Document:

FORM OF NOTE INDENTURE (CEC FUNDING II, LLC)

 EXHIBIT 4.1.2 
  

  
 CEC FUNDING, LLC,

  
 as Note Issuer 
  
 and 
  
 THE BANK OF NEW YORK, 
  
 as Note Trustee 
  

  
 NOTE INDENTURE 
  
 Dated as of     , 2005 
  

  
 $    ,000,000 
 CEC FUNDING, LLC NOTES 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	 	 	ARTICLE I	  	 
			
	 	 	Definitions and Incorporation by Reference	  	 
			
	 Section 1.01.
	 	Definitions	  	2
	 Section 1.02.
	 	Incorporation by Reference of Trust Indenture Act	  	13
	 Section 1.03.
	 	Rules of Construction	  	13
			
	 	 	ARTICLE II	  	 
			
	 	 	The Notes	  	 
			
	 Section 2.01.
	 	Terms of the Notes.	  	14
	 Section 2.02.
	 	Form	  	16
	 Section 2.03.
	 	Execution, Authentication and Delivery	  	16
	 Section 2.04.
	 	Temporary Notes	  	17
	 Section 2.05.
	 	Registration; Registration of Transfer and Exchange	  	17
	 Section 2.06.
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	18
	 Section 2.07.
	 	Persons Deemed Owner	  	19
	 Section 2.08.
	 	Payment of Principal and Interest; Interest on Overdue Principal; Principal and Interest Rights Preserved.	  	19
	 Section 2.09.
	 	Cancellation	  	20
	 Section 2.10.
	 	Authentication and Delivery of Notes	  	20
	 Section 2.11.
	 	Release of Collateral	  	25
			
	 	 	ARTICLE III	  	 
			
	 	 	Covenants	  	 
			
	 Section 3.01.
	 	Payment of Principal and Interest	  	26
	 Section 3.02.
	 	Maintenance of Office or Agency	  	26
	 Section 3.03.
	 	Money for Payments To Be Held in Trust	  	26
	 Section 3.04.
	 	Existence	  	27
	 Section 3.05.
	 	Protection of Collateral	  	28
	 Section 3.06.
	 	Opinions as to Collateral.	  	28
	 Section 3.07.
	 	Performance of Obligations; Servicing; Commission Filings.	  	29
	 Section 3.08.
	 	Negative Covenants	  	31
	 Section 3.09.
	 	Annual Statement as to Compliance	  	31
	 Section 3.10.
	 	Note Issuer May Consolidate, etc., Only on Certain Terms.	  	32

  

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	 	 	 	  	Page

	 Section 3.11.
	 	Successor or Transferee.	  	34
	 Section 3.12.
	 	No Other Business	  	34
	 Section 3.13.
	 	No Borrowing	  	34
	 Section 3.14.
	 	Servicer’s Obligations	  	34
	 Section 3.15.
	 	No Additional Notes	  	34
	 Section 3.16.
	 	Guarantees, Loans, Advances and Other Liabilities	  	34
	 Section 3.17.
	 	Capital Expenditures	  	34
	 Section 3.18.
	 	Non-Routine Periodic Adjustment	  	34
	 Section 3.19.
	 	Restricted Payments	  	35
	 Section 3.20.
	 	Notice of Events of Default	  	35
	 Section 3.21.
	 	Further Instruments and Acts	  	35
	 Section 3.22.
	 	Change in Chief Executive Office or Jurisdiction of Organization	  	35
			
	 	 	ARTICLE IV	  	 
			
	 	 	Satisfaction and Discharge; Defeasance	  	 
			
	 Section 4.01.
	 	Satisfaction and Discharge of Note Indenture; Defeasance.	  	35
	 Section 4.02.
	 	Conditions to Defeasance	  	37
	 Section 4.03.
	 	Application of Trust Money	  	38
	 Section 4.04.
	 	Repayment of Moneys Held by Paying Agent	  	38
			
	 	 	ARTICLE V	  	 
			
	 	 	Remedies	  	 
			
	 Section 5.01.
	 	Events of Default	  	38
	 Section 5.02.
	 	Acceleration of Maturity; Rescission and Annulment	  	40
	 Section 5.03.
	 	Collection of Indebtedness and Suits for Enforcement by Note Trustee.	  	40
	 Section 5.04.
	 	Remedies; Priorities.	  	43
	 Section 5.05.
	 	Optional Possession of the Collateral	  	44
	 Section 5.06.
	 	Limitation of Suits	  	44
	 Section 5.07.
	 	Unconditional Rights of Noteholders To Receive Principal and Interest	  	45
	 Section 5.08.
	 	Restoration of Rights and Remedies	  	45
	 Section 5.09.
	 	Rights and Remedies Cumulative	  	45
	 Section 5.10.
	 	Delay or Omission Not a Waiver	  	45
	 Section 5.11.
	 	Control by Noteholders	  	45
	 Section 5.12.
	 	Waiver of Past Defaults	  	46
	 Section 5.13.
	 	Undertaking for Costs	  	46
	 Section 5.14.
	 	Waiver of Stay or Extension Laws	  	47
	 Section 5.15.
	 	Action on Notes	  	47
	 Section 5.16.
	 	Performance and Enforcement of Certain Obligations.	  	47

  

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	 	 	 	  	Page

	 	 	ARTICLE VI	  	 
			
	 	 	The Note Trustee	  	 
	 Section 6.01.
	 	Duties of Note Trustee.	  	48
	 Section 6.02.
	 	Rights of Note Trustee	  	49
	 Section 6.03.
	 	Individual Rights of Note Trustee	  	51
	 Section 6.04.
	 	Note Trustee’s Disclaimer	  	51
	 Section 6.05.
	 	Notice of Defaults	  	51
	 Section 6.06.
	 	Reports by Note Trustee to Holders.	  	51
	 Section 6.07.
	 	Compensation and Indemnity	  	52
	 Section 6.08.
	 	Replacement of Note Trustee	  	53
	 Section 6.09.
	 	Successor Note Trustee by Merger	  	54
	 Section 6.10.
	 	Appointment of Co-Trustee or Separate Trustee.	  	55
	 Section 6.11.
	 	Eligibility; Disqualification	  	56
	 Section 6.12.
	 	Preferential Collection of Claims Against Note Issuer	  	56
	 Section 6.13.
	 	Representations and Warranties of Note Trustee	  	56
	 Section 6.14.
	 	Covenants of the Note Trustee	  	57
			
	 	 	ARTICLE VII	  	 
			
	 	 	Noteholders’ Lists and Reports	  	 
			
	 Section 7.01.
	 	Note Issuer To Furnish Note Trustee Names and Addresses of Noteholders	  	57
	 Section 7.02.
	 	Preservation of Information; Communications to Noteholders.	  	58
	 Section 7.03.
	 	Reports by Note Issuer.	  	58
	 Section 7.04.
	 	Reports by Note Trustee	  	58
			
	 	 	ARTICLE VIII	  	 
			
	 	 	Accounts, Disbursements and Releases	  	 
			
	 Section 8.01.
	 	Collection of Money	  	59
	 Section 8.02.
	 	Collection Account.	  	59
	 Section 8.03.
	 	General Provisions Regarding the Collection Account.	  	62
	 Section 8.04.
	 	Release of Collateral.	  	63
	 Section 8.05.
	 	Opinion of Counsel	  	64
	 Section 8.06.
	 	Reports by Independent Accountants	  	64

  

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	 	 	 	  	Page

	 	 	ARTICLE IX	  	 
			
	 	 	Supplemental Note Indentures	  	 
			
	 Section 9.01.
	 	Supplemental Note Indentures Without Consent of Noteholders.	  	65
	 Section 9.02.
	 	Supplemental Note Indentures with Consent of Noteholders	  	66
	 Section 9.03.
	 	Execution of Supplemental Note Indentures	  	68
	 Section 9.04.
	 	Effect of Supplemental Note Indenture	  	68
	 Section 9.05.
	 	Conformity with Trust Indenture Act	  	68
			
	 	 	ARTICLE X	  	 
			
	 	 	Redemption of Notes	  	 
			
	 Section 10.01.
	 	Optional Redemption by Note Issuer	  	68
	 Section 10.02.
	 	Form of Optional Redemption Notice	  	69
	 Section 10.03.
	 	Notes Payable on Optional Redemption Date or Payment Date	  	69
	 Section 10.04.
	 	Mandatory Redemption by Note Issuer	  	69
	 Section 10.05.
	 	Form of Mandatory Redemption Notice	  	70
	 Section 10.06.
	 	Notes Payable on Mandatory Redemption Date or Payment Date	  	70
			
	 	 	ARTICLE XI	  	 
			
	 	 	Miscellaneous	  	 
			
	 Section 11.01.
	 	Compliance Certificates and Opinions, etc.	  	70
	 Section 11.02.
	 	Form of Documents Delivered to Note Trustee	  	72
	 Section 11.03.
	 	Acts of Noteholders.	  	73
	 Section 11.04.
	 	Notices.	  	74
	 Section 11.05.
	 	Notices to Noteholders; Waiver	  	75
	 Section 11.06.
	 	Conflict with Trust Indenture Act	  	76
	 Section 11.07.
	 	Effect of Headings and Table of Contents	  	76
	 Section 11.08.
	 	Successors and Assigns	  	76
	 Section 11.09.
	 	Severability	  	76
	 Section 11.10.
	 	Benefits of Note Indenture	  	76
	 Section 11.11.
	 	Legal Holidays	  	77
	 Section 11.12.
	 	GOVERNING LAW	  	77
	 Section 11.13.
	 	Counterparts	  	77
	 Section 11.14.
	 	Recording of Note Indenture	  	77
	 Section 11.15.
	 	Trust Obligation	  	77
	 Section 11.16.
	 	No Recourse to Note Issuer	  	77
	 Section 11.17.
	 	Inspection	  	78

  

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	 	 	 	  	 	  	Page

	 SIGNATURE PAGE
	  	S-1
				
	 SCHEDULE A
	 	—  	  	Expected Amortization Schedule	  	 
	 SCHEDULE B
	 	—  	  	Required Overcollateralization Level Schedule	  	 
	 EXHIBIT A-1
	 	—  	  	Form of Sale Agreement	  	 
	 EXHIBIT A-2
	 	—  	  	Form of Servicing Agreement	  	 
	 EXHIBIT B
	 	—  	  	Form of Note	  	 

  

 v 

 NOTE INDENTURE dated as of     , 2005, between CEC FUNDING, LLC, a Delaware
limited liability company (the “Note Issuer”), and THE BANK OF NEW YORK, a New York banking corporation, as trustee (the “Note Trustee”). 
  
 RECITALS 
  
 The Note Issuer has duly authorized the execution and delivery of this Note Indenture to provide for the issuance of its Notes with an aggregate principal
amount of $    ,000,000 and the Note Issuer and the Note Trustee are executing and delivering this Note Indenture in order to provide for the issuance of the Notes. 
  
 GRANTING CLAUSE 
  
 The Note Issuer hereby Grants to the Note Trustee at the Issuance Date, as Note Trustee for the benefit of the Holders of the Notes and the Note Trustee,
all of the Note Issuer’s right, title and interest in and to (a) the Transition Property transferred by the Seller to the Note Issuer pursuant to the Sale Agreement and all proceeds thereof, (b) the Statutory Lien, (c) the Sale Agreement, (d)
the Servicing Agreement, (e) the Administration Agreement, (f) the Collection Account (including all subaccounts thereof) and all amounts or investment property on deposit therein or credited thereto from time to time, (g) all other property of
whatever kind owned from time to time by the Note Issuer, including accounts, general intangibles, equipment and inventory, (h) the security interest with respect to the Transition Property granted by the Seller to the Note Issuer in the Sale
Agreement, (i) all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing,
including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance
proceeds, condemnation awards, rights to payment of any and every kind, and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the
foregoing and (j) all proceeds of the foregoing (collectively, the “Collateral”; it being understood that the following do not constitute Collateral: (i) amounts required to be released pursuant to or contemplated in the terms hereof,
including net investment earnings on the Capital Subaccount that are required to be released to the Note Issuer pursuant to Article VIII and (ii) proceeds from the sale of the Notes required to pay the purchase price of the Transition Property paid
pursuant to the Sale Agreement and the costs of issuance with respect to the Notes or an allocable portion of the Certificates as set forth on the flow of funds memorandum delivered on the Issuance Date (together with any interest earnings thereon),
it being understood that such amounts described in clauses (i) and (ii) above shall not be subject to Section 3.19. 
  
 The foregoing Grants are made to the Note Trustee in trust to secure the payment of principal of, interest on, and all other amounts (which shall include
all amounts payable to the Note Trustee under this Note Indenture, the Certificate Indenture, the Fee and Indemnity Agreement and the other Basic Documents) owing in respect of, the Notes, including all amounts payable to the Note Trustee, the
Certificate Trustee and the Delaware Trustee under this Note Indenture, the Certificate Indenture, the Fee and Indemnity Agreement and the other Basic 

 
Documents (collectively, the “Secured Obligations”), equally and ratably without prejudice, priority or distinction, except as expressly provided
in this Note Indenture, and to secure compliance with the provisions of this Note Indenture with respect to the Notes, all as provided in this Note Indenture. This Note Indenture constitutes a security agreement within the meaning of the UCC or the
Statute to the extent that, under Massachusetts law, the provisions of the UCC or the Statute are applicable hereto. 
  
 The Note Trustee, as trustee on behalf of the Holders of the Notes and as agent for itself, acknowledges such Grants, accepts the trusts hereunder in
accordance with the provisions hereof and agrees to perform its duties herein required. 
  
 AND IT IS HEREBY COVENANTED, DECLARED AND AGREED between the parties hereto that all Notes are to be issued, countersigned and delivered and that all of the Collateral is to be held and applied, subject to the further
covenants, conditions, releases, uses and trusts hereinafter set forth, and the Note Issuer, for itself and any successor, does hereby covenant and agree to and with the Note Trustee and its successors in said trust, for the benefit of the Holders
and the Note Trustee, as follows: 
  
 ARTICLE I 

 
 Definitions and Incorporation by Reference 
  
 Section 1.01. Definitions. Except as otherwise specified herein or as
the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Note Indenture. 
  
 “Act” has the meaning specified in Section 11.03(a). 
  
 “Administration Agreement” means the Administration Agreement dated as of
                         , 2005, between Commonwealth Electric Company, as Administrator, and the Note Issuer, as
the same may be amended and supplemented from time to time. 
  
 “Administrator” means Commonwealth Electric Company, a Massachusetts corporation, or any successor Administrator under the Administration Agreement. 
  
 “Administration Fee” means the fee payable to the Administrator pursuant to the Administration Agreement.

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

 2 

 “Agencies” means collectively the Massachusetts Development Finance Agency, doing
business as MassDevelopment, and the Massachusetts Health and Educational Facilities Authority. 
  
 “Authorized Officer” means, with respect to the Note Issuer, any officer of the Note Issuer who is authorized to act for the Note Issuer
in matters relating to the Note Issuer and who is identified on the list of Authorized Officers delivered by the Note Issuer to the Note Trustee on the Issuance Date (as such list may be modified or supplemented by the Note Issuer from time to time
thereafter). 
  
 “Basic Documents” means,
collectively, this Note Indenture, the Certificate Indenture, the Declaration of Trust, the Sale Agreement, the Servicing Agreement, the Administration Agreement, the Note Purchase Agreement, the Fee and Indemnity Agreement, the Cross-Indemnity
Agreement and the Underwriting Agreement. 
  
 “Boston
Edison” means Boston Edison Company, a Massachusetts corporation. 
  
 “Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions or trust companies in New York, New York, Boston, Massachusetts or Wilmington, Delaware are
authorized or obligated by law, regulation or executive order to remain closed. 
  
 “Capital Subaccount” has the meaning set forth in Section 8.02(a). 
  
 “Certificate Issuer” has the meaning set forth in the Certificate Indenture. 
  
 “Certificate Indenture” means the Certificate Indenture
dated as of                          , 2005, between the Certificate Issuer, the Delaware Trustee and the
Certificate Trustee, as the same may be further amended and supplemented from time to time. 
  
 “Certificate Trustee” means the Person acting as certificate trustee under the Certificate Indenture. 
  
 “Certificates” has the meaning set forth in the Certificate Indenture. 
  
 “Class” means any one of the classes of Notes. 
  
 “Code” means the Internal Revenue Code of 1986, as amended
from time to time, and Treasury Regulations promulgated thereunder. 
  
 “Collateral” has the meaning specified in the Granting Clause of this Note Indenture. 
  
 “Collection Account” has the meaning specified in Section 8.02(a). 
  
 “Corporate Trust Office” means the principal office of the Note Trustee at which at any particular time its
corporate trust business shall be administered, which office at the date of the execution of this Note Indenture is located at 101 Barclay Street, Floor 8 West, New York, New 

  

 3 

 
York 10286, Attention: Asset Backed Finance Unit, or at such other address as the Note Trustee may designate from time to time by notice to the Noteholders
and the Note Issuer, or the principal corporate trust office of any successor Note Trustee (the address of which the successor Note Trustee will notify the Noteholders and the Note Issuer). 
  
 “Covenant Defeasance Option” has the meaning specified in
Section 4.01(b). 
  
 “Cross Indemnity Agreement”
means the Cross Indemnity Agreement dated as of                          , 2005 between the Note Issuer and BEC
Funding II, LLC, as the same may be amended and supplemented from time to time. 
  
 “Declaration of Trust” has the meaning set forth in the Certificate Indenture. 
  
 “Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. 
  
 “Delaware Trustee” means the Person acting as Delaware
trustee under the Declaration of Trust and the Certificate Indenture. 
  
 “Delaware UCC” means the Delaware Uniform Commercial Code. 
  
 “DTC Agreement” has the meaning set forth in the Certificate Indenture. 
  
 “DTE” means the Massachusetts Department of Telecommunications and Energy and any successor thereto. 
  
 “Eligible Deposit Account” means either (a) a segregated
trust account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of
Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from each Rating
Agency in one of its generic rating categories which signifies investment grade. 
  
 “Eligible Institution” means (a) the corporate trust department of the Note Trustee or (b) a depository institution organized under the laws of the United States of America, any State or the District
of Columbia (or any domestic branch of a foreign bank), (i) which has either (A) a long-term unsecured debt rating of AAA by Standard & Poor’s and AAA by Moody’s or (B) a certificate of deposit rating of A-1+ by Standard &
Poor’s and P-1 by Moody’s, or any other long-term, short-term or certificate of deposit rating acceptable to the Rating Agencies and (ii) whose deposits are insured by the FDIC. If so qualified under clause (b) above, the Note Trustee may
be considered an Eligible Institution for the purposes of clause (a) of the definition of Eligible Deposit Account. 
  

 4 

 “Eligible Investments” mean instruments or investment property denominated in United
States currency which evidence: 
  
 (a) direct
obligations of, or obligations fully and unconditionally guaranteed as to timely payment by, the United States of America; 
  
 (b) demand deposits, time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws
of the United States of America or any state thereof (or any domestic branch of a foreign bank) and subject to supervision and examination by federal or state banking or depository institution authorities; provided, however, that at
the time of the investment or contractual commitment to invest therein, the commercial paper or other short-term unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such
depository institution or trust company) thereof shall have a credit rating from each of the Rating Agencies in the highest short-term rating category granted thereby; 
  
 (c) commercial paper or other short-term obligations of any corporation organized under the laws of the
United States (other than commercial paper of the Seller, NSTAR or Boston Edison) having, at the time of the investment or contractual commitment to invest therein, a rating from each of the Rating Agencies from which a rating is available in the
highest short-term rating category granted thereby; 
  
 (d) investments in money market funds (including funds for which the Note Trustee, the Certificate Trustee or any of their Affiliates is investment manager or advisor) having a rating from each of the Rating Agencies from which a rating is
available in the highest investment category granted thereby (for Standard & Poor’s such rating being “AAAm” or “AAAm-G”); 
  
 (e) bankers’ acceptances by any depository institution or trust company referred to in (b) above; 
  
 (f) repurchase obligations with respect to any security that
is a direct obligation of, or fully guaranteed by, the United States of America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into
with depository institutions or trust company (acting as principal described in clause (b) above); 
  
 (g) repurchase obligations with respect to any security or whole loan entered into with: 
  
 (i) a financial institution (acting as principal) as
described in clause (b) above, or 
  
 (ii) a
broker/dealer (acting as principal) registered as a broker or dealer under Section 15 of the Exchange Act, the unsecured short term debt obligations of which are rated “P-1” by Moody’s and “A-1+” by S&P at the time of
entering into the repurchase obligation; and 
  

 5 

 (h) any other investment permitted by each of the Rating Agencies; 
  
 provided, however, that (1) the obligor related to clauses
(b), (c), (d), (f), and (g) above must have a long-term rating of at least “Aa3” or a short-term rating of at least “P-1” with respect to Moody’s only, and a short-term rating of at least “A-1+” or a long-term
rating of at least “AA-” with respect to Standard & Poor’s only, (2) with respect to clause (a) above, the instruments must have a predetermined fixed dollar amount of principal at maturity that cannot vary, and if rated, the
instruments must not have an “r” suffix attached to its Standard & Poor’s rating, (3) unless otherwise permitted by each Rating Agency, upon the failure of any Eligible Institution to maintain any applicable rating set forth in
this definition or the definition of Eligible Institution, the related investments at such institution shall be reinvested in Eligible Investments at a successor Eligible Institution within 10 days, and (4) that all Eligible Investments must not:

  

	 	(x)	be sold, liquidated or otherwise disposed of at a loss, prior to the maturity thereof, 

  

	 	(y)	mature later than (i) the date on which the proceeds of such Eligible Investment will be required to be on deposit in the Collection Account in order for the Note Trustee to make
all required and scheduled payments and deposits into subaccounts under the Note Indenture, if such Eligible Investment is held by an Affiliate of the Note Trustee, or (ii) the Business Day prior to the date on which the proceeds of such Eligible
Investment will be required to be on deposit in the Collection Account in order for the Note Trustee to make all required and scheduled payments and deposits into subaccounts under the Indenture, if such Eligible Investment is not held by an
Affiliate of the Note Trustee, or 

  

	 	(z)	have maturities in excess of one year. 

  
 “Event of Default” has the meaning specified in Section 5.01. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Expected Amortization Schedule” means, with respect to each
Class of Notes, the schedule attached as Schedule A hereto. 
  
 “FDIC” means the Federal Deposit Insurance Corporation or any successor. 
  
 “Fee and Indemnity Agreement” means the fee and indemnity agreement dated as of
                         , 2005, among the Note Issuer, BEC Funding II, LLC, the Delaware Trustee, the Certificate
Trustee, the Certificate Issuer and the Agencies. 
  

 6 

 “Final Maturity Date” means, with respect to any Class of Notes, the Final Maturity Date
therefor, as specified in Section 2.01(b). 
  
 “Financial
Asset” means a “financial asset” as defined in Section 8-102(a)(9) of the Mass. UCC. 
  
 “General Subaccount” has the meaning set forth in Section 8.02(a). 
  
 “Grant” means mortgage, pledge, collaterally assign and grant a lien upon and a security interest pursuant
to this Note Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and continuing right to
claim for, collect, receive and give receipt for payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and
options, to bring Proceedings in the name of the Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto. 
  
 “Independent” means, when used with respect to any specified
Person, that the Person (a) is in fact independent of the Note Issuer, any other obligor upon the Notes, the Seller, the Servicer and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material
indirect financial interest in the Note Issuer, any such other obligor, the Seller, the Servicer or any Affiliate of any of the foregoing Persons and (c) is not connected with the Note Issuer, any such other obligor, the Seller, the Servicer or any
Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions (other than service as an Independent director of BEC Funding II, LLC). 
  
 “Independent Certificate” means a certificate or opinion to
be delivered to the Note Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.01, made by an Independent appraiser or other expert appointed by an Issuer Order and consented to by the
Note Trustee, and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Note Indenture and that the signer is Independent within the meaning thereof. 
  
 “Issuance Date” has the meaning set forth in Section
2.01(c)(i). 
  
 “Issuer Order” and
“Issuer Request” means a written order or request signed in the name of the Note Issuer by any one of its Authorized Officers and delivered to the Note Trustee. 
  
 “Legal Defeasance Option” has the meaning specified in Section 4.01(b). 
  
 “Mandatory Redemption Date” has the meaning specified in
Section 10.04. 
  
 “Mandatory Redemption Price”
has the meaning specified in Section 10.04. 
  
 “Massachusetts UCC” means the Massachusetts Uniform Commercial Code. 
  

 7 

 “Minimum Denomination” means
$                     or any integral multiple thereof. 
  
 “Moody’s” means Moody’s Investors Service Inc. or its successor. 
  
 “Noteholder” or “Holder” means the Person
in whose name a Note is registered on the Note Register. 
  
 “Note Indenture” or “this Note Indenture” means this instrument as originally executed and, as from time to time supplemented or amended by one or more indentures supplemental hereto entered into pursuant
to the applicable provisions hereof, as so supplemented or amended, or both, and shall include the forms and terms of the Notes established hereunder. 
  
 “Note Interest Rate” has the meaning specified in Section 2.01(b). 
  
 “Note Issuer” means the party named as such in this Note Indenture until a successor replaces it and,
thereafter, means the successor and, for purposes of any provision contained herein and required by the Trust Indenture Act, each other obligor on the Notes. 
  
 “Note Purchase Agreement” has the meaning set forth in the Certificate Indenture. 
  
 “Note Register” and “Note Registrar” have
the respective meanings specified in Section 2.05. 
  
 “Notes” has the meaning specified in Section 2.01(a). 
  
 “Note Trustee” means The Bank of New York, a New York banking corporation, as Note Trustee under this Note Indenture, or any successor Note Trustee under this Note Indenture. 
  
 “NSTAR” means NSTAR, a Massachusetts voluntary association.

  
 “Officer’s Certificate” means a
certificate signed by any Authorized Officer of the Note Issuer, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.01, and delivered to the Note Trustee. 
  
 “Operating Expenses” means all fees, costs and expenses of,
and indemnities owed by, the Note Issuer, including all amounts owed by the Note Issuer to the Note Trustee, the Certificate Issuer, the Certificate Trustee, the Delaware Trustee, the Agencies, BEC Funding II, LLC and the Rating Agencies, the
Servicing Fee, the Administration Fee, any fees, costs and expenses payable or reimbursable by the Note Issuer to the Administrator, Seller or Servicer and legal and accounting fees, costs and expenses of the Note Issuer and the Certificate Issuer
that are allocable to the Note Issuer. 
  
 “Opinion of
Counsel” means one or more written opinions of counsel who may, except as otherwise expressly provided in this Note Indenture, be an employee of or counsel to the Note Issuer and who shall be reasonably satisfactory to the Note Trustee, and
which opinion or opinions shall be addressed to the Note Trustee, as trustee, shall comply with any applicable requirements of Section 11.01, and shall be in form and substance reasonably satisfactory to the Note Trustee. 
  

 8 

 “Optional Redemption Date” means the Payment Date specified by the Note Issuer for the
redemption of the Notes pursuant to Section 10.01. 
  
 “Optional Redemption Price” has the meaning specified in Section 10.01. 
  
 “Outstanding” means, as of the date of determination, all Notes theretofore authenticated and delivered under this Note Indenture except:

  
 (ii) Notes theretofore cancelled by the Note
Registrar or delivered to the Note Registrar for cancellation; 
  
 (iii) Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Note Trustee or any Paying Agent in trust for the Holders of such Notes (provided,
however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Note Indenture or provision made therefor, reasonably satisfactory to the Note Trustee); and 
  
 (iv) Notes in exchange for or in lieu of other Notes which
have been authenticated and delivered pursuant to this Note Indenture unless proof satisfactory to the Note Trustee is presented that any such Notes are held by a bona fide purchaser; 
  
 provided, however, that in determining whether the Holders of the requisite Outstanding Amount of the Notes or any Class
thereof have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Note Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing
Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Note Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that the
Note Trustee actually knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Note Trustee the pledgee’s right so to
act with respect to such Notes and that the pledgee is not the Note Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons. 
  
 “Outstanding Amount” means the aggregate principal amount of all Notes or, if the context requires, all
Notes of a Class, Outstanding at the date of determination. 
  
 “Overcollateralization Subaccount” has the meaning specified in Section 8.02(a). 
  
 “Paying Agent” means the Note Trustee or any other Person that meets the eligibility standards for the Note Trustee specified in Section
6.11 and is authorized by the Note Issuer to make payment of principal of or interest on the Notes on behalf of the Note Issuer. 
  

 9 

 “Payment Date” has the meaning specified in Section 2.01(c)(ii). 
  
 “Person” means any individual, corporation, limited
liability company, estate, partnership, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Predecessor Note” means, with respect to any particular
Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.06 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
  
 “Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding. 
  
 “Projected Principal Balance” means, as of any Payment Date
on any Class of Notes, the projected outstanding principal amount of such Class of Notes for such Payment Date set forth in the Expected Amortization Schedule. 
  

“Rating Agency” means, collectively, Moody’s and Standard & Poor’s. If no such organization or successor is any longer
in existence, “Rating Agency” shall be a nationally recognized statistical rating organization or other comparable Person designated by the Note Issuer, notice of which designation shall be given to the Note Trustee, the Certificate
Trustee and the Servicer. 
  
 “Rating Agency
Condition” means, with respect to any action, that each Rating Agency shall have been given ten days prior written notice thereof and that each of the Rating Agencies shall have notified the Servicer, the Note Issuer, the Note Trustee, the
Agencies and the Certificate Trustee in writing that such action will not result in a suspension, reduction or withdrawal of the then current rating by such Rating Agency of any Class of the Notes or any Class of the Certificates. 
  
