Document:

sirc_1038.htm

EXHIBIT 10.38
  
 	  

  
 Executive Employment Agreement
  
 	  

  
 Stefan Abbruzzese
 2460 Queen Esther Dr.
 Park City, UT 84060
  
 Dear Stefan,
  
 It is my pleasure to extend the following offer of full-time employment to you on behalf of Solar Integrated Roofing Corporation (referred to as “SIRC” or the “Company”), a Nevada corporation with its principal place of business at 2831 St Rose Parkway, Suite 200, Henderson, NV 89052. This letter sets forth the basic terms and conditions of your employment (the “Agreement”). For purposes of this Agreement, you shall be referred to as “you”, “Employee”, or “Executive.”
  
 By signing the letter, you and the Company are agreeing to the following terms:
  
 Employment terms:
  
 Effective Date: The effective date of this Agreement will be 09/22/2022. The start date for your role will be 9/22/2022. Your job title will be President. Your duties will be customary with industry standards, however, you may be asked to take on additional duties based on the needs of the Company and your skills, as determined by the Company and agreed upon by you in writing.
  
 Supervisor: You will report directly to David Massey, Chief Executive Officer (“CEO”) of SIRC.
  
 Compensation: The base compensation for this exempt (salaried) position is initially $13,846.15 per pay period ($360,000 per year annualized) and increased as set forth herein (“Base Salary”). You will get paid bi-weekly and compensation will be subject to deductions for taxes and other withholdings as required by law and the policies of the Company.
  
 Executive shall be eligible to participate in the Executive Bonus Pool as approved by the Company’s Board of Directors. Bonus amounts in the Executive Bonus Pool are determined annually by and paid at the discretion of the Company’s Chief Executive Officer.
  
 Benefits: During your employment you will be eligible for benefits offered to similarly situated employees. This could include health insurance benefits, liability and other insurance, retirement benefits, paid time off, and discretionary incentive bonus programs (collectively “Benefits”) in effect at the time of employment. The Company reserves the right to change these Benefits at its sole discretion. Upon signing of this Agreement, the Company will provide a written summary of all Benefits in effect and to be offered to Executive.
  
 	 
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 Director and Officer Liability Insurance; Indemnification: The Company shall indemnify, defend and hold Executive harmless against any liability incurred by Executive as an employee of the Company. The Company shall be obligated to pay the claims or expenses of the Executive, including defense cost, directly to the third party to whom payment is due and owing, without the necessity of the Executive to make such payment and seek reimbursement from the Company. For the avoidance of doubt, these indemnification provisions shall survive the termination of Executive’s employment under this Agreement irrespective of the reason for such termination. In addition, the Company shall maintain in full force and effect directors’ and officers’ liability insurance (the “D&O Insurance”) in reasonable amounts and Executive shall be covered under such D&O Insurance, fully paid by the Company.
  
 Performance: Your performance will be reviewed on an annual basis. At the discretion of the CEO, you will be eligible for a pay increase or other discretionary incentive income and benefits consistent with your performance as determined by the Company.
  
 Severance and Change in Control Agreement and Stock Option Agreement: The Company and Executive agree that the terms of the (i) Severance and Change in Control Agreement (see Exhibit A), and (ii) Stock Option Agreement (see Exhibit B) attached hereto shall apply.
  
 Equity: In accordance with the Stock Option Agreement, Executive shall be granted the right to purchase twenty-five million (25,000,000) shares of the Company’s Common Stock (the “Shares”) at the Option Exercise Price and upon the terms and conditions set forth in the Stock Option Agreement.
  
 Conditions of employment:
  
 Employment Eligibility: For purposes of federal immigration law, you will be required to provide the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated.
  
 Background Check: You have satisfactorily completed a background check prior to your start of work.
  
 YOUR EMPLOYMENT WITH THE COMPANY IS AT-WILL. IN OTHER WORDS, EITHER YOU OR THE COMPANY CAN TERMINATE YOUR EMPLOYMENT AT ANY TIME FOR ANY REASON, WITH OR WITHOUT CAUSE AND WITH OR WITHOUT NOTICE.
  
 Confidentiality and Nondisclosure: “Confidential Information” means any non-public information, regardless of form, disclosed by or on behalf of either party (such disclosing party, the “Disclosing Party”) to the other party (such receiving party, the “Recipient”) in connection with the services performed during the Executive’s term of employment that is designated in writing or some other tangible form as confidential, or that, given the nature of the information or circumstances surrounding its disclosure, reasonably should be considered to be confidential. Confidential Information shall include information disclosed by or through either party, its affiliates, or their respective owners, officers, directors, employees, members, or representatives.
  
 	 
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 Confidential Information does not include information that: (a) is or becomes available to the public other than as a result of a violation of this Agreement; (b) is or becomes available on a non-confidential basis from a third-party source provided that such third-party was not prohibited from disclosing such information pursuant to a legal, contractual or fiduciary obligation to the Disclosing Party; (c) Recipient can demonstrate that the information was in the possession of the Recipient prior to disclosure by the Disclosing Party; (d) was independently developed by the Recipient without use or reference to the Confidential Information; or (e) is disclosed pursuant to any law or regulation, the binding order or requirement of a court, regulatory authority, or other governmental body, provided that the Recipient shall provide, to the extent legally permissible, prompt notice of such requirement to the Disclosing Party so that the Disclosing Party, at its sole cost, may seek an appropriate protective order or otherwise prevent or restrict such disclosure.
  
 Nondisclosure and Use of Confidential Information: The Recipient shall not: (a) use, or permit the Confidential Information to be used, for any purpose other than to fulfill or deliver on the performance of the Executive’s role covered by this Agreement; (b) disclose the Confidential Information to any person or entity without the express prior written consent of the Disclosing Party, unless otherwise permitted within this Agreement, other than to the Recipient’s affiliates, or to the Recipient’s or its affiliates’ respective advisors, directors, officers, employees, accountants, attorneys, agents, consultants, auditors, providers or prospective providers of financing and their advisors (hereinafter a Party’s “Representatives”) for the purpose of fulfilling or delivering on the performance of the Services covered by this Agreement; and (c) exercise a degree of care less than what the Recipient uses to protect its own information of a similar nature, which shall be no less than the reasonable care, to protect and avoid disclosure of the Disclosing Party’s Confidential Information. In any event, the Recipient shall be responsible for any breach of this Agreement by the Recipient or any of its Representatives and agrees, at its sole expense, to take reasonable measures to restrain its Representatives from any prohibited disclosure of Confidential Information and to promptly notify the Disclosing Party of any use or disclosure of Confidential Information by itself or its Representatives in contravention of this Agreement.
  
 Notwithstanding any provision contained herein to the contrary, nothing in this Agreement limits, restricts or in any other way affects Executive’s right to communicate in good faith with any governmental agency or entity and Executive will not be civilly liable under any federal, state, or local law for the good faith disclosure of a trade secret to a federal, state, or local governmental official.
  
 Return or Destruction of Confidential Information: At any time, upon the Disclosing Party’s written request, the Recipient shall promptly return to the Disclosing Party or destroy all Confidential Information held by the Recipient and its Representatives. Notwithstanding the foregoing, the Recipient shall not be required to return or destroy Confidential Information: (a) that has been prepared for or incorporated into materials prepared for the Recipient’s board of directors, tax or legal advisors, governing body or any committee of Recipient or its Representatives; (b) which have been retained to comply with any regulatory or legal requirements or internal record retention policies and procedures of Recipient or its Representatives; (c) in the event there is pending or threatened litigation between the Parties with respect to this Agreement; or (d) that are stored by electronic back-up systems, automatic archiving or electronic saving procedures; provided, such Confidential Information shall remain confidential in accordance with the terms hereof. The Recipient shall, upon written request of the Disclosing Party, cause one of its duly authorized officers to confirm in writing that the requirements of this section have been satisfied in full.
  
 	 
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 Remedies: The Recipient acknowledges and agrees that money damages would not be a sufficient remedy for any breach of this agreement and that Disclosing Party may seek injunctive or other equitable relief to remedy or prevent any breach of this Agreement, in addition to all other rights and remedies available at law or in equity. The parties agree that the parties hereto should not be liable for any punitive damages for any claim arising from or in any way related to this Agreement.
  
 No Representations or Warranties: Neither the Disclosing Party nor any of its Representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of the Confidential Information disclosed hereunder. Each party also agrees that it is not entitled to rely on the accuracy or completeness of any Confidential Information and that it shall be entitled to rely solely on such representations and warranties regarding Confidential Information as may be made to it in a definitive written agreement relating to the Services performed under this Agreement, if any, subject to the terms and conditions of such agreement.
  
 No Transfer of Rights: Each party retains its entire respective right, title and interest in and to all of its Confidential Information. Any disclosure of such Confidential Information hereunder shall not be construed as an assignment, grant, option, license or other transfer of any right, title or interest to the Recipient or any of its Representatives, except as set forth in this Agreement.
  
 Non-Solicitation:
  
 (a) Non-Solicitation.
  
 (i) . Beginning on the date hereof and through the date that is one (1) year following the termination of Executive’s employment under this Agreement (the “Restricted Period”), Executive will not, and will cause his affiliates not to, directly or indirectly, through or in association with any third party (1) call on, solicit, or service, engage or contract with, or take any action which may interfere with, impair, subvert, disrupt, or negatively alter the relationship, contractual or otherwise, between the Company and any current or prospective customer, supplier, distributor, service provider, licensor, or licensee or other material business relation of the Company, (2) divert or take away the business or patronage (with respect to products or services of the kind or type developed, produced, marketed, furnished, or sold by the Company) of any of the customers or accounts, or prospective customers or accounts, of the Company or (3) attempt to do any of the foregoing, either for Executive’s own purposes or for any other third party.
  
 (ii) During the Restricted Period, Executive will not, and will cause his affiliates not to, directly or indirectly, through or in association with any third party (1) solicit, induce, recruit, or encourage any employees or independent contractors of or consultants to the Company, who has access to or possesses knowledge that would give a competitor of the Company an unfair business advantage over the Company or with respect to whom the Company otherwise has a protectable interest, to terminate their relationship with the Company or take away or hire such employees, independent contractors, or consultants or (2) attempt to do any of the foregoing, either for Executive’s own purposes or for any other third party.
  
 	 
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 (b) Remedies for Breach. Executive acknowledges that a breach or threatened breach by Executive of the Non-Solicitation provisions of this Agreement may cause irreparable harm to the Company and that money damages may be incapable of precise measurement and will not be adequate relief for such injury. Accordingly, notwithstanding any other dispute mechanism contained in this Agreement, Executive agrees that the Company may seek and obtain, through a court of competent jurisdiction, temporary, preliminary and/or permanent injunctive relief to restrain or prohibit such breach or threatened breach, or to otherwise enforce this Agreement, in addition to any other legal, equitable or statutory remedies that may be available, including the recovery of monetary damages. Executive further agrees that, in addition to all other relief to which the Company shall be entitled, the Company shall be entitled to recover from Executive its costs and reasonable attorneys’ fees incurred in any action or proceeding in which the Company prevails in enforcing these provisions of this Agreement.
  
 Cooperation: The Employee agrees to reasonably cooperate with the Company and its financial and legal advisors when and as the Company requests in connection with any claims, investigations, or other proceedings involving the Company with respect to matters occurring while the Employee was employed by the Company. The Employee shall receive no additional compensation for rendering such services pursuant to this Section.
  
 Choice of Law: The validity, interpretation, construction and performance of this Agreement will be governed by the laws of the State of New York without giving effect to provisions governing the choice of law.
  
 Dispute Resolution: If any dispute arises among the parties, except with respect to enforcement of the Confidentiality and Non-Solicitation provisions of this Agreement, the parties agree to try first in good faith to settle the dispute by mediation administered by the American Arbitration Association (AAA) under its Employment Arbitration Rules and Mediation Procedures. All unresolved disputes shall then be decided by final and binding arbitration in accordance with the Employment Arbitration Rules and Mediation Procedures of the AAA. In agreeing to arbitration, Company and Executive both acknowledge that each of the parties is giving up the right to have the dispute decided in a court of law before a judge or jury and instead the parties are accepting the use of arbitration for resolution.
  
 Enforcement: If the Arbitrator or any court of competent jurisdiction determines that the Employee or the Company has violated any of the Employee’s or the Company’s promises or obligations contained in this Agreement, then the injured party shall be entitled to recover, in addition to its damages, all costs and expenses incurred in its successful enforcement efforts, including actual attorneys’ fees, from the violating party. In addition, the parties acknowledge and agree that a breach by a party of any of its promises or obligations contained in this Agreement may cause the other party irreparable harm and that the other party and its affiliates may thus be entitled to injunctive relief or any other equitable remedy, in addition to damages, for any such breach.
  
 	 
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 Taxes: The Employee recognizes that the payments and benefits provided under this Agreement will result in taxable income to the Employee that the Company will report to appropriate taxing authorities. The Company shall have the right to deduct from any payment made under this Agreement any federal, state, local, or other income, employment, or other taxes it determines are required by law to be withheld with respect to such payments and benefits.
  
 Consultation with Counsel/Legal Fees: THE EMPLOYEE ACKNOWLEDGES THAT THE EMPLOYEE HAS BEEN ADVISED, IN THIS WRITING, TO CONSULT WITH AN ATTORNEY OF THE EMPLOYEE’S CHOICE PRIOR TO SIGNING THIS AGREEMENT AND THAT THE EMPLOYEE HAS SIGNED THIS AGREEMENT KNOWINGLY, VOLUNTARILY, AND FREELY, AND WITH SUCH COUNSEL (IF ANY) AS
 THE EMPLOYEE DEEMED APPROPRIATE. The Employee understands, however, that whether or not to consult with an attorney is the Employee’s decision. The Company shall reimburse Employee for the full amount of reasonable legal fees incurred by Employee in connection with drafting and executing this Agreement and related agreements. Such reimbursement shall be made to Employee within thirty (30) calendar days after the submission of the invoices evidencing the legal fees.
  
 No Reliance: The parties acknowledge that they execute this Agreement in reliance on their own personal knowledge and are not relying on any representation or promise made by any other party that is not contained in this Agreement.
  
 Severability: It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in any jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction or arbitrator to be invalid, prohibited, or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited, or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.
  
 Entire Agreement: This Agreement, the Severance and Change in Control Agreement and the Stock Option Agreement attached hereto contain the entire agreement between the parties concerning the subject matter of this Agreement, and this Agreement supersedes all prior and collateral negotiations, statements, agreements, or understandings between the parties including the “Nonqualified Stock Option Award Agreement” dated August 3, 2022 between the Employee and the Company, which such nonqualified stock option grant to Employee will be null and void. The Company and Executive also agree that the Consulting Agreement between the Company and Shire Ventures, LLC, with an effective date of August 3, 2022 shall also be null and void. The terms and execution of this Agreement and the Executive’s Severance and Change in Control Agreement and the Stock Option Agreement attached hereto have been unanimously approved and consented to by the Company’s Board of Directors prior to signing and execution of each of these agreements.
  
 	 
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 No promises or oral or written statements have been made to the Employee other than those in this Agreement. If any portion of this Agreement is found to be unenforceable, all other portions that can be separated from it, or appropriately limited in scope, shall remain fully valid and enforceable.
  
 We look forward to having you join our team.
  
 Sincerely, 
 David Massey
 Chief Executive Officer
  
 	 
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.
  
 Acceptance:
  
 Solar Integrated Roofing Corporation
  
 	By:	 
	
	 Name: 
	Dave Massey	 
	Title:	Chairman & Chief Executive Officer	 
	 	 	 
	 Executive
	  

	 By: 
	 
	  

	 Name:
	 Stefan Abbruzzese
	  

	  
	  
	  

  
 	 
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 SOLAR INTEGRATED ROOFING CORPORATION
  
 NONQUALIFIED STOCK OPTION 
 AWARD AGREEMENT
  
 Participant: Stefan Abbruzzese
  
 Date of Grant: September 22, 2022
  
 Number of Shares Subject to Option: Twenty-Five Million (25,000,000) 
  
 Option Exercise Price per Share: $0.1799
  
 This Award Agreement (this “Agreement”) is entered into as of September 22, 2022 between Solar Integrated Roofing Corporation (the “Company”) and Stefan Abbruzzese (“Participant”).
  
 1. Grant of Nonqualified Stock Option. The Company hereby grants on the “Date of Grant” set forth above to the Participant an Option (the “Option”) to purchase all or any part of an aggregate amount of Twenty-Five Million (25,000,000) shares of the Company’s Common Stock of the Company (“Shares”) at a purchase price (“Option Exercise Price”) of $0.1799 per Share which is the fair market value of a Share on the Date of Grant, on the terms and conditions set forth herein. The Option is intended to constitute a nonqualified stock option and not intended to constitute an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).
  
 2. Vesting and Exercisability. Subject to acceleration of vesting described herein, the Option granted and issued to Participant under this Agreement shall vest and become exercisable upon the satisfaction of the applicable “Service -Based Requirement” set forth below. All Shares covered by the Option which do not become vested will be immediately forfeited. However, the Participant will retain any portion of the Option which has met the Service-Based Requirement as of the date the Participant’s employment ends or otherwise have become vested as described below.
  
 (a) The Service-Based Requirement shall be satisfied for the number of Shares set forth below subject to the Participant remaining employed on each date corresponding to the number of Shares set forth below; provided, that the Service-Based Requirement shall be fully satisfied with respect to all the Shares subject to the Option and all of the Shares subject to the Option shall vest and become exercisable in the event of the Participant’s termination of employment by the Company without Cause, resignation by the Participant with Good Reason or upon his death or Disability (capitalized terms not otherwise defined herein shall have the meanings set forth under the Severance and Change in Control Agreement between the Participant and the Company, dated September 22, 2022 (the “Severance and Change in Control Agreement”)).
  
 7,000,000 Shares on September 22, 2022;
 1,500,000 Shares on January 1, 2023;
 1,500,000 Shares on April 1, 2023;
  
 	 
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 1,500,000 Shares on July 1, 2023;
 1,500,000 Shares on October 1, 2023;
 1,500,000 Shares on January 1, 2024;
 1,500,000 Shares on April 1, 2024;
 1,500,000 Shares on July 1, 2024;
 1,500,000 Shares on October 1, 2024;
 1,500,000 Shares on January 1, 2025;
 1,500,000 Shares on April 1, 2025;
 1,500,000 Shares on July 1, 2025;
 1,500,000 Shares on October 1, 2025
  
 (b) Change in Control. Notwithstanding the Service-Based Requirement set forth above, immediately upon a Change in Control (as defined under the Severance and Change in Control Agreement) while the Participant is employed by the Company, all of the Shares subject to the Option shall become vested and exercisable. With respect to the treatment of the Option in the event of a Change in Control, unless otherwise agreed upon between the Company and the Participant, the Participant shall receive a cash payment equal to the product of (i) the difference between (a) the value per share of Common Stock offered to holders of Common Stock and the
  
 (b) the Option Exercise Price per Share, multiplied by (ii) all of the Shares subject to the Option not yet exercised.
  
 3. Expiration of Option. The Option shall expire and cease to be exercisable on the tenth (10th) anniversary of the Date of Grant (the “Option Term”). During the Participant’s employment and in the event the Participant’s employment ends for any reason, the Participant (or the Participant’s legal representative(s) in the case of the Participant’s death or Disability) shall have the right to exercise the vested and exercisable portion of the Option for the remaining period of the Option Term.
  
 4. Exercise of Option. The Participant (or the Participant’s legal representative(s) in the case of the Participant’s death or Disability) may exercise all or any portion of the vested and exercisable Option by delivering written notice substantially in the form attached hereto as Exhibit “A” to the Company prior to the close of business on the last regular business day of the Company prior to the date the Option expires. The notice of exercise shall:
  
 (a) State the number of Shares with respect to which the Option is being exercised; and
  
 (b) Be signed by the person or persons entitled to exercise the Option.The notice of exercise shall also be accompanied by payment in full of the Option Exercise Price for the number of Shares being acquired, plus any applicable withholding taxes, which payment shall be made by certified check, bank draft or postal or express money order payable to the Company or through a cashless exercise procedure.
  
 	 
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 5. Securities Law Restrictions. The Participant represents, warrants and covenants that: (a) the Participant is acquiring the Option and, upon exercise of the Option, the Shares solely for investment purposes and for an indefinite and indeterminate time without the intent of making any sale, distribution or disposition thereof in violation of the Securities Act of 1933, as amended (the “Securities Act”); (b) the Participant has been advised and understands that neither the Option nor the Shares have been registered for sale pursuant to federal and state securities laws and that the Option and the Shares are “restricted securities” under such laws; (c) the Option is nontransferable (except in the case of death or Disability), the Shares received upon exercise of the Option may not be sold, transferred, encumbered or otherwise disposed of without registration or exemption under such securities laws, and the Option and Shares may therefore be required to be held indefinitely; (d) the Participant is accepting and acquiring the Option and upon exercise will be acquiring the Shares for investment for the Participant’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act in violation of such act; and (e) upon exercise of the Option, certificates representing the Shares received will bear the legend set forth in Section 6 below (or if not certificated, will be subject to comparable stop transfer instructions). The Company represents to the Participant that it is not, and has never been, an “issuer with no or nominal operations and no or nominal non-cash assets” as defined in Rule 144(i) under the Securities Act.
  
 6. Delivery of Shares. No Shares shall be registered on the books of the Company upon exercise of the Option until the purchase price shall have been paid in full in the manner herein provided. The Participant understands and agrees that, to the extent applicable, the Company shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares, together with any other legends that may be required by state or federal securities laws:
  
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, IN RELIANCE UPON EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. THE SECURITIES MAY NOT BE SOLD, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO SOLAR INTEGRATED ROOFING CORPORATION (THE “COMPANY”), THAT SUCH REGISTRATION IS NOT REQUIRED.
  
 	 
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 7. Legend Removal and Rule 144. In connection with a sale of Shares issued to Participant pursuant to this Agreement in reliance on Rule 144 promulgated under the Securities Act, Participant or his or her broker shall deliver to the Company a broker representation letter in customary form to allow a determination that such sale is made in compliance with Rule 144 promulgated under the Securities Act, including, as may be appropriate, a certification as to the length of time the Shares have been held. If Participant seeks to sell Shares under a different Securities Act exemption, Participant and the Company shall cooperate to determine the content of a representation letter that would allow the proposed sale under such other exemption if available. Upon receipt of a representation letter as contemplated by this section, the Company shall promptly remove the restrictive legend, and the Company shall bear all costs associated with the removal of such legend. The Company shall cooperate with Participant to effect the removal of the restrictive legend at any time such legend is no longer appropriate. The Company currently provides, and will continue to provide, “adequate current public information” as contemplated by Rule 144(c) and is not, and has not been, an issuer described in Rule 144(i). If, at any time after the first anniversary of the date hereof, Participant is unable to sell Shares under Rule 144 due to the Company’s failure to provide “adequate current public information”, failure to file required reports under the Securities Exchange Act of 1934, as amended, failure to file “Form 10 information” (as that term is defined in Rule 144) or similar action or inaction, the Company will repurchase from Participant, at the then-current trading price, such number of Shares as Participant may request up to the maximum number that Participant would have been able to sell under Rule 144 in the absence of such failure, action or inaction.
  
 8. Registration Rights. Within one year of the effective date of Participant’s initial exercise of Option for Shares, the Company shall use its reasonable best efforts to (i) file a registration statement registering the sale of Shares, (ii) have the registration statement declared effective within 180 days after filing with the SEC and (iii) maintain the effectiveness of the registration statement until such time as the Shares can be sold without limitation under Rule 144. Participant shall also have customary piggyback rights, other than in connection with an underwriting that is solely a new equity issuance by the Company.
  
 9. Company Obligations under Sections 7 and 8. The Company’s obligations under Sections 7 and 8 hereof are absolute and shall not be conditioned upon the absence of any dispute, action or proceeding between or involving the Company and Participant.
  
 10. Adjustment in the Event of Common Stock Subdivision, Consolidation, or Dividend. The Shares with respect to which Options are granted are shares of Common Stock as presently constituted, but if, and whenever, prior to the expiration of the Option, the Company will effect a subdivision or consolidation of shares of Common Stock or the payment of a stock dividend on Common Stock without receipt of consideration by the Company, the number of shares of Common Stock with respect to which such Option may thereafter be exercised (1) in the event of an increase in the number of outstanding shares, will be proportionately increased, and the Option Exercise Price will be proportionately reduced, and (2) in the event of a reduction in the number of outstanding shares, will be proportionately reduced, and the Option Exercise Price will be proportionately increased, without changing the aggregate purchase price or value as to which outstanding Options remain exercisable.
  
 11. Other Adjustments. In the event of changes in the outstanding Common Stock by reason of recapitalizations, mergers, consolidations, reorganizations, liquidations, combinations, split-ups, split-offs, spin-offs, exchanges, issuances of rights or warrants, or other relevant changes in capitalization or distributions to the holders of Common Stock, the Option will be appropriately adjusted as to the number of Shares and the Option Exercise Price other consideration subject to Option, without changing the aggregate purchase price or value as to which outstanding Option remains.
  
