfer is made to a QIB that is acting for its own account or the accounts of other QIBs and is aware that
      the transferor of such Notes intends to rely on the exemption from the registration requirements of the Securities Act provided by Rule 144A under the Securities Act or (B) such sale, pledge or other transfer is otherwise made in a transaction exempt
      from the registration requirements of the Securities Act, in which case the Indenture Trustee will require (1) that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and the Depositor in writing the facts
      surrounding such transfer, which certification will be in form and substance satisfactory to the Indenture Trustee and the Depositor, and (2) an Opinion of Counsel (which will not be at the expense of the Depositor, the Administrator, the Servicer,
      the Issuer or the Indenture Trustee) satisfactory to the Depositor and the Indenture Trustee to the effect that such transfer will not require registration under the Securities Act. The Class A-1 Notes will bear a legend in substantially the form set
      forth in Exhibit A to this Indenture.

     

    
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    Section 2.06.   Mutilated, Destroyed, Lost or Stolen Notes.

     

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

     

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

     

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

     

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

     

    Section 2.07.    Persons Deemed Owner.  Prior to due presentment for registration of transfer of any Note, the Issuer and any agent of the Issuer or the Indenture Trustee will
      treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether
      or not such Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary.

     

    Section 2.08.   Payment of Principal and Interest.

     

    (a)          On each Payment Date prior to the acceleration of the maturity of the Notes following the occurrence of an Event of Default, upon receipt of written instructions from the
        Servicer pursuant to Section 4.08(b) of the Sale and Servicing Agreement, the Indenture Trustee shall apply Available Funds on deposit in the Collection Account to make the following payments and deposits in the following order of priority:

     

    
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    (i)      to the Servicer, the Total Servicing Fee and any Nonrecoverable Advances for the related Collection Period;

     

    (ii)     pro rata to (A) the Trustees, to the extent not previously paid pursuant to Section 1.02(b)(i) of the Administration Agreement, Sections 8.01 and 8.02 of the Trust Agreement, Section 6.02 of
      the Sale and Servicing Agreement or Section 6.07, the Total Trustee Fees for the related Collection Period, plus any overdue Total Trustee Fees for one or more prior Collection Periods and (B) the Asset Representations Reviewer, the Asset
      Representations Reviewer Fees; provided, however, that the aggregate amount payable pursuant to this clause (ii) may not exceed $250,000 in any calendar year;

     

    (iii)    to the Note Payment Account, for payment to the interest-bearing Notes, the Interest Distributable Amount, ratably, for each interest-bearing Class of
        Notes;

     

    (iv)    to the Note Payment Account, for payment of principal on the Notes in the priority set forth in Section 2.08(b), the Priority Principal Distributable Amount, if any; to the Reserve Fund, the
      Reserve Fund Deficiency for such Payment Date, if any;

     

    (v)     to the Note Payment Account, for payment of principal on the Notes in the priority set forth in Section 2.08(b), the Regular Principal Distributable Amount, if any;

     

    (vi)    if a Successor Servicer has been appointed pursuant to Section 7.02 of the Sale and Servicing Agreement, to such Successor Servicer, any Transition Costs due in connection with such transfer of
      servicing and not paid pursuant to Section 7.01 of the Sale and Servicing Agreement, plus the Additional Servicing Fee, if any, for the related Collection Period;

     

    (vii)   to the Trustees and the Asset Representations Reviewer, pro rata, the Total Trustee Fees and any amounts due under the Asset Representations Review Agreement, respectively, to the extent that
      they have not previously been paid as described under clause (ii) above; and

     

    (viii)  to the Certificateholders, any Excess Collections.

     

    Notwithstanding the foregoing, following the occurrence and during the continuation of an Event of Default which has resulted in an acceleration of the Notes, all Available Funds shall be deposited into the Note Payment
      Account and applied in accordance with Section 2.08(f).  Any distributions to be made by the Indenture Trustee under the Basic Documents may be made by the Paying Agent.

     

    The Reserve Fund Draw Amount shall be used to make the payments described in Section 4.02 of the Sale and Servicing Agreement.

     

    
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    If the amount on deposit in the Note Payment Account (including any portion of the Reserve Fund Draw Amount) on any Payment Date is less than the amount described in clause (iii) above for such Payment Date, the
      Indenture Trustee, either directly or through the Paying Agent, shall pay the available amount to the Noteholders of each interest-bearing Class of Notes pro rata based on the Interest Distributable Amount payable to such Class on such Payment Date.

     

    For purposes of distributions from the Reserve Fund pursuant to Section 4.02(d) of the Sale and Servicing Agreement, any portion of the Priority Principal Distributable Amount and the Regular Principal Distributable
      Amount shall be deemed to be due and payable on any Payment Date on which funds sufficient to pay such portion would be available to make such payment from funds withdrawn from the Reserve Fund and distributed with the priorities set forth in
      accordance with this Section 2.08(a). For the avoidance of doubt, other than on the applicable Final Scheduled Payment Date for a Class of Notes, the First Priority Principal Distributable Amount and the Regular Principal Distributable Amount, or any
      portion thereof, shall not be due (other than in accordance with Section 2.08(f)) unless amounts are actually available to make such payments in accordance with Section 2.08(a). Additionally, any portion of the First Priority Principal Distributable
      Amount and the Regular Principal Distributable Amount shall be deemed to be due and payable on any date where the Servicer elects to exercise its Optional Purchase and the Issuer redeems the outstanding Notes pursuant to Section 10.01.

     

    If on any Payment Date, the aggregate amount on deposit in the Collection Account and the Reserve Fund equals or exceeds the Note Balance of all Notes Outstanding as of the last day of the related Collection Period, the
      accrued and unpaid interest thereon and all amounts due to the Servicer, the Trustees and the Asset Representations Reviewer, the Servicer shall provide written notification thereof to the Indenture Trustee and shall direct the Indenture Trustee to
      apply all such amounts to retire the Notes and to pay all such amounts due to the Servicer and the Trustees in accordance with the provisions of this Section.

     

    (b)          The principal of each Note shall be payable in installments on each Payment Date in an aggregate amount (unless the Notes have been declared immediately due and payable
        following an Event of Default) for all Classes of Notes equal to the Aggregate Principal Distributable Amount.  On each Payment Date, upon receipt of instructions from the Servicer pursuant to Section 4.08(b) of the Sale and Servicing Agreement and
        subject to Section 2.08(f), the Indenture Trustee shall either directly or through a Paying Agent apply or cause to be applied the amount on deposit in the Note Payment Account on such Payment Date in respect of the Aggregate Principal
        Distributable Amount, to make the following payments in the following order of priority:

     

    (i)      to the Class A‐1 Notes, until the principal amount of the Class A‐1 Notes has been paid in full;

     

    (ii)     to the Class A‐2 Notes, until the principal amount of the Class A‐2 Notes has been paid in full;

     

    (iii)    to the Class A‐3 Notes until the principal amounts of the Class A‐3 Notes have been paid in full; and

     

    
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    (iv)    to the Class A‐4 Notes until the principal amounts of the Class A‐4 Notes have been paid in full.

     

    (c)          The unpaid principal amount, to the extent not previously paid, of the (i) Class A‐1 Notes shall be due and payable on the Class A‐1 Final Scheduled Payment Date, (ii) Class A‐2 Notes shall be due and
      payable on the Class A‐2 Final Scheduled Payment Date, (iii) Class A‐3 Notes shall be due and payable on the Class A‐3 Final Scheduled Payment Date and (iv) Class A‐4 Notes shall be due and payable on the Class A‐4 Final Scheduled Payment Date.

     

    (d)          Each Class of Notes (other than the Class A-1 Notes) shall accrue interest during each Interest Period at the related Interest Rate, and such interest shall be due and payable on each Payment Date.  Interest
      on the Class A‐2 Notes, the Class A‐3 Notes and the Class A-4 Notes shall be calculated on the basis of a 360‐day year of twelve 30‐day months.  Notwithstanding any other provision hereof, no Interest Rate may
      exceed the maximum rate permitted by Applicable Law.

     

    Subject to Section 3.01, any installment of interest or principal, if any, payable on any Note that is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such
      Note (or one or more Predecessor Notes) is registered on the related Record Date by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date; provided, however, that, unless Definitive
      Notes have been issued pursuant to Section 2.12, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment shall be made by wire transfer in
      immediately available funds to the account designated by such nominee, and except for the final installment of principal payable with respect to such Note on a Payment Date or on the related Final Scheduled Payment Date (and except for the Redemption
      Price for any Note called for redemption in whole pursuant to Section 10.01), which shall be payable as provided herein.  The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03.

     

    (e)          All principal and interest payments on a Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto.  Except as otherwise provided herein, the
        Indenture Trustee shall, before the Payment Date on which the Issuer expects to pay the final installment of principal of and interest on any Note, notify the Holder of such Note as of the related Record Date of such final installment.  Such notice
        shall be mailed or transmitted by facsimile prior to such final Payment Date and shall specify that such final installment shall be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be
        presented and surrendered for payment of such installment.  Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.02.

     

    (f)          Notwithstanding the foregoing, the unpaid principal amount of the Notes shall be due and payable, to the extent not previously paid, on the date on which an Event of Default
        shall have occurred and be continuing, if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the Notes have declared the Notes to be immediately due and payable in the manner provided in
        Section 5.02(a).  On each Payment Date following acceleration of the Notes, upon receipt of instructions from the Servicer pursuant to Section 3.10 of the Sale and Servicing Agreement, the Indenture Trustee or the Paying Agent shall deposit all
        Available Funds into the Note Payment Account and shall apply or cause to be applied all such amounts to make the following payments and deposits in the following order of priority:

     

    
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    (i)      to the Servicer, the Total Servicing Fee and any Nonrecoverable Advances for the related Collection Period;

     

    (ii)     to the Trustees and the Asset Representations Reviewer, pro rata, the Total Trustee Fees, and the Asset
        Representations Reviewer Fees, respectively, without limitation;

     

    (iii)    to the Holders of the interest-bearing Notes, the Interest Distributable Amount for each interest-bearing Class of Notes;

     

    (iv)    to the Class A‐1 Noteholders, payments of principal until the principal amount of the Class A‐1 Notes has been paid in full; and

     

    (v)     to the Holders of each Class of remaining Notes, pro rata based on the outstanding principal amount of each such Class of Notes as of such Payment Date, payments of principal until the
      principal amount of each such Class of remaining Notes has been paid in full;

     

    (i)      if a Successor Servicer has been appointed pursuant to Section 7.02 of the Sale and Servicing Agreement, to such Successor Servicer, any Transition Costs
        due in connection with such transfer of servicing and not paid pursuant to Section 7.01 of the Sale and Servicing Agreement plus the Additional Servicing Fee, if any, for the related Collection Period; and

     

    (ii)     to the Certificateholders, any Excess Collections.

     

    Section 2.09.   Cancellation.  All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture
      Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee.  The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which
      the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee.  No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section,
      except as expressly permitted by this Indenture.  All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an
      Issuer Order that they be destroyed or returned to it; provided, that such Issuer Order is timely and the Notes have not been previously disposed of by the Indenture Trustee.

     

    Section 2.10.    Book-Entry Notes.  Except as provided in Section 2.12, the Notes, upon original issuance, will be issued in the form of a typewritten Note or Notes
      representing the Book-Entry Notes, to be delivered to Indenture Trustee, as custodian for the initial Clearing Agency, by, or on behalf of, the Issuer.  The Book-Entry Notes shall be registered initially on the Note Register in the name of Cede &
      Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a definitive Note representing such Note Owner’s interest in such Book Entry Note, except as provided in Section 2.12.  Unless and until Definitive Notes have been issued
      to Note Owners pursuant to Section 2.12:

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 2.12.    Definitive Notes.  Definitive Notes will be issued only if:

     

    (i)      (A) the Clearing Agency is no longer willing or able to properly discharge its respon-sibilities with respect to the Book-Entry Notes and (B) the Indenture Trustee is not able to locate a
      qualified successor; or

     

    (ii)     after the occurrence of an Event of Default, owners of Book-Entry Notes representing beneficial interests aggregating not less than 51% of the principal amount of a Class of Notes advise the
      Indenture Trustee and the Clearing Agency Participant through the Clearing Agency, in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of such Note Owners.

     

    
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    In each case, the Indenture Trustee shall then notify Note Owners of the related Class of Notes through the Clearing Agency of the occurrence of any such event and of the availability of Definitive Notes of the related
      Class of Notes to Note Owners requesting the same.

     

    Upon surrender to the Indenture Trustee of the Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer at its own expense shall execute and deliver the
      Definitive Notes to the Indenture Trustee and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency.  None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable
      for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions.  Upon the issuance of Definitive Notes of a Class, the Indenture Trustee shall recognize the Noteholders of the
      Definitive Notes as Noteholders hereunder.

     

    Section 2.13.    Release of Collateral.  Subject to Section 11.01 and the terms of the other Basic Documents, the Indenture Trustee shall release property from the Lien of
      this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and, if required by Section 11.01, Independent Certificates in accordance with Sections
      314(c) and 314(d)(1) of the TIA or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.  If the Commission shall issue an exemptive order under TIA
      Section 304(d) modifying the Indenture Trustee’s obligations under TIA Sections 314(c) and 314(d)(1), the Indenture Trustee shall release property from the Lien of this Indenture in accordance with the conditions and procedures set forth in such
      exemptive order.

     

    Section 2.14.   FATCA.  Each Noteholder and Note Owner, by acceptance of a Note or a beneficial interest therein, agrees to provide to the Indenture Trustee, any Paying Agent
      or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information.  In addition, each Noteholder and Note Owner, by acceptance of a Note or a
      beneficial interest therein, agrees that the Indenture Trustee or any Paying Agent has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a Noteholder that fails to comply
      with the requirements of the preceding sentence.

     

    Section 2.15.    Authenticating Agents.  Upon the request of the Issuer, the Indenture Trustee may appoint one or more Authenticating Agents with power to act on its behalf
      and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.02, 2.03, 2.05 and 2.06, as fully to all intents and purposes as though each such Authenticating Agent had been
      expressly authorized by such Sections to authenticate such Notes.  For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes “by the Indenture
      Trustee”.

     

    Any entity into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, consolidation or conversion to which any Authenticating Agent shall
      be a party, or any entity succeeding to all or substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any document or any
      further act on the part of the parties hereto or such Authenticating Agent or such successor entity.

     

    
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    ARTICLE THREE

      

      COVENANTS

     

    Section 3.01.   Payment of Principal and Interest.  The Issuer will duly and punctually pay the principal of and interest, if any, on the Notes in accordance with the terms of
      the Notes and this Indenture.  Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this
      Indenture.

     

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

     

    Section 3.03.   Money for Payments to be Held in Trust.  As provided in Section 8.02, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Accounts
      shall be made on behalf of the Issuer by the Indenture Trustee or by a Paying Agent, and no amounts so withdrawn from the Accounts for payments of Notes shall be paid over to the Issuer except as provided in this Section.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 3.04.   Existence.  The Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it
      becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such other
      jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each
      other instrument or agreement included in the Trust Estate in connection with this Indenture and the other Basic Documents and the transactions contemplated hereby and thereby until such time as the Issuer shall terminate in accordance with the terms
      hereof.

     

    Section 3.05.   Protection of Trust Estate.  The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the
      Noteholders to be prior to all other Liens in respect of the Trust Estate, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the Noteholders, a first Lien on and a first
      priority, perfected security interest in the Trust Estate.

     

    
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    The Issuer will from time to time authorize, execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other
      instruments and will take such other action necessary or advisable to:

     

    (i)      Grant more effectively any portion of the Trust Estate;

     

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

     

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

     

    (iv)    enforce any of the Trust Estate;

     

    (v)     preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against the claims of all
        Persons; or

     

    (vi)    pay all taxes or assessments levied or assessed upon the Trust Estate when due.

     

    The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute any financing statement, continuation statement or other instrument required to be executed pursuant to this Section.

     

    Section 3.06.    Opinions as to Trust Estate.

     

    (a)          On the Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion of such counsel, either (i) all financing
        statements and continuation statements have been executed and filed that are necessary to create and continue the first priority perfected security interest of the Indenture Trustee in the Collateral for the benefit of the Noteholders, and reciting
        the details of such filings or referring to prior Opinions of Counsel in which such details are given or (ii) no such action shall be necessary to perfect such security interest.

     

    (b)          Within 90 days after the beginning of each fiscal year of the Issuer beginning with the first fiscal year beginning more than three months after the Cutoff Date, the Issuer
        shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures
        supplemental hereto and any other requisite documents and with respect to the authorization and filing of any financing statements and continuation statements as is necessary to maintain the Lien and security interest created by this Indenture and
        reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such Lien and security interest.  Such Opinion of Counsel shall also describe the recording, filing, re-recording and
        refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the authorization and filing of any financing statements and continuation statements that shall, in the opinion of such counsel, be required to
        maintain the Lien and security interest of this Indenture until March 31 in the following calendar year.

     

    
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    Section 3.07.    Performance of Obligations; Servicing of Receivables.

     

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

     

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

     

    (c)          The Issuer will punctually perform and observe all of its obligations and agreements contained in this Indenture, the other Basic Documents and in the instruments and agreements
        included in the Trust Estate, including filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Basic Documents in accordance with and within the time
        periods provided for herein and therein.

     

    (d)          If the Issuer shall have knowledge of the occurrence of a Servicer Termination Event, the Issuer shall promptly notify the Depositor, the Indenture Trustee and each Rating
        Agency, and shall specify in such notice the action, if any, the Issuer is taking with respect to such default.  If a Servicer Termination Event shall arise from the failure of the Servicer to perform any of its duties or obligations under the Sale
        and Servicing Agreement with respect to the Receivables, the Issuer shall take all reasonable steps available to it to remedy such failure.

     

    (e)          On or after the receipt by the Servicer of notice of a Servicer Termination Event and the termination of the Servicer’s rights and powers pursuant to Section 7.01 of the Sale
        and Servicing Agreement, all authority and power of the Servicer shall, without further action, pass to and be vested in the Indenture Trustee in all respects in accordance with Section 7.02 of the Sale and Servicing Agreement.  The Indenture
        Trustee may resign as the Successor Servicer by giving written notice of such resignation to the Depositor and the Owner Trustee and in such event will be released from such duties and obligations, such release not to be effective until the date a
        new Servicer assumes the obligations under the Sale and Servicing Agreement as provided below.  Upon delivery of any such notice, the Indenture Trustee shall appoint, or petition a court of competent jurisdiction to appoint, a new Servicer as the
        Successor Servicer. In the case of either the appointment of the Indenture Trustee (or any Affiliate as provided below) as Successor Servicer, or resignation of the Indenture Trustee as Servicer, the Indenture Trustee shall provide to the
        Depositor, in writing, such information as reasonably requested by the Depositor to comply with its reporting obligation under the Exchange Act with respect to a Successor Servicer or the resignation of the Servicer.

     

    
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    Any Successor Servicer other than the Indenture Trustee shall be an Eligible Servicer.  In connection with any appointment by the Indenture Trustee of a Successor Servicer, the Indenture Trustee may make such
      arrangements for the compensation of such successor as it and such successor shall agree with, subject to the limitations set forth below and in the Sale and Servicing Agreement and, in accordance with Section 7.02 of the Sale and Servicing
      Agreement, the Successor Servicer shall assume the obligations and duties of the terminated Servicer under the Sale and Servicing Agreement.  If the Indenture Trustee shall succeed to the duties of the Servicer as provided herein, it shall do so in
      its individual capacity and not in its capacity as Indenture Trustee and, accordingly, the provisions of Article Six shall be inapplicable to the Indenture Trustee in its duties as the successor to the Servicer and the servicing of the Receivables. 
      In case the Indenture Trustee shall become successor to the Servicer under the Sale and Servicing Agreement, the Indenture Trustee shall be entitled to appoint as Servicer any one of its Affiliates or agents; provided, that the Indenture Trustee, in
      its capacity as Servicer, shall be fully liable for the actions and omissions of such Affiliate or agent in such capacity as Successor Servicer.  Notwithstanding any other provisions of this Indenture to the contrary, in no event shall the Indenture
      Trustee be liable for any servicing fee or for any differential in the amount of the servicing fee paid under the Sale and Servicing Agreement and the amount necessary to induce any Successor Servicer to act as Successor Servicer under the Sale and
      Servicing Agreement.

     

    (f)          The Issuer shall promptly notify the Depositor and the Trustees in writing of (i) any termination of the Servicer pursuant to the Sale and Servicing Agreement and (ii) the
        appointment of each Successor Servicer, including its name and address.

     

    (g)          The Issuer shall not waive timely performance or observance by the Depositor, the Servicer or the Seller of their respective duties or obligations under the Basic Documents if
        such waiver would reasonably be expected to materially adversely affect the Noteholders.

     

    Section 3.08.    Negative Covenants.  So long as any Notes are Outstanding, the Issuer shall not:

     

    (i)      engage in any business or activities other than those permitted by Section 2.03 of the Trust Agreement and financing, purchasing, acquiring, owning,
        pledging and managing the Receivables as contemplated by the Basic Documents and activities incidental to such activities;

     

    (ii)    except as expressly permitted by this Indenture or the other Basic Documents, sell, transfer, exchange or otherwise dispose of any of the properties or
        assets of the Issuer, including those included in the Trust Estate, unless directed to do so in writing by the Indenture Trustee;

     

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

     

    
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    (iv)    dissolve or liquidate in whole or in part;

     

    (v)     permit (A) the validity or effectiveness of this Indenture to be impaired, or permit the Lien of this Indenture to be amended, hypothecated, subordinated,
        terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (B) any Lien (other than the Permitted Liens and the Lien of
        this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof or (C) the Lien of this Indenture not to constitute a valid first priority (other
        than with respect to any Permitted Lien) and perfected security interest in the Trust Estate; or

     

    (vi)    incur, assume or guarantee any indebtedness other than the indebtedness evidenced by the Notes or indebtedness otherwise permitted by the Basic Documents.

     

    Section 3.09.   Annual Statement as to Compliance.  The Issuer will deliver to the Depositor and the Indenture Trustee, on or before June 30 of each year (commencing with the
      June 30 that is at least six months after the Closing Date), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that:

     

    (a)     a review of the activities of the Issuer during the preceding year (or such shorter period in the case of the first
        such Officer’s Certificate) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and

     

    (b)     to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all
        conditions and covenants under this Indenture throughout the preceding year (or such shorter period in the case of the first such Officer’s Certificate) or, if there has been a default in its compliance with any such condition or covenant,
        specifying each such default known to such Authorized Officer and the nature and status thereof.

     

    Section 3.10.    Issuer May Consolidate Etc., Only on Certain Terms.

     

    (a)          The Issuer shall not consolidate or merge with or into any other Person, unless:

     

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

     

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

     

    
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    (iii)    the Issuer has delivered prior written notice of such consolidation or merger to each Rating Agency and each Rating Agency, within ten days, either (1)
        confirms in writing that such consolidation or merger shall not cause the then-current rating of any class of Notes to be qualified, reduced or withdrawn, or (2) has not confirmed in writing that such consolidation or merger shall cause the
        then-current rating of any class of Notes to be qualified, reduced or withdrawn;

     

    (iv)    the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that (A)
      following such consolidation or merger, the Issuer (or the surviving entity or transferee) will not be classified as an association or a publicly traded partnership
      taxable as a corporation, each for United States federal income tax purposes, (B) such consolidation or merger will not cause the Notes to be characterized other than as indebtedness for United States
      federal income tax purposes and (C) such consolidation or merger will not cause the Notes to be deemed to have been exchanged for purposes of Section 1001 of the Code;

     

    (v)     any action that is necessary to maintain the Lien of this Indenture shall have been taken; and

     

    (vi)    the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger
        and such supplemental indenture comply with this Article and that all conditions precedent herein relating to such transaction have been complied with.

     

    (b)          Other than as specifically contemplated by the Basic Documents, the Issuer shall not convey or transfer all or substantially all of its properties or assets, including those
        included in the Trust Estate, to any other Person, unless:

     

    (i)      the Person that acquires by conveyance or transfer the properties or assets of the Issuer shall (A) be a United States citizen or a Person organized and
        existing under the laws of the United States or any State, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of
        the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such
        supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Noteholders and (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify,
        defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes;

     

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

     

    (iii)    the Issuer has delivered prior written notice of such consolidation or merger to each Rating Agency and each Rating Agency, within ten days, either (1)
        confirms in writing that such consolidation or merger shall not cause the then-current rating of any class of Notes to be qualified, reduced or withdrawn, or (2) has not confirmed in writing that such consolidation or merger shall cause the
        then-current rating of any class of Notes to be qualified, reduced or withdrawn;

     

    
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    (iv)    the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that (A)
      following such conveyance or transfer, the Issuer (or the surviving entity or transferee) will not be classified as an association or a publicly traded partnership taxable as a corporation, each for United States federal income tax purposes, (B) such
      conveyance or transfer will not cause the Notes to be characterized other than as indebtedness for United States federal income tax purposes and (C) such conveyance or transfer will not cause the Notes to be deemed to have been exchanged for purposes
      of Section 1001 of the Code;

     

    (v)     any action that is necessary to maintain the Lien created by this Indenture shall have been taken; and

     

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

     

    Section 3.11.    Successor or Transferee.