 “Record Date” means, with respect to a Payment Date,
Optional Redemption Date or Mandatory Redemption Date, the close of business on the last day of the calendar month preceding the calendar month in which such Payment Date, Optional Redemption Date or Mandatory Redemption Date occurs. 
  
 “Registered Holder” means the Person in whose name a Note is
registered on the Note Register on the applicable Record Date. 
  
 “Repurchase Date” has the meaning specified in the Sale Agreement. 
  
 “Required Capital Level” means, as of any Payment Date, .50 percent of the initial principal amount of the Notes. 
  

 10 

 “Required Overcollateralization Level” means, as of any Payment Date, the amount
required to be on deposit in the Overcollateralization Subaccount as specified in Schedule B hereto. 
  
 “Reserve Subaccount” has the meaning specified in Section 8.02(a). 
  
 “Responsible Officer” means, with respect to the Note Trustee, any officer assigned to the Corporate Trust
Division (or any successor thereto), including any Vice President, Assistant Vice President, Secretary, Assistant Secretary, Treasurer or Assistant Treasurer or any other officer of the Note Trustee customarily performing functions similar to those
performed by any of the above designated officers, in each case having direct responsibility for the administration of this Note Indenture. 
  
 “Sale Agreement” means the Transition Property Purchase and Sale Agreement dated as of
                         , 2005, between the Note Issuer and the Seller, in the form of Exhibit A-1, as amended and
supplemented from time to time. 
  
 “Scheduled Maturity
Date” means, with respect to any Class of Notes, the Scheduled Maturity Date therefor, as specified in Section 2.01(b). 
  
 “Secured Obligations” has the meaning specified in the Granting Clause of this Note Indenture. 
  
 “Securities Account” means the Collection Account which
shall be a “securities account,” as defined in Section 8-501 of the Delaware UCC. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Securities Intermediary” means the Note Trustee, acting as a “securities intermediary,” as defined in Section
8-102(a)(14) of the Delaware UCC. 
  
 “Security
Entitlement” means a “security entitlement” as defined in Section 8-102(a)(17) of the Delaware UCC. 
  
 “Semiannual Interest” has the meaning specified in Section 2.01(c)(iv). 
  
 “Semiannual Principal” means, with respect to any Payment Date on any Class of Notes, the excess, if any,
of the Outstanding Amount of such Class of Notes over the outstanding principal balance of such Class of Notes specified for such Payment Date in the Expected Amortization Schedule. 
  
 “Servicing Agreement” means the Transition Property Servicing Agreement dated as of
                         , 2005, between the Note Issuer and the Servicer, in the form of Exhibit A-2, as amended
and supplemented from time to time. 
  
 “Standard &
Poor’s” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. or its successor. 
  

 11 

 “State” means any one of the 50 states of the United States of America or the District
of Columbia. 
  
 “Statute” means Chapter 164 of
the Massachusetts Acts of 1997. 
  
 “Statutory
Lien” means the lien on the Transition Property created by Section 1H(e) of Chapter 164 of the Massachusetts General Laws. 
  
 “Successor Servicer” has the meaning specified in Section 3.07(e). 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force on the date hereof, unless
otherwise specifically provided. 
  
 “UCC” means,
unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction, as amended from time to time. 
  
 “Underwriting Agreement” means the Underwriting Agreement dated as of
                         , 2005, among the Seller, the Note Issuer, Boston Edison, BEC Funding II, LLC, Lehman
Brothers Inc. and Goldman, Sachs & Co. 
  
 “U.S.
Government Obligations” means direct obligations (or certificates representing an ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full
faith and credit of the United States of America is pledged. 
 (aa) Except as otherwise specified herein or as the context may otherwise
require, the following terms have the respective meanings set forth in the Servicing Agreement as in effect on the Issuance Date for all purposes of this Note Indenture, and the definitions of such terms are equally applicable both to the singular
and plural forms of such terms: 
  

			
	 Term

	  	 Section of
 Servicing Agreement

	 Advice Letter
	  	Section 1.01
	 Estimated RTC Charge Payments
	  	Section 1.01
	 Financing Order
	  	Section 1.01
	 Issuance Advice Letter
	  	Section 1.01
	 Non-Routine Periodic Adjustment
	  	Section 1.01
	 Periodic Adjustments
	  	Section 1.01
	 Principal Balance
	  	Section 1.01
	 RTC Charge
	  	Section 1.01
	 RTC Charge Collections
	  	Section 1.01
	 Seller
	  	Section 1.01
	 Semiannual Servicer Certificate
	  	Section 1.01
	 Servicer
	  	Section 1.01
	 Servicer Default
	  	Section 1.01
	 Servicing Fee
	  	Section 1.01
	 Transition Property
	  	Section 1.01

  
  

 12 

 Section 1.02. Incorporation by Reference of Trust Indenture Act. Whenever this Note Indenture
refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Note Indenture. The following Trust Indenture Act terms used in this Note Indenture have the following meanings: 
  
 “Commission” means the Securities and Exchange Commission.

  
 “indenture securities” means the Notes. 

 
 “indenture security holder” means a Noteholder. 
  
 “indenture to be qualified” means this Note Indenture. 

 
 “indenture trustee” or “institutional trustee” means
the Note Trustee. 
  
 “obligor” on the indenture
securities means the Note Issuer and any other obligor on the indenture securities. 
  
 All other Trust Indenture Act terms used in this Note Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined by Commission rule have the meanings
assigned to them by such definitions. 
  
 Section 1.03. Rules
of Construction. Unless the context otherwise requires: 
  
 (i) a term has the meaning assigned to it; 
  

 13 

 (ii) an accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles as in effect from time to time; 
  
 (iii) “or” is not exclusive; 
  
 (iv) “including” means including without limitation; 
  
 (v) words in the singular include the plural and words in the plural include the singular; 
  
 (vi) the words “herein,” “hereof,”
“hereunder” and other words of similar import refer to this Note Indenture as a whole and not to any particular Article, Section or other subdivision; and 
  
 (vii) all references in this Note Indenture to designated “Articles,” “Sections” and
other subdivisions are to the designated Articles, Sections and other subdivisions of this Note Indenture; 
  
 ARTICLE II 
  
 The Notes 
  
 Section 2.01. Terms of the
Notes. 
  
 (a) Authorization;
Designation. The issuance of the Notes in an aggregate initial principal amount of $409,000,000 is hereby authorized and the Notes shall be designated as the CEC Funding, LLC Notes (the “Notes”), and further denominated as Classes A-1
through A-[    ]. 
 (b) Initial Principal Amount; Note Interest Rate; Scheduled Maturity Date; Final
Maturity Date. The Notes of each Class shall have the aggregate initial principal amount, bear interest at the rates per annum and shall have Scheduled Maturity Dates and Final Maturity Dates as set forth below: 
  

									
	Class

	 	Initial Principal
Amount

	 	Note Interest
Rate

	 	Scheduled
Maturity Date

	 	Final Maturity
Date

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

  
  

 14 

 The Note Interest Rate shall be computed on the basis of a 360-day year of twelve 30-day months.

  
 The Notes shall be issuable in not less than Minimum
Denominations. 
  
 (c) Authentication Date;
Payment Dates; Expected Amortization Schedule for Principal; Semiannual Interest. 
  
 (i) Authentication Date. The Notes that are authenticated and delivered by the Note Trustee to or upon the order of the Note Issuer
on                          , 2005 (the “Issuance Date”) shall have as their date of authentication
                         , 2005. 
  
 (ii) Payment Dates. The Payment Dates for the Notes shall be September 15 and March 15 of each year
or, if any such date is not a Business Day, the next succeeding Business Day, commencing on September 15, 2005 and continuing until the earlier of repayment of the Notes in full or the Final Maturity Date for Class A-[    ] of
the Notes. 
  
 (iii) Expected Amortization
Schedule for Principal. Unless an Event of Default shall have occurred and be continuing and the unpaid principal amount of all Notes and accrued interest thereon has been declared to be due and payable, on each Payment Date, the Note Trustee
shall pay to the Noteholders of record as of the related Record Date amounts payable pursuant to Section 8.02(d) as principal, in the following order and priority: (1) to the holders of the Class A-1 Notes, until the Outstanding Amount of such Class
of Notes thereof has been reduced to zero; (2) to the holders of the Class A-2 Notes, until the Outstanding Amount of such Class of Notes thereof has been reduced to zero; and (3) to the holders of the Class A-[others] Notes until the Outstanding
Amount of such Class of Notes thereof has been reduced to zero; provided, however, that in no event shall a principal payment pursuant to this Section 2.01(c)(iii) on any Class on a Payment Date be greater than the amount that reduces
the Outstanding Amount of such Class of Notes to the amount specified in the Expected Amortization Schedule. Partial payments of any scheduled amortization payment shall be allocated within any Class of Notes pro rata. 
  

 15 

 (iv) Semiannual Interest. Semiannual Interest will be payable on each Class of
Notes on each Payment Date in an amount equal to one-half of the product of (i) the applicable Note Interest Rate and (ii) the Outstanding Amount of the related Class of Notes as of the close of business on the preceding Payment Date after giving
effect to all payments of principal made to the Holders of the related Class of Notes on such preceding Payment Date; provided, however, that with respect to the initial Payment Date or, if no payment has yet been made, interest on the
outstanding principal balance will accrue from and including the Issuance Date to, but excluding, that Payment Date. 
  
 Section 2.02. Form. The Notes and the Note Trustee’s certificate of authentication shall be in substantially the forms set forth in Exhibit B,
with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Note Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon
as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of such Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on
the face of the Note. 
  
 The Notes shall be typewritten, printed,
lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
  
 The terms of the Notes set forth in Exhibit B are part of the terms of this
Note Indenture. 
  
 Section 2.03. Execution, Authentication and
Delivery. The Notes shall be executed on behalf of the Note Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
  
 Notes bearing the manual or facsimile signature of individuals who were at
any time Authorized Officers of the Note Issuer shall bind the Note Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at
the date of such Notes. 
  
 At any time and from time to time
after the execution and delivery of this Note Indenture, the Note Issuer may deliver Notes executed by the Note Issuer to the Note Trustee pursuant to an Issuer Order for authentication; and the Note Trustee shall authenticate and deliver such Notes
as provided in this Note Indenture and not otherwise. 
  
 No Note
shall be entitled to any benefit under this Note Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Note Trustee by the
manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
  

 16 

 Section 2.04. Temporary Notes. Pending the preparation of definitive Notes, the Note Issuer may
execute, and upon receipt of an Issuer Order the Note Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the definitive Notes in lieu of which
they are issued and with such variations not inconsistent with the terms of this Note Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 
  
 If temporary Notes are issued, the Note Issuer will cause definitive Notes to
be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes shall be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Note Issuer to be maintained as
provided in Section 3.02, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Note Issuer shall execute and the Note Trustee shall authenticate and deliver in exchange therefor a like principal
amount of definitive Notes of Minimum Denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Note Indenture as definitive Notes. 
  
 Section 2.05. Registration; Registration of Transfer and Exchange. The
Note Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Note Issuer shall provide for the registration of Notes and the registration of transfers of
Notes. The Note Trustee shall be “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Note Issuer shall promptly appoint a successor or, if it
elects not to make such an appointment, assume the duties of Note Registrar. 
  
 If a Person other than the Note Trustee is appointed by the Note Issuer as Note Registrar, the Note Issuer will give the Note Trustee prompt written notice of the appointment of such Note Registrar and of the
location, and any change in the location, of the Note Register, and the Note Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Note Trustee shall have the right to rely upon a
certificate executed on behalf of the Note Registrar by a Responsible Officer thereof as to the names and addresses of the Holders of the Notes and the principal amounts and number of such Notes. 
  
 Upon surrender for registration of transfer of any Note at the office or
agency of the Note Issuer to be maintained as provided in Section 3.02, the Note Issuer shall execute, and the Note Trustee shall authenticate and the Noteholder shall obtain from the Note Trustee, in the name of the designated transferee or
transferees, one or more new Notes in any Minimum Denominations, of a like Class and aggregate principal amount. 
  
 At the option of the Holder, Notes may be exchanged for other Notes in any Minimum Denominations, of a like Class and aggregate principal amount, upon
surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, the Note Issuer shall execute, and the Note Trustee shall authenticate and the Noteholder shall obtain from the Note Trustee, the
Notes which the Noteholder making the exchange is entitled to receive. 
  

 17 

 All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of
the Note Issuer, evidencing the same debt, and entitled to the same benefits under this Note Indenture, as the Notes surrendered upon such registration of transfer or exchange. 
  
 Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by
(a) a written instrument of transfer in form satisfactory to the Note Trustee duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an institution which is a member of one of
the following recognized Signature Guaranty Programs: (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) in such other
guarantee program acceptable to the Note Trustee, and (b) such other documents as the Note Trustee may require. 
  
 No service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Note Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.04 not involving any transfer. 
  
 The preceding provisions of this Section notwithstanding, the Note Issuer
shall not be required to make and the Note Registrar need not register transfers or exchanges of Notes selected for redemption or of any Note for a period of 15 days preceding the date for any payment with respect to the Note. 
  
 Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Note Trustee, or the Note Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Note Trustee such security or indemnity as may be required
by it to hold the Note Issuer and the Note Trustee harmless, then, in the absence of notice to the Note Issuer, the Note Registrar or the Note Trustee that such Note has been acquired by a protected purchaser, the Note Issuer shall execute and, upon
its request, the Note Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of like Class, tenor and principal amount, bearing a number not contemporaneously
outstanding; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a
replacement Note, the Note Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the Optional Redemption Date or Mandatory Redemption Date, as applicable, without surrender thereof. If, after the delivery of such
replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a protected purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note,
the Note Issuer and the Note Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was
delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Note Issuer or the Note
Trustee in connection therewith. 
  

 18 

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

  
 Every replacement Note issued pursuant to this Section in
replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Note Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Note Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
  
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes. 
  
 Section
2.07. Persons Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Note Issuer, the Note Trustee and any agent of the Note Issuer or the Note Trustee may treat the Person in whose name any Note is registered
(as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Note Issuer, the
Note Trustee nor any agent of the Note Issuer or the Note Trustee shall be affected by notice to the contrary. 
  
 Section 2.08. Payment of Principal and Interest; Interest on Overdue Principal; Principal and Interest Rights Preserved. 
  
 (a) Any installment of interest or principal payable on any
Note which is punctually paid or duly provided for by the Note Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date for such Payment Date, by
check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of the Certificate Trustee payments will be
made by wire transfer in immediately available funds to the account designated by the Certificate Trustee and except for the final installment of principal payable with respect to such Note on a Payment Date which shall be payable as provided below.
The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03 hereof. 
  
 (b) The principal of each Note of each Class shall be paid, to the extent funds are available therefor in the Collection Account, in
installments on each Payment Date specified in Section 2.01. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the date on which an Event of Default shall have
occurred and be continuing, if the Note Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section
5.02. In such event, all payments of principal on the Notes shall be 

  

 19 

 
made pro rata. The Note Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment
Date on which the Note Issuer expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed no later than five days prior to such final Payment Date and shall specify that such final
installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be
mailed to Noteholders as provided in Section 10.02 or Section 10.05, as applicable. 
  
 (c) If the Note Issuer defaults in a payment of interest on the Notes when due, the Note Issuer shall be required to pay such defaulted
interest (plus interest on such defaulted interest at the applicable Note Interest Rate to the extent lawful) to the Persons who are Noteholders on a subsequent special record date, which date shall be at least five Business Days prior to the
payment date. The Note Issuer shall fix or cause to be fixed any such special record date and payment date, and, at least 20 days before any such special record date, the Note Issuer shall mail to each affected Noteholder a notice that states the
special record date, the payment date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid. 
  
 Section 2.09. Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person
other than the Note Trustee, be delivered to the Note Trustee and shall be promptly cancelled by the Note Trustee. The Note Issuer may at any time deliver to the Note Trustee for cancellation any Notes previously authenticated and delivered
hereunder which the Note Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Note Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in
this Section, except as expressly permitted by this Note Indenture. All cancelled Notes may be held or disposed of by the Note Trustee in accordance with its standard retention or disposal policy as in effect at the time. 
  
 Section 2.10. Authentication and Delivery of Notes. On the Issuance
Date, the Notes shall be executed by the Note Issuer and delivered to the Note Trustee for authentication and thereupon the same shall be authenticated and delivered by the Note Trustee upon Issuer Request and upon delivery by the Note Issuer to the
Note Trustee, and receipt by the Note Trustee, or the causing to occur by the Note Issuer, of the following: 
  
 (1) Note Issuer Action. An Issuer Order authorizing and directing the authentication and delivery of the Notes by the Note Trustee
and specifying the principal amount of Notes to be authenticated. 
  
 (2) Authorizations. 
  
 (a) An Opinion of Counsel that no authorization, approval or consent of any Massachusetts, Delaware or federal governmental body or bodies at the time having jurisdiction in the premises is required to be obtained by
the Note Issuer for 

  

 20 

 
the valid issuance, authentication and delivery of such Notes, except for such registrations as are required under the blue sky and securities laws of any
State or such authorizations, approvals or consents of governmental bodies that have been obtained. 
  
 (b) An Opinion of Counsel that no authorization, approval or consent of any governmental body or bodies at the time having jurisdiction in
the premises is required for the valid execution and delivery by the Note Issuer of each of the Basic Documents to which the Note Issuer is a party, except for such authorizations, approvals or consents of governmental bodies that have been
obtained. 
  
 (3) Authorizing Certificate.
A certificate of an Authorized Officer of the Note Issuer certifying that the Note Issuer has duly authorized the execution and delivery of this Note Indenture and the execution, authentication and delivery of the Notes. 
  
 (4) The Collateral. The Note Issuer shall have caused
all Collateral to have been Granted to the Note Trustee or, if requested by the Note Trustee, its nominee and will have caused all filings pursuant to the Statute, the Massachusetts UCC, the Delaware UCC and any other applicable law as are necessary
to cause the Note Trustee to have a first priority perfected security interest in the Collateral to have been duly made. 
  
 (5) Certificates of the Note Issuer and the Seller. 
  
 (a) An Officer’s Certificate from the Note Issuer, dated as of the Issuance Date: 
  
 (i) to the effect that the Note Issuer is not in Default
under this Note Indenture and that the issuance of the Notes applied for will not result in any Default or in any material breach of any of the terms, conditions or provisions of or constitute a default under any material indenture, mortgage, deed
of trust or other agreement or instrument to which the Note Issuer is a party or by which it or its property is bound or any order of any court or administrative agency entered in any Proceeding to which the Note Issuer is a party or by which it or
its property may be bound or to which it or its property may be subject; and that all conditions precedent provided in this Note Indenture relating to the authentication and delivery of the Notes applied for have been complied with; 
  
 (ii) to the effect that all instruments furnished to the
Note Trustee pursuant to this Note Indenture conform to the requirements set forth in this Note Indenture and constitute all of the documents required to be delivered hereunder for the Note Trustee to authenticate and deliver the Notes applied for,
and all conditions precedent provided for in this Note Indenture relating to the authentication and delivery of the Notes have been complied with; 
  

 21 

 (iii) to the effect that the Note Issuer has not assigned any interest or participation
in the Collateral except for the lien of this Note Indenture and of the Statute; the Note Issuer has the power and right to Grant the Collateral to the Note Trustee as security hereunder; and the Note Issuer, subject to the terms of this Note
Indenture, has Granted to the Note Trustee all of its right, title and interest in and to such Collateral free and clear of any lien, mortgage, pledge, charge, security interest, adverse claim or other encumbrance, except the lien of this Note
Indenture and of the Statute; 
  
 (iv) to the
effect that the Note Issuer has appointed a firm of Independent certified public accountants as contemplated in Section 8.06 hereof; 
  
 (v) to the effect that attached thereto are duly executed, true and complete copies of the Sale Agreement and the Servicing Agreement;
and 
  
 (vi) stating that all filings with the
DTE pursuant to the Statute and all UCC financing statements with respect to the Collateral which are required to be filed to cause the Note Trustee to have a first priority perfected security interest in the Collateral have been filed. 

 
 (b) An Officer’s Certificate (as defined in the Sale
Agreement) from the Seller, dated as of the Issuance Date, to the effect that (i) the representations and warranties set forth in Article III of the Sale Agreement are true and correct and (ii) the attached copies of the Financing Order and Issuance
Advice Letter creating the Transition Property are true and correct. 
  
 (6) Opinion of Counsel. An Opinion of Counsel, portions of which may be delivered by counsel for the Note Issuer, portions of which may be delivered by counsel for the Seller and the Servicer, and portions of
which may be delivered by counsel to the Certificate Issuer, dated the Issuance Date, in each case subject to the customary exceptions, qualifications and assumptions contained therein, to the collective effect that: 
  
 (a) the Note Indenture has been duly qualified under the
Trust Indenture Act; 
  
 (b) the Note Issuer has
the limited liability company power and authority to execute and deliver this Note Indenture and to issue the Notes, and this Note Indenture and the Notes have been duly authorized and the Note Issuer is duly formed and is validly existing in good
standing under the laws of the jurisdiction of its organization; 
  
 (c) the Note Indenture has been duly authorized, executed and delivered by the Note Issuer; 
  

 22 

 (d) the Notes applied for have been duly authorized and executed and, when authenticated
in accordance with the provisions of the Note Indenture and delivered against payment of the purchase price therefor, will constitute valid and binding obligations of the Note Issuer, entitled to the benefits of the Note Indenture subject to
bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other laws relating to or affecting the rights of creditors generally and general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law); 
  
 (e) this
Note Indenture, the Sale Agreement, the Servicing Agreement, the Fee and Indemnity Agreement and the Cross-Indemnity Agreement are valid and binding agreements of the Note Issuer, enforceable in accordance with their respective terms, except as such
enforceability against the Note Issuer may be subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other laws relating to or affecting the rights of creditors generally and general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law); 
  
 (f) (i) the provisions of the Note Indenture create a valid security interest securing the Secured Obligations in favor of the Note
Trustee in all right, title and interest of the Note Issuer in the Transition Property, the Sale Agreement, the Servicing Agreement, the Administration Agreement and all accounts, general intangibles, equipment and inventory of the Note Issuer, (ii)
the financing statements to be filed with the Delaware Secretary of State and the Massachusetts Secretary of State include all of the information required by Section 9-502(a) of Delaware Article 9 and Section 1H(d)(1) of the Statute, (iii) the
financing statements have been presented for filing and all filing fees required in connection therewith have been paid, (iv) the security interests granted by the Note Issuer under this Note Indenture which can be perfected by the filing of
financing statements under the Massachusetts Uniform Commercial Code and Delaware Article 9 are perfected, (v) the provisions of the Note Indenture are effective to create in favor of the Note Trustee a perfected security interest in the Collection
Account or each portion thereof that is a securities account under the Massachusetts Uniform Commercial Code, (vi) to the extent that the Collection Account, or some portion thereof, is a deposit account, the provisions of the Note Indenture are
effective to create in the Note Trustee a perfected security interest in the rights of the Note Issuer in the Collection Account or the portion thereof that is a deposit account, (vii) search reports set forth the proper filing offices and proper
debtor necessary to identify the persons who under the Massachusetts Uniform Commercial Code and Delaware Uniform Commercial Code have on file financing statements covering the Collateral, or a portion thereof, (viii) by operation of Section 1H(e)
thereof, the Statute creates, upon the effective date of the Financing Order, a first priority statutory lien on the Transition Property securing the Secured Obligations, (ix) the statutory lien is valid, perfected and enforceable against the Note
Issuer and all third parties without any further public notice, (x) although the Statute and the Financing Order provide that conflicting 

  

 23 

 
statutory liens on Transition Property arising under Section 1H(e) of the Statute rank in order of time of perfection, the Financing Order does not provide
for any such conflicting statutory liens; 
  
 (g)
either (A) the Registration Statement covering the Notes and the Certificates is effective under the Securities Act and, to the best of such counsel’s knowledge and information, no stop order suspending the effectiveness of such Registration
Statement has been issued under the Securities Act and no proceedings for that purpose have been initiated or are pending or threatened by the Commission or (B) the Notes and the Certificates are exempt from the registration requirements under the
Securities Act; 
  
 (h) the Note Issuer is not an
“investment company” or under the “control” of an “investment company” as such terms are defined under the Investment Company Act of 1940, as amended; 
  
 (i) the Sale Agreement is a valid and binding agreement of the Seller enforceable against the Seller in
accordance with its terms except as such enforceability may be subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other laws relating to or affecting the rights of creditors generally and general principles of
equity (regardless of whether such enforcement is considered in a proceeding in equity or at law); 
  
 (j) the Servicing Agreement is a valid and binding agreement of the Servicer enforceable against the Servicer in accordance with its terms
except as such enforceability may be subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other laws relating to or affecting the rights of creditors generally and general principles of equity (regardless of whether
such enforcement is considered in a proceeding in equity or at law); 
  
 (k) upon the delivery of the fully executed Sale Agreement to the Note Issuer and the payment of the purchase price of the Transition Property by the Note Issuer to the Seller pursuant to the Sale Agreement, then (I)
the transfer of the Transition Property by the Seller to the Note Issuer pursuant to the Sale Agreement conveys all of the Seller’s right, title and interest in the Transition Property to the Note Issuer and such transfer will be treated under
the laws of The Commonwealth of Massachusetts as an absolute transfer of all of the Seller’s right, title, and interest in the Transition Property, other than for federal and state income and franchise tax purposes, and (II) such transfer of
the Transition Property is perfected; 
  
 (l) (i)
the Financing Order has been duly issued and authorized by the DTE and the Financing Order, giving effect to the Issuance Advice Letter, is effective; (ii) in reliance on the opinion of Palmer & Dodge LLP that the Certificates are “electric
rate reduction bonds” under Section 1H(a) of the Statute, as of the issuance of the Certificates, the Certificates are entitled to the protections 

  

 24 

 
provided in Sections 1H(b)(3) and 1H(c)(4) of the Statute; (iii) the Financing Order is no longer subject to appeal by any person in state courts of The
Commonwealth of Massachusetts; and (iv) the Servicer is authorized to file Periodic Adjustments to the RTC Charge to the extent necessary to ensure the timely recovery of revenues sufficient to provide for the payment of an amount equal to the sum
of the periodic RRB payment requirements for the upcoming year, which includes indemnity obligations under the Basic Documents; 
  
 (m) any state action (whether by legislative, DTE, citizen initiative or otherwise) to revoke or limit the Financing Order, the Issuance
Advice Letter, the Transition Property or the RTC Charge in a manner which would substantially impair the rights of Certificateholders would be subject to a successful constitutional contracts clause defense; and 
  
 (n) such other matters as the Note Trustee may reasonably
require. 
  
 (7) Accountant’s Letter.
A letter addressed to the Note Issuer and the Note Trustee complying with the requirements of Section 11.01(a) hereof, of a firm of Independent certified public accountants of recognized national reputation to the effect that (a) such accountants
are Independent with respect to the Note Issuer within the meaning of the Note Indenture, and are independent public accountants within the meaning of the standards of The American Institute of Certified Public Accountants and the Public Company
Accounting Oversight Board, and (b) with respect to the Collateral, they have made certain specified recalculations of calculations and information provided by the underwriters for the purpose of determining that, based on certain specified
assumptions used in calculating estimated collections based on the initial RTC Charge, as of the Issuance Date such estimated collections based on the initial RTC Charge are sufficient to pay (a) assumed Operating Expenses when incurred, plus (b)
the Overcollateralization Amount set forth in the Final Prospectus (as such term is defined in the Underwriting Agreement), plus (c) interest on the Notes at their respective Note Interest Rates when due as set forth in the Final Prospectus, plus
(d) principal of the Notes in accordance with the Expected Amortization Schedule set forth in the Final Prospectus and found the calculations to be mathematically correct. 
  
 (8) Rating Agency Condition. The Note Trustee shall receive evidence reasonably satisfactory to it
that the Rating Agency Condition will be satisfied. 
  
 (9) Other Requirements. Such other documents, certificates, agreements, instruments or opinions as the Note Trustee may reasonably require. 
  
 Section 2.11. Release of Collateral. Subject to Section 11.01, the Note Trustee shall release property from the lien of this Note Indenture only as
specified in Section 8.02 or upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with Trust Indenture Act Sections 314(c) and 314(d)(l) or an Opinion of
Counsel in lieu of such Independent Certificates to the effect that the Trust Indenture Act does not require any such Independent Certificates. 
  

 25 

 ARTICLE III 
  
 Covenants 
  
 Section 3.01. Payment of Principal and Interest. The Note Issuer will duly and punctually pay the principal of and interest on the Notes in
accordance with the terms of the Notes and this Note Indenture. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest or principal shall be considered as having been paid by the Note Issuer to such
Noteholder for all purposes of this Note Indenture. 
  
 Section
3.02. Maintenance of Office or Agency. The Note Issuer will maintain in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange. The Note Issuer hereby
initially appoints the Note Trustee to serve as its agent for the foregoing purposes. The Note Issuer will give prompt written notice to the Note Trustee of the location, and of any change in the location, of any such office or agency. If at any
time the Note Issuer shall fail to maintain any such office or agency or shall fail to furnish the Note Trustee with the address thereof, such surrenders may be made at the Corporate Trust Office, and the Note Issuer hereby appoints the Note Trustee
as its agent to receive all such surrenders. 
  
 Section 3.03.
Money for Payments To Be Held in Trust. As provided in Section 8.02(a), all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Collection Account pursuant to Section 8.02(d) shall
be made on behalf of the Note Issuer by the Note Trustee or by another Paying Agent, and no amounts so withdrawn from the Collection Account for payments of Notes shall be paid over to the Note Issuer except as provided in this Section and Section
8.02. 
  