 	 
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 12. Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (i) when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid, or (ii) when sent electronically via email utilizing DocuSign or other electronic delivery solution that provides for e-signature of receipt and notification. In the case of Participant, mailed notices to Participant will be addressed to him or her at the home address which he or she most recently communicated to the Company in writing. In the case of the Company, mailed notices will be addressed to Company as its corporate headquarters, and all notices will be directed to the attention of its Chief Executive Officer, Chief Financial Officer and General Counsel.
  
 13. Participant’s Successors. The terms of this Agreement and all rights of Participant hereunder will inure to the benefit of, and be enforceable by, Participant’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
  
 14. Governing Law. All transactions contemplated hereunder and all rights of the parties hereto shall be governed as to validity, construction, enforcement and in all other respects by the laws and decisions of the State of Nevada, without regard to principles of conflicts of law.
  
 15. Amendment. This Agreement shall not be modified or amended except by written agreement signed by all of the parties hereto. The Company and the Participant acknowledge that changes in federal tax laws enacted subsequent to the Date of Grant, and applicable to stock options, may provide for tax benefits to the Company or the Participant. In any such event, the Company and the Participant agree that this Agreement may be amended as necessary to secure for the Company and the Participant any benefits that may result from such legislation. Any such amendment shall be made in writing only upon the mutual consent of the parties, which consent (of either party) may be withheld for any reason.
  
 16. Entire Agreement. This Agreement contains all of the representations, declarations and statements from either party to the other and expresses the entire understanding between the parties with respect to the transactions provided for herein.
  
 17. Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective legal representatives, successors and assigns.
  
 18. 409A. The Option granted herein and the terms of this Agreement are intended to be exempt from the requirements of Section 409A of the Code and the Agreement shall be administered, interpreted, and construed to carry out such intention.
  
 19. No Tax Consequences. The Company makes no representation, warranty or guarantee of any federal, state or local tax consequences concerning any Option, including, but not limited to, under Section 409A of the Code. Accordingly, in the event that any Option or this Agreement shall be deemed not to comply with Section 409A of the Code, the Company and its directors, officers, employees and agents shall not be liable to Participant or other person for such failure. Instead, Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with the Options and their exercise pursuant to this Agreement (including any taxes or penalties arising under Section 409A of the Code), and the Company shall not have any obligation to indemnify or otherwise hold Participant harmless from any or all of such taxes and penalties.
  
 (Signature page follows)
  
 	 
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 IN WITNESS WHEREOF, the parties have executed this Agreement the day and year first above written.
   
 	Participant: 	 	Company:	 	 
	  
	  
	  
	  

	  
	  
	 SOLAR INTEGRATED ROOFING CORPORATION
	  

	 
	 	By: 	 
	 
	Print Name: Stefan Abbruzzese 	 	 	Print Name: Dave Massey	 
	Address:	 	 	Title: Chairman and Chief Executive Officer 	 
	 2460 Queen Esther Drive
	  
	  
	  
	  

	 Park City, UT 84060
	  
	  
	  
	  

  
 	 
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 SEVERANCE AND CHANGE IN CONTROL AGREEMENT
  
 This Severance and Change in Control Agreement (the “Agreement”) is made and entered into by and between Stefan Abbruzzese (“Executive”) and Solar Integrated Roofing Corporation (SIRC), a Nevada corporation with its principal place of business at 2831 St Rose Parkway, Suite 200, Henderson, NV 89052, (the “Company”), effective as of September 22, 2022 (the “Effective Date”). Certain capitalized terms used in the Agreement are defined in Section 6 below or in the Executive’s Executive Employment Agreement, dated September 22, 2022 (the “Employment Agreement”).
  
 RECITALS
  
 	  
	 A.
	The Board of Directors of the Company (the “Board”) recognizes that it is possible that the Company could terminate Executive’s employment with the Company and from time to time the Company may consider the possibility of an acquisition by another company or other change in control transaction. The Board also recognizes that such considerations can be a distraction to Executive and can cause Executive to consider alternative employment opportunities. The Board has determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued dedication and objectivity of Executive, notwithstand- ing the possibility, threat or occurrence of such a termination of employment or the occurrence of a Change in Control (as defined herein) of the Company.
	  
	  
	  

	  
	 B. 
	The Board believes that it is in the best interests of the Company and its stockholders to provide Executive with an incentive to continue his or her employment with the Company and to moti- vate Executive to maximize the value of the Company for the benefit of its stockholders.
	  
	  
	  

	  
	 C. 
	The Board believes that it is imperative to provide Executive with certain severance benefits upon Executive’s termination of employment and with certain additional benefits following a Change in Control. These benefits will provide Executive with enhanced financial security and incentive and encouragement to remain with the Company notwithstanding the possibility of a Change in Control.

   
 AGREEMENT
  
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:
  
 1. Term of Agreement. This Agreement will not terminate until all of the obligations of the parties hereto with respect to this Agreement have been satisfied.
  
 2. At-Will Employment. The Company and Executive acknowledge that Executive’s employment is and will continue to be at-will, as defined under applicable law. If Executive’s employment terminates for any reason not specified in Section 3, Executive will not be entitled to any payments, benefits, damages, awards or compensation other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable expenses or pursuant to written agreements with the Company, including equity award agreements.
  
 	 
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 3. Severance Benefits.
  
 	  
	 (a) 
	 Termination without Cause or Resignation for Good Reason in Connection with a Change of Control. If at any time during the term of Executive’s employment for the six (6) month period prior to a Change in Control or the eighteen (18)-month period immediately following a Change in Control (x) the Company terminates Executive’s employment with the Company for a reason other than Cause, Executive becoming Disabled or Executive’s death, or (y) Executive resigns from such employment for Good Reason, then, subject to Section 4, Executive will receive the following severance benefits from the Company:

	  
	  
	  
	  

	  
	  
	 (i)  
	Accrued Compensation. The Company will pay Executive all earned but unpaid salary and wages, accrued but unpaid vacation pay, expense reimbursements, and other benefits due to Executive under any Company- provided or paid plans, policies, and arrangements.
	  
	  
	  
	  

	  
	  
	 (ii)
	Severance Payment. Executive will receive a lump sum severance payment in an amount equal to eighteen (18) months of Executive’s base salary as in effect immediately prior to the date of Executive’s termination of employment, less all required tax withholdings and other applicable deductions, which will be paid as soon as practicable following Executive’s termination of employment but in no event later than the next pay period following Executive’s termination of employment.
	  
	  
	  
	  

	  
	  
	 (iii) 
	Target Bonus Payment. Executive will receive a lump sum severance payment equal to fifty percent (50%) of Executive’s full target bonus for the fiscal year in effect at the date of such termination of employment (or, if greater, as in effect for the fiscal year in which termination notice occurs), less all required tax withholdings and other applicable deductions. The target bonus is the amount Executive would be entitled to receive if all of Executive’s goals for the applicable period are achieved. The target bonus will be paid as soon as practicable following Executive’s termination of employment but in no event later than the next pay period following Executive’s termination of employment.
	  
	  
	  
	  

	  
	  
	 (iv)
	 Continued Health Insurance Benefits. If Executive is eligible for and elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for Executive and Executive’s eligible dependents (as applicable) under a health, dental, or vision plan sponsored by the Company, within the time period prescribed pursuant to COBRA, the Company will reimburse Executive, as and when due to the COBRA carrier, for the COBRA premiums for such coverage for Executive and his eligible dependents (at the coverage levels in effect immediately prior to Executive’s termination of employment) until the earliest to occur of (A) a period of eighteen (18) months from the last date of employment of Executive with the Company, (B) the date upon which Executive becomes eligible for coverage under a health, dental, or vision insurance plan of a subsequent employer, and (C) the date Executive or his or her dependents cease to be eligible for COBRA coverage. These payments will be subject to any applicable tax withholdings (including tax withholdings necessary to ensure that the provision of this benefit is not deemed a discriminatory practice giving rise to penalties to the Company under applicable laws) and will be counted as coverage pursuant to COBRA to the maximum extent permitted under applicable law.

   
 	 
	16
	

	 

   
 	  
	  
	 (v) 
	Equity. One hundred percent (100%) of the then unvested and not previously forfeited portion of all of Executive’s outstanding Options granted to Executive under that Nonqualified Stock Option Award Agreement dated as of the Effective Date (the “Stock Option Agreement “) shall immediately vest and be exercisable in accordance with the terms and conditions of the Stock Option Agreement . In addition, one hundred percent (100%) of any unvested and not previously forfeited portion of any other stock options, stock appreciation rights, or similar rights to acquire Company common stock granted to Executive shall be fully vested and to the extent applicable, Executive shall have the period to exercise as set forth in the award agreement applicable to such other awards but in no event will such equity award be permitted to be exercised beyond the earlier of the original maximum term of such equity award or ten (10) years from the original grant date of such equity award.
	  
	  
	  
	  

	  
	  
	 (vi) 
	Outplacement Benefits. If requested by Executive, the Company will pay the expense for outplacement benefits provided by a service to be determined by the Company in its discretion for a period of twelve (12) months, up to a maximum dollar value of five thousand dollars ($5,000) following Executive’s termination.
	  
	  
	  
	  

	  
	  
	 (vii) 
	Payments or Benefits Required by Law. Executive will receive such other compensation or benefits from the Company as may be required by law.
	  
	  
	  
	  

	  
	 (b) 
	 Termination without Cause or Resignation for Good Reason and not in Connection with a Change in Control. If at any time during the term of Executive’s employment, except during the pe- riod set forth in Section 3(a) hereof in which case Section 3(a) applies, (x) the Company terminates Executive’s employment with the Company for a reason other than Cause, Executive becoming Dis- abled or Executive’s death, or (y) Executive resigns from such employment for Good Reason, then, subject to Section 4, Executive will receive the following severance benefits from the Company:

	  
	  
	  
	  

	  
	  
	 (i) 
	Accrued Compensation. The Company will pay Executive all earned but unpaid salary and wages, accrued but unpaid vacation pay, expense reimbursements, and other benefits due to Executive under any Company- provided or paid plans, policies, and arrangements.
	  
	  
	  
	  

	  
	  
	 (ii)
	 Severance Payment. Executive will receive a lump sum severance payment in an amount equal to twelve (12) months of Executive’s base salary as in effect immediately prior to the date of Executive’s termination of employment, less all required tax withholdings and other applicable deductions, which will be paid as soon as practicable following Executive’s termination of employment but in no event later than the next pay period after Executive’s termination of employment.
	  
	  
	  
	  

	  
	  
	 (iii)
	 Target Bonus Payment. Executive will receive a lump sum severance payment equal to fifty percent (50%) of Executive’s full target bonus for the fiscal year in effect at the date of such termination of employment (or, if greater, as in effect for the fiscal year in which termination notice occurs), less all required tax withholdings and other applicable deductions. The target bonus is the amount Executive would be entitled to receive if all of Executive’s goals for the applicable fiscal year are achieved. The target bonus will be paid as soon as practicable following Executive’s termination of employment but in no event later than the next pay period following Executive’s termination of employment.

   
 	 
	17
	

	 

   
 	  
	  
	 (iv) 
	Continued Health Insurance Benefits. If Executive is eligible for, and elects continuation coverage pursuant to COBRA for Executive and Executive’s eligible dependents (as applicable) under a health, dental, or vision plan sponsored by the Company, within the time period prescribed pursuant to COBRA, the Company will reimburse Executive, as and when due to the COBRA carrier, for the COBRA premiums for such coverage for Executive and his eligible dependents (at the coverage levels in effect immediately prior to Executive’s termination of employment) until the earliest to occur of (A) a period of eighteen (18) months from the last date of employment of Executive with the Company, (B) the date upon which Executive becomes eligible for coverage under a health, dental, or vision insurance plan of a subsequent employer, and (C) the date Executive or his or her dependents cease to be eligible for COBRA coverage. These payments will be subject to any applicable tax withholdings (including tax withholdings necessary to ensure that the provision of this benefit is not deemed a discriminatory practice giving rise to penalties to the Company under applicable laws) and will be counted as coverage pursuant to COBRA to the maximum extent permitted under applicable law.
	  
	  
	  
	  

	  
	  
	 (v) 
	Equity. One hundred percent (100%) of the then unvested and not previously forfeited portion of all of Executive’s outstanding Options granted to Executive under the Stock Option Agreement shall immediately vest and be exercisable in accordance with the terms and conditions of the Stock Option Agreement. In addition, one hundred percent (100%) of any unvested and not previously forfeited portion of any other stock options, stock appreciation rights, or similar rights to acquire Company common stock granted to Executive shall be fully vested and to the extent applicable, Executive shall have the period to exercise as set forth in the award agreement applicable to such other awards but in no event will such equity award be permitted to be exercised beyond the earlier of the original maximum term of such equity award or ten (10) years from the original grant date of such equity award.
	  
	  
	  
	  

	  
	  
	 (vi) 
	Outplacement Benefits. If requested by Executive, the Company will pay the expense for outplacement benefits provided by a service to be determined by the Company in its discretion for a period of twelve (12) months, up to a maximum dollar value of five thousand dollars ($5,000) following Executive’s termination.
	  
	  
	  
	  

	  
	  
	 (vii) 
	Payments or Benefits Required by Law. Executive will receive such other compensation or benefits from the Company as may be required by law.
	  
	  
	  
	  

	  
	 (c)
	 Disability; Death. If Executive’s employment with the Company is terminated due to Executive becoming Disabled or Executive’s death, then Executive or Executive’s estate (as the case may be) will (i) receive all earned but unpaid base salary and wages through the date of termination of em- ployment, (ii) receive all accrued but unpaid vacation pay, expense reimbursements and any other benefits (including insurance proceeds) due to Executive through the date of termination of employ- ment in accordance with established Company-provided or paid plans, policies and arrangements, and (iii) not be entitled to any other compensation or benefits from the Company except to the extent required by law (for example, COBRA). All payments under clauses (i) through (ii) above shall be made in accordance with the law for the State in which the Employment Agree- ment specifies, and Executive’s estate will be entitled to accelerated vesting as to one hundred percent (100%) of the then unvested and not previously forfeited portion of all of Executive’s outstanding equity awards regardless of type including, but not limited to, restricted stock, re- stricted stock units or stock option grants under the Stock Option Agreement.

	  
	  
	  
	  

	  
	 (d)
	 Voluntary Resignation Without Good Reason; Termination for Cause. If Executive voluntarily terminates Executive’s employment with the Company without Good Reason or if the Company terminates Executive’s employment with the Company for Cause, then Executive will (i) receive his or her earned but unpaid base salary and wages through the effective date of termination of employment, (ii) receive all accrued but unpaid vacation pay, expense reimbursements and any other vested benefits due to Executive through the effective date of termination of employment in accordance with established Company-provided or paid plans, policies and arrangements,

	  
	  
	  
	  

	  
	  
	 (iii) 
	retain all vested equity awards regardless of type through the effective date of termination, and (iii) not be entitled to any other compensation, benefits or unvested equity awards from the Company except to the extent required by law (for example, COBRA).
	  
	  
	  
	  

	  
	 (e) 
	 Timing of Payments. Except as required by law, subject to any specific timing provisions in Section 3(a), 3(b) or 3(c) as applicable, or the provisions of Section 4, payment of the severance and benefits hereunder shall be made or commence to be made as soon as practicable following Executive’s termination of employment but in no event later than the next pay period after Ex- ecutive’s effective termination date of employment.

   
 	 
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 4. Conditions to Receipt of Severance.
  
 	  
	 (a) 
	 The Company’s obligation to provide any severance payments or benefits shall be contingent upon Executive tendering to the Company a document executed by Executive that uncondition- ally and effectively releases any and all claims Executive may have against the Company as of the date of termination (other than as set forth in the attached release) which is substantially in the attached form and substance (Exhibit A).

	  
	  
	  
	  

	  
	 (b) 
	 Confidential Information. Executive’s receipt of any payments or benefits under this Agreement will be subject to Executive continuing to comply with the terms of any confidential information and nondisclosure agreements provisions contained in the Employment Agreement.

	  
	  
	  
	  

	  
	 (c)
	 Application of Section 409A

	  
	  
	  
	  

	  
	  
	 (I) 
	 Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant to this Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation not exempt under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until Executive has a “separation from service” within the meaning of Section 409A. And for purposes of this Agreement, any reference to “termination of employment,” “termination” or any similar term shall be construed to mean a “separation from service” within the meaning of Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b) (9) will be payable until Executive has a “separation from service” within the meaning of Section 409A.

   
 	 
	19
	

	 

    
 	  
	  
	 (ii)
	 Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the time of Executive’s termination of employment (other than due to death), then the Deferred Payments, if any, that are payable within the first six (6) months following Executive’s separation from service, will become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service, but prior to the six (6) month anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment, installment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b) (2) of the Treasury Regulations.
	  
	  
	  
	  

	  
	  
	 (iii) 
	Without limitation, any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A- 1(b)(4) of the Treasury Regulations is not intended constitute to Deferred Payments for purposes of clause (i) above.
	  
	  
	  
	  

	  
	  
	 (iv) 
	Without limitation, any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit is not intended to constitute Deferred Payments for purposes of clause (i) above. Any payment intended to qualify under this exemption must be made within the allowable time period specified in Section 1.409A-1(b) (9) (iii) of the Treasury Regulations.
	  
	  
	  
	  

	  
	  
	 (v) 
	To the extent that reimbursements or in-kind benefits under this Agreement constitute non-exempt “nonqualified deferred compensation” for purposes of Section 409A, (1) all reimbursements hereunder shall be made on or prior to the last day of the calendar year following the calendar year in which the expense was incurred by Executive, (2) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (3) the amount of expenses eligible for reimbursement or in-kind benefits provided in any calendar year shall not in any way affect the expenses eligible for reimbursement or in-kind benefits to be provided, in any other calendar year.
	  
	  
	  
	  

	  
	  
	 (vi) 
	Any tax gross-up that Executive is entitled to receive under this Agreement or otherwise shall be paid to Executive no later than December 31 of the calendar year following the calendar year in which Executive remits the related taxes.

   
 	 
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	 (vii) 
	Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.
	  
	  
	  
	  

	  
	  
	 (viii)
	 The payments and benefits provided under Section 3 are intended to be exempt from or comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be exempt or so comply. The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A.
	  
	  
	  
	  

	  
	  
	 (ix) 
	The Company makes no representation, warranty or guarantee of any federal, state or local tax consequences of any payments and benefits made or that may be made to Executive pursuant to this Agreement, including, but not limited to, under Section 409A. Accordingly, in the event that any payment or benefit provided in this Agreement shall be deemed not to comply with Section 409A, even after the application of clause (viii) above, the Company and its directors, officers, employees and agents shall not be liable to Executive or other person for such failure. Instead, Executive is solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with the payments and benefits provided pursuant to this Agreement (including any taxes or penalties arising under Section 409A), and the Company shall not have any obligation to indemnify or otherwise hold Executive harmless from any or all of such taxes and penalties.

  
 5. Limitation on Payments.
  
 	  
	 (a) 
	Anything in this Agreement to the contrary notwithstanding, if any payment or benefit Executive would receive from the Company or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code; and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax; or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into ac- count all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt, on an after- tax basis, of the greater amount of the Payment. Any reduction made pursuant to this Section 5(a) shall be made in accordance with the following order of priority: (i) stock options whose exercise price exceeds the fair market value of the optioned stock (“Underwater Options”) (ii) Full Credit Payments (as defined below) that are payable in cash, (iii) non-cash Full Credit Payments that are taxable, (iv) non-cash Full Credit Payments that are not taxable, (v) Partial Credit Payments (as defined below) and (vi) non-cash employee welfare benefits. In each case, reductions shall be made in reverse chronological order such that the payment or benefit owed on the latest date following the occurrence of the event triggering the excise tax will be the first payment or benefit to be reduced (with reductions made pro-rata in the event payments or ben- efits are owed at the same time). “Full Credit Payment” means a payment, distribution or benefit, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, that if reduced in value by one dollar reduces the amount of the para- chute payment (as defined in Section 280G of the Code) by one dollar, determined as if such payment, distribution or benefit had been paid or distributed on the date of the event triggering the excise tax. “Partial Credit Payment” means any payment, distribution or benefit that is not a Full Credit Payment. In no event shall Executive have any discretion with respect to the or- dering of payment reductions.

   
 	 
	21
	

	 

   
 	  
	 (b)
	Unless the Company and Executive otherwise agree in writing, any determination required under this Section 5 will be made in writing by an independent firm (the “Firm”), whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section 5, the Firm may make reasonable assump- tions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Com- pany and Executive will furnish to the Firm such information and documents as the Firm may reasonably request in order to make a determination under this Section 5. The Company will bear all costs the Firm may reasonably incur in connection with any calculations contemplated by this Section 5.

   
 6. Definition of Terms. The following terms referred to in this Agreement will have the following meanings:
  
 	  
	 (a) 
	 Cause. “Cause” means (i) a breach by Executive of his fiduciary duties to the Company; (ii) Ex- ecutive’s refusal or failure to carry out a lawful directive of the Company or any member of the Board or any of their respective designees, which directive is consistent with the scope and nature of Executive’s responsibilities; (iii) Executive’s material failure to substantially perform his duties for the Company; (iv) Executive’s commission of any act of fraud, embezzlement, dishonesty, or moral turpitude, or any other misconduct that has caused or is reasonably ex- pected to result in material economic or reputational injury to the Company; (v) unauthorized use or disclosure by Executive of any proprietary information of the Company or any other party to whom Executive owes an obligation of nondisclosure as a result of his or her relationship with the Company; or (vi) Executive’s material breach of this Agreement or the Employment Agreement or any other written agreement or violation of a material written Company policy or covenant of or with the Company, in each case in the reasonable determination of the Board. In addition, Executive’s employment shall be deemed to have terminated for Cause if, on the date Executive’s employment terminates, facts and circumstances exist that would have justified a termination for Cause, even if such facts and circumstances are discovered after such termina- tion. For purposes of this definition, “Company” shall be interpreted to include any parent, sub- sidiary, affiliate or successor thereto, if appropriate. Notwithstanding the foregoing, Cause shall not exist based on conduct described in clauses (i) through (vi) unless any remediable conduct has not been cured within 30 days following Executive’s receipt of written notice from the Company specifying the particulars of the conduct constituting Cause.

	  
	  
	  
	  

	  
	 (b)
	 Change in Control. “Change in Control” means shall be deemed to have occurred if as a result of a tender offer, other acquisition, merger, consolidation or sale or transfer of assets, any per- son(s) or entity becomes the beneficial owner of a total of more than fifty percent (50%) of either the outstanding shares of Company’s stock or Company’s assets. However, no event will be treated as a Change in Control unless it constitutes a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Com- pany, within the meaning of Code Section 409A (a) (2)(A)(v).

   
 	 
	22
	

	 

   
 	  
	 (c) 
	 Code. “Code” means the Internal Revenue Code of 1986, as amended.

	  
	  
	  
	  

	  
	 (d) 
	 Disability. “Disability” or “Disabled” means that Executive is unable to engage in any substan- tial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted, or can be expected to last, for a continuous period of not less than 180 days.

	  
	  
	  
	  

	  
	 (e)
	 Good Reason. “Good Reason” means the occurrence of one or more of the following, without Executive’s express written consent:

	  
	  
	  
	  

	  
	  
	 (i) 
	a material reduction in Executive’s job responsibilities at any time, provided that neither a mere change in title alone nor reassignment following a Change in Control to a position that is substantially similar to the position held prior to the Change in Control shall constitute a material reduction in job responsibilities;
	  
	  
	  
	  

	  
	  
	 (ii)
	relocation by the Company or a subsidiary, parent, affiliate or successor thereto, as appropriate, of Executive’s primary business location that increases Executive’s one way commute by more than 35 miles;
	  
	  
	  
	  

	  
	  
	 (iii)
	a reduction in Executive’s then-current base salary by at least 10%, provided that an across-the-board reduction in the salary level of all other employees or consultants in positions similar to Executive’s by the same percentage amount as part of a general salary level reduction shall not constitute such a salary reduction; or
	  
	  
	  
	  

	  
	  
	 (iv) 
	a material breach of this Agreement or the Employment Agreement.

   
 Provided, however, that in order for an event to qualify as Good Reason, Executive must (1) provide the Company with written notice of the acts or omissions constituting the grounds for Good Reason within 90 days of the initial existence of the grounds for Good Reason, (2) allow the Company at least 30 days from receipt of such written notice to cure such event, and (3) if such event is not reasonably cured within such period, Executive’s resignation from all positions then held by Executive with the Company must be effective not later than 30 days after the expiration of the cure period.
  
 	  
	 (f) 
	Section 409A. “Section 409A” means Code Section 409A, and the final regulations and any guidance promulgated thereunder or any state law equivalent.
	  