     

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

     

    (b)          Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to Section 3.10(b), the Issuer will be released from every covenant and agreement of this Indenture to be observed or
      performed on the part of the Issuer with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee stating that the Issuer is to be so released.

     

    Section 3.12.    Servicer’s Obligations.  The Issuer shall cause the Servicer to comply with the Sale and Servicing Agreement.

     

    Section 3.13.    Guarantees, Loans, Advances and Other Liabilities.  Except as otherwise contemplated by the Basic Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or
      indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the
      obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person.

     

    
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    Section 3.14.    Capital Expenditures.  The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty).

     

    Section 3.15.    Removal of Administrator.  So long as any Notes are Outstanding, the Issuer shall not remove the Administrator without cause without providing prior written notice to the Rating Agencies.

     

    Section 3.16.    Restricted Payments.  Except as otherwise permitted by the Issuer Basic Documents, the Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of
      capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the
      Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer
      may make, or cause to be made, (a) distributions as contemplated by, and to the extent funds are available for such purpose under, the Sale and Servicing Agreement or the Trust Agreement and (b) payments to the Indenture Trustee pursuant to
      Section 1.02(b)(ii) of the Administration Agreement.  The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account, the Note Payment Account or the Reserve Fund, except in accordance with this Indenture
      and the other Issuer Basic Documents.

     

    Section 3.17.    Notice of Events of Default.  The Issuer shall give each Rating Agency and the Indenture Trustee prompt written notice of the occurrence of each Event of Default, each default on the part of the
      Seller, the Servicer or the Depositor of their respective obligations under the Sale and Servicing Agreement and each default on the part of the Seller or the Purchaser of their respective obligations under the Receivables Purchase Agreement.

     

    Section 3.18.    Further Instruments and Acts.  Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or
      proper to carry out more effectively the purpose of this Indenture.

     

    Section 3.19.    Compliance with Laws.  The Issuer shall comply with the requirements of all Applicable Laws, the non‐compliance with which would, individually or in the aggregate, materially and adversely affect
      the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Issuer Basic Document.

     

    Section 3.20.    Amendments of Sale and Servicing Agreement and Trust Agreement.  The Issuer shall not agree to any amendment to Section 9.01 of the Sale and Servicing Agreement or Section 11.01 of the Trust
      Agreement to eliminate the requirements thereunder that the Indenture Trustee or the Noteholders consent to amendments thereto as provided therein.

     

    
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    ARTICLE FOUR

      

      SATISFACTION AND DISCHARGE

     

    Section 4.01.    Satisfaction and Discharge of Indenture.  This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of registration
      of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.05, 3.08, 3.11, 3.13, 3.14, 3.15, 3.16
      and 3.17, (v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Section 4.02) and (vi) the rights of
      Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments
      acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when:

     

    (i)      either: (A) all Notes theretofore authenticated and delivered (other than Notes (1) that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.06 and
      (2) for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture
      Trustee for cancellation; or (B) all Notes not theretofore delivered to the Indenture Trustee for cancellation: (1) have become due and payable, (2) will become due and payable at the Class A-4 Final Scheduled
        Payment Date within one year or (3) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the
        Issuer, and the Issuer, in the case of clauses (1), (2) or (3) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee, cash or direct obligations of or obligations guaranteed by the United States (which
        will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due to
        the related Final Scheduled Payment Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.01), as the case may be;

     

    (ii)     the Issuer has paid or caused to be paid all other sums payable by the Issuer hereunder and under any other Issuer Basic Document; and

     

    (iii)    the Issuer has delivered to the Depositor and the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA or
        Section 11.01) an Independent Certificate, each meeting the applicable requirements of Section 11.01(a) and, subject to Section 11.02, each stating that all conditions precedent provided for in this Indenture relating to the satisfaction and
        discharge of this Indenture have been complied with.

     

    
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    Section 4.02.   Satisfaction, Discharge and Defeasance of the Notes.

     

    (a)          Upon satisfaction of the conditions set forth in Section 4.02(b), the Issuer shall be deemed to have paid and discharged the entire indebtedness on all the Notes Outstanding,
        and the provisions of this Indenture, as it relates to such Notes, shall no longer be in effect (and the Indenture Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging the same), except as to:

     

    (i)      the rights of the Noteholders to receive, from the trust funds described in Section 4.02(b)(i), payment of the principal of and interest on the Notes
        Outstanding at maturity of such principal or interest;

     

    (ii)     the obligations of the Issuer with respect to the Notes under Sections 2.05, 2.06, 3.02 and 3.03;

     

    (iii)    the obligations of the Administrator to the Indenture Trustee under Section 6.07; and

     

    (iv)    the rights, powers, trusts and immunities of the Indenture Trustee hereunder and the duties of the Indenture Trustee hereunder.

     

    (b)          The satisfaction, discharge and defeasance of the Notes pursuant to Section 4.02(a) is subject to the satisfaction of all of the following conditions:

     

    (i)      the Issuer has deposited or caused to be deposited irrevocably (except as provided in Section 4.04) with the Indenture Trustee as trust funds in trust,
        specifically pledged as security for, and dedicated solely to, the benefit of the Noteholders, which, through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day prior to the
        due date of any payment referred to below, money in an amount sufficient, in the opinion of a nationally recognized firm of Independent Accountants expressed in a written certification thereof delivered to the Indenture Trustee, to pay and
        discharge the entire indebtedness on the Notes Outstanding, for principal thereof and interest thereon to the date of such deposit (in the case of Notes that have become due and payable) or to the maturity of such principal and interest, as the
        case may be;

     

    (ii)     such deposit will not result in a breach or violation of, or constitute an event of default under, any Issuer Basic Document or other agreement or
        instrument to which the Issuer is bound;

     

    (iii)    no Event of Default has occurred and is continuing on the date of such deposit or on the 91st day after such date; and

     

    (iv)    the Issuer has delivered to the Depositor and the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
        precedent provided for in this Indenture relating to the defeasance contemplated by this Section have been complied with.

     

    
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    Section 4.03.    Application of Trust Money.  All monies deposited with the Indenture Trustee pursuant to this Article shall be held in trust and applied by the Indenture
      Trustee, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent, to the Holders of the Notes for the payment or redemption of which such monies have been deposited with the
      Indenture Trustee, of all sums due and to become due thereon for principal and interest, but such monies need not be segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by Applicable
      Law.

     

    Section 4.04.    Repayment of Monies Held by Paying Agent.  In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held
      by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.03 and thereupon
      such Paying Agent shall be released from all further liability with respect to such monies.

     

    
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    ARTICLE FIVE

      

      EVENTS OF DEFAULT; REMEDIES

     

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

     

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

     

    (ii)     default in the payment of the principal of any Note on its Final Scheduled Payment Date;

     

    (iii)    default in the observance or performance of any material covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement, a
        default in the observance or performance of which is specifically dealt with elsewhere in this Section) and such default shall continue or not be cured for a period of 60 days after there shall have been given, by registered or certified mail, to
        the Issuer by the Depositor or the Indenture Trustee or to the Issuer, the Depositor and the Indenture Trustee, by the Holders of Notes evidencing not less than 25% of the Note Balance of the Notes, a written notice specifying such default and
        requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;

     

    (iv)    any representation or warranty of the Issuer made in this Indenture or in any certificate or other writing delivered pursuant hereto or in connection
        herewith proving to have been incorrect in any material respect as of the time when the same shall have been made, and the circumstance or condition in respect of which such representation or warranty was incorrect shall not have been eliminated or
        otherwise cured for a period of 30 days after there shall have been given, by registered or certified mail, to the Issuer by the Depositor or the Indenture Trustee or to the Issuer, the Depositor and the Indenture Trustee by the Holders of Notes
        evidencing not less than 25% of the Note Balance of the Notes, a written notice specifying such incorrect representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;

     

    (v)     the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust
        Estate in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the
        Trust Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or

     

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

     

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

     

    Section 5.02.   Acceleration of Maturity; Rescission and Annulment.

     

    (a)          If an Event of Default shall have occurred and be continuing, the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the Notes may,
        upon prior written notice to each Rating Agency, declare the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee if given by Noteholders), the Depositor
        and the Servicer, and upon any such declaration the unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable.

     

    (b)          If the Notes have been declared immediately due and payable following an Event of Default, before a judgment or decree for payment of the amount due has been obtained by the
        Indenture Trustee as hereinafter provided in this Article, the Holders of Notes evidencing not less than 51% of the Note Balance of the Notes, by written notice to the Issuer, the Depositor and the Indenture Trustee, may rescind and annul such
        declaration of acceleration and its consequences if:

     

    (i)      the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all payments of principal of and interest on the Notes, (B) all sums
        paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel and (C) all other amounts that would then be due hereunder or upon the
        Notes if the Event of Default giving rise to such acceleration had not occurred; and

     

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

     

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

     

    

    
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      Section 5.03.    Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

       

        

    

    (a)          The Issuer covenants that if there is a default relating to the payment of (i) any interest on any Note when the same becomes due and payable, and such default continues for a
        period of five days, or (ii) the principal of any Note on the related Final Scheduled Payment Date, the Issuer will, upon demand of the Indenture Trustee, pay to it, for the benefit of the Noteholders, the whole amount then due and payable on such
        Notes for principal and interest, with interest upon the overdue principal at the applicable Interest Rate and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest at the applicable
        Interest Rate and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents
        and counsel.

     

    (b)          In case the Issuer shall fail forthwith to pay amounts described in Section 5.03(a) upon demand, the Indenture Trustee, in its own name and as trustee of an express trust, may
        institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner provided
        by Applicable Law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the monies adjudged or decreed to be payable.

     

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

     

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

     

    (i)      to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or
        documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee), and their respective agents and
        counsel and for all expenses and other amounts due and owing to the Indenture Trustee pursuant to Section 6.07 and of the Noteholders allowed in such Proceedings;

     

    
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    (ii)     unless prohibited by Applicable Law, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar
        functions in any such Proceedings;

     

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

     

    (iv)    to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the
        Noteholders allowed in any Proceedings relative to the Issuer, its creditors and its property;

     

    and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the event that the Indenture Trustee shall consent
      to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and
      counsel, and all other expenses and amounts due and owing to the Indenture Trustee pursuant to Section 6.07.

     

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

     

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

     

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

     

    Section 5.04.    Remedies.

     

    (a)          If the Notes have been declared to be immediately due and payable following an Event of Default, the Indenture Trustee may, or at the written direction of the Holders of Notes
        evidencing not less than 51% of the Note Balance of the Notes shall, take one or more of the following actions (subject to Sections 5.02 and 5.05):

     

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

     

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

     

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

     

    (iv)    sell or otherwise liquidate the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and
        conducted in any manner permitted by Applicable Law;

     

    provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate at the direction of the Noteholders following an Event of Default, other than an Event of Default described in
      Section 5.01(i) or (ii), unless: (A) the Holders of Notes evidencing 100% of the Note Balance consent thereto, (B) the proceeds of such sale or liquidation will be sufficient to pay in full the Note Balance and all accrued but unpaid interest on the
      Outstanding Notes or (C) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared
      immediately due and payable, and the Indenture Trustee obtains the consent of the Holders of Notes evidencing not less than 662⁄3% of the Note Balance of the Notes.  In determining such sufficiency or insufficiency with respect to clauses (B) and (C),
      the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for
      such purpose.

     

    (b)          If the Indenture Trustee collects any money or property pursuant to this Article as a result of selling or liquidating the Trust Estate, it shall pay out such money or property
        (together with all Available Collections and all amounts on deposit in the Accounts) on the related Payment Date or other date fixed pursuant to Section 5.04(c) in the order of priority set forth in Section 2.08(f).

     

    (c)          If the Indenture Trustee collects any money or property pursuant to this Section, the Indenture Trustee may fix a record date and payment date for any payment to Noteholders
        pursuant to this Section.  At least five days before such record date, the Indenture Trustee shall mail to each Noteholder and the Servicer a notice that states the record date, the payment date and the amount to be paid.

     

    
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    Section 5.05.    Optional Preservation of the Trust Estate.  If the Notes have been declared to be due and payable under Section 5.02 following an Event of Default and such
      declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate and continue to apply the proceeds thereof as if there had been no declaration of
      acceleration; provided, however, that the Available Funds shall be applied in accordance with such declaration of acceleration in the manner specified in Section 2.08(f).  It is the desire of the parties hereto and the Noteholders that there be at
      all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Trust Estate.  In determining whether to
      maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to
      the sufficiency of the Trust Estate for such purpose.

     

    Section 5.06.    Limitation of Suits.  Other than in connection with a dispute resolution pursuant to Section 3.17 of the Sale and Servicing Agreement, no Holder of any Note
      shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: (i) such Holder has previously given written notice
      to the Indenture Trustee of a continuing Event of Default; (ii) the Holders of Notes evidencing not less than 25% of the Note Balance of the Notes have made written request to the Indenture Trustee to institute such Proceeding in respect of such
      Event of Default in its own name as Indenture Trustee hereunder; (iii) such Holder or Holders have offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request;
      (iv) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and (v) no direction inconsistent with such written request has been given to the Indenture Trustee
      during such 60‐day period by the Holders of Notes evidencing not less than 51% of the Note Balance of the Notes.

     

    It is understood and intended that no one or more Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any
      other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except in the manner herein provided.

     

    In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less than 51% of the Note Balance of the Notes, the
      Indenture Trustee will take action in accordance with the request given by the Holders representing the greatest Note Balance of the Notes.

     

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

     

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

     

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

     

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

     

    Section 5.11.   Control by Noteholders.  The Holders of Notes evidencing not less than 51% of the Note Balance of the Notes shall have the right to direct the time, method and
      place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided, that:

     

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

     

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

     

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

     

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

     

    Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.01, the Indenture Trustee need not take any action that it determines might involve it in liability for which it will not be
      adequately indemnified or might materially adversely affect the rights of any Noteholders not consenting to such action.

     

    
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    Section 5.12.    Waiver of Past Default.  Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02, the Holders of Notes evidencing not less than 51% of the Note
      Balance of the Notes may, on behalf of all Noteholders, waive any past Default or Event of Default and its consequences except a Default or Event of Default (i) in payment of principal of or interest on any of the Notes or (ii) in respect of a
      covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note.  In the case of any such waiver, the Issuer, the Indenture Trustee and Noteholders shall be restored to their former positions and rights
      hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

     

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

     

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

     

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

     

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

     

    
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    Section 5.16.    Performance and Enforcement of Certain Obligations.

     

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

     

    (b)          If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing
        promptly thereafter)) of Holders of Notes evidencing not less than 662⁄3% of the Note Balance of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Depositor, the Seller or the Servicer under or in
        connection with the Sale and Servicing Agreement or against the Seller under or in connection with the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Depositor,
        the Seller or the Servicer, as the case may be, of its obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement or the Receivables Purchase
        Agreement, as the case may be, and any right of the Issuer to take such action shall be suspended.

     

    (c)          If an Event of Default shall have occurred and be continuing, the Indenture Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in
        writing promptly thereafter)) of the Holders of Notes evidencing not less than 662⁄3% of the Note Balance of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Depositor against the Seller under or in connection with
        the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller of its obligations to the Depositor thereunder and to give any consent, request, notice, direction,
        approval, extension or waiver under the Receivables Purchase Agreement, and any right of the Depositor to take such action shall be suspended.

     

    Section 5.17.    Sale of Trust Estate.  If the Indenture Trustee acts to sell the Trust Estate or any part thereof pursuant to Section
      5.04(a), the Indenture Trustee, at the expense of the Administrator, shall publish a notice in an Authorized Newspaper stating that the Indenture Trustee intends to effect such a sale in a commercially reasonable manner and on commercially reasonable
      terms, which shall include the solicitation of competitive bids.  Following such publication, the Indenture Trustee shall, unless otherwise prohibited by Applicable Law from any such action, sell the Trust Estate or any part thereof, in such manner
      and on such terms as provided above to the highest bidder; provided, however, that the Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale.  The Indenture Trustee shall give notice
      to the Depositor and the Servicer of any proposed sale, and each of them shall be permitted to bid for the Trust Estate at any such sale.  The Indenture Trustee may obtain a prior determination from a conservator, receiver or trustee in bankruptcy of
      the Issuer that the terms and manner of any proposed sale are commercially reasonable.  The power to effect any sale of any portion of the Trust Estate pursuant to Section 5.04 and this Section shall not be exhausted by any one or more sales as to
      any portion of the Trust Estate remaining unsold, but shall continue unimpaired until the entire Trust Estate shall has been sold or all amounts payable on the Notes shall have been paid.

     

    
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    ARTICLE SIX

      

      THE INDENTURE TRUSTEE

     

    Section 6.01.   Duties of Indenture Trustee.

     

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

     

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

     

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

     

    (ii)     in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions
        expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; however, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they
        conform to the requirements of this Indenture.

     

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

     

    (i)      this paragraph does not limit the effect of Section 6.01(b);

     

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

     

    (iii)    the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it
        pursuant to Sections 5.11 and 7.02.

     

    (d)          Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to Sections 6.01(a), (b) and (c).

     

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

     

    (f)          Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by Applicable Law or the terms of this Indenture or the other
        Basic Documents.

     

    
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    (g)          No provision of this Indenture shall require the Indenture Trustee to (i) advance, expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in
      the exercise of any of its rights or powers if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it or (ii) perform, or be responsible for the
      performance of, any of the obligations of the Servicer under this Indenture, except during such time, if any, as the Indenture Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of the Servicer in
      accordance with the terms of this Indenture.

     

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

     

    Section 6.02.    Rights of Indenture Trustee.

     

    (a)          Except as provided by the second succeeding sentence, the Indenture Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper Person.  The Indenture
      Trustee need not investigate any fact or matter stated in the document.  Notwithstanding the foregoing, the Indenture Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments
      furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they comply as to form to the requirements of this Indenture.

     

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

     

    (c)          The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture
      Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder.

     

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

     

    (e)          The Indenture Trustee may consult with counsel, and the written advice of such counsel or Opinion of Counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete
      authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.  The Indenture Trustee may also consult with financial
      expert(s) with respect to the performance of its duties under this Indenture, and so long as the Indenture Trustee selects such financial expert(s) with due care, the Indenture Trustee shall not be liable for any action it takes or omits to take in
      good faith in reliance on the advice of such financial expert(s) and not contrary to this Indenture or any other Basic Document.

     

    
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    (f)          The Indenture Trustee shall be under no obligation to, at the request, order or direction of any of the Noteholders pursuant to this Indenture, (i) exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Noteholders pursuant to this Indenture or (ii) institute or conduct or defend litigation or investigate any matter,
      unless requested to do so by Noteholders evidencing not less than 25% (or such higher percentage provided pursuant to any other applicable provision of this Indenture) of the Note Balance of the Notes and such
        Noteholders shall have offered to the Indenture Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by the Indenture Trustee, its agents and its counsel in compliance with such
        request or direction.

     

    (g)          The Indenture Trustee shall not be deemed to have discovered or to have knowledge of any Default, Event of Default, breach of a representation or warranty or other event unless
        a Responsible Officer of the Indenture Trustee has actual knowledge that a Default, Event of Default, breach of a representation or warranty or such other event has in fact occurred or has received written notice evidencing that an event which is
        in fact a Default, Event of Default, breach of representation or warranty or such other event has in fact occurred in accordance with the provisions of this Indenture.; provided, however, that, for the avoidance of doubt, the Indenture Trustee
        shall not be deemed to have knowledge of a breach of representation or warranty solely as a result of the receipt and possession by the Indenture Trustee of a Review Report.

     

    (h)          In the absence of willful misconduct, bad faith or negligence on its part, the Indenture Trustee will not be liable for any action taken or not taken by it in good faith in the
        administration of any Noteholder vote as to whether to direct the Asset Representations Reviewer to conduct a Review of the Review Assets so long as the administration of such vote conforms in all material respects to the Indenture Trustee’s
        standard internal vote solicitation process in effect at the time of such Noteholder vote.

     

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

     

    (j)          In no event will the Indenture Trustee have any responsibility to monitor compliance with or enforce compliance with the credit risk retention requirements for asset-backed
        securities or other rules or regulations relating to credit risk retention.  The Indenture Trustee will not be charged with knowledge of such rules, nor will it be liable to any Noteholder, Certificateholder, the Depositor, the Servicer or any
        other Person for violation of such rules now or hereinafter in effect.

     

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

     

    (l)          The Indenture Trustee shall not be liable for failure to perform its duties hereunder if such failure is a direct or proximate result of another party's failure to perform its
        obligations hereunder other than if such other party's failure is caused by the Indenture Trustee's willful misconduct, bad faith or negligence.

     

    (m)         The Indenture Trustee's receipt of reports and information hereunder shall not constitute notice of any information contained therein or determinable therefrom, including a
        party's compliance with covenants under the Indenture.

     

    (n)          Any discretion, permissive right or privilege of the Indenture Trustee to take or refrain from taking actions enumerated in this Indenture shall not be construed as a
      duty or obligation.

     

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

     

    Section 6.04.    Indenture Trustee’s Disclaimer.  The Indenture Trustee shall not be (i) responsible for and makes no representation as to the validity or adequacy of this
      Indenture or the Notes (other than authentication of the Notes), (ii) accountable for the Issuer’s use of the proceeds from the Notes and (iii) responsible for any statement of the Issuer in this Indenture or in any document issued in connection with
      the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.

     

    Section 6.05.    Notice of Defaults; Notice of Repurchase Requests.

     

    (a)          If an Event of Default occurs and is continuing and if it is known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder notice of such Event of Default
      within 30 days after it occurs.  Except in the case of an Event of Default in payment of principal of or interest on any Note (including payments pursuant to the redemption provisions of such Note), the Indenture Trustee may withhold notice if and so
      long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders.

     

    (b)          Not later than the fifth day of each calendar month (or, if such day is not a Business Day, the immediately following Business Day), beginning April 5, 2020, the Indenture Trustee shall provide to the
      Administrator a notice in substantially the form of Exhibit B with respect to any requests received by a Responsible Officer of the Indenture Trustee from a Noteholder during the immediately preceding calendar month (or, in the case of the initial
      notice, since the Closing Date) that any Receivable be repurchased by the Seller pursuant to Section 2.05 of the Sale and Servicing Agreement or Section 3.04 of the Receivables Purchase Agreement.  The Indenture Trustee and the Issuer acknowledge and
      agree that the purpose of this subsection is to facilitate compliance by MBFS USA and the Depositor with Rule 15Ga-1 under the Exchange Act.  The Indenture Trustee agrees to comply with reasonable requests made by MBFS USA or the Depositor in good
      faith for delivery of information under these provisions on the basis of evolving interpretations of such Rule.  The Indenture Trustee shall cooperate fully with all reasonable requests of MBFS USA and the Depositor to deliver any and all records and
      any other information, in each case in its possession, necessary to permit MBFS USA and the Depositor to comply with the provisions of such Rule.

     

    
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    Section 6.06.   Reports and Documents by Indenture Trustee to Noteholders.  On or prior to each Payment Date, the Indenture Trustee shall deliver or make available on its
      website (https://pivot.usbank.com) to each Noteholder a copy of each Investor Report delivered to it pursuant to Section 3.10 of the Sale and Servicing Agreement.  The Indenture Trustee shall deliver or make available electronically, within a
      reasonable period of time after the end of each calendar year, to each Person who at any time during such calendar year was a Noteholder, such information furnished to the Indenture Trustee as may be required to enable such Person to prepare its
      United States federal and State income tax returns.  In the event that a Noteholder requests a complete copy of a Review Report, the Indenture Trustee shall not deliver such complete copy until (a) such Noteholder delivers to the Indenture Trustee a
      nondisclosure agreement in a form satisfactory to the Indenture Trustee with respect to the information in such Review Report, (b) such complete copy of the Review Report is redacted by the Servicer prior to such delivery in a form satisfactory to
      the Indenture Trustee or (c) the Servicer provides a certificate that, to the certifying officer’s knowledge, the Review Report does not contain any not publicly available Personally Identifiable Information.

     

    Section 6.07.   Compensation and Indemnity.