 The Note Issuer will cause each Paying Agent other than
the Note Trustee to execute and deliver to the Note Trustee an instrument in which such Paying Agent shall agree with the Note Trustee (and if the Note Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section,
that such Paying Agent will: 
  
 (i) hold all
sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such
Persons as herein provided; 
  
 (ii) give the
Note Trustee and the Certificate Trustee notice of any Default by the Note Issuer (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes; 
  
 (iii) at any time during the continuance of any such
Default, upon the written request of the Note Trustee, forthwith pay to the Note Trustee all sums so held in trust by such Paying Agent; 
  

 26 

 (iv) immediately resign as a Paying Agent and forthwith pay to the Note Trustee all sums
held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and 
  
 (v) comply with all requirements of the Code with respect to the withholding from any payments made by it on
any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
  
 The Note Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Note Indenture or for any other purpose, by Issuer
Order direct any Paying Agent to pay to the Note Trustee all sums held in trust by such Paying Agent, such sums to be held by the Note Trustee upon the same trusts as those upon which the sums were held by such Paying Agent; and upon such payment by
any Paying Agent to the Note Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
  
 Subject to applicable laws with respect to escheat of funds, any money held by the Note Trustee or any Paying Agent in trust for the payment of any amount
due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Note Issuer on Issuer Request; and, subject to Section 11.16, the Holder of such
Note shall thereafter, as an unsecured general creditor, look only to the Note Issuer for payment thereof (but only to the extent of the amounts so paid to the Note Issuer), and all liability of the Note Trustee or such Paying Agent with respect to
such trust money shall thereupon cease; provided, however, that the Note Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Note Issuer cause to be published once, in a newspaper
published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days
from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Note Issuer. The Note Trustee may also adopt and employ, at the expense of the Note Issuer, any other reasonable means of notification of
such repayment (including mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in moneys due and payable but not claimed is determinable from the records
of the Note Trustee or of any Paying Agent, at the last address of record for each such Holder). 
  
 Section 3.04. Existence. The Note Issuer will keep in full effect its existence, rights and franchises as a limited liability company under the
laws of the State of Delaware (unless, subject to the provisions of Section 3.10 hereof, it becomes, or any successor Note Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case
the Note Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Note Indenture, the Notes, the Collateral and each other instrument or agreement included in the Collateral. 
  

 27 

 Section 3.05. Protection of Collateral. The Note Issuer will from time to time execute and deliver
all such supplements and amendments hereto and make all such filings with the DTE pursuant to the Statute, UCC financing statements, UCC continuation statements, instruments of further assurance and other instruments, and will take such other action
necessary or advisable to: 
  
 (i) maintain or
preserve the lien and security interest (and the priority thereof) of this Note Indenture or carry out more effectively the purposes hereof; 
  
 (ii) perfect, publish notice of or protect the validity of any Grant made or to be made by this Note Indenture; 
  
 (iii) enforce any of the Collateral; 
  
 (iv) preserve and defend title to the Collateral and the
rights of the Note Trustee and the Noteholders in such Collateral against the claims of all Persons and parties, including the challenge by any party to the validity or enforceability of the Financing Order, any Advice Letter or the Transition
Property or any proceeding relating thereto and institute any action or proceeding necessary to compel performance by the DTE or the Commonwealth of Massachusetts of any of its obligations or duties under the Statute, the Financing Order or any
Advice Letter; or 
  
 (v) pay any and all taxes
levied or assessed upon all or any part of the Collateral. 
  
 The
Note Issuer hereby designates the Note Trustee its agent and attorney-in-fact to execute and/or file on behalf of the Note Issuer any filings with the DTE pursuant to the Statute, UCC financing statement, UCC continuation statement or other
instrument required by the Note Trustee pursuant to this Section, it being understood that the Note Trustee shall have no such obligation. 
  
 Section 3.06. Opinions as to Collateral. 
  
 (a) On the Issuance Date, the Note Issuer shall furnish to the Note Trustee an Opinion of Counsel either stating that, in the opinion of
such counsel, (A) such action has been taken (and reciting the details of such action) with respect to the recording and filing of this Note Indenture and any other requisite documents, and with respect to the execution and filing of any filings
with the DTE pursuant to the Statute, UCC financing statements and UCC continuation statements, as are necessary to perfect the lien and security interest of this Note Indenture, or (B) no such action is necessary to make such lien and security
interest effective. 
  
 (b) Prior to the
effectiveness of any amendment to the Sale Agreement, the Note Issuer shall furnish to the Note Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all filings, including filings with the DTE pursuant to the
Statute and any UCC financing statements, have been executed and filed that are 

  

 28 

 
necessary fully to preserve and protect the interest of the Note Issuer and the Note Trustee in the Transition Property and the proceeds thereof, and
reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) stating that, in the opinion of such counsel, no such action shall be necessary to preserve and protect such interest. 

 
 Section 3.07. Performance of Obligations; Servicing; Commission
Filings. 
  
 (a) The Note Issuer (i) will
diligently pursue any and all actions to enforce its rights under each instrument or agreement included in the Collateral and (ii) will not take any action and will use its reasonable efforts not to permit any action to be taken by others that would
release any Person from any of such Person’s covenants or obligations under any such instrument or agreement or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or
effectiveness of, any such instrument or agreement, except, in each case, as expressly permitted in this Note Indenture, the Sale Agreement, the Servicing Agreement or such other instrument or agreement. 
  
 (b) The Note Issuer may contract with other Persons to
assist it in performing its duties under this Note Indenture, and any performance of such duties by a Person identified to the Note Trustee in an Officer’s Certificate of the Note Issuer shall be deemed to be action taken by the Note Issuer.
Initially, the Note Issuer has contracted with the Administrator and the Servicer to assist the Note Issuer in performing its duties under this Note Indenture. 
  

(c) The Note Issuer will punctually perform and observe all of its obligations and agreements contained in this Note Indenture, the
Basic Documents and in the instruments and agreements included in the Collateral, including filing or causing to be filed all filings with the DTE pursuant to the Statute, UCC financing statements and continuation statements required to be filed by
it by the terms of this Note Indenture, the Sale Agreement and the Servicing Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly permitted therein, the Note Issuer shall not waive,
amend, modify, supplement or terminate any Basic Document or any provision thereof without the written consent of the Note Trustee (which consent shall not be withheld if (i) the Note Trustee shall have received an Officer’s Certificate stating
that such waiver, amendment, modification, supplement or termination shall not adversely affect in any material respect the interests of the Noteholders or the holders of Certificates and (ii) the Rating Agency Condition shall have been satisfied
with respect thereto) or the Holders of at least a majority of the Outstanding Amount of Notes. 
  
 (d) If the Note Issuer shall have knowledge of the occurrence of a Servicer Default under the Servicing Agreement, the Note Issuer shall
promptly give written notice thereof to the Note Trustee, the Certificate Trustee, the Agencies and the Rating Agencies, and shall specify in such notice the action, if any, the Note Issuer is taking with respect of such default. If a Servicer
Default shall arise from the failure of the Servicer to 

  

 29 

 
perform any of its duties or obligations under the Servicing Agreement with respect to the Transition Property, including the RTC Charge, the Note Issuer
shall take all reasonable steps available to it to remedy such failure. 
  
 (e) As promptly as possible after the giving of notice to the Servicer, the Note Trustee, the Certificate Trustee, the Agencies and the Rating Agencies of termination of the Servicer’s rights and powers pursuant
to Section 7.01 of the Servicing Agreement, the Note Issuer, subject to the approval of the DTE pursuant to the Financing Order, shall appoint a successor Servicer (the “Successor Servicer”) with the Note Trustee’s prior written
consent thereto (which consent shall not be unreasonably withheld), and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Note Issuer and the Note Trustee. A Person shall qualify as a Successor
Servicer only if such Person satisfies the requirements of the Servicing Agreement. If within 30 days after the delivery of the notice referred to above, the Note Issuer shall not have obtained such a new Servicer, the Note Trustee may petition the
DTE or a court of competent jurisdiction to appoint a Successor Servicer. In connection with any such appointment, the Note Issuer may make such arrangements for the compensation of such successor as it and such successor shall agree, subject to the
limitations set forth below and in the Servicing Agreement, and in accordance and in compliance with Section 7.02 of the Servicing Agreement, the Note Issuer shall enter into an agreement with such successor for the servicing of the Transition
Property (such agreement to be in form and substance satisfactory to the Note Trustee). 
  
 (f) Upon any termination of the Servicer’s rights and powers pursuant to the Servicing Agreement, the Note Trustee shall promptly
notify the Note Issuer, the Noteholders, the Certificate Trustee, the Agencies and the Rating Agencies. As soon as a Successor Servicer is appointed, the Note Issuer shall notify the Note Trustee, the Noteholders, the Certificate Trustee, the
Agencies and the Rating Agencies of such appointment, specifying in such notice the name and address of such Successor Servicer. 
  
 (g) Without derogating from the absolute nature of the assignment granted to the Note Trustee under this Note Indenture or the rights of
the Note Trustee hereunder, the Note Issuer agrees that it will not, without the prior written consent of the Note Trustee or the Holders of at least a majority in Outstanding Amount of the Notes, amend, modify, waive, supplement, terminate or
surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral or the Basic Documents, or waive timely performance or observance of any material term by the Seller or the Servicer
under the Sale Agreement or the Servicing Agreement, respectively. If any such amendment, modification, supplement or waiver shall be so consented to by the Note Trustee or such Holders, the Note Issuer agrees to execute and deliver, in its own name
and at its own expense, such agreements, instruments, consents and other documents as shall be necessary or appropriate in the circumstances. The Note Issuer agrees that no such amendment, modification, supplement or waiver shall adversely affect
the rights of the Holders of the Notes or Certificates Outstanding at the time of any such amendment, modification, supplement or waiver, except as otherwise agreed to by the Holders in accordance with the Basic Documents. 
  

 30 

 (h) The Note Issuer shall file with the Commission such periodic reports, if any, as are
required from time to time under Section 13 or 15(d) of the Exchange Act. 
  
 (i) The Note Issuer shall make all filings required under the Statute relating to the transfer of the ownership or security interest in the Transition Property other than those required to be made by the Seller
pursuant to the Basic Documents. 
  
 Section 3.08. Negative
Covenants. So long as any Notes are Outstanding, the Note Issuer shall not: 
  
 (i) except as expressly permitted by this Note Indenture, sell, transfer, exchange or otherwise dispose of any of the properties or assets
of the Note Issuer, including those included in the Collateral, unless directed to do so by the Note Trustee in accordance with Article V; 
  
 (ii) claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts
properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Collateral; 
  
 (iii) terminate its existence or dissolve or liquidate in
whole or in part; or 
  
 (iv) (A) permit the
validity or effectiveness of this Note Indenture to be impaired, or permit the lien of this Note Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations
with respect to the Notes under this Note Indenture except as may be expressly permitted hereby, (B) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Note Indenture and the
Statutory Lien) to be created by the Note Issuer on or extend to or otherwise arise upon or burden the Collateral or any part thereof or any interest therein or the proceeds thereof or (C) subject to the Statutory Lien, permit the lien of this Note
Indenture not to constitute a valid first priority security interest in the Collateral. 
  
 Section 3.09. Annual Statement as to Compliance. The Note Issuer will deliver to the Note Trustee, the Certificate Trustee and the Rating Agencies not later than March 31 of each year (commencing with March 31,
2006), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that 
  
 (i) a review of the activities of the Note Issuer during the preceding twelve months ended December 31 (or, in the case of the
Officer’s Certificate to be delivered on or before March 31, 2006, the period of time from the date of this Note Indenture until December 31, 2005), and of performance under this Note Indenture has been made under such Authorized Officer’s
supervision; and 
  

 31 

 (ii) to such Authorized Officer’s knowledge, based on such review, the Note Issuer
has complied with all conditions and covenants under this Note Indenture throughout such twelve month period, or, if there has been a default in so complying with any such condition or covenant, specifying each such default known to such Authorized
Officer and the nature and status thereof. 
  
 Section 3.10.
Note Issuer May Consolidate, etc., Only on Certain Terms. 
  
 (a) The Note Issuer shall not consolidate or merge with or into any other Person, unless 
  
 (i) the Person (if other than the Note Issuer) formed by or surviving such consolidation or merger shall be a Person organized and
existing under the laws of the United States of America, any State or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Note Trustee, in form and substance reasonably satisfactory
to the Note Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Note Indenture on the part of the Note Issuer to be performed or observed, all
as provided herein; 
  
 (ii) immediately after
giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 
  
 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction; 
  
 (iv) the Note Issuer shall have received an Opinion of
Counsel (and shall have delivered copies thereof to the Note Trustee) to the effect that such transaction will not have any material adverse tax consequence to the Note Issuer, the Certificate Issuer, any Noteholder or any Certificateholder;

  
 (v) any action as is necessary to maintain
the lien and security interest created by this Note Indenture shall have been taken; and 
  
 (vi) the Note Issuer shall have delivered to the Note Trustee an Officer’s Certificate and an Opinion of Counsel each stating that
such consolidation or merger and such supplemental note indenture comply with this Section 3.10 and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the Exchange
Act). 
  

 32 

 (b) Except as specifically provided herein, the Note Issuer shall not convey or transfer
any of its properties or assets, including those included in the Collateral, to any Person, unless 
  
 (i) the Person that acquires by conveyance or transfer the properties and assets of the Note Issuer the conveyance or transfer of which is
hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America, any State or the District of Columbia, (B) expressly assumes, by an indenture supplemental hereto, executed and
delivered to the Note Trustee, in form and substance reasonably satisfactory to the Note Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this
Note Indenture on the part of the Note Issuer to be performed or observed, all as provided herein, (C) expressly agrees by means of such supplemental note indenture that all right, title and interest so conveyed or transferred shall be subject and
subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in the supplemental note indenture referred to in clause (B) above, expressly agrees to indemnify, defend and hold harmless the Note Trustee against and from any loss,
liability or expense arising under or related to this Note Indenture and the Notes and (E) expressly agrees by means of such supplemental note indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings
with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 
  
 (ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

  
 (iii) the Rating Agency Condition shall have
been satisfied with respect to such transaction; 
  
 (iv) the Note Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Note Trustee) to the effect that such transaction will not have any material adverse tax consequence to the Note Issuer, the
Certificate Issuer, any Noteholder or any Certificateholder; 
  
 (v) any action as is necessary to maintain the lien and security interest created by this Note Indenture shall have been taken; and 
  
 (vi) the Note Issuer shall have delivered to the Note Trustee an Officer’s Certificate and an Opinion
of Counsel each stating that such conveyance or transfer and such supplemental note indenture comply with this Section 3.10 and that all conditions precedent herein provided for relating to such transaction have been complied with (including any
filing required by the Exchange Act). 
  

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 Section 3.11. Successor or Transferee. 
  
 (a) Upon any consolidation or merger of the Note Issuer in
accordance with Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Note Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Note Issuer under this Note
Indenture with the same effect as if such Person had been named as the Note Issuer herein. 
  
 (b) Except as set forth in Section 6.07, upon a conveyance or transfer of all the assets and properties of the Note Issuer pursuant to
Section 3.10(b), CEC Funding, LLC will be released from every covenant and agreement of this Note Indenture to be observed or performed on the part of the Note Issuer with respect to the Notes immediately upon the delivery of written notice by CEC
Funding, LLC to the Note Trustee stating that CEC Funding, LLC is to be so released. 
  
 Section 3.12. No Other Business. The Note Issuer shall not engage in any business other than financing, purchasing, owning and managing the Transition Property in the manner contemplated by this Note Indenture
and the Basic Documents and activities incidental thereto. 
  
 Section 3.13. No Borrowing. The Note Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for the Notes. 
  
 Section 3.14. Servicer’s Obligations. The Note Issuer shall
enforce the Servicer’s compliance with all of the Servicer’s material obligations under the Servicing Agreement. 
  
 Section 3.15. No Additional Notes. The Note Issuer shall not issue any additional Notes hereunder, except pursuant to Section 2.05 or Section 2.06.

  
 Section 3.16. Guarantees, Loans, Advances and Other
Liabilities. Except as otherwise contemplated by the Sale Agreement, the Servicing Agreement or this Note Indenture, the Note Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having
the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends
of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 
  
 Section 3.17. Capital Expenditures. Other than expenditures in an
aggregate amount not to exceed $25,000 in any calendar year, the Note Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 
  
 Section 3.18. Non-Routine Periodic Adjustment. The Note Issuer agrees
that it shall not consent to a Non-Routine Periodic Adjustment pursuant to Section 4.01(c) of the Servicing Agreement unless the Rating Agency Condition shall have been satisfied, except that with respect to Moody’s, it shall be sufficient to
provide 10 days prior notice. 
  

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 Section 3.19. Restricted Payments. The Note Issuer shall not, directly or indirectly, while the
Notes are Outstanding (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to any owner of a beneficial interest in the Note Issuer or otherwise with
respect to any ownership or equity interest or security in or of the Note Issuer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts
for any such purpose; provided, however, that, if no Event of Default shall have occurred and be continuing, the Note Issuer may make, or cause to be made, any such distributions to any owner of a beneficial interest in the Note Issuer
or otherwise with respect to any ownership or equity interest or security in or of the Note Issuer using funds distributed to the Note Issuer pursuant to Section 8.02 to the extent that such distributions would not cause the amount of the Capital
Subaccount to decline below the Required Capital Level. The Note Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this Note Indenture and the Basic Documents.

  
 Section 3.20. Notice of Events of Default. The Note
Issuer agrees to give the Note Trustee, the Certificate Trustee, the Agencies and the Rating Agencies prompt written notice of each Event of Default hereunder and each default on the part of the Seller or the Servicer of its obligations under the
Sale Agreement or the Servicing Agreement, respectively. 
  
 Section 3.21. Further Instruments and Acts. Upon request of the Note Trustee, the Note Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Note Indenture. The Note Issuer will take all actions, and make all filings, necessary to obtain and maintain a first priority perfected security interest in the Collateral in favor of the Note Trustee. 
  
 Section 3.22. Change in Chief Executive Office or Jurisdiction of
Organization. The Note Issuer shall not change its chief executive office or the jurisdiction of its formation without previously having delivered to the Note Trustee an Opinion of Counsel to the effect that all actions have been taken, and all
filings have been made, as are necessary to continue and maintain the first priority perfected security interest of the Note Trustee in the Collateral. 
  
 ARTICLE IV 
  
 Satisfaction and Discharge; Defeasance 
  
 Section 4.01. Satisfaction and Discharge of Note Indenture; Defeasance. 
  
 (a) This Note Indenture shall cease to be of further effect with respect to the Notes and the Note Trustee,
on reasonable demand of and at the expense of the Note Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Note Indenture with respect to the Notes, when 
  
 (A) either 
  
 (1) all Notes theretofore authenticated and delivered
(other than (i) Notes that have been mutilated, destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.06 and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust
by the Note Issuer and thereafter repaid to the Note Issuer or discharged from such trust, as provided in Section 3.03) have been delivered to the Note Trustee for cancellation; or 
  

 35 

 (2) the Scheduled Maturity Date or Redemption Date has occurred with respect to all
Notes not theretofore delivered to the Note Trustee for cancellation, and the Note Issuer has irrevocably deposited or caused to be irrevocably deposited with the Note Trustee cash, in trust for such purpose, in an amount sufficient to pay and
discharge the entire indebtedness on such Notes not theretofore delivered to the Note Trustee for cancellation on the Scheduled Maturity Date therefor; 
  
 (B) the Note Issuer has paid or caused to be paid all other sums payable hereunder by the Note Issuer; and 
  
 (C) the Note Issuer has delivered to the Note Trustee an
Officer’s Certificate, an Opinion of Counsel and (if required by the Trust Indenture Act or the Note Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 11.01(a)
and each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Note Indenture with respect to the Notes have been complied with. 
  
 (b) Subject to Sections 4.01(c) and 4.02, the Note Issuer at any time may terminate (i) all its obligations
under this Note Indenture with respect to the Notes (“Legal Defeasance Option”) or (ii) its obligations under Sections 3.04, 3.05, 3.06, 3.07, 3.08, 3.09, 3.10, 3.12, 3.13, 3.14, 3.15, 3.16, 3.17 and 3.18 and the operation of Section
5.01(iv) (“Covenant Defeasance Option”) with respect to the Notes. The Note Issuer may exercise the Legal Defeasance Option notwithstanding its prior exercise of the Covenant Defeasance Option. 
  
 If the Note Issuer exercises the Legal Defeasance Option, the maturity of the
Notes may not be accelerated because of an Event of Default. If the Note Issuer exercises the Covenant Defeasance Option, the maturity of the Notes may not be accelerated because of an Event of Default specified in Section 5.01(iv). 
  
 Upon satisfaction of the conditions set forth herein to the exercise of the
Legal Defeasance Option or the Covenant Defeasance Option, the Note Trustee, on reasonable demand of and at the expense of the Note Issuer, shall execute proper instruments acknowledging satisfaction and discharge of the obligations that are
terminated pursuant to such exercise. 
  

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 (c) Notwithstanding Sections 4.01(a) and 4.01(b) above, (i) rights of registration of
transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal and interest, (iv) Sections 4.03 and 4.04, (v) the rights, obligations and immunities of the Note
Trustee hereunder (including the rights of the Note Trustee under Section 6.07 and the obligations of the Note Trustee under Section 4.03) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property deposited with the
Note Trustee payable to all or any of them, shall survive until the Notes, as to which this Note Indenture or certain obligations hereunder have been satisfied and discharged pursuant to Section 4.01(a) or 4.01(b), have been paid in full.
Thereafter, the obligations in Sections 6.07 and 4.04 shall survive. 
  
 Section 4.02. Conditions to Defeasance. The Note Issuer may exercise the Legal Defeasance Option or the Covenant Defeasance Option of Notes only if: 
  
 (a) the Note Issuer irrevocably deposits or causes to be deposited in trust with the Note Trustee cash or
U.S. Government Obligations for the payment of principal of and interest on each such Note to the Scheduled Maturity Date, Optional Redemption Date or Mandatory Redemption Date therefor, as applicable; 
  
 (b) the Note Issuer delivers to the Note Trustee a
certificate from a nationally recognized firm of Independent accountants expressing its opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited cash
without investment will provide cash at such times and in such amounts (but, in the case of the Legal Defeasance Option only, not more than such amounts) as will be sufficient to pay in respect of the Notes (i) subject to clause (ii), principal in
accordance with the Expected Amortization Schedule therefor, (ii) if to be redeemed, the Optional Redemption Price or Mandatory Redemption Price, as applicable, therefor on the related Optional Redemption Date or Mandatory Redemption Date, as
applicable and (iii) interest when due; 
  
 (c)
in the case of the Legal Defeasance Option, 91 days pass after the deposit is made and during the 91-day period no Default specified in Section 5.01(v) or (vi) occurs which is continuing at the end of the period; 
  
 (d) no Default has occurred and is continuing on the day of
such deposit and after giving effect thereto; 
  
 (e) in the case of an exercise of the Legal Defeasance Option, the Note Issuer shall have delivered to the Note Trustee an Opinion of Counsel stating that (i) the Note Issuer has received from, or there has been published by, the Internal
Revenue Service a ruling, or (ii) since the date of execution of this Note Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders
of the Notes will not recognize income, gain or loss for federal income tax purposes as a result of such legal defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such legal defeasance had not occurred; 
  

 37 

 (f) in the case of an exercise of the Covenant Defeasance Option, the Note Issuer shall
have delivered to the Note Trustee an Opinion of Counsel to the effect that the Holders of the Notes will not recognize income, gain or loss for federal income tax purposes as a result of such covenant defeasance and will be subject to federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred; and 
  
 (g) the Note Issuer delivers to the Note Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the satisfaction and discharge of the Notes to the extent contemplated by this Article IV have been complied with. 
  
 Before or after a deposit pursuant to this Section 4.02, the Note Issuer may make arrangements satisfactory to the Note Trustee for the redemption of such
Notes at a future date in accordance with Article X. 
  
 Section
4.03. Application of Trust Money. All moneys or U.S. Government Obligations deposited with the Note Trustee pursuant to Section 4.01 or 4.02 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and
this Note Indenture, to the payment, either directly or through any Paying Agent, as the Note Trustee may determine, to the Holders of the particular Notes for the payment or redemption of which such moneys have been deposited with the Note Trustee,
of all sums due and to become due thereon for principal and interest, but such moneys need not be segregated from other funds except to the extent required herein or in the Servicing Agreement or required by law. 
  
 Section 4.04. Repayment of Moneys Held by Paying Agent. In connection
with the satisfaction and discharge of this Note Indenture or the Covenant Defeasance Option or Legal Defeasance Option with respect to the Notes, all moneys then held by any Paying Agent other than the Note Trustee under the provisions of this Note
Indenture with respect to such Notes shall, upon demand of the Note Issuer, be paid to the Note Trustee to be held and applied according to Section 3.03 and thereupon such Paying Agent shall be released from all further liability with respect to
such moneys. 
  
 ARTICLE V 
  
 Remedies 
  
 Section 5.01. Events of Default. “Event of Default”,
wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental body): 
  
 (i) default in the payment of any interest on any Note when the same becomes due and payable, and such default shall continue for a period of five days; or 
  

 38 

 (ii) default in the payment of the then unpaid principal of any Note on the Final
Maturity Date; or 
  
 (iii) default in the
payment of the Optional Redemption Price for the Notes on the Optional Redemption Date therefor, or a default in the payment of the Mandatory Redemption Price for the Notes on the Mandatory Redemption Date; 
  
 (iv) default in the observance or performance in any
material respect of any covenant or agreement of the Note Issuer made in this Note Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any
representation or warranty of the Note Issuer made in this Note Indenture or in any certificate or other writing delivered pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same
shall have been made, and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days
after there shall have been given, by registered or certified mail, to the Note Issuer by the Note Trustee or to the Note Issuer and the Note Trustee by the Holders of at least 25 percent of the Outstanding Amount of the Notes, a written notice
specifying such default or incorrect representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 
  
 (v) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of
the Note Issuer or any substantial part of the Collateral in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of the Note Issuer or for any substantial part of the Collateral, or ordering the winding-up or liquidation of the Note Issuer’s affairs, and such decree or order shall remain unstayed and in effect for
a period of 60 consecutive days; or 
  
 (vi) the
commencement by the Note Issuer of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Note Issuer to the entry of an order for relief in an involuntary
case under any such law, or the consent by the Note Issuer to the appointment or taking possession by a receiver, liquidation, assignee, custodian, trustee, sequestration or similar official of the Note Issuer or for any substantial part of the
Collateral, or the making by the Note Issuer of any general assignment for the benefit of creditors, or the failure by the Note Issuer generally to pay its debts as such debts become due, or the taking of action by the Note Issuer in furtherance of
any of the foregoing. 
  

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 The Note Issuer shall deliver to a Responsible Officer of the Note Trustee, the Certificate Trustee and
the Rating Agencies, within five days after an Authorized Officer has knowledge of the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an
Event of Default under clause (iv), its status and what action the Note Issuer is taking or proposes to take with respect thereto. 
  
 Section 5.02. Acceleration of Maturity; Rescission and Annulment. If an Event of Default should occur and be continuing, then and in every such
case the Note Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Notes may declare all the Notes to be immediately due and payable, by a notice in writing to the Note Issuer (and to the Note
Trustee if given by Noteholders), and upon any such declaration the unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 
  
 At any time after such declaration of acceleration of maturity has been made
and before a judgment or decree for payment of the money due has been obtained by the Note Trustee as hereinafter in this Article V provided, the Holders of Notes representing a majority of the Outstanding Amount of the Notes, by written notice to
the Note Issuer and the Note Trustee, may rescind and annul such declaration and its consequences if: 
  
 (i) the Note Issuer has paid or deposited with the Note Trustee a sum sufficient to pay: 
  
 (A) all payments of principal of and interest on all Notes
and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; and 
  
 (B) all sums paid or advanced by the Note Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the
Note Trustee and its agents and counsel and all amounts due under the Fee and Indemnity Agreement; and 
  
 (ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have
been cured or waived as provided in Section 5.12. 
  
 No such
rescission shall affect any subsequent Default or impair any right consequent thereto. 
  
 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Note Trustee. 
  
 (a) The Note Issuer covenants that if (i) default is made in the payment of any interest on any Note when the same becomes due and
payable, and such default continues for a period of five days, (ii) default is made in the payment of the then unpaid principal 

  

 40 

 
of any Note on the Final Maturity Date for such Note or (iii) default is made in the payment of the Optional Redemption Price or Mandatory Redemption Price,
as applicable, for any Note on the Optional Redemption Date or Mandatory Redemption Date, as applicable, therefor, the Note Issuer will, upon demand of the Note Trustee, pay to it, for the benefit of the Holders of the Notes, the whole amount then
due and payable on such Notes for principal and interest, with interest upon the overdue principal and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the respective rate borne
by the Notes of the applicable Class and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Note Trustee
and its agents and counsel and an amount sufficient to cover all amounts required to be paid by the Note Issuer under the Fee and Indemnity Agreement. 
  
 (b) Subject to Section 11.16, in case the Note Issuer shall fail forthwith to pay such amounts upon such demand, the Note Trustee, in its
own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Note Issuer or other
obligor upon such Notes and collect in the manner provided by law out of the property of the Note Issuer or other obligor upon such Notes, wherever situated, the moneys adjudged or decreed to be payable. 
  
 (c) If an Event of Default occurs and is continuing, the
Note Trustee may, as more particularly provided in Section 5.04, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Note Trustee shall deem most effective to protect
and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Note Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in
the Note Trustee by this Note Indenture or by law. 
  