	  
	  

	  
	 (g) 
	Section 409A Limit. “Section 409A Limit” will mean two (2) times the lesser of: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during Execu- tive’s taxable year preceding Executive’s taxable year of his or her separation from service as determined under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Rev- enue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Internal Revenue Code for the year in which Executive’s separation from service occurred.

   
 	 
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 7. Successors and Assigns.
  
 	  
	 (a) 
	Assignment. This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive. This Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the Company’s successors and assigns.
	  
	  
	  

	  
	 (b)
	The Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets will assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” will include any suc- cessor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this Section 7(a) or which becomes bound by the terms of this Agree- ment by operation of law.
	  
	  
	  

	  
	 (c) 
	Executive’s Successors. The terms of this Agreement and all rights and obligations of Executive hereunder shall be binding upon and will inure to the benefit of, and be enforceable by, Execu- tive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

   
 8. Notice.
  
 	  
	 (a)
	 General. Notices and all other communications contemplated by this Agreement will be in writing and will be deemed to have been duly given when (i) personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid, or (ii) when sent electronically via email utilizing DocuSign or other electronic delivery solution that provides for e-signature of receipt and notification. In the case of Executive, mailed notices will be ad- dressed to him or her at the home address which he or she most recently communicated to the Company in writing. In the case of the Company, mailed notices will be addressed to its corpo- rate headquarters, and all notices will be directed to the attention of its General Counsel.
	  
	  
	  

	  
	 (b) 
	Notice of Termination. Any termination by the Company for Cause or by Executive for Good Reason will be communicated by a notice of termination to the other party hereto given in ac- cordance with Section 8(a) of this Agreement. Such notice will indicate the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circum- stances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than thirty (30) days after the giving of such notice), subject to any applicable cure period. The failure by Executive or the Company to include in the notice any fact or circumstance which contributes to a showing of Good Reason or Cause, as applicable, will not waive any right of Executive or the Company, as applicable, hereunder or preclude Executive or the Company, as applicable, from asserting such fact or circumstance in enforcing his or her or its rights hereunder, as applicable.

  
 9. MiscellaneousProvisions.
  
 	  
	 (a) 
	No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any such payment be reduced by any earnings that Executive may receive from any other source.
	  
	  
	  

	  
	 (b) 
	Waiver. No provision of this Agreement will be modified, waived or discharged unless the mod- ification, waiver or discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party will be con- sidered a waiver of any other condition or provision or of the same condition or provision at another time.
	  
	  
	  

	  
	 (c) 
	Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.
	  
	  
	  

	  
	 (b)
	Entire Agreement. This Agreement, the Employment Agreement and the Executive’s Stock Option Agreement together constitute the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and these agreements together supersede in their entirety all prior or contemporaneous representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties with respect to such matters. Executive acknowledges and agrees that this Agreement encompasses all the rights of Executive to any severance payments and/or benefits based on the termination of Executive’s employment and Executive hereby agrees that he or she has no such rights except as stated herein. No waiver, alteration, or modification of any of the provisions of this Agreement will be binding unless in writing and signed by duly authorized representatives of the parties hereto and which specifically mention this Agreement.
	  
	  
	  

	  
	 (e) 
	Choice of Law. The validity, interpretation, construction and performance of this Agreement will be governed by the laws of the State of New York without giving effect to provisions gov- erning the choice of law.
	  
	  
	  

	  
	 (f) 
	Dispute Resolution. If any dispute arises among the parties, the parties agree to try first in good faith to settle the dispute by mediation administered by the American Arbitration Association (AAA) under its Employment Arbitration Rules and Mediation Procedures. All unresolved dis- putes shall then be decided by final and binding arbitration in accordance with the Employment Arbitration Rules and Mediation Procedures of the AAA. In agreeing to arbitration, Company and Executive both acknowledge that each of the parties is giving up the right to have the dispute decided in a court of law before a judge or jury and instead the parties are accepting the use of arbitration for resolution.
	  
	  
	  

	  
	 (g) 
	Severability. The invalidity or unenforceability of any provision or provisions of this Agreement will not affect the validity or enforceability of any other provision hereof, which will remain in full force and effect.
	  
	  
	  

	  
	 (h) 
	Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable income, employment and other taxes, as required by law.
	  
	  
	  

	  
	 (i) 
	Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

  
 Notwithstanding any contrary provisions contained herein, the Agreement shall not be amended, modified, or terminated in a manner that would cause the timing of any payment to be made hereunder if to do so would cause its inclusion in income earlier than the actual receipt of payment by the Executive.
  
 [Signature Page to Follow]
  
 	 
	24
	

	 

  
 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year set forth below.
  
 	 	COMPANY:	
	  
	  
	  

	  
	 Solar Integrated Roofing Company (SIRC) 
	  

	 	 	 	 
		By:	 
	
	  
	 Name:
	David Massey	 
	 	Title: 	Chief Executive Officer	 
	 	 	 	 

   
 	 	EXECUTIVE:	
	 	 	 	 
		By:	 
	
	  
	 Name:
	Stefan Abbruzzese	 

   
 	 
	25Exhibit 4.1

 

 

INDENTURE

 

between

 

FORD CREDIT AUTO OWNER TRUST 2022-D,

as Issuer

 

and

 

THE BANK OF NEW YORK MELLON,

as Indenture Trustee

 

Dated as of November 1, 2022

 

 

    

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I USAGE AND DEFINITIONS	1
	Section 1.1.	Usage and Definitions	1
	Section 1.2.	Incorporation by Reference of Trust Indenture Act	1
	 	 	 
	ARTICLE II THE NOTES	2
	Section 2.1.	Form of Notes	2
	Section 2.2.	Execution, Authentication and Delivery	2
	Section 2.3.	Tax Treatment	3
	Section 2.4.	Note Register	3
	Section 2.5.	Registration of Transfer and Exchange	3
	Section 2.6.	[Reserved]	4
	Section 2.7.	Mutilated, Destroyed, Lost or Stolen Notes	4
	Section 2.8.	Persons Deemed Owners	5
	Section 2.9.	Payments on Notes	5
	Section 2.10.	Cancellation of Notes	6
	Section 2.11.	Release of Collateral	6
	Section 2.12.	Book-Entry Notes	6
	Section 2.13.	Definitive Notes	7
	Section 2.14.	Authenticating Agents	7
	Section 2.15.	Note Paying Agents	8
	 	 	 
	ARTICLE III COVENANTS, REPRESENTATIONS AND WARRANTIES	8
	Section 3.1.	Payment of Principal and Interest	8
	Section 3.2.	Maintenance of Office or Agency	8
	Section 3.3.	Money for Payments To Be Held in Trust	8
	Section 3.4.	Existence	9
	Section 3.5.	Protection of Collateral	9
	Section 3.6.	Performance of Obligations	10
	Section 3.7.	Negative Covenants	10
	Section 3.8.	Opinions on Collateral	11
	Section 3.9.	Annual Certificate of Compliance	11
	Section 3.10.	Merger and Consolidation; Transfer of Assets	12
	Section 3.11.	Successor or Transferee	13
	Section 3.12.	No Other Activities	13
	Section 3.13.	Further Acts and Documents	13
	Section 3.14.	Restricted Payments	13
	Section 3.15.	Notice of Events of Default	13
	Section 3.16.	Review of Issuer's Records	13
	Section 3.17.	Issuer's Representations and Warranties	13
	Section 3.18.	Issuer's Representations and Warranties About Security Interest	15
	Section 3.19.	Calculation Agent; Benchmark Determination.	16
	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE	17
	Section 4.1.	Satisfaction and Discharge of Indenture	17

 

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	ARTICLE V EVENTS OF DEFAULT; REMEDIES	18
	Section 5.1.	Events of Default	18
	Section 5.2.	Acceleration of Maturity; Rescission	19
	Section 5.3.	Collection of Indebtedness by Indenture Trustee	20
	Section 5.4.	Trustee May File Proofs of Claim	20
	Section 5.5.	Enforcement of Claims Without Possession of Notes	21
	Section 5.6.	Remedies; Priorities	21
	Section 5.7.	Optional Preservation of Collateral	22
	Section 5.8.	Limitation on Suits	22
	Section 5.9.	Unconditional Rights to Receive Principal and Interest	23
	Section 5.10.	Restoration of Rights and Remedies	23
	Section 5.11.	Rights and Remedies Cumulative	23
	Section 5.12.	Delay or Omission Not a Waiver	24
	Section 5.13.	Control by Noteholders	24
	Section 5.14.	Waiver of Defaults and Events of Default	24
	Section 5.15.	Agreement to Pay Costs	25
	Section 5.16.	Waiver of Stay or Extension Laws	25
	Section 5.17.	Performance and Enforcement of Obligations	25
	 	 	 
	ARTICLE VI INDENTURE TRUSTEE	25
	Section 6.1.	Indenture Trustee's Obligations	25
	Section 6.2.	Indenture Trustee's Rights	27
	Section 6.3.	Indenture Trustee's Individual Rights	28
	Section 6.4.	Indenture Trustee's Disclaimer	28
	Section 6.5.	Notice of Defaults	28
	Section 6.6.	Reports by Indenture Trustee	28
	Section 6.7.	Compensation and Indemnity	29
	Section 6.8.	Resignation or Removal of Indenture Trustee	30
	Section 6.9.	Merger or Consolidation; Transfer of Assets	31
	Section 6.10.	Appointment of Separate Trustee or Co-Trustee	32
	Section 6.11.	Eligibility; Disqualification	33
	Section 6.12.	Preferential Collection of Claims Against Issuer	34
	Section 6.13.	Review of Indenture Trustee's Records	34
	Section 6.14.	Indenture Trustee's Representations and Warranties	34
	Section 6.15.	Obligation to Update Disclosure	35
	Section 6.16.	Reporting of Receivables Repurchase Demands	36
	 	 	 
	ARTICLE VII NOTEHOLDER COMMUNICATIONS AND REPORTS	36
	Section 7.1.	Noteholder Communications	36
	Section 7.2.	Noteholder Demand for Asset Representations Review	37
	Section 7.3.	Reports by Issuer	38
	Section 7.4.	Reports by Indenture Trustee	38
	 	 	 
	ARTICLE VIII ACCOUNTS, DISTRIBUTIONS AND RELEASES	39
	Section 8.1.	Collection of Funds	39
	Section 8.2.	Bank Accounts; Distributions	39
	Section 8.3.	Bank Accounts	42
	Section 8.4.	Release of Collateral	42

 

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	ARTICLE IX AMENDMENTS	43
	Section 9.1.	Amendments Without Consent of Noteholders	43
	Section 9.2.	Amendments with Consent of Controlling Class	44
	Section 9.3.	Execution of Amendments	45
	Section 9.4.	Effect of Amendment	45
	Section 9.5.	Conformity with TIA	45
	Section 9.6.	Reference in Notes to Supplemental Indentures	46
	 	 	 
	ARTICLE X REDEMPTION OF NOTES	46
	Section 10.1.	Redemption	46
	 	 	 
	ARTICLE XI OTHER AGREEMENTS	47
	Section 11.1.	No Petition	47
	Section 11.2.	Subordination of Claims Against Depositor	47
	Section 11.3.	Issuer Orders; Certificates and Opinions	48
	Section 11.4.	Acts of Noteholders	50
	Section 11.5.	Conflict with Trust Indenture Act	50
	Section 11.6.	Issuer Obligation	50
	 	 	 
	ARTICLE XII MISCELLANEOUS	50
	Section 12.1.	Benefits of Indenture; Third-Party Beneficiaries	50
	Section 12.2.	Notices	50
	Section 12.3.	GOVERNING LAW	51
	Section 12.4.	Submission to Jurisdiction	51
	Section 12.5.	WAIVER OF JURY TRIAL	51
	Section 12.6.	No Waiver; Remedies	51
	Section 12.7.	Severability	52
	Section 12.8.	Headings	52
	Section 12.9.	Counterparts	52
	 	 	 
	Exhibit A           Form of Notes	A-1

 

    iii

     

    

 

INDENTURE, dated as of November 1, 2022 (this
 "Indenture"), between FORD CREDIT AUTO OWNER TRUST 2022-D, a Delaware statutory trust, as Issuer, and THE BANK OF NEW
YORK MELLON, a New York banking corporation, as Indenture Trustee for the benefit of the Secured Parties.

 

In connection with a securitization transaction
sponsored by Ford Credit, the Issuer will issue Notes secured by a pool of Receivables consisting of retail installment sale contracts
purchased by the Issuer from the Depositor, who purchased them from Ford Credit.

 

The parties agree as follows:

 

GRANTING CLAUSE

 

The Issuer Grants to the Indenture Trustee at
the Closing Date, as Indenture Trustee for the benefit of the Secured Parties, all the Issuer's right, title and interest in, to and
under, whether now owned or later acquired, the Collateral.

 

This Grant is made in trust to secure (a) the
payment of principal of, interest on and other amounts owing on the Notes as stated in this Indenture and (b) compliance by the
Issuer with this Indenture for the benefit of the Secured Parties.

 

The Indenture Trustee acknowledges the Grant,
accepts the trusts under this Indenture according to this Indenture and agrees to perform the obligations stated in this Indenture so
that the interests of the Secured Parties may be adequately and effectively protected.

 

ARTICLE I

USAGE AND DEFINITIONS

 

Section 1.1.            Usage
and Definitions. Capitalized terms used but not defined in this Indenture are defined in Appendix A to the Sale and Servicing Agreement,
dated as of November 1, 2022, among Ford Credit Auto Owner Trust 2022-D, as Issuer, Ford Credit Auto Receivables Two LLC, as Depositor,
and Ford Motor Credit Company LLC, as Servicer. Appendix A also contains usage rules that apply to this Indenture. Appendix A is
incorporated by reference into this Indenture.

 

Section 1.2.            Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a part of the TIA, it 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; and

 

    

     

    

 

"obligor" on the indenture securities
means the Issuer and any other obligor on the indenture securities.

 

Any other TIA terms used in this Indenture that
are defined in the TIA, defined by TIA reference to another statute or defined by Securities and Exchange Commission rule have the
meaning assigned to them by those definitions.

 

ARTICLE II

THE NOTES

 

Section 2.1.            Form of
Notes.

 

(a)            Form.
Each Class of Notes will be in substantially the form of Exhibit A with variations required or permitted by this Indenture.
The Notes may have marks of identification and legends or endorsements as determined by the Responsible Person of the Issuer executing
the Notes. The physical Notes will be produced by a method determined by the Responsible Person of the Issuer executing the Notes.

 

(b)            Incorporation
by Reference. Each Note will be dated the date of its authentication. The terms of the Notes in Exhibit A are part of this Indenture
and are incorporated into this Indenture by reference.

 

Section 2.2.            Execution,
Authentication and Delivery.

 

(a)            Execution.
A Responsible Person of the Issuer will execute the Notes for the Issuer. The signature of the Responsible Person on the Notes may be
manual or facsimile. Notes having the manual or facsimile signature of an individual who was a Responsible Person of the Issuer will
bind the Issuer, even if the individual has ceased to be a Responsible Person before the authentication and delivery of the Notes or
was not a Responsible Person on the issuance date of the Notes.

 

(b)            Authentication
and Delivery. The Indenture Trustee will, on Issuer Order, authenticate and deliver the Notes for original issue in the Classes,
Note Interest Rates and initial Note Balances as stated below (except that the Note Interest Rate for any Floating Rate Notes will not
be less than 0.00%).

 

	Class	 	Note Interest Rate	 	Initial Note Balance	 
	Class A-1 Notes	 	4.594%	 	$	254,320,000	 
	Class A-2a Notes	 	5.37%	 	$	300,340,000	 
	Class A-2b Notes	 	30-day average SOFR + 0.76%	 	$	160,000,000	 
	Class A-3 Notes	 	5.27%	 	$	460,340,000	 
	Class A-4 Notes	 	5.30%	 	$	75,000,000	 
	Class B Notes	 	5.98%	 	$	39,480,000	 
	Class C Notes	 	6.46%	 	$	26,300,000	 

 

(c)            Denomination.
The Notes will initially be issued as Book-Entry Notes. The Notes will be issued in minimum denominations of $1,000 and in multiples
of $1,000. However, one Note of each Class may be issued in a different amount if it exceeds the minimum denomination for the Class.

 

    2

     

    

 

(d)            Certificate
of Authentication. No Note will have the benefit of this Indenture or be valid unless it has a certificate of authentication substantially
in the form included in Exhibit A manually executed by a Responsible Person of the Indenture Trustee. The certificate of authentication
on a Note will be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture.

 

Section 2.3.            Tax
Treatment. The Issuer intends that Notes owned or beneficially owned by a Person other than Ford Credit or its Affiliates will be
indebtedness of the Issuer for U.S. federal, State and local income and franchise tax purposes. 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 to treat the Notes for U.S. federal, State and local income and franchise tax purposes as indebtedness of the Issuer.

 

Section 2.4.            Note
Register. The Issuer appoints the Indenture Trustee to be the "Note Registrar" and to keep a register (the "Note
Register") for the purpose of registering Notes and transfers and exchanges of Notes. On resignation of the Note Registrar,
the Issuer will promptly appoint a successor or, if it elects not to make the appointment, assume the obligations of Note Registrar.
If the Issuer appoints a Person other than the Indenture Trustee as Note Registrar, (i) the Issuer will notify the Indenture Trustee
of the appointment and (ii) the Indenture Trustee will have the right to rely on a certificate executed by an officer of the Note
Registrar listing the names and addresses of the Noteholders and the principal amounts and number of the Notes. Each of the Indenture
Trustee (if it is not the Note Registrar), the Issuer and the Administrator will have the right to inspect the Note Register at reasonable
times and to receive copies of the Note Register.

 

Section 2.5.            Registration
of Transfer and Exchange.

 

(a)            Transfer
of Notes. A Noteholder may transfer a Note by surrendering the Note for registration of transfer at the office or agency of the Issuer
maintained under Section 3.2. If the requirements of Section 8-401(a) of the UCC are met, the Issuer will execute and
the Indenture Trustee will authenticate and deliver to the Noteholder, in the name of the transferee or transferees, new Notes of the
same Class, in the same principal amount.

 

(b)            Exchange
of Notes. A Noteholder may exchange Notes for other Notes of the same Class by surrendering the Notes to be exchanged at the
office or agency of the Issuer maintained under Section 3.2. If the requirements of Section 8-401(a) of the UCC are met,
the Issuer will execute, the Indenture Trustee will authenticate and the Noteholder will receive from the Indenture Trustee new Notes
of the same Class, in the same principal amount.

 

(c)            Valid
Obligation. Notes issued on the registration of transfer or exchange of Notes will be the valid obligations of the Issuer, evidencing
the same debt, and have the same benefits under this Indenture as the Notes surrendered for registration of transfer or exchange.

 

(d)            Surrendered
Notes. Every Note surrendered for registration of transfer or exchange will be (i) duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Note Registrar or the Indenture Trustee duly executed by, the Noteholder of the Note
or the Noteholder's authorized attorney, with the signature guaranteed by an "eligible guarantor institution" meeting the requirements
of the Note Registrar including membership or participation in the Securities Transfer Agents Medallion Program or another "signature
guarantee program", according to the Exchange Act and (ii) accompanied by other documents the Indenture Trustee may require.

 

    3

     

    

 

(e)            No
Service Charge. None of the Issuer, the Note Registrar or the Indenture Trustee will impose a service charge on a Noteholder for
the registration of transfer or exchange of Notes. The Issuer, the Note Registrar or the Indenture Trustee may require the Noteholder
to pay an amount to cover taxes or other governmental charges that may be imposed for the registration of transfer or exchange of the
Notes.

 

(f)            Registration
of Transfers and Exchanges. The Note Register will register transfers and exchanges of Notes in the Note Register. However, neither
the Issuer nor the Note Registrar will be required to register transfers or exchanges of Notes for which the next Payment Date is not
more than 15 days after the requested date of transfer or exchange or which have been called for redemption.

 

(g)            ERISA
Representations. Each Note Owner that is subject to Title I of ERISA, Section 4975 of the Code or Similar Law, by accepting
an interest or participation in a Note, is deemed to represent that its purchase, holding and disposition of that interest or participation
is not and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code or a violation
of any Similar Law, as applicable.

 

Section 2.6.            [Reserved].

 

Section 2.7.            Mutilated,
Destroyed, Lost or Stolen Notes.

 

(a)            Replacement
Notes. If a mutilated Note is surrendered to the Indenture Trustee or the Indenture Trustee receives evidence of the destruction,
loss or theft of a Note, the Issuer will execute and, on Issuer Request, the Indenture Trustee will authenticate and deliver a replacement
Note of the same Class and principal amount in exchange for or in place of the Note if the following conditions are met: (i) the
Indenture Trustee receives security or indemnity to hold the Issuer and the Indenture Trustee harmless, (ii) none of the Issuer,
the Note Registrar or the Indenture Trustee have received notice that the Note has been acquired by a protected purchaser, as defined
in Section 8-303 of the UCC and (iii) the requirements of Section 8-405 of the UCC are met. However, if a destroyed, lost
or stolen Note (but not a mutilated Note) is due and payable within 15 days or has been called for redemption, instead of issuing a replacement
Note, the Issuer may pay the destroyed, lost or stolen Note when so due or payable or on the Redemption Date without surrender of the
Note. If a protected purchaser of the original Note in place of which the replacement Note was issued (or the payment made) presents
for payment the original Note, the Issuer and the Indenture Trustee may recover the replacement Note (or the payment) from the Person
to whom it was delivered or a Person taking the replacement Note (or the payment) from the Person to whom the replacement Note (or the
payment) was delivered or an assignee of that Person, except a protected purchaser, and may recover on the security or indemnity provided
for the replacement Note (or the payment) for any fee, expense, loss, damage or liability incurred by the Issuer or the Indenture Trustee
for the replacement Note (or the payment).

 

    4

     

    

 

(b)            Taxes,
Charges and Expenses. On the issuance of a replacement Note under Section 2.7(a), (i) the Issuer may require the Noteholder
of the Note to pay an amount to cover any taxes or other governmental charges imposed and any other reasonable expenses incurred for
the replacement Note, (ii) the Indenture Trustee will, for a mutilated Note, cancel the Note and (iii) the Note Registrar will
record in the Note Register that the destroyed, lost or stolen Note no longer has the benefits of this Indenture.

 

(c)            Additional
Obligation. Each replacement Note issued under Section 2.7(a) will be an original additional contractual obligation of
the Issuer and have the benefits of this Indenture equally and proportionately with other Notes of the same Class duly issued under
this Indenture.

 

(d)            Sole
Remedy. This Section 2.7 states the sole remedy available to Noteholders for the replacement or payment of mutilated, destroyed,
lost or stolen Notes.

 

Section 2.8.            Persons
Deemed Owners. On any date, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the
Person in whose name a Note is registered as of that date as the owner of the Note for all purposes, including receiving payments of
principal of and interest on the Note, without regard to any notice or other information to the contrary.

 

Section 2.9.            Payments
on Notes.

 

(a)            Interest
Accrual. Each Class of Notes will accrue interest on its Note Balance for each Interest Period until the Note Balance has been
paid in full at a rate per annum equal to its Note Interest Rate for that Interest Period. Interest on the Class A-1 and Class A-2b
Notes will be calculated for each Interest Period on the basis of the actual number of days in the Interest Period and a 360-day year.
Interest on the Notes (other than the Class A-1 and Class A-2b Notes) for each Interest Period will be calculated on the basis
of a 360-day year consisting of twelve 30-day months. Interest on each Note for each Interest Period will be due and payable on the related
Payment Date.

 

(b)            Principal.
The principal of each Class of Notes will be payable in installments on each Payment Date according to Article VIII. The Note
Balance of each Class of Notes will be due and payable on the earlier of the Redemption Date and its Final Scheduled Payment Date.
The Note Balance of each Class of Notes will be due and payable on the date the Notes are declared to be, or have automatically
become, immediately due and payable according to Section 5.2(a).

 

(c)            Monthly
Payment of Interest and Principal. Payments of interest and principal on each Class of Notes will be made pro rata to the Registered
Noteholders of that Class on each Payment Date. For Book-Entry Notes, payments will be made by wire transfer to the account designated
by the nominee of the Clearing Agency according to Section 2.12. For Definitive Notes, payments will be made (i) if the Noteholder
has given to the Note Registrar instructions at least five Business Days before that Payment Date and the aggregate original principal
amount of the Noteholder's Notes is at least $1,000,000, by wire transfer to the account of the Registered Noteholder or (ii) by
check mailed first class mail, postage prepaid, to the Registered Noteholder's address as it appears on the Note Register on the related
Record Date. Amounts paid by wire transfers or checks that is returned undelivered will be held according to Section 3.3.

 

    5

     

    

 

(d)            Payment
of Final Installment. The final installment of principal (whether payable by wire transfer or check) of each Note on a Payment Date,
the Redemption Date or the Final Scheduled Payment Date will be payable only on presentation and surrender of the Note, subject to Section 2.7(a).
The Indenture Trustee will notify each Registered Noteholder of the date the Issuer expects to pay the final installment on any of the
Notes, which notice will be delivered no later than five days before that date, and the place where the Notes may be presented and surrendered
for payment.