     

    (a)          The Issuer shall, or shall cause the Administrator to, pay to the Indenture Trustee from time to time reasonable compensation for its services pursuant to a fee agreement
        between the Administrator and the Indenture Trustee.  The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Issuer shall, or shall cause the Administrator to, reimburse the
        Indenture Trustee for all reasonable and extraordinary out-of-pocket expenses, disbursements and advances incurred or made by it, including costs of collection, in addition to the compensation for its services.  Such expenses shall include the
        reasonable compensation and expenses (including extraordinary out-of-pocket expenses), disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts.  The Issuer shall, or shall cause the Administrator to, indemnify
        and hold harmless the Indenture Trustee and its officers, directors, employees, representatives and agents against any and all loss, liability, tax (other than taxes based on the income of the Indenture Trustee) or expense (including attorneys’
        fees) of whatever kind or nature regardless of their merit directly or indirectly incurred by it or them without willful misconduct, negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the
        transactions contemplated by this Indenture, including the reasonable costs and expenses of defending themselves against any claim, loss, damage or liability in connection with the exercise or performance of any of their powers or duties under this
        Indenture or under any of the other Basic Documents, including any legal fees or expenses incurred by the Indenture Trustee in connection with the enforcement of the Issuer’s indemnification or other obligations hereunder.  The Indenture Trustee
        shall notify the Issuer and the Administrator promptly of any claim for which it may seek indemnity.  Failure by the Indenture Trustee to so notify the Issuer and the Administrator shall not relieve the Issuer or the Administrator of its
        obligations hereunder.  The Issuer shall cause the Administrator to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Administrator to, pay the fees and expenses of such counsel. 
        Neither the Issuer nor the Administrator need reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith.

     

    
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    (b)          The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture and the resignation or removal of the Indenture
        Trustee.  When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.01(v) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any
        other applicable Insolvency Law.

     

    (c)          Notwithstanding anything to the contrary contained herein, in no event shall the Indenture Trustee be liable for special, indirect, consequential or punitive damages of any kind
        whatsoever, including lost profits, even if the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

     

    Section 6.08.   Replacement of Indenture Trustee.

     

    (a)          No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment by the
        successor Indenture Trustee pursuant to this Section.  The Indenture Trustee may resign at any time by providing 30 days’ prior written notice to the Issuer, the Administrator, the Depositor and the Noteholders and will provide all information
        reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K under the Exchange Act, with respect to the resignation of the Indenture Trustee.  The Holders of Notes evidencing not less than 51%
        of the Note Balance of the Notes may remove the Indenture Trustee without cause upon 30 days’ prior written notice to the Indenture Trustee (with a copy to the Issuer, the Depositor and the Administrator, who shall notify the Rating Agencies) of
        such removal and, following such removal, may appoint a successor Indenture Trustee.  The Issuer shall remove the Indenture Trustee if (i) the Indenture Trustee fails to comply with Section 6.11, (ii) the Indenture Trustee is adjudged to be
        bankrupt or insolvent, (iii) a receiver or other public officer takes charge of the Indenture Trustee or its property or (iv) the Indenture Trustee otherwise becomes incapable of acting.

     

    (b)          The Depositor may remove the Indenture Trustee with 30 days’ prior written notice if the Indenture Trustee fails to comply with Section 3.07(e), 6.08 or 6.09 with
      respect to notice to or providing information to the Depositor, or with Article Nine of the Sale and Servicing Agreement, in each case if such failure continues for the lesser of ten days or such period during
      which the applicable Exchange Act Report can be timely filed (without taking into account any extensions).

     

    
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    (c)          If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring
      Indenture Trustee), the Administrator shall promptly appoint a successor Indenture Trustee and notify the Depositor of such appointment.  Any
        successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee, the Issuer and the Depositor and shall also provide all information reasonably requested by the Depositor in order to comply with
        its reporting obligation under the Exchange Act with respect to the replacement Indenture Trustee.  Upon delivery of such written acceptance, the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor
        Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture.  The successor Indenture Trustee shall mail a notice of its succession to the Noteholders.  The retiring Indenture Trustee shall promptly
        transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.

     

    (d)          If a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or
        the Holders of Notes evidencing not less than 51% of the Note Balance of the Notes may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee.  If the Indenture Trustee fails to comply with Section 6.11,
        any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee.

     

    (e)          Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section shall not become effective
        until acceptance of appointment by the successor Indenture Trustee pursuant to this Section and payment of all fees and expenses owed to the outgoing Indenture Trustee.  Notwithstanding the replacement of the
        Indenture Trustee pursuant to this Section, the Issuer’s and the Administrator’s obligations under Section 6.07 shall continue for the benefit of the retiring Indenture Trustee.

     

    Section 6.09.   Successor Indenture Trustee by Merger.

     

    (a)          If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or
        banking association, the resulting, surviving or transferee corporation or banking association, without any further act, shall be the successor Indenture Trustee; provided, that such corporation or banking
        association must be otherwise qualified and eligible under Section 6.11.  The Indenture Trustee shall provide the Depositor, the Servicer and the Rating Agencies prior written notice of any such transaction.

     

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

     

    
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    Section 6.10.   Appointment of Co-Trustee or Separate Trustee.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 6.11.   Eligibility; Disqualification.  The Indenture Trustee shall at all times satisfy the requirements of TIA Section 310(a).  The Indenture Trustee or its parent
      shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long term debt rating of “A-” or better by Moody’s and “A” or better by Fitch or shall otherwise
      be acceptable to each Rating Agency.  The Indenture Trustee shall comply with TIA Section 310(b).

     

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

     

    Section 6.13.   Representations and Warranties of Indenture Trustee.  The Indenture Trustee hereby makes the following representations and warranties as of the Closing Date on
      which the Issuer and the Noteholders shall rely:

     

    (i)      the Indenture Trustee is a national banking association duly organized and validly existing under the laws of the United States;

     

    (ii)     the Indenture Trustee has full power, authority and legal right to execute, deliver and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery
      and performance by it of this Indenture;

     

    (iii)    this Indenture is a legal, valid and binding obligation of the Indenture Trustee enforceable in accordance with its terms;

     

    (iv)    the execution and delivery by the Indenture Trustee of this Indenture, the consummation by the Indenture Trustee of the transactions contemplated by this Indenture and the compliance by the
      Indenture Trustee with this Indenture will not (a) violate any law, governmental rule or regulation applicable to the Indenture Trustee or any judgment or decree binding on it or (b) conflict with, result in a breach of, or constitute (with or
      without notice or lapse of time or both) a default under any indenture, mortgage, deed of trust, loan agreement, guarantee or similar agreement or instrument to which the Indenture Trustee is a party, in each case which conflict, breach, or default, 
      would reasonably be expected to have a material adverse effect on the Indenture Trustee’s ability to perform its obligations under this Indenture;

     

    
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    (v)     neither the Indenture Trustee nor its Affiliates is in material default under any agreement, contract, instrument, or indenture of any nature whatsoever to which the Indenture Trustee or its
      affiliates is bound, which default would have a material adverse effect on the ability of the Indenture Trustee to perform its obligations under the Basic Documents to which it is a party;

     

    (vi)    to the Indenture Trustee’s knowledge, there are no proceedings or investigations pending or overtly threatened in writing before Governmental Authority (a) asserting the invalidity of any of
      the Basic Documents or the Notes, (b) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by any of the Basic Documents or (c) seeking any determination or ruling that would reasonably be expected
      to have a material adverse effect on the Indenture Trustee’s ability to perform its obligations under, or the validity or enforceability of, any of the Basic Documents or the Notes;

     

    (vii)   the Indenture Trustee does not have any reason or cause to believe that it cannot perform each and every covenant that it is making contained in this Indenture; and

     

    (viii)  no consent, approval, authorization, or order of any Person, court, or governmental agency or body is required under United States federal law for the execution, delivery, and performance by
      the Indenture Trustee, or compliance by it with the Indenture or the consummation by it of the transactions contemplated by the Indenture, or if required has been obtained or can be obtained prior to the execution of the Indenture.

     

    Section 6.14.    Furnishing of Monthly Investor Reports and Other Documents.  The Indenture Trustee shall furnish or make available electronically to any Noteholder promptly upon receipt of a written request by
      such Noteholder or Note Owner therefor (at the expense of the requesting Noteholder or Note Owner), copies of all reports, notices, requests, demands, certificates and any other documents furnished to the Indenture Trustee under the Basic Documents.

     

    Section 6.15.    Encryption.  Notwithstanding anything to the contrary herein, any and all communications (both text and attachments) by or from the Indenture Trustee that the Indenture Trustee in its sole
      discretion deems to contain confidential, proprietary, and/or sensitive information may be encrypted or made available at the Indenture Trustee’s website at https://pivot.usbank.com on a password protected basis.

     

    
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    ARTICLE SEVEN

      

      NOTEHOLDER COMMUNICATIONS AND REPORTS

     

    Section 7.01.   Noteholder List and Noteholder Communications.

     

    (a)          The Issuer shall furnish or cause to be furnished to the Indenture Trustee (i) not more than five days after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the
      names and addresses of the Noteholders as of such Record Date and (ii) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a
      date not more than ten days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished.  The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided under this
        Section and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as Note Registrar.  The Indenture Trustee may destroy any list furnished to it as provided under this Section upon receipt of a new list so
        furnished.

     

    (b)          Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes.  The Issuer, the
        Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c).

     

    (c)          A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may communicate with the Indenture
        Trustee and give notices of events or occurrences and make requests and demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notifying the Indenture Trustee of such events or occurrences.  Any
        Note Owner must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together with supporting documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying
        ownership or another similar document evidencing ownership of a Note.  The Indenture Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a Note Owner, other than requests, demands or
        directions relating to obligations of the Indenture Trustee in connection with an asset representations review demand set forth in Section 7.02, unless the Noteholder or Note Owner has offered reasonable security or indemnity reasonably
        satisfactory to the Indenture Trustee to protect it against the fees and expenses that it may incur in complying with the request, demand or direction.  If the Indenture Trustee declines to take any actions in connection with a dispute
      resolution related to a repurchase request due to the failure of the requesting Noteholder or Note Owner to provide reasonable security or indemnity or for any other reason, then such Noteholder or Note Owner may exercise its rights related to
      dispute resolution directly as the “Requesting Party” pursuant to Section 3.17 of the Sale and Servicing Agreement.

     

    
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    (d)          A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) that seeks to communicate with
        other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other Basic Documents may send a request to the Issuer or the Servicer, on behalf of the Issuer, to include information regarding the
        communication in a Form 10-D to be filed by the Issuer with the Commission.  Each request must include (i) the name of the requesting Noteholder or Note Owner, (ii) the method by which other Noteholders or Note Owners, as applicable, may contact
        the requesting Noteholder or Note Owner and (iii) in the case of a Note Owner, a certification from that Person that it is a Note Owner, together with at least one form of documentation evidencing its ownership of a Note, including a trade
        confirmation, account statement, letter from a broker or dealer or similar document.  A Noteholder or Note Owner, as applicable, that delivers a request under this subsection will be deemed to have certified to the Issuer and the Servicer that its
        request to communicate with other Noteholders or Note Owners, as applicable, relates solely to a possible exercise of rights under this Indenture or the other Basic Documents, and will not be used for other purposes.  The Issuer will promptly
        deliver any request to the Servicer.  On receipt of a request, the Servicer will include in the Form 10-D filed by the Issuer with the Commission for the Collection Period in which the request was received (A) a statement that the Issuer has
        received a request from a Noteholder or Note Owner, as applicable, that is interested in communicating with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other Basic Documents, (B)
        the name of the requesting Noteholder or Note Owner, (C) the date the request was received and (D) a description of the method by which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner.

     

    Section 7.02.    Noteholder Demand for Asset Representations Review.  If a Delinquency Trigger
        occurs, a Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may make a demand on the Indenture Trustee to cause a vote of the Noteholders or Note Owners, as applicable, on whether to direct the Asset Representations Reviewer to conduct a Review under the Asset Representations Review Agreement.  In the case of a Note Owner,
        each demand must be accompanied by a certification from that Person that it is a Note Owner, together with at least one form of documentation evidencing its ownership of a Note, including a trade confirmation, account statement, letter from a
        broker or dealer or similar document.  If the Indenture Trustee receives within 90 days of the filing of the Form 10-D reporting the occurrence of the Delinquency Trigger a written demand from the Noteholders and Note Owners of at least 5.0% of the
        aggregate Note Balance of the Outstanding Notes (as of the last day of the related Collection Period) to initiate a vote (which shall be conducted in accordance with its standard internal vote solicitation process at the time) with respect to the
        Review, then (a) the Indenture Trustee will promptly notify the Servicer and the Administrator thereof and request such vote of the Noteholders and Note Owners through an applicable Clearing Agency and (b) the Servicer will include in the Form 10-D
        report for the Collection Period in which such demand was received (i) a statement that Noteholders and Note Owners of a sufficient percentage of the aggregate Note Balance of the Notes are requesting a full Noteholder vote on whether to direct the
        Asset Representations Reviewer to conduct a Review and (ii) a description of the applicable voting procedures, including the applicable voting deadline.  The vote will remain open until the 150th day after the filing of that Form 10-D.  Assuming a
        voting quorum of Noteholders and Note Owners holding at least 5.0% of the aggregate Note Balance of the Outstanding Notes (as of the last day of the related Collection Period) is reached, if the Noteholders and Note Owners of a majority of the Note
        Balance of Outstanding Notes voted to agree to a Review, the Indenture Trustee will promptly send a Review Notice to the Asset Representations Reviewer and the Servicer informing the Asset Representations Reviewer to commence the Review under the
        Asset Representations Review Agreement and stating that such Review Notice is being delivered pursuant to this Section and Section 3.01 of the Asset Representations Review Agreement.  For the avoidance of doubt, the Indenture Trustee shall not be
        required to (i) determine whether, or give notice to Noteholders that, a Delinquency Trigger has occurred or (ii) determine which assets are subject to Review by an Asset Representations Reviewer.  The Indenture Trustee may select a vote agent that
        is experienced in the administration of Noteholder votes and/or consent solicitations to conduct and administer any Noteholder vote about whether to direct the Asset Representations Reviewer to conduct a Review of the Review Assets and, so long as
        the Indenture Trustee selects such vote agent with due care, the Indenture Trustee will not be liable for any actions or inactions of such vote agent.

     

    
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    Section 7.03.   Reports by Issuer.

     

    (a)          The Issuer shall:

     

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

     

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

     

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

     

    (b)          Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year.

     

    Section 7.04.   Reports by Indenture Trustee.

     

    (a)          If required by TIA Section 313(a), within 60 days after each December 15 beginning with December 15, 2020, the Indenture Trustee shall mail to each Noteholder as
      required by TIA Section 313(c), a brief report dated as of such date that complies with TIA Section 313(a).  The Indenture Trustee shall also comply with TIA Section 313(b).

     

    (b)          The Indenture Trustee shall provide to the Administrator and the Servicer, to be filed by the Administrator or the Servicer with the Commission and each securities
      exchange, if any, on which the Notes are listed, a copy of each report mailed to Noteholders pursuant to this Indenture.  The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any securities exchange.

     

    
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    ARTICLE EIGHT

      

      ACCOUNTS, DISBURSEMENTS AND RELEASES

     

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

     

    Section 8.02.   Accounts.

     

    (a)          On or before the Closing Date, the Issuer shall cause the Servicer to establish and maintain, at the Securities Intermediary, on behalf and in the name of the Indenture Trustee, for the benefit of the Securityholders, the Collection Account as provided in Section 4.01(a) of the Sale and Servicing Agreement.  On or before each Payment Date, the Servicer shall
        deposit in the Collection Account all amounts required to be deposited therein with respect to the preceding Collection Period as provided in Sections 4.04 and 4.07 of the Sale and Servicing Agreement.  On each Payment Date, the Indenture Trustee
        shall apply or cause to be applied the amount on deposit in the Collection Account on such Payment Date in accordance with Section 2.08(a) (or following the acceleration of the Notes after the occurrence of an Event of Default, in accordance with
        Section 2.08(f)).

     

    (b)          On or before the Closing Date, the Issuer shall cause the Servicer to establish and maintain, at the Securities Intermediary, on behalf of
        the Indenture Trustee, in the name of the Issuer, for the benefit of the Noteholders, the Reserve Fund as provided in Sections 4.01 and 4.02 of the Sale and Servicing Agreement.  On or before each Payment Date, upon receipt of instructions from the
        Servicer pursuant to Section 4.08(c) of the Sale and Servicing Agreement, the Indenture Trustee, directly or through the Paying Agent, shall withdraw or cause to be withdrawn from the Reserve Fund and deposit in the Collection Account, the Reserve
        Fund Draw Amount, if any, for such Payment Date.

     

    (c)          On or before the Closing Date, the Issuer shall cause the Servicer to establish and maintain, at the Securities Intermediary, on behalf and in the name of the Indenture Trustee, for the benefit of the Noteholders, the Note Payment Account as provided in Section 4.01(a) of the Sale and Servicing Agreement.  On each Payment Date, the Indenture Trustee shall,
        directly or through the Paying Agent, apply or cause to be applied the amount on deposit in the Note Payment Account on such Payment Date in accordance with Section 2.08.

     

    
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    Section 8.03.   General Provisions Regarding Accounts.

     

    (a)          For so long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts shall be invested by the Servicer or the
        Indenture Trustee at the written direction of the Servicer, as applicable, in Eligible Investments as provided in Sections 4.01 of the Sale and Servicing Agreement.  All income or other gain (net of losses and investment expenses) from investments
        of monies deposited in the Accounts shall be withdrawn (or caused to be withdrawn) by the Indenture Trustee, from such accounts and distributed (but only under the circumstances set forth in the Sale and Servicing Agreement) as provided in
        Sections 4.01, 4.02, 4.05, 4.06, 4.07 and 4.08 of the Sale and Servicing Agreement.  The Servicer shall not and shall not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in any of the Accounts unless
        the security interest granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the
        Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect.

     

    (b)          Subject to Section 6.01(c), neither the Indenture Trustee nor the Securities Intermediary will be
        liable by reason of any insufficiency in any of the Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s failure to make payments on such Eligible Investments issued
        by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee.

     

    (c)          If the Securities Intermediary on behalf of the Indenture Trustee is the entity maintaining the Accounts and (i) the Servicer shall have
        failed to give investment directions for any funds on deposit in the Accounts to the Indenture Trustee by 2:00 p.m., New York City time (or such other time as may be agreed upon by the Issuer and the Indenture Trustee), on the Business Day
        preceding the day such investment will be made, (ii) to the knowledge of an Authorized Officer of the Indenture Trustee, a Default or Event of Default shall have occurred and be continuing but the Notes shall not have been declared due and payable
        pursuant to Section 5.02 or (iii) if the Notes shall have been declared due and payable following an Event of Default but amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.05 as if there had not
        been such a declaration, then the Indenture Trustee upon actual knowledge by a Responsible Officer of the Indenture Trustee of such event shall, to the fullest extent practicable, invest and reinvest funds in the Accounts in the investments
        described in the most recent written investment direction to the Indenture Trustee from the Servicer.

     

    (d)          For so long as no Event of Default resulting in the Notes having being declared immediately due and payable shall have occurred and be continuing, the Issuer shall retain the
        authority to institute, participate and join in any plan of reorganization, readjustment, merger or consolidation with respect to the issuer of any investments of funds in the Accounts, and, in general, to exercise each and every other power or
        right with respect to each such investment, including the power to exercise any voting rights in respect of such investments.

     

    
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    Section 8.04.   Release of Trust Estate.

     

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

     

    (b)          The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due to the Indenture Trustee pursuant to Section 6.07 have been paid in full, release
        any remaining portion of the Trust Estate that secured the Notes from the Lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Accounts.  The Indenture Trustee shall release property
        from the Lien of this Indenture pursuant to this subsection only upon receipt of an Issuer Request accompanied by an Officer’s Certificate and an Opinion of Counsel and, if required by the TIA or Section 11.01, Independent Certificates in
        accordance with TIA Sections 314(c) and 314(d)(1), and otherwise in accordance with the applicable requirements of Section 11.01.

     

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

     

    
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    ARTICLE NINE

      

      SUPPLEMENTAL INDENTURES

     

    Section 9.01.   Supplemental Indentures Without Consent of Noteholders.

     

    (a)          The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, without the consent of any Holders of any Notes but with prior written notice to the Rating Agencies, at any time and from time
      to time, enter into one or more indentures supplemental hereto, in form satisfactory to the Indenture Trustee, for any of the following purposes:

     

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

     

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

     

    (iii)    to add to the covenants of the Issuer, for the benefit of the Noteholders, or to surrender any right or power herein conferred upon the Issuer;

     

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

     

    (v)     to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with any other provision
        herein or in any other Basic Document, any supplemental indenture or the Prospectus;

     

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

     

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

     

    (v)     to add any provisions to, or change in any manner or eliminate any of the provisions of, this Indenture or to modify in any manner the rights of the Holders of the Notes under this Indenture;

     

    
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    provided, however, that no such supplemental indenture (i) may materially adversely affect the interests of any Noteholder and (ii) will be permitted unless an Opinion of Counsel is delivered to the Indenture Trustee
        to the effect that such supplemental indenture will not cause (A) the Issuer to be classified as an association or a publicly traded partnership taxable as a corporation for United States federal income tax purposes, (B) the Notes to be
        characterized other than as indebtedness for United States federal income tax purposes or (C) the Notes to be deemed to have been exchanged for purposes of Section 1001 of the Code.  The Indenture Trustee is
        hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. In addition, any supplement which affects the Owner Trustee shall require
        the Owner Trustee's written consent.

     

    (b)          A supplemental indenture shall be deemed not to materially adversely affect the interests of any Noteholder if (i) the Person requesting such supplemental indenture obtains and delivers to the Indenture
      Trustee an Opinion of Counsel or an Officer’s Certificate of the Issuer, in either case to the effect that the supplemental indenture would not materially adversely affect the interests of any Noteholder or (ii) the Rating Agency Condition has been
      satisfied with respect to the supplemental indenture.

     

    Section 9.02.    Supplemental Indentures with Consent of Noteholders.  The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, with the consent of the
      Holders of Notes evidencing not less than 51% of the Note Balance of the Notes and with prior written notice to the Rating Agencies, by Act of such Holders delivered to the Issuer and the Indenture Trustee, at any time and from time to time enter
      into one or more indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Holders of the Notes under
      this Indenture; provided, however, that no such supplemental indenture will be permitted unless an Opinion of Counsel is delivered to the Indenture Trustee to the effect that such supplemental indenture will not (a) cause the Issuer to be classified
      as an association or a publicly traded partnership taxable as a corporation for United States federal income tax purposes, (b) cause the Notes to be characterized other than as indebtedness for United States federal income tax purposes or (c) cause
      the Notes to be deemed to have been exchanged for purposes of Section 1001 of the Code; and, provided further, that no such supplemental indenture may, without the consent of the Holder of each Outstanding Note, to the extent any such Person is
      materially and adversely affected by such supplemental indenture:

     

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

     

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

     

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

     

    (iv)    reduce the percentage of the Note Balance required to direct the Indenture Trustee to sell or liquidate the Trust Estate pursuant to Section 5.04 if the proceeds of such sale or liquidation
      would be insufficient to pay in full the principal amount of and accrued but unpaid interest on the Notes;

     

    (v)     reduce the percentage of the Note Balance of the Notes the consent of the Holders of Notes of which is required for any such supplemental indenture amending the provisions of this Indenture
      which specify the applicable percentage of the Note Balance of the Notes the consent of which is required for such supplemental indenture or the amendment of any other Basic Document;

     

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

     

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

     

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

     

    (ix)    impair the right to institute suit for the enforcement of payment as provided in Section 5.07.

     

    In addition, any supplement which affects the Owner Trustee shall require the Owner Trustee's written consent.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
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    ARTICLE TEN

      

      REDEMPTION OF NOTES

     

    Section 10.01.  Redemption.  The Notes are subject to redemption in whole, but not in part, at the direction of the Servicer pursuant to Section 8.01 of the Sale and Servicing Agreement, on any Payment Date on
      which the Servicer exercises its option to purchase the assets of the Issuer pursuant to said Section, and the amount paid by the Servicer shall be treated as collections in respect of the Receivables and applied to pay all amounts due to the
      Servicer under the Sale and Servicing Agreement, the Total Trustee Fees and the unpaid principal amount of the Notes plus accrued and unpaid interest thereon.  The Servicer or the Issuer shall furnish each Rating Agency notice of such redemption.  If
      the Notes are to be redeemed pursuant to this Section, the Servicer shall furnish notice of such redemption to the Indenture Trustee, the Depositor and the Rating Agencies, not fewer than ten nor more than 30 days prior to the Redemption Date and the
      Issuer will, or will cause the Servicer to, irrevocably deposit, by 2:00 p.m., New York City time, on the Business Day prior to the Redemption Date, with the Indenture Trustee in the Collection Account the Redemption Price of the Notes to be redeemed
      (all or a portion of which deposit may be made from Available Funds), whereupon all such Notes shall be due and payable on the Redemption Date upon the furnishing of a notice complying with Section 10.02 to each Noteholder.  Notwithstanding the
      foregoing, any accounts held by the Indenture Trustee may remain open for 30 days after the Redemption Date.

     

    Section 10.02.  Form of Redemption Notice.  Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by
      facsimile and mailed or transmitted not later than ten days prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Noteholder’s address or
      facsimile number appearing in the Note Register.

     

    All notices of redemption shall state:

     

    (i)      the Redemption Date;

     

    (ii)     the Redemption Price;

     

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

     

    (iv)    the applicable CUSIP number(s); and

     

    (v)     that on the Redemption Date, the Redemption Price will become due and payable upon each Note and that interest thereon shall cease to accrue from and after
        the Redemption Date.