 (d) In case there shall be pending, relative to the Note Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Collateral, Proceedings under Title 11 of the United States Code or any other
applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of
the Note Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Note Issuer or other obligor upon the Notes, or to the creditors or property of the Note Issuer or such other
obligor, the Note Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Note Trustee shall have made any demand pursuant to the
provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 
  
 (i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary or advisable in order to have the claims of (A) the Note Trustee (including any claim for reasonable compensation to the Note Trustee and each predecessor Note Trustee, and their respective
agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Note Trustee and each predecessor Note Trustee, except as a result of gross negligence or willful misconduct), (B) the
Noteholders and (C) each Person for whom a claim may be made under the Fee and Indemnity Agreement, allowed in such Proceedings; 
  

 41 

 (ii) unless prohibited by applicable law and regulations, to vote on behalf of the
Holders of Notes in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; and 
  
 (iii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received
with respect to the claims of the Noteholders and of the Note Trustee on their behalf; 
  
 and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Note Trustee, and, in the event that the Note Trustee shall consent
to the making of payments directly to such Noteholders, to pay to the Note Trustee (or such other beneficiary of the Fee and Indemnity Agreement) such amounts as shall be sufficient to cover reasonable compensation and other amounts owing hereunder
to the Note Trustee or such Person, each predecessor Note Trustee and their respective agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Note Trustee and each predecessor Note
Trustee except as a result of gross negligence or willful misconduct. 
  
 (e) Nothing herein contained shall be deemed to authorize the Note Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof or to authorize the Note Trustee to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy
or similar Person. 
  
 (f) All rights of action
and of asserting claims under this Note Indenture, or under any of the Notes, may be enforced by the Note Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such
action or proceedings instituted by the Note Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Note Trustee, each
predecessor Note Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes. 
  

 42 

 (g) In any Proceedings brought by the Note Trustee (and also any Proceedings involving
the interpretation of any provision of this Note Indenture to which the Note Trustee shall be a party), the Note Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Noteholder a party to any
such Proceedings. 
  
 Section 5.04. Remedies; Priorities.

  
 (a) If an Event of Default shall have
occurred and be continuing, the Note Trustee may do one or more of the following (subject to Section 5.05): 
  
 (i) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes
or under this Note Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Note Issuer and any other obligor upon such Notes moneys adjudged due; 
  
 (ii) institute Proceedings from time to time for the
complete or partial foreclosure of this Note Indenture with respect to the Collateral; 
  
 (iii) exercise any remedies of a secured party under the UCC, the Statute or other applicable law and take any other appropriate action to
protect and enforce the rights and remedies of the Note Trustee and the Holders of the Notes; and 
  
 (iv) sell the Collateral or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted
in any manner permitted by law; 
  
 provided, however, that the Note
Trustee may not sell or otherwise liquidate any portion of the Collateral following an Event of Default, other than an Event of Default described in Section 5.01(i), (ii) or (iii), unless (A) the Holders of 100 percent of the Outstanding Amount of
the Notes consent thereto, (B) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest after taking into account payment
of all amounts due prior thereto pursuant to the priorities set forth in Section 8.02(d) or (C) the Note Trustee determines that the Collateral will not continue to provide sufficient funds for all payments on the Notes as they would have become due
if the Notes had not been declared due and payable, and the Note Trustee obtains the consent of Holders of 66-2/3 percent of the Outstanding Amount of the Notes. In determining such sufficiency or insufficiency with respect to clause (B) and (C),
the Note Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral
for such purpose. 
  
 (b) If the Note Trustee
collects any money pursuant to this Article V, it shall pay out such money in accordance with the priorities set forth in Section 8.02(d). 
  

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 Section 5.05. Optional Possession of the Collateral. If the Notes have been declared to be due and
payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Note Trustee may, but need not, elect to maintain possession of the Collateral. It is the desire of the
parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Note Trustee shall take such desire into account when determining whether or not to maintain possession
of the Collateral. In determining whether to maintain possession of the Collateral, the Note Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose. 
  
 Section 5.06. Limitation of Suits. No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to
this Note Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder and each Holder agrees, by its acceptance of any Note, to the fullest extent permitted by law, not to avail itself of any remedies in the Statute
or to utilize or enforce the Statutory Lien, unless: 
  
 (i) such Holder previously has given written notice to the Note Trustee of a continuing Event of Default; 
  
 (ii) the Holders of not less than 25 percent of the Outstanding Amount of the Notes have made written request to the Note Trustee to
institute such Proceeding in respect of such Event of Default in its own name as Note Trustee hereunder; 
  
 (iii) such Holder or Holders have offered to the Note Trustee indemnity satisfactory to it against the costs, expenses and liabilities to
be incurred in complying with such request; 
  
 (iv) the Note Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and 
  
 (v) no direction inconsistent with such written request has been given to the Note Trustee during such 60-day period by the Holders of a
majority of the Outstanding Amount of the Notes; 
  
 it being understood and
intended that no one or more Holders of Notes shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Note Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or
to seek to obtain priority or preference over any other Holders or to enforce any right under this Note Indenture, except in the manner herein provided. 
  
 In the event the Note Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each
representing less than a majority of the Outstanding Amount of the Notes, the Note Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Note Indenture. 
  

 44 

 Section 5.07. Unconditional Rights of Noteholders To Receive Principal and Interest.
Notwithstanding any other provisions in this Note Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, (a) to receive payment of (i) the interest, if any, on such Note on or after the due dates thereof
expressed in such Note or in this Note Indenture, (ii) the unpaid principal, if any, of such Notes on or after the Final Maturity Date therefor or (iii) in the case of redemption, receive payment of the unpaid principal of and interest, if any, on
such Note on or after the Optional Redemption Date or Mandatory Redemption Date, as applicable, therefor and (b) to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.

  
 Section 5.08. Restoration of Rights and Remedies. If
the Note Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Note Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Note Trustee or
to such Noteholder, then and in every such case the Note Issuer, the Note Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of the Note Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
  
 Section 5.09. Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Note Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  
 Section 5.10. Delay or Omission Not a Waiver. No delay or omission of
the Note Trustee or any Noteholder to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every
right and remedy given by this Article V or by law to the Note Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Note Trustee or by the Noteholders, as the case may be. 
  
 Section 5.11. Control by Noteholders. The Holders of a majority of the
Outstanding Amount of the Notes (or, if less than all Classes are affected, the affected Class or Classes) shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Note Trustee with
respect to the Notes of such Class or Classes or exercising any trust or power conferred on the Note Trustee with respect to such Class or Classes; provided, however, that 
  
 (i) such direction shall not be in conflict with any rule of law or with this Note Indenture; 
  

 45 

 (ii) subject to the express terms of Section 5.04, any direction to the Note Trustee to
sell or liquidate the Collateral shall be by the Holders of Notes representing not less than 100 percent of the Outstanding Amount of the Notes; 
  
 (iii) if the conditions set forth in Section 5.05 have been satisfied and the Note Trustee elects to retain the Collateral pursuant to
such Section, then any direction to the Note Trustee by Holders of Notes representing less than 100 percent of the Outstanding Amount of the Notes to sell or liquidate the Collateral shall be of no force and effect; and 
  
 (iv) the Note Trustee may take any other action deemed
proper by the Note Trustee that is not inconsistent with such direction; 
  
 provided, however, that, subject to Section 6.01, the Note Trustee need not take any action that it determines might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to
such action. 
  
 Section 5.12. Waiver of Past Defaults.
Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02, the Holders of Notes of not less than a majority of the Outstanding Amount of the Notes may waive any past Default or Event of Default and its
consequences except a Default (a) in payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note or of all Classes
affected. In the case of any such waiver, the Note Issuer, the Note Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other
Default or impair any right consequent thereto. 
  
 Upon any such
waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Note Indenture;
but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 
  
 Section 5.13. Undertaking for Costs. All parties to this Note Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Note Indenture, or in any suit against the Note Trustee for any action taken, suffered or omitted by it
as Note Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant
in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Note Trustee, (b) any suit instituted by any
Noteholder, or group of Noteholders, in each case holding in the aggregate 

  

 46 

 
more than 10 percent of the Outstanding Amount of the Notes or (c) any suit instituted by any Noteholder for the enforcement of the payment of (i) interest
on any Note on or after the due dates expressed in such Note and in this Note Indenture, (ii) the unpaid principal, if any, of any Note on or after the Final Maturity Date therefor or (iii) in the case of redemption, the unpaid principal of and
interest on any Note on or after the Optional Redemption Date or Mandatory Redemption Date, as applicable, therefor. 
  
 Section 5.14. Waiver of Stay or Extension Laws. The Note Issuer covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Note Indenture;
and the Note Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Note Trustee,
but will suffer and permit the execution of every such power as though no such law had been enacted. 
  
 Section 5.15. Action on Notes. The Note Trustee’s right to seek and recover judgment on the Notes or under this Note Indenture shall not be
affected by the seeking, obtaining or application of any other relief under or with respect to this Note Indenture. Neither the lien of this Note Indenture nor any rights or remedies of the Note Trustee or the Noteholders shall be impaired by the
recovery of any judgment by the Note Trustee against the Note Issuer or by the levy of any execution under such judgment upon any portion of the Collateral or upon any of the assets of the Note Issuer. 
  
 Section 5.16. Performance and Enforcement of Certain Obligations.

  
 (a) Promptly following a request from the
Note Trustee to do so and at the Note Issuer’s expense, the Note Issuer agrees to take all such lawful action as the Note Trustee may reasonably request to compel or secure the performance and observance by the Seller and the Servicer, as
applicable, of each of their obligations to the Note Issuer under or in connection with the Sale Agreement and the Servicing Agreement, respectively, in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and
privileges lawfully available to the Note Issuer under or in connection with the Sale Agreement and the Servicing Agreement, respectively, to the extent and in the manner directed by the Note Trustee, including the transmission of notices of default
on the part of the Seller or the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller or the Servicer of each of their obligations under the Sale Agreement and the
Servicing Agreement, respectively. 
  
 (b) If an
Event of Default has occurred, the Note Trustee may, and, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66-2/3 percent of the Outstanding Amount of the Notes
shall, subject to Article VI, exercise all rights, remedies, powers, privileges and claims of the Note Issuer against the Seller or the Servicer under or in connection with the 

  

 47 

 
Sale Agreement and the Servicing Agreement, respectively, including the right or power to take any action to compel or secure performance or observance by
the Seller or the Servicer of each of their obligations to the Note Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale Agreement or the Servicing Agreement, respectively, and any right
of the Note Issuer to take such action shall be suspended. 
  
 ARTICLE VI 
  
 The Note Trustee

  
 Section 6.01. Duties of Note Trustee. 

 
 (a) If an Event of Default has occurred and is
continuing, the Note Trustee shall exercise the rights and powers vested in it by this Note Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of
such person’s own affairs. 
  
 (b) Except
during the continuance of an Event of Default: 
  
 (i) the Note Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Note Indenture and no implied covenants or obligations shall be read into this Note Indenture against the Note Trustee; and

  
 (ii) in the absence of bad faith on its part,
the Note Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Note Trustee and conforming to the requirements of this Note Indenture;
however, the Note Trustee shall examine the certificates and opinions to determine whether or not they appear on their face to conform to the requirements of this Note Indenture. 
  
 (c) The Note Trustee may not be relieved from liability for its own grossly negligent action, its own
grossly negligent failure to act or its own willful misconduct, except that: 
  
 (i) this paragraph does not limit the effect of paragraph (b) of this Section; 
  
 (ii) the Note Trustee shall not be liable for any error of judgment or exercise of its discretion made in good faith by a Responsible
Officer unless it is proved that the Note Trustee was grossly negligent in ascertaining the pertinent facts; and 
  

 48 

 (iii) the Note Trustee shall not be liable with respect to any action it takes or omits
to take in good faith in accordance with a direction received by it pursuant to Section 5.11. 
  
 (d) Every provision of this Note Indenture that in any way relates to the Note Trustee is subject to paragraphs (a), (b) and (c) of this
Section. 
  
 (e) The Note Trustee shall not be
liable for interest on any money received by it except as the Note Trustee may agree in writing with the Note Issuer. 
  
 (f) Money held in trust by the Note Trustee need not be segregated from other funds except to the extent required by law or the terms of
this Note Indenture, the Sale Agreement or the Servicing Agreement. 
  
 (g) No provision of this Note Indenture shall require the Note Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any
of its rights or powers, if it shall have reasonable grounds to believe that repayments of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 
  
 (h) Every provision of this Note Indenture relating to the
conduct or affecting the liability of or affording protection to the Note Trustee shall be subject to the provisions of this Section and to the provisions of the Trust Indenture Act. 
  
 (i) In the event that the Note Trustee is also acting as Paying Agent or Note Registrar hereunder, this
Article VI shall also be afforded to such Paying Agent or Note Registrar. 
  
 (j) Under no circumstances shall the Note Trustee be liable for any indebtedness of the Note Issuer, the Servicer or the Seller evidenced by or arising under the Notes or any Basic Document. 
  
 Section 6.02. Rights of Note Trustee. Subject to the provisions of
Trust Indenture Act § 315: 
  
 (a) the Note
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting in reliance upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or
other, paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties and the Note Trustee need not investigate any matter or fact stated in such document; 
  
 (b) any request or direction of the Note Issuer mentioned
herein shall be sufficiently evidenced by an Issuer Request; 
  
 (c) whenever in the administration of this Note Indenture the Note Trustee shall deem if desirable that a matter be provided or established prior to taking, suffering 

  

 49 

 
or omitting any action hereunder, the Note Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part,
conclusively rely upon an Officer’s Certificate of the Note Issuer; 
  
 (d) the Note Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon; 
  
 (e) the Note Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Note Indenture at the request or direction of any of the Noteholders pursuant to this Note Indenture, unless such Noteholders
shall have offered to the Note Trustee reasonable security or indemnity satisfactory to it against the cost, expenses (including reasonable legal fees and expenses) and liabilities that might be incurred by it in compliance with such request or
direction; 
  
 (f) the Note Trustee shall not be
bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or documents; 
  
 (g) the Note Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through agents, attorneys custodians or nominees and the Note Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any agent,
attorney custodian or nominee appointed with due care by it hereunder; 
  
 (h) the Note Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of Notes relating to the time, method and place of
conducting any proceeding for any remedy available to the Note Trustee, or exercising any trust or power conferred upon the Note Trustee, under this Note Indenture; 
  
 (i) the Note Trustee shall not be required to expend or risk its own funds in the performance of any of its
duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk is not reasonably assured to it; 
  
 (j) the Note Trustee shall not be personally liable for any
action taken or suffered or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Note Indenture; provided, however, that the Note
Trustee’s conduct does not constitute willful misconduct, gross negligence or bad faith; 
  
 (k) in the event that the Note Trustee is also acting as Paying Agent, authenticating agent or Note Registrar hereunder, the rights and
protections afforded to the Note Trustee pursuant to this Article VI shall also be afforded to such Paying Agent, authenticating agent or Note Registrar; 
  

 50 

 (l) the Note Trustee shall not be charged with knowledge of an Event of Default unless a
Responsible Officer obtains actual knowledge or such event or the Note Trustee receives written notice of such event from the Note Issuer, the Servicer or a majority of the Holders of Notes of the Class or Classes so affected; and 
  
 (m) without limiting its rights under bankruptcy law, when
the Note Trustee incurs expenses or renders services in connection with the insolvency or bankruptcy of any party hereto or with the Basic Documents to which it is a party such expenses (including the fees and expenses of its counsel) and the
compensation for such services are intended to constitute expenses of administration under any bankruptcy or insolvency law. 
  
 Section 6.03. Individual Rights of Note Trustee. The Note Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Note Issuer or its affiliates with the same rights it would have if it were not Note Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Note
Trustee must comply with Sections 6.11 and 6.12. 
  
 Section 6.04.
Note Trustee’s Disclaimer. The Note Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Note Indenture or the Notes, it shall not be accountable for the Note Issuer’s use of the
proceeds from the Notes, and it shall not be responsible for any statement of the Note Issuer in the Note Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Note Trustee’s certificate of
authentication. 
  
 Section 6.05. Notice of Defaults. If a
Default occurs and is continuing and if it is actually known to a Responsible Officer of the Note Trustee, the Note Trustee shall mail to the Agencies, each Holder of Notes and to the Rating Agencies notice of the Default within 30 days after it
occurs. Except in the case of a Default in payment of principal of or interest on any Note, the Note Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith after consultation with the Certificate
Trustee determines that withholding the notice is in the interests of Noteholders and the Certificateholders. 
  
 Section 6.06. Reports by Note Trustee to Holders. 
  
 (a) So long as the Note Trustee is the Note Registrar and Paying Agent, it shall deliver to each Noteholder such information in its
possession as may be required to enable such Holder to prepare its federal and state income tax returns. 
  
 (b) On or prior to each Payment Date therefor, the Note Trustee will deliver to each Holder of Notes on such Payment Date a statement as
provided and prepared by the Servicer which will include (to the extent applicable) the following information as to the Notes with respect to such Payment Date or the period since the previous Payment Date, as applicable: 
  
 (i) the amount of the distribution to Noteholders allocable
to principal; 
  

 51 

 (ii) the amount of the distribution to Noteholders allocable to interest; 
  
 (iii) the aggregate outstanding Principal Balance of the
Notes, after giving effect to payments allocated to principal reported under (i) above; 
  
 (iv) the difference, if any, between the Principal Balance and the Projected Principal Balance as of such Payment Date, after giving
effect to distributions to be made on such Payment Date; 
  
 (v) the amount on deposit in the Overcollateralization Subaccount and the Required Overcollateralization Level as of the Payment Date; 
  
 (vi) the amount on deposit in the Capital Subaccount as of the Payment Date; 
  
 (vii) the amount, if any, on deposit in the Reserve
Subaccount as of the Payment Date; 
  
 (viii) the
amount paid to the Note Trustee, the Delaware Trustee, and the Certificate Trustee since the previous Payment Date; 
  
 (ix) the amount paid to the Servicer since the previous Payment Date; 
  
 (x) the amount paid to the Administrator since the previous Payment Date; and 
  
 (xi) any other transfers and payments to be made pursuant to
the Note Indenture since the previous Payment Date. 
  
 (c) The Note Issuer shall send a copy of each Certificate of Compliance delivered to it pursuant to Section 3.03 of the Servicing Agreement and Annual Accountant’s Report delivered to it pursuant to Section 3.04 of the Servicing
Agreement to the Note Trustee, the Noteholders and the Rating Agencies. 
  
 (d) If the Note Trustee is also serving as the Certificate Trustee, it shall also prepare the statements required to be delivered to Certificateholders pursuant to Section 4.02(d) of the Certificate Indenture.

  
 Section 6.07. Compensation and Indemnity. The Note
Issuer shall pay to the Note Trustee from time to time reasonable compensation for its services. The Note Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. 

  

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The Note Issuer shall reimburse the Note Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by it, including
costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Note Trustee’s agents, counsel, accountants and experts. The Note
Issuer shall indemnify, defend and hold harmless the Note Trustee and any of its affiliates, officials, officers, directors, employees, consultants, counsel and agents (the “Indemnified Persons”) from and against any and all losses,
claims, actions, suits, taxes, damages, expenses (including, without limitation, legal fees and expenses) and liabilities (including liabilities under state or federal securities laws) of any kind and nature whatsoever (collectively,
“Expenses”), to the extent that such Expenses arise out of or are imposed upon or asserted against such Indemnified Persons with respect to the creation, administration, operation or termination of this trust and the performance by the
Note Trustee of its duties hereunder, the failure of the Note Issuer or any other Person (other than the Person being indemnified) to perform its obligations hereunder or under any of the Basic Documents, or otherwise in connection with the Basic
Documents or the transactions contemplated thereby, provided, however, that the Note Issuer is not required to indemnify any Indemnified Person for any Expenses that result from the willful misconduct or gross negligence of such
Indemnified Person. The willful misconduct or gross negligence of any Note Trustee shall not affect the rights of any predecessor or successor Note Trustee hereunder. The Indemnified Person shall notify the Note Issuer as soon as is reasonably
practicable of any claim for which it may seek indemnity. Failure by the Indemnified Person to so notify the Note Issuer shall not relieve the Note Issuer of its obligations hereunder. The Note Issuer shall defend the claim and the Indemnified
Person may have separate counsel and the Note Issuer shall pay the fees and expenses of such counsel. The Note Issuer will not, without the prior written consent of the Indemnified Person, settle or compromise or consent to the entry of any judgment
with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought under this Section 6.07, (whether or not the Indemnified Person is an actual or potential party to such claim or action)
unless such settlement, compromise or consent includes an unconditional release of the Indemnified Person from all liability arising out of such claim, action, suit or proceeding. 
  
 The Note Issuer’s payment obligations to the Note Trustee pursuant to this Section shall survive the discharge of this
Note Indenture or the earlier resignation or removal of the Note Trustee. When the Note Trustee incurs expenses after the occurrence of a Default specified in Section 5.01(v) or (vi) with respect to the Note Issuer, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 
  

The Note Issuer acknowledges and agrees that under the Certificate Indenture the Certificate Trustee shall pay the fees and expenses of, and shall
indemnify and hold harmless the Note Trustee and the Delaware Trustee, to the extent that payments required to be made by the Note Issuer to the Note Trustee under this Section 6.07 or to the Delaware Trustee under the Fee and Indemnity Agreement,
as the case may be, are not made by the Note Issuer when due. 
  
 Section 6.08. Replacement of Note Trustee. The Note Trustee may resign at any time by so notifying the Note Issuer, provided, however, that no such resignation shall be effective until 

  

 53 

 
either (a) the Collateral has been completely liquidated and the proceeds of the liquidation distributed to the Noteholders or (b) a successor trustee having
the qualifications set forth in Section 6.11 has been designated and has accepted such trusteeship. The Holders of a majority in Outstanding Amount of the Notes may remove the Note Trustee by so notifying the Note Trustee and may appoint a successor
Note Trustee. The Note Issuer shall remove the Note Trustee if: 
  
 (i) the Note Trustee fails to comply with Section 6.11; 
  
 (ii) the Note Trustee is adjudged a bankrupt or insolvent; 
  
 (iii) a receiver or other public officer takes charge of the Note Trustee or its property; or 
  
 (iv) the Note Trustee otherwise becomes incapable of acting.

  
 If the Note Trustee resigns or is removed or if a vacancy
exists in the office of Note Trustee for any reason (the Note Trustee in such event being referred to herein as the retiring Note Trustee), the Note Issuer shall promptly appoint a successor Note Trustee. 
  
 A successor Note Trustee shall deliver a written acceptance of its
appointment to the retiring Note Trustee and to the Note Issuer. Thereupon the resignation or removal of the retiring Note Trustee shall become effective, and the successor Note Trustee shall have all the rights, powers and duties of the Note
Trustee under this Note Indenture. The successor Note Trustee shall mail a notice of its succession to Noteholders and to the Rating Agencies. The retiring Note Trustee shall promptly transfer all property held by it as Note Trustee to the successor
Note Trustee. 
  
 If a successor Note Trustee does not take office
within 60 days after the retiring Note Trustee resigns or is removed, the retiring Note Trustee, the Note Issuer or the Holders of a majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of
a successor Note Trustee. 
  
 If the Note Trustee fails to comply
with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Note Trustee and the appointment of a successor Note Trustee. 
  
 Notwithstanding the replacement of the Note Trustee pursuant to this Section, the Note Issuer’s obligations under
Section 6.07 shall continue for the benefit of the retiring Note Trustee. 
  
 Section 6.09. Successor Note Trustee by Merger. If the Note Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Note Trustee. The successor Note Trustee shall mail a notice of its merger, conversion, consolidation or transfer
to the Rating Agencies. 
  

 54 

 In case at the time such successor or successors by merger, conversion, consolidation or transfer to the
Note Trustee shall succeed to the trusts created by this Note Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Note Trustee may adopt the certificate of authentication of any predecessor trustee,
and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Note Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the
successor to the Note Trustee; and in all such cases such certificates shall be valid for all purposes hereunder and under the Notes. 
  
 Section 6.10. Appointment of Co-Trustee or Separate Trustee. 
  
 (a) Notwithstanding any other provisions of this Note Indenture, at any time, for the purpose of meeting any
legal requirement of any jurisdiction in which any part of the Collateral may at the time be located, the Note Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of the Collateral, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Collateral, or any part hereof, and,
subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Note Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08 hereof. 
  
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act
subject to the following provisions and conditions: 
  
 (i) all rights, powers, duties and obligations conferred or imposed upon the Note Trustee shall be conferred or imposed upon and exercised or performed by the Note Trustee and such separate trustee or co-trustee jointly (it being understood
that such separate trustee or co-trustee is not authorized to act separately without the Note Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Note
Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised
and performed singly by such separate trustee or co-trustee, but solely at the direction of the Note Trustee; 
  
 (ii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and 
  
 (iii) the Note Trustee may at any time accept the
resignation of or remove any separate trustee or co-trustee. 
  

 55 

 (c) Any notice, request or other writing given to the Note Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Note Indenture and the conditions of this Article
VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Note Trustee or separately, as may be provided
therein, subject to all the provisions of this Note Indenture, specifically including every provision of this Note Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Note Trustee. Every such instrument
shall be filed with the Note Trustee. 
  
 (d) Any
separate trustee or co-trustee may at any time constitute the Note Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Note Indenture on its
behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Note Trustee, to the extent
permitted by law, without the appointment of a new or successor trustee. 
  
 Section 6.11. Eligibility; Disqualification. The Note Trustee shall at all times satisfy the requirements of Trust Indenture Act Section 310(a) and Section 26(a)(i) of the Investment Company Act of 1940. The
Note Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it shall have a long term debt rating of A (or the equivalent thereof) or better by the Rating
Agencies. The Note Trustee shall comply with Trust Indenture Act Section 310(b), including the optional provision permitted by the second sentence of Trust Indenture Act Section 310(b)(9); provided, however, that there shall be
excluded from the operation of Trust Indenture Act Section 310(b)(1) any indenture or indentures under which other securities of the Note Issuer are outstanding if the requirements for such exclusion set forth in Trust Indenture Act Section
310(b)(1) are met. 
  
 Section 6.12. Preferential Collection of
Claims Against Note Issuer. The Note Trustee shall comply with Trust Indenture Act Section 311(a), excluding any creditor relationship listed in Trust Indenture Act Section 311(b). A Note Trustee who has resigned or been removed shall be subject
to Trust Indenture Act Section 311(a) to the extent indicated. 
  
 Section 6.13. Representations and Warranties of Note Trustee. The Note Trustee hereby represents and warrants that: 
  
 (a) the Note Trustee is a banking corporation validly existing in good standing under the laws of the State of New York; and 

 
 (b) the Note Trustee has full power, authority and legal
right to execute, deliver and perform this Note Indenture and the Basic Documents to which the Note Trustee is a party and has taken all necessary action to authorize the execution, delivery, and performance by it of this Note Indenture and such
Basic Documents. 
  

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 Section 6.14. Covenants of the Note Trustee. The Note Trustee hereby covenants and agrees as
follows: 
  
 (a) the Note Trustee will establish
the Collection Account as a Securities Account; 
  
 (b) the Note Trustee, acting as Securities Intermediary, will identify the Collection Account in its records as a Securities Account of the Note Trustee and will identify the Note Trustee in such records as the Person having the Security
Entitlement against the Securities Intermediary with respect to the Securities Account and all Security Entitlements carried in the Securities Account; 
  
 (c) the Note Trustee, acting as Securities Intermediary, will maintain accurate and complete records of the Financial Assets in the
Securities Account such that the Collateral is objectively determinable; 
  
 (d) the Note Trustee, acting as Securities Intermediary, will in the ordinary course of its business, maintain securities accounts for its customers, will act in that capacity in holding the Securities Account under
this Note Indenture and will at all times be located in and maintain its books and records relating to all of these securities in the State of New York; 
  
 (e) the Note Trustee, acting as Securities Intermediary, will treat all Eligible Investments as Financial Assets and will duly hold the
Eligible Investments in the Securities Account; and 
  
 (f) the Note Trustee, acting as Securities Intermediary, will not agree to comply with entitlement orders of any secured party other than the Note Trustee with respect to the Securities Account or any Security Entitlements carried in the
Securities Account. 
  
 ARTICLE VII 
  
 Noteholders’ Lists and Reports 
  
 Section 7.01. Note Issuer To Furnish Note Trustee Names and Addresses of
Noteholders. The Note Issuer will furnish or cause to be furnished to the Note Trustee (a) not more than five days after the earlier of (i) each Record Date and (ii) six months after the last Record Date, a list, in such form as the Note Trustee
may reasonably require, of the names and addresses of the Holders of Notes as of such Record Date, (b) at such other times as the Note Trustee may request in writing, within 30 days after receipt by the Note Issuer of any such request, a list of
similar form and content as of a date not more than 10 days prior to the time such list is furnished; provided, however, that so long as the Note Trustee is the Note Registrar, no such list shall be required to be furnished.

  

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

(b) Noteholders may communicate pursuant to Trust Indenture Act Section 312(b) with other Noteholders with respect to their rights
under this Note Indenture or under the Notes. 
  
 (c) The Note Issuer, the Note Trustee and the Note Registrar shall have the protection of Trust Indenture Act Section 312(c). 
  
 Section 7.03. Reports by Note Issuer. 
  
 (a) The Note Issuer shall: 
  
 (i) so long as the Note Issuer is required to file such documents with the Commission, file with the Note Trustee, within 15 days after
the Note Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules
and regulations prescribe) which the Note Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
  
 (ii) file with the Note Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission
such additional information, documents and reports with respect to compliance by the Note Issuer with the conditions and covenants of this Note Indenture as may be required from time to time by such rules and regulations; and 
  
 (iii) supply to the Note Trustee (and the Note Trustee shall
transmit by mail to all Noteholders described in Trust Indenture Act Section 313(c)) such summaries of any information, documents and reports required to be filed by the Note Issuer pursuant to clauses (i) and (ii) of this Section 7.03(a) as may be
required by rules and regulations prescribed from time to time by the Commission. 
  