 

Section 2.10.            Cancellation
of Notes. Any Person that receives a Note surrendered for payment, registration of transfer, exchange or redemption will deliver
the Note to the Indenture Trustee and the Indenture Trustee will promptly cancel it. The Issuer may surrender to the Indenture Trustee
for cancellation Notes previously authenticated and delivered under this Indenture which the Issuer may have acquired, and the Indenture
Trustee will promptly cancel them. No Notes will be authenticated in place of or in exchange for Notes cancelled as stated in this Section 2.10.
The Indenture Trustee may hold or dispose of cancelled Notes according to its standard retention or disposal policy unless the Issuer
directs, by Issuer Order, that they be destroyed or returned to it.

 

Section 2.11.            Release
of Collateral. The Indenture Trustee will release property from the Lien of this Indenture only according to Sections 8.4 and 10.1.

 

Section 2.12.            Book-Entry
Notes.

 

(a)            Issuance
and Registration. The Notes will be issued as Book-Entry Notes on the Closing Date. The Book-Entry Notes, on original issuance, will
be issued in the form of printed Notes representing the Book-Entry Notes and delivered to The Depository Trust Company, the initial Clearing
Agency, by, or on behalf of, the Issuer. The Book-Entry Notes will be registered initially on the Note Register in the name of Cede &
Co., the nominee of the initial Clearing Agency.

 

(b)            Sole
Noteholder. The Note Registrar and the Indenture Trustee may deal with the Clearing Agency as the sole Noteholder of the Book-Entry
Notes for all purposes of this Indenture and will not be obligated to the Note Owners, except as stated in Section 7.2.

 

(c)            Rights.
The rights of Note Owners may be exercised only through the Clearing Agency and will be limited to those established by law and agreements
between the Note Owners and the Clearing Agency and/or its participants under the Depository Agreement.

 

(d)            Clearing
Agency Obligations. The Clearing Agency will make book-entry transfers among its participants and receive and transmit payments of
principal of and interest on the Book-Entry Notes to the participants.

 

    6

     

    

 

(e)            Representation
of Noteholders. If this Indenture requires or permits actions to be taken based on instructions or directions of the Noteholders
of a stated percentage of the Note Balance of the Notes (or the Controlling Class), the Clearing Agency will be deemed to represent those
Noteholders only if it has received instructions to that effect from Note Owners and/or the Clearing Agency's participants owning or
representing, the required percentage of the beneficial interest of the Notes (or the Controlling Class) and has delivered the instructions
to the Indenture Trustee.

 

(f)            Conflicts.
If this Section 2.12 conflicts with other terms of this Indenture, this Section 2.12 will control.

 

Section 2.13.            Definitive
Notes. No Note Owner will receive a definitive, fully registered Note (a "Definitive Note") representing the Note
Owner's interest in the Note unless and until (a) the Administrator notifies the Indenture Trustee that the Clearing Agency is no
longer willing or able to properly discharge its responsibilities as depository for the Book-Entry Notes and the Administrator is unable
to reach an agreement on satisfactory terms with a qualified successor, (b) the Administrator notifies the Indenture Trustee that
it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence and during the continuation
of an Event of Default or a Servicer Termination Event, Note Owners of a majority of the Note Balance of the Controlling Class notify
the Indenture Trustee and the Clearing Agency that they elect to terminate the book-entry system through the Clearing Agency. In these
cases, the Clearing Agency will notify Note Owners and the Indenture Trustee of the availability of Definitive Notes. After the Clearing
Agency has surrendered the printed Notes representing the Book-Entry Notes and delivered the registration instructions to the Indenture
Trustee, the Issuer will execute and the Indenture Trustee, on Issuer Request, will authenticate the Definitive Notes according to the
instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee will be liable for delay in delivery
of the instructions and may conclusively rely, and will be protected in relying, on the instructions. On the issuance of Definitive Notes
to Note Owners, the Indenture Trustee will recognize the holders of the Definitive Notes as Noteholders.

 

Section 2.14.            Authenticating
Agents.

 

(a)            Appointment.
The Indenture Trustee may appoint one or more Persons as authenticating agents for the Notes (each, an "Authenticating Agent")
with the power to act on its behalf and subject to its direction in the authentication of Notes for issuances, transfers, exchanges and
replacements. The authentication of Notes by an Authenticating Agent under this Section 2.14 is deemed to be the authentication
of Notes "by the Indenture Trustee." If no Authenticating Agent is appointed, the Indenture Trustee will be the Authenticating
Agent for the Notes.

 

(b)            Resignation
and Termination. An Authenticating Agent may resign by notifying the Indenture Trustee and the Owner Trustee. The Indenture Trustee
may terminate the agency of an Authenticating Agent by notifying the Authenticating Agent and the Owner Trustee.

 

    7

     

    

 

Section 2.15.            Note
Paying Agents.

 

(a)            Appointment.
The Indenture Trustee may appoint one or more Note Paying Agents that meet the eligibility standards for the Indenture Trustee in Section 6.11(a).
If no Note Paying Agent is appointed, then the Indenture Trustee will be the Note Paying Agent for the Notes. Each Note Paying Agent
will have the power to make distributions from the Bank Accounts.

 

(b)            Resignation
and Termination. A Note Paying Agent may resign by notifying the Indenture Trustee, the Administrator and the Issuer. The Indenture
Trustee may terminate the agency of a Note Paying Agent by notifying the Note Paying Agent, the Administrator and the Issuer.

 

ARTICLE III

COVENANTS, REPRESENTATIONS AND WARRANTIES

 

Section 3.1.            Payment
of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest on the Notes according to the Notes
and this Indenture. Amounts withheld under the Code or State or local tax law by any Person from a payment to a Noteholder will be considered
as having been paid by the Issuer to the Noteholder.

 

Section 3.2.            Maintenance
of Office or Agency. The Issuer will maintain an office or agency in the Borough of Manhattan, The City of New York, where Notes
may be surrendered for registration of transfer or exchange, and where notices to and demands on the Issuer for the Notes and this Indenture
may be served. The Issuer initially appoints the Indenture Trustee to serve as its agent for those purposes. The Issuer will promptly
notify the Indenture Trustee of a change in the location of the office or agency. If the Issuer fails to maintain the office or agency
or fails to furnish the Indenture Trustee with the address of the office or agency, any surrender, notices and demands may be made or
served at the Corporate Trust Office, and the Issuer appoints the Indenture Trustee as its agent to receive them.

 

Section 3.3.            Money
for Payments To Be Held in Trust.

 

(a)            Payments
on the Notes. Payments on the Notes that are to be made from amounts withdrawn from the Bank Accounts will be made on behalf of the
Issuer by the Indenture Trustee or a Note Paying Agent. No amounts withdrawn for payments on the Notes may be paid over to the Issuer,
except as stated in this Section 3.3.

 

(b)            Agreement
by Note Paying Agent. The Indenture Trustee will, and will cause each Note Paying Agent to, execute and deliver to the Indenture
Trustee, an instrument in which the Note Paying Agent agrees with the Indenture Trustee to:

 

(i)            hold
funds held by it for the payment of amounts due on the Notes in trust for the benefit of the Persons entitled to that money and pay it
to those Persons under this Indenture;

 

(ii)           notify
the Indenture Trustee of a default by the Issuer of which it has actual knowledge in the making of a required payment on the Notes;

 

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(iii)          during
the continuance of a default, on the request of the Indenture Trustee, immediately pay to the Indenture Trustee money held by it in trust;

 

(iv)          immediately
resign as a Note Paying Agent and immediately pay to the Indenture Trustee amounts held by it in trust if it ceases to meet the eligibility
standards in Section 6.11 for the Indenture Trustee; and

 

(v)           comply
with all requirements of law for withholding and reporting requirements for payments on the Notes.

 

(c)            Payment
Direction. The Issuer may by Issuer Order, direct a Note Paying Agent to pay to the Indenture Trustee money held in trust by the
Note Paying Agent, which money will be held by the Indenture Trustee on the same terms as the Note Paying Agent. On a Note Paying Agent's
payment of money held in trust to the Indenture Trustee, the Note Paying Agent will be released from liability for such amounts.

 

(d)            Unclaimed
Money. Subject to applicable law, money held by the Indenture Trustee or a Note Paying Agent in trust under this Section 3.3
which remains unclaimed for two years after it became due and payable will be discharged from the trust and paid to the Issuer on Issuer
Request. After discharge and payment, the Noteholder of the Note will, as an unsecured general creditor, look only to the Issuer for
payment of the amount due and unclaimed, and the Indenture Trustee or the Note Paying Agent will be released from liability for such
amounts. However, the Indenture Trustee or the Note Paying Agent, before making the payment, will publish once, at the expense and direction
of the Issuer, in a newspaper customarily published on each Business Day in the English language and of general circulation in The City
of New York, notice that the money remains unclaimed and that after a date stated in the notice, which must be at least 30 days from
the date of publication, any unclaimed balance of the money then remaining will be paid to the Issuer. The Indenture Trustee will also
use other reasonable means to notify the Noteholders of unclaimed payments.

 

Section 3.4.            Existence.
The Issuer will maintain its existence as a statutory trust under the Delaware Statutory Trust Act and will obtain and maintain its qualification
in each jurisdiction in which the qualification is or will be necessary to protect the validity and enforceability of this Indenture,
the Notes and the Collateral.

 

Section 3.5.            Protection
of Collateral.

 

(a)            Amendments
and Financing Statements. The Issuer will (i) execute and deliver amendments to this Indenture and other documents, (ii) file
or authorize and cause to be filed financing statements and amendments and continuations of those financing statements and (iii) take
other action necessary or advisable to:

 

(A)            maintain
or preserve the Lien and security interest (and the priority of the security interest) of this Indenture;

 

(B)            perfect,
maintain perfection, publish notice of or protect the validity of a Grant made or to be made by this Indenture;

 

    9

     

    

 

(C)            enforce
the Collateral; or

 

(D)            maintain
and defend title to the Collateral and the rights of the Indenture Trustee and the Secured Parties in the Collateral against the claims
of all Persons, subject to Permitted Liens and the Transaction Documents.

 

(b)            Authorization
to File. The Issuer authorizes the Administrator and the Indenture Trustee to file financing and continuation statements, and amendments
to the statements, in the jurisdictions and with the filing offices as the Administrator or the Indenture Trustee may reasonably determine
necessary or advisable to perfect the Indenture Trustee's interest in the Collateral. The financing and continuation statements may describe
the Collateral as the Administrator or the Indenture Trustee may reasonably determine necessary or advisable to perfect the Indenture
Trustee's interest in the Collateral (including describing the Collateral as "all assets" of the Issuer "now owned or
later acquired" or words to that effect). The Administrator or the Indenture Trustee will promptly deliver to the Issuer file-stamped
copies of, or filing receipts for, any financing statement, continuation statement and amendment to a previously filed financing statement.

 

(c)            Indenture
Trustee Not Obligated. The Indenture Trustee is not obligated to (i) make a determination of whether filing financing or continuation
statements, or amendments to the statements, is required or (ii) file any financing or continuation statements, or amendments to
the statements, and will not be liable for failure to do so.

 

Section 3.6.            Performance
of Obligations.

 

(a)            Performance
of Obligations. The Issuer will perform all of its obligations under the Transaction Documents and documents included in the Collateral.

 

(b)            Subcontracting.
The Issuer may contract with other Persons to assist it in performing its obligations under this Indenture. Initially, the Issuer has
contracted with the Servicer and the Administrator to assist the Issuer in performing its obligations under this Indenture.

 

(c)            Servicer
Termination Event. If the Issuer has knowledge of a Servicer Termination Event, the Issuer will notify the Indenture Trustee and
the Rating Agencies of the event and any action the Issuer is taking to correct the situation. If a Servicer Termination Event results
from the failure of the Servicer to perform its obligations under the Sale and Servicing Agreement, the Issuer will take reasonable steps
available to cause the Servicer to correct the failure.

 

Section 3.7.            Negative
Covenants. So long as Notes are Outstanding, the Issuer will not, except as permitted in the Transaction Documents:

 

(a)            Dispose
of Collateral. Sell, transfer, exchange or dispose of the Collateral unless directed to do so by the Indenture Trustee;

 

(b)            No
Release of Material Obligations. Take action, and will use its commercially reasonable efforts to prevent any action from being taken
by others, that would release any Person from any material obligation under a document included in the Collateral or that would impair
the validity or enforceability of the Collateral or a document included in the Collateral;

 

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(c)            Set-off.
Claim a credit on, or make a deduction from the payments of principal or interest on, the Notes (other than amounts withheld from payments
under applicable law) or assert a claim against a Noteholder by reason of the payment of the taxes levied or assessed on the Issuer or
the Collateral;

 

(d)            Dissolve
or Liquidate. Dissolve or liquidate;

 

(e)            Liens.
Permit (i) the validity or effectiveness of this Indenture to be impaired, or permit the Lien of this Indenture to be amended, subordinated,
terminated or discharged, or permit a Person to be released from obligations under this Indenture except in each case as permitted by
this Indenture, (ii) any Lien, other than Permitted Liens, to be created on or extend to the Collateral or (iii) the Lien of
this Indenture not to be a valid first priority security interest in the Collateral, other than Permitted Liens; or

 

(f)            Modification
of Collateral or Transaction Documents. Except as permitted by the Transaction Documents, amend, modify, waive, terminate or surrender
any Collateral or any Transaction Document without the consent of the Indenture Trustee or the Noteholders of a majority of the Note
Balance of the Notes and notifying the Rating Agencies.

 

Section 3.8.            Opinions
on Collateral.

 

(a)            Opinion
on Recording. If this Indenture is subject to recording, the Issuer, at its expense, will record it and deliver an Opinion of Counsel
to the Indenture Trustee stating that the recording is necessary either for the protection of the Secured Parties or for the enforcement
of a right or remedy Granted to the Indenture Trustee under this Indenture.

 

(b)            Opinion
on Perfection. On the Closing Date, the Issuer will furnish to the Indenture Trustee an Opinion of Counsel stating that this Indenture
and all financing statements have been properly recorded or filed to perfect the Lien created by this Indenture, or stating that in the
opinion of that counsel no action is necessary to perfect the Lien.

 

(c)            Annual
Opinion. On or before April 30 of each year, starting in the year after the Closing Date, the Issuer will furnish to the Indenture
Trustee an Opinion of Counsel either (i) stating that, in the opinion of that counsel, all action has been taken for the recording,
filing, re-recording and refiling of this Indenture and all financing statements and continuation statements to maintain the Lien of
this Indenture or (ii) stating that in the opinion of that counsel no action is necessary to maintain the Lien.

 

Section 3.9.            Annual
Certificate of Compliance. The Issuer will deliver to the Indenture Trustee within 90 days after the end of each year, starting in
the year after the Closing Date, an Officer's Certificate signed by a Responsible Person of the Issuer, stating that (a) a review
of the Issuer's activities and of its performance under this Indenture during the prior year has been made under a Responsible Person's
supervision and (b) to the Responsible Person's knowledge, based on the review, the Issuer has fulfilled in all material respects
its obligations under this Indenture throughout the prior year or, if there has been a failure to fulfill an obligation in any material
respect, stating each failure known to the Responsible Person and the nature and status of the failure. A copy of the Officer's Certificate
may be obtained by any Noteholder or Person certifying it is a Note Owner by request to the Indenture Trustee at its Corporate Trust
Office. The Issuer's obligation to deliver an Officer's Certificate under this Section 3.9 will terminate on the payment in full
of the Notes.

 

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Section 3.10.            Merger
and Consolidation; Transfer of Assets. The Issuer will not merge or consolidate with or into any other Person or transfer all or
substantially all of its assets, unless:

 

(a)            Surviving
Person. The Person (if other than the Issuer) formed by or surviving the merger or consolidation, or that acquires those assets,
(i) is organized and existing under the laws of the United States or any State and (ii) assumes, by an indenture supplemental
to this Indenture (unless the assumption happens by operation of law), executed and delivered to the Indenture Trustee, in form reasonably
satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on the Notes and the performance
of the other obligations under this Indenture and the other Transaction Documents to be performed by the Issuer;

 

(b)            Subordination.
For a transfer of the assets included in the Collateral, the Person who acquires those assets agrees by means of the supplemental indenture
executed and delivered to the Indenture Trustee that (i) all right, title and interest transferred will be subject and subordinate
to the rights of the Noteholders, (ii) unless stated in the supplemental indenture, that Person will indemnify the Issuer for fees,
expenses, losses, damages and liabilities (including fees and expenses of defending itself against any loss, damage or liability) related
to this Indenture and the Notes and (iii) that Person will make all necessary filings, including filings with the Securities and
Exchange Commission required by the Exchange Act for the Notes;

 

(c)            No
Default or Event of Default. Immediately after giving effect to the merger, consolidation or transfer, no Default or Event of Default
will have occurred and be continuing;

 

(d)            Rating
Agency Condition. The Rating Agency Condition has been satisfied for the merger, consolidation or transfer;

 

(e)            Opinion.
The Issuer has received an Opinion of Counsel (with a copy to the Indenture Trustee) stating that the merger, consolidation or transfer
will not (i) cause any security issued by the Issuer to be deemed sold or exchanged for purposes of Section 1001 of the Code,
(ii) cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income
tax purposes or (iii) adversely affect the treatment of the Notes as debt for U.S. federal income tax purposes;

 

(f)             Actions.
Any action necessary to maintain the Lien and security interest Granted by this Indenture has been taken; and

 

(g)            Conditions.
The Issuer has delivered to the Depositor, the Servicer, the Owner Trustee and the Indenture Trustee an Officer's Certificate and an
Opinion of Counsel each stating that the merger, consolidation or transfer and the supplemental indenture comply with this Section 3.10
and that all the conditions in this Indenture for the merger, consolidation or transfer have been satisfied.

 

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Section 3.11.            Successor
or Transferee. On a merger or consolidation of the Issuer or a transfer under Section 3.10, (a) the Person formed by or
surviving the merger or consolidation (if other than the Issuer) will succeed to, and be substituted for, and may exercise the rights
and powers of, the Issuer under this Indenture with the same effect as if that Person had been named as the Issuer in this Indenture
and (b) for a transfer of the assets of the Issuer under Section 3.10, the predecessor Issuer will be released from its obligations
under this Indenture to be performed by the successor Issuer for the Notes immediately on receipt of notice by the Indenture Trustee
stating that the Issuer is to be released.

 

Section 3.12.            No
Other Activities. The Issuer will not engage in activities other than financing, acquiring, owning and pledging the Trust Property
as described in the Transaction Documents and activities incidental to those activities.

 

Section 3.13.            Further
Acts and Documents. On request of the Indenture Trustee, the Issuer will take action and execute and deliver additional documents
reasonably required to perform and carry out the purposes of this Indenture.

 

Section 3.14.            Restricted
Payments.

 

(a)            No
Set-off. The Issuer will not, directly or indirectly, (i) make payments (by reduction of capital or otherwise) to the Owner
Trustee or the holder of the Residual Interest, (ii) redeem, purchase, retire or acquire for value an ownership interest in the
Issuer or (iii) set aside or segregate amounts for those purposes, except as permitted under this Indenture and the other Transaction
Documents.

 

(b)            No
Other Payments. The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except
according to the Transaction Documents.

 

Section 3.15.            Notice
of Events of Default. The Issuer will notify the Indenture Trustee, the Servicer and the Rating Agencies as soon as practicable and
within five Business Days after a Responsible Person of the Issuer has knowledge of an Event of Default.

 

Section 3.16.            Review
of Issuer's Records. The Issuer will maintain records and documents relating to its performance under this Indenture according to
its customary business practices. On reasonable request not more than once during any year, the Issuer will give the Indenture Trustee
(or its representatives) access to the records and documents to conduct a review of the Issuer's performance under this Indenture. Any
access or review will be conducted at the Issuer's offices during its normal business hours at a time reasonably convenient to the Issuer
and in a manner that will minimize disruption to its business operations. Any access or review will be subject to the Issuer's confidentiality
and privacy policies.

 

Section 3.17.            Issuer's
Representations and Warranties. The Issuer represents and warrants to the Indenture Trustee as of the Closing Date:

 

(a)            Organization
and Qualification. The Issuer is duly formed and validly existing as a statutory trust in good standing under the laws of the State
of Delaware.

 

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(b)            Power,
Authority and Enforceability. The Issuer has the power and authority to execute, deliver and perform its obligations under the Transaction
Documents to which it is a party. The Issuer has authorized the execution, delivery and performance of the Transaction Documents to which
it is a party. The Transaction Documents to which it is a party are the legal, valid and binding obligation of the Issuer enforceable
against the Issuer, except as may be limited by insolvency, bankruptcy, reorganization or other similar laws relating to the enforcement
of creditors' rights or by general equitable principles.

 

(c)            No
Conflicts and No Violation. The completion of the transactions contemplated by the Transaction Documents to which it is a party and
the performance of its obligations under such documents will not (i) conflict with, or be a breach or default under any indenture,
mortgage, deed of trust, loan agreement, guarantee or similar document under which the Issuer is a debtor or guarantor, (ii) result
in the creation or imposition of a Lien on the Issuer's properties or assets under the terms of any indenture, mortgage, deed of trust,
loan agreement, guarantee or similar document (other than this Indenture), (iii) violate the Trust Agreement or (iv) violate
a law or, to the Issuer's knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency
or other governmental instrumentality having jurisdiction over the Issuer or its properties that applies to the Issuer, which, in each
case, would reasonably be expected to have a material adverse effect on the Issuer's ability to perform its obligations under the Transaction
Documents to which it is a party.

 

(d)            No
Proceedings. To the Issuer's knowledge, there are no proceedings or investigations pending or threatened in writing before a federal
or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Issuer or its
properties (i) asserting the invalidity of the Transaction Documents or the Notes, (ii) seeking to prevent the issuance of
the Notes or the completion of the transactions contemplated by the Transaction Documents, (iii) seeking any determination or ruling
that would reasonably be expected to have a material adverse effect on the Issuer's ability to perform its obligations under, or the
validity or enforceability of, the Transaction Documents or the Notes or (iv) relating to the Issuer that would reasonably be expected
to (A) affect the treatment of the Notes as indebtedness for U.S. federal income or Applicable Tax State income or franchise tax
purposes, (B) be deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes or (C) cause the Issuer
to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, in each
case, other than the proceedings that, to the Issuer's knowledge, would not reasonably be expected to have a material adverse effect
on the Issuer, the performance by the Issuer of its obligations under, or the validity and enforceability of, the Transaction Documents
or the Notes or the tax treatment of the Issuer or the Notes.

 

(e)            No
Investment Company. The Issuer is not an "investment company" as defined in the Investment Company Act. In making this
determination, the Issuer is relying on the exemption in Rule 3a-7 of the Investment Company Act, although other exclusions or exemptions
may also be available to the Issuer.

 

(f)            Volcker
Rule. The Issuer is structured not to be a "covered fund" under the regulations adopted to implement Section 619 of
the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the "Volcker Rule."

 

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Section 3.18.            Issuer's
Representations and Warranties About Security Interest. The Issuer represents and warrants to the Indenture Trustee as of the Closing
Date, which representations and warranties will survive the termination of this Indenture and may not be waived by the Indenture Trustee:

 

(a)            Valid
Security Interest. This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral
in favor of the Indenture Trustee which is prior to all other Liens, other than Permitted Liens, and is enforceable against creditors
of and purchasers from the Issuer.

 

(b)            Perfection.
The Sponsor has represented that it has started procedures that will result in the perfection of a first priority security interest against
each Obligor in the Financed Vehicles.

 

(c)            Type.
The Collateral (other than those Permitted Investments which have been credited to a Securities Account) is "tangible chattel paper,"
 "electronic chattel paper," "instruments" or "general intangibles" within the meaning of the applicable
UCC.

 

(d)            Good
Title. The Issuer owns and has good and marketable title to the Collateral free and clear of any Lien, other than Permitted Liens.
The Issuer has received all consents and approvals required by the terms of the Collateral to Grant to the Indenture Trustee all of its
right, title and interest in the Collateral, except if a requirement for consent or approval is made ineffective under the applicable
UCC.

 

(e)            Filing
Financing Statements. The Issuer has caused, or will cause within ten days after the Closing Date, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable law to perfect the security interest
Granted in the Collateral to the Indenture Trustee under this Indenture. All financing statements filed or to be filed against the Issuer
in favor of the Indenture Trustee under this Indenture describing the Collateral will contain the following statement: "A purchase
of or grant of a security interest in collateral described in this financing statement will violate the rights of the Secured Parties."

 

(f)             No
Other Sale, Grant or Financing Statements. Other than the security interest Granted to the Indenture Trustee under this Indenture,
the Issuer has not sold or Granted a security interest in any of the Collateral. The Issuer has not authorized the filing of and is not
aware of any financing statements against the Issuer that include a description of collateral covering any of the Collateral, other than
financing statements relating to the security interest Granted to the Indenture Trustee under this Indenture. The Issuer is not aware
of any judgment or tax Lien filings against it.