     

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

     

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

     

    
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    ARTICLE ELEVEN

      

      MISCELLANEOUS

     

    Section 11.01.  Compliance Certificates and Opinions, Etc.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (ii)     Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to
        the matters described in clause (i) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuer of the property or securities to be so deposited and of all other
        such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates furnished pursuant to clause (i) above and this clause (ii), is 10% or more of
        the Note Balance, but such a certificate need not be furnished with respect to any property or securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than 1%
        of the Note Balance.

     

    
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    (iii)    Other than with respect to any release described in clause (A) or (B) of Section 11.01(b)(v), whenever any property or securities are to be released from
        the Lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the
        property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof.

     

    (iv)    Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to
        the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property (other than property
        described in clauses (A) or (B) of Section 11.01(b)(v)) released from the Lien of this Indenture since the commencement of the then-current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals
        10% or more of the Note Balance, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the
        Note Balance at the time of such release.

     

    (v)      Notwithstanding Section 2.13 or any other provision of this Section, the Issuer may, without compliance with the requirements of the other provisions of
        this Section, (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Equipment as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Accounts as and to the extent permitted or
        required by the Basic Documents.

     

    Section 11.02.  Form of Documents Delivered to Indenture Trustee.

     

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

     

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

     

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

     

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

     

    Section 11.03.  Acts of Noteholders.

     

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

     

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

     

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

     

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

     

    
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    Section 11.04.  Notices, etc., to Indenture Trustee, Issuer, Depositor and Rating Agencies.  Unless otherwise specified in this
      Indenture, all notices, requests, demands, consents, waivers, Act of Noteholders or other communications to or from the parties to this Indenture will be in writing.  Notices, requests, demands, consents and other communications will be deemed to
      have been given and made, (i) upon delivery or, in the case of a letter mailed via registered first class mail, postage prepaid, three days after deposit in the mail and (ii) in the case of (a) a facsimile, when receipt is confirmed by telephone or
      by reply e-mail or reply facsimile from the recipient, (b) an e-mail, when receipt is confirmed by telephone or by reply e-mail from the recipient and (c) an electronic posting to a password-protected website, upon printed confirmation of the
      recipient’s access to such password-protected website.  Unless otherwise specified in this Indenture, any such notice, request, demand, consent or other communication will be delivered or addressed, in the case of (i) the Indenture Trustee by any
      Noteholder or by the Issuer, at the Corporate Trust Office (e-mail: melissa.rosal@usbank.com, telecopier: (312) 332-7996), (ii) the Issuer by the Indenture Trustee or by any Noteholder at Daimler Trucks Retail Trust

      2020-1, c/o Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890 Attention: Corporate Trust Administration (e-mail: mhollis@wilmingtontrust.com,
      telecopier: (302) 636-4140), with a copy to the Administrator at Mercedes-Benz Financial Services USA LLC, 36455 Corporate Drive, Farmington Hills, Michigan 48331, Attention: Steven C. Poling (e-mail: steven.c.poling@daimler.com, telecopier: (817)
      224-3587), (iii) the Rating Agencies, as applicable, by the Issuer, the Indenture Trustee or the Owner Trustee, in the case of (a) Moody’s, at Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World
      Trade Center, 250 Greenwich Street, New York, New York  10007 (e mail: ServicerReports@moodys.com) and (b) Fitch, at Fitch Ratings, 33 Whitehall Street, New York 10004, Attention: ABS Surveillance (e-mail:
      surveillance-abs-other@fitchratings.com) and (iv) any of the foregoing Persons, at such other address as shall be designated by written notice to the other foregoing Persons.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 11.09. Successors and Assigns.  All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed
      or not.  All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents.

     

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

     

    Section 11.11.  Benefits of Indenture; Third Party Beneficiaries.  Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the
      parties hereto and their successors hereunder, the Owner Trustee, the Noteholders (and, with respect to Sections 5.04 and 2.08, the Certificateholders), any other party secured hereunder and any other Person with an ownership interest in any part of
      the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.

     

    Section 11.12.  Legal Holidays.  In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or
      this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and except as otherwise provided in the Basic Documents, no
      interest shall accrue for the period from and after any such nominal date.

     

    
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    Section 11.13.  GOVERNING LAW.  THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
        OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT OF LAWS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
        DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    Section 11.14.  WAIVER OF JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY
        RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION
        WITH THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY.  INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

     

    Section 11.15.  Counterparts.  This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but
      one and the same instrument.

     

    Section 11.16.  Recording of Indenture.  If this Indenture is subject to recording in any appropriate public recording offices, such recording shall be effected by the Issuer
      and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of
      the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

     

    Section 11.17.  Trust Obligation.  Except as otherwise provided in Section 3.07(e), no recourse may be taken, directly or indirectly, with respect to the obligations of the
      Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual
      capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial
      interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that
      the Indenture Trustee, except as otherwise provided in Section 3.07(e), and the Owner Trustee have no such obligations in their individual capacities) and except that any such partner, owner or beneficiary shall be fully liable, to the extent
      provided by Applicable Law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.  For all purposes of this Indenture, in the performance of any duties or obligations of
      the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles Six, Seven and Eight of the Trust Agreement.

     

    
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    Section 11.18.  No Petition.  The Indenture Trustee, by entering into this Indenture, and each Noteholder or Note Owner, by accepting a Note or a beneficial interest therein,
      as the case may be, hereby covenant and agree that they will not at any time that is prior to one year and one day after the date upon which all obligations and payments under the Basic Documents have been paid in full institute against the Issuer or
      the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings, or other Proceedings under any Insolvency Law in connection with any obligations
      relating to the Notes or any Basic Document and agrees that it will not cooperate with or encourage others to file a bankruptcy petition against the Issuer or the Depositor during the same period.

     

    Section 11.19.  No Recourse.  The Notes represent obligations of the Issuer only and do not represent an interest in or obligations of the Servicer, the Depositor or any of their respective Affiliates, and no
      recourse may be had against such parties or their assets, except as may be set forth in this Indenture and the other Basic Documents.  Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, covenants and agrees that
      no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith
      against (i) either Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of either Trustee in its individual capacity or any holder of
      a beneficial interest in the Issuer, either Trustee or of any successor or assign of either Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully
      liable, to the extent provided by Applicable Law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

     

    It is expressly understood and agreed by the parties hereto that (i) this Indenture is executed and delivered by the Owner Trustee, not individually or personally but solely as Owner Trustee, in the exercise of the
      powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by the Owner
      Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on the Owner Trustee, individually or personally, to perform any covenant either expressed or
      implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) the Owner Trustee has not verified and has made no investigation as to the
      accuracy or completeness of any representations or warranties made by the Issuer hereunder and (v) under no circumstances shall the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the
      breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture or any other related documents.

     

    

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

     

    Section 11.21.  Subordination Agreement.  Each Noteholder and Note Owner, by accepting a Note or a beneficial interest therein, hereby covenants and agrees that, to the extent it is deemed to have any interest in
      any assets of the Depositor, or a securitization vehicle (other than the Issuer) related to the Depositor, dedicated to other debt obligations of the Depositor or debt obligations of any other securitization vehicle (other than the Issuer) related to
      the Depositor, its interest in those assets is subordinate to claims or rights of such other debtholders to those other assets.  Furthermore, each Noteholder and Note Owner, by accepting a Note or a beneficial interest therein, hereby covenants and
      agrees that such agreement constitutes a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

     

    Section 11.22.  Security Interest Matters.

     

    (a)          The Issuer represents and warrants to the Indenture Trustee as of the Closing Date:

     

    (i)      This Agreement creates a valid and continuing “security interest” (as defined in the applicable UCC) in the Receivables in favor of the Indenture Trustee, which security interest is prior to
      all other Liens, and is enforceable as such against creditors of and purchasers from the Issuer.

     

    (ii)     The Issuer has taken all steps necessary to perfect its security interest against the Obligor in the Financed Equipment.

     

    (iii)    The Receivables constitute “tangible chattel paper” or, in the case of Receivables relating to Dealer Loans, “accounts”, instruments” or “payment intangibles” within the meaning of the
      applicable UCC.

     

    (iv)    The Issuer has caused or will cause on or prior to the Closing Date the filing of all appropriate financing statements in the proper filing offices in the appropriate jurisdictions under
      Applicable Law necessary to perfect the security interest in the Receivables granted to the Indenture Trustee hereunder.

     

    (v)     The Issuer owns and has good and marketable title to the Receivables free and clear of any Lien, claim or encumbrance of any Person.

     

    
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    (vi)    All original executed copies of each loan agreement or installment sales contract that constitute or evidence those Receivables that constitute tangible chattel paper have been delivered to the
      Servicer, as custodian for the Indenture Trustee.

     

    (vi)    The Issuer has received a written acknowledgment from the Servicer that the Servicer is holding the loan agreements and installment sales contracts that constitute or evidence the Receivables
      solely on behalf and for the benefit of the Indenture Trustee.

     

    (vii)   Other than the security interest granted to the Indenture Trustee pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed
      any of the Receivables.  The Issuer has not authorized the filing of and is not aware of any financing statements against the Indenture Trustee that include a description of collateral covering the Receivables other than any financing statement
      relating to the security interest granted to the Indenture Trustee hereunder or that has been terminated.  The Issuer is not aware of any judgment or tax lien filings against the Issuer.

     

    (viii)  None of the loan agreements or installment sales contracts that constitute or evidence the Receivables has any marks or notations indicating that it has been pledged, assigned, or otherwise
      conveyed to any Person other than the Indenture Trustee.

     

    (b)          All financing statements filed or to be filed against the Issuer in favor of the Indenture Trustee contain a statement substantially to the following effect: “A purchase of or security interest in any
      collateral described in this financing statement will violate the rights of the Indenture Trustee”.

     

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

     

    	 	
            DAIMLER TRUCKS RETAIL TRUST 2020-1,

          
	 	 
	 	
            By:

          	
            WILMINGTON TRUST, NATIONAL ASSOCIATION,

          
	 	 	
            not in its individual capacity but solely as Owner Trustee

          
	 	 	 
	 	
            By:

          	/s/ Jeanne M. Oller
	 	 	
            Name: Jeanne M. Oller

          
	 	 	
            Title: Vice President

            

          
	 	 	 
	 	
            U.S. BANK NATIONAL ASSOCIATION,

          
	 	
            not in its individual capacity but solely as Indenture Trustee

          
	 	 
	 	
            By:

          	/s/ Eric M. Ott

          
	 	 	
            Name: Eric M. Ott

          
	 	 	
            Title: Vice President

          

    

    

    
      DTRT 2020-1 Indenture

    

    

    

    
      
        

    

    
    EXHIBIT A

     

    FORM OF CLASS [A‐1] [A‐2] [A‐3] [A‐4] NOTE

     

    BY ACQUIRING THIS NOTE, EACH PURCHASER AND TRANSFEREE (AND IF SUCH PURCHASER OR TRANSFEREE IS A “BENEFIT PLAN” (AS DEFINED BELOW) OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, ITS FIDUCIARY) WILL BE DEEMED TO REPRESENT
      AND WARRANT THAT EITHER (1) IT IS NOT ACQUIRING THIS NOTE WITH THE ASSETS OF 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 TITLE I OF ERISA, A
      “PLAN”, AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THAT IS SUBJECT TO SECTION 4975 OF THE CODE OR ANY ENTITY DEEMED TO HOLD “PLAN ASSETS” OF THE FOREGOING (EACH OF THE FOREGOING, A “BENEFIT PLAN”),
      OR ANY EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IMPOSES REQUIREMENTS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2)(A) ITS ACQUISITION AND HOLDING OF THIS NOTE (OR
      INTEREST HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR LAW AND (B) THIS NOTE IS RATED INVESTMENT GRADE BY A NATIONALLY RECOGNIZED STATISTICAL RATING
      AGENCY AT THE TIME OF PURCHASE OR TRANSFER.

     

    ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN
      AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
      NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.)).

     

    TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO
      TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.

     

    THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.  ANY PERSON ACQUIRING THIS NOTE MAY
      ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE INDENTURE TRUSTEE.

     

    
      A-1

      
        

    

    THE FAILURE TO PROVIDE THE ISSUER AND THE INDENTURE TRUSTEE WITH THE APPLICABLE UNITED STATES FEDERAL INCOME TAX CERTIFICATIONS (GENERALLY, AN INTERNAL REVENUE SERVICE FORM W-9 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE
      OF A PERSON THAT IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE CODE, OR AN APPROPRIATE INTERNAL REVENUE SERVICE FORM W-8 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS NOT A “UNITED STATES PERSON” WITHIN
      THE MEANING OF SECTION 7701(A)(30) OF THE CODE) MAY RESULT IN THE IMPOSITION OF UNITED STATES FEDERAL BACK-UP WITHHOLDING UPON PAYMENTS TO THE HOLDER IN RESPECT OF THIS NOTE.

     

    [[FOR CLASS A-1 NOTES:] NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE (OR INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE IS MADE TO THE DEPOSITOR OR ANY
      AFFILIATE OF THE DEPOSITOR, (ii) SUCH SALE IS MADE PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR
      REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE “QUALIFIED
      INSTITUTIONAL BUYERS”) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (iv) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF
      THE SECURITIES ACT, IN WHICH CASE (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH
      CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, THE ADMINISTRATOR, THE
      SERVICER, THE ISSUER OR THE INDENTURE TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT.]

     

    	
            REGISTERED

          	
            $

          	 

    	
            No. R-

          	 	 	
            CUSIP NO. 

            

          	 

    

    

    DAIMLER TRUCKS RETAIL TRUST 2020-1

      _____% CLASS [A‐1] [A‐2] [A‐3] [A-4] ASSET BACKED NOTE

     

    
      A-2

      
        

    

    Daimler Trucks Retail Trust 2020-1, a statutory trust organized and existing under the laws of the State of Delaware (including any permitted successors and assigns, the “Issuer”), for value received, hereby promises to
      pay to CEDE & CO., or its registered assigns, the principal sum of ___________________ DOLLARS ($___________), payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is
      $___________ and the denominator of which is $___________ by (ii) the aggregate amount, if any, payable to the extent described in the Indenture referred to on the reverse hereof on each Payment Date; provided, however, that the entire unpaid
      principal amount of this Note shall be payable on the earlier of _______________, 20__ (the “Class [A‐1] [A‐2] [A‐3] [A‐4] Final Scheduled Payment Date”) and the Redemption Date, if any, selected pursuant to the Indenture.  Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the
      Indenture, which also contains rules as to construction that shall be applicable herein.

     

    [For the Class A-1 Notes:  The Class A-1 Notes are zero coupon notes.  Accordingly, this Note shall not bear interest.][For Class A-2, A‐3 and A‐4 Notes: The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date (to the extent that such rate does not
      exceed the maximum rate permitted by Applicable Law) until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of
      principal made on such preceding Payment Date), or on the Closing Date in the case of the first Payment Date or if no interest has yet been paid, subject to certain limitations contained in the Indenture.  Interest on this Note will accrue for each
      Payment Date from, and including, the 15th day of the prior calendar month (or, in the case of the first Payment Date or if no interest has yet been paid, from and
      including the Closing Date), to but excluding the 15th day of the current calendar month.  Interest will be computed on the basis of a 360-day year consisting of twelve
      30-day months.  The Issuer shall pay interest on overdue installments of interest at the interest rate otherwise applicable thereto to the extent lawful.  Such principal and interest on this Note shall be paid in the manner specified on the reverse
      hereof.]

     

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

     

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

     

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

     

    
      A-3

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by an Authorized Officer, as of the date set forth below.

     

    	

          	
            Date:  March __, 2020

          	
            DAIMLER TRUCKS RETAIL TRUST 2020-1

          
	 	 
	 	
            By:

          	
            WILMINGTON TRUST, NATIONAL ASSOCIATION,

          
	 	 	
            not in its individual capacity but solely as Owner Trustee under the Trust Agreement

          
	 	 	 
	 	
            By:

          	

          
	 	 	
            Authorized Signatory

          

    

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

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

     

    	

          	
            Date:  March __, 2020

          	
            U.S. BANK NATIONAL ASSOCIATION ,

          
	 	
            not in its individual capacity but solely as Indenture Trustee

          
	 	 
	 	
            By:

          	 
	 	 	
            Authorized Signatory

          

     

    

    
      A-4

      
        

    

    [REVERSE OF CLASS [A‐1] [A‐2] [A‐3] [A-4] NOTE]

     

    This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [_____]% Class [A‐1] [A‐2] [A‐3] [A-4] Asset Backed Notes (the “Class [___] Notes”), all issued under the Indenture, dated as of March 1, 2020 (the “Indenture”),
      between the Issuer and U.S. Bank National Association, as trustee (the “Indenture Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of
      the Issuer, the Indenture Trustee and the Noteholders.  The Notes are subject to all terms of the Indenture.

     

    The Class A‐1 Notes, the Class A‐2 Notes, the Class A‐3 Notes, and the Class A‐4 Notes  (collectively, the “Notes”) are, except as otherwise provided in the Indenture or in the Sale and Servicing Agreement, equally and
      ratably secured by the Collateral pledged as security therefor as provided in the Indenture.

     

    Principal payable on the Class [A‐1] [A‐2] [A‐3] [A-4] Notes will be paid on each
      Payment Date in the amount specified in the Indenture and in the Sale and Servicing Agreement.  As described above, the entire unpaid principal amount of this Note will be payable on the earlier of the Class [A‐1]
        [A‐2] [A‐3] [A-4] Final Scheduled Payment Date and the Redemption Date, if any, selected pursuant to the Indenture.  Notwithstanding the
      foregoing, under certain circumstances, the entire unpaid principal amount of the Class [A‐1] [A‐2] [A‐3] [A-4]
      Notes shall be due and payable following the occurrence and continuance of an Event of Default, if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the Notes have declared the Notes to be immediately
      due and payable in the manner provided in the Indenture.  All principal payments on the Class [A‐1] [A‐2] [A‐3] [A-4] Notes shall be made pro rata to the Class [A‐1] [A‐2] [A‐3] [A-4] Noteholders entitled thereto.

     

    Payments of principal and interest on this Note due and payable on each Payment Date or Redemption Date shall be made by check mailed to the Person whose name appears as the registered Noteholder (or one or more
      Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be
      Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note
      Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment.  Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment
      Date or Redemption Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be
      available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person
      who was the registered Noteholder as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within 30 days of such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation
      and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such purposes located in The City of New York.

     

    
      A-5

      
        

    

    As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture and the Sale and Servicing Agreement.

     

    As provided in the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of
      transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder or such
      Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, all in accordance with the Exchange Act, and thereupon one or more new Notes of
      authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be
      required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

     

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

     

    Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, as the case may be, covenants and agrees by accepting the benefits of the Indenture and such Note that such Noteholder or Note
      Owner will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings under any Insolvency Law
      in connection with any obligations relating to the Notes, the Certificates, the Indenture or the other Basic Documents.

     

    Each Noteholder, by acceptance of such Note, agrees to provide to the Indenture Trustee, any Paying Agent or the Issuer, upon its request, the Noteholder Tax Identification Information and, to the extent FATCA
      Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder, by acceptance of such Note, agrees that the Indenture Trustee or any Paying Agent has the right to withhold any amounts of interest (properly withholdable
      under law and without any corresponding gross-up) payable to a Noteholder that fails to comply with the requirements of the preceding sentence.

     

    
      A-6

      
        

    

    The Issuer has entered into the Indenture and this Note is issued with the intention that, for United States federal, State and local income, single business and franchise tax purposes, the Notes will qualify as
      indebtedness secured by the Trust Estate.  Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes for United States federal, State and local income, single business
      and franchise tax purposes as indebtedness of the Issuer.

     

    Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day
      of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be
      affected by notice to the contrary.

     

    The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Noteholders under the Indenture at any time
      by the Issuer with the consent of the Holders of Notes representing at least 51% of the Note Balance of the Notes.  The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Note Balance of the Notes,
      on behalf of all Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Noteholder of this Note (or any one of
      more Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation
      of such consent or waiver is made upon this Note.  The Indenture also permits the Issuer and the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders.

     

    The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or into another Person, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

     

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

     

    THIS NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE
      GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

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

     

    
      A-7

      
        

    

    ASSIGNMENT

     

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

     

    

     

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

     

    	 
	
            (name and address of assignee)

          

     

    

    the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints

     

    	 
	
            attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

          

    

    

     

    	
            Dated:

          	 	 	

          	
            *

          
	 	 	 	 	 
	 	 	 	
            Signature Guaranteed:

          	 
	 	 	 	 	 
	 	 	 	 	
            *

          

    

    

    
      

    

    
      
        
          	*	
                  NOTICE:  The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.  Such
                    signature must be guaranteed by an “eligible guarantor institution” meeting the require-ments of the Note Registrar.

                

        

      

       

    

    
      A-8

      
        

    

    EXHIBIT B

     

    ASSET REPURCHASE DEMAND ACTIVITY REPORT

     

    Reporting Period:  [calendar month]

     

    ☐  Check here if nothing to report.

     

    	 	
            Transaction

          	
            Loan

          	
            Activity During Period1

          
	
            Date of Reputed

            Demand

          	
            Party Making

            Reputed Demand

          	
            Date of Withdrawal of

            Reputed Demand

          
	 	
            DTRT 2020-1

          	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

    

    

    

    

    
      

    

    

    
      
        	
                1

              	
                Forward any applicable information or documentation relating to any reputed demands to the Servicer.

              

      

       

       

      

    

    
      B-1Exhibit 4.2

        

       

        

      DAIMLER RETAIL RECEIVABLES LLC,

        as Depositor,

       

      and

       

      WILMINGTON TRUST, NATIONAL ASSOCIATION,

        as Owner Trustee

      
         

          

        
          
 

         

          

        AMENDED AND RESTATED

          TRUST AGREEMENT

         

          

        Dated as of March 1, 2020

         

          

        
          

      

      

      

      
        
          

      

      
      TABLE OF CONTENTS

       

      Page

       

        

      	
              ARTICLE ONE

            	 
	 	 
	
              DEFINITIONS

            	 
	 	 
	
              Section 1.01. Capitalized Terms; Rules of Usage

            	
              1

            
	 	 
	
              ARTICLE TWO

            	 
	 	 
	
              ORGANIZATION

            	 
	 	 
	
              Section 2.01. Name

            	
              2

            
	
              Section 2.02. Office

            	
              2

            
	
              Section 2.03. Purposes and Powers

            	
              2

            
	
              Section 2.04. Appointment of Owner Trustee

            	
              3

            
	
              Section 2.05. Initial Capital Contribution of Trust Property

            	
              3

            
	
              Section 2.06. Declaration of Trust

            	4
	
              Section 2.07. Liability of Certificateholders

            	
              4

            
	
              Section 2.08. Title to Trust Property

            	
              4

            
	
              Section 2.09. Situs of Issuer

            	
              4

            
	
              Section 2.10. Representations and Warranties of the Depositor

            	
              4

            
	
              Section 2.11. Tax Matters

            	6
	 	 
	
              ARTICLE THREE

            	 
	 	 
	
              CERTIFICATES AND TRANSFER OF INTERESTS

            	 
	 	 
	
              Section 3.01. Initial Ownership

            	
              7

            
	
              Section 3.02. The Certificates

            	
              7

            
	
              Section 3.03. Authentication and Delivery of Certificates

            	
              8

            
	
              Section 3.04. Registration, Transfer and Exchange of Certificates.