 (b) Unless the Note Issuer otherwise determines, the fiscal year of the Note Issuer shall end on December 31 of each year. 
  
 Section 7.04. Reports by Note Trustee. If required by Trust Indenture
Act Section 313(a), within 60 days after December 31 of each year, commencing December 31, 2005, the Note Trustee shall mail to each Holder of Notes as required by Trust Indenture Act Section 313(c) a brief report dated as of such date that complies
with Trust Indenture Act Section 313(a). The Note Trustee also shall comply with Trust Indenture Act Section 313(b). 
  

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 A copy of each report at the time of its mailing to Noteholders shall be filed by the Note Trustee with
the Commission and each stock exchange, if any, on which the Notes are listed. The Note Issuer shall notify the Note Trustee if and when the Notes are listed on any stock exchange. 
  
 ARTICLE VIII 
  
 Accounts, Disbursements and Releases 
  
 Section 8.01. Collection of Money. Except as otherwise expressly provided herein, the Note Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Note Trustee, the Certificate Trustee or the Delaware Trustee pursuant to
this Note Indenture, the Certificate Indenture and the Fee and Indemnity Agreement. The Note Trustee shall apply all such money received by it as provided in this Note Indenture. Except as otherwise expressly provided in this Note Indenture, if any
default occurs in the making of any payment or performance under any agreement or instrument that is part of the Collateral, the Note Trustee may take such action as may be appropriate to enforce such payment or performance, subject to Article VI,
including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Note Indenture and any right to proceed thereafter as provided in Article
V. 
  
 Section 8.02. Collection Account. 
  
 (a) Prior to the Issuance Date, the Note Issuer shall open,
at the Note Trustee’s Corporate Trust Office, or at another Eligible Institution, one or more segregated trust accounts in the Note Trustee’s name for the deposit of Estimated RTC Charge Payments and other amounts remitted under the
Servicing Agreement (collectively, the “Collection Account”). The Note Trustee shall hold the Collection Account for the benefit of Noteholders, the Note Trustee and the other Persons indemnified hereunder or under the Fee and Indemnity
Agreement. The Collection Account will consist of four subaccounts: a general subaccount (the “General Subaccount”), a reserve subaccount (the “Reserve Subaccount”), an overcollateralization subaccount (the
“Overcollateralization Subaccount”) and a capital subaccount (the “Capital Subaccount”). All amounts in the Collection Account not allocated to any other subaccount shall be allocated to the General Subaccount. Prior to the
initial Payment Date, all amounts in the Collection Account (other than funds deposited into the Capital Subaccount, together with interest earnings thereon) shall be allocated to the General Subaccount. All references to the Collection Account
shall be deemed to include reference to all subaccounts contained therein. Withdrawals from and deposits to each of the foregoing subaccounts of the Collection Account shall be made as set forth in this Section 8.02. The Collection Account shall at

  

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all times be maintained in an Eligible Deposit Account and only the Note Trustee shall have access to the Collection Account for the purpose of making
deposits in and withdrawals from the Collection Account in accordance with this Note Indenture. Funds in the Collection Account shall not be commingled with any other moneys. Except as provided in Section 8.03, all moneys deposited from time to time
in the Collection Account, all deposits therein pursuant to this Note Indenture, and all investments made in Eligible Investments with such moneys, including all income or other gain from such investments, shall be held by the Note Trustee in the
Collection Account as part of the Collateral as herein provided. 
  
 (b) The Note Trustee shall have sole dominion and exclusive control over all moneys in the Collection Account and shall apply such amounts therein as provided in this Section 8.02. The Note Trustee shall also pay from
the Collection Account any amounts requested to be paid by the Servicer pursuant to Section 4.03(b) of the Servicing Agreement. 
  
 (c) All Estimated RTC Charge Payments and other remittances under the Servicing Agreement shall be deposited in the General Subaccount as
provided in Section 4.03 of the Servicing Agreement. All deposits to and withdrawals from the Collection Account and all allocations to the subaccounts of the Collection Account shall be made by the Note Trustee in accordance with the written
instructions provided by the Servicer in the Semiannual Servicer Certificate or as otherwise provided herein. 
  
 (d) On any Business Day upon which the Note Trustee receives a written request from the Administrator stating that any Operating Expense
payable by the Note Issuer (but only as described in clauses (i) through (iv) below) will become due and payable prior to the next succeeding Payment Date, and setting forth the amount and nature of such Operating Expenses, as well as any supporting
documentation that the Note Trustee may reasonably request, the Note Trustee, upon receipt of such information, will make payment of such Operating Expenses on or before the date such payment is due from amounts on deposit in the General Subaccount,
the Reserve Subaccount, the Overcollateralization Subaccount and the Capital Subaccount, in that order and only to the extent required to make such payment. 
  
 On each Payment Date, the Note Trustee shall apply, at the direction of the Servicer, all amounts on deposit in the Collection Account, including all net
earnings thereon (other than on amounts in the Capital Subaccount), to pay the following amounts, in accordance with the Semiannual Servicer Certificate, in the following priority: 
  
 (i) first, all amounts owed by the Note Issuer to the Note Trustee (including indemnity payments and legal
fees and expenses) shall be paid to the Note Trustee (subject to Section 6.07), second, all amounts owed by the Note Issuer to the Certificate Trustee, the Delaware Trustee, the Agencies and the Certificate Issuer under the Fee and Indemnity
Agreement (provided that any indemnification obligation under any of the Basic Documents shall be limited to $10,000,000 in the aggregate, less any indemnification payments made by BEC 

  

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Funding II, LLC under any Basic Documents (as defined in the Note Indenture dated [    ], 2005 between BEC Funding, LLC and The Bank of
New York, as trustee (the “BEC Note Indenture”)) to which BEC Funding, LLC is a party, unless the payment of any additional amounts shall satisfy the Rating Agency Condition), as well as an amount sufficient to compensate the Certificate
Trustee for all amounts payable by the Certificate Trustee under Section 6.16 of the Certificate Indenture, as described in the last paragraph of Section 6.07, shall be paid sequentially to the Certificate Trustee, the Delaware Trustee, the Agencies
and the Certificate Issuer, as appropriate; 
  
 (ii) the Servicing Fee for such Payment Date and all unpaid Servicing Fees from prior Payment Dates shall be paid to the Servicer; 
  
 (iii) the Administration Fee and all unpaid Administration Fees from prior Payment Dates shall be paid to the Administrator; 

 
 (iv) so long as no Default or Event of Default shall have
occurred and be continuing or would result from such payment, all other Operating Expenses shall be paid to the Persons entitled thereto; provided, however, that the amount of such other Operating Expenses paid by the Note Trustee
from, but not including, the previous Payment Date to, and including, the current Payment Date shall in no event exceed $100,000 in the aggregate; 
  
 (v) (A) first, any overdue Semiannual Interest (together with, to the extent lawful, interest on such overdue Semiannual Interest at the
applicable Note Interest Rate) and (B) second, Semiannual Interest for such Payment Date shall be paid to the Noteholders; 
  
 (vi) (A) first, principal due and payable on the Notes as a result of an Event of Default or on the Final Maturity Date, Optional
Redemption Date or Mandatory Redemption Date of a Class of the Notes, shall be paid to the Noteholders and (B) second, Semiannual Principal for such Payment Date shall be paid to the Noteholders; 
  
 (vii) unpaid Operating Expenses shall be paid to the Persons
entitled thereto; 
  
 (viii) the amount, if any,
by which the Required Capital Level exceeds the amount in the Capital Subaccount (disregarding any interest earnings held in the Capital Subaccount which have not been remitted to the Note Issuer) as of such Payment Date shall be allocated to the
Capital Subaccount; 
  
 (ix) the amount, if any,
by which the Required Overcollateralization Level exceeds the amount in the Overcollateralization Subaccount as of such Payment Date shall be allocated to the Overcollateralization Subaccount; 
  

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 (x) the balance, if any, shall be allocated to the Reserve Subaccount for distribution on
subsequent Payment Dates; and 
  
 (xi) after
principal of and interest on all Notes, and all of the other foregoing amounts have been paid in full, the balance, if any, shall be paid to the Note Issuer, free from the lien of this Note Indenture. 
  
 All payments of interest pursuant to clause (v), shall be allocated among
each Class of Notes pro rata based upon the respective amounts of interest owed on the Notes of each Class, and allocated and paid to holders within each Class pro rata based upon the respective principal amount of Notes held. All payments of
principal pursuant to clause (vi)(A) shall be made to such holders pro rata based on the respective principal amounts of Notes held by such Holders. All payments of principal pursuant to clause (vi)(B) above shall be made to the Holders of the Class
then entitled to payment, based upon the Expected Amortization Schedule in accordance with the priority set forth in Section 2.01(c)(iii). 
  
 (e) If on any Payment Date, or for any amounts payable under clauses (i) through (iv) above, on any Business Day, funds on deposit in the
General Subaccount are insufficient to make the payments contemplated by clauses (i) through (vi) of Section 8.02(d) above, the Note Trustee shall (i) first, draw from amounts on deposit in the Reserve Subaccount, (ii) second, draw
from amounts on deposit in the Overcollateralization Subaccount and (iii) third, draw from amounts on deposit in the Capital Subaccount, in each case, up to the amount of such shortfall in order to make the payments contemplated by clauses
(i) through (vi) of Section 8.02(d). In addition, if on any Payment Date funds on deposit in the General Subaccount are insufficient to make the allocations contemplated by clauses (viii) and (ix) above, the Note Trustee shall draw from amounts on
deposit in the Reserve Subaccount to make such allocations. If on any Payment Date funds on deposit in the Collection Account are insufficient to make the transfers contemplated by clause (v) above, the Note Trustee will allocate the funds drawn
pursuant to the first sentence of this paragraph among the classes pro rata as provided in clause in (d) above. 
  
 (f) On any Optional Redemption Date or Mandatory Redemption Date, the Note Trustee shall pay to the Noteholders the Optional Redemption
Price or Mandatory Redemption Price, as the case may be. 
  
 (g) On the last day of each month, if the amount in the Capital Subaccount exceeds the Required Capital Level, the Note Trustee shall pay to the Note Issuer, upon receipt of an Issuer Request, free from the lien of
this Note Indenture, all amounts in the Capital Subaccount in excess of the Required Capital Level. 
  
 Section 8.03. General Provisions Regarding the Collection Account. 
  
 (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the
funds in the Collection Account shall be invested in Eligible Investments and reinvested by the Note Trustee upon Issuer Order. All income 

  

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or other gain from investments of moneys deposited in the Collection Account shall be deposited by the Note Trustee in the Collection Account, and any loss
resulting from such investments shall be charged to the Collection Account; provided, however, that all income or other gain from investments of moneys deposited in the Capital Subaccount shall be retained in the Capital Subaccount,
and any loss resulting from such investments shall be charged to the Capital Subaccount. The Note Issuer will not direct the Note Trustee to make any investment of any funds or to sell any investment held in the Collection Account unless the
security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Note Trustee
to make any such investment or sale, if requested by the Note Trustee, the Note Issuer shall deliver to the Note Trustee an Opinion of Counsel, reasonably acceptable to the Note Trustee, to such effect. In no event shall the Note Trustee be liable
for the selection of Eligible Investments or for investment losses incurred thereon. The Note Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any Eligible Investment prior to its stated maturity or the
failure of the Note Issuer to provide timely written investment direction. The Note Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of written investment direction pursuant to an Issuer Order. If the
rating of the Eligible Institution, which may be the Note Trustee’s Corporate Trust Office, falls below the rating requirements set forth in clause (b)(i) of the definition of Eligible Institution, the Delaware Trustee, on behalf of the
Certificate Issuer, shall, within one month after notice of such rating change, cause the Collection Account to be transferred to an institution meeting the requirements set forth in clause (b)(i) of the definition of “Eligible
Institution.” 
  
 (b) Subject to Section
6.01(c), the Note Trustee shall not in any way be held liable by reason of any insufficiency in the Collection Account resulting from any loss on any Eligible Investment included therein except for losses attributable to the Note Trustee’s
failure to make payments on such Eligible Investments issued by the Note Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
  
 (c) If (i) the Note Issuer shall have failed to give written investment directions for any funds on deposit
in the Collection Account to the Note Trustee by 11:00 a.m. Eastern Time (or such other time as may be agreed by the Note Issuer and Note Trustee) on any Business Day; or (ii) a Default or Event of Default shall have occurred and be continuing with
respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.02; then the Note Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Collection Account in one or more investments
described under paragraph (i) of the definition of Eligible Investments. 
  
 Section 8.04. Release of Collateral. 
  
 (a) The Note Trustee may, and when required by the provisions of this Note Indenture shall, execute instruments to release property from the lien of this Note 

  

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Indenture, or convey the Note Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this
Note Indenture. No party relying upon an instrument executed by the Note Trustee as provided in this Article VIII shall be bound to ascertain the Note Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the
application of any moneys. 
  
 (b) The Note
Trustee shall, at such time as there are no Notes Outstanding, release any remaining portion of the Collateral that secured the Notes from the lien of this Note Indenture and release to the Note Issuer or any other Person entitled thereto any funds
then on deposit in the Collection Account. The Note Trustee shall release property from the lien of this Note Indenture pursuant to this Section 8.04(b) only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion
of Counsel and (if required by the Trust Indenture Act) Independent Certificates in accordance with Trust Indenture Act Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01. 
  
 Section 8.05. Opinion of Counsel. The Note Trustee shall receive at
least seven days’ notice when requested by the Note Issuer to take any action pursuant to Section 8.04(a), accompanied by copies of any instruments involved, and the Note Trustee shall also require, as a condition to such action, an Opinion of
Counsel, in form and substance reasonably satisfactory to the Note Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action
have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Note Indenture; provided, however, that such
Opinion of Counsel shall not be required to express an opinion as to the fair value of the Collateral. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other
instrument delivered to the Note Trustee in connection with any such action. 
  
 Section 8.06. Reports by Independent Accountants. As of the Issuance Date, the Note Issuer shall appoint a firm of Independent certified public accountants of recognized national reputation for purposes of
preparing and delivering the reports or certificates of such accountants required by this Note Indenture. In the event such firm requires the Note Trustee to agree to the procedures performed by such firm, the Note Issuer shall direct the Note
Trustee in writing to so agree; it being understood and agreed that the Note Trustee will deliver such letter of agreement in conclusive reliance upon the direction of the Note Issuer, and the Note Trustee makes no independent inquiry or
investigation to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. Upon any resignation by such firm the Note Issuer shall provide written notice thereof to the Note Trustee and
shall promptly appoint a successor thereto that shall also be a firm of Independent certified public accountants of recognized national reputation. If the Note Issuer shall fail to appoint a successor to a firm of Independent certified public
accountants that has resigned within 15 days after such resignation, the Note Trustee shall promptly notify the Note Issuer of such failure in writing. If the Note Issuer shall not have appointed a successor within 10 days thereafter the Note
Trustee shall promptly appoint a successor firm of Independent certified public accountants of recognized national reputation; provided, however, that the Note Trustee shall 

  

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have no liability with respect to such appointment if the Note Trustee acted with due care with respect thereto. The fees of such Independent certified
public accountants and its successor shall be payable by the Note Issuer. 
  
 ARTICLE IX 
  
 Supplemental Note Indentures 
  
 Section
9.01. Supplemental Note Indentures Without Consent of Noteholders. 
  
 (a) Without the consent of the Holders of any Notes but with prior notice to the Rating Agencies, the Note Issuer, the Note Trustee and the Certificate Trustee, when authorized by an Issuer Order, at any time and from
time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form reasonably satisfactory to the Note Trustee, for any
of the following purposes: 
  
 (i) to correct or
amplify the description of any property at any time subject to the lien of this Note Indenture, or better to assure, convey and confirm unto the Note Trustee any property subject or required to be subjected to the lien of this Note Indenture, or to
subject to the lien of this Note Indenture additional property; 
  
 (ii) to evidence the succession, in compliance with the applicable provisions hereof, of another person to the Note Issuer, and the assumption by any such successor of the covenants of the Note Issuer herein and in
the Notes contained; 
  
 (iii) to add to the
covenants of the Note Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon the Note Issuer; 
  
 (iv) to convey, transfer, assign, mortgage or pledge any property to or with the Note Trustee; 
  
 (v) to cure any ambiguity, to correct or supplement any
provision herein or in any supplemental note indenture which may be inconsistent with any other provision herein or in any supplemental note indenture or to make any other provisions with respect to matters or questions arising under this Note
Indenture or in any supplemental note indenture; provided, however, that such action shall not adversely affect the interests of the Holders of the Notes or holders of the Certificates; 
  
 (vi) to evidence and provide for the acceptance of the
appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Note Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee,
pursuant to the requirements of Article VI; or 
  

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 (vii) to modify, eliminate or add to the provisions of this Note Indenture to such extent
as shall be necessary to effect the qualification of this Note Indenture under the Trust Indenture Act or under any similar federal statute hereafter enacted and to add to this Note Indenture such other provisions as may be expressly required by the
Trust Indenture Act. 
  
 The Note Trustee is hereby authorized to
join in the execution of any such supplemental note indenture and to make any further appropriate agreements and stipulations that may be therein contained. 
  
 (b) The Note Issuer and the Note Trustee, when authorized by an Issuer Order, may, also without the consent of any of the Holders of the
Notes, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Note Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Note Indenture; provided, however, that (i) such action shall not, as evidenced by an Officer’s Certificate, adversely affect in any material respect the interests of the Noteholders or the holders
of Certificates and (ii) the Rating Agency Condition shall have been satisfied with respect thereto. 
  
 Section 9.02. Supplemental Note Indentures with Consent of Noteholders. The Note Issuer and the Note Trustee, when authorized by an Issuer Order,
also may, with prior notice to the Rating Agencies, the Agencies and with the consent of the Holders of not less than a majority of the Outstanding Amount of the Notes of each Class to be affected, by Act of such Holders delivered to the Note Issuer
and the Note Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Note Indenture or of modifying in any manner the
rights of the Holders of the Notes under this Note Indenture; provided, however, that no such supplemental note indenture shall, without the consent of the Holder of each Outstanding Note of each Class affected thereby: 
  
 (i) change the date of payment of any installment of
principal of or interest on any Note, or reduce the principal amount thereof or the interest rate thereon, change the provisions of this Note Indenture 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 any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement of the provisions of
this Note Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of optional or mandatory
redemption, on or after the Optional Redemption Date or Mandatory Redemption Date, as applicable); 
  

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 (ii) reduce the percentage of the Outstanding Amount of the Notes or of a Class thereof,
the consent of the Holders of which is required for any such supplemental note indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Note Indenture or certain defaults hereunder
and their consequences provided for in this Note Indenture; 
  
 (iii) modify or alter the provisions of the proviso to the definition of the term “Outstanding”; 
  
 (iv) reduce the percentage of the Outstanding Amount of the Notes required to direct the Note Trustee to direct the Note Issuer to sell or
liquidate the Collateral pursuant to Section 5.04; 
  
 (v) modify any provision of this Section except to increase any percentage specified herein or to provide that certain additional provisions of this Note Indenture or the Basic Documents cannot be modified or waived without the consent of
the Holder of each Outstanding Note affected thereby; 
  
 (vi) modify any of the provisions of this Note Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the
individual components of such calculation) or to affect the rights of the Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained herein; or 
  
 (vii) permit the creation of any lien ranking prior to or on a parity with the lien of this Note Indenture
with respect to any part of the Collateral or, except as otherwise permitted or contemplated herein, terminate the lien of this Note Indenture on any property at any time subject hereto or deprive the Holder of any Note of the security provided by
the lien of this Note Indenture. 
  
 The Note Trustee, after
consultation with the Certificate Trustee, may in its discretion determine whether or not any Notes or Certificates of a Class would be affected by any supplemental note indenture and any such determination shall be conclusive upon the Holders of
all Notes and holders of all Certificates of such Class, whether theretofore or thereafter authenticated and delivered hereunder. Neither the Note Trustee nor the Certificate Trustee shall be liable for any such determination made in good faith.

  
 It shall not be necessary for any Act of Noteholders under
this Section to approve the particular form of any proposed supplemental note indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  
 Promptly after the execution by the Note Issuer and the Note Trustee of any supplemental note indenture pursuant to this
Section, the Note Issuer shall mail to the Rating Agencies, the Certificate Trustee, the Agencies and the Holders of the Notes to which such amendment or 

  

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supplemental note indenture relates a notice setting forth in general terms the substance of such supplemental note indenture. Any failure of the Note
Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental note indenture. 
  
 Section 9.03. Execution of Supplemental Note Indentures. In executing any supplemental note indenture permitted by this Article IX or the
modifications thereby of the trusts created by this Note Indenture, the Note Trustee shall be entitled to receive, and subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental note indenture is authorized or permitted by this Note Indenture. The Note Trustee may, but shall not be obligated to, enter into any such supplemental note indenture that affects the Note Trustee’s own rights, duties,
liabilities or immunities under this Note Indenture or otherwise. 
  
 Section 9.04. Effect of Supplemental Note Indenture. Upon the execution of any supplemental note indenture pursuant to the provisions hereof, this Note Indenture shall be and be deemed to be modified and amended in accordance
therewith with respect to each Class of Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Note Indenture of the Note Trustee, the Note Issuer and the Holders of the
Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental note indenture shall be and be deemed to be part of the
terms and conditions of this Note Indenture for any and all purposes. If required by the Note Trustee, Notes may bear a notation in form approved by the Note Trustee as to any matter provided for in such supplemental note indenture. If the Note
Issuer or the Note Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Note Trustee and the Note Issuer, to any such supplemental note indenture may be prepared and executed by the Note Issuer and authenticated and
delivered by the Note Trustee in exchange for Outstanding Notes. 
  
 Section 9.05. Conformity with Trust Indenture Act. Every amendment of this Note Indenture and every supplemental note indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then
in effect so long as this Note Indenture shall then be qualified under the Trust Indenture Act. 
  
 ARTICLE X 
  
 Redemption of Notes 
  
 Section 10.01.
Optional Redemption by Note Issuer. The Note Issuer may, at its option, redeem all, but not less than all, of the Notes on any Payment Date if, after giving effect to payments that would otherwise be made on such Payment Date, the Outstanding
Amount has been reduced to less than five percent of the initial principal balance thereof at a price equal to the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon at the Note Interest Rate to the
Optional Redemption Date (such price being called the “Optional Redemption Price”). If the Note Issuer shall elect to redeem the Notes pursuant to 

  

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this Section 10.01, it shall furnish written notice (which notice shall state all items listed in Section 10.02) of such election to the Note Trustee, the
Certificate Trustee, the Agencies and the Rating Agencies not later than 25 days prior to the Optional Redemption Date and shall deposit with the Note Trustee not later than one Business Day prior to the Optional Redemption Date the Optional
Redemption Price of the Notes to be redeemed whereupon all such Notes shall be due and payable on the Optional Redemption Date upon the furnishing of a notice complying with Section 10.02 hereof to each Holder of the Notes pursuant to this Section
10.01. 
  
 Section 10.02. Form of Optional Redemption
Notice. Notice of redemption under Section 10.01 hereof shall be given by the Note Trustee by first-class mail, postage prepaid, mailed not less than five days nor more than 25 days prior to the Optional Redemption Date to each Holder of Notes
to be redeemed, as of the close of business on the Record Date preceding the Optional Redemption Date at such Holder’s address appearing in the Note Register. 
  
 All notices of redemption shall state: 
  
 (1) the Optional Redemption Date; 
  
 (2) the Optional Redemption Price; and 
  
 (3) the place where such Notes are to be surrendered for payment of the Optional Redemption Price (which
shall be the office or agency of the Note Issuer to be maintained as provided in Section 3.02 hereof). 
  
 Notice of redemption of the Notes to be redeemed shall be given by the Note Trustee in the name and at the expense of the Note Issuer. Failure to give
notice of redemption, or any defect therein, to any Holder of any Note selected for redemption shall not impair or affect the validity of the redemption of any other Note. 
  
 Section 10.03. Notes Payable on Optional Redemption Date or Payment Date. Notice of redemption having been given as
provided in Section 10.02 hereof, the Notes to be redeemed shall on the Optional Redemption Date become due and payable at the Optional Redemption Price and (unless the Note Issuer shall default in the payment of the Optional Redemption Price) no
interest shall accrue on the Optional Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Optional Redemption Price. 
  
 Section 10.04. Mandatory Redemption by Note Issuer. If the Seller is required to repurchase the Transition Property
pursuant to Section 5.01(b) of the Sale Agreement, the Note Issuer shall be required to redeem all outstanding Notes on or before the fifth Business Day following the Repurchase Date (such date of mandatory redemption, the “Mandatory Redemption
Date”) for a purchase price equal to the then outstanding principal amount of the Notes plus accrued and unpaid interest thereon at the Note Interest Rate to the Mandatory Redemption Date (such price being called the “Mandatory Redemption
Price”). If the Note Issuer is required to redeem the Notes pursuant to this Section 10.04, it shall furnish written 

  

 69 

 
notice (which notice shall state all items listed in Section 10.05) of such redemption to the Note Trustee, the Certificate Trustee, the Agencies and the
Rating Agencies not later than one Business Day before such Repurchase Date and shall deposit with the Note Trustee, not later than one Business Day prior to the Mandatory Redemption Date, the Mandatory Redemption Price of the Notes to be redeemed
whereupon all such Notes shall be due and payable on the Mandatory Redemption Date upon the furnishing of a notice complying with Section 10.05 hereof to each Holder of the Notes pursuant to this Section 10.04. 
  
 Section 10.05. Form of Mandatory Redemption Notice. Notice of
redemption under Section 10.04 hereof shall be given by the Note Trustee by first-class mail, postage prepaid, mailed not less than five days prior to the Mandatory Redemption Date to each Holder of Notes to be redeemed, as of the close of business
on the Record Date preceding the Mandatory Redemption Date at such Holder’s address appearing in the Note Register. 
  
 All notices of redemption shall state: 
  
 (1) the Mandatory Redemption Date; 
  
 (2) the Mandatory Redemption Price; and 
  
 (3) the place where such Notes are to be surrendered for payment of the Mandatory Redemption Price (which shall be the office or agency of
the Note Issuer to be maintained as provided in Section 3.02 hereof). 
  
 Notice of redemption of the Notes to be redeemed shall be given by the Note Trustee in the name and at the expense of the Note Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Note selected for
redemption shall not impair or affect the validity of the redemption of any other Note. 
  
 Section 10.06. Notes Payable on Mandatory Redemption Date or Payment Date. Notice of redemption having been given as provided in Section 10.05 hereof, the Notes to be redeemed shall on the Mandatory Redemption
Date become due and payable at the Mandatory Redemption Price and (unless the Note Issuer shall default in the payment of the Mandatory Redemption Price) no interest shall accrue on the Mandatory Redemption price for any period after the date to
which accrued interest is calculated for purposes of calculating the Mandatory Redemption Price. 
  
 ARTICLE XI 
  
 Miscellaneous 
  
 Section 11.01.
Compliance Certificates and Opinions, etc. 
  
 (a) Upon any application or request by the Note Issuer to the Note Trustee to take any action under any provision of this Note Indenture, the Note Issuer shall furnish to the Note Trustee (i) an Officer’s Certificate stating that all
conditions precedent, if any, 

  

 70 

 
provided for in this Note Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent, if any, have been complied with and (iii) (if required by the Trust Indenture Act) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section,
except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Note Indenture, no additional certificate or opinion need be furnished. 
  
 Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Note Indenture shall include: 
  
 (i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 
  
 (ii) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (iii) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary
to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with. 
  
 (b) (i) Prior to the deposit of any Collateral or other
property or securities with the Note Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Note Indenture, the Note Issuer shall, in addition to any obligation imposed in Section 11.01(a) or
elsewhere in this Note Indenture, furnish to the Note Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Note Issuer of the
Collateral or other property or securities to be so deposited. 
  
 (ii) Whenever the Note Issuer is required to furnish to the Note Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Note
Issuer shall also deliver to the Note Trustee an Independent Certificate as to the same matters, if the fair value to the Note Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or
release since the commencement of the then-current fiscal year of the Note Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is ten percent or more of the Outstanding Amount of the Notes, but such
a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Note Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding
Amount of the Notes. 
  

 71 

 (iii) Whenever any property or securities are to be released from the lien of this Note
Indenture other than pursuant to Section 8.02, the Note Issuer shall also furnish to the Note Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of
such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Note Indenture in contravention of the provisions hereof. 
  
 (iv) Whenever the Note Issuer is required to furnish to the
Note Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Note Issuer shall also furnish to the Note Trustee an Independent Certificate as to the same
matters if the fair value of the property or securities and of all other property, or securities released from the lien of this Note Indenture (other than pursuant to Section 8.02 hereof) since the commencement of the then-current calendar year, as
set forth in the certificates required by clause (iii) above and this clause (iv), equals 10 percent or more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release of property or securities if
the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding Amount of the Notes. 
  
 (v) Notwithstanding Section 2.11 or any other provision of this Section, the Note Issuer may (A) collect,
liquidate, sell or otherwise dispose of the Transition Property and the RTC Charge as and to the extent permitted or required by the Basic Documents and (B) cause the Note Trustee to make cash payments out of the Collection Account as and to the
extent permitted or required by the Basic Documents. 
  
 Section
11.02. Form of Documents Delivered to Note Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such
Person may certify or give an opinion as to such matters in one or several documents. 
  