 

(g)            Possession
of Receivables. For a Receivable that is "tangible chattel paper," the Issuer has in its possession, directly or through
its agents, the original copy of the Receivable that is or evidences part of the Collateral, and the Receivable does not have any marks
or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee. For
a Receivable that is "electronic chattel paper," the Issuer has "control" of the sole "authoritative copy"
(each within the meaning of the applicable UCC) of the Receivable and has not communicated an authoritative copy of the Receivable that
constitutes or evidences part of the Collateral to any Person other than the Indenture Trustee.

 

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(h)            Securities
Account. All Permitted Investments have been and will be credited to a Securities Account. The securities intermediary for each Securities
Account has agreed to treat all assets credited to the Securities Accounts as "financial assets" within the meaning of the
applicable UCC.

 

(i)             Securities
Intermediary Agreement. The Issuer has delivered to the Indenture Trustee a fully executed agreement under which the securities intermediary
has agreed to comply with all instructions originated by the Indenture Trustee relating to the Securities Accounts without further consent
by the Issuer.

 

(j)             Name
of Securities Accounts. The Securities Accounts are not in the name of a Person other than the Issuer or the Indenture Trustee. The
Issuer has not consented to the securities intermediary of a Securities Account complying with entitlement orders of a Person other than
the Indenture Trustee.

 

Section 3.19.            Calculation
Agent; Benchmark Determination.

 

(a)            Appointment.
The Issuer agrees that for so long as the Floating Rate Notes are Outstanding and the Benchmark is SOFR there will be an agent appointed
to obtain SOFR for each Interest Period (the "Calculation Agent"). The Issuer appoints The Bank of New York Mellon as
Calculation Agent only for the purposes of obtaining SOFR for each Interest Period and The Bank of New York Mellon accepts the appointment.
The Calculation Agent may be removed by the Issuer at any time upon notice of such removal. If the Calculation Agent is unable or unwilling
to act as Calculation Agent or is removed by the Issuer, the Issuer will promptly appoint as a replacement Calculation Agent a leading
bank with the ability to determine or obtain SOFR that is not an Affiliate of the Issuer or its Affiliates. The Calculation Agent may
not resign without a replacement having been duly appointed.

 

(b)            Benchmark
Determination. If the Benchmark is SOFR, on each SOFR Determination Date, the Calculation Agent will notify the Servicer, the Issuer
and the Administrator by email of SOFR for the related Interest Period. If the Benchmark is any rate other than SOFR, on each Benchmark
Determination Date, the Issuer will notify the Servicer and the Indenture Trustee by email of the Benchmark for the related Interest
Period. All determinations of the Benchmark by the Calculation Agent or the Issuer, as applicable, in the absence of manifest error,
will be conclusive and binding on the Noteholders.

 

(c)            Effect
of Benchmark Transition Event.

 

(i)            Benchmark
Replacement. If the Issuer determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the
then-current Benchmark for all purposes relating to the Notes in respect of such determination on such date and all determinations on
all subsequent dates.

 

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(ii)            Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Issuer will have the right
to make Benchmark Replacement Conforming Changes from time to time.

 

(iii)           Notice
of Benchmark Replacement and/or Benchmark Replacement Conforming Changes. Promptly following the determination of a Benchmark Replacement
and/or the making of any Benchmark Replacement Conforming Changes, the Issuer will notify the Indenture Trustee and the Servicer, and
will provide to the Servicer the relevant information regarding the Unadjusted Benchmark Replacement, the Benchmark Replacement Adjustment
and any such Benchmark Replacement Conforming Changes for inclusion in the Monthly Investor Report. Notwithstanding anything in this
Indenture or the other Transaction Documents to the contrary, upon the delivery of such notice and the inclusion of such information
in the Monthly Investor Report, this Indenture and/or any other relevant Transaction Document will be deemed to have been amended to
reflect such Unadjusted Benchmark Replacement, Benchmark Replacement Adjustment and/or Benchmark Replacement Conforming Changes without
further compliance with the provisions of Article IX of this Indenture or the amendment provisions of any other relevant Transaction
Document.

 

(iv)           Decisions
and Determinations. Any determination, decision or election that may be made by the Issuer pursuant to this Section 3.19(c) (or
pursuant to any capitalized term used in this Section 3.19(c) or in any such capitalized term), including any determination
with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision
to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, may be made in the
Issuer's sole discretion, and, notwithstanding anything to the contrary in the Transaction Documents, will become effective without consent
from any other party. None of the Issuer, the Owner Trustee, the Indenture Trustee, the Calculation Agent, the Administrator, the Sponsor,
the Depositor or the Servicer will have any liability for any determination made by or on behalf of the Issuer pursuant to this Section 3.19(c) (or
pursuant to any capitalized term used in this Section 3.19(c) or in any such capitalized term), and each Noteholder and Note
Owner, by its acceptance of a Note or a beneficial interest in a Note, will be deemed to waive and release any and all claims against
the Issuer, the Owner Trustee, the Indenture Trustee, the Calculation Agent, the Administrator, the Sponsor, the Depositor and the Servicer
relating to any such determinations.

 

ARTICLE IV

SATISFACTION AND DISCHARGE

 

Section 4.1.            Satisfaction
and Discharge of Indenture.

 

(a)            Conditions
to Satisfaction and Discharge. Except as stated in Section 4.1(c), this Indenture will cease to be of further effect for the
Notes if:

 

(i)            either
(A) the Notes that have been authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and
that have been replaced or paid under Section 2.7 and (2) Notes for which payment money has been deposited in trust or segregated
and held in trust by the Issuer and later paid to the Issuer or discharged from the trust under Section 3.3) have been delivered
to the Indenture Trustee for cancellation or (B) the Notes not delivered to the Indenture Trustee for cancellation have become due
and payable and the Issuer has deposited or caused to be deposited with the Indenture Trustee money in trust in an amount sufficient
to pay and discharge the outstanding principal amount of the Notes and interest accrued on the Notes on the Redemption Date;

 

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(ii)           the
Issuer has paid or caused to be paid all money payable by it under the Transaction Documents; and

 

(iii)          the
Issuer has delivered to the Indenture Trustee an Officer's Certificate and an Opinion of Counsel meeting the requirements of Section 11.3.

 

(b)            Acknowledgement
of Satisfaction and Discharge. After the satisfaction and discharge of the Indenture under Section 4.1(a), the Indenture Trustee
will (i) by Issuer Order and at the expense of the Issuer, execute documents acknowledging satisfaction and discharge of this Indenture
and (ii) at the request of the Owner Trustee, the Indenture Trustee will deliver to the Owner Trustee a certificate of a Responsible
Person stating that all Noteholders have been paid in full.

 

(c)            Continuing
Rights and Obligations. After the satisfaction and discharge of this Indenture, this Indenture will continue for (i) rights
of registration of transfer and exchange, (ii) replacement of mutilated, destroyed, lost or stolen Notes, (iii) the rights
of the Noteholders to receive payments of principal of and interest on the Notes, (iv) the obligations of the Indenture Trustee
and any Note Paying Agent under Section 3.3, (v) the rights, obligations and immunities of the Indenture Trustee under this
Indenture and (vi) the rights of the Secured Parties as beneficiaries of this Indenture in the property deposited with the Indenture
Trustee payable to them for a period of two years after the satisfaction and discharge.

 

ARTICLE V

EVENTS OF DEFAULT; REMEDIES

 

Section 5.1.            Events
of Default.

 

(a)            Events
of Default. The occurrence of one of the following events will be an event of default under this Indenture (each, an "Event
of Default"):

 

(i)            the
Issuer fails to pay interest due on a Note of the Controlling Class on any Payment Date, and the failure continues for five days
or more;

 

(ii)           the
Issuer fails to pay the principal of a Note on its Final Scheduled Payment Date;

 

(iii)          the
Issuer fails to observe a material covenant or agreement of the Issuer in this Indenture (other than to pay interest on or principal
of the Notes) or a representation or warranty of the Issuer made in this Indenture or in an Officer's Certificate or other document delivered
under this Indenture is incorrect in any material respect when made and, in each case, the failure or error continues for at least 60
days after the Issuer receives notice from the Indenture Trustee or the Issuer and the Indenture Trustee receive notice from the Noteholders
of at least 25% of the Note Balance of the Controlling Class stating the failure or error, requiring it to be corrected and stating
that the notice is a "Notice of Default"; or

 

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(iv)          an
Insolvency Event of the Issuer occurs.

 

(b)            Issuer
to Notify. The Issuer will notify the Indenture Trustee within five Business Days after a Responsible Person of the Issuer has knowledge
of the occurrence of a Default under Section 5.1(a)(iii), which notice will describe the Default, the status of the Default and
what action the Issuer is taking to correct the Default. The Issuer will deliver a copy of the notice to each Qualified Institution (if
not the Indenture Trustee) maintaining a Bank Account.

 

(c)            Indenture
Trustee to Notify. The Indenture Trustee will notify the Noteholders within five Business Days after a Responsible Person of the
Indenture Trustee has knowledge of the occurrence of an Event of Default.

 

Section 5.2.            Acceleration
of Maturity; Rescission.

 

(a)            Acceleration.
If an Event of Default occurs and is continuing, the Indenture Trustee or the Noteholders of a majority of the Note Balance of the Controlling
Class may declare the Notes to be accelerated by notifying the Issuer (and the Indenture Trustee if such notice is given by the
Noteholders). On acceleration, the unpaid Note Balance of the Notes, together with accrued and unpaid interest, will become immediately
due and payable. If an Event of Default in Section 5.1(a)(iv) occurs, all unpaid principal of and accrued and unpaid interest
on the Notes, and all other amounts payable under this Indenture, will automatically become immediately due and payable without a declaration
or other act of the Indenture Trustee or a Noteholder. On the declaration of acceleration or automatic acceleration, the Indenture Trustee
will promptly notify each Secured Party and each Qualified Institution (if not the Indenture Trustee) maintaining a Bank Account.

 

(b)            Rescission
of Acceleration. The Noteholders of a majority of the Note Balance of the Controlling Class, by notifying the Issuer and the Indenture
Trustee, may rescind a declaration of acceleration before a judgment or decree for payment of the amount due has been obtained by the
Indenture Trustee as stated in this Article V if:

 

(i)            the
Issuer has paid or deposited with the Indenture Trustee an amount sufficient to (A) pay the due and unpaid principal of and interest
on the Notes and all other amounts that would then be due under this Indenture or on the Notes if the Event of Default giving rise to
the acceleration had not occurred, (B) pay all amounts owed to the Indenture Trustee under Section 6.7 and (C) pay all
other outstanding fees and expenses of the Issuer; and

 

(ii)           all
Events of Default, other than the non-payment of the principal of the Notes that has become due solely by acceleration, have been corrected
or waived under Section 5.14.

 

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Section 5.3.            Collection
of Indebtedness by Indenture Trustee.

 

(a)            Overdue
Amounts. If an Event of Default under Section 5.1(a)(i) or (ii) occurs and is continuing, the Issuer, on demand of
the Indenture Trustee, will pay to the Indenture Trustee for the benefit of the Noteholders, the overdue amount with interest at the
rate of interest then applicable to the Notes.

 

(b)            Collection
Costs. In addition, the Issuer will pay the costs of collection, including all amounts owed to the Indenture Trustee under Section 6.7.

 

(c)            Proceedings.
If the Issuer fails to pay those amounts on demand, the Indenture Trustee, in its own name and as trustee of an express trust, may start
a proceeding to collect the money due and unpaid, and may pursue the proceeding to final judgment, and may enforce the judgment against
the Issuer and collect the money due and unpaid in the manner provided by law out of the Collateral.

 

Section 5.4.            Trustee
May File Proofs of Claim.

 

(a)            Proofs
of Claim. If there is a proceeding involving the Issuer under the Bankruptcy Code or another bankruptcy, insolvency or other similar
law, or in case a trustee, liquidator, receiver or similar official has been appointed for or taken possession of the Issuer or its property,
the Indenture Trustee may:

 

(i)            file
a proof of claim for due and unpaid principal of and interest on the Notes and file other proofs of claim or documents necessary or advisable
to have the claims of the Indenture Trustee on behalf of the Secured Parties allowed in the proceedings or in other judicial proceedings
involving the Issuer, its creditors and its property;

 

(ii)          unless
prohibited by applicable law, vote on behalf of the Secured Parties in the election of a trustee, a standby trustee or a Person performing
similar functions in the proceedings; and

 

(iii)         collect
and receive any money or other property payable or deliverable on the claims and pay all amounts received on the claims of the Secured
Parties, including the claims asserted by the Indenture Trustee on their behalf.

 

(b)            Authorization
by Secured Parties. Each Secured Party authorizes a trustee, liquidator, receiver or similar official in a proceeding to make payments
to the Indenture Trustee and, if the Indenture Trustee consents to make payments directly to the Secured Parties, to pay to the Indenture
Trustee the amounts owed to the Indenture Trustee under Section 6.7.

 

(c)            No
Right to Consent or Vote. Except as permitted under Section 5.4(a)(ii), this Indenture (i) does not authorize the Indenture
Trustee to authorize or consent to or vote for or accept or adopt on behalf of a Secured Party a plan of reorganization, arrangement,
adjustment or composition affecting the Notes and (ii) does not limit the rights of a Secured Party to authorize the Indenture Trustee
to vote on the claim of a Secured Party in the proceeding.

 

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Section 5.5.            Enforcement
of Claims Without Possession of Notes.

 

(a)            Notes
not Required. The Indenture Trustee may enforce its rights and make claims under this Indenture, or under the Notes, without the
possession of the Notes or the production of the Notes in a proceeding. A proceeding started by the Indenture Trustee will be brought
in its own name as trustee of an express trust, and any recovery of judgment will be for the benefit of the Secured Parties for which
the judgment has been recovered.

 

(b)            Proceeding.
In any proceeding brought by the Indenture Trustee (and any proceeding involving the interpretation of this Indenture to which the Indenture
Trustee is a party), the Indenture Trustee will be held to represent all the Secured Parties, and it will not be necessary to make any
Secured Party, including a Noteholder, a party to the proceeding.

 

Section 5.6.            Remedies;
Priorities.

 

(a)            Remedies.
If the Notes have been accelerated under Section 5.2(a) and the declaration of acceleration has not been rescinded according
to Section 5.2(b), the Indenture Trustee may do one or more of the following (subject to Section 5.7), and will at the direction
of the Noteholders of a majority of the Note Balance of the Controlling Class:

 

(i)            start
a proceeding 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 on the Notes, enforce any judgment obtained and collect from the Issuer money adjudged due;

 

(ii)           start
a proceeding for the complete or partial foreclosure of this Indenture on the Collateral;

 

(iii)          sell
or liquidate all or any part of the Collateral or rights or interest in the Collateral at one or more public or private sales called
and conducted in any manner permitted by law;

 

(iv)          exercise
any remedies of a secured party under the UCC; and

 

(v)           take
any other action to protect and enforce the rights and remedies of the Indenture Trustee and the Secured Parties.

 

(b)            Notice
of Sale or Liquidation of Collateral. The Indenture Trustee will notify each Secured Party and the Depositor of a sale or liquidation
under Section 5.6(a)(iii) at least 15 days before the sale or liquidation. A Secured Party, the Depositor or the Servicer may
submit a bid during the sale or liquidation.

 

(c)            Limitation
on Collateral Liquidation. The Indenture Trustee may not sell or liquidate the Collateral unless:

 

(i)            the
Event of Default is described in Section 5.1(a)(i) or (ii); or

 

(ii)           the
Event of Default is described in Section 5.1(a)(iii) and:

 

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		(A)	the Noteholders representing 100% of the Note Balance of the Notes
                                            consent to the sale or liquidation; or

 

		(B)	the proceeds of the sale or liquidation are expected to be sufficient
                                            to pay in full all amounts owed by the Issuer to the Secured Parties including all principal
                                            of and accrued interest on the Notes;

 

(iii)          the
Event of Default is described in Section 5.1(a)(iv) and:

 

		(A)	the Noteholders representing 100% of the Note Balance of the Controlling
                                            Class consent to the sale or liquidation; or

 

		(B)	the proceeds of the sale or liquidation are expected to be sufficient
                                            to pay in full all amounts owed by the Issuer to the Secured Parties including all principal
                                            of and accrued interest on the Notes; or

 

		(C)	the Indenture Trustee (1) determines that the Collateral will
                                            not continue to provide sufficient money for the payment of all amounts owed to the Secured
                                            Parties, as those payments would have become due if the Notes had not been accelerated and
                                            (2) obtains the consent of the Noteholders of at least 66-2/3% of the Note Balance of
                                            the Controlling Class.

 

In determining whether the condition in clause
(ii)(B), (iii)(B) or (iii)(C) (1) above has been satisfied, the Indenture Trustee may rely on an opinion of a nationally-recognized
Independent investment banking firm or firm of certified public accountants on the expected proceeds or on the sufficiency of the Collateral
for that purpose.

 

(d)            Proceeds
of Collateral. Any money or property collected by the Indenture Trustee after an acceleration of the Notes will be deposited in the
Collection Account for distribution according to Section 8.2(e) on the Payment Date after the Collection Period during which
those amounts are collected. In all other circumstances, Section 8.2(c) will continue to apply after an Event of Default.

 

Section 5.7.            Optional
Preservation of Collateral. If the Notes have been accelerated under Section 5.2(a) and the declaration of acceleration
has not been rescinded, the Indenture Trustee may elect to maintain possession of the Collateral. The Indenture Trustee will take into
account that the Collections and other amounts expected to be received on the Collateral must be sufficient to pay the unpaid principal
of and accrued and unpaid interest on the Notes when determining whether or not to maintain possession of part of the Collateral. In
making this determination, the Indenture Trustee may rely on an opinion of a nationally-recognized Independent investment banking firm
or firm of certified public accountants.

 

Section 5.8.            Limitation
on Suits.

 

(a)            Proceedings.
No Noteholder has the right to start a proceeding under this Indenture or for the appointment of a receiver or trustee, or for any other
remedy under this Indenture, unless:

 

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(i)            the
Noteholder has notified the Indenture Trustee of a continuing Event of Default;

 

(ii)           the
Noteholders of at least 25% of the Note Balance of the Controlling Class have requested the Indenture Trustee to start the proceeding
for the Event of Default in its own name as Indenture Trustee under this Indenture;

 

(iii)          the
Noteholders have offered reasonable indemnity satisfactory to the Indenture Trustee against fees, expenses, losses, damages, claims and
liabilities that may be incurred by the Indenture Trustee, or its agents, counsel, accountants and experts, in complying with the request;

 

(iv)          the
Indenture Trustee has failed to start the proceedings for 60 days after it receives the notice, request and offer of indemnity; and

 

(v)           the
Noteholders of a majority of the Note Balance of the Controlling Class have not given the Indenture Trustee a direction inconsistent
with the request during that 60 day period.

 

(b)            No
Right to Impair. No Noteholder has the right to impair the rights of another Noteholder or to seek or obtain priority or preference
over another Noteholder or to enforce any right under this Indenture, except in the manner stated in this Indenture.

 

(c)            Conflicting
Requests. If the Indenture Trustee receives conflicting requests under Section 5.8(a)(ii) from two or more groups of Noteholders,
each evidencing less than a majority of the Note Balance of the Controlling Class, the Indenture Trustee will take the action requested
by the Noteholders representing the greatest percentage of the Note Balance, notwithstanding any other provision of this Indenture.

 

Section 5.9.            Unconditional
Rights to Receive Principal and Interest. Each Noteholder has an absolute and unconditional right to receive payment of the principal
of and interest on its Note on or after the due dates stated in the Note or in this Indenture (or, for redemption, on or after the Redemption
Date) and to start a proceeding for the enforcement of the payment according to Section 5.8. Those rights may not be impaired or
affected without the consent of the Noteholder.

 

Section 5.10.         Restoration
of Rights and Remedies. If the Indenture Trustee or a Noteholder has started a proceeding to enforce a right or remedy under this
Indenture and the proceeding has been discontinued or abandoned or has been determined adversely to the Indenture Trustee or to the Noteholder,
then the Issuer, the Indenture Trustee and the Noteholders, subject to a determination in the proceeding, will be restored to their former
positions under this Indenture, and all rights and remedies of the Indenture Trustee and the Noteholders will continue as though no proceeding
had been started.

 

Section 5.11.         Rights
and Remedies Cumulative. No right or remedy of the Indenture Trustee or the Noteholders under this Indenture is intended to be exclusive
of any other right or remedy, and every right and remedy, if permitted by law, will be cumulative and in addition to every other right
and remedy under this Indenture. The exercise of a right or remedy will not prevent the exercise of another right or remedy at the same
time. The Indenture Trustee's right to seek and recover judgment on the Notes or under this Indenture will not be affected by the seeking,
obtaining or use of other relief under this Indenture. Neither the Lien of this Indenture nor the rights or remedies of the Indenture
Trustee or the Noteholders will be impaired by the recovery of a judgment by the Indenture Trustee against the Issuer or by the execution
of a judgment on the Collateral.

 

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Section 5.12.         Delay
or Omission Not a Waiver. No delay or omission of the Indenture Trustee or a Noteholder to exercise a right or remedy after a Default
or Event of Default will impair the right or remedy, or be a waiver of the Default or Event of Default. Every right and remedy under
this Article V or under law of the Indenture Trustee or the Noteholders may be exercised as often as deemed advisable by the Indenture
Trustee or by the Noteholders.

 

Section 5.13.         Control
by Noteholders. The Noteholders of a majority of the Note Balance of the Controlling Class have the right to direct the time,
method and place of conducting a proceeding for a remedy available to the Indenture Trustee for the Notes or exercising a trust or power
of the Indenture Trustee, subject to the following terms.

 

(a)            No
Conflict. The direction does not conflict with law or with this Indenture.

 

(b)            Direction
to Sell or Liquidate. Except under Section 5.6(c), a direction to the Indenture Trustee to sell or liquidate the Collateral
must have been made by the Noteholders of 100% of the Note Balance of the Controlling Class.

 

(c)            Non-Unanimous
Directions. If the Indenture Trustee elects to retain the Collateral under Section 5.7, then a direction to the Indenture Trustee
by Noteholders of less than 100% of the Note Balance of the Controlling Class to sell or liquidate the Collateral will not be effective.

 

(d)            Other
Action. The Indenture Trustee may take other action considered advisable by the Indenture Trustee that is not inconsistent with the
direction from the Noteholders of a majority of the Note Balance of the Controlling Class.

 

(e)            Adverse
Action. The Indenture Trustee need not take an action that it determines might have a material adverse effect on the rights of the
Noteholders not consenting to the action.

 

Section 5.14.         Waiver
of Defaults and Events of Default.

 

(a)            Waiver
by Controlling Class. The Noteholders of a majority of the Note Balance of the Controlling Class may waive a Default or Event
of Default except an Event of Default (i) in the payment of principal of or interest on the Notes (other than an Event of Default
relating to failure to pay principal due only by reason of acceleration) or (ii) for a covenant or term of this Indenture that cannot
be amended, supplemented or modified without the consent of all the Noteholders.

 

(b)            Effect
of Waiver. Once waived, the Default or Event of Default will be considered not to have occurred for all purposes of this Indenture.
No waiver will extend to any other Default or Event of Default or impair any right relating to any other Default or Event of Default.

 

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Section 5.15.         Agreement
to Pay Costs. The parties to this Indenture agree, and each Noteholder by its acceptance of a Note will be deemed to have agreed,
that a court may in its discretion require, in a proceeding for the enforcement of a right or remedy under this Indenture, or in a proceeding
against the Indenture Trustee for an action taken or not taken by it as Indenture Trustee, the filing by a party litigant in the proceeding
of an agreement to pay the costs of the proceeding, and that the court may in its discretion assess reasonable costs, including reasonable
attorneys' fees, against a party litigant in the proceeding. This Section 5.15 will not apply to (a) a proceeding started by
the Indenture Trustee, (b) a proceeding started by a Noteholder or group of Noteholders holding more than 10% of the Note Balance
of the Notes (or for a proceeding for the enforcement of a right or remedy under this Indenture that is started by the Controlling Class,
holding more than 10% of the Note Balance of the Controlling Class) or (c) a proceeding started by a Noteholder for the enforcement
of the payment of principal of or interest on a Note on or after the respective due dates expressed in the Note and in this Indenture
(or, for redemption, on or after the Redemption Date).

 

Section 5.16.         Waiver
of Stay or Extension Laws. The Issuer agrees that it will not plead or in any manner claim or take the benefit of, a stay or extension
that may affect the performance of its obligations under this Indenture, and the Issuer waives the benefit of such law.

 

Section 5.17.         Performance
and Enforcement of Obligations.