            	
              8

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

            	
              10

            
	
              Section 3.06. Persons Deemed Certificateholders

            	
              11

            
	
              Section 3.07. Access to List of Certificateholders’ Names and Addresses

            	
              11

            
	
              Section 3.08. Maintenance of Office or Agency

            	
              11

            
	
              Section 3.09. No Legal Title to Trust Property in Certificateholders

            	
              11

            
	
              Section 3.10. No Recourse

            	
              12

            
	
              Section 3.11. Appointment of Paying Agent

            	
              12

            
	
              Section 3.12. Certificates Nonassessable and Fully Paid

            	
              12

            

      

         

      
        i

        
          

      

      
        Page

      

       

      

      	
              ARTICLE FOUR

            	 
	 	 
	
              ACTIONS BY OWNER TRUSTEE

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

            	
              13

            
	
              Section 4.02. Action by Certificateholders with Respect to Certain Matters

            	
              13

            
	
              Section 4.03. Action by Certificateholders with Respect to Bankruptcy

            	
              13

            
	
              Section 4.04. Restrictions on Certificateholders’ Power

            	
              14

            
	
              Section 4.05. Majority Control

            	
              14

            
	
              Section 4.06. Certain Litigation Matters

            	
              14

            
	 	 
	
              ARTICLE FIVE

            	 
	 	 
	
              APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

            	 
	 	 
	
              Section 5.01. Application of Trust Funds

            	
              15

            
	
              Section 5.02. Method of Payment

            	
              16

            
	
              Section 5.03. No Segregation of Monies; No Interest

            	
              16

            
	
              Section 5.04. Accounting and Reports to Certificateholders, the IRS and Others

            	
              16

            
	
              Section 5.05. Signature on Returns; Partnership Representative

            	
              17

            
	 	 
	
              ARTICLE SIX

            	 
	 	 
	
              AUTHORITY AND DUTIES OF OWNER TRUSTEE

            	 
	 	 
	
              Section 6.01. General Authority

            	
              18

            
	
              Section 6.02. General Duties

            	
              18

            
	
              Section 6.03. Action Upon Instruction

            	
              18

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

            	
              19

            
	
              Section 6.05. No Action Except Under Specified Documents or Instructions

            	
              20

            
	
              Section 6.06. Restrictions

            	
              20

            
	
              Section 6.07. Notice to Administrator of Repurchase Requests

            	
              20

            
	 	 
	
              ARTICLE SEVEN

            	 
	 	 
	
              THE OWNER TRUSTEE

            	 
	 	 
	
              Section 7.01. Acceptance of Duties

            	
              21

            
	
              Section 7.02. Furnishing of Documents

            	
              24

            
	
              Section 7.03. Representations and Warranties

            	
              24

            
	
              Section 7.04. Reliance; Advice of Counsel

            	
              25

            
	
              Section 7.05. Not Acting in Individual Capacity

            	
              26

            
	
              Section 7.06. Owner Trustee Not Liable for Basic Documents or Certificates

            	
              26

            
	
              Section 7.07. Owner Trustee May Own Securities

            	
              26

            

      

         

      
        ii

        
          

      

      
        Page

      

       

      

      	
              Section 7.08. The Paying Agent and the Certificate Registrar

            	
              26

            
	
              Section 7.09. Applicable Anti-Money Laundering Law

            	
              27

            
	 	 
	
              ARTICLE EIGHT

            	 
	 	 
	
              COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE

            	 
	 	 
	
              Section 8.01. Owner Trustee’s Fees and Expenses

            	
              28

            
	
              Section 8.02. Indemnification

            	
              28

            
	
              Section 8.03. Payments to the Owner Trustee

            	
              28

            
	 	 
	
              ARTICLE NINE

            	 
	 	 
	
              TERMINATION OF TRUST AGREEMENT

            	 
	 	 
	
              Section 9.01. Termination of Trust Agreement

            	
              29

            
	 	 
	
              ARTICLE TEN

            	 
	 	 
	
              SUCCESSOR AND ADDITIONAL OWNER TRUSTEES

            	 
	 	 
	
              Section 10.01. Eligibility Requirements for Owner Trustee

            	30
	
              Section 10.02. Resignation or Removal of Owner Trustee

            	30
	
              Section 10.03. Successor Owner Trustee

            	31
	
              Section 10.04. Merger or Consolidation of Owner Trustee

            	31
	
              Section 10.05. Appointment of Co-Trustee or Separate Trustee

            	32
	 	 
	
              ARTICLE ELEVEN

            	 
	 	 
	
              REGULATION AB

            	 
	 	 
	
              Section 11.01. Intent of the Parties; Reasonableness

            	34
	
              Section 11.02. Representations and Warranties

            	34
	
              Section 11.03. Information to Be Provided by the Owner Trustee

            	34
	 	 
	
              ARTICLE TWELVE

            	 
	 	 
	
              MISCELLANEOUS

            	 
	 	 
	
              Section 12.01. Supplements and Amendments

            	36
	
              Section 12.02. Limitations on Rights of Others

            	37
	
              Section 12.03. Notices

            	
              38

            
	
              Section 12.04. Severability

            	38
	
              Section 12.05. Counterparts

            	38

      

         

      
        iii

        
          

      

      
        Page

        

        

      

      	
              Section 12.06. Successors and Assigns

            	38
	
              Section 12.07. No Petition

            	38
	
              Section 12.08. Table of Contents and Headings

            	38
	
              Section 12.09. GOVERNING LAW; SUBMISSION TO JURISDICTION

            	40
	
              Section 12.10. WAIVER OF JURY TRIAL

            	41

      

      

      	
              EXHIBITS

            	 
	 	 
	
              Exhibit A – Form of Certificate

            	
              A‐1

            
	
              Exhibit B – Form of Certificate of Trust

            	
              B‐1

            
	
              Exhibit C – Form of Repurchase Request Notice

            	
              C‐1

            

       

        

      
        iv

        
          

      

      This AMENDED AND RESTATED TRUST AGREEMENT, dated as of March 1, 2020 (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), is between DAIMLER RETAIL
        RECEIVABLES LLC, a Delaware limited liability company, as depositor (the “Depositor”), and  WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Owner Trustee”).

       

      WHEREAS, the parties hereto entered into a Trust Agreement, dated as of February 6, 2020 (the “Original Trust Agreement”), and filed a certificate of trust with the Secretary of State of the State
        of Delaware pursuant to which Daimler Trucks Retail Trust 2020-1 was formed; and

       

      WHEREAS, the parties hereto are entering into this Agreement pursuant to which, among other things, the Original Trust Agreement will be amended and restated.

       

      NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
        hereto agree as follows:

       

      ARTICLE ONE

          

          DEFINITIONS

       

      Section 1.01.          Capitalized Terms; Rules of Usage.  Capitalized terms used in this Agreement that are not otherwise defined
          shall have the meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, dated as of March 1, 2020, among the Issuer, the Depositor and Mercedes-Benz Financial Services USA LLC, which Appendix is hereby incorporated into and
          made a part of this Agreement.  Appendix A also contains rules as to usage applicable to this Agreement.

       

      
        
          

      

      
      ARTICLE TWO

        

        ORGANIZATION

       

      Section 2.01.  Name.  The trust created pursuant to the Original Trust Agreement and continued hereby shall be known as “Daimler Trucks Retail Trust 2020-1”, in which name
        the Owner Trustee may conduct the business of the Issuer, make and execute contracts and other instruments on behalf of the Issuer and sue and be sued.

       

      Section 2.02.  Office.  The office of the Issuer shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address in the State of Delaware as the Owner Trustee may designate by
        written notice to the Trustees and the Certificateholders.

       

      Section 2.03.  Purposes and Powers.

       

      (a)          The purpose of the Issuer is to engage in the following activities:

       

      (i)           to issue the Notes pursuant to the Indenture and the Certificates pursuant to this Agreement and to convey and deliver the Securities upon the written order of the Depositor;

       

      (ii)          to issue additional notes or certificates pursuant to one or more supplemental indentures or amendments to this Agreement and to transfer all or a portion of such securities to the
        Depositor, subject to compliance with the Basic Documents, in exchange for all or a portion of the Certificates; provided, that:

       

      (A)          the rights of the holders of such additional securities, when taken as a whole, are no greater than the rights of the Certificateholders immediately prior to the issuance of such
        additional securities (unless all Noteholders otherwise consent);

       

      (B)          the Rating Agencies have provided written confirmation that the issuance of the additional securities will not adversely affect the ratings of any outstanding Class of Notes or, if then
        rated by any Rating Agency, of the Certificates; and

       

      (C)          the Depositor delivers an opinion to the Trustees that the issuance of the additional securities will not (1) adversely affect in any material respect the interest of any Noteholder,
        (2) cause any Outstanding Note to be deemed sold or exchanged, (3) cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for United States federal income tax purposes or (4) adversely affect the
        treatment of the Outstanding Notes as debt for United States federal income tax purposes;

       

      (iii)        to enter into and perform its obligations under any interest rate protection or swap agreement or agreements between the Issuer and one or more counterparties;

       

      

      
        2

        
          

      

       

        (iv)         to permit the Depositor to use, or to use, at the direction of the Depositor, the proceeds of the sale of the Notes to (A) purchase the Receivables on the Closing Date, (B) fund the
          Reserve Fund with an amount equal to the Reserve Fund Deposit, (C) pay the organizational, start-up and transactional expenses of the Issuer and (D) pay to the Depositor, or permit the Depositor to retain, the balance;

         

        (v)          to pay interest on and principal of the Notes to the Noteholders and to cause any Excess Collections to be paid to the Certificateholders in accordance with the Indenture;

         

        (vi)         to Grant the Trust Property to the Indenture Trustee pursuant to the Indenture to secure payments on the Notes;

         

        (vii)        to enter into and perform its obligations under the Issuer Basic Documents; and

         

        (viii)       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.

         

        (b)          The Issuer is hereby authorized to engage in the foregoing activities.  The Issuer shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by
          the terms of this Agreement and the other Basic Documents.

         

        Section 2.04.  Appointment of Owner Trustee.  The Depositor hereby confirms the appointment of the Owner Trustee as trustee of the Issuer effective as of the date of the Original Trust Agreement, to have all
          the rights, powers and duties set forth herein and in the Delaware Statutory Trust Act.

         

        Section 2.05.  Initial Capital Contribution of Trust Property.  The Depositor has previously sold, assigned, transferred, conveyed and set over to the Owner Trustee, as of the date of the Original Trust
          Agreement, the sum of $1.  The Owner Trustee hereby acknowledges receipt in trust from the Depositor, of the foregoing contribution, which shall constitute the initial Owner Trust Estate.  The Depositor shall pay the organizational expenses of
          the Issuer 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.  On the Closing Date, the Depositor will sell, transfer, assign and convey to the
          Issuer certain property to be included in the Trust Property pursuant to the Sale and Servicing Agreement, and the Issuer will issue and convey the Securities to or upon the order of the Depositor.

         

        
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        Section 2.06.  Declaration of Trust.  The Owner Trustee hereby declares that it will hold the Trust Property in trust upon and subject to the conditions set forth herein for the use and benefit of the
          Certificateholders, subject to the obligations of the Issuer under the Basic Documents.  It is the intention of the parties that (i) the Issuer constitute a statutory trust under the Delaware Statutory Trust Act and that this Agreement constitute
          the governing instrument of such statutory trust and (ii) solely for income and franchise tax purposes, the Issuer shall be treated as a fixed investment trust or grantor trust or, if not so treated and there is only one beneficial owner of the
          equity of the Issuer, as an entity that is disregarded as separate from such owner.  If, however, the Issuer is not treated as a fixed investment trust or a grantor trust for such purposes, and there are two or more beneficial owners of the
          equity of the Issuer, the Issuer shall be treated as a partnership (other than an association or publicly traded partnership) for purposes of United States federal income, State and local income and franchise tax and any other income taxes, with
          the assets of the partnership being the Receivables and other assets held by the Issuer, the partners of the partnership being the Certificateholders and any Holders of Notes that are required by the IRS to be treated as equity in the Issuer, and
          the remaining Notes constituting indebtedness of the partnership.  The parties agree that, unless otherwise required by appropriate tax authorities, the Issuer will file or cause to be filed annual or other necessary returns, reports and other
          forms consistent with the foregoing characterization of the Issuer for such tax purposes.  Effective as of the date hereof, the Owner Trustee shall have all the rights, powers and duties set forth herein and in the Delaware Statutory Trust Act
          with respect to accomplishing the purposes of the Issuer as set forth in Section 2.03(a).  The Owner Trustee has filed the Certificate of Trust with the Secretary of State.

         

        Section 2.07.  Liability of Certificateholders.  The Certificateholders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized
          under the general corporation law of the State of Delaware.

         

        Section 2.08.  Title to Trust Property.  Legal title to the Trust Property shall be vested at all times in the Issuer as a separate legal entity except where Applicable Law in any jurisdiction requires title
          to any part of the Trust Property to be vested in a trustee or 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; provided, that concurrently with or prior
          to title being deemed to be vested in a co-trustee and/or separate trustee, such trustee must provide a written grant of a security interest in the Trust Property to the Indenture Trustee and must authorize the filing of one or more financing
          statements to perfect the Indenture Trustee’s security interest.

         

        Section 2.09.  Situs of Issuer.  The Issuer will be located and administered in the State of Delaware and the State of Michigan.  Any bank accounts maintained by the Owner Trustee on behalf of the Issuer
          shall be located in the States of Delaware or New York.  The Issuer shall not have any employees in any State other than the State of Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having
          employees within or outside of the State of Delaware.  Payments will be received by the Issuer only in the States of Delaware or New York, and payments will be made by the Issuer only from the States of Delaware or New York.  The only office of
          the Issuer will be at the Corporate Trust Office of the Owner Trustee in the State of Delaware.

         

        Section 2.10.  Representations and Warranties of the Depositor.  The Depositor hereby represents and warrants to the Owner Trustee that:

         

        (i)           The Depositor is duly formed and validly existing as a limited liability company in good standing under the laws of the State of Delaware, with power and authority to own its
          properties and to conduct its business as such properties are currently owned and such business is presently conducted.

         

        (ii)          The Depositor is not a Benefit Plan.

         

        

        
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        (iii)        The 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 failure to so qualify or obtain such licenses and approvals would, in the reasonable judgment of the Depositor, materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability
          of, this Agreement.

         

        (iv)         The Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms and to transfer and assign the property to be transferred and assigned to and
          deposited with the Issuer; and the execution, delivery and performance of this Agreement and such transfer, assignment and deposit have been duly authorized by the Depositor by all necessary limited liability company action.

         

        (v)          This Agreement constitutes a legal, valid and binding obligation of the Depositor, enforceable in accordance with its terms, except as enforceability may be subject to or limited by
          bankruptcy, insolvency, reorganization, moratorium, liquidation, fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability
          shall be considered in a Proceeding in equity or at law.

         

        (vi)        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, or constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited liability company agreement of the Depositor, or any material indenture, agreement or other instrument to which the Depositor is
          a party or by which it is bound; nor result in the creation or imposition of any Lien upon any properties of the Depositor pursuant to the terms of any such material indenture, agreement or other instrument (other than pursuant to the Basic
          Documents); nor violate any Applicable Law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any Governmental Authority having jurisdiction over the Depositor or its properties.

         

        (vii)       To the knowledge of the Depositor, there are no Proceedings or investigations pending or threatened against the Depositor before any Governmental Authority having jurisdiction over the
          Depositor or its properties (a) asserting the invalidity of any Basic Document, (b) seeking to prevent the consummation of any of the transactions contemplated by any Basic Document, (c) seeking any determination or ruling that would materially
          and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, any Depositor Basic Document or (d) seeking any determination or ruling that would adversely affect the United States federal
          tax attributes of the Issuer or the Securities.

         

        
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        Section 2.11.  Tax Matters.  The Certificateholders acknowledge that it is their intent and that they understand it is the intent of the Depositor and the Servicer that, for purposes of United States federal
          income, State and local income and franchise tax and any other income taxes, the Issuer shall be treated as a fixed investment trust or grantor trust or, if not so treated and there is only one beneficial owner of the equity of the Issuer, as an
          entity that is disregarded as separate from such owner.  If, however, the Issuer is not treated as a fixed investment trust or a grantor trust for such purposes, and if there are two or more beneficial owners of the equity of the Issuer, the
          Issuer shall be treated as a partnership (other than an association or publicly traded partnership) for purposes of United States federal income, State and local income and franchise tax and any other income taxes, and income, gain or loss of the
          Issuer for such month as determined for United States federal, State and local income and franchise tax purposes shall be allocated among the Certificateholders as of the Record Date occurring within such month, in proportion to their ownership
          of the Certificate Percentage Interests on such date.  The Depositor hereby agrees and each Certificateholder by acceptance of a Certificate agrees to such treatment and each agrees to take no action inconsistent with the foregoing
          characterization. 

         

        The Depositor is authorized to modify the allocations in this Section if necessary or appropriate, in its sole discretion, for the allocations to reflect fairly the economic income, gain or loss to the
          Certificateholders or as otherwise required by the Code.

         

        
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        ARTICLE THREE

          

          CERTIFICATES AND TRANSFER OF INTERESTS

         

        Section 3.01.  Initial Ownership.  Upon the formation of the Issuer by the contribution and conveyance by the Depositor as described in Section 2.05 and until the issuance of the Certificates, the Depositor
          shall be the sole beneficiary of the Issuer.

         

        Section 3.02.  The Certificates.

         

        (a)          The Certificates shall be issued in one or more registered, definitive, physical certificates substantially in the form of Exhibit A.  The Certificates may be in printed or typewritten form and shall be
          executed on behalf of the Issuer by manual or facsimile signature of an Authorized Officer of the Owner Trustee.  Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been
          affixed, authorized to sign on behalf of the Issuer, shall be validly issued and entitled to the benefits of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication
          and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates.

         

        (b)          If Transfer of a Certificate is permitted pursuant to this Section and Section 3.04, the transferee of such Certificate shall become a Certificateholder, and shall be entitled to the rights and subject
          to the obligations of a Certificateholder hereunder upon such transferee’s acceptance of a Certificate duly registered in such transferee’s name pursuant to Section 3.04.

         

        (c)          The Depositor as the sole Certificateholder may exchange all or a portion of the Certificates for additional securities issued by the Issuer pursuant to one or more supplemental indentures to the
          Indenture or amendments to this Agreement.  Such additional securities may consist of one or more classes of notes, certificates or other securities, as directed by the Depositor, each having the characteristics, rights and obligations as may be
          directed by the Depositor (which may include subordination to one or more other classes of such additional securities), so long as the following conditions are satisfied: (i) the rights of the holders of such additional securities, when taken as
          a whole, are no greater than the rights of the Certificateholders immediately prior to the issuance of such additional securities (unless the Holders of 100% of the Notes Outstanding otherwise consent); (ii) the Rating Agencies have provided
          written confirmation that the issuance of such additional securities will not adversely affect the ratings of the Notes; and (iii) the Depositor has provided to the Indenture Trustee and the Owner Trustee an Opinion of Counsel to the effect that
          the issuance of such additional securities will not (A) adversely affect in any material respect the interests of any Noteholder, (B) cause any Note to be deemed sold or exchanged, (C) cause the Issuer to be treated as an association or publicly
          traded partnership taxable as a corporation for United States federal income tax purposes or (D) adversely affect the treatment of the Notes as debt for United States federal income tax purposes.  Without limiting the foregoing, one or more
          classes of such additional securities may, if so directed by the Depositor, be secured by all or a portion of the Trust Estate, so long as such security interest is subordinated in priority to the security interest granted to the Noteholders
          pursuant to the Indenture.  Subject to this Section and the terms of the other Basic Documents, the Issuer will take (at the expense of the Depositor) all actions requested by the Depositor to facilitate the issuance and sale of any such
          additional securities or the grant and perfection of any security interest granted pursuant to this Section, including the authorization of the filing of any financing statements in jurisdictions deemed necessary or advisable by the Depositor to
          perfect such security interest.

         

        
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        Section 3.03.  Authentication and Delivery of Certificates.  Concurrently with the sale of the Receivables to the Issuer pursuant to the Sale and Servicing Agreement, the Owner Trustee shall execute the
          Certificates on behalf of the Issuer, and cause the Certificates to be authenticated and delivered to or upon the written order of the Depositor, signed by its president, any Vice President, its treasurer, any assistant treasurer, its secretary
          or any assistant secretary, without further limited liability company action by the Depositor.  No Certificate shall entitle the respective Certificateholder to any benefit under this Agreement, or be valid for any purpose, unless there shall
          appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Certificate Registrar or its authenticating agent, by manual signature; and such authentication shall constitute
          conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder.  All Certificates shall be dated the date of their authentication.  Upon issuance, authentication and delivery pursuant to the terms hereof, the
          Certificates will be entitled to the benefits of this Agreement.

         

        Section 3.04.  Registration, Transfer and Exchange of Certificates.

         

        (a)          The Indenture Trustee initially shall be the registrar (the “Certificate Registrar”) for the purpose of registering Certificates and Transfers of Certificates as herein provided.  The Certificate
          Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.08, a register (the “Certificate Register”) in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall
          provide for the registration of Certificates and the registration of Transfers of Certificates.  Upon any resignation of any Certificate Registrar, the Owner Trustee, on behalf of the Issuer, shall, upon receipt of written instructions from the
          Depositor, promptly appoint a successor thereto.

         

        No transfer of a Certificate shall be made to any Person unless (i) the Certificate Registrar has received an opinion of Independent counsel that such action will not cause the Issuer to be treated as an association
          (or publicly traded partnership) taxable as a corporation for United States federal income tax purposes and (ii) such transferee or assignee agrees to take positions for tax purposes consistent with the tax positions agreed to be taken by the
          Certificateholder. For the avoidance of doubt, any transfer of a Certificate by a Certificateholder other than the initial Certificateholder also must comply with the foregoing provision. No Certificate (other than the Certificates issued to and
          held by the Depositor) may be subdivided upon transfer or exchange in a manner such that the resulting Certificate represents less than a 2.00% fractional undivided interest in the Issuer (or such other amount as the Depositor may determine in
          order to prevent the Issuer from being treated as a “publicly traded partnership” under Section 7704 of the Code, but in no event less than a 1.00% fractional undivided interest in the Issuer).

         

        
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        (b)          The Certificates may not be acquired by or for the account of a Person that is not a United States person within the meaning of Section 7701(a)(30) of the Code, unless an Opinion of Counsel is delivered
          to the Certificate Registrar to the effect that such transfer to a non-United States person will not cause the Issuer to be (i) subject to an additional United States federal income tax or to be required to withhold tax with respect to such
          transferee or (ii) treated as engaged in a United States trade or business within the meaning of the Code.  Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented and warranted that such Certificateholder
          is not a Benefit Plan or other employee benefit plan or arrangement that is subject to Similar Law and is not a Person acting on behalf of, or using the assets of, a Benefit Plan or other employee benefit plan or arrangement that is subject to
          Similar Law to effect the transfer of such Certificate.

         

        Any Person who is not an Affiliate of the Seller and acquires more than 49.9% of the Certificates will be deemed to represent that it is not a party in interest (within the meaning of ERISA) or a disqualified person
          (within the meaning of Section 4975(e)(2) of the Code) with respect to any Benefit Plan, other than a Benefit Plan that it sponsors for the benefit of its employees, and that no Benefit Plan with respect to which it is a party in interest has or
          will acquire any interest in the Notes.

         

        To the extent permitted under Applicable Law (including ERISA), neither the Owner Trustee nor the Certificate Registrar shall be under any liability to any Person for any registration of Transfer of any Certificate
          that is in fact not permitted under Applicable Law (including ERISA) or for taking any other action with respect to such Certificate under the provisions of this Agreement so long as such Transfer was registered by the Owner Trustee or the
          Certificate Registrar in accordance with this Agreement.

         

        (c)          Upon surrender by a Certificateholder for registration of Transfer of any Certificate at the office or agency of the Certificate Registrar to be maintained as provided in Section 3.08, and upon
          compliance with any provisions of this Agreement relating to such Transfer, the Owner Trustee shall execute on behalf of the Issuer and the Owner Trustee or the Certificate Registrar shall authenticate and deliver to the Certificateholder making
          such surrender, in the name of the designated transferee or transferees, one or more new Certificates in any authorized denomination evidencing the same aggregate Certificate Percentage Interest in the Issuer.  Each Certificate presented or
          surrendered for registration of Transfer shall be accompanied by a written instrument of transfer and accompanied by IRS Form W-9, and such other documentation as may be required by the Owner Trustee in order to comply with Applicable Anti-Money
          Laundering Law, in form satisfactory to the Owner Trustee and the Certificate Registrar, duly executed by the Certificateholder or its attorney duly authorized in writing.  Each Certificate presented or surrendered for registration of Transfer
          shall be canceled and subsequently disposed of by the Certificate Registrar in accordance with its customary practice.  No service charge shall be made for any registration of Transfer of Certificates, but the Owner Trustee or the Certificate
          Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any Transfer of Certificates.  No Transfer will be effectuated hereunder unless the Owner Trustee has received the
          transfer documentation required hereunder.

         

        
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        (d)          All Certificates surrendered for registration of Transfer, if surrendered to the Issuer, the Certificate Registrar or any agent of the Owner Trustee or the Issuer under this Agreement, shall be delivered
          to the Owner Trustee or the Certificate Registrar and promptly cancelled by it, and no Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement.  The Owner Trustee and the Certificate
          Registrar shall dispose of cancelled Certificates in accordance with their normal practice.

         

        (e)          As of the date hereof, the Depositor intends to retain the Certificates.  Although there is no present intent to effect any subsequent transfer of the Certificates, in the event that the Depositor did
          intend to transfer any of the Certificates to a third party, the parties to this Agreement will amend this Agreement as necessary to prevent any application of the Treasury Regulations under Section 385 of the Code (including any subsequent or
          successor provision) that would result in the recharacterization of any of the Notes as equity.

         

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

         

        (a)          If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate and
          (ii) 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 Certificate has been acquired by a Protected
          Purchaser, the Owner Trustee or the Certificate Registrar on behalf of the Issuer shall execute and the Owner Trustee or the Certificate Registrar or either of their authenticating agents shall authenticate and deliver, in exchange for or in lieu
          of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of a like tenor and Certificate Percentage Interest.  If, after the delivery of such replacement Certificate or payment of a destroyed, lost or stolen Certificate, a
          Protected Purchaser of the original Certificate in lieu of which such replacement Certificate was issued presents for payment such original Certificate, the Issuer, the Owner Trustee and the Certificate Registrar shall be entitled to recover such
          replacement Certificate (or such payment) from the Person to whom such replacement Certificate was delivered or any Person taking such replacement Certificate from such Person to whom such replacement Certificate was delivered or any assignee of
          such Person, except a Protected Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer, the Owner Trustee or the Certificate Registrar
          in connection therewith.  Any duplicate Certificate issued pursuant to this Section shall constitute conclusive evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found
          at any time.