 Any certificate or opinion of an Authorized Officer of the Note Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows,
or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or
Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Seller, the Note Issuer 

  

 72 

 
or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Note Issuer or
the Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
  
 Whenever in this Note Indenture, in connection with any application or
certificate or report to the Note Trustee, it is provided that the Note Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Note Issuer’s compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to
the right of the Note Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Note Trustee’s right to rely upon the truth and accuracy of any
statement or opinion contained in any such document as provided in Article VI. 
  
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Note Indenture, they may, but need not, be
consolidated and form one instrument. 
  
 Section 11.03. Acts
of Noteholders. 
  
 (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by this Note Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Note Trustee, and, where it is hereby
expressly required, to the Note Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof
of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Note Indenture and (subject to Section 6.01) conclusive in favor of the Note Trustee and the Note Issuer, if made in the manner
provided in this Section. 
  
 (b) The fact and
date of the execution by any person of any such instrument or writing may be proved in any manner that the Note Trustee deems sufficient. 
  
 (c) The ownership of Notes shall be proved by the Note Register. 
  
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of
any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Note Trustee or the Note Issuer in reliance thereon,
whether or not notation of such action is made upon such Note. 
  

 73 

 Section 11.04. Notices. 
  
 (a) Unless otherwise specifically provided herein, all notices, directions, consents and waivers required
under the terms and provisions of this Note Indenture shall be in English and in writing, and any such notice, direction, consent or waiver may be given by United States mail, courier service, facsimile transmission or electronic mail (confirmed by
telephone, United States mail or courier service in the case of notice by facsimile transmission or electronic mail) or any other customary means of communication, and any such notice, direction, consent or waiver shall be effective when delivered,
or if mailed, three days after deposit in the United States mail with proper postage for ordinary mail prepaid, 
  
 if to the Agencies, to: 
  
 Massachusetts Development Finance Agency 
 160 Federal Street 
 Boston, Massachusetts 02110 
 Attention: General Counsel 
 Facsimile: (617) 330-2001 
 Telephone: (617) 330-2006 
  
 and 
  
 Massachusetts Health and Educational Facilities Authority

 99 Summer Street 
 10th Floor 
 Boston, Massachusetts 02110 
 Attention: General Counsel 
 Facsimile: (617) 737-8366 
 Telephone: (617) 737-8377 
  
 if to the Certificate Issuer, to: 
  
 The Bank of New York (Delaware), as Delaware Trustee for the Massachusetts 
 RRB Special Purpose Trust 2005-1 
 c/o The Bank of New York 
 101 Barclay Street 
 Floor 8 West 
 New York, New York 10286 
 Attention: Asset Backed Finance Unit 
 Facsimile: (212) 815-5544 
 Telephone: (212) 815-5286 
  
 (with copies to the Agencies at the addresses listed herein) 
  

 74 

 if to the Note Issuer, to: 
  
 CEC Funding, LLC 
 One NSTAR Way 
 Westwood, Massachusetts 02090 
 Attention: President 
 Facsimile: (781) 441-[    ] 
 Telephone: (781) 441-8900 
  
 if to the Note Trustee or the Certificate Trustee, to: 
  
 The Bank of New York 
 101 Barclay Street 
 Floor 8 West 
 New York, New York 10286 
 Attention: Asset Backed Finance Unit 
 Facsimile: (212) 815-5544 
 Telephone: (212) 815-5286 
  
 if to the Rating Agencies, to: 
  
 Standard & Poor’s Ratings Services 
 55 Water Street, 41st Floor 
 New York, New York 10041 
 Attention: ABS Surveillance Group New Assets 
 Facsimile: (212) 438-2655 
 E mail: Servicer_reports@sandp.com 
 Telephone: (212) 438-2000 
  
 and 
  
 Moody’s Investors Service 
 99 Church Street 
 New York, New York 10007 
 Attention: ABS Monitoring Department 
 Facsimile: (212) 553-0573 
 Telephone: (212) 553-3686 
  
 Section 11.05. Notices to Noteholders; Waiver. Where this Note
Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such
Noteholder’s address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the
failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall
conclusively be presumed to have been duly given. 
  

 75 

 Where this Note Indenture provides for notice in any manner, such notice may be waived in writing by any
Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Note Trustee but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such a waiver. 
  
 In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event of Noteholders when such notice is required
to be given pursuant to any provision of this Note Indenture, then any manner of giving such notice as shall be satisfactory to the Note Trustee shall be deemed to be a sufficient giving of such notice. 
  
 Where this Note Indenture provides for notice to the Rating Agencies, failure
to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 
  
 Section 11.06. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another
provision hereof that is required to be included in this Note Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 
  
 The provisions of Trust Indenture Act Sections 310 through 317 that impose duties on any person (including the provisions
automatically deemed included herein unless expressly excluded by this Note Indenture) are a part of and govern this Note Indenture, whether or not physically contained herein. 
  
 Section 11.07. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of
Contents are for convenience only and shall not affect the construction hereof. 
  
 Section 11.08. Successors and Assigns. All covenants and agreements in this Note Indenture and the Notes by the Note Issuer shall bind its successors and assigns, whether so expressed or not. 
  
 All agreements of the Note Trustee in this Note Indenture shall bind its
successors. 
  
 Section 11.09. Severability. In case any
provision in this Note Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 Section 11.10. Benefits of Note Indenture. Nothing in this Note
Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Noteholders, and any other party secured hereunder, and any other Person with an ownership interest in any
part of the Collateral, any benefit or any legal or equitable right, remedy or claim under this Note Indenture. 
  

 76 

 Section 11.11. Legal Holidays. In any case where the date on which any payment is due shall not be
a Business Day, then (notwithstanding any other provision of the Notes or this Note Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which
nominally due, and no interest shall accrue for the period from and after any such nominal date. 
  
 Section 11.12. GOVERNING LAW. THIS NOTE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. PURSUANT TO MASSACHUSETTS UCC SECTION 8-110(e)(1) AND, TO THE EXTENT APPLICABLE,
MASSACHUSETTS UCC SECTION 9-304(b)(1), THE COMMONWEALTH OF MASSACHUSETTS IS THE JURISDICTION OF THE NOTE TRUSTEE, AS BANK OR SECURITIES INTERMEDIARY WITH RESPECT TO THE SECURITIES ACCOUNT AND THE PERFECTION, EFFECT OR PERFECTION OR NONPERFECTION AND
THE PRIORITY OF SECURITY INTERESTS IN THE SECURITIES ACCOUNT SHALL BE GOVERNED BY THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS. 
  
 Section 11.13. Counterparts. This Note Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. 
  
 Section 11.14. Recording of Note Indenture. If this Note Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Note Issuer and at its expense
accompanied by an Opinion of Counsel (which may be counsel to the Note Trustee or any other counsel reasonably acceptable to the Note Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other
Person secured hereunder or for the enforcement of any right or remedy granted to the Note Trustee under this Note Indenture. 
  
 Section 11.15. Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Note Issuer or the Note
Trustee on the Notes or under this Note Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Note Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Note Issuer
or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Note Trustee in its individual capacity, any holder of a beneficial interest in the Note Issuer or the Note Trustee or of any successor or assign of the Note
Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Note Trustee has no such obligations in its individual capacity). 
  
 Section 11.16. No Recourse to Note Issuer. Notwithstanding any provision of this Note Indenture or any Supplemental
Note Indenture to the contrary, Noteholders shall have no recourse against the Note Issuer, but shall look only to the Collateral, with respect to any amounts due to the Noteholders hereunder. 
  

 77 

 Section 11.17. Inspection. The Note Issuer agrees that, on reasonable prior notice, it will permit
any representative of the Note Trustee, during the Note Issuer’s normal business hours, to examine all the books of account, records, reports, and other papers of the Note Issuer, to make copies and extracts therefrom, to cause such books to be
audited by Independent certified public accountants, and to discuss the Note Issuer’s affairs, finances and accounts with the Note Trustee’s officers, employees, and Independent certified public accountants, all at such reasonable times
and as often as may be reasonably requested. The Note Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for
confidential treatment are unavailing) and except to the extent that the Note Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. Notwithstanding anything herein to the contrary, the foregoing shall
not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly known, or information obtained by the Note Trustee from sources other than the Note Issuer, provided such parties are rightfully in possession of such
information and do not have an obligation of confidentiality, (ii) disclosure of any and all information (A) if required to do so by any applicable statute, law, rule or regulation, (B) pursuant to any subpoena, civil investigative demand or similar
demand or request of any court or regulatory authority exercising its proper jurisdiction, (C) in any preliminary or final offering circular, registration statement or contract or other document pertaining to the transactions contemplated by this
Note Indenture or the Basic Documents approved in advance by the Note Issuer or (D) to any affiliate, independent or internal auditor, agent, employee or attorney of the Note Trustee having a need to know the same, provided that such parties agree
to be bound by the confidentiality provisions contained in this Section 11.17, or (iii) any other disclosure authorized by the Note Issuer. 
  

 78 

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

			
	 CEC FUNDING, LLC

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 THE BANK OF NEW YORK,

	 not in its individual capacity but solely as Note Trustee,

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 S-1 

 COMMONWEALTH OF MASSACHUSETTS,         )

                                        
                     ) ss.: 
 COUNTY OF
[                    ],            ) 
  
 On the
             day of                     , 2005, before me,
                                        ,
a Notary Public in and for said county and state, personally appeared                             ,
personally known to me (or proved to me on the basis of satisfactory evidence) to be the person and officer whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by
his signature on the instrument CEC Funding, LLC, a Delaware limited liability company and the entity upon which the person acted, executed this instrument. 
  
 WITNESS my hand and official seal. 
  

	
	  

	 Notary Public

	
	 My commission expires:

 COMMONWEALTH OF MASSACHUSETTS,         )

                                        
                     ) ss.: 
 COUNTY OF
[                    ],            ) 
  
 On the
             day of                     , 2005, before me,
                            , a Notary Public in and for said county and state, personally appeared
                            , personally known to me (or proved to me on the basis of satisfactory
evidence) to be the person and officer whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument The Bank of New York, the entity upon
which the person acted, executed this instrument. 
  
 WITNESS my
hand and official seal. 
  

	
	  

	 Notary Public

	
	 My commission expires:

 SCHEDULE A 
  

Expected Amortization Schedule 
  
 Outstanding Principal Balance 
  

							
	 Payment Date

	 	 Class A-1

	 	 Class A-2

	 	 Class A-[others]

	 Issuance Date
	 	 	 	 	 	 

 SCHEDULE B 
  

Required Overcollateralization Level 
  

							
	 Payment Date

	 	 Required
 Overcollateralization
 Level

	 	 Payment Date

	  	 Required
 Overcollateralization
 Level

  
  

 EXHIBIT B 
  

FORM OF NOTE 
  

			
	 REGISTERED NO. [        ]
	 	$ [        ]

  
 SEE REVERSE FOR CERTAIN
DEFINITIONS 
  
 THE PRINCIPAL OF THIS CLASS
A-[    ] NOTE WILL BE PAID IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS A-[ ] NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 CEC FUNDING, LLC NOTES 
  
 CLASS A-[ ] 
  

					
	 Interest Rate

	 	 Original Principal Amount

	 	 Final Maturity Date

	 [    ]%
	 	$[            ]	 	 

  
 PRINCIPAL AMOUNT: 
  
 CEC Funding, LLC, a limited
liability company formed and existing under the laws of the State of Delaware (herein referred to as the “Note Issuer”), for value received, hereby promises to pay to Massachusetts RRB Special Purpose Trust 2005-1, or registered assigns,
the Original Principal Amount shown above in semiannual installments on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Note Indenture, in each year, commencing
on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date and to pay interest, at the Interest Rate shown above, on each September 15 and March 15 or if any such day is not a Business Day, the next
succeeding Business Day, commencing on September 15, 2005 and continuing until the earlier of the payment of the principal hereof or the Final Maturity Date (each a “Payment Date”), on the principal amount of this Class
A-[    ] Note. Interest on this Class A-[    ] Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has
yet been paid, from             , 2005. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Class
A-[    ] Note shall be paid in the manner specified on the reverse hereof. 
  

 B-1 

 The principal of and interest on this Class A-[    ] Note are payable in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Note Issuer with respect to this Class A-[    ] Note-shall be applied first to
interest due and payable on this Class A-[    ] Note as provided above and then to the unpaid principal of this Class A-[    ] Note, all in the manner set forth in Section 8.02 of the Note Indenture.

  
 Reference is made to the further provisions of this Class
A-[    ] Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Class A-[    ] Note. 
  
 The Holder of this Class A-[    ] Note by the acceptance hereof agrees to be bound by the terms of the
Note Indenture. 
  
 Unless the certificate of authentication
hereon has been executed by the Note Trustee whose name appears below by manual signature, this Class A-[    ] Note shall not be entitled to any benefit under the Note Indenture referred to on the reverse hereof, or be valid or
obligatory for any purpose. 
  
 IN WITNESS WHEREOF, the Note
Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer. 
  
 Date: [            ], 2005 
  

			
	 CEC FUNDING, LLC

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 B-2 

 NOTE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 Dated: [            ], 2005

  
 This is one of the Notes referred to in the within-mentioned
Note Indenture. 
  

			
	 THE BANK OF NEW YORK,

	 not in its individual capacity but solely as Note Trustee,

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 B-3 

 [REVERSE OF NOTE] 
  

This Class A-[    ] Note is one of a duly authorized issue of Notes of the Note Issuer, designated as its CEC Funding, LLC Notes
(herein called the “Notes”), issuable in one or more Classes, and further designated as a Class A-[    ] Note (collectively with all other Class A-[    ] Notes of this issue, the “Class
A-[    ] Notes”), all issued under a Note Indenture dated as of [    ], 2005 (the “Note Indenture”), between the Note Issuer and The Bank of New York, as Note Trustee (the “Note
Trustee,” which term includes any successor trustee under the Note Indenture), to which Note Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the
Note Issuer, the Note Trustee and the Holders of the Notes. All terms used in this Class A-[    ] Note that are defined in the Note Indenture, as supplemented or amended, shall have the meanings assigned to them in the Note
Indenture, as supplemented or amended. 
  
 The Class
A-[    ] Notes and the other Classes of Notes issued by the Note Issuer are and will be equally and ratably secured by the collateral pledged as security therefor, as provided in the Note Indenture. 
  
 The principal of this Class A-[    ] Note shall be
payable on each Payment Date only to the extent that amounts in the Collection Account are available therefor, and only until the outstanding principal balance thereof on such Payment Date (after giving effect to all payments of principal, if any,
made on such Payment Date) has been reduced to the principal balance specified in the Expected Amortization Schedule which is attached to the Note Indenture as Schedule A, unless payable earlier either because (x) an Event of Default shall have
occurred and be continuing and the Note Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in accordance with Section 5.02 of the
Note Indenture, (y) the Note Issuer, at its option, shall have called for the redemption of the Notes pursuant to Section 10.01 of the Note Indenture or (z) the Note Issuer shall have called for the redemption of the Notes pursuant to Section 10.04
of the Note Indenture if the Seller is required to repurchase the Transition Property pursuant to Section 5.01(b) of the Sale Agreement. However, actual principal payments may be made in lesser than expected amounts and at later than expected times
as determined pursuant to Section 8.02 of the Note Indenture. The entire unpaid principal amount of this Class A-[    ] Note shall be due and payable on the earlier of the Final Maturity Date hereof, the Optional Redemption Date,
if any, and the Mandatory Redemption Date, if any, herefor. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not then previously paid, on the date on which an Event of Default shall have
occurred and be continuing and the Note Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section 5.02
of the Note Indenture. All principal payments on the Class A-[    ] Notes shall be made pro rata to the Class A-[    ] Noteholders entitled thereto based on the respective principal amounts of the Class
A-[    ] Notes held by them. 
  

 B-4 

 Payments of interest on this Class A-[    ] Note due and payable on each Payment
Date, together with the installment of principal shall be made by check mailed first-class, postage prepaid, to the Person whose name appears as the Registered Holder of this Class A-[    ] Note (or one or more Predecessor Notes)
on the Note Register as of the close of business on the Record Date, except that with respect to Notes registered on the Record Date in the name of the Certificate Trustee, payments will be made by wire transfer in immediately available funds to the
account designated by the Certificate Trustee and except for the final installment of principal payable with respect to this Class A-[    ] Note on a Payment Date which shall be payable as provided below. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Class A-[    ] Note be submitted for notation of payment. Any
reduction in the principal amount of this Class A-[    ] Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Class
A-[    ] Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Note Indenture, for
payment in full of the then remaining unpaid principal amount of this Class A-[    ] Note on a Payment Date, then the Note Trustee, in the name of and on behalf of the Note Issuer, will notify the Person who was the Registered
Holder hereof as of the Record Date preceding such Payment Date by notice mailed no later than five days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of this
Class A-[    ] Note and shall specify the place where this Class A-[    ] Note may be presented and surrendered for payment of such installment. 
  
 The Note Issuer shall pay interest on overdue installments of interest at the Note Interest Rate to the extent lawful.

  
 As provided in the Note Indenture, the Class
A-[    ] Notes may be redeemed, in whole but not in part, at the option of the Note Issuer on any Payment Date at the Optional Redemption Price if, after giving effect to payments that would otherwise be made on such Payment
Date, the Outstanding Amount of the Notes has been reduced to less than five percent of the initial principal balance thereof. In addition, as provided in the Note Indenture, if the Seller is required to repurchase the Transition Property pursuant
to Section 5.01(b) of the Sale Agreement, the Note Issuer will be required to redeem all outstanding Notes, including the Class A-[    ] Notes, on or before the fifth Business Day following the Repurchase Date (as defined in the
Sale Agreement). 
  
 As provided in the Note Indenture and subject
to certain limitations set forth therein, the transfer of this Class A-[    ] Note may be registered on the Note Register upon surrender of this Class A-[    ] Note for registration of transfer at the office
or agency designated by the Note Issuer pursuant to the Note Indenture, duly endorsed by, or accompanied by (a) a written instrument of transfer in form satisfactory to the Note Trustee duly executed by the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed by an institution which is a member of one of the following recognized Signature Guaranty Programs: (i) The Securities 

  

 B-5 

 
Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MSP); (iii) The Stock Exchange Medallion Program (SEMP); or
(iv) in such other guarantee program acceptable to the Note Trustee, and (b) such other documents as the Note Trustee may require, and thereupon one or more new Class A-[    ] Notes of Minimum Denominations and in the same
aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Class A-[    ] Note, but the transferor may be required
to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange, other than exchanges pursuant to Section 2.04 of the Note Indenture not involving any
transfer. 
  
 Each Noteholder, by acceptance of a Note, covenants
and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Note Issuer or the Note Trustee on the Notes or under the Note Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Note Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Note Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Note Trustee in its individual capacity, any
holder of a beneficial interest in the Note Issuer or the Note Trustee or of any successor or assign of the Note Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Note Trustee has
no such obligations in its individual capacity). 
  
 Prior to the
due presentment for registration of transfer of this Class A-[    ] Note, the Note Issuer, the Note Trustee and any agent of the Note Issuer or the Note Trustee may treat the Person in whose name this Class
A-[    ] Note is registered (as of the day of determination) as the owner hereof for the purpose of receiving payments of principal of and interest on this Class A-[    ] Note and for all other purposes
whatsoever, whether or not this Class A-[    ] Note be overdue, and neither the Note Issuer, the Note Trustee nor any such agent shall be affected by notice to the contrary. 
  
 The Note Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Note Issuer and the rights of the Holders of the Notes under the Note Indenture at any time by the Note Issuer with the consent of the Holders of Notes representing a
majority of the Outstanding Amount of all Notes at the time Outstanding of each Class to be affected. The Note Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the
Notes, on behalf of the Holders of all the Notes, to waive compliance by the Note Issuer with certain provisions of the Note Indenture and certain past defaults under the Note Indenture and their consequences. Any such consent or waiver by the
Holder of this Class A-[    ] Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Class A-[    ] Note and of any Note issued upon
the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class A-[    ] Note. The Note Indenture also permits the Note Trustee to amend or
waive certain terms and conditions set forth in the Note Indenture without the consent of Holders of the Notes issued thereunder. 
  

 B-6 

 The term “Note Issuer” as used in this Class A-[    ] Note includes any
successor to the Note Issuer under the Note Indenture. 
  
 The
Note Issuer is permitted by the Note Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Note Trustee and the Holders of Notes under the Note Indenture. 
  
 The Class A-[    ] Notes are issuable only in registered
form in denominations as provided in the Note Indenture, subject to certain limitations therein set forth. 
  
 This Class A-[    ] Note and the Note Indenture shall be construed in accordance with the laws of The Commonwealth of Massachusetts,
without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  
 No reference herein to the Note Indenture and no provision of this Class A-[    ] Note or of the Note
Indenture shall alter or impair the obligation of the Note Issuer, which is absolute and unconditional, to pay the principal of and interest on this Class A-[    ] Note at the times, place, and rate, and in the coin or currency
herein prescribed. 
  
 The Holder of this Class
A-[    ] Note by the acceptance hereof agrees that, notwithstanding any provision of the Note Indenture to the contrary, the Holder shall have no recourse against the Note Issuer, but shall look only to the Collateral, with
respect to any amounts due to the Holder under this Class A-[    ] Note. 
  

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

			
	 Dated:
                            
	 	  

	 	 	 Signature Guaranteed:

	 	 	 

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

  

 B-8FORM OF CERTIFICATE INDENTURE

 EXHIBIT 4.2 

  
 MASSACHUSETTS RRB SPECIAL PURPOSE TRUST 2005-1, 
  
 as Certificate Issuer 
  
 THE BANK OF NEW YORK (DELAWARE), 
  
 as Delaware Trustee 
  
 and 
  
 THE BANK OF NEW YORK, 
  
 as Certificate Trustee 
  
 CERTIFICATE INDENTURE 
  
 Dated as of February [    ], 2005 
  
 $674,500,000 
 MASSACHUSETTS RRB SPECIAL PURPOSE TRUST 2005-1 
 RATE REDUCTION CERTIFICATES 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I.
	  	 DEFINITIONS
	  	2
			
	 Section 1.01.
	  	 Definitions
	  	2
			
	 Section 1.02.
	  	 Compliance Certificates and Opinions
	  	13
			
	 Section 1.03.
	  	 Form of Documents Delivered to Certificate Trustee
	  	14
			
	 Section 1.04.
	  	 Acts of Certificateholders
	  	15
			
	 ARTICLE II.
	  	 THE CERTIFICATES
	  	16
			
	 Section 2.01.
	  	 Terms of the Certificates
	  	16
			
	 Section 2.02.
	  	 Issuance of Certificates
	  	17
			
	 Section 2.03.
	  	 Form, Denomination and Execution of Certificates
	  	19
			
	 Section 2.04.
	  	 Authentication of Certificates
	  	20
			
	 Section 2.05.
	  	 Temporary Certificates
	  	20
			
	 Section 2.06.
	  	 Registration of Transfer and Exchange of Certificates
	  	20
			
	 Section 2.07.
	  	 Certificateholders’ Lists and Reports by Certificate Trustee
	  	21
			
	 Section 2.08.
	  	 Mutilated, Destroyed, Lost or Stolen Certificates
	  	22
			
	 Section 2.09.
	  	 Persons Deemed Owners
	  	23
			
	 Section 2.10.
	  	 Cancellation
	  	23
			
	 Section 2.11.
	  	 Limitation of Liability for Payments
	  	23
			
	 Section 2.12.
	  	 Book-Entry and Definitive Certificates
	  	24
			
	 Section 2.13.
	  	 Tax Treatment
	  	25
			
	 ARTICLE III.
	  	 COVENANTS
	  	25
			
	 Section 3.01.
	  	 Compliance with Declaration of Trust
	  	25
			
	 Section 3.02.
	  	 No Additional Certificates
	  	26
			
	 ARTICLE IV.
	  	 DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS
	  	26
			
	 Section 4.01.
	  	 Certificate Accounts
	  	26
			
	 Section 4.02.
	  	 Distributions from Certificate Accounts
	  	27
			
	 Section 4.03.
	  	 Statements to Certificateholders
	  	29
			
	 Section 4.04.
	  	 Investment of Special Payment Moneys
	  	30
			
	 Section 4.05.
	  	 Reduction in Principal
	  	31
			
	 ARTICLE V.
	  	 DEFAULTS AND REMEDIES
	  	31
			
	 Section 5.01.
	  	 Note Events of Default
	  	31
			
	 Section 5.02.
	  	 Incidents of Sale of Notes
	  	32

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 Section 5.03.
	  	 Judicial Proceedings Instituted by Certificate Trustee
	  	32
			
	 Section 5.04.
	  	 Control by Certificateholders
	  	32
			
	 Section 5.05.
	  	 Waiver of Past Defaults
	  	33
			
	 Section 5.06.
	  	 Right of Certificateholders To Receive Payments Not To Be Impaired
	  	33
			
	 Section 5.07.
	  	 Certificateholders May Not Bring Suit Except Under Certain Conditions
	  	34
			
	 Section 5.08.
	  	 Certificate Trustee May Bring Suit
	  	34
			
	 Section 5.09.
	  	 Remedies Cumulative
	  	35
			
	 ARTICLE VI.
	  	 THE CERTIFICATE TRUSTEE
	  	35
			
	 Section 6.01.
	  	 Notice of Defaults
	  	35
			
	 Section 6.02.
	  	 Certain Rights of Certificate Trustee
	  	35
			
	 Section 6.03.
	  	 Not Responsible for Recitals or Issuance of Certificates
	  	37
			
	 Section 6.04.
	  	 May Hold Certificates
	  	37
			
	 Section 6.05.
	  	 Money Held in Trust
	  	37
			
	 Section 6.06.
	  	 Compensation and Reimbursement; Indemnification
	  	37
			
	 Section 6.07.
	  	 Corporate Certificate Trustee Required; Eligibility
	  	38
			
	 Section 6.08.
	  	 Resignation and Removal; Appointment of Successor
	  	38
			
	 Section 6.09.
	  	 Acceptance of Appointment by Successor
	  	41
			
	 Section 6.10.
	  	 Merger, Conversion, Consolidation or Succession to Business
	  	41
			
	 Section 6.11.
	  	 Maintenance of Agencies
	  	41
			
	 Section 6.12.
	  	 Money for Certificate Payments To Be Held in Trust
	  	43
			
	 Section 6.13.
	  	 Registration of Notes in Certificate Trustee’s Name
	  	43
			
	 Section 6.14.
	  	 Representations and Warranties of Certificate Trustee
	  	44
			
	 Section 6.15.
	  	 Withholding Taxes; Information Reporting
	  	44
			
	 Section 6.16.
	  	 Obligations to Note Trustees and Delaware Trustee
	  	44
			
	 ARTICLE VII.
	  	 SUPPLEMENTAL CERTIFICATE INDENTURES
	  	45
			
	 Section 7.01.
	  	 Supplemental Certificate Indentures Without Consent of Certificateholders
	  	45
			
	 Section 7.02.
	  	 Supplemental Certificate Indentures With Consent of Certificateholders
	  	45

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 Section 7.03.
	  	 Documents Affecting Immunity or Indemnity
	  	46
			
	 Section 7.04.
	  	 Execution of Supplemental Certificate Indentures
	  	46
			
	 Section 7.05.
	  	 Effect of Supplemental Certificate Indentures
	  	47
			
	 Section 7.06.
	  	 Conformity with Trust Indenture Act
	  	47
			
	 Section 7.07.
	  	 Reference in Certificates to Supplemental Certificate Indentures
	  	47
			
	 ARTICLE VIII.
	  	AMENDMENTS AND SUPPLEMENTS TO NOTES, NOTE INDENTURES AND OTHER BASIC DOCUMENTS	  	47
			
	 Section 8.01.
	  	 Amendments and Supplements to Notes, Note Indentures and Other Basic Documents
	  	47
			
	 ARTICLE IX.
	  	SATISFACTION AND DISCHARGE	  	48
			
	 Section 9.01.
	  	 Satisfaction and Discharge of Certificate Indenture
	  	48
			
	 ARTICLE X.
	  	MISCELLANEOUS PROVISIONS	  	49
			
	 Section 10.01.
	  	 Commonwealth of Massachusetts Pledge; Certificates and Notes Not Obligation of the Commonwealth of Massachusetts, Agencies or Sellers
	  	49
			
	 Section 10.02.
	  	 Limitation on Rights of Certificateholders
	  	50
			
	 Section 10.03.
	  	 No Recourse to Certificate Issuer
	  	50
			
	 Section 10.04.
	  	 Certificates Nonassessable and Fully Paid
	  	50
			
	 Section 10.05.
	  	 Notices
	  	50
			
	 Section 10.06.
	  	 Governing Law
	  	53
			
	 Section 10.07.
	  	 Severability of Provisions
	  	53
			
	 Section 10.08.
	  	 Conflict With Trust Indenture Act
	  	54
			
	 Section 10.09.
	  	 Effect of Headings and Table of Contents
	  	54
			
	 Section 10.10.
	  	 Successors and Assigns; Delegation
	  	54
			
	 Section 10.11.
	  	 Benefits of Certificate Indenture
	  	54
			
	 Section 10.12.
	  	 Legal Holidays
	  	54
			
	 Section 10.13.
	  	 Counterparts
	  	54
			
	 Section 10.14.
	  	 The Delaware Trustee
	  	54
		
	 SIGNATURE PAGE
	  	S-1
		
	 EXHIBIT A—FORM OF CERTIFICATE
	  	A-1

  

 -iii- 

 CERTIFICATE INDENTURE, dated as of February [    ], 2005, between
MASSACHUSETTS RRB SPECIAL PURPOSE TRUST 2005-1, a Delaware statutory trust (the “Certificate Issuer”) formed under the Declaration of Trust, THE BANK OF NEW YORK (DELAWARE), as Delaware trustee (the “Delaware Trustee”), and THE
BANK OF NEW YORK, as certificate trustee (the “Certificate Trustee”). 
  