 

(a)            Actions
Requested by Indenture Trustee. At the Administrator's expense, the Issuer will promptly take any lawful action the Indenture Trustee
requests to (i) compel the performance by (A) the Depositor and the Servicer of their obligations to the Issuer under the Sale
and Servicing Agreement or (B) the Depositor and Ford Credit of their obligations under the Receivables Purchase Agreement and (ii) exercise
any rights, remedies, powers, privileges and claims available to the Issuer under those agreements as directed by the Indenture Trustee.

 

(b)            Exercise
by Indenture Trustee. If an Event of Default occurs and is continuing, (i) the Indenture Trustee may, and at the direction of
the Noteholders of at least 66-2/3% of the Note Balance of the Controlling Class will, exercise all rights, remedies, powers, privileges
and claims of the Issuer against (A) the Depositor or the Servicer under the Sale and Servicing Agreement or (B) the Depositor
and Ford Credit under the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance
or observance by those Persons of their obligations to the Issuer under those agreements, and to give a consent, request, notice, direction,
approval, extension or waiver under those agreements and (ii) the right and power of the Issuer to take any such action will be
suspended.

 

ARTICLE VI

INDENTURE TRUSTEE

 

Section 6.1.            Indenture
Trustee's Obligations.

 

(a)           Standard
of Care. If an Event of Default has occurred and is continuing, the Indenture Trustee will exercise the rights and powers vested
in it under this Indenture using the same degree of care and skill as a prudent person would use under the circumstances in the conduct
of that person's own affairs.

 

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(b)           Obligations;
Reliance. Except during the continuance of an Event of Default:

 

(i)            the
Indenture Trustee agrees to perform the obligations and only the obligations stated in this Indenture and no implied covenants or obligations
are to be read into this Indenture; and

 

(ii)           in
the absence of willful misconduct, bad faith or negligence on its part, the Indenture Trustee may conclusively rely, for the truth of
the statements and the correctness of the opinions furnished to it, on certificates or opinions furnished to it and, if required by this
Indenture, conforming to the requirements of this Indenture. The Indenture Trustee will examine the certificates and opinions to determine
whether or not they conform to the requirements, if any, of this Indenture.

 

(c)           Indenture
Trustee Liable. The Indenture Trustee will not be relieved from liability for its own willful misconduct, bad faith or negligence,
except that:

 

(i)            this
Section 6.1(c) does not limit the effect of Section 6.1(b);

 

(ii)           the
Indenture Trustee will not be liable for an error of judgment made in good faith unless it is proved that the Indenture Trustee was negligent
in determining the relevant facts; and

 

(iii)          the
Indenture Trustee will not be liable for any action taken or not taken in good faith according to this Indenture or a direction received
by it under Sections 5.13, 5.17(b) and 7.2.

 

(d)            Not
Liable for Interest. The Indenture Trustee will not be liable for interest on money received by it, except as the Indenture Trustee
may agree in writing with the Issuer.

 

(e)            Not
Required to Segregate. The Indenture Trustee need not segregate any funds held by it in trust under this Indenture from other funds
unless required by law, this Indenture or the Sale and Servicing Agreement.

 

(f)            Section Governs.
The terms of this Indenture relating to the conduct of the Indenture Trustee, the liability of the Indenture Trustee or giving protection
to the Indenture Trustee are subject to this Section 6.1 and to the TIA.

 

(g)            No
Deemed Knowledge. The Indenture Trustee will not be deemed to have knowledge of a Default, an Event of Default or a breach of a representation
or warranty unless (i) a Responsible Person of the Indenture Trustee has knowledge of the Default, Event of Default or breach or
(ii) it has actually received notice of the Default, Event of Default or breach.

 

(h)            Permissive
Rights. No permissive right of the Indenture Trustee in this Indenture or any other Transaction Document will be considered
to be an obligation, and the Indenture Trustee will not be liable for not taking action under any permissive right.

 

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(i)            Enforceable
in all Capacities. The rights, privileges, protections, immunities and benefits given to the Indenture Trustee in this Article VI,
including its right to be indemnified, are extended to, and will be enforceable by, the Indenture Trustee in each of its capacities under
this Indenture and the other Transaction Documents, including as Authenticating Agent, Calculation Agent, Note Registrar and Note Paying
Agent under this Indenture and as a "securities intermediary" as defined in Section 8-102 of the UCC and a "bank"
as defined in Section 9-102 of the UCC under the Account Control Agreement.

 

Section 6.2.            Indenture
Trustee's Rights.

 

(a)            Reliance
on Documents. The Indenture Trustee may rely on any document believed by it to be genuine and which appears on its face to be properly
executed and signed or presented by the proper Person. The Indenture Trustee is not required to investigate any facts or matters or to
verify any calculations or amounts stated in any document. The Indenture Trustee will not be liable for any action taken or not taken
in good faith in reliance on a document believed by it to be genuine.

 

(b)            Reliance
on Opinions. Before the Indenture Trustee acts or does not act, it may require and rely on an Officer's Certificate or an Opinion
of Counsel. The Indenture Trustee will not be liable for any action taken or not taken in good faith in reliance on an Officer's Certificate
or Opinion of Counsel.

 

(c)            Use
of Agents. The Indenture Trustee may exercise its rights or powers under this Indenture or perform its obligations under this Indenture
either directly or by or through agents or attorneys or a custodian or nominee. The Indenture Trustee will not be responsible for misconduct
or negligence on the part of, or for the supervision of, the agent, attorney, custodian or nominee appointed by it with due care.

 

(d)            Good
Faith. The Indenture Trustee will not be liable for any action taken or not taken in good faith which it believes to be authorized
or within its rights or powers under this Indenture so long as the action taken or not taken does not amount to negligence.

 

(e)            Advice
from Experts. The Indenture Trustee may consult with counsel, accountants or other experts, and the advice or opinion of counsel,
accountants or other experts on any matters relating to this Indenture and the Notes will be full and complete authorization and protection
from liability for any action taken or not taken by it under this Indenture in good faith and according to the advice or opinion of that
counsel, accountant or expert.

 

(f)            Not
Required to Pay or Risk Funds. The Indenture Trustee is not obligated to (i) exercise the rights or powers under this Indenture
or to pay or risk its own funds or incur any financial liability in the performance of its obligations under this Indenture if it has
reasonable grounds to believe that payment of such funds or adequate indemnity satisfactory to it against that risk or liability is not
reasonably assured or given to it or (ii) start, pursue or defend litigation, investigate any matter or honor the request, demand
or direction of the Noteholders under this Indenture, other than requests, demands or directions relating to an asset representations
review demand under Section 7.2, unless the Noteholders have offered to the Indenture Trustee reasonable security or indemnity satisfactory
to it for the reasonable expenses that might be incurred by the Indenture Trustee in complying with the request or direction.

 

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(g)            Force
Majeure. 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, loss or failures of mechanical, electronic or communication systems, pandemics or epidemics. 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.

 

(h)            Consequential
Damages. The Indenture Trustee will not be responsible or liable for special, punitive, indirect or consequential losses or damages
(including lost profit), even if the Indenture Trustee has been advised of the likelihood of the loss or damage and regardless of the
form of action.

 

Section 6.3.            Indenture
Trustee's Individual Rights. The Indenture Trustee and any Note Paying Agent, Note Registrar or Authenticating Agent under this Indenture,
in its individual or any other capacity, may become the owner or pledgee of Notes and may deal with the Issuer or its Affiliates with
the same rights it would have if it were not Indenture Trustee or Note Paying Agent, Note Registrar or Authenticating Agent.

 

Section 6.4.            Indenture
Trustee's Disclaimer. The Indenture Trustee will not be liable for (a) the validity or adequacy of this Indenture or the Notes,
(b) the Issuer's use of the proceeds from the Notes or (c) any statement of the Issuer in this Indenture or in the Notes, other
than the Indenture Trustee's certificate of authentication, or any statement of the Issuer, the Depositor or the Servicer in any prospectus
or offering document used for the offering or sale of the Notes.

 

Section 6.5.            Notice
of Defaults. Within 90 days after a Responsible Person of the Indenture Trustee has knowledge of, or actually receives notice of,
a Default under this Indenture, the Indenture Trustee will mail as described in Section 313(c) of the TIA to each Noteholder,
notice of the Default, unless the Default has been corrected or waived. However, (a) except for a Default in the payment of principal
of or interest on a Note, the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Persons in good
faith determines that the withholding of the notice is in the interests of the Noteholders and (b) for a Default stated in Section 5.1(a)(iii),
the Indenture Trustee will not notify the Noteholders until at least 30 days after a Responsible Person of the Indenture Trustee has
knowledge of, or actually receives notice of, the Default.

 

Section 6.6.            Reports
by Indenture Trustee.

 

(a)            Tax
Information. Starting in the year after the Closing Date, the Indenture Trustee will deliver or cause to be delivered to each Person
who at any time during the prior calendar year was a Noteholder of record, a statement containing the information required to be given
to a noteholder by an issuer of indebtedness, in the form and at the time required under the Code.

 

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(b)            Monthly
Investor Report. On each Payment Date, the Indenture Trustee will deliver the Monthly Investor Report to each Noteholder of record
as of the most recent Record Date (which delivery may be made by e-mail to the e-mail addresses in the Note Register without need for
confirmation of receipt or by making the report available to the Noteholders through the Indenture Trustee's website, which initially
is located at https://gctinvestorreporting.bnymellon.com).

 

(c)            Annual
Certificate of Compliance. If required by Regulation AB and requested by the Depositor or the Servicer, the Indenture Trustee will
deliver to the Administrator, the Issuer and the Servicer on or before March 1 of each year, starting in the year after the Closing
Date, an Officer's Certificate signed by a Responsible Person of the Indenture Trustee (i) stating that (A) a review of the
Indenture Trustee's activities during the prior year and of its performance under this Indenture has been made under the Responsible
Person's supervision and (B) to the Responsible Person's knowledge, based on the review, the Indenture Trustee has fulfilled in
all material respects its obligations under this Indenture throughout the prior year, or, if there has been a failure to fulfill the
obligation in a material respect, stating the failure known to the Responsible Person and the nature and status of the failure and (ii) certifying
to matters related to the Indenture Trustee as required under Form 10-K under the Exchange Act.

 

(d)            Annual
Assessment of Compliance. The Indenture Trustee will:

 

(i)            deliver
to the Administrator, the Issuer and the Servicer, a report on its assessment of compliance with the minimum servicing criteria described
in Items 1122(d)(2)(i), (2)(ii), (2)(iv), (2)(v), (3)(ii) (for payments only) and (3)(iv) of Regulation AB (the "Applicable
Servicing Criteria") during the prior year, including disclosure of any material instance of non-compliance identified by the
Indenture Trustee, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB; and

 

(ii)           cause
a firm of registered public accountants to deliver to the Administrator, the Issuer and the Servicer an attestation report on the assessment
of compliance with the Applicable Servicing Criteria for the prior year that (A) satisfies the requirements of Rule 13a-18
or Rule 15d-18 under the Exchange Act, as applicable, (B) complies with Rules 1-02(a)(3) and 2-02(g) of Regulation
S-X under the Securities Act and (C) indicates that the firm is qualified and independent within the meaning of Rule 2-01 of
Regulation S-X under the Securities Act.

 

The reports will be delivered on or before March 1
of each year, starting in the year after the Closing Date, in a format suitable for filing with the Securities and Exchange Commission
on EDGAR.

 

Section 6.7.            Compensation
and Indemnity.

 

(a)            Fees.
The Issuer will pay the Indenture Trustee as compensation for performing its obligations under this Indenture a fee separately agreed
by the Issuer and the Indenture Trustee. The Indenture Trustee's compensation will not be limited by law on compensation of a trustee
of an express trust. The Issuer will reimburse the Indenture Trustee for its reasonable expenses in performing its obligations under
this Indenture and the other Transaction Documents, including costs of collection and the reasonable compensation and expenses of the
Indenture Trustee's agents, counsel, accountants and experts, but excluding expenses resulting from the Indenture Trustee's willful misconduct,
bad faith or negligence.

 

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(b)            Indemnification.
The Issuer will indemnify the Indenture Trustee and its officers, directors, employees and agents (each, an "Indemnified Person"),
for all fees, expenses, losses, damages and liabilities resulting from the administration of and the performance of its obligations under
this Indenture and the other Transaction Documents (including the fees and expenses of defending itself against any loss, damage or liability
and any fees and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the Issuer's indemnification
obligations), but excluding any fee, expense, loss, damage or liability resulting from (i) the Indenture Trustee's willful misconduct,
bad faith or negligence or (ii) the Indenture Trustee's breach of its representations or warranties in this Indenture.

 

(c)            Proceedings.
If an Indemnified Person receives notice of the start of a proceeding against it, the Indemnified Person will, if a claim under the proceeding
will be made under this Section 6.7, promptly notify the Issuer of the proceeding. The Issuer may participate in and assume the
defense and settlement of the proceeding at its expense. If the Issuer notifies the Indemnified Person of its intention to assume the
defense of the proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuer assumes the defense
of the proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuer will not be liable for legal expenses of
counsel to the Indemnified Person unless there is a conflict between the interests of the Issuer and the Indemnified Person. If there
is a conflict, the Issuer will pay for the separate counsel to the Indemnified Person. No settlement of the proceeding may be made without
the approval of the Issuer and the Indemnified Person, which approvals will not be unreasonably withheld.

 

(d)            Survival
of Obligations. The Issuer's obligations to the Indenture Trustee under this Section 6.7 will survive the resignation or removal
of the Indenture Trustee and the discharge of this Indenture. Expenses incurred by the Indenture Trustee after the occurrence of a Default
stated in Section 5.1(a)(iv) are intended to be expenses of administration under the Bankruptcy Code or another applicable
federal or State bankruptcy, insolvency or similar law.

 

(e)            Repayment.
If the Issuer makes a payment to an Indemnified Person under Section 6.7(b) and the Indemnified Person later collects from
others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Issuer for distribution
according to the priority of payments under Section 8.2 on the related Payment Date.

 

(f)            Funds
for Payment. Payments required to be made by the Issuer under this Section 6.7 will be made solely from funds used to make payments
under this Indenture.

 

Section 6.8.            Resignation
or Removal of Indenture Trustee.

 

(a)            Resignation.
The Indenture Trustee may resign by notifying the Issuer and the Administrator at least 30 days in advance.

 

(b)            Removal
by Controlling Class. The Noteholders of a majority of the Note Balance of the Controlling Class may, without cause, remove
the Indenture Trustee and terminate its rights and obligations under this Indenture by notifying the Indenture Trustee and the Issuer
at least 30 days in advance.

 

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(c)           Removal
by Issuer. The Issuer must remove the Indenture Trustee and terminate its rights and obligations under this Indenture if:

 

(i)            the
Indenture Trustee fails to comply with the eligibility requirements in Section 6.11(a);

 

(ii)           the
Indenture Trustee becomes legally unable to act or incapable of acting as Indenture Trustee; or

 

(iii)         an
Insolvency Event for the Indenture Trustee occurs.

 

(d)            Appointment
of Successor. If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee, the Issuer
or the Noteholders of a majority of the Note Balance of the Controlling Class must appoint a successor Indenture Trustee promptly.
If a successor Indenture Trustee does not take office within 60 days after the Indenture Trustee resigns or is removed, the Indenture
Trustee, the Issuer or the Noteholders of a majority of the Note Balance of the Controlling Class may petition a court of competent
jurisdiction to appoint a successor Indenture Trustee.

 

(e)            Acceptance
of Appointment. No resignation or removal of the Indenture Trustee will become effective until the acceptance of appointment by the
successor Indenture Trustee under this Section 6.8. Any successor Indenture Trustee will deliver a written acceptance of its appointment
to the Indenture Trustee, the Issuer and the Administrator. The Issuer will continue to pay amounts owed to the predecessor Indenture
Trustee for the period it was Indenture Trustee according to Sections 6.7 and 8.2. The successor Indenture Trustee will notify the Secured
Parties of its succession and the Issuer or Administrator will deliver a copy of the notice to the Rating Agencies.

 

(f)            Transition
of Indenture Trustee Obligations. On the resignation or removal of the Indenture Trustee becoming effective under Section 6.8(e),
all rights, powers and obligations of the Indenture Trustee under this Indenture will become the rights, powers and obligations of the
successor Indenture Trustee. The predecessor Indenture Trustee will promptly transfer all property held by it as Indenture Trustee to
the successor Indenture Trustee. The Depositor will reimburse the Indenture Trustee and any successor Indenture Trustee for expenses
related to the replacement of the Indenture Trustee, if those amounts have not been paid under Section 8.2.

 

Section 6.9.            Merger
or Consolidation; Transfer of Assets.

 

(a)            Merger
or Consolidation. If the Indenture Trustee merges or consolidates with, or transfers all or substantially all of its corporate trust
business or assets to, any Person, the resulting, surviving or transferee Person will be the successor Indenture Trustee so long as that
Person is qualified and eligible under Section 6.11(a). The Indenture Trustee will promptly notify the Servicer and the Issuer of
the succession, and the Issuer will notify the Rating Agencies.

 

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(b)           Authentication
of Notes. If, at the time the successor by merger or consolidation to the Indenture Trustee succeeds to the trusts created by this
Indenture, Notes have been authenticated but not delivered, the successor Indenture Trustee may adopt the certificate of authentication
of a predecessor Indenture Trustee and deliver the Notes so authenticated. If at that time any Notes have not been authenticated, the
successor Indenture Trustee may authenticate the Notes. In each of those cases, the certificates will have the same force and effect
provided in the Notes or in this Indenture as the certificate of the predecessor Indenture Trustee.

 

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

 

(a)           Appointment.
For the purpose of meeting the legal requirement of a jurisdiction in which part of the Collateral may be located, after notifying the
Issuer and the Servicer, the Indenture Trustee may appoint one or more Persons to act as a separate trustee or separate trustees, or
co-trustee or co-trustees, of all or part of the Collateral, and to vest in those Persons, in this capacity and for the benefit of the
Secured Parties, title to all or part of the Collateral, and, subject to this Section 6.10, rights, powers and obligations the Indenture
Trustee may consider necessary or desirable. No separate trustee or co-trustee will be required to be eligible as a successor trustee
under Section 6.11(a) and no notice to the Secured Parties of the appointment of a separate trustee or co-trustee will be required
under Section 6.8.

 

(b)           Terms
of Appointment. Every separate trustee and co-trustee will be appointed and act subject to the following:

 

(i)            all
rights, powers and obligations of the Indenture Trustee will apply to and will be exercised or performed by the Indenture Trustee, or
the Indenture Trustee and the separate trustee or co-trustee jointly (it being understood that the separate trustee or co-trustee will
not be authorized to act separately without the Indenture Trustee joining in the act), except if under the law of a jurisdiction in which
a particular act or acts are to be performed the Indenture Trustee will be incompetent or unqualified to perform those act or acts, in
which event those acts will be exercised and performed singly by the separate trustee or co-trustee, but solely at the direction of the
Indenture Trustee;

 

(ii)           no
trustee will be personally liable by reason of an act or omission of another trustee under this Indenture; and

 

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

 

(c)           Notices.
Any notice, request or other writing given to the Indenture Trustee will be deemed to have been given to each appointed separate trustee
and co-trustee, as effectively as if given to each of them.

 

(d)           Rights
of Appointee. Every document appointing a separate trustee or co-trustee will refer to this Indenture and the conditions of this
Section 6.10. Each separate trustee and co-trustee, on its acceptance of its appointment will have the rights, powers and obligations
stated in its appointment, subject to this Indenture. The document will be filed with the Indenture Trustee and the Indenture Trustee
will give the Issuer a copy of each document.

 

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(e)            Indenture
Trustee as Agent. A separate trustee or co-trustee may appoint the Indenture Trustee as its agent or attorney-in-fact with power
and authority, if permitted by law, to do each lawful act under or for this Indenture on its behalf and in its name. If a separate trustee
or co-trustee becomes incapable of acting, resigns or is removed, all of its rights, powers and obligations will be exercised by the
Indenture Trustee, if permitted by law, without the appointment of a new or successor trustee.

 

Section 6.11.            Eligibility;
Disqualification.

 

(a)            Eligibility
Requirements. The Indenture Trustee must satisfy the requirements of Section 310(a) of the TIA and must comply with Section 310(b) of
the TIA. The Indenture Trustee or its parent must have a combined capital and surplus of at least $50,000,000 as stated in its most recent
annual published report of condition and must have a long-term debt rating of investment grade by each of the Rating Agencies or must
be acceptable to each of the Rating Agencies. Promptly after the Indenture Trustee fails to satisfy the requirements in this Section 6.11(a),
the Indenture Trustee will notify the Issuer and the Servicer of the failure.

 

(b)            Resignation.
Within 90 days after the occurrence of an Event of Default that has not been corrected or waived, unless authorized by the Securities
and Exchange Commission, the Indenture Trustee will resign for the Class A, Class B and/or Class C Notes according to
Section 6.8, and the Issuer will appoint a successor Indenture Trustee for the Class A, Class B and/or Class C Notes,
as applicable, so that there will be separate Indenture Trustees for the Class A, Class B and Class C Notes. If the Indenture
Trustee fails to comply with the prior sentence, the Indenture Trustee must comply with TIA Section 310(b)(ii) and (iii).

 

(c)            Successor.
If a successor Indenture Trustee is appointed for the Class A, Class B or Class C Notes under this Section 6.11,
the Issuer, the predecessor Indenture Trustee and the successor Indenture Trustee will execute an indenture supplemental to this Indenture.
The supplemental indenture will contain:

 

(i)            the
terms on which the successor Indenture Trustee accepts its appointment;

 

(ii)           the
terms necessary or advisable to transfer and confirm to, the successor Indenture Trustee the rights, powers and obligations of the Indenture
Trustee for the Notes for which the successor Indenture Trustee is appointed;

 

(iii)          if
the predecessor Indenture Trustee is not being removed as Indenture Trustee for all of the Notes, the terms necessary or desirable to
confirm that the rights, powers and obligations of the predecessor Indenture Trustee for the Notes for which the predecessor Indenture
Trustee is not being removed continue to be vested in the Indenture Trustee for these Notes; and

 

(iv)          the
terms necessary to provide for or facilitate the administration of the trusts under this Indenture by more than one Indenture Trustee.

 

(d)            Timing.
Nothing in this Indenture or in the supplemental indenture will make the Indenture Trustees co-trustees of the same trust and the Indenture
Trustee will be a trustee of a trust or trusts under this Indenture separate and apart from the trust or trusts under this Indenture
administered by another Indenture Trustee. The indenture supplement will become effective on the removal of the predecessor Indenture
Trustee.

 

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

 

Section 6.13.            Review
of Indenture Trustee's Records. The Indenture Trustee agrees that, with reasonable prior notice, it will permit authorized representatives
of the Issuer, the Servicer or the Administrator, during the Indenture Trustee's normal business hours, to have access to and review
the facilities, processes, books of account, records, reports and other documents and materials of the Indenture Trustee relating to
(a) the performance of the Indenture Trustee's obligations under this Indenture, (b) the payments of fees and expenses of the
Indenture Trustee for its performance and (c) any claim made by the Indenture Trustee under this Indenture. In addition, the Indenture
Trustee will permit those representatives to make copies and extracts of the books and records and to discuss them with the Indenture
Trustee's officers and employees. Any access and review will be subject to the Indenture Trustee's confidentiality and privacy policies.
The Indenture Trustee will maintain all relevant books, records, reports and other documents and materials for a period of two years
after the termination of its obligations under this Indenture.

 

Section 6.14.            Indenture
Trustee's Representations and Warranties. The Indenture Trustee represents and warrants to the Issuer as of the Closing Date:

 

(a)            Organization
and Qualification. The Indenture Trustee is duly organized and, validly existing as a banking corporation in good standing under
the laws of the State of New York. The Indenture Trustee is qualified as a foreign banking corporation in good standing and has obtained
all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities
requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably
be expected to have a material adverse effect on the Indenture Trustee's ability to perform its obligations under the Transaction Documents
to which it is a party.

 

(b)            Power,
Authority and Enforceability. The Indenture Trustee has the power and authority to execute, deliver and perform its obligations under
the Transaction Documents to which it is a party. The Indenture Trustee has authorized the execution, delivery and performance of the
Transaction Documents to which it is a party. Each of the Transaction Documents to which it is a party is the legal, valid and binding
obligation of the Indenture Trustee enforceable against the Indenture Trustee, except as may be limited by insolvency, bankruptcy, reorganization
or other similar laws relating to the enforcement of creditors' rights or by general equitable principles.

 

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(c)            No
Conflicts and No Violation. The completion of the transactions under the Transaction Documents to which it is a party, and the performance
of its obligations under such documents, will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed
of trust, loan agreement, guarantee or similar document under which the Indenture Trustee is a debtor or guarantor, (ii) result
in the creation or imposition of a Lien on the Indenture Trustee's properties or assets under the terms of any indenture, mortgage, deed
of trust, loan agreement, guarantee or similar document, (iii) violate the Indenture Trustee's organizational documents or by-laws
or (iv) violate a law or, to the Indenture Trustee's knowledge, an order, rule or regulation of a federal or State court, regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Indenture Trustee or its properties that
applies to the Indenture Trustee, which, in each case, would reasonably be expected to have a material adverse effect on the Indenture
Trustee's ability to perform its obligations under the Transaction Documents to which it is a party.