         

        (b)          Upon the issuance of any replacement Certificate under this Section, the Issuer may require the payment by the Certificateholder of a sum sufficient to cover any tax or other governmental charge that may
          be imposed in connection with such issuance and any other reasonable expenses (including the fees and expenses of the Owner Trustee) related thereto.

         

        (c)          Every replacement Certificate issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Certificate shall constitute an original additional contractual obligation of the
          Issuer, whether or not the mutilated, destroyed, lost or stolen Certificate shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Certificates
          duly issued hereunder.

         

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

         

        Section 3.06.  Persons Deemed Certificateholders.  Prior to due presentation of a Certificate for registration of Transfer, the Owner Trustee, the Certificate Registrar, the Paying Agent and their respective
          agents may treat the Person in whose name such Certificate is registered in the Certificate Register (as of the day of determination) as the Certificateholder of such Certificate for the purpose of receiving distributions pursuant to Section 5.01
          and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar, the Paying Agent or their respective agents shall be bound by any notice to the contrary.

         

        Section 3.07.  Access to List of Certificateholders’ Names and Addresses.  The Certificate Registrar shall furnish or cause to be furnished to the Servicer, the Depositor and the Indenture Trustee or the
          Owner Trustee, as the case may be, within 15 days after receipt by the Certificate Registrar of a written request therefor from the Servicer, the Depositor or either Trustee, as the case may be, a list, in such form as the requesting party may
          reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date.  If three or more Certificateholders, or one or more Holders of Certificates evidencing not less than 25% of the aggregate Certificate
          Percentage Interests (hereinafter referred to as the “Applicants”), apply in writing to the Certificate Registrar, and such application states that the Applicants desire to communicate with other Certificateholders with respect to their rights
          under this Agreement or under the Certificates and such application is accompanied by a copy of the communication that such Applicants propose to transmit (which shall be deemed to be a purpose reasonably related to the Applicants’ interest in
          the Issuer), then the Certificate Registrar shall, within five Business Days after the receipt of such application, afford such Applicants access during normal business hours to the current list of Certificateholders.  Each Certificateholder, by
          receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Certificate Registrar or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from
          which such information was derived.

         

        Section 3.08.  Maintenance of Office or Agency.  The Issuer shall maintain an office or offices or agency or agencies where notices and demands to or upon the Issuer or the Owner Trustee in respect of the
          Basic Documents may be served.  The Issuer initially designates the Corporate Trust Office of the Owner Trustee for such purposes and will promptly notify the Depositor and the Owner Trustee of any change in the location of such office.  The
          office of the Certificate Registrar is located at U.S. Bank National Association, 111 E. Fillmore Avenue, St. Paul, Minnesota 55107, Attention: Bondholder Services – DTRT 2020-1.

         

        Section 3.09.  No Legal Title to Trust Property in Certificateholders.  The Certificateholders shall not have legal title to any part of the Trust Property.  The Certificateholders shall be entitled to
          receive distributions with respect to their undivided beneficial interest therein only in accordance with Articles Five and Nine.  No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders to and in
          their beneficial interest in the Trust Property 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 Property.

         

        
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        Section 3.10.  No Recourse.  Each Certificateholder, by accepting a Certificate, acknowledges that the Certificates represent beneficial interests in the Issuer only and do not represent interests in or
          obligations of the Depositor, the Seller, the Servicer, the Administrator, either Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated
          in the Certificates or any Basic Document.

         

        Section 3.11.  Appointment of Paying Agent.  The Paying Agent shall make distributions to Certificateholders in accordance with the Indenture and shall report the amount of such distributions to the Owner
          Trustee.  The Paying Agent shall have the revocable power to withdraw funds from the Collection Account for the purpose of making the distributions referred to above.  The Owner Trustee, at the direction of the Holders of Certificates evidencing
          not less than 51% of the aggregate Certificate Percentage Interests, may revoke such power and remove the Paying Agent if the majority Holders determines  that the Paying Agent shall have failed to perform its obligations under this Agreement in
          any material respect.  The Paying Agent shall initially be the Indenture Trustee, and any co-paying agent chosen by the Paying Agent that is acceptable to the Owner Trustee and the Depositor.  Each Paying Agent shall be permitted to resign as
          Paying Agent upon 30 days’ prior written notice to the Owner Trustee and the Depositor.  In the event that the Indenture Trustee shall no longer be the Paying Agent, the Owner Trustee, upon receipt of written instruction from the Depositor, 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 or additional Paying Agent will hold all sums, if any, held by it for payment to the
          Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders.  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.  If at any time the Owner Trustee shall act as Paying Agent, the rights, privileges, protections and indemnities afforded to the Owner Trustee hereunder
          shall apply equally to the Owner Trustee in its role as Paying Agent.  Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.

         

        Section 3.12.  Certificates Nonassessable and Fully Paid.  Certificateholders shall not be personally liable for obligations of the Issuer.  The interests represented by the Certificates shall be
          nonassessable for any losses or expenses of the Issuer or for any reason whatsoever, and, upon the authentication thereof by the Owner Trustee pursuant to Sections 3.03, 3.04 or 3.05, the Certificates are and shall be deemed fully paid.

         

        
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        ARTICLE FOUR

          

          ACTIONS BY OWNER TRUSTEE

         

        Section 4.01.  Prior Notice to Certificateholders with Respect to Certain Matters.  Subject to the provisions and limitations of Section 4.04, the Owner Trustee shall not take action unless at least 30 days
          before the taking of such action with respect to the following matters the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and Holders of Certificates evidencing not less than 51% of the aggregate
          Certificate Percentage Interests shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that such Certificateholders have withheld consent or provided alternative direction:

         

        (a)          the initiation of any claim or lawsuit by the Issuer and the settlement of any Proceeding, investigation or claim brought by or against the Issuer, in each case other than claims or
          lawsuits brought by the Servicer on behalf of the Issuer for collection of the Receivables and the Financed Equipment;

         

        (b)          the election by the Issuer to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Delaware Statutory Trust Act);

         

        (c)          the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder (i) is required or (ii) is not required and such amendment materially
          adversely affects the interests of the Certificateholders;

         

        (d)          the amendment of the Administration Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner or to add any provision that would not materially
          adversely affect the interests of the Certificateholders; or

         

        (e)          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 respective obligations under the Indenture or this Agreement, as applicable.

         

        Section 4.02.  Action by Certificateholders with Respect to Certain Matters.  The Owner Trustee may not (i) pursuant to Article Seven of the Sale and Servicing Agreement, remove the Servicer or appoint a
          Successor Servicer or (ii) remove the Administrator pursuant to Section 1.09 of the Administration Agreement unless Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interests direct the Owner Trustee to
          take such action (a) upon the occurrence of the termination of the Servicer pursuant to Article Seven of the Sale and Servicing Agreement and (b) subsequent to the payment in full of the Notes.

         

        Section 4.03.  Action by Certificateholders with Respect to Bankruptcy.  The Owner Trustee shall not have the power to commence a voluntary Proceeding under any Insolvency Law relating to the Issuer unless
          each Certificateholder approves of such commencement in writing in advance and delivers to the Owner Trustee a certificate certifying that such Certificateholder reasonably believes that the Issuer is insolvent.

         

        
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        Section 4.04.  Restrictions on Certificateholders’ Power.  The Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to
          any obligation of the Issuer or the Owner Trustee under any Basic Document or would be contrary to Section 2.03, nor shall the Owner Trustee be obligated to follow any such direction, if given.

         

        Section 4.05.  Majority Control.  Except as expressly provided herein, (i) any action that may be taken by the Certificateholders under this Agreement may be taken by the Holders of Certificates evidencing
          not less than 51% of the aggregate Certificate Percentage Interests and (ii) any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Holders of Certificates evidencing not less than 51% of
          the aggregate Certificate Percentage Interests at the time of the delivery of such notice.

         

        Section 4.06.  Certain Litigation Matters.  The Owner Trustee shall provide prompt written notice to the Depositor, the Seller and the Servicer of any Proceeding or investigation actually known to a
          Responsible Officer of the Owner Trustee in any way relating to the Issuer, the Trust Property or any Issuer Basic Document.

         

        
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        ARTICLE FIVE

          

          APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

         

        Section 5.01.  Application of Trust Funds.

         

        (a)          On each Payment Date, upon receipt from the Servicer of an Investor Report pursuant to Section 3.10 of the Sale and Servicing Agreement, the Owner Trustee shall, directly or through a Paying Agent,
          distribute or cause to be distributed, to the Certificateholders, in proportion to each Certificateholder’s Certificate Percentage Interest, available amounts deposited in the Collection Account on such Payment Date pursuant to Section 4.04 of
          the Sale and Servicing Agreement and payable to the Certificateholders pursuant to Section 2.08 of the Indenture.

         

        (b)          So long as the Depositor or one or more of its Affiliates are the sole Certificateholders, on or following the Payment Date on which the Note Balance has been reduced to zero and the Indenture has been
          discharged, the Depositor may direct the Owner Trustee in writing to distribute, and upon receipt of such direction the Owner Trustee shall distribute to or upon the order of the Depositor in accordance with Section 9.01(c), the remaining assets
          of the Issuer.

         

        (c)          On each Payment Date, the Owner Trustee shall, directly or through a Paying Agent, send or make available electronically to each Certificateholder of record the related Investor Report provided to the
          Owner Trustee by the Servicer pursuant to Section 3.10 of the Sale and Servicing Agreement.

         

        (d)          In the event that any withholding tax is imposed on the Issuer’s payment (or, if the Issuer is treated as a partnership for United States federal income tax purposes, allocations of income) to a
          Certificateholder, such tax shall reduce the amount otherwise distributable to such Certificateholder in accordance with this Section.  The Owner Trustee and each Paying Agent are hereby authorized and directed to retain from amounts otherwise
          distributable to the Certificateholders sufficient funds for the payment of any such withholding tax that is legally owed by the Issuer (but such authorization shall not prevent the Owner Trustee or any Paying Agent from contesting any such tax
          in appropriate Proceedings and withholding payment of such tax, if permitted by Applicable Law, pending the outcome of such Proceedings, it being understood that neither the Owner Trustee nor any Paying Agent shall have any duty to contest such
          amounts).  The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Issuer for remittance to the appropriate taxing authority. 
          If the Owner Trustee or a Paying Agent determines that there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the Owner Trustee or any Paying Agent may, in
          its sole discretion, withhold such amounts in accordance with this Section.  If a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee and each Paying Agent shall reasonably cooperate with such
          Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee and each Paying Agent for any out-of-pocket expenses incurred, as applicable.

         

        
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        Section 5.02.  Method of Payment.  Subject to Section 9.01(c), distributions required to be made to Certificateholders on any Payment Date shall be made by the Owner Trustee or a Paying Agent to each
          Certificateholder of record on the related Record Date by wire transfer, in immediately available funds, to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall
          have provided to the Certificate Registrar and the Paying Agent appropriate written instructions at least five Business Days prior to such Payment Date and such Certificateholder is the Depositor or an Affiliate thereof or, if not, by check
          mailed to such Certificateholder at the address of such Certificateholder appearing in the Certificate Register.  Notwithstanding the foregoing, the final distribution in respect of any Certificate will be payable only upon presentation and
          surrender of such Certificate at the office or agency maintained for that purpose by the Certificate Registrar pursuant to Section 3.08.

         

        Section 5.03.  No Segregation of Monies; No Interest.  Subject to Section 5.01, monies received by the Owner Trustee hereunder need not be segregated in any manner except to the extent required by the Basic
          Documents or Applicable Law, and shall be deposited uninvested in a non-interest-bearing trust account under such general conditions as may be prescribed by Applicable Law and the Owner Trustee shall not be liable for any interest thereon.

         

        Section 5.04.  Accounting and Reports to Certificateholders, the IRS and Others.  The Owner Trustee shall, upon receipt of and based on information provided by the Seller or the Servicer, (i) maintain (or
          cause to be maintained) the books of the Issuer on the basis of a fiscal year ending December 31 and, based on the accrual method of accounting, (ii) deliver to each Certificateholder, as may be required by the Code and applicable Treasury
          Regulations, such information as may be required (including Schedule K-1) to enable such Certificateholder to prepare its United States federal and State income tax returns, (iii) file such tax returns relating to the Issuer (including a
          partnership information return, IRS Form 1065, if required) and make such elections as may from time to time be required or appropriate under any applicable State or federal statute or rule or regulation thereunder so as to maintain the Issuer’s
          characterization as a partnership, if so characterized, for United States federal income tax purposes, (iv) cause such tax returns to be signed in the manner required by Applicable Law and (v) collect or cause to be collected any withholding tax
          as described in and in accordance with Section 5.01(d) with respect to income or distributions to Certificateholders.  The Owner Trustee, on behalf of the Issuer, shall elect under Section 1278 of the Code to include in income currently any
          market discount that accrues with respect to the Receivables.  The Owner Trustee, on behalf of the Issuer, shall not make the election provided under Section 754 of the Code.

         

        The Owner Trustee may satisfy its obligations with respect to this Section and Section 5.01(d) by retaining, at the expense of the Seller, Accountants selected by the Seller.  The Owner Trustee may require the
          Accountants to provide to the Owner Trustee, on or before December 31, 2020, a letter in form and substance satisfactory to the Owner Trustee as to whether any United States federal tax withholding on the Certificates is then required and, if
          required, the procedures to be followed with respect thereto to comply with the requirements of the Code.  The Accountants shall be required to update such letter in each instance that any additional tax withholding is subsequently required or
          any previously required tax withholding shall no longer be required.  The Owner Trustee shall be deemed to have discharged its obligations pursuant to this Section and Section 5.01(d) upon its retention of the Accountants, and the Owner Trustee
          shall not have any liability with respect to the default, negligence or misconduct of the Accountants.  The Owner Trustee shall be entitled to rely on and shall be fully protected in so relying, upon the letter, referred to in this paragraph,
          from the Accountants and shall have no duty or obligation to verify the accuracy of the contents of such letter.

         

        
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        Section 5.05.  Signature on Returns; Partnership Representative.

         

        (a)          In the event that the Issuer is classified as a partnership for United States federal income tax purposes, the Person that holds, or is deemed to hold under the Code, the Depositor, for as long as it is
          a Holder of a Certificate, and thereafter, the Holder of the Certificate with the largest Certificate Percentage Interest, will prepare and sign, on behalf of the Issuer, the tax returns of the Issuer.

         

        (b)          The entity that is required to prepare the tax returns of the Issuer pursuant to Section 5.05(a) shall be the partnership representative, within the meaning of Section 6223(a) of the Code.  The
          partnership representative shall, (i) if the Issuer is eligible, cause the Issuer to elect, pursuant to Section 6221(b) of the Code, that Section 6221(a) of the Code shall not apply to the Issuer or (ii) if the election in Section 6221(b) of the
          Code is not so available, to the extent applicable, cause the Issuer to make the election under Section 6226(a) of the Code.

         

        
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        ARTICLE SIX

          

          AUTHORITY AND DUTIES OF OWNER TRUSTEE

         

        Section 6.01.  General Authority.  The Owner Trustee is authorized and directed to execute and deliver each Issuer Basic Document and each certificate or other document attached as an exhibit to or
          contemplated by any Issuer Basic Document and any amendment or other agreement or instrument, in each case in such form as the Depositor shall approve, 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 all actions required of the Issuer pursuant to the Basic Documents.  The Owner Trustee is further authorized from time to time to take such action as the
          Administrator or Certificateholders recommends with respect to the Basic Documents.

         

        Section 6.02.  General Duties.

         

        (a)          It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and to administer the Issuer for the benefit of the
          Certificateholders, subject to the Basic 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 to the
          extent expressly provided for under the other Basic Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Owner Trustee or the Issuer hereunder or under any other
          Basic Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement.  The Owner Trustee agrees to perform its duties under this Agreement
          in good faith and in the best interests of the Issuer, but only upon the express terms of this Agreement. To the fullest extent permitted by Applicable Law, neither the Owner Trustee nor any of its officers, directors, employees, agents or
          affiliates shall have any implied duties (including fiduciary duties) or liabilities otherwise existing at law or in equity with respect to the Issuer, which implied duties and liabilities are hereby eliminated.  Every provision of this Agreement
          relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Article Six and Article Seven.

         

        (b)          The Owner Trustee shall cooperate with the Administrator in carrying out the Administrator’s obligation to qualify and preserve the Issuer’s qualification to do business in each jurisdiction, if any, in
          which such qualification is or shall be necessary to protect the validity and enforceability of the Indenture, the Notes, the Receivables and any other instrument and agreement included in the Trust Property; provided that the Owner Trustee may
          rely on advice of counsel with respect to such obligation.

         

        Section 6.03.  Action Upon Instruction.

         

        (a)          Subject to Article Four, and in accordance with the terms of the Issuer Basic Documents, the Certificateholders (or, to the extent set forth in this Agreement, the Depositor) may, by written instruction,
          direct the Owner Trustee in the management of the Issuer.  Such direction may be exercised at any time by written instruction of the Certificateholders or the Depositor, as applicable, pursuant to Article Four.  In addition, the Administrator may
          direct the Owner Trustee in the management of the Issuer in accordance with Section 6.01 and the Administration Agreement.

         

        
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        (b)          The Owner Trustee shall not be required to take any action under this Agreement or any other Basic 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 or is contrary to the terms of any Basic Document or is otherwise contrary to Applicable Law.

         

        (c)          Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of any Basic Document or in the event that the Owner Trustee is unsure as to the
          application of any provision of any Basic 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 is silent or is 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 shall promptly give notice (in such form as shall be appropriate
          under the circumstances) to the Certificateholders of record as of the preceding Record Date 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 Holders of Certificates evidencing at least 51% of the Certificate Percentage Interests 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 written 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 the Basic Documents as it shall deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such action or inaction.

         

        (d)          Notwithstanding the foregoing, the right of the Depositor or Certificateholders to take any action affecting the Trust Property shall be subject to the rights of the Indenture Trustee under the
          Indenture.

         

        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 Property, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee or the Issuer is a party, except as expressly
          provided by the terms of this Agreement or in 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 any Basic Document against the Owner Trustee.  The
          Owner Trustee shall have no responsibility for filing any financing statement, amendment or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any Lien granted to it hereunder or to
          prepare or file any Commission filing for the Issuer or to record any Basic Document.  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 Property 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 Property.

         

        
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        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 Property except in
          accordance with (i) the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) the Basic Documents and (iii) 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 that (i) is inconsistent with the purposes of the Issuer set forth in Section 2.03 or (ii) to the actual knowledge of a Responsible
          Officer of the Owner Trustee, would (a) affect the treatment of the Notes as indebtedness for United States federal income or State income or franchise tax purposes, (b) be deemed to cause a taxable exchange of the Notes for United States federal
          income or State income or franchise tax purposes or (c) cause the Issuer or any portion thereof to be taxable as an association or publicly traded partnership taxable as a corporation for United States federal income or State income or franchise
          tax purposes.  The Certificateholders, the Administrator and the Servicer shall not direct the Owner Trustee to take any action that would violate the provisions of this Section or any other provision of any Basic Document.  Notwithstanding
          anything herein to the contrary, the Depositor, the Servicer and their respective Affiliates may maintain normal commercial banking relationships with the Owner Trustee and its Affiliates.

         

        Section 6.07.  Notice to Administrator of Repurchase Requests.  Not later than the fifth day of each calendar month (or, if such day is not a Business Day, the immediately following Business Day), beginning
          in April, 2020, the Owner Trustee shall provide to the Administrator a notice in substantially the form of Exhibit C with respect to any requests received by the Owner Trustee during the immediately preceding calendar month (or, in the case of
          the initial notice, since the Closing Date) that any Receivable be repurchased by the Seller pursuant to Section 2.05 of the Sale and Servicing Agreement or Section 3.04 of the Receivables Purchase Agreement.

         

        
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        ARTICLE SEVEN

          

          THE OWNER TRUSTEE

         

        Section 7.01.  Acceptance of Duties .  The Owner Trustee accepts the trusts hereby continued and agrees to perform its duties with respect to such trusts, but only upon the terms of this Agreement.  The Owner
          Trustee also agrees to disburse all monies actually received by it constituting part of the Trust Property upon the terms set forth in the Basic Documents.  The Owner Trustee shall not be answerable or accountable hereunder or under any other
          Basic Document under any circumstances, except (i) for its own willful misconduct, bad faith 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 in good faith by any officer or employee of the Owner Trustee;

         

        (b)          the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken in good faith by it in accordance with the provisions of this Agreement at the
          instructions of the Administrator or the Certificateholders;

         

        (c)          no provision of the Basic Documents shall require the Owner Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties
          hereunder or in the exercise of any of its rights or powers hereunder or under any other Basic 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 any representation, warranty, covenant, obligation of any other Person or indebtedness evidenced by or arising under any
          Basic Document, including the principal of and interest on the Notes or any amounts payable on the Certificates;

         

        (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 Depositor or for the form,
          character, genuineness, sufficiency, value or validity of any of the Trust Property, or for or in respect of the validity or sufficiency of the Basic Documents, other than the signature and the certificate of authentication of the Owner Trustee
          on the Certificates, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to any Securityholder, other than as expressly provided for herein;

         

        (f)          the Owner Trustee shall not be liable for the default or misconduct of the Administrator, the Depositor, any Certificateholder, the Indenture Trustee, the Servicer or the Seller under
          any Basic Document or otherwise, and the Owner Trustee shall have no obligation or liability to perform the obligations of the Issuer under the Basic Documents that are required to be performed by the Administrator under the Administration
          Agreement, the Indenture Trustee under the Indenture or the Seller, the Servicer or the Depositor under the Sale and Servicing Agreement;

         

        
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        (g)          the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, make any investigation of matters arising under this Agreement or
          to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to any Basic Document at the request, order or direction of any Certificateholders, unless such Certificateholders have 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; and the right of the Owner Trustee to perform any discretionary act enumerated in any Basic
          Document shall not be construed as a duty, and the Owner Trustee shall not be answerable other than for its gross negligence, bad faith or willful misconduct in the performance of any such act; provided, that if the Owner Trustee declines to take
          any actions in connection with a dispute resolution related to a repurchase request due to the failure of the requesting Certificateholder to provide reasonable security or indemnity or for any other reason, then such Certificateholder may
          exercise its rights related to dispute resolution directly as the “Requesting Party” pursuant to Section 3.17 of the Sale and Servicing Agreement;

         

        (h)          in no event will the Owner Trustee have any responsibility to monitor compliance with or enforce compliance with the credit risk retention requirements for asset-backed securities or
          other rules or regulations relating to credit risk retention; the Owner Trustee will not be charged with knowledge of such rules, nor will it be liable to any Noteholder, Certificateholder, the Depositor, the Servicer or any other person for
          violation of such rules now or hereinafter in effect;

         

        (i)           the Owner Trustee shall have no responsibility for the accuracy of any information provided to Certificateholders or any other individual or entity that has been obtained from, or
          provided to the Owner Trustee by, any other Person;

         

        (j)           in the absence of gross negligence or bad faith on its part, the Owner Trustee may conclusively rely upon certificates or Opinions of Counsel furnished to the Owner Trustee and
          conforming to the requirements of this Agreement in determining the truthfulness of the statements and the correctness of the opinions contained therein; provided, however, that the Owner Trustee shall have examined such certificates or Opinions
          of Counsel so as to determine compliance of the same with the requirements of this Agreement;

         

        (k)          to the fullest extent permitted by law and notwithstanding anything in this Agreement to the contrary, the Owner Trustee shall not be personally liable for (i) special, consequential
          or punitive damages, however styled, including lost profits or (ii) the acts or omissions of any nominee, correspondent, clearing agency or securities depository through which it holds the Issuer’s securities or assets;

         

        
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        (l)          notwithstanding anything in this Agreement to the contrary, the Owner Trustee shall not be responsible or liable for its failure to perform under this Agreement or for any losses to
          the Issuer resulting from any event beyond the reasonable control of the Owner Trustee, its agents or subcustodians, including nationalization, strikes, expropriation, devaluation, seizure or similar action by any Governmental Authority, de facto
          or de jure; enactment, promulgation, imposition or enforcement by any such Governmental Authority of currency restrictions, exchange controls, levies or other charges affecting the Issuer’s property; the breakdown, failure or malfunction of any
          utilities or telecommunications systems; any order or regulation of any banking or securities industry including changes in market rules and market conditions affecting the execution or settlement of transactions; acts of war, terrorism,
          insurrection or revolution; acts of God; or any other similar event;

         

        (m)          the Owner Trustee shall not be required to provide, on its own behalf, any surety bond or other kind of security in connection with the execution of any of its trusts or powers under
          this Agreement or any other Basic Document or the performance of its duties hereunder;

         

        (n)          each of the parties hereto hereby agrees and, as evidenced by its acceptance of any benefits hereunder, any Certificateholder agrees that the Owner Trustee in any capacity (i) has not
          provided and will not provide in the future, any advice, counsel or opinion regarding the tax, regulatory, financial, investment, securities law or insurance implications and consequences of the formation, funding and ongoing administration of
          the Issuer, including income, gift and estate tax issues, insurable interest issues, risk retention issues, doing business or other licensing matters and the initial and ongoing selection and monitoring of financing arrangements, (ii) has not
          made any investigation as to the accuracy of any representations, warranties or other obligations of the Issuer under the Basic Documents and shall have no liability in connection therewith and (iii) the Owner Trustee has not prepared or
          verified, and shall not be responsible or liable for, any information, disclosure or other statement in any disclosure or offering document or in any other document issued or delivered in connection with the sale or transfer of the Notes;

         

        (o)          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 Governmental Authority 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 becoming 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 hereby; the Owner Trustee shall
          be entitled to obtain advice of counsel (which advice shall be an expense of the Issuer) to determine whether any action required to be taken pursuant to the Agreement results in the consequences described in clauses (i), (ii) and (iii) of the
          preceding sentence; and in the event that said counsel advises the Owner Trustee that such action will result in such consequences, the Owner Trustee may, or if instructed to do so by the Depositor, shall appoint an additional trustee pursuant to
          Section 10.05 to proceed with such action;

         

        
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        (p)          it shall be the Administrator’s duty and responsibility, and not the Owner Trustee’s duty or responsibility, to cause the Issuer to respond to, defend, participate in or otherwise act
          in connection with any Proceeding or inquiry relating in any way to the Issuer, its assets or the conduct of its business; provided, that the Owner Trustee hereby agrees to cooperate with the Administrator and to comply with any reasonable
          request made by the Administrator for the delivery of information or documents to the Administrator in the Owner Trustee’s actual possession relating to any such Proceeding or inquiry;

         

        (q)          the Owner Trustee shall not have any obligation or duty to supervise or  monitor the performance of any other Person and shall have no liability for the failure of any other Person to
          perform its obligations or duties under the Basic Documents or otherwise; and

         

        (r)          the Owner Trustee shall not be deemed to have knowledge or notice of any fact or event unless a Responsible Officer of the Owner Trustee has actual knowledge thereof or unless written
          notice of such fact or event is received by a Responsible Officer and such notice references the fact or event.