 RECITALS 
  
 The BEC Note
Issuer intends to issue the BEC Funding II, LLC Notes (the “BEC Notes”) with an aggregate principal amount of $                    ,
consisting of Classes                     , pursuant to the BEC Note Indenture. The CEC Note Issuer intends to issue the CEC Funding LLC Notes
(the “CEC Notes”) with an aggregate principal amount of $                    , consisting of Classes
                    , pursuant to the CEC Note Indenture. In order to finance the purchase of the BEC Notes pursuant to the BEC Note Purchase
Agreement and the CEC Notes pursuant to the CEC Note Purchase Agreement, the Certificate Issuer shall issue, pursuant to this Certificate Indenture, its Massachusetts RRB Special Purpose Trust 2005-1 Rate Reduction Certificates (the
“Certificates”) with an aggregate principal amount of $674,500,000, consisting of Classes                     , each of which shall
represent a fractional undivided beneficial interest in the corresponding Class of Notes and the proceeds thereof. 
  
 The Certificate Issuer has duly authorized the execution and delivery of this Certificate Indenture to provide the terms and conditions for the issuance
of the Certificates. The Certificate Issuer is entering into this Certificate Indenture, and the Certificate Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged. 
  
 GRANTING CLAUSE 
  
 The Certificate Issuer hereby Grants to the Certificate Trustee on the
Issuance Date, as Certificate Trustee for the benefit of the Holders of the Certificates, all of the Certificate Issuer’s right, title and interest in and to the Notes acquired pursuant to the Note Purchase Agreements, together with all
payments thereon and proceeds thereof, and other property constituting the Trust Property relating to each such Class of Notes issued by each of the Note Issuers, all as provided in this Certificate Indenture. 
  
 The foregoing Grant is made in trust to secure the payment of principal of
and interest on, and any other amounts owing in respect of, the Certificates, and to secure compliance with the provisions of this Certificate Indenture with respect to the Certificates, all as provided in this Certificate Indenture. This
Certificate Indenture constitutes a security agreement within the meaning of the UCC to the extent that, under Delaware law, the provisions of the UCC are applicable hereto. 
  
 The Certificate Trustee, as trustee on behalf of the Holders of the Certificates, acknowledges such Grant, accepts the
trusts hereunder in accordance with the provisions hereof and agrees to perform its duties herein required. 
  
 AND IT IS HEREBY COVENANTED, DECLARED AND AGREED between the parties hereto that all Certificates are to be issued, countersigned and delivered and that
all of the 

 
Trust Property is to be held and applied, subject to the further covenants, conditions, releases, uses and trusts hereinafter set forth, and the Certificate
Issuer, for itself and any successor, does hereby covenant and agree to and with the Certificate Trustee and its successors in said trust, for the benefit of the Holders, as follows: 
  
 ARTICLE I. 
  
 DEFINITIONS 
  
 Section 1.01. Definitions. 
  
 (a) For all purposes of this Certificate Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (i) a term has the meaning assigned to it; 
  
 (ii) an accounting term not otherwise defined has the
meaning assigned to it in accordance with generally accepted accounting principles as in effect from time to time; 
  
 (iii) “or” is not exclusive; 
  
 (iv) “including” means including without limitation; 
  
 (v) words in the singular include the plural and words in the plural include the singular; 
  
 (vi) the words “herein,” “hereof,”
“hereunder” and other words of similar import refer to this Certificate Indenture as a whole and not to any particular Article, Section or other subdivision; 
  
 (vii) all references in this Certificate Indenture to designated “Articles,” “Sections”
and other subdivisions are to the designated Articles, Sections and other subdivisions of this Certificate Indenture; and 
  
 (viii) whenever this Certificate Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in
and made a part of this Certificate Indenture. The following Trust Indenture Act terms used in this Certificate Indenture have the following meanings: 
  
 “Commission” means the Securities and Exchange Commission. 
  
 “indenture securities” means the Certificates. 
  
 “indenture security holder” means a Certificateholder. 
  
 “indenture to be qualified” means this Certificate Indenture.

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

 2 

 “obligor” on the indenture securities means the Certificate Issuer and any other obligor on the
indenture securities. 
  
 All other Trust Indenture Act terms used
in this Certificate Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined by Commission rule have the meaning assigned to them by such definitions. 
  
 “Act,” when used with respect to any Certificateholder, has
the meaning specified in Section 1.04. 
  
 “Administrators” means the BEC Administrator and the CEC Administrator. 
  
 “Agencies” means collectively the Massachusetts Health and Educational Facilities Authority and the Massachusetts Development Finance
Agency. 
  
 “Authentication Agent” means the
authentication agent appointed pursuant to Section 6.11. 
  
 “Authorized Agent” means any Paying Agent, Authentication Agent or Certificate Registrar. 
  
 “Authorized Representative” means, with respect to any entity, any person who is authorized to act for such entity in matters relating to
such entity and who is identified on the list of Authorized Representatives or Authorized Officers delivered by such entity to the Certificate Trustee on the Issuance Date (as such list may be modified or supplemented from time to time thereafter).

  
 “Avoidable Tax” has the meaning set forth in
Section 6.08(f). 
  
 “Basic Documents” means the
BEC Basic Documents and the CEC Basic Documents. 
  
 “BEC
Administrator” means Administrator as defined in the BEC Note Indenture. 
  
 “BEC Basic Documents” means Basic Documents as defined in the BEC Note Indenture. 
  
 “BEC Collateral” means Collateral as defined in the BEC Note Indenture. 
  
 “BEC Note Indenture” means the Note Indenture dated as of
                         , 2005, between the BEC Note Issuer and the BEC Note Trustee, as amended and supplemented
from time to time. 
  
 “BEC Note Issuer” means
BEC Funding II, LLC, a Delaware limited liability company, and its successors in interest. 
  
 “BEC Note Purchase Agreement” means the Note Purchase Agreement dated as of
                         , 2005, between the BEC Note Issuer and the Certificate Issuer, as the same may be amended
or supplemented from time to time. 
  

 3 

 “BEC Note Trustee” means the Person acting as Note Trustee under the BEC Note Indenture.

  
 “BEC Notes” has the meaning set forth in the
recitals to this Certificate Indenture. 
  
 “BEC Sale
Agreement” means the Transition Property Purchase and Sale Agreement dated as of                     
    , 2005, between the BEC Seller and the BEC Note Issuer, as amended and supplemented from time to time. 
  
 “BEC Seller” means Boston Edison Company, a Massachusetts corporation, and its permitted successors and assigns under the BEC Sale
Agreement. 
  
 “BEC Servicer” means Boston Edison
Company, a Massachusetts corporation, in its capacity as servicer under the BEC Servicing Agreement, including its successors in interest, until a successor Person shall have become the servicer pursuant to the BEC Servicing Agreement, and
thereafter “BEC Servicer” shall mean such successor Person. 
  
 “BEC Servicing Agreement” means the Transition Property Servicing Agreement dated as of                     
    , 2005, between the BEC Servicer and the BEC Note Issuer, as amended and supplemented from time to time. 
  
 “BEC Transition Property” means Transition Property as defined in the BEC Servicing Agreement. 
  
 “Book-Entry Certificates” means, with respect to any
Certificate, a beneficial interest in such Certificate, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.12. 
  
 “Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions or
trust companies in New York, New York, Boston, Massachusetts or Wilmington, Delaware are authorized or obligated by law, regulation or executive order to remain closed. 
  
 “CEC Administrator” means Administrator as defined in the CEC Note Indenture. 
  
 “CEC Basic Documents” means Basic Documents as defined in
the CEC Note Indenture. 
  
 “CEC Collateral”
means Collateral as defined in the CEC Note Indenture. 
  
 “CEC Note Indenture” means the Note Indenture dated as of                          ,
2005, between the CEC Note Issuer and the CEC Note Trustee, as amended and supplemented from time to time. 
  
 “CEC Note Issuer” means CEC Funding LLC, a Delaware limited liability company, and its successors in interest. 
  

 4 

 “CEC Note Purchase Agreement” means the Note Purchase Agreement dated as of
                         , 2005, between the CEC Note Issuer and the Certificate Issuer, as the same may be amended
or supplemented from time to time. 
  
 “CEC Note
Trustee” means the Person acting as Note Trustee under the CEC Note Indenture. 
  
 “CEC Notes” has the meaning set forth in the recitals to this Certificate Indenture. 
  
 “CEC Sale Agreement” means the Transition Property Purchase and Sale Agreement dated as of
                         , 2005, between the CEC Seller and the CEC Note Issuer, as amended and supplemented from
time to time. 
  
 “CEC Seller” means Commonwealth
Electric Company, a Massachusetts corporation, and its permitted successors and assigns under the CEC Sale Agreement. 
  
 “CEC Servicer” means Commonwealth Electric Company, a Massachusetts corporation, in its capacity as servicer under the CEC Servicing
Agreement, including its successors in interest, until a successor Person shall have become the servicer pursuant to the CEC Servicing Agreement, and thereafter “CEC Servicer” shall mean such successor Person. 
  
 “CEC Servicing Agreement” means the Transition Property
Servicing Agreement dated as of                          , 2005, between the CEC Servicer and the CEC Note Issuer,
as amended and supplemented from time to time. 
  
 “CEC
Transition Property” means Transition Property as defined in the CEC Servicing Agreement. 
  
 “Certificate Account” means, with respect to any Class of Certificates, the account or accounts created and maintained with respect to
such Class of Certificates pursuant to Section 4.01(a). 
  
 “Certificate Indenture” means this instrument as originally executed and, as from time to time supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof,
as so supplemented or amended or both, and shall include the forms and terms of the Certificates established hereunder. 
  
 “Certificate Owner” means the Person who owns a Book-Entry Certificate. 
  
 “Certificate Register” has the meaning set forth in Section 2.06. 
  
 “Certificate Registrar” means, initially, the Certificate
Trustee, pursuant to Section 2.06, and any successor registrar that meets the eligibility standards specified in Section 6.11(b). 
  
 “Certificate Trustee” means The Bank of New York, as Certificate Trustee under this Certificate Indenture, and its successors in
interest, and any successor Certificate Trustee appointed as provided herein. 
  

 5 

 “Certificate Trustee Expenses” has the meaning set forth in Section 6.06. 
  
 “Certificate Trustee Indemnified Persons” has the meaning
set forth in Section 6.06. 
  
 “Certificateholder” or “Holder” means the Person in whose name a Certificate is registered on the Certificate Register. 
  
 “Certificates” has the meaning set forth in Section 2.01(a). 
  
 “Class” means any one of the classes of Certificates; and,
with respect to the Notes, any one of the classes of Notes. 
  
 “Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. 
  
 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a
Clearing Agency effects book entry transfers and pledges of securities deposited with the Clearing Agency. 
  
 “Collateral” means the BEC Collateral and the CEC Collateral. 
  
 “Commonwealth of Massachusetts Pledge” has the meaning set forth in Section 10.01(a). 
  
 “Corporate Trust Office” means the principal office of the
Certificate Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of the execution of this Certificate Indenture is located at 101 Barclay Street, Floor 8 West, New York, New York 10286,
Attention: Asset Backed Finance Unit, or at such other address as the Certificate Trustee may designate from time to time by notice to the Certificateholders and the Certificate Issuer, or the principal corporate trust office of any successor
Certificate Trustee (the address of which the successor Certificate Trustee will notify the Certificateholders and the Certificate Issuer). 
  
 “Declaration of Trust” means the Declaration of Trust, relating to the creation of the Certificate Issuer, dated as of January 26, 2005
by The Bank of New York (Delaware), as Delaware Trustee, and the Massachusetts Health and Educational Facilities Authority and the Massachusetts Development Finance Agency, acting jointly as settlors thereunder pursuant to the Statute, as the same
may be amended, supplemented or otherwise modified from time to time. 
  
 “Defaulting Note Issuer” means a Note Issuer for which a Note Event of Default has occurred and is continuing. 
  
 “Definitive Certificates” has the meaning set forth in Section 2.12(a). 
  
 “Distribution Date” means, with respect to the Certificates, a Payment Date with respect to the Notes.

  
 “DTC Agreement” means the agreement between
the Certificate Trustee, on behalf of the Certificate Issuer, and The Depository Trust Company, as the initial Clearing Agency, dated as of
                         , 2005, relating to the Certificates, as the same may be amended and supplemented from
time to time. 
  

 6 

 “Eligible Deposit Account” means either (a) a segregated trust account with an Eligible
Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic
branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from each Rating Agency in one of its
generic rating categories which signifies investment grade. 
  
 “Eligible Institution” means (a) the corporate trust department of the Note Trustee or (b) a depository institution organized under the laws of the United States of America, any State or the District of Columbia (or any
domestic branch of a foreign bank), (i) which has either (A) a long-term unsecured debt rating of AAA by Standard & Poor’s and AAA by Moody’s or (B) a certificate of deposit rating of A-1+ by Standard & Poor’s and P-1 by
Moody’s, or any other long-term, short-term or certificate of deposit rating acceptable to the Rating Agencies and (ii) whose deposits are insured by the FDIC. If so qualified under clause (b) above, the Note Trustee may be considered an
Eligible Institution for the purposes of clause (a) of the definition of Eligible Deposit Account. 
  
 “Eligible Investments” mean instruments or investment property denominated in United States currency which evidence: 
  
 (a) direct obligations of, or obligations fully and
unconditionally guaranteed as to timely payment by, the United States of America; 
  
 (b) demand deposits, time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws
of the United States of America or any state thereof (or any domestic branch of a foreign bank) and subject to supervision and examination by federal or state banking or depository institution authorities; provided, however, that at
the time of the investment or contractual commitment to invest therein, the commercial paper or other short-term unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such
depository institution or trust company) thereof shall have a credit rating from each of the Rating Agencies in the highest short-term rating category granted thereby; 
  
 (c) commercial paper or other short-term obligations of any corporation organized under the laws of the
United States (other than commercial paper of the Seller, NSTAR or Commonwealth Electric) having, at the time of the investment or contractual commitment to invest therein, a rating from each of the Rating Agencies from which a rating is available
in the highest short-term rating category granted thereby; 
  
 (d) investments in money market funds (including funds for which the Note Trustee, the Certificate Trustee or any of its Affiliates is investment manager or advisor) having a rating from each of the Rating Agencies
from which a rating is available in the highest investment category granted thereby (for Standard & Poor’s such rating being “AAAm” or “AAAm-G”); 
  

 7 

 (e) bankers’ acceptances by any depository institution or trust company referred to
in (b) above; 
  
 (f) repurchase obligations with
respect to any security that is a direct obligation of, or fully guaranteed by, the United States of America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America,
in either case entered into with a depository institution or trust company (acting as principal) described in clause (b) above; 
  
 (g) repurchase obligations with respect to any security or whole loan entered into with: 
  
 i. a financial institution (acting as principal) as
described in clause (b) above, or 
  
 ii. a
broker/dealer (acting as principal) registered as a broker or dealer under Section 15 of the Exchange Act, the unsecured short term debt obligations of which are rated “P-1” by Moody’s and “A-1+” by S&P at the time of
entering into the repurchase obligation; and 
  
 (h) any other investment permitted by each of the Rating Agencies; 
  
 provided, however, that (1) the obligor related to clauses (b), (c), (d), (f), (g) and (h) above must have a long-term rating of at least “Aa3” or a short-term rating of at least
“P-1” with respect to Moody’s only, and a short-term rating of at least “A-1+” or a long-term rating of at least “AA-” with respect to Standard & Poor’s only, (2) with respect to clause (a) above, the
instruments must have a predetermined fixed dollar amount of principal at maturity that cannot vary, and if rated, the instruments must not have an “r” suffix attached to its Standard & Poor’s rating, (3) unless otherwise
permitted by each Rating Agency, upon the failure of any Eligible Institution to maintain any applicable rating set forth in this definition or the definition of Eligible Institution, the related investments at such institution shall be reinvested
in Eligible Investments at a successor Eligible Institution within 10 days, and (4) that all Eligible Investments must not: 
  

	 	(a)	be sold, liquidated or otherwise disposed of at a loss, prior to the maturity thereof, 

  

	 	(b)	mature later than (i) the date on which the proceeds of such Eligible Investment will be required to be on deposit in the Certificate Account in order for the Certificate Trustee to
make all required and scheduled payments and deposits into subaccounts under the Certificate Indenture, if such Eligible Investment is held by an Affiliate of the Certificate Trustee, or (ii) the Business Day prior to the date on which the proceeds
of such Eligible Investment will be required to be on deposit in the Certificate Account in order for the Certificate Trustee to make all required and scheduled payments and deposits into subaccounts under the Certificate Indenture, if such Eligible
Investment is not held by an Affiliate of the Certificate Trustee, or 

  

 8 

	 	(c)	have maturities in excess of one year. 

  
 “FDIC” means the Federal Deposit Insurance Corporation or any successor. 
  
 “Fee and Indemnity Agreement” means the fee and indemnity agreement dated as of
                         , 2005, among the Note Issuers, the Delaware Trustee, the Certificate Trustee, the
Certificate Issuer and the Agencies. 
  
 “Final Maturity
Date” means, with respect to any Class of Certificates, the Final Maturity Date of the related Class of Notes. 
  
 “Interest Rate” has the meaning set forth in Section 2.01(b). 
  
 “Minimum Denomination” means $1,000 or any integral multiple thereof. 
  
 “Note Event of Default” means, with respect to the BEC Notes
or the CEC Notes, any Event of Default (as such term is defined in the related Note Indenture) ; provided that an Event of Default (as such term is defined in each Note Indenture) under one of the Note Indentures will not result in the
occurrence of a Note Event of Default under the other Note Indenture. 
  
 “Note Indentures” means the BEC Note Indenture and the CEC Note Indenture. 
  
 “Note Issuers” means the BEC Note Issuer and the CEC Note Issuer. 
  
 “Note Purchase Agreements” means the BEC Note Purchase Agreement and the CEC Note Purchase Agreement.

  
 “Note Trustees” means the BEC Note Trustee
and the CEC Note Trustee. 
  
 “Notes” means the
BEC Notes and the CEC Notes. 
  
 “Officer’s
Certificate” means a certificate signed by any Authorized Representative of the Certificate Issuer, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 1.02, and delivered to the
Certificate Trustee. 
  
 “Opinion of Counsel”
means one or more written opinions of counsel who may, except as otherwise expressly provided in this Certificate Indenture, be an employee of or counsel to the Certificate Issuer and who shall be reasonably satisfactory to the Certificate Trustee,
and which opinion or opinions shall be addressed to the Certificate Trustee, as trustee, shall comply with any applicable requirements of Section 1.02, and shall be in form and substance reasonably satisfactory to the Certificate Trustee.

  
 “Original Principal Amount” means, with
respect to any Certificate, the amount set forth as such on the face of such Certificate on the date of its issuance. 
  
 “Outstanding” means, as of the date of determination, all Certificates theretofore authenticated and delivered under this Certificate
Indenture except: 
  
 (i) Certificates
theretofore cancelled by the Certificate Registrar or delivered to the Certificate Registrar for cancellation; 
  

 9 

 (ii) Certificates or portions thereof the payment for which money in the necessary amount
has been theretofore deposited with the Certificate Trustee or any Paying Agent in trust for the Holders of such Certificates (provided, however, that if such Certificates are to be redeemed, notice of such redemption has been duly given
pursuant to this Certificate Indenture or provision therefor, reasonably satisfactory to the Certificate Trustee, has been made); and 
  
 (iii) Certificates in exchange for or in lieu of other Certificates that have been authenticated and delivered pursuant to this
Certificate Indenture unless proof satisfactory to the Certificate Trustee is presented that any such Certificates are held by a bona fide purchaser; 
  
 In determining whether the Holders of the requisite Outstanding Amount of the Certificates or any Class thereof have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or under any Basic Document, Certificates owned by any Note Issuer, the Certificate Issuer, any other obligor upon the Certificates, any Seller, or any Affiliate of any of the foregoing Persons shall be
disregarded and deemed not to be Outstanding, except that, in determining whether the Certificate Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Certificates that a
Responsible Officer of the Certificate Trustee actually knows to be so owned shall be so disregarded. Certificates so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Certificate Trustee the pledgee’s right so to act with respect to such Certificates and that the pledgee is not either Note Issuer, any other obligor upon the Certificates, the Certificate Issuer, any Seller, or any Affiliate of any of the
foregoing Persons. 
  
 “Outstanding Amount” means
the aggregate principal amount of all Certificates, or, if the context requires, all Certificates of a Class, Outstanding at the date of determination. 
  
 “Paying Agent” means the Certificate Trustee or any other Person that meets the eligibility standards specified in Section 6.11(b) and is
authorized by the Certificate Issuer (with the prior written approval of the Note Issuers) to make distributions of principal of or interest with respect to the Certificates. 
  
 “Payment” means, with respect to any Notes, any payment (other than a Special Payment (including any
Redemption Payment)) of principal of or interest thereon. 
  
 “Payment Date” means, with respect to any Notes, the date or dates specified as Payment Dates therefor in the Note Indenture for such Notes. 
  
 “Person” means any individual, corporation, limited liability company, estate, partnership, joint venture,
association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof. 
  

 10 

 “Record Date” means, with respect to any Distribution Date, the Business Day immediately
preceding such Distribution Date or, if Definitive Certificates are issued, the last day of the calendar month preceding the calendar month in which such Distribution Date occurs. 
  
 “Redemption Payment” means, with respect to any Notes of any Note Issuer, any payment of principal of and
interest on such Notes due from such Note Issuer upon the early redemption of such Notes, other than any such payment due by reason of the occurrence of a Note Event of Default. 
  
 “Request” means a written request by the Certificate Issuer setting forth the subject matter of the request
accompanied by an Officer’s Certificate and an Opinion of Counsel as provided in Section 1.02. 
  
 “Responsible Officer” means, with respect to the Certificate Trustee or the Delaware Trustee, as applicable, any officer assigned to the
Corporate Trust Division (or any successor thereto), including any Vice President, Assistant Vice President, Secretary, Assistant Secretary or Trust Officer or any other officer of the Certificate Trustee or Delaware Trustee, as applicable,
customarily performing functions similar to those performed by any of the above designated officers in each case, having direct responsibility for the administration of this Certificate Indenture, or, in the case of the Delaware Trustee, the
Declaration of Trust. 
  
 “Sale Agreements” means
the BEC Sale Agreement and the CEC Sale Agreement. 
  
 “Scheduled Final Distribution Date” means, with respect to any Class of Certificates, the Scheduled Maturity Date of the related Class of Notes. 
  
 “Secretary of State” shall mean the Secretary of State of the State of Delaware. 
  
 “Securities Act” means the Securities Act of 1933, as
amended. 
  
 “Sellers” means the BEC Seller and
the CEC Seller. 
  
 “Servicers” means the BEC
Servicer and the CEC Servicer. 
  
 “Servicing
Agreements” means the BEC Servicing Agreement and the CEC Servicing Agreement. 
  
 “Special Distribution Date” means, with respect to the distribution of any Special Payment with respect to any Class of Notes of any Note Issuer, the later of (i) the date receipt of such Special
Payment is confirmed by the Certificate Trustee and (ii) the date that is the earlier of (A) if the Certificate Trustee shall have received such Special Payment without prior notice thereof, 20 days after such receipt is confirmed or (B) unless such
Special Payment represents the proceeds of a sale of such Notes by the Certificate Trustee (in which event the Special Distribution Date for such proceeds shall be the earliest date for which it is practicable for the Certificate Trustee to give the
20-day notice required by Section 4.02(d)), the date that is 20 days after the Certificate Trustee receives notice from any Note Issuer of the anticipated payment of such Special Payment and that in the event of the repurchase of Transition Property
by any Seller, the Special Distribution Date shall mean a date not later than five Business Days after receipt of such proceeds. 
  

 11 

 “Special Payment” means, with respect to any Class of Notes of any Note Issuer, (i) any
payment of principal of, or interest on (including any interest accruing upon default), or any other amount in respect of, the Notes of such Note Issuer of such Class that is paid more than five days after the Payment Date applicable thereto or (ii)
any proceeds from the sale of such Notes by the Certificate Trustee pursuant to Article V hereof or the repurchase of the Transition Property by any Seller pursuant to Article V of such Seller’s Sale Agreement. 
  
 “Special Record Date” means, with respect to any Special
Distribution Date, the close of business on the 15th day (whether or not a Business Day) preceding such Special Distribution Date. 
  
 “Statutory Trust Statute” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del.C., Section 3801 et seq., as the same may be
amended from time to time and any successor statute. 
  
 “Transition Property” means the BEC Transition Property and the CEC Transition Property. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force on the date hereof, unless otherwise specifically provided.

  
 “Trust Property” means, with respect to any
Class of Certificates, the Class of Notes of each of the Note Issuers corresponding to such Class of Certificates held as the property of the Certificate Issuer and all monies at any time paid thereon and all monies due and to become due thereunder,
all rights of the Certificate Trustee or the Certificate Issuer, as holder of such Class of Notes, in and to the Collateral of such Note Issuer and any proceeds thereof, funds from time to time deposited in the Certificate Account for such Class of
Certificates and any proceeds from the sale by the Certificate Trustee pursuant to Article V hereof of Notes of each Note Issuer of such Class. 
  
 “Underwriters” means the underwriters who purchase the Certificates from the Certificate Issuer and sell the Certificates in a public
offering. 
  
 (b) Except as otherwise specified herein or as the
context may otherwise require, the following terms have the respective meanings set forth in the Note Indentures as in effect on the Issuance Date for all purposes of this Certificate Indenture. 
  

 12 

			
	 Term

	  	Section of
Note Indenture

	 Affiliate
	  	1.01(a)
	 Capital Subaccount
	  	1.01(a)
	 Code
	  	1.01(a)
	 DTE
	  	1.01(a)
	 Exchange Act.
	  	1.01(a)
	 Expected Amortization Schedule.
	  	1.01(b)
	 Final Maturity Date
	  	1.01(a)
	 Financing Order
	  	1.01(b)
	 Issuance Date
	  	1.01(a)
	 Moody’s
	  	1.01(a)
	 Rating Agency
	  	1.01(a)
	 Rating Agency Condition
	  	1.01(a)
	 Scheduled Maturity Date
	  	1.01(a)
	 Standard & Poor’s
	  	1.01(a)
	 Statutory Lien
	  	1.01(a)
	 State
	  	1.01(a)
	 Statute
	  	1.01(a)
	 UCC
	  	1.01(a)

  
 Section 1.02.
Compliance Certificates and Opinions. Upon any application or request by the Certificate Issuer to the Certificate Trustee to take any action under any provision of this Certificate Indenture, the Certificate Issuer shall furnish to the
Certificate Trustee an Officer’s Certificate stating that, in the opinion of the signer thereof, all conditions precedent, if any, provided for in this Certificate Indenture relating to the proposed action have been complied with and, if
requested by the Certificate Trustee, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this Certificate Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. Any such application or request by the
Certificate Issuer to the Certificate Trustee shall also be accompanied by evidence reasonably satisfactory to the Certificate Trustee that the Note Issuers have given their prior written approval of such application or request. 
  
 Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Certificate Indenture shall include: 
  
 (a) a statement that each signatory of such certificate or opinion has read or caused to be read such covenant or condition and the definitions herein relating thereto; 
  
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
  

 13 

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

  
 Section 1.03. Form of Documents Delivered to Certificate
Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that
they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents. 
  
 Any certificate or
opinion of an Authorized Representative of the Certificate Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable
care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate of an Authorized Representative or Opinion of Counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of any Servicer, any Seller, any Note Issuer or any Administrator, stating that the information with respect to such factual
matters is in the possession of such Servicer, such Seller, such Note Issuer or such Administrator, as the case may be, unless such officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous. 
  
 Whenever in this Certificate Indenture, in connection with any application or certificate or report to the Certificate Trustee, it is provided that the Certificate Issuer shall deliver any document as a condition of the granting of such
application, or as evidence of the Certificate Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the
case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Certificate Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing
shall not, however, be construed to affect the Certificate Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 
  
 Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other instruments under this Certificate Indenture, they may, but need not, be consolidated and form one instrument. 
  

 14 

 Section 1.04. Acts of Certificateholders. 
  
 (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Certificate Indenture to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Certificateholders in person or by their
agents duly appointed in writing; and except as herein otherwise expressly provided such request, demand, authorization, direction, notice, consent, waiver or other action shall become effective when such instrument or instruments are delivered to
the Certificate Trustee, and, where it is hereby expressly required, to the Certificate Issuer and one or both of the Note Trustees. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of the Certificateholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Certificate Indenture and
(subject to Article VI) conclusive in favor of the Certificate Trustee, the Certificate Issuer and the Note Trustees, if made in the manner provided in this Section. 
  
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner that the
Certificate Trustee deems sufficient. 
  
 (c) The ownership of
Certificates shall be proved by the Certificate Register. 
  
 (d)
Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Certificates shall bind the Holder of every Certificate issued upon the registration thereof or in exchange therefor or in lieu thereof, in
respect of anything done, omitted or suffered to be done by the Certificate Trustee, the Certificate Issuer or the Note Trustees in reliance thereon, whether or not notation of such action is made upon such Certificate. 
  