 

(d)            No
Proceedings. To the Indenture Trustee's knowledge, there are no proceedings or investigations pending or threatened in writing before
any federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the
Indenture Trustee or its properties (i) asserting the invalidity of the Transaction Documents to which it is a party, (ii) seeking
to prevent the issuance of the Notes or the completion of the transactions contemplated by the Transaction Documents to which it is a
party or (iii) seeking a 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, the Transaction Documents to which it is a
party.

 

(e)            Eligibility.
The Indenture Trustee satisfies the requirements of Section 310(a) of the TIA. The Indenture Trustee or its parent has a combined
capital and surplus of at least $50,000,000 as stated in its most recent annual published report of condition.

 

(f)            Information
Given by the Indenture Trustee. The information given by the Indenture Trustee in any certificate delivered by a Responsible Person
of the Indenture Trustee is true and correct in all material respects.

 

Section 6.15.            Obligation
to Update Disclosure. The Indenture Trustee will notify and provide information, and certify that information in an Officer's Certificate,
to the Depositor on the occurrence of any event or condition relating to the Indenture Trustee or actions taken by the Indenture Trustee
that (a) may be required to be disclosed by the Depositor under Item 2 (the institution of, material developments in, or termination
of legal proceedings against The Bank of New York Mellon that are material to the Noteholders) of Form 10-D under the Exchange Act
within five days of a Responsible Person of the Indenture Trustee becoming aware of such proceeding, (b) the Depositor reasonably
requests of the Indenture Trustee that the Depositor believes is necessary to comply with Regulation AB within five days of the request,
(c) is required to be disclosed under Item 5 (submission of matters to a vote of the Noteholders) of Form 10-D under the Exchange
Act within five days of a Responsible Person of the Indenture Trustee becoming aware of the submission, (d) is required to be disclosed
under Item 6.02 (resignation, removal, replacement or substitution of The Bank of New York Mellon as Indenture Trustee) or Item 6.04
(failure to make a distribution when required) of Form 8-K under the Exchange Act within two days of a Responsible Person of the
Indenture Trustee becoming aware of the occurrence or (e) causes the information given by the Indenture Trustee in any certificate
delivered by a Responsible Person of the Indenture Trustee to be untrue or incorrect in any material respect or is necessary to make
the statements given by the Indenture Trustee in light of the circumstances in which they were made not misleading within five days of
a Responsible Person of the Indenture Trustee becoming aware of the event or condition.

 

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Section 6.16.          Reporting
of Receivables Repurchase Demands. The Indenture Trustee will (a) notify the Sponsor, the Depositor and the Servicer, as soon
as practicable and within five Business Days, of demands or requests received by a Responsible Person of the Indenture Trustee for the
repurchase of any Receivable under Section 3.4 of the Receivables Purchase Agreement or Section 2.5 of the Sale and Servicing
Agreement, (b) promptly on request by the Sponsor, the Depositor or the Servicer, provide to them other information reasonably requested
to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation
AB and (c) if requested by the Sponsor, the Depositor or the Servicer, provide a written certification no later than 15 days following
the end of any quarter or year that the Indenture Trustee has not received any repurchase demands or requests for that period, or if
repurchase demands or requests have been received during that period, that the Indenture Trustee has provided all the information reasonably
requested under clause (b) above. The Indenture Trustee and the Issuer will not have responsibility or liability for a filing required
to be made by a securitizer under the Exchange Act or Regulation AB.

 

ARTICLE VII

NOTEHOLDER COMMUNICATIONS AND REPORTS

 

Section 7.1.            Noteholder
Communications.

 

(a)            Noteholder
List. If the Indenture Trustee is not the Note Registrar, the Issuer will furnish a list of the names and addresses of the Noteholders
of any Definitive Notes to the Indenture Trustee (a) not more than five days after each Record Date, as of that Record Date and
(b) not more than 30 days after receipt by the Issuer of a request from the Indenture Trustee, as of a date not more than ten days
before the time the list is furnished. If the Indenture Trustee is the Note Registrar, the Indenture Trustee, on the request of the Owner
Trustee, will furnish within ten days to the Owner Trustee a list of Noteholders of any Book-Entry Notes as of the date stated by the
Owner Trustee.

 

(b)            Noteholder
List Retention. The Indenture Trustee will maintain a current list of the names and addresses of the Noteholders based on the most
recent list furnished to the Indenture Trustee under Section 7.1(a) and the names and addresses of the Noteholders received
by the Indenture Trustee in its capacity as Note Registrar.

 

(c)            TIA
Communication. A Noteholder may communicate under Section 312(b) of the TIA with other Noteholders about their rights under
this Indenture or under the Notes. The Issuer, the Indenture Trustee and the Note Registrar will have the protection of Section 312(c) of
the TIA.

 

(d)            Noteholder
Communications with Indenture Trustee. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes
are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and demands and give
directions to the Indenture Trustee through the procedures of the Clearing Agency and by notifying the Indenture Trustee. Any Note Owner
must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together with supporting documentation
such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership or another similar document
evidencing ownership of a Note. The Indenture Trustee will not be required to take action in response to requests, demands or directions
of a Noteholder or a Note Owner, other than requests, demands or directions relating to an asset representations review demand under
Section 7.2, 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.

 

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(e)            Communications
between Noteholders. 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 Transaction 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 Securities and Exchange 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 Section 7.1(e) 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 Transaction 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 Securities and Exchange
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 Transaction 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 7.2.            Noteholder
Demand for Asset Representations Review. If a Delinquency Trigger occurs, as reported on Form 10-D, 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, about whether to direct the Asset Representations Reviewer
to conduct a Review of the Review Receivables 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
Noteholders or Note Owners of at least 5% of the aggregate Note Balance of the Notes demand a vote within 90 days of the filing of the
Form 10-D reporting the occurrence of the Delinquency Trigger, the Indenture Trustee will promptly request a vote of the Noteholders
or Note Owners of record as of the most recent Record Date and, in the case of Note Owners, through the Clearing Agency process. The
vote will remain open until the 150th day after the filing of the Form 10-D. Assuming a voting quorum of the Noteholders or Note
Owners holding at least 5% of the aggregate Note Balance of the Notes is reached, if the Noteholders or Note Owners of a majority of
the Note Balance of Notes vote to direct a Review, the Indenture Trustee will promptly send a Review Notice to the Asset Representations
Reviewer and the Servicer under the Asset Representations Review Agreement stating that the Noteholders or Note Owners have voted to
direct the Asset Representations Reviewer to conduct the Review.

 

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Section 7.3.            Reports
by Issuer.

 

(a)           SEC
Filings. The Issuer will, or will cause the Administrator or the Servicer to:

 

(i)            prepare
and file with the Securities and Exchange Commission (A) the annual reports and the information, documents and other reports (or
copies or parts the Securities and Exchange Commission may prescribe) that the Issuer is required to file with the Securities and Exchange
Commission under Section 13 or 15(d) of the Exchange Act, including annual reports on Form 10-K and monthly distribution
reports on Form 10-D, and (B) additional information, documents and reports about compliance by the Issuer with this Indenture
required by the Securities and Exchange Commission;

 

(ii)           deliver
to the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Securities and Exchange Commission, copies
of the annual reports and the information, documents or other reports filed with the Securities and Exchange Commission under Section 7.3(a)(i);
and

 

(iii)          deliver
to the Indenture Trustee the information, documents and reports (or summaries) required to be filed by the Issuer under Sections 7.3(a)(i) and
(ii) as may be required by rules and regulations prescribed by the Securities and Exchange Commission.

 

(b)           Documents
and Reports to Noteholders. The Indenture Trustee will mail to all Noteholders, as described in Section 313(c) of the TIA,
the information, documents and reports (or summaries of such items) supplied to the Indenture Trustee under Section 7.3(a).

 

(c)           Fiscal
Year. The fiscal year of the Issuer will be the calendar year.

 

Section 7.4.            Reports
by Indenture Trustee.

 

(a)           Annual
Report. Within 90 days after each April 15, starting in the year after the Closing Date, the Indenture Trustee will prepare
and mail to each Noteholder a report dated as of April 15 of the applicable year that complies with Section 313(a) of
the TIA, if the report is required under Section 313(a) of the TIA. The Indenture Trustee will also prepare and mail to the
Noteholders any report required under Section 313(b) of the TIA. A report mailed to the Noteholders under this Section 7.4(a) will
be mailed according to Section 313(c) of the TIA.

 

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(b)           Filing.
The Indenture Trustee will file with the Securities and Exchange Commission a copy of each report delivered under Section 7.4(a) at
the time of its mailing to the Noteholders.

 

ARTICLE VIII

ACCOUNTS, DISTRIBUTIONS AND RELEASES

 

Section 8.1.            Collection
of Funds. Except as permitted under this Indenture, the Indenture Trustee may demand payment or delivery of, and will receive and
collect, directly the funds and other property payable to or to be received by the Indenture Trustee under this Indenture and the Sale
and Servicing Agreement. The Indenture Trustee will apply the funds and other property received by it, and will make deposits to, and
distributions from, the Bank Accounts, under this Indenture and the Sale and Servicing Agreement.

 

Section 8.2.            Bank
Accounts; Distributions.

 

(a)            Establishment.
On and after the Closing Date, the Indenture Trustee will maintain the Bank Accounts established by the Servicer under Section 4.1
of the Sale and Servicing Agreement.

 

(b)            Reserve
Account Draw Amount. On or before each Payment Date, the Indenture Trustee will withdraw the amounts required to be withdrawn from
the Reserve Account and deposit them into the Collection Account under Section 4.4 of the Sale and Servicing Agreement.

 

(c)            Distributions
from Collection Account. Subject to Section 8.2(e), on each Payment Date the Indenture Trustee will (based on the information
in the most recent Monthly Investor Report) withdraw from the Collection Account and make deposits and payments, to the extent of Available
Funds in the Collection Account for that Payment Date, in the following order of priority (pro rata within each priority level based
on the amounts due except as otherwise stated):

 

(i)            first,
to the payment of amounts, including indemnities, then due to the Indenture Trustee, the Owner Trustee and the Asset Representations
Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents, in each case,
if not paid by the Depositor or the Administrator, up to a maximum of $375,000 per year;

 

(ii)           second,
to the Servicer, all unpaid Servicing Fees;

 

(iii)          third,
to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note
Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date);

 

(iv)          fourth,
for allocation as principal under Section 8.2(d), the First Priority Principal Payment;

 

(v)           fifth,
to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes;

 

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(vi)         sixth,
for allocation as principal under Section 8.2(d), the Second Priority Principal Payment;

 

(vii)        seventh,
to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes;

 

(viii)       eighth,
to the Reserve Account, the amount required to bring the amount in the Reserve Account up to the Specified Reserve Balance, unless the
Payment Date is on or after the Final Scheduled Payment Date for the Class C Notes;

 

(ix)          ninth,
for allocation as principal under Section 8.2(d), the Regular Principal Payment;

 

(x)           tenth,
to the payment of all amounts due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer and, to or at the
direction of the Issuer, any expenses of the Issuer, in each case, if not paid by the Depositor or Administrator or under Section 8.2(c)(i) on
that Payment Date; and

 

(xi)          eleventh,
to the holder of the Residual Interest, any remaining amounts.

 

(d)           Distributions
of Principal. On each Payment Date, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report)
pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata
according to the Note Balance of the Notes of that Class:

 

(i)            first,
to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes has been reduced
to zero;

 

(ii)           second,
to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Note Balances, in payment of principal
until the Note Balance of the Class A-2a and Class A-2b Notes have been reduced to zero;

 

(iii)          third,
to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes has been reduced
to zero;

 

(iv)          fourth,
to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes has been reduced
to zero;

 

(v)           fifth,
to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes has been reduced to
zero;

 

(vi)         sixth,
to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes has been reduced to
zero; and

 

(vii)        seventh,
to the holder of the Residual Interest), any remaining amounts.

 

(e)            Distributions
Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date
relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most
recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts
for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the
amounts due except as stated):

 

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(i)            first,
to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer
and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents;

 

(ii)           second,
to the Servicer, all unpaid Servicing Fees;

 

(iii)          third,
to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note
Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date);

 

(iv)         fourth,
to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes is reduced to
zero;

 

(v)           fifth,
to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal
until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero;

 

(vi)         sixth,
to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to
zero;

 

(vii)        seventh,
to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to
zero;

 

(viii)       eighth,
to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes;

 

(ix)          ninth,
to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero;

 

(x)           tenth,
to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes;

 

(xi)          eleventh,
to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero;
and

 

(xii)         twelfth,
to the holder of the Residual Interest, any remaining amounts.

 

(f)            Subordination
Agreement. Each of (i) the subordination of interest payments to the Noteholders of the Class B Notes to the payment of
any First Priority Principal Payment to the Noteholders of the Class A Notes and (ii) the subordination of interest payments
to the Noteholders of the Class C Notes to the payment of any Second Priority Principal Payment to the Noteholders of the Class A
Notes and the Class B Notes under Section 8.2(c) is a subordination agreement within the meaning of Section 510(a) of
the Bankruptcy Code.

 

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Section 8.3.            Bank
Accounts.

 

(a)            Limited
Liability for Permitted Investments. Subject to Section 6.1(c), the Indenture Trustee will not be liable for any insufficiency
in Bank Accounts resulting from a loss on a Permitted Investment, except for losses attributable to the Indenture Trustee's failure to
make payments on the Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as
trustee. The Indenture Trustee is not obligated to monitor the activities of any Qualified Institution (unless the Qualified Institution
is also the Indenture Trustee) and will not be liable for the actions or inactions of any Qualified Institution (unless the Qualified
Institution is also the Indenture Trustee).

 

(b)            Notice
to Qualified Institution. A Responsible Person of the Indenture Trustee will notify the Qualified Institution maintaining the Bank
Accounts (if not the Indenture Trustee) if an Event of Default has occurred and is continuing.

 

Section 8.4.            Release
of Collateral.

 

(a)            Release
of Property. The Indenture Trustee may, and when required by this Indenture will, release Collateral from the Lien of this Indenture,
in each case, according to this Indenture. Except under Sections 8.4(b), 8.4(c) and 10.1(c), the Indenture Trustee will release
Collateral from the Lien of this Indenture only on receipt of an Issuer Request and an Officer's Certificate and an Opinion of Counsel
and (if required by the TIA) Independent Certificates according to Sections 314(c) and 314(d)(1) of the TIA meeting the requirements
of Section 11.3.

 

(b)            Deemed
Release. The Indenture Trustee will be deemed to release, and does release, and each Noteholder or Note Owner, by its acceptance
of a Note or an interest or participation in a Note, acknowledges that the Indenture Trustee will release Liens and other rights and
interests it possesses, without further action of the parties, in, to and under:

 

(i)            each
Receivable and all proceeds of the Receivable sold by the Issuer under Section 3.4(c) of the Receivables Purchase Agreement
or Section 2.5(c) or 3.3(f) of the Sale and Servicing Agreement, effective when the Receivable is deemed sold and assigned
by the Issuer under the applicable Section;

 

(ii)           each
Receivable (but not in the proceeds of the sale or disposition of the Receivable or the related Financed Vehicle) sold by the Issuer
under Section 3.4 of the Sale and Servicing Agreement, effective when the Receivable is deemed sold and assigned by the Issuer under
the applicable Section; and

 

(iii)          each
Financed Vehicle relating to a Liquidated Receivable (but not in the proceeds of the sale or disposition of the Financed Vehicle), effective
immediately before the sale or disposition of the Financed Vehicle.

 

(c)            Release
of Funds. When there are no Notes Outstanding and all amounts due from the Issuer to the Indenture Trustee have been paid in full
under Section 6.7 or 10.1, the Indenture Trustee will release the Collateral from the Lien of this Indenture and release to the
Issuer or any other Person entitled to those funds under this Indenture or the other Transaction Documents, the funds then in the Bank
Accounts under this Indenture. The Indenture Trustee will release Collateral from the Lien of this Indenture under this Section 8.4(c) only
on receipt of an Issuer Request and an Officer's Certificate and an Opinion of Counsel meeting the requirements of Section 11.3

 

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(d)            Termination
Statements. On receipt of an Issuer Request accompanied by an Officer's Certificate and an Opinion of Counsel meeting the requirements
of Section 11.3, the Indenture Trustee will execute termination statements and other documents to release Collateral as permitted
by this Section 8.4 and Section 10.1. No party relying on a document or authorization executed by the Indenture Trustee under
this Article VIII is required to determine the Indenture Trustee's authority, inquire into the satisfaction of conditions precedent
or require evidence of the application of funds.

 

ARTICLE IX

AMENDMENTS

 

Section 9.1.            Amendments
Without Consent of Noteholders.

 

(a)            General
Amendments. Without the consent of the Noteholders but after notifying the Rating Agencies, the Issuer and the Indenture Trustee
may, and when directed by Issuer Order will, amend this Indenture:

 

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

 

(ii)           to
evidence the succession of any other Person to the Issuer, and the assumption by the successor of the obligations of the Issuer in this
Indenture and in the Notes;

 

(iii)          to
add to the obligations of the Issuer, for the benefit of the Noteholders, or to surrender a right or power given to the Issuer in this
Indenture;

 

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

 

(v)           to
clarify an ambiguity, correct an error or correct or supplement a term in this Indenture inconsistent with another term in this Indenture
or to add terms which are not inconsistent with the other terms of this Indenture if the action does not have a material adverse effect
on the interests of the Noteholders;

 

(vi)          to
clarify an ambiguity, correct an error or correct or supplement a term in this Indenture inconsistent with another term in any prospectus
or offering memorandum related to the Notes, in each case, without the consent of the Noteholders or any other Person;

 

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(vii)         to
evidence the acceptance of the appointment under this Indenture of a successor trustee and to add to or change this Indenture necessary
for the administration of the trusts under this Indenture by more than one trustee; or

 

(viii)        to
modify, eliminate or add to the terms of this Indenture to effect the qualification of this Indenture under the TIA and to add to this
Indenture other terms required by the TIA.

 

(b)           Amendments
without Material Adverse Effect. Without the consent of the Noteholders, the Issuer and the Indenture Trustee may, and when directed
by Issuer Order will, amend this Indenture to add terms to, to change or eliminate the terms of, or to amend (other than the amendments
in Section 9.2) the rights of the Noteholders under, this Indenture, if:

 

(i)            the
Issuer or the Administrator delivers, to the Indenture Trustee an Officer's Certificate stating that the amendment will not have a material
adverse effect on the Notes;

 

(ii)           the
Issuer delivers an Opinion of Counsel to the Indenture Trustee stating that the amendment will not (A) cause a Note to be considered
sold or exchanged for purposes of Section 1001 of the Code, (B) cause the Issuer to be treated as an association or publicly
traded partnership taxable as a corporation for U.S. federal income tax purposes or (C) adversely affect the treatment of the Notes
as debt for U.S. federal income tax purposes; and

 

(iii)          the
Rating Agency Condition has been satisfied.

 

Section 9.2.            Amendments
with Consent of Controlling Class.

 

(a)            Amendments.
With the consent of the Noteholders of a majority of the Note Balance of the Controlling Class and after notifying the Rating Agencies,
the Issuer and the Indenture Trustee may, and when directed by Issuer Order will, amend this Indenture to add terms to, to change or
eliminate the terms of, or to modify the rights of the Noteholders under, this Indenture if the Issuer delivers an Opinion of Counsel
to the Indenture Trustee stating that the amendment will not (i) cause any Note to be considered sold or exchanged for purposes
of Section 1001 of the Code, (ii) cause the Issuer to be treated as an association or publicly traded partnership taxable as
a corporation for U.S. federal income tax purposes or (iii) adversely affect the treatment of the Notes as debt for U.S. federal
income tax purposes. However, no amendment, without the consent of each Noteholder of each Outstanding Note adversely affected by the
amendment, will:

 

		(A)	change Section 9.1 or this Section 9.2;

 

		(B)	change (1) the Final Scheduled Payment Date or the date of payment
                                            of any installment of principal of or interest on a Note, (2) the principal amount of
                                            or interest rate on a Note, (3) the price at which the Notes may be redeemed, (4) the
                                            priority of payments on the Notes or relating to the application of collections on, or the
                                            proceeds of the sale of, the Collateral to payment of principal of or interest on the Notes,
                                            or change the place of payment where, or the currency in which, a Note or the interest on
                                            a Note is payable or (5) the right of the Noteholders to start proceedings to enforce
                                            this Indenture;

 

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		(C)	change the percentage of the Note Balance of the Notes or the Controlling
                                            Class required for any action;

 

		(D)	change the definition of "Outstanding" or "Controlling
                                            Class";

 

		(E)	change the calculation of the amount of a payment of principal or
                                            interest on a Note on a Payment Date; or

 

		(F)	permit the creation of any Lien ranking prior or equal to the Lien
                                            of this Indenture on the Collateral, other than Permitted Liens, or, except as permitted
                                            by this Indenture or the other Transaction Documents, release the Lien of this Indenture
                                            on the Collateral.

 

(b)            Noteholder
Consent. For any amendment to this Indenture or any other Transaction Document requiring the consent of the Noteholders, the Indenture
Trustee will, when directed by Issuer Order, notify the Noteholders to request consent and follow its reasonable procedures to obtain
consent.

 

Section 9.3.            Execution
of Amendments.

 

(a)            Form;
Authorization; Reliance. Each amendment will be in form reasonably satisfactory to the Indenture Trustee. The Indenture Trustee is
authorized to execute the amendment and any other agreements required by the amendment. For any amendment, the Issuer will deliver to
the Indenture Trustee and the Owner Trustee an Opinion of Counsel stating that the amendment is permitted by this Indenture and that
all conditions to the amendment have been satisfied.

 

(b)            Indenture
Trustee Not Obligated. The Indenture Trustee is not obligated to enter into an amendment that adversely affects the Indenture Trustee's
rights, powers, obligations, or liabilities under this Indenture.

 

(c)            Indenture
Supplement not an Amendment. An indenture supplement entered into under Section 6.11(c) will not be considered an amendment
to this Indenture for purposes of this Article IX.

 

Section 9.4.            Effect
of Amendment. On the execution of an amendment under this Article IX, this Indenture will be amended by the amendment, and the
amendment will be part of this Indenture for all purposes. Every Noteholder of Notes authenticated and delivered before or after the
amendment will be bound by the amendment.

 

Section 9.5.            Conformity
with TIA. Each amendment of this Indenture executed under this Article IX will conform to the requirements of the TIA as then
in effect so long as this Indenture is qualified under the TIA.

 

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Section 9.6.            Reference
in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of an amendment under this Article IX
may, and if required by the Indenture Trustee will, bear a notation about the amendment. New Notes modified to conform to an amendment
may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for the Outstanding Notes.

 

ARTICLE X

REDEMPTION OF NOTES

 

Section 10.1.            Redemption.

 

(a)            Optional
Redemption. The Notes may be redeemed in whole, but not in part, at the direction of the Servicer on any Payment Date on which the
Servicer exercises its option to purchase the Trust Property under Section 8.1 of the Sale and Servicing Agreement. If the Notes
are to be redeemed under this Section 10.1, the Servicer or the Issuer will notify the Indenture Trustee and the Rating Agencies
at least ten days before the Redemption Date. After the Servicer or the Issuer notifies the Indenture Trustee, the Indenture Trustee
will promptly notify the Noteholders:

 

(i)            of
the Redemption Date;

 

(ii)           of
the Note Redemption Price;

 

(iii)          of
the outstanding Note Balance of each Class of the Notes to be redeemed and that the Notes plus accrued and unpaid interest on the
Notes to the Redemption Date will be paid in full;

 

(iv)          of
the place to surrender the Notes for final payment (which will be the office or agency of the Issuer maintained under Section 3.2);
and

 

(v)           that
on the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest on the Notes will become due and payable
and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay the Notes on the
Redemption Date.

 

(b)            Deposit
of Note Redemption Price. The Issuer will cause the Servicer to deposit on the Business Day before the Redemption Date (or, with
satisfaction of the Rating Agency Condition, on the Redemption Date) in the Collection Account the amount required under Section 8.1
of the Sale and Servicing Agreement, and the Notes will be paid in full on the Redemption Date.

 

(c)            Release
of Funds. On the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest on the Notes will become
due and payable and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay
the Notes on the Redemption Date. On redemption, the Indenture Trustee will release the Collateral from the Lien of this Indenture and
release to the Issuer or any other Person entitled to funds then in the Bank Accounts under this Indenture according to Section 8.4(c).

 

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ARTICLE XI

OTHER AGREEMENTS

 

Section 11.1.            No
Petition. The Indenture Trustee and each Noteholder or Note Owner, by accepting a Note or an interest or participation in a Note,
agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full
of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor and (b) the Notes, it will
not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the Issuer,
respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy
or similar law. This Section 11.1 will survive the resignation or removal of the Indenture Trustee under this Indenture and the
termination of this Indenture.