         

        Section 7.02.  Furnishing of Documents.  The Owner Trustee shall furnish to the Certificateholders, promptly upon receipt of a written request therefor, and at the expense of the related Certificateholders,
          (i) copies of the Basic Documents and (ii) copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents. 

         

        Section 7.03.  Representations and Warranties.  The Owner Trustee hereby represents and warrants to the Depositor and the Certificateholders, that: 

         

        (a)          It is a national banking association duly organized and validly existing under the laws of the United States that meets the eligibility criteria set forth in Section 10.01; and 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 terms or
          provisions hereof will 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, or constitute any default under its charter
          documents or 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.

         

        
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        (d)          This Agreement constitutes a legal, valid, and binding obligation of the Owner Trustee, enforceable in accordance with its terms, except as such enforceability may be limited by
          bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity
          or at law.

         

        (e)          To the actual knowledge of its Responsible Officers, the Owner Trustee is not in material default under any indenture, mortgage, bank credit agreement, note or bond purchase agreement,
          long term lease, license or other agreement or instrument to which it is a party or by which it is bound, which default would have a material adverse effect on its ability to perform its obligations as Owner Trustee under this Agreement.

         

        (f)          To the actual knowledge of its Responsible Officers, there are no pending or threatened actions, suits or proceedings affecting the Owner Trustee before any court or other governmental
          authority or agency under the laws of the State of Delaware or the federal laws of the United States governing the trust powers of the Owner Trustee (i) seeking the invalidity of this Agreement, or (ii) which, if adversely determined, would
          materially and adversely affect the ability of the Owner Trustee to perform its obligations as Owner Trustee under this Agreement.

         

        (g)          Neither the execution, delivery and performance by the Owner Trustee of this Agreement, nor the consummation of the transactions contemplated hereby, requires the consent or approval
          of, the withholding of objection on the part of, the giving of notice to, the filing, registration or qualification with, or the taking of any other action in respect of, any governmental authority or agency under the laws of the State of
          Delaware or the federal laws of the United States governing the trust powers of the Owner Trustee.

         

        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 need not investigate any fact or matter stated in any such document, including verifying the correctness of any numbers or
          calculations.  The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party 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 any Authorized Officer 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.

         

        
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        (b)          In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement and to the extent expressly provided for under the other Issuer Basic
          Documents, the Owner Trustee may, at the expense of the Trust to the extent permitted under Section 8.01, (i) act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be
          liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care and (ii) 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 and
          not contrary to any Basic Document.

         

        Section 7.05.  Not Acting in Individual Capacity.  Except as otherwise provided in this Article, in accepting the trusts hereby created, Wilmington Trust, 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 the Basic Documents shall look only to the Trust Property for payment or satisfaction thereof.

         

        Section 7.06.  Owner Trustee Not Liable for Basic Documents or Certificates.  The recitals contained herein and in the Certificates (other than the signature and the certificate of authentication of the Owner
          Trustee on the Certificates) shall be taken as the statements of the Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof.  The Owner Trustee makes no representations as to the validity or sufficiency of any
          Basic Document or the Certificates (in each case other than the signature and the certificate of authentication of the Owner Trustee on the Certificates and the representations and warranties in Section 7.03) or the Notes.  The Owner Trustee
          shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed Equipment
          or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Property or its ability to generate the payments to be distributed to the Certificateholders under this Agreement or to the Noteholders
          under the Indenture, including the existence, condition and ownership of any Financed Equipment; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the
          validity of the assignment of any Receivable to the Issuer or of any intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor, the Seller or the Servicer with
          any warranty or representation made under any Basic Document or the accuracy of any such warranty or representation; or for any action of the Administrator, the Indenture Trustee or the Servicer taken in the name of the Owner Trustee.

         

        Section 7.07.  Owner Trustee May Own Securities.  The Owner Trustee in its individual or any other capacity may become a Securityholder or pledgee of Certificates or Notes and may deal with the Depositor, the
          Administrator, the Indenture Trustee, the Seller and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee.

         

        Section 7.08.  The Paying Agent and the Certificate Registrar.  The rights and protections afforded to the Owner Trustee pursuant to Article Eight and Sections 8.02, 10.02, 10.03 and 10.04 shall be afforded
          to the Paying Agent, the authenticating agent and the Certificate Registrar.

         

        
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        Section 7.09.  Applicable Anti-Money Laundering Law.  Pursuant to Applicable Anti-Money Laundering Law, the Owner Trustee is required to obtain on or before closing, and from time to time thereafter,
          documentation to verify and record information that identifies each person who opens an account.  For a non-individual person such as a business entity, a charity, a trust or other legal entity, the Owner Trustee will ask for documentation to
          verify the entity’s formation and existence, its financial statements, licenses, tax identification documents, identification and authorization documents from individuals claiming authority to represent the entity and other relevant documentation
          and information (including beneficial owners of such entities).  To the fullest extent permitted by Applicable Anti-Money Laundering Law, the Owner Trustee may conclusively rely on, and shall be fully protected and indemnified in relying on, any
          such information received.  Failure to provide such information may result in an inability of the Owner Trustee to perform its obligations hereunder, which, at the sole option of the Owner Trustee, may result in the Owner Trustee’s resignation in
          accordance with Section 10.02.  The parties hereto agree that for purposes of Applicable Anti-Money Laundering Law, (a) the Depositor is and shall be deemed to be the sole beneficial owner of the Issuer (Ownership Prong)   and (b) the Depositor
          is and shall deemed to be the party with the power and authority to control the Issuer (Control Prong).

         

        
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        ARTICLE EIGHT

          

          COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE

         

        Section 8.01.  Owner Trustee’s Fees and Expenses.  The Owner Trustee shall receive as compensation for its services hereunder such fees as have been separately agreed upon before the Closing Date between the
          Servicer or Administrator and the Owner Trustee, and upon the formation of the Issuer, the Owner Trustee shall be entitled to be reimbursed, except as otherwise provided in the Basic Documents, by the Servicer or Administrator 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.

         

        When the Owner Trustee incurs expenses after the occurrence of an Event of Default set forth under Section 5.01(v) or (vi) of the Indenture with respect to the Issuer, such expenses are intended to constitute
          expenses of administration under the Bankruptcy Code or any other applicable Insolvency Law.

         

        Section 8.02.  Indemnification.  The Depositor shall be liable as primary obligor for, and shall indemnify the Indemnified Parties from and against, any and all Expenses, which may at any time be imposed on,
          incurred by, or asserted against the Owner Trustee or any other Indemnified Party in any way relating to or arising out of the Basic Documents, the Trust Property, the administration of the Trust Property or the action or inaction of the Owner
          Trustee hereunder, including any Expenses incurred by the Indemnified Parties in connection with the enforcement of the Depositor’s indemnification or other obligations hereunder; provided, however, that the Depositor 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.  To the extent not paid, or caused to be paid, by the Depositor or the
          Administrator, any indemnity due and owing the Owner Trustee shall be paid in accordance with Section 2.08 of the Indenture.  The indemnities contained in this Section 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, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the 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 from assets that are part of the Trust Property shall be deemed not to be a part of the Trust
          Property immediately after such payment.

         

        
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        ARTICLE NINE

          

          TERMINATION OF TRUST AGREEMENT

         

        Section 9.01.  Termination of Trust Agreement.

         

        (a)          This Agreement (other than the provisions of Article Eight) shall terminate and be of no further force or effect and the Issuer shall dissolve and wind-up upon the earlier of (i) the payment to the
          Servicer, the Trustees and the Securityholders of all amounts required to be paid to them pursuant to the Indenture, the Sale and Servicing Agreement and Article Five of this Agreement, (ii) the Payment Date next succeeding the month which is one
          year after the maturity or other liquidation of the last Receivable and the disposition of any amounts received upon liquidation of any property remaining in the Issuer or (iii) upon the purchase of the Receivables by the Servicer in connection
          with an Optional Purchase and retirement of the Securities.  The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (i) operate to dissolve or terminate this Agreement or the Issuer, (ii) entitle such
          Certificateholder’s legal representatives or heirs to claim an accounting or to take any Proceeding in any court for a partition or winding up of all or any part of the Issuer or the Trust Property or (iii) otherwise affect the rights,
          obligations and liabilities of the parties hereto.

         

        (b)          Except as provided in Section 9.01(a), neither the Depositor nor any Certificateholder shall be entitled to revoke, dissolve or terminate the Issuer.

         

        (c)          Notice of any termination of the Issuer, specifying the Payment Date upon which Certificateholders shall surrender their Certificates to the Owner Trustee for payment of the final distribution and
          cancellation, shall be given by the Owner Trustee to Certificateholders mailed within five Business Days of receipt of notice of such termination from the Servicer, stating (i) the Payment Date upon or with respect to which final payment of the
          Certificates shall be made upon presentation and surrender of the Certificates at the office of the Owner Trustee therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment
          Date is not applicable and that payments are being made only upon presentation and surrender of the Certificates at the office of the Owner Trustee 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 Certificateholders.  Upon presentation and surrender of the Certificates, the Owner Trustee shall cause to be distributed to Certificateholders, subject to
          Section 3808 of the Delaware Statutory Trust Act, amounts distributable on such Payment Date pursuant to Section 5.01.

         

        (d)          In the event that all of the Certificateholders shall not surrender their Certificates 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 the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto.  If within one year after the second notice all the Certificates
          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 remaining Certificateholders concerning surrender of their Certificates and the cost
          thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement.  Subject to applicable escheat laws, any funds remaining in the Issuer after exhaustion of such remedies shall be distributed by the Owner
          Trustee to the Seller, as Certificateholder.

         

        (e)          Following the dissolution and the winding up of the Issuer, in accordance with Section 3808 of the Delaware Statutory Trust Act, the Depositor shall instruct the Owner Trustee in writing, and the Owner
          Trustee, at the expense of the Depositor, shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810(d) of the Delaware Statutory
          Trust Act and the Issuer and this Agreement (other than Article Eight) shall terminate and be of no further force or effect.

         

        
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        ARTICLE TEN

          

          SUCCESSOR AND ADDITIONAL OWNER TRUSTEES

         

        Section 10.01.  Eligibility Requirements for Owner Trustee.  The Owner Trustee shall at all times be (i) a corporation with trust powers organized under the laws of the United States or any State and
          satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust Act, (ii) authorized to exercise corporate trust powers that has (or has a parent that has) a combined capital and surplus of at least $50,000,000 and is subject to
          supervision or examination by federal or State authorities and (iii) having (or having a parent that has) time deposits that are rated investment grade by Moody’s and Fitch or, if it (or its parent) does not have such ratings, otherwise be
          acceptable to each Rating Agency.  If such corporation shall publish reports of condition at least annually pursuant to Applicable Law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this
          Section, 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.  If at any time the Owner Trustee shall cease to be eligible in
          accordance with the provisions of this Section, 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.  The Owner Trustee may at any time resign upon 90 days prior written notice and be discharged from the trusts hereby created by giving written notice
          thereof to the Administrator and the Depositor, and will provide to the Depositor in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its
          reporting obligation under the Exchange Act with respect to the resignation of the Owner Trustee.  Upon receiving such notice of resignation, the Administrator shall promptly appoint a successor Owner Trustee acceptable to the Depositor 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.  Neither the Administrator nor the Depositor
          shall owe the outgoing Owner Trustee any expenses associated with the resignation of the outgoing Owner Trustee and the outgoing Owner Trustee shall not be responsible for any expenses associated with the appointment of a successor Owner Trustee.

         

        If at any time the Owner Trustee shall (i) cease to be eligible in accordance with Section 10.01 and shall fail to resign after written request therefor by the Administrator, or if at any time the Owner Trustee shall
          be legally unable to act, (ii) 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, (iii) fail to comply with any of its obligations under Section 10.02, 10.04 or 11.03, during the period that the Depositor is required to file Exchange Act Reports with respect to the
          Issuer and such failure is not remedied within the lesser of ten calendar days and the period of time in which the related Exchange Act Report is required to be filed (without taking into account any extensions) or (iv) otherwise become incapable
          of acting, then the Administrator or the Depositor may remove the Owner Trustee.  If the Administrator or Depositor shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Administrator shall promptly appoint
          a successor Owner Trustee acceptable to the Depositor 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 and expenses owed to the outgoing Owner Trustee.

         

        
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        Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section 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.

         

        Section 10.03.  Successor Owner Trustee.  Any successor Owner Trustee appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to the Administrator and to its predecessor Owner Trustee an
          instrument accepting such appointment under this Agreement and deliver to the Depositor in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with
          its reporting obligations under the Exchange Act with respect to the successor Owner Trustee, and thereupon, subject to the payment of all fees and expenses owed to the predecessor Owner Trustee, 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
          Administrator 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.

         

        No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.01.  Any successor Owner
          Trustee shall promptly file an amendment to the Certificate of Trust as required by the Delaware Statutory Trust Act.

         

        Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Administrator shall mail notice thereof to the Depositor, the Certificateholders, the Indenture Trustee and the Rating
          Agencies.  If the Administrator 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
          Administrator.

         

        Section 10.04.  Merger or Consolidation of Owner Trustee.

         

        (a)          If the Owner Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another entity, the resulting, surviving or transferee
          corporation or banking association without any further act, except the filing of an amendment to the Certificate of Trust, if required under the Delaware Statutory Trust Act, shall be the successor Owner Trustee; provided, however, that such
          corporation or banking association must be otherwise qualified and eligible under Section 10.01.  The Owner Trustee shall (i) provide the Rating Agencies with written notice as soon as practicable after a public announcement is made regarding any
          such transaction, (ii) file an amendment to the Certificate of Trust as required by Section 10.03 (if required under the Delaware Statutory Trust Act) and (iii) provide the Depositor in writing and in form and substance reasonably satisfactory to
          the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under the Exchange Act with respect to the successor Owner Trustee.

         

        
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        (b)          If any of the Certificates shall have been authenticated but not delivered at the time such successor or successors by consolidation, merger or conversion to the Owner Trustee shall succeed to the trusts
          created by this Agreement, any such successor to the Owner Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such Certificates so authenticated.  If any of the Certificates shall not have been
          authenticated upon such succession, any such successor to the Owner Trustee may authenticate such Certificates either in the name of any predecessor trustee or in the name of the successor to the Owner Trustee.  In all such cases, such
          Certificates shall have the full force which the Certificates or this Agreement provide that the certificate of the Owner Trustee shall have.

         

        Section 10.05.  Appointment of Co-Trustee or Separate Trustee.  Notwithstanding any other provision of this Agreement, at any time, for the purpose of meeting any legal requirement of any jurisdiction in
          which any part of the Trust Property or any Financed Equipment may at the time be located, the Administrator 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 Administrator 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 Property, and to vest in such Person, in such capacity and for the
          benefit of the Certificateholders, such title to the Trust Property or any part thereof and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may
          consider necessary or desirable.  If the Administrator 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, except that such co-trustee or successor trustee shall be acceptable to each Rating Agency, and no
          notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.03.

         

        Each separate trustee and co-trustee shall, to the extent permitted by Applicable Law, be appointed and act subject to the following provisions and conditions:

         

        (a)          all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred or imposed 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 Applicable 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 Property 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;

         

        
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        (b)          no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and

         

        (c)          the Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.

         

        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.  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 Administrator.

         

        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 Applicable 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 Applicable Law, without the appointment of a new or successor co-trustee or separate trustee.

         

        
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        ARTICLE ELEVEN

          

          REGULATION AB

         

        Section 11.01.  Intent of the Parties; Reasonableness.  The parties hereto acknowledge and agree that the purpose of this Article is to facilitate compliance by the Depositor with the provisions of Regulation
          AB and related rules and regulations of the Commission.  The Depositor shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than the
          Depositor’s compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act).  The Owner
          Trustee agrees to cooperate in good faith with any reasonable request by the Depositor for information regarding the Owner Trustee which is required in order to enable the Depositor to comply with the provisions of Regulation AB, including Items
          1109(a), 1109(b), 1117 and 1119 of Regulation AB as such items relate to the Owner Trustee or to the Owner Trustee’s obligations under this Agreement.

         

        Section 11.02.  Representations and Warranties.  The Owner Trustee represents that:

         

        (a)          there are no affiliations relating to the Owner Trustee with respect to any Item 1119 Party;

         

        (b)          other than the transactions contemplated by the Basic Documents, there are no relationships or transactions with respect to any Item 1119 Party and the Owner Trustee that are outside the ordinary course
          of business or on terms other than would be obtained in an arm’s-length transaction with an unrelated third party that are material to the investors’ understanding of the Notes; and

         

        (c)          there are no Proceedings pending, or known to be contemplated by Governmental Authorities, against the Owner Trustee, or of which the property of the Owner Trustee is subject, that are material to the
          Noteholders.

         

        Section 11.03.  Information to Be Provided by the Owner Trustee.

         

        (a)          For so long as the Depositor is required to report under Regulation AB, the Owner Trustee shall, as promptly as practicable, notify the Depositor, in writing, of (i) the commencement of, a material
          development in or, if applicable, the termination of, any and all Proceedings against the Owner Trustee or any and all Proceedings of which any property of the Owner Trustee is the subject, that is material to the Noteholders and (ii) any such
          Proceedings known to be contemplated by Governmental Authorities.  The Owner Trustee shall also notify the Depositor, in writing, as promptly as practicable following notice to or discovery by a Responsible Officer of the Owner Trustee of any
          material changes to Proceedings described in the preceding sentence.  In addition, the Owner Trustee will furnish to the Depositor, in writing, the necessary disclosure regarding the Owner Trustee describing such Proceedings required to be
          disclosed under Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the Depositor pursuant to the Exchange Act.

         

        
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        (b)          For so long as the Depositor is required to report under Regulation AB, the Owner Trustee shall (i) on or before the fifth Business Day of each January, April, July and October, provide to the Depositor
          such information regarding the Owner Trustee as is required for the purpose of compliance with Items 1109(a), 1109(b) and 1119 of Regulation AB; provided, however, the Owner Trustee shall not be required to provide such information in the event
          that there has been no change to the information previously provided by the Owner Trustee to the Depositor, and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Owner Trustee of any changes to such
          information, provide to the Depositor, in writing, such updated information.  Such information shall include, at a minimum:

         

        (A)         the Owner Trustee’s name and form of organization;

         

        (B)         a description of the extent to which the Owner Trustee has had prior experience serving as a trustee for asset-backed securities transactions involving auto finance receivables; and

         

        (C)         a description of any affiliation between the Owner Trustee and any of the following parties to a Securitization Transaction, as such parties are identified by name to the Owner Trustee
          by the Depositor in writing in advance of such Securitization Transaction: (1) the sponsor, (2) any depositor, (3) the issuing entity, (4) any servicer or subservicer, (5) any other trustee, (6) any originator, (7) any significant obligor,
          (8) any enhancement or support provider, (9) any asset representations reviewer and (10) any other material party related to any Securitization Transaction.

         

        In addition, the Owner Trustee shall provide a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding between the Owner
          Trustee and any above-listed party that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s-length transaction with an unrelated third party, apart from the Securitization Transactions,
          that currently exists or that existed during the past two years and that is material to an investor’s understanding of the Notes.

         

        
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        ARTICLE TWELVE

          

          MISCELLANEOUS

         

        Section 12.01.  Supplements and Amendments.

         

        (a)          This Agreement may be amended from time to time by the parties hereto, without the consent of any Securityholders, (i) to cure any ambiguity, to correct or supplement any provision herein that may be
          inconsistent with any other provision herein or in the Prospectus, (ii) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement and (iii) to add (as described in Section
          3.04(e)) provisions necessary to prevent any application of the Treasury Regulations under Section 385 of the Code (including any subsequent or successor provision) that would result in the recharacterization of any of the Notes as equity;
          provided, however, that no such amendment (A) may materially adversely affect the interests of any Securityholders and (B) will be permitted unless an Opinion of Counsel is delivered to the Owner Trustee to the effect that such amendment will not
          cause the Issuer to be characterized for United States federal income tax purposes as an association or publicly-traded partnership taxable as a corporation or otherwise have any material adverse impact on the United States federal income
          taxation of any Notes Outstanding or outstanding Certificates.

         

        (b)          This Agreement may be amended from time to time by the Depositor and the Owner Trustee with prior written notice to the Rating Agencies and with the consent of the Holders of Notes evidencing not less
          than 662⁄3% of the Note Balance or, if the Notes have been paid in full, the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interests, for the purpose of adding any provisions to, or changing in any
          manner or eliminating any of the provisions of, this Agreement or modifying in any manner the rights of the Securityholders; provided, however, that no such amendment will be permitted unless an Opinion of Counsel is delivered to the Owner
          Trustee to the effect that such amendment will not cause the Issuer to be characterized for United States federal income tax purposes as an association or a publicly traded partnership taxable as a corporation or otherwise have any material
          adverse impact on the United States federal income taxation of any Notes Outstanding or outstanding Certificates; and, provided further, that no such amendment may:

         

        (i)           increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation or priority of, collections of payments on or in respect of the
          Receivables or distributions that are required to be made for the benefit of the Securityholders without the consent of all Securityholders adversely affected by such amendment; or

         

        (ii)          reduce the percentage of the Note Balance or the percentage of the aggregate Certificate Percentage Interests the consent of the Noteholders or Certificateholders, as applicable, of
          which is required for any amendment to this Agreement without the consent of all the Securityholders adversely affected by the amendment.

         

        
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        (c)          An amendment to this Agreement shall be deemed not to materially adversely affect the interests of any Securityholders if (i) the Person requesting such amendment obtains and delivers to the Owner
          Trustee an Opinion of Counsel or an Officer’s Certificate of the Issuer to that effect and (ii) with respect to the Notes, the Rating Agency Condition has been satisfied with respect to such amendment.

         

        (d)          It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee pursuant to this Section 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 Certificateholders provided for in this Agreement or in any other Basic Document) and of evidencing
          the authorization of the execution thereof by Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe.  Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee
          shall file such amendment or cause such amendment to be filed with the Secretary of State.

         

        (e)          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 Certificateholder and the
          Depositor shall furnish written notice of the substance of such amendment or consent to the Indenture Trustee and the Rating Agencies.

         

        (f)          In connection with the execution of any amendment to this Agreement or any amendment to any other agreement to which the Issuer is a party, the Owner Trustee shall be entitled to receive and shall be
          fully protected in relying upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement (or such other agreement) and an Officer’s Certificate from the Depositor or the Administrator stating
          that all conditions precedent in this Agreement (or such other agreement) to the execution and delivery of such amendment have been satisfied.  The Owner Trustee may, but shall not be required to, execute any amendment which, as evidenced by an
          Opinion of Counsel, adversely affects the Owner Trustee’s rights, duties and liabilities under this Agreement.