 (e) The Certificate Issuer may at its option by delivery of an Officer’s
Certificate to the Certificate Trustee set a record date to determine the Holders of any Class of Certificates entitled to give any consent, request, demand, authorization, direction, notice, waiver or other Act. Notwithstanding Section 316(c) of
the Trust Indenture Act, such record date shall be the record date specified in such Officer’s Certificate, which shall be the date not more than 30 days prior to the first solicitation of Certificateholders in connection therewith. If such a
record date is fixed, such consent, request, demand, authorization, direction, notice, waiver or other Act may be given before or after such record date, but only the Holders of Certificates of the applicable Class at the close of business on such
record date shall be deemed to be Certificateholders of such Class for the purposes of determining whether Holders of the requisite aggregate Outstanding Amount of Certificates of such Class have authorized or agreed or consented to such consent,
request, demand, authorization, direction, notice, waiver or other Act, and for that purpose the aggregate Outstanding Amount of Certificates of such Class shall be computed as of such record date, but that no such consent, request, demand,
authorization, direction, notice, waiver or other Act by the Holders of Certificates of such Class on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Certificate Indenture not later than
one year after the record date. 
  

 15 

 (f) Except as otherwise provided in the definition of Outstanding, Certificates of any Class owned by or
pledged to any Person shall have an equal and proportional benefit under the provisions of this Certificate Indenture, without preference, priority or distinction as among all of the Certificates of that Class. 
  
 ARTICLE II. 
  
 THE CERTIFICATES 
  
 Section 2.01. Terms of the Certificates. 
  
 (a) Authorization; Designation. The issuance of the Certificates is
hereby authorized and the Certificates shall be designated generally as the Massachusetts RRB Special Purpose Trust 2005-1 Rate Reduction Certificates (the “Certificates”), and further designated as Classes
                    . Each such Class shall be in an aggregate principal amount equal to the aggregate of the corresponding Class of Notes as
set forth in each of the Note Purchase Agreements. Each Class of Certificates shall be a separate series of the Certificate Issuer within the meaning of Section 3806(b)(2) of the Statutory Trust Statute. Separate and distinct records (including tax
records) shall be maintained for each Class of Certificates and the corresponding Class of Notes associated with each such Class of Certificates shall be held, maintained and accounted for separately from the Class of Notes corresponding to any
other class of Certificates. Except as specified in this Agreement or in any Supplement, the Class of Notes corresponding to each Class of Certificates shall not be subject to claims, debts, liabilities, expenses or obligations arising from or with
respect to any other Class of Certificates. The debts, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Class of Certificates shall be enforceable against the related Class of Notes only and not
against the assets of the Trust generally or any other Class of Certificates. Notice of this limitation on inter-series liabilities shall be set forth in the Certificates of Trust (whether originally or by amendment) as filed with the Secretary of
State pursuant to the Statutory Trust Statute, and upon the giving of such notice in the Certificate of Trust, the statutory provisions of Section 3804 of the Statutory Trust Statute relating to limitations on inter-series liabilities (and the
statutory effect under Section 3804 of setting forth such notice in the Certificate of Trust) shall become applicable to the Trust and each Class of Certificates. 
  
 (b) Initial Principal Amount; Certificate Interest Rate; Scheduled Final Distribution Date; Final Maturity Date. The
Certificates of each Class shall have the initial principal amount, bear interest at the rates per annum and shall have Scheduled Final Distribution Dates and Final Maturity Dates as set forth below: 
  

									
	 Class

	 	 Initial Principal
 Amount

	 	 Certificate
 Interest Rate

	 	 Scheduled Final
 Distribution Date

	 	 Final Maturity
 Date

  
 The Interest Rate of
the Certificates shall be computed on the basis of a 360-day year of twelve 30-day months. 
  

 16 

 Section 2.02. Issuance of Certificates. On the Issuance Date, the Certificate Issuer, subject to
the provisions of this Certificate Indenture and each of the Note Purchase Agreements, shall issue, and the Delaware Trustee shall execute on behalf of the Certificate Issuer and the Certificate Trustee shall authenticate and deliver, in fully
registered form only, the Certificates of the Class corresponding to the Class of Notes of each Note Issuer issued on such Issuance Date, all in accordance with each of the Note Purchase Agreements. Each Class of Certificates represents a fractional
undivided beneficial interest in a corresponding Class of Notes of each Note Issuer and the proceeds thereof. Prior to the execution and authentication of the Certificates of any Class, the Certificate Trustee shall have received the following:

  
 (a) The Class of Notes of each Note Issuer, duly executed by
such Note Issuer and authenticated by the Note Trustee for such Note Issuer, corresponding to the Class of Certificates to be issued; 
  
 (b) A certificate of an Authorized Representative of each Note Issuer to the effect that all conditions required to be satisfied under Section 2.10 of its
Note Indenture for the issuance of such Class of Notes and all conditions required to be satisfied under its Note Purchase Agreement for the purchase of its Notes by the Certificate Issuer have been satisfied, together with executed copies of all
documents, certificates, opinions, orders or approvals establishing satisfaction of such conditions; 
  
 (c) An order of an Authorized Representative of the Certificate Issuer (i) directing the Delaware Trustee on behalf of the Certificate Issuer to execute
and deliver this Certificate Indenture to be executed in connection with the Certificates to be issued hereunder, (ii) directing the Delaware Trustee on behalf of the Certificate Issuer to execute and deliver the Note Purchase Agreements and (iii)
directing the Delaware Trustee to execute and deliver on behalf of the Certificate Issuer, and the Certificate Trustee to authenticate, as Authentication Agent, global Certificates, each to be registered in the name of Cede & Co., as nominee of
The Depository Trust Company (“DTC”), and to confirm its custody of the Certificates to DTC in New York, New York so that the Certificate may be credited to or upon the order of the Underwriters named in said order for the purchase price
specified therein and directing the application of the proceeds thereof; 
  
 (d) An Opinion of Counsel, portions of which may be delivered by counsel to the Certificate Issuer and portions of which may be delivered by counsel to the Certificate Trustee or other counsel satisfactory to the
Certificate Trustee, dated the Issuance Date in each case subject to the customary exceptions, qualifications and assumptions contained therein (which may include, for the purpose of the Issuance Date, the assumption that the Financing Order has
been duly authorized by the DTE and is in full force and effect), to the effect that: 
  
 (i) this Certificate Indenture has been duly authorized, executed and delivered by the Certificate Issuer and Delaware Trustee;

  
 (ii) this Certificate Indenture constitutes a
valid and binding agreement of the Certificate Issuer and Delaware Trustee, enforceable in accordance with its terms except as enforcement thereof may be subject to or limited by bankruptcy, insolvency, moratorium, reorganization, fraudulent
conveyance or other similar laws relating to or 

  

 17 

 
affecting the enforcement of creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in
a proceeding in equity or at law), including that the availability of specific enforcement or injunctive relief is subject to the discretion of the court before which any such proceeding is brought; 
  
 (iii) all instruments furnished to the Certificate Trustee
as conditions precedent to the delivery of the Certificates conform to the requirements of this Certificate Indenture and constitute all documents required to be delivered thereunder to authorize the Certificate Trustee to execute, authenticate and
deliver the Certificates; 
  
 (iv) the
Certificates to be issued have been duly authorized and executed and, when authenticated in accordance with the provisions of this Certificate Indenture and delivered to and paid for by the Underwriters pursuant to the Underwriting Agreement dated
                         , 2005, among the Sellers, the Note Issuers and Lehman Brothers Inc. and Goldman, Sachs
& Co., as the representatives of the several underwriters named therein, will represent valid, fully paid and nonassessable undivided beneficial interests in the assets of the Certificate Issuer, entitled to the benefits of this Certificate
Indenture; 
  
 (v) each Note Purchase Agreement
has been duly executed and delivered by the Delaware Trustee on behalf of the Certificate Issuer and, assuming due authorization, execution and delivery thereof by the Note Issuer party to such Note Purchase Agreement, constitutes a legal, valid and
binding agreement of the Certificate Issuer, enforceable against the Certificate Issuer in accordance with its terms except as enforcement thereof may be subject to or limited by bankruptcy, insolvency, moratorium, reorganization, fraudulent
conveyance or other similar laws relating to or affecting the enforcement of creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law),
including that the availability of specific enforcement or injunctive relief is subject to the discretion of the court before which any such proceeding is brought; 
  
 (vi) the Certificate Issuer is a duly organized and validly existing statutory trust under the Statutory
Trust Statute and is in good standing; 
  
 (vii)
this Certificate Indenture has been duly qualified under the Trust Indenture Act or no such qualification is necessary; 
  
 (viii) the Certificate Issuer constitutes a “special purpose trust” and a “financing entity” under Section 1H(a) of
the Statute, and the Certificates constitute “electric rate reduction bonds” under Section 1H(a) of the Statute and the Holders of the Certificates are entitled to the rights and benefits thereunder; 
  
 (ix) for Federal income tax purposes, the Certificate Issuer
is not a business entity classified as a corporation or a publicly traded partnership treated as a corporation, but is a “grantor trust” not taxable as a corporation; 
  

 18 

 (x) the Statute creates, upon the effective date of the Financing Order, a first priority
lien in the Transition Property securing all obligations, then existing or subsequently arising, to the Holders of the Certificates in respect of such Certificates or to the Certificate Trustee in its capacity as such; and 
  
 (xi) such other matters as the Certificate Trustee may
reasonably require. 
  
 (e) Sufficient funds to pay the purchase
price for the related Class of Notes of each Note Issuer, as specified in Section 1(b) of the Note Purchase Agreement to which such Note Issuer is a party; and 
  

(f) The Rating Agency Condition shall have been satisfied with respect to the issuance of the Class of Certificates. 
  
 Section 2.03. Form, Denomination and Execution of Certificates. The
Certificates shall be issued in registered form without coupons and shall be substantially in the form attached hereto as Exhibit A, with the following filled in: (a) the designation of the Classes thereof, which shall be the same designation
as the related Class or Classes of Notes of each Note Issuer, (b) the Certificate number or numbers thereof, (c) the date of authentication thereof, which shall be the same as the Issuance Date of the related Class or Classes of Notes of each Note
Issuer, and (d) the Original Principal Amount thereof, which shall equal, in the aggregate, the aggregate principal amount of the Notes of the Note Issuers; and with such omissions, variations and insertions as are permitted by this Certificate
Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements printed, lithographed or engraved thereon as may be required to comply with the rules of any securities exchange on which any Class or
Classes of the Certificates may be listed or to conform to any usage in respect thereof, or as may, consistently herewith, be prescribed by the Certificate Trustee or by the Certificate Issuer (with the prior written approval of the Note Issuers),
and as evidenced by the execution and authentication of such Certificates. 
  
 Except as provided in Section 2.12, the definitive Certificates of each Class shall be printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other manner permitted
by the rules of any securities exchange on which the Certificates of such Class may be listed, as evidenced by an order by an Authorized Representative of the Certificate Issuer, relating to the authentication of such Certificates by the Certificate
Trustee. 
  
 The Certificates of each Class shall be issued in not
less than Minimum Denominations. 
  
 The Certificates shall be
executed on behalf of the Certificate Issuer by the Delaware Trustee by manual or facsimile signature of a Responsible Officer of the Delaware Trustee. Certificates bearing the manual or facsimile signature of an individual who was, at the time when
such signature was affixed, authorized to sign on behalf of the Certificate Issuer shall be validly issued by the Certificate Issuer, notwithstanding that such individual has ceased to be so authorized prior to the authentication and delivery of
such Certificates or did not hold such office at the date of such Certificates. No Certificate shall be entitled to any benefit under this Certificate Indenture, or be valid for any purpose, unless there appears on such Certificate a 

  

 19 

 
certificate of authentication substantially in the form set forth in Exhibit A hereto, executed by the Certificate Trustee (or any Authentication
Agent) by manual signature, and such certificate of authentication upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly authenticated and delivered hereunder. All Certificates shall be dated
the date of their authentication. 
  
 Section 2.04.
Authentication of Certificates. The Certificate Trustee shall duly authenticate and deliver Certificates of each Class in authorized denominations equaling, in the aggregate for each Class of Certificates, the aggregate initial principal amount
of the Notes of such Class. 
  
 Section 2.05. Temporary
Certificates. Pending the preparation of definitive Certificates of any Class, the Delaware Trustee on behalf of the Certificate Issuer may execute, and the Certificate Trustee or any Authentication Agent upon written order of the Certificate
Issuer shall authenticate and deliver, temporary Certificates of such Class that are printed, lithographed, typewritten or otherwise produced, in any denomination, containing substantially the same terms and provisions as set forth in Exhibit
A, except for such appropriate insertions, omissions, substitutions and other variations relating to their temporary nature as the Certificate Issuer may determine, as evidenced by the execution of such temporary Certificates by the Delaware
Trustee on behalf of the Certificate Issuer. 
  
 If temporary
Certificates of any Class are issued, the Certificate Issuer will cause definitive Certificates of such Class to be prepared without unreasonable delay. After the preparation of definitive Certificates of such Class, the temporary Certificates shall
be exchangeable for definitive Certificates of such Class upon surrender of the temporary Certificates at the Corporate Trust Office of the Certificate Trustee, or at the office or agency of the Certificate Trustee maintained in accordance with
Section 6.11, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Certificates, the Delaware Trustee on behalf of the Certificate Issuer shall execute and the Certificate Trustee shall authenticate and deliver
in exchange therefor definitive Certificates (of the same Class as the temporary Certificates surrendered) of authorized denominations of a like aggregate Original Principal Amount. Until so exchanged, such temporary Certificates shall in all
respects be entitled to the same benefits under this Certificate Indenture as definitive Certificates of the same Class. 
  
 Section 2.06. Registration of Transfer and Exchange of Certificates. The Certificate Trustee shall cause to be kept at the office of agency to be
maintained by it in accordance with the provisions of Section 6.11 a register (the “Certificate Register”) in which, subject to such reasonable regulations as it may prescribe, the Certificate Trustee shall provide for the registration of
Certificates and of transfers and exchanges of Certificates as herein provided. The Certificate Trustee shall initially be the registrar (the “Certificate Registrar”) for the purpose of registering Certificates and transfers and exchanges
of Certificates as herein provided. 
  
 Subject to this Section
2.06, upon surrender for registration of transfer of any Certificate at the Corporate Trust Office or such other office or agency maintained by the Certificate Trustee in accordance with Section 6.11, the Delaware Trustee on behalf of the
Certificate Issuer shall execute, and the Certificate Trustee shall authenticate and deliver, in the name of the designated transferee, one or more new Certificates (of the same Class as the Certificates surrendered for 

  

 20 

 
registration of transfer) in authorized denominations of a like aggregate Original Principal Amount, but that if any such surrendered Certificate shall have
become or within 15 days shall be due and payable or shall have been called for redemption, instead of issuing a replacement Certificate, the Certificate Trustee may pay such surrendered Certificate when so due and payable or upon the Special
Distribution Date without surrender thereof. 
  
 At the option of
a Certificateholder, Certificates may be exchanged for other Certificates (of the same Class as the Certificates surrendered for registration of exchange) of authorized denominations of a like aggregate Original Principal Amount, upon surrender of
the Certificates to be exchanged at any such office or agency. Whenever any Certificates are so surrendered for exchange, the Delaware Trustee on behalf of the Certificate Issuer shall execute, and the Certificate Trustee shall authenticate and
deliver the Certificates that the Certificateholder making the exchange is entitled to receive. 
  
 Every Certificate presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written instrument of
transfer in form satisfactory to the Certificate Trustee and the Certificate Registrar duly executed by the Certificateholder thereof or its attorney duly authorized in writing. 
  
 No service charge shall be made to a Certificateholder for any registration of transfer or exchange of Certificates, but the
Certificate Trustee shall require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates. 
  
 All Certificates surrendered for registration of transfer or exchange shall be cancelled and subsequently destroyed by the
Certificate Trustee in accordance with its customary practices. 
  
 The preceding provisions of this Section notwithstanding, the Certificate Issuer shall not be required to make and the Certificate Registrar need not register transfers or exchanges of Certificates selected for redemption or of any
Certificate for a period of 15 days preceding the date for any payment with respect to the Certificate. 
  
 Section 2.07. Certificateholders’ Lists and Reports by Certificate Trustee. 
  
 (a) The Certificate Issuer To Furnish Certificate Trustee with Names and Addresses of Certificateholders. The
Certificate Registrar on behalf of the Certificate Issuer will furnish or cause to be furnished to the Certificate Trustee within 15 days after each Record Date, and at such other times as the Certificate Trustee may request in writing, within 30
days after receipt by the Certificate Issuer of any such request, a list, in such form as the Certificate Trustee may reasonably require, of all information in the possession or control of the Certificate Issuer as to the names and addresses of the
Certificateholders, in each case as of a date not more than 15 days prior to the time such list is furnished. So long as the Certificate Trustee is the sole Certificate Registrar and a copy of the Certificate Register is being furnished to the
Certificate Trustee pursuant to Section 6.11, no such list need be furnished. 
  
 Upon the written request of any Certificateholder or Certificateholders of record holding Certificates evidencing not less than ten percent of the aggregate Outstanding Amount of Certificates, the Certificate Trustee
shall afford such Certificateholder or Certificateholders 

  

 21 

 
access during business hours to the current list of Certificateholders for purposes of communicating with other Certificateholders with respect to their
rights under this Certificate Indenture. 
  
 (b) Preservation
of Information. The Certificate Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Certificateholders contained in the most recent list furnished to the Certificate Trustee as provided in
Section 6.11 or Section 2.07(a), as the case may be, and the names and addresses of Certificateholders received by the Certificate Trustee in its capacity as Certificate Registrar, if so acting. The Certificate Trustee may destroy any list furnished
to it as provided in Section 6.11 or Section 2.07(a), as the case may be, upon receipt of a new list so furnished. 
  
 (c) Communications Among Certificateholders. Certificateholders may communicate pursuant to Section 312(b) of the Trust Indenture Act with other
Certificateholders with respect to their rights under this Certificate Indenture or under the Certificates. 
  
 (d) Reports by Certificate Trustee. To the extent that any of the events described in Section 313(a) of the Trust Indenture Act shall have
occurred, within 60 days after December 31 of each year, commencing with the year 2005, the Certificate Trustee shall transmit to the Certificateholders, as provided in Section 313(c) of the Trust Indenture Act, a brief report dated as of such
December 31, if required by Section 313(a) of the Trust Indenture Act. The Certificate Trustee also shall comply with Section 313(b) of the Trust Indenture Act. 
  

A copy of each report at the time of its mailing to Certificateholders shall be filed by the Certificate Trustee with the Commission and with each
stock exchange, if any, on which the Certificates are listed and of which listing the Certificate Trustee has been informed. The Certificate Issuer shall notify the Certificate Trustee if and when the Certificates are listed on any stock exchange.

  
 (e) Reports by the Certificate Issuer. Pursuant to
Section 314(a)(4) of the Trust Indenture Act, the Certificate Issuer shall furnish to the Certificate Trustee, not less often than annually and prior to January 31 of each year, commencing January 31, 2006, a certificate prepared by the Delaware
Trustee on behalf of the Certificate Issuer as to the Certificate Issuer’s compliance with all conditions and covenants under this Certificate Indenture. For purposes of this Section 2.07(e), such compliance shall be determined without regard
to any period of grace or requirement of notice provided under this Certificate Indenture. In addition, the Certificate Trustee shall forward such certificate to the Certificateholders. 
  
 (f) Protections. The Certificate Issuer, the Certificate Trustee and the Certificate Registrar shall have the
protection of Section 312(c) of the Trust Indenture Act. 
  
 Section 2.08. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction,
loss or theft of any Certificate, and (b) there is delivered to the Certificate Registrar and the Certificate Trustee such security, indemnity or bond as may be required by them to save each of them harmless, then, in the absence of notice to the
Certificate Registrar or the Certificate Trustee that such Certificate has been acquired by a bona 

  

 22 

 
fide purchaser, the Delaware Trustee, on behalf of the Certificate Issuer shall execute, and the Certificate Trustee shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate (of the same Class as the Certificate so mutilated, destroyed, lost or stolen) of like Original Principal Amount. In connection with the issuance
of any new Certificate under this Section 2.08, the Certificate Trustee shall require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Certificate Trustee and the Certificate Registrar) connected therewith. Any duplicate Certificate issued pursuant to this Section 2.08 shall constitute conclusive evidence of the same interest in the Certificate Issuer, as if
originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 
  
 Every replacement Certificate issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Certificate shall constitute an
original additional contractual obligation of the Certificate Issuer, whether or not the mutilated, destroyed, lost or stolen Certificate shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Certificate
Indenture equally and proportionately with any and all other Certificates duly issued hereunder. 
  
 Section 2.09. Persons Deemed Owners. Prior to due presentation of a Certificate for registration of transfer, the Certificate Trustee, the
Certificate Registrar and any Paying Agent of the Certificate Trustee may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the purpose of receiving distributions pursuant to Section 4.02 and for all
other purposes whatsoever, and none of the Certificate Trustee, the Certificate Registrar nor any Paying Agent of the Certificate Trustee shall be affected by any notice to the contrary. 
  
 Section 2.10. Cancellation. All Certificates surrendered for payment or transfer or exchange shall, if surrendered to
any party hereto other than the Certificate Registrar, be delivered to the Certificate Registrar for cancellation. No Certificates shall be authenticated in lieu of or in exchange for any Certificates cancelled as provided in this Section, except as
expressly permitted by this Certificate Indenture. All cancelled Certificates held by the Certificate Registrar shall be delivered to the Certificate Trustee and, in accordance with Section 2.06, destroyed. 
  
 Section 2.11. Limitation of Liability for Payments. All payments or
distributions made to Holders of Certificates under this Certificate Indenture in respect of the Notes of a Note Issuer shall be made only from the Trust Property of such Note Issuer with respect to that Class of Certificates and only to the extent
that the Certificate Trustee shall have sufficient income or proceeds from such Trust Property to make such payments in accordance with the terms of Article IV of this Certificate Indenture. Each Holder of a Certificate of any Class, by its
acceptance of a Certificate of that Class, agrees that it will look solely to the income and proceeds from the Trust Property in respect of a Note Issuer with respect to that Class to the extent available for distribution to the Holder thereof as
provided in this Certificate Indenture. It is expressly understood and agreed by the parties hereto that (a) the Certificates are executed, authenticated and delivered by the Delaware Trustee and the Certificate Trustee, respectively, not
individually or personally but solely in their respective capacity as Delaware Trustee and Certificate Trustee in the exercise of the powers and authority conferred and vested in them, and 

  

 23 

 
(b) under no circumstances shall the Delaware Trustee or Certificate Trustee be personally liable for the payment of any of the Certificates or any
indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Certificate Issuer under this Certificate Indenture. 
  
 Section 2.12. Book-Entry and Definitive Certificates. 
  
 (a) The Certificates of any Class may be issued in the form of one or more
typewritten certificates representing the Book-Entry Certificates of that Class, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Certificate Issuer. In such case, the Certificates of such Class
delivered to The Depository Trust Company shall initially be registered on the Certificate Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Certificate Owner will receive a definitive Certificate
representing such Certificate Owner’s interest in the Certificate of such Class, except as provided in Section 2.12(c) below. Unless and until definitive, fully registered Certificates (“Definitive Certificates”) of such Class have
been issued pursuant to Section 2.12(c) below: 
  
 (i) the provisions of this Section 2.12(a) shall be in full force and effect with respect to the Certificates of such Class; 
  
 (ii) the Certificate Issuer, the Paying Agent, the Certificate Registrar and the Certificate Trustee may deal with the Clearing Agency for
all purposes (including the making of distributions on the Certificates of such Class) as the authorized representative of the Certificate Owners of Certificates of such Class; 
  
 (iii) to the extent that the provisions of this Section 2.12 conflict with any other provisions of this
Certificate Indenture, the provisions of this Section 2.12 shall control; 
  
 (iv) the rights of Certificate Owners of Certificates of such Class shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Certificate Owners
and the Clearing Agency Participants; and until Definitive Certificates of such Class are issued pursuant to Section 2.12(c) below, the Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit
distributions of principal of and interest on the Certificates of such Class to such Clearing Agency Participants; and 
  
 (v) whenever this Certificate Indenture requires or permits actions to be taken based upon instructions or directions of
Certificateholders holding Certificates of such Class representing a specified percentage of the aggregate Outstanding Amount of Certificates of such Class, the Clearing Agency shall be deemed to represent such percentage only to the extent that it
has received instructions to such effect from Certificate Owners or Clearing Agency Participants owning or representing, respectively, Certificates representing such percentage of the aggregate Outstanding Amount of Certificates of such Class, and
has delivered such instructions to the Certificate Trustee; the Certificate Trustee shall have no obligation to determine whether the Clearing Agency has in fact received any such instructions. 
  

 24 

 (b) Whenever notice or other communication to the Holders of Certificates of any Class issued in the form
of Certificates representing Book-Entry Certificates is required under this Certificate Indenture, unless and until Definitive Certificates of such Class shall have been issued pursuant to Section 2.12(c), the Certificate Trustee shall give all such
notices and communications specified herein to be given to Holders of Certificates of such Class to the Clearing Agency. 
  
 (c) If (i) the Clearing Agency advises the Certificate Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its
responsibilities with respect to the Certificates of a Class, and the Certificate Trustee or the Certificate Issuer is unable to locate a qualified successor, (ii) the Certificate Issuer (with the prior written approval of the Note Issuers) at its
option advises the Certificate Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency with respect to the Certificates of such Class or (iii) after the occurrence of a Note Event of Default with respect to
any Class of Certificates, Certificate Owners representing beneficial interests aggregating at least a majority of the Outstanding Amount of the Certificates advise the Clearing Agency and the Certificate Trustee in writing that the continuation of
a book-entry system through the Clearing Agency is no longer in the best interests of the Certificate Owners, then the Clearing Agency shall notify all Certificate Owners and the Certificate Trustee of the occurrence of any such event and of the
availability of Definitive Certificates to Certificate Owners requesting the same. Upon surrender to the Certificate Trustee of the typewritten certificate or certificates representing the Book-Entry Certificates by the Clearing Agency, accompanied
by registration instructions, and upon written direction by the Certificate Issuer, the Delaware Trustee shall execute on behalf of the Certificate Issuer and the Certificate Trustee shall authenticate the Definitive Certificates in accordance with
the instructions of the Clearing Agency. None of the Certificate Issuer, the Certificate Registrar or the Certificate Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected
in relying on, such instructions. Upon the issuance of Definitive Certificates, the Certificate Trustee shall recognize the Holders of the Definitive Certificates as Certificateholders. 
  
 Section 2.13. Tax Treatment. 
  
 (a) It is the intention of the parties hereto that the Certificate Issuer shall be treated as a “grantor trust”
for federal income tax purposes and all transactions contemplated by this Certificate Indenture will be reported consistent with such treatment. 
  
 (b) The provisions of this Certificate Indenture shall be construed, and the affairs of the Certificate Indenture shall be conducted, so as to achieve
treatment of the Certificate Indenture as a “grantor trust” for federal income tax purposes. 
  
 ARTICLE III. 
  
 COVENANTS 
  
 Section 3.01. Compliance with
Declaration of Trust. The Certificate Issuer covenants and agrees to operate in strict conformity with the Declaration of Trust, the terms of which are incorporated herein by reference, and shall not amend the Declaration of Trust except as
expressly permitted thereunder or in any manner that would adversely affect the interests of the Certificateholders. 
  

 25 

 This Certificate Indenture and the Declaration of Trust shall, together, constitute the governing
instrument of the Trust. To the extent that the provisions of this Certificate Indenture and the Declaration of Trust conflict with respect to the issuance of the Certificates and the rights of the holders thereof, this Certificate Indenture shall
control. 
  
 Section 3.02. No Additional Certificates. The
Certificate Issuer shall not issue any additional Certificates hereunder, except pursuant to Section 2.06 and Section 2.08. 
  
 ARTICLE IV. 
  
 DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS 
  
 Section 4.01. Certificate Accounts. 
  
 (a) The Certificate Trustee shall establish and maintain, for the Certificate Issuer, on behalf of the Holders of Certificates of each Class one or more
segregated trust accounts with respect to such Class (each, a “Certificate Account”), which shall be non-interest bearing except as provided in Section 4.04, in the corporate trust department of an Eligible Institution, in the name of the
Certificate Trustee for the benefit of such Certificateholders. The Certificate Trustee shall hold each Certificate Account in trust for the benefit of the Holders of Certificates of the corresponding Class, and shall make or permit withdrawals
therefrom only as provided in this Certificate Indenture. On each day when a Payment or Special Payment (other than a Special Payment that represents the proceeds of any sale pursuant to Article V hereof by the Certificate Trustee of any Note of a
Note Issuer) is made to the Certificate Trustee, as holder of Notes of such Note Issuer of any Class, the Certificate Trustee upon receipt shall immediately deposit the aggregate amount of such Payment or Special Payment in the Certificate Account
for the corresponding Class of Certificates. Upon the sale of any Note of a Note Issuer by the Certificate Trustee pursuant to Article V and the realization of any proceeds thereof, the Certificate Trustee shall deposit the aggregate amount of such
proceeds as a Special Payment in the Certificate Account for the Class of Certificates corresponding to the Class of the Note of such Note Issuer so sold. 
  
 (b) The Certificate Trustee shall present each Note to the applicable Note Trustee for payment on its Final Maturity Date, or, in the case of any
redemption or repayment of a Note in full prior to its Final Maturity Date, on the applicable Payment Date therefor. 
  
 (c) The Certificate Trustee (or any Paying Agent other than the Certificate Trustee) shall have sole dominion and exclusive control over all amounts in
the Certificate Accounts and shall apply such amounts therein as provided in this Article. 
  
 (d) The Certificate Trustee shall maintain separate and distinct records for each Class of Certificates. The Certificate Trustee will not (i) take any action that would cause the Class of Notes related to a Class of
Certificates to be substantively consolidated into any other Class of Notes such that it will have its separate existence disregarded in the event of an insolvency event with respect to any Certificateholder of such Class, the Trust