 

Section 11.2.            Subordination
of Claims Against Depositor. The Issuer's obligations under this Indenture are solely the Issuer's obligations and do not represent
an obligation or interest in the assets of the Depositor other than the Sold Property conveyed to the Issuer under the Sale and Servicing
Agreement. The Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note or an interest
or participation in a Note, acknowledge and agree that they have no right, title or interest in or to Other Assets of the Depositor.
If the Indenture Trustee, Noteholder or Note Owner either (i) asserts an interest or claim to, or benefit from, the Other Assets
or (ii) is deemed to have an interest in, claim to or benefit in or from the Other Assets, whether by operation of law, legal process,
under insolvency laws or otherwise (including under Section 1111(b) of the Bankruptcy Code), then the Indenture Trustee, Noteholder
or Note Owner further acknowledges and agrees that the interest, claim or benefit in, to or from the Other Assets is expressly subordinated
to the indefeasible payment in full of the other obligations and liabilities, which, under the relevant documents relating to the securitization
or conveyance of those Other Assets, are entitled to be paid from, entitled to the benefits of, or secured by, those Other Assets (whether
or not the entitlement or security interest is legally perfected or entitled to a priority of distributions or application under applicable
law, including insolvency laws, and whether or not asserted against the Depositor), including the payment of post-petition interest on
those other obligations and liabilities. This Section 11.2 is a subordination agreement within the meaning of Section 510(a) of
the Bankruptcy Code. The Indenture Trustee, each Noteholder and each Note Owner further acknowledge and agree that no adequate remedy
at law exists for a breach of this Section 11.2 and it may be enforced by an action for specific performance. This Section 11.2
is for the third-party benefit of the Depositor and any Person with an interest in the Other Assets and will survive the termination
of this Indenture.

 

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Section 11.3.         Issuer
Orders; Certificates and Opinions.

 

(a)           Issuer
Order or Issuer Request. For an order or request by the Issuer to the Indenture Trustee to take an action under this Indenture or
any other Transaction Document, the Issuer will deliver the following documents to the Indenture Trustee: (i) a written order (an
 "Issuer Order") or a written request (an "Issuer Request"), signed in the name of the Issuer by a Responsible
Person and delivered to the Indenture Trustee, (ii) an Officer's Certificate stating that all conditions in this Indenture or other
Transaction Document for the proposed action have been satisfied, (iii) if required by the TIA or on the request of the Indenture
Trustee, an Opinion of Counsel stating that the conditions have been satisfied and (iv) if required by the TIA, an Independent Certificate
from a firm of certified public accountants of national reputation selected by the Issuer. However, no certificates or opinions are required
to be delivered if this Indenture requires the furnishing of specific documents for the action to be taken.

 

(b)           Form of
Certificates and Opinions.

 

(i)            Each
certificate or opinion on compliance with a condition or covenant in this Indenture will include:

 

		(A)	a statement that each signatory of the certificate or opinion has
                                            read the covenant or condition and the definitions in this Indenture relating to the covenant
                                            or condition;

 

		(B)	a brief statement about the nature and scope of the examination or
                                            investigation on which the statements or opinions in the certificate or opinion are based;

 

		(C)	a statement that, in the opinion of the signatory, the signatory has
                                            made an examination or investigation if necessary to enable the signatory to express an informed
                                            opinion on whether or not the covenant or condition has been complied with; and

 

		(D)	a statement about whether, in the opinion of the signatory, the condition
                                            or covenant has been complied with.

 

(ii)           Any
Officer's Certificate of a Responsible Person of the Issuer may be based, for legal matters, on an opinion of counsel, unless that Responsible
Person knows, or in the exercise of reasonable care should know, that the opinion is erroneous. Any Officer's Certificate of a Responsible
Person of the Issuer or opinion of counsel may be based, for factual matters, on an Officer's Certificate of a Responsible Person of
the Servicer, the Depositor or the Issuer (including by the Administrator on behalf of the Issuer), stating that the information about
those factual matters is in the possession of the Servicer, the Depositor, the Issuer or the Administrator, unless the Responsible Person
of the Issuer or counsel knows, or in the exercise of reasonable care should know, that the Officer's Certificate is erroneous.

 

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(c)            Conditions
for Release.

 

(i)            Before
depositing property or securities with the Indenture Trustee that is to be made the basis for the release of any Collateral subject to
the Lien of this Indenture, the Issuer will furnish to the Indenture Trustee (A) an Officer's Certificate stating the opinion of
each Responsible Person signing the certificate about the fair value (within 90 days before the deposit) to the Issuer of the property
or securities to be so deposited and (B) an Independent Certificate about the same matters, if the fair value to the Issuer of the
securities to be so deposited and of other securities withdrawn or released since the start of the then-current year, as stated in the
certificates required by clause (A) and this clause (B), is 10% or more of the Note Balance of the Notes Outstanding, except that
an Independent Certificate need not be furnished for property or securities so deposited if the fair value of the property or securities
to the Issuer as stated in the related Officer's Certificate is less than $25,000 or less than 1% of the Note Balance of the Notes.

 

(ii)           Whenever
property or securities are to be released from the Lien of this Indenture, the Issuer will furnish to the Indenture Trustee (A) an
Officer's Certificate stating the opinion of each Responsible Person signing the certificate about the fair value (within 90 days before
the release) of the property or securities to be released and stating that in the opinion of that Responsible Person the proposed release
will not impair the security under this Indenture and (B) an Independent Certificate about the same matters, if the fair value of
the property or securities to be released and of other property, other than property as contemplated by Section 11.3(d), or securities
released from the Lien of this Indenture since the start of the then-current year, as stated in the certificates required by clause (A) and
this clause (B), is 10% or more of the Note Balance of the Notes Outstanding, except that an Independent Certificate need not be furnished
for the release of property or securities if the fair value of the property or securities as stated in the related Officer's Certificate
is less than $25,000 or less than 1% of the Note Balance of the Notes.

 

(d)            Ordinary
Course of Business. The Issuer may, without furnishing any Officer's Certificates or Independent Certificates under Section 11.3(c),
(i) collect, liquidate, sell or dispose of Receivables and Financed Vehicles in the ordinary course of its business, so long as
Collections, Liquidation Proceeds, Recoveries and other proceeds of the dispositions are applied according to this Indenture and (ii) make
cash payments out of the Bank Accounts, in each case, as and if permitted or required by the Transaction Documents.

 

(e)            Exemptive
Orders. If the Securities and Exchange Commission issues an exemptive order under Section 304(d) of the TIA modifying the
Indenture Trustee's obligations under Sections 314(c) and 314(d)(1) of the TIA, the Indenture Trustee will release property
from the Lien of this Indenture only according to the Transaction Documents and the conditions and procedures stated in the exemptive
order.

 

    49

     

    

 

Section 11.4.         Acts
of Noteholders. Any request, demand, authorization, direction, notice, consent, waiver or other action permitted by a Transaction
Document to be given or taken by the Noteholders or a stated percentage of the Noteholders may be included in and evidenced by one or
more documents signed by the Noteholders. Except as otherwise stated in a Transaction Document, the action will become effective when
the documents are delivered to the Indenture Trustee and, if required, to the Issuer. Any such acts will bind the Noteholder of every
Note issued on the registration of the Note or in exchange for the Note or in place of the Note, for all purposes whether or not notation
of the action is made on the Note.

 

Section 11.5.         Conflict
with Trust Indenture Act. If any part of this Indenture limits, qualifies or conflicts with any other part of this Indenture that
is required or deemed to be included in this Indenture by the TIA, the required or deemed part will control. Sections 310 through 317
of the TIA that impose obligations on a Person (including those automatically deemed included in this Indenture unless expressly excluded
by this Indenture) are a part of and govern this Indenture.

 

Section 11.6.         Issuer
Obligation. No recourse may be taken, directly or indirectly, for the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under this Indenture or a certificate or other writing delivered under this Indenture or the Notes, against (a) the
Indenture Trustee or the Owner Trustee each in its individual capacity, (b) each holder of a beneficial interest in the Issuer,
(c) each partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee,
each in its individual capacity or (d) each holder of a beneficial interest in the Owner Trustee or the Indenture Trustee, each
in its individual capacity. The Indenture Trustee and the Owner Trustee have none of these obligations in their individual capacities.
For all purposes of this Indenture, the Owner Trustee will be subject to, and have the benefits of, Articles V, VI and VII of the Trust
Agreement.

 

ARTICLE XII

MISCELLANEOUS

 

Section 12.1.         Benefits
of Indenture; Third-Party Beneficiaries. This Indenture and the Notes are for the benefit of and will be binding on the parties and
their permitted successors and assigns. The Secured Parties, each Person with rights to payments or distributions under this Indenture
and the holder of the Residual Interest will be third-party beneficiaries of this Indenture and may enforce this Indenture according
to its terms. No other Person will have any right or obligation under this Indenture or the Notes.

 

Section 12.2.         Notices.

 

(a)            Notices
to Parties. Notices, requests, directions, consents, waivers or other communications to or from the parties to this Indenture must
be in writing and will be considered received by the recipient:

 

(i)            for
overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed
to the recipient;

 

(ii)           for
a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

    50

     

    

 

(iii)          for
an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

(iv)          for
an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement
of confirmation of receipt) stating that the electronic posting has been made.

 

(b)           Notice
Addresses. A notice, request, direction, consent, waiver or other communication will be addressed to the recipient stated on Schedule
B to the Sale and Servicing Agreement, which address the party may change by notifying the other party.

 

(c)           Notice
to Noteholders. Notices to a Noteholder will be considered received by the Noteholder:

 

(i)            for
Definitive Notes, for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the
mail properly addressed to the Noteholder at its address in the Note Register; or

 

(ii)           for
Book-Entry Notes, when delivered under the procedures of the Clearing Agency, whether or not the Noteholder actually receives the notice.

 

(d)           Notices
to Rating Agencies. Where this Indenture requires notice to the Rating Agencies, failure to give the notice will not affect other
rights or obligations under this Indenture, and will not be a Default or Event of Default.

 

Section 12.3.         GOVERNING
LAW. THIS INDENTURE WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

 

Section 12.4.         Submission
to Jurisdiction. Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District
of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Indenture. Each party
irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding
brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

 

Section 12.5.         WAIVER
OF JURY TRIAL. Each party irrevocably waives, to the fullest extent permitted by law, THE
right to trial by jury in legal proceedings relating to this INDENTURE.

 

Section 12.6.         No
Waiver; Remedies. No party's failure or delay in exercising a power, right or remedy under this Indenture will operate as a waiver.
No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or
the exercise of any other power, right or remedy. The powers, rights and remedies under this Indenture are in addition to any powers,
rights and remedies under law.

 

    51

     

    

 

Section 12.7.         Severability.
If a part of this Indenture is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Indenture
and will not affect the validity, legality or enforceability of the remaining Indenture.

 

Section 12.8.         Headings.
The headings in this Indenture are included for convenience and will not affect the meaning or interpretation of this Indenture.

 

Section 12.9.         Counterparts.
This Indenture may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one
document.

 

[Remainder of Page Left Blank]

 

    52

     

    

 

EXECUTED BY:

 

	 	FORD
    CREDIT AUTO OWNER TRUST 2022-D,
 as Issuer
	 	 
	 	By:	U.S. BANK TRUST NATIONAL ASSOCIATION,
    

not in its individual capacity but solely as Owner Trustee of Ford Credit Auto Owner Trust 2022-D
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 
	 	THE
    BANK OF NEW YORK MELLON,
 not in its individual capacity but solely as Indenture Trustee
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Indenture]

 

    

     

    

 

Exhibit A

 

Form of Notes

 

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 ANOTHER NAME REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND PAYMENT IS MADE TO CEDE & CO. OR TO ANOTHER ENTITY REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER OF THIS NOTE,
CEDE & CO., HAS AN INTEREST IN THIS NOTE.

 

EACH HOLDER OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS
NOTE) THAT IS (I) SUBJECT TO (A) TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"),
(B) SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") OR (C) ANY FEDERAL, STATE, LOCAL
OR NON-U.S. LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF PART 4 OF TITLE I OF ERISA OR SECTION 4975
OF THE CODE (A "SIMILAR LAW") OR IS (II) AN ENTITY THAT IS DEEMED TO BE HOLDING PLAN ASSETS OF ANY OF THE FOREGOING BY
REASON OF SUCH HOLDER'S INVESTMENT IN THE ENTITY WITHIN THE MEANING OF 29 C.F.R. §2510.3-101 AS MODIFIED BY SECTION 3(42) OF
ERISA, BY ACCEPTING THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE), IS DEEMED TO REPRESENT THAT ITS PURCHASE, HOLDING
AND DISPOSITION OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE) IS NOT AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW, AS APPLICABLE.

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS STATED IN
THIS NOTE. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS NOTE.

 

    EA-1

     

    

 

 

REGISTERED            $[___________]

	No. R-1	 	CUSIP NO. [_________]

 

FORD CREDIT AUTO OWNER TRUST 2022-D

 

CLASS [A-_][B][C] [___%] [FLOATING RATE]
ASSET BACKED NOTES

 

Ford Credit Auto Owner Trust 2022-D, a statutory
trust organized under the laws of the State of Delaware (the "Issuer"), for value received, promises to pay to CEDE &
CO., or registered assigns, the principal sum of [________________] DOLLARS payable on the fifteenth day of each month, or, if that day
is not a Business Day, the next succeeding Business Day, starting in [__________] (each, a "Payment Date") in an amount
equal to the aggregate amount payable to the Noteholders of Class [A-_][B][C] Notes on that Payment Date from the amounts payable
as principal on the Class [A-_][B][C] Notes under Section 3.1 of the Indenture, dated as of [__________] (the "Indenture"),
between the Issuer and The Bank of New York Mellon, as Indenture Trustee (the "Indenture Trustee"). However, the entire
unpaid principal amount of this Note will be due and payable on the earlier of (a) the [__________] Payment Date (the "Class [A-_][B][C]
Final Scheduled Payment Date"), or (b) the Redemption Date under Section 10.1 of the Indenture. The entire unpaid
principal amount of the Notes will be due and payable on the date on which the Notes are declared to be, or have automatically become,
immediately due and payable under Section 5.2(a) of the Indenture. Principal payments on the Class [A-_][B][C] Notes will
be made pro rata to the Noteholders entitled to those principal payments. Capitalized terms used but not defined in this Note are defined
in Article I of the Indenture, which also contains usage rules that apply to this Note.

 

The Issuer will pay interest on this Note at [the
rate per annum shown above] [a rate based on SOFR determined under the terms of the Indenture, equal to 30-day average SOFR plus [___]%
(but not less than 0.00%)] on each Payment Date until the principal of this Note is paid or made available for payment, on the principal
amount of this Note outstanding on the prior Payment Date (in each case, after giving effect to payments of principal made on the prior
Payment Date), subject to limitations in Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment Date from
and including the [15th day of the month before each Payment Date][previous Payment Date on which interest has been paid] (or, for the
initial Payment Date, from and including the Closing Date) to but excluding [the 15th day of the month in which that Payment Date occurs][that
Payment Date]. Interest will be computed on the basis of [actual days elapsed and] a 360-day year [of twelve 30 day months].

 

The principal of and interest on this Note are
payable in the coin or currency of the United States of America that at the time of payment is legal tender for payment of public and
private debts. Payments made by the Issuer on this Note will be applied first to interest due and payable on this Note as stated above
and then to the unpaid principal of this Note.

 

This Note is one of a duly authorized issue of
Class [A-_][B][C] [___%][Floating Rate] Asset Backed Notes (the "Class [A-_][B][C] Notes") of the Issuer.
Also authorized under the Indenture are the Class [A-_][B][C] Notes. The Indenture and indentures supplemental to the Indenture
state the respective rights and obligations of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to the Indenture.

 

    EA-2

     

    

 

The Class [A-_][B][C] Notes are and will
be equally and ratably secured by the collateral pledged as security therefor under the Indenture. Interest on and principal of the Notes
will be payable according to the priority of payments stated in Section 8.2 of the Indenture. [Class B only:][The Class B
Notes are subordinated in right of payment to the Class A Notes.] [Class C only:][The Class C Notes are subordinated
in right of payment to the Class A and Class B Notes.]

 

Payments of interest on this Note on each Payment
Date, together with each installment of principal if not in full payment of this Note, will be made to the Registered Noteholder of this
Note either by wire transfer, to the account of the Noteholder at a bank or other entity having proper facilities for the wire transfer,
if the Noteholder has given to the Note Registrar proper written instructions at least five Business Days before that Payment Date and
the Noteholder's Notes in the aggregate evidence a denomination of not less than $1,000,000, or, if not, by check mailed first class
mail, postage prepaid, to the Registered Noteholder's address as it appears on the Note Register on each Record Date. However, unless
Definitive Notes have been issued to Note Owners, payment will be made by wire transfer to the account designated by Cede &
Co., as nominee of the Clearing Agency or a successor nominee. The payments will be made without requiring that this Note be submitted
for notation of payment. Any reduction in the principal amount of this Note effected by payments made on a Payment Date will bind future
Noteholders of this Note and of a Note issued on the registration of transfer of this Note or in exchange of this Note or in place of
this Note, whether or not noted on this Note. If money is expected to be available for payment in full of the then remaining unpaid principal
amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Registered
Noteholder of this Note as of the prior Record Date by notice mailed or transmitted by fax before that Payment Date, and the amount then
due and payable will be payable only on presentation and surrender of this Note at the Indenture Trustee's Corporate Trust Office or
at the office of the Indenture Trustee's agent appointed for those purposes located in The City of New York.

 

The Issuer will pay interest on overdue installments
of interest at the Class [A-_][B][C] Note Interest Rate if lawful.

 

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.

 

The transfer of this Note is subject to the restrictions
on transfer stated on the face of this Note and to the other limitations in the Indenture. Subject to the satisfaction of those restrictions
and limitations, the transfer of this Note may be registered on the Note Register on surrender of this Note for registration of transfer
at the office or agency designated by the Issuer under 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 of this Note or its attorney-in-fact, with the signature
guaranteed by an "eligible guarantor institution" meeting the requirements of the Note Registrar, and then one or more new
Notes of the same Class in 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 the registration of transfer or exchange of this Note, but the transferor
may be required to pay an amount to cover any tax or other governmental charge that may be imposed under any registration of transfer
or exchange.

 

    EA-3

     

    

 

Each Noteholder or Note Owner, by accepting a
Note or, for a Note Owner, an interest or participation in a Note, agrees that no recourse may be taken, directly or indirectly, for
the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or a certificate or other
writing delivered for the Notes and the Indenture, against (i) the Indenture Trustee or the Owner Trustee, each in its individual
capacity, (ii) any holder of a beneficial interest in the Issuer, (iii) any partner, owner, beneficiary, agent, officer, director,
employee or agent of the Indenture Trustee or the Owner Trustee, each in its individual capacity or (iv) any holder of a beneficial
interest in the Owner Trustee or the Indenture Trustee, each in its individual capacity.

 

The obligations of the Issuer under the Indenture
are solely the obligations of the Issuer and do not represent an obligation or interest in any assets of the Depositor other than the
Sold Property conveyed to the Issuer under the Sale and Servicing Agreement. Each Noteholder and Note Owner, by its acceptance of a Note
or an interest or participation in a Note, acknowledges and agrees that it has no right, title or interest in or to any Other Assets
of the Depositor. If the Noteholder or Note Owner either (i) asserts an interest or claim to, or benefit from, Other Assets or (ii) is
deemed to have any interest, claim to or benefit in or from Other Assets, whether by operation of law, legal process, under insolvency
laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code), then the Noteholder or Note Owner further
acknowledges and agrees that any interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible
payment in full of the other obligations and liabilities, which, under the relevant documents relating to the securitization or conveyance
of those Other Assets, are entitled to be paid from, entitled to the benefits of, or secured by those Other Assets (whether or not any
entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable
law, including insolvency laws, and whether or not asserted against the Depositor), including the payment of post-petition interest on
the other obligations and liabilities. THIS PARAGRAPH IS A SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(a) OF
THE BANKRUPTCY CODE.

 

Each Noteholder or Note Owner, by accepting a
Note or, for a Note Owner, an interest or participation in a Note, agrees that, before the date that is one year and one day (or, if
longer, any applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust
for which the Depositor was a depositor and (b) the Notes, it will not start or pursue against (i) the Depositor or (ii) the
Issuer, respectively, or join any other Person in starting or pursuing against the Depositor or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any bankruptcy or similar law.

 

The Issuer has entered into the Indenture and
this Note is issued with the intention that, for federal, State and local income and franchise tax purposes, Notes that are beneficially
owned by a Person other than Ford Credit or its Affiliates will qualify as indebtedness of the Issuer secured by the Collateral. Each
Noteholder or Note Owner, by its acceptance of a Note or an interest or participation in a Note, will be deemed to agree to treat the
Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer.

 

    EA-4

     

    

 

For any date, the Issuer, the Indenture Trustee
and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note is registered as of that date as the
owner of this Note for the purpose of receiving payments of principal of and any interest on the Note and for all other purposes, without
regard to any notice or other information to the contrary.

 

The Indenture permits, with some exceptions requiring
the consent of all adversely affected Noteholders under in the Indenture, the amendment of the Indenture and the modification of the
rights and obligations of the Issuer and the rights of the Noteholders under the Indenture by the Issuer with the consent of the Noteholders
of Notes evidencing not less than a majority of the Note Balance of the Controlling Class. The Indenture also permits the Indenture Trustee
to amend or waive some terms and conditions in the Indenture without the consent of the Noteholders if some conditions are satisfied.
In addition, the Indenture contains terms permitting the Noteholders of Notes evidencing stated percentages of the Note Balance of the
Notes or of the Controlling Class, on behalf of all Noteholders, to waive compliance by the Issuer with some terms of the Indenture and
some defaults under the Indenture and their consequences. Any consent or waiver by the Noteholder of this Note will be conclusive and
bind the Noteholder and all future Noteholders of this Note and of any Note issued on the registration of transfer of this Note or in
exchange of this Note or in place of this Note whether or not notation of the consent or waiver is made on this Note.

 

The term "Issuer," as used in this Note,
includes any successor to the Issuer under the Indenture.

 

The Issuer is permitted by the Indenture, under
some circumstances, to merge or consolidate, 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 stated in the Indenture, subject to some limitations in the Indenture.

 

THIS NOTE AND THE INDENTURE WILL BE GOVERNED BY,
AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

 

No reference in this Note to the Indenture, and
no term of this Note or of the Indenture, will 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 time, place and rate, and in the coin or currency prescribed in this Note.

 

Except as permitted under the Transaction Documents,
none of The Bank of New York Mellon, in its individual capacity, U.S. Bank Trust National Association, in its individual capacity, any
owner of a beneficial interest in the Issuer, or their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns will be personally liable for, nor will recourse be had to any of them for, the payment of principal of or interest
on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications in the Indenture. The Noteholder
of this Note, by its acceptance of this Note, agrees that, except as permitted in the Transaction Documents, for an Event of Default
under the Indenture, the Noteholder has no claim against those Persons for any deficiency, loss or claim from this Note. However, nothing
in this Note will be taken to prevent recourse to, and enforcement against, the assets of the Issuer for liabilities, obligations and
undertakings in the Indenture or in this Note.

 

    EA-5

     

    

 

Unless the certificate of authentication on this
Note has been executed by the Indenture Trustee whose name appears below by manual signature, this Note will not have the benefit of
the Indenture, or be valid or obligatory for any purpose.

 

[Remainder of Page Left Blank]

 

    EA-6

     

    

 

The Issuer has caused this instrument to be signed,
manually or in facsimile, by its Responsible Person, as of the date below.

 

Date: [________]

 

	 	FORD CREDIT AUTO OWNER TRUST 2022-D
	 	 	 
		By:	U.S.
                                            BANK TRUST NATIONAL ASSOCIATION,

                                            not in its individual capacity but solely as Owner Trustee of Ford Credit Auto Owner
                                            Trust 2022-D

 

 

		By:	
	 	 	Responsible Person

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class [A-_][B][C] Notes
designated above and referred to in the Indenture.

 

Date: [________]

 

	 	THE BANK OF NEW YORK MELLON,

    not in its individual capacity but solely as Indenture Trustee

 

 

		By:	
	 	 	Responsible Person

 

    EA-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 under said Note, and hereby irrevocably
constitutes and appoints _________________, attorney, to transfer said Note on the books kept for registration of said Note, 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 whatever. The signature
                                            must be guaranteed by an "eligible guarantor institution" meeting the requirements
                                            of the Note Registrar, which requirements include membership or participation in the Securities
                                            Transfer Agents Medallion Program or another "signature guarantee program" selected
                                            by the Note Registrar in addition to, or in substitution for, the Securities Transfer Agents
                                            Medallion Program, all according to the Exchange Act.

 

    EA-8

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