         

        Section 12.02.  Limitations on Rights of Others.  The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholders, the Administrator and, to the extent
          expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement or in the Certificates, whether express or implied, shall be construed to give to any other Person any
          legal or equitable right, remedy or claim in the Trust Property or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

         

        
          37

          
            

        

        Section 12.03.  Notices.  Unless otherwise specified in this Agreement, all notices, requests, demands, consents, waivers or other communications to or from the
          parties to this Agreement will be in writing.  Notices, requests, demands, consents and other communications will be deemed to have been given and made, (i) upon delivery or, in the case of a letter mailed via registered first class mail, postage
          prepaid, three days after deposit in the mail and (ii) in the case of (a) a facsimile, when receipt is confirmed by telephone or by reply e-mail or reply facsimile from the recipient, (b) an e-mail, when receipt is confirmed by telephone or by
          reply e‐mail from the recipient and (c) an electronic posting to a password-protected website, upon printed confirmation of the recipient’s access to such password-protected website, or when notification of such electronic posting is confirmed in
          accordance with clauses (ii)(b) and (ii)(c) above.  Unless otherwise specified in this Agreement, any such notice, request, demand, consent or other communication will be delivered or addressed, in the case of (i) the Owner Trustee, at the
          Corporate Trust Office (e-mail: mhollis@wilmingtontrust.com, telecopier: (302)  636-4140), (ii) the Depositor, at 36455 Corporate Drive, Farmington Hills, Michigan 48331 (e-mail: michelle.d.spreitzer@daimler.com, telecopier: (817) 224-3587),
          (iii) the Indenture Trustee, at the Corporate Trust Office (e-mail: melissa.rosal@usbank.com, telecopier: (312) 332-7996) (iv) the Rating Agencies, in the case of (a) Moody’s, at Moody’s Investors Service, Inc.,
            ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street, New York, New York  10007 (e-mail: ServicerReports@moodys.com) and (b) Fitch, at Fitch Ratings, 33 Whitehall Street, New York 10004, Attention: ABS Surveillance
          (e-mail: surveillance-abs-other@fitchratings.com) and (v) any of the foregoing Persons, at such other address as shall be designated by written notice to the other foregoing Persons.

        

        

        Section 12.04.  Severability.  If any one or more of the covenants, agreements, provisions or terms of this Agreement or the Certificates shall be for any reason whatsoever held invalid, illegal or
          unenforceable, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement and the Certificates and shall in no way affect or impair the validity
          or enforceability of the other covenants, agreements, provisions and terms of this Agreement and the Certificates or the rights of the Certificateholders.

         

        Section 12.05.  Counterparts.  This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall
          together constitute but one and the same instrument.

         

        Section 12.06.  Successors and Assigns.  All covenants and agreements contained herein and in the Certificates shall be binding upon, and inure to the benefit of, the Depositor, the Owner Trustee and the
          Certificateholders and their respective successors and permitted assigns, all as herein provided.  Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind its successors and assigns.

         

        Section 12.07.  No Petition.  The Owner Trustee and the Depositor, by entering into this Agreement, each Certificateholder, by accepting a Certificate or a beneficial interest therein, the Indenture Trustee
          and each Noteholder or beneficial owner of Notes, by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time institute against, or join any other Person in instituting against, the Depositor or the
          Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings or other Proceedings under any Insolvency Law in connection with any obligations relating to the Certificates, the Notes or any Basic Document and agrees
          that it will not cooperate with or encourage others to file a bankruptcy petition against the Depositor or the Issuer during the same period.

         

        Section 12.08.  Table of Contents and Headings.  The Table of Contents and the various headings in this Agreement are included for convenience only and will not affect the meaning or interpretation of any
          provision of this Agreement.

         

        
          38

          
            

        

        Section 12.09.  GOVERNING LAW; SUBMISSION TO JURISDICTION. 

          (a) THE VALIDITY AND CONSTRUCTION OF THIS TRUST AGREEMENT AND ALL AMENDMENTS HERETO SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE, AND THE RIGHTS OF ALL PARTIES HERETO AND THE EFFECT OF EVERY PROVISION HEREOF SHALL BE SUBJECT TO AND
          CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF; PROVIDED, HOWEVER, THAT THE PARTIES HERETO AND THE CERTIFICATEHOLDERS INTEND THAT THE PROVISIONS HEREOF SHALL CONTROL OVER ANY
          CONTRARY OR LIMITING STATUTORY OR COMMON LAW OF THE STATE OF DELAWARE (OTHER THAN THE DELAWARE STATUTORY TRUST ACT) AND THAT, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THERE SHALL NOT BE APPLICABLE TO THE ISSUER, THE DEPOSITOR, THE OWNER
          TRUSTEE, THE CERTIFICATEHOLDERS OR THIS TRUST AGREEMENT ANY PROVISION OF THE LAWS (STATUTORY OR COMMON) OF THE STATE OF DELAWARE (OTHER THAN THE DELAWARE STATUTORY TRUST ACT) PERTAINING TO TRUSTS WHICH RELATE TO OR REGULATE IN A MANNER
          INCONSISTENT WITH THE TERMS HEREOF, INCLUDING: (A) THE FILING WITH ANY COURT OR GOVERNMENTAL BODY OR AGENCY OF TRUSTEE ACCOUNTS OR SCHEDULES OF TRUSTEE FEES AND CHARGES, (B) AFFIRMATIVE REQUIREMENTS TO POST BONDS FOR TRUSTEES, OFFICERS, AGENTS,
          OR EMPLOYEES OF A TRUST, (C) THE NECESSITY FOR OBTAINING COURT OR OTHER GOVERNMENTAL APPROVAL CONCERNING THE ACQUISITION, HOLDING OR DISPOSITION OF REAL OR PERSONAL PROPERTY, (D) FEES OR OTHER SUMS PAYABLE TO TRUSTEES, OFFICERS, AGENTS OR
          EMPLOYEES OF A TRUST, (E) THE ALLOCATION OF RECEIPTS AND EXPENDITURES TO INCOME OR PRINCIPAL, (F) RESTRICTIONS OR LIMITATIONS ON THE PERMISSIBLE NATURE, AMOUNT OR CONCENTRATION OF TRUST INVESTMENTS OR REQUIREMENTS RELATING TO THE TITLING, STORAGE
          OR OTHER MANNER OF HOLDING OF TRUST ASSETS, (G) THE EXISTENCE OF RIGHTS OR INTERESTS (BENEFICIAL OR OTHERWISE) IN TRUST ASSETS, (H) THE ABILITY OF BENEFICIAL OWNERS OR OTHER PERSONS TO TERMINATE OR DISSOLVE A TRUST, OR (I) THE ESTABLISHMENT OF
          FIDUCIARY OR OTHER STANDARDS OR RESPONSIBILITIES OR LIMITATIONS ON THE ACTS OR POWERS OF TRUSTEES OR BENEFICIAL OWNERS THAT ARE INCONSISTENT WITH THE LIMITATIONS ON LIABILITY OR AUTHORITIES AND POWERS OF THE OWNER TRUSTEE OR THE
          CERTIFICATEHOLDERS SET FORTH OR REFERENCED IN THIS TRUST AGREEMENT.  SECTIONS 3540, 3542 AND 3561 OF TITLE 12 OF THE DELAWARE CODE SHALL NOT APPLY TO THE ISSUER.

         

        
          39

          
            

        

        (b)          THE PARTIES HERETO AND THE CERTIFICATEHOLDERS AGREE THAT ANY SUIT, ACTION OR PROCEEDING SEEKING TO ENFORCE ANY PROVISION OF, OR BASED ON ANY MATTER ARISING OUT OF OR IN CONNECTION WITH, THIS AGREEMENT 
          OR THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE BROUGHT IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE OR IF SUCH COURT DOES NOT HAVE JURISDICTION OVER THE SUBJECT MATTER OF SUCH PROCEEDING OR IF SUCH JURISDICTION IS NOT AVAILABLE, IN ANY
          OTHER COURT OF THE STATE OF DELAWARE OR IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND EACH OF THE PARTIES HEREBY IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS (AND OF THE APPROPRIATE APPELLATE COURTS
          THEREFROM) IN ANY SUIT, ACTION OR PROCEEDING AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUIT, ACTION OR PROCEEDING IN ANY OF THOSE
          COURTS OR THAT ANY SUIT, ACTION OR PROCEEDING WHICH IS BROUGHT IN ANY OF THOSE COURTS HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.  EACH OF THE PARTIES HERETO UNCONDITIONALLY AGREES THAT, TO THE EXTENT SUCH PARTY IS NOT OTHERWISE SUBJECT TO SERVICE
          OF PROCESS IN THE STATE OF DELAWARE, TO APPOINT AND MAINTAIN AN AGENT IN THE STATE OF DELAWARE AS SUCH PARTY’S AGENT FOR ACCEPTANCE OF LEGAL PROCESS.  PROCESS IN ANY SUIT, ACTION OR PROCEEDING MAY BE SERVED ON ANY PARTY ANYWHERE IN THE WORLD,
          WHETHER WITHIN OR WITHOUT THE JURISDICTION OF ANY OF THE NAMED COURTS AND SUCH SERVICE SHALL, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HAVE THE SAME LEGAL FORCE AND EFFECT AS IF SERVED UPON SUCH PARTY WITHIN THE STATE OF DELAWARE.

         

        Section 12.10.  WAIVER OF JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES
          HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF
          THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.  INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

         

        
          40

          
            

        

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

         

        	 	
                DAIMLER RETAIL RECEIVABLES LLC, as Depositor

              

        

        

        	 	
                By:

              	/s/ Christopher Trainor

              

        	 	

              	
                Name: Christopher Trainor

              
	 	

              	
                Title: Vice President

                

              

        

        

        	 	
                WILMINGTON TRUST, NATIONAL ASSOCIATION, as Owner Trustee

              

        

        

        	 	
                By:

              	/s/ Jeanne M. Oller

              
	 	 	
                Name: Jeanne M. Oller

              
	 	 	
                Title: Vice President

              

         

        

        	
                Agreed and Accepted:

              	 
	 	 
	
                U.S. BANK NATIONAL ASSOCIATION,

              	 
	
                as Certificate Registrar

              	 
	 	 
	
                By: 

              	/s/ Eric M. Ott

              	 
	 	
                Name: Eric M. Ott

              	 
	 	
                Title: Vice President

              	 

         

        

        
          Amended and Restated Trust Agreement

           

          

        

        
          
            

        

        
        EXHIBIT A

         

        THIS ASSET BACKED CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE NOTES TO THE EXTENT DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE INDENTURE REFERRED TO HEREIN.

         

        THIS ASSET BACKED CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR AN OBLIGATION OF DAIMLER RETAIL RECEIVABLES LLC, MERCEDES-BENZ FINANCIAL SERVICES USA LLC OR ANY OF THEIR RESPECTIVE AFFILIATES.

         

        THIS ASSET BACKED CERTIFICATE MAY NOT BE ACQUIRED BY, ON BEHALF OF, OR WITH THE ASSETS OF 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 TITLE I OF ERISA, A “PLAN”, AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY DEEMED TO HOLD “PLAN ASSETS” OF THE
          FOREGOING OR ANY EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IMPOSES REQUIREMENTS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE.

         

        
          	REGISTERED

                	 NO. R-1

        

         

        

        DAIMLER TRUCKS RETAIL TRUST 2020-1

          ASSET BACKED CERTIFICATE

         

        evidencing an undivided beneficial interest in the property of Daimler Trucks Retail Trust 2020-1, a Delaware statutory trust (the “Issuer”), which property
          includes a pool of installment sales contracts and loans secured by trucking and transportation equipment sold by Mercedes-Benz Financial Services USA LLC, a Delaware limited liability company (“MBFS USA”), to Daimler Retail Receivables LLC, a
          Delaware limited liability company (“Daimler Receivables” or the “Depositor”), and sold by the Depositor to the Issuer.  The property of the Issuer has been pledged by the Issuer to U.S. Bank National Association, a national banking association,
          as trustee (the “Indenture Trustee”), pursuant to an indenture, dated as of March 1, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), between the Issuer and the Indenture Trustee, to secure the
          payment of the Notes issued thereunder.

         

        This certifies that DAIMLER RETAIL RECEIVABLES LLC is the registered owner of a 100% Certificate Percentage Interest nonassessable, fully paid, undivided beneficial interest in the Issuer.  The Issuer is governed by
          an amended and restated trust agreement, dated as of March 1, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Trust Agreement”), between the Depositor and Wilmington Trust, National Association, as trustee
          (in such capacity, and not in its individual capacity, the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below.  Capitalized terms used herein that are not otherwise defined shall have the meanings
          ascribed in Appendix A to the sale and servicing agreement, dated as of March 1, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Sale and Servicing Agreement”), among the Issuer, the Depositor and MBFS USA,
          as seller (in such capacity, the “Seller”) and as servicer (in such capacity, the “Servicer”).

         

        
          A-1

          
            

        

        This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the registered Holder of this Certificate (the “Certificateholder”) by virtue
          of the acceptance hereof assents and by which such Certificateholder is bound.  The property of the Issuer primarily includes: (i) a pool of installment sales contracts and loans secured by trucking and transportation equipment (the
          “Receivables”), (ii) all amounts received on or in respect of the Receivables after the Cutoff Date, (iii) the security interests in the Financed Equipment granted by the Obligors pursuant to the Receivables and (iv) all proceeds of the
          foregoing.

         

        THE RIGHTS OF THE ISSUER IN THE FOREGOING PROPERTY OF THE ISSUER HAVE BEEN PLEDGED TO THE INDENTURE TRUSTEE TO SECURE THE PAYMENT OF THE NOTES.

         

        Pursuant to the Trust Agreement, there will be distributed on each Payment Date to the Person in whose name this Certificate is registered at the close of business on the Business Day preceding such Payment Date such
          Certificateholder’s Certificate Percentage Interest in the amount to be distributed to Certificateholders on such Payment Date.  “Payment Date” means the 15th day of each month or, if such 15th day is not a Business Day, the following Business
          Day, commencing on April 15, 2020.

         

        THE HOLDER OF THIS CERTIFICATE ACKNOWLEDGES AND AGREES THAT ITS RIGHTS TO RECEIVE DISTRIBUTIONS IN RESPECT OF THIS CERTIFICATE ARE SUBORDINATED TO THE RIGHTS OF THE NOTEHOLDERS AS DESCRIBED IN THE TRUST AGREEMENT,
          THE SALE AND SERVICING AGREEMENT AND THE INDENTURE.

         

        It is the intent of the Depositor, the Seller, the Servicer and the Certificateholders that, for purposes of United States federal income taxes, State and local income taxes and any other income taxes the Issuer will
          be treated as a fixed investment trust or grantor trust or, if not so treated and there is only one beneficial owner of the equity of the Issuer, as an entity that is disregarded as separate from such owner.  However, if the Issuer is not treated
          as a fixed investment trust or as a grantor trust for such purposes, and if there are two or more beneficial owners of the equity of the Issuer, the Issuer shall be treated as a partnership (other than an association or publicly traded
          partnership) for purposes of United States federal income, State and local income and franchise tax and any other income taxes.  The Depositor and any other Certificateholders, by acceptance of a Certificate or a beneficial interest therein,
          agree with the foregoing characterization of the Certificates for such tax purposes and further agree to take no action inconsistent therewith.

         

        
          A-2

          
            

        

        Each Certificateholder, by its acceptance of a Certificate or a beneficial interest therein, covenants and agrees that such Certificateholder will not at any time institute against the Depositor or the Issuer, or
          join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings or other Proceedings under any Insolvency Law in connection with any obligations relating to the
          Notes, the Certificates or any Basic Document and agrees that it will not cooperate with or encourage others to file a bankruptcy petition against the Depositor or the Issuer during the same period.

         

        Distributions on this 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 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 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 Certificate at the office or agency of the Owner Trustee maintained for that purpose in Wilmington, Delaware.

         

        Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth on the face of this
          Certificate.

         

        Unless the certificate of authentication hereon has been executed by an Authorized Officer of the Owner Trustee, by manual signature, this Certificate shall not entitle the Holder hereof to any benefit under the
          Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose.

         

        THIS CERTIFICATE SHALL BE 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.

         

        
          A-3

          
            

        

        IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Issuer and not in its individual capacity, has caused this Certificate to be duly executed as of the date set forth below.

         

        	 	
                Dated:  March ___, 2020

              	
                DAIMLER TRUCKS RETAIL TRUST 2020-1,

              
	 	 	 
	 	 	
                By:

              	
                WILMINGTON TRUST, NATIONAL ASSOCIATION,

              
	 	 	
                not in its individual capacity but solely as Owner Trustee

              
	 	 	 	 
	 	 	
                By:

              	 
	 	 	 	
                Name:

              
	 	 	 	
                Title:

              

         

        CERTIFICATE REGISTRAR’S CERTIFICATE OF AUTHENTICATION

         

        This is one of the Certificates referred to in the within-mentioned Trust Agreement.

         

        	 	
                Dated:   March ___, 2020

              	
                U.S. BANK NATIONAL ASSOCIATION, as Certificate Registrar

              
	 	 	 	 
	 	 	
                By:

              	 
	 	 	 	
                Name:

              
	 	 	 	
                Title:

              

         

        

        
          A-4

          
            

        

        [REVERSE OF CERTIFICATE]

         

        This Certificate does not represent an obligation of, or an interest in, the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee or any of their respective Affiliates, and no recourse may be had
          against such parties or their assets, except as may be expressly set forth or contemplated herein, in the Trust Agreement or in the other Basic Documents.  In addition, this Certificate is not guaranteed by any Governmental Authority and is
          limited in right of payment to certain collections with respect to the Receivables (and certain other amounts), all as more specifically set forth herein and in the Indenture and the Sale and Servicing Agreement.

         

        The Trust Agreement permits the Depositor and the Owner Trustee, on behalf of the Issuer, with certain exceptions therein provided, to amend from time to time certain terms and conditions set forth in the Trust
          Agreement without the consent of the Certificateholders.  The Trust Agreement also permits the Depositor and the Owner Trustee, on behalf of the Issuer, with certain exceptions as therein provided, to amend certain terms and conditions set forth
          in the Trust Agreement with the consent of the Holders of Notes evidencing not less than 662⁄3% of the Note Balance and the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interests.  Any such consent by
          the Certificateholder shall be conclusive and binding on such Certificateholder and on all future Certificateholders and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not
          notation of such consent is made upon this Certificate.

         

        As provided in the Trust Agreement and subject to certain limitations therein set forth, the Transfer of this Certificate may be registered in the Certificate Register upon surrender of this Certificate for
          registration of Transfer at the Corporate Trust Office of the Indenture Trustee and a written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Certificateholder or such Certificateholder’s attorney
          duly authorized in writing, and thereupon one or more new Certificates in any authorized denomination and in the same aggregate Certificate Percentage Interests in the Issuer will be issued to the designated transferee or transferees.  No service
          charge shall be made for any registration of Transfer or exchange of Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in
          connection therewith.  The initial Certificate Registrar appointed under the Trust Agreement is the Indenture Trustee.

         

        Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have represented and warranted that such Certificateholder is not (i) a Benefit Plan or other employee benefit plan or arrangement that
          is any plan subject to Similar Law or (ii) a Person acting on behalf of, or using the assets of, a Benefit Plan or other employee benefit plan or arrangement that is subject to Similar Law to effect the transfer of such Certificate.

         

        Any Person who is not an Affiliate of the Seller and acquires more than 49.9% of the Certificates will be deemed to represent that it is not a party in interest (within the meaning of ERISA) or a disqualified person
          (within the meaning of Section 4975(e)(2) of the Code) with respect to any Benefit Plan, other than a Benefit Plan that it sponsors for the benefit of its employees, and that no Benefit Plan with respect to which it is a party in interest has or
          will acquire any interest in the Notes.

         

        
          A-5

          
            

        

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

         

        The Owner Trustee, the Certificate Registrar and any Paying Agent may treat the Person in whose name this Certificate is registered in the Certificate Register (as of the day of determination) as the owner of this
          Certificate for the purpose of receiving distributions pursuant to the Trust Agreement and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice to the
          contrary.

         

        The Trust Agreement, with certain exceptions therein provided, shall terminate and be of no further force or effect and the Issuer shall dissolve upon the earlier of (i) the payment to the Servicer, the Trustees and
          the Securityholders of all amounts required to be paid to them pursuant to the terms of the Indenture, the Sale and Servicing Agreement and the Trust Agreement, (ii) the Payment Date next succeeding the month which is one year after the maturity
          or other liquidation of the last Receivable and the disposition of any amounts received upon liquidation of any property remaining in the Issuer or (iii) upon the purchase of the Receivables by the Servicer in connection with an Optional Purchase
          and retirement of the Securities.

         

        
          A-6

          
            

        

        ASSIGNMENT

         

        SOCIAL SECURITY NUMBER

        OR OTHER IDENTIFICATION

        
          	NUMBER OF ASSIGNEE:	
                   

                	
                   

                

        

         

        

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

                
	 	 
	

                

        

         

        

        (name and address of assignee)

        

        

        the within Certificate and all rights thereunder, and hereby irrevocably constitutes and appoints ________________________, attorney, to transfer said Certificate on the Certificate Register, with full power of substitution in the premises.

        

        

        Dated:

        

        

        
          	
                   

                	

                	*/
	
                   

                	
                   

                	 
	
                   

                	
                  Signature Guaranteed:

                	 
	 	 	 
	
                   

                	
                   

                	*/

        

        

        

        
          
            	*/	
                    NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Certificate in every particular, without alteration, enlargement or any change whatsoever.  Such
                      signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar.

                  

             

            

          

        

        
          A-7

          
            

        

        
        EXHIBIT B

         

        CERTIFICATE OF TRUST OF

        DAIMLER TRUCKS RETAIL TRUST 2020-1

        

        

        This Certificate of Trust of Daimler Trucks Retail Trust 2020-1 (the “Trust”), is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware
          Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”).

        

        

        1.            Name. The name of the statutory trust formed by this Certificate of Trust is Daimler Trucks Retail Trust 2020-1.

        

        

        2.           Delaware Trustee. The name and business address of the trustee of the Trust with a principal place of business in the State of Delaware are Wilmington Trust, National Association, Rodney Square
          North, 1100 North Market Street, Wilmington, Delaware, 19890, Attention: Corporate Trust Administration.  

        

        

        3.           Effective Date. This Certificate of Trust shall be effective upon filing.

        

        

        IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

        

        

        	 	
                WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee of the Trust

              
	 	 	 
	 	
                By:

              	 
	 	 	
                Name:

              
	 	 	
                Title:

              

        

        

        
          B-1

          
            

        

        
        EXHIBIT C

         

        FORM OF REPURCHASE REQUEST NOTICE

         
          	
                   

                	
                   

                	,	201	
                   

                	 

        

         

        Mercedes-Benz Financial Services USA LLC

        36455 Corporate Drive

        Farmington Hills, Michigan  48331-3552

        Attention:  Steven C. Poling

         

        
          
            	

                  	Re:	
                    Daimler Trucks Retail Trust 2020-1

                      Noteholder Request to Repurchase Receivables

                  

          

        

         

        Ladies and Gentlemen:

         

        Reference is hereby made to (i) the Indenture, dated as of March 1, 2020 (the “Indenture”), between Daimler Trucks Retail Trust 2020-1, as issuer (the “Issuer”), and U.S. Bank National Association, as indenture
          trustee (the “Indenture Trustee”), and (ii) the Amended and Restated Trust Agreement, dated as of March 1, 2020, between Daimler Retail Receivables LLC, as depositor (the “Depositor”), and Wilmington Trust, National Association, as owner trustee
          (in such capacity, the “Owner Trustee”), pursuant to which the Issuer is governed.   Capitalized terms used but not defined herein shall have the meanings given them in the Indenture.

         

        [During the period from and including ____, 201_ to but excluding  ____, 201_, the Owner Trustee received no requests from Noteholders requesting that Receivables be repurchased by the Seller pursuant to Section 2.05
          of the Sale and Servicing Agreement or Section 3.04 of the Receivables Purchase Agreement.]

         

        [During the period from and including ____, 201_ to but excluding  ____, 201_, the Owner Trustee received one or more requests from Noteholders requesting that Receivables be repurchased by the Seller pursuant to
          Section 2.05 of the Sale and Servicing Agreement or Section 3.04 of the Receivables Purchase Agreement.  The details of such requests are set forth below:]

         

        It is expressly understood and agreed by the parties hereto that (i) this Notice is executed and delivered by the Owner Trustee, not individually or personally but solely as Owner Trustee, in the exercise of the
          powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by the Owner
          Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on the Owner Trustee, individually or personally, to perform any covenant either expressed or
          implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) the Owner Trustee has not verified and has made no investigation as to the
          accuracy or completeness of any representations or warranties made by the Issuer hereunder and (v) under no circumstances shall the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for
          the breach or failure of any obligation,  representation, warranty or covenant made or undertaken by the Issuer under this Notice or any other related documents.

         

        
          C-1

          
            

        

        	
                Date of Request

              	
                Number of Receivables

                  Subject to Request

              	
                Aggregate Principal Balance 

                of Receivables Subject to 

                Request

              
	 	 	 
	 	 	 
	 	 	 

         

        

        
          	 	
                  WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee

                  

                
	 	 	 
	 	
                  By:

                	 	 
	 	 	
                  Name:

                
	 	 	
                  Title:

                

           

          

        

      

    

    

    C-2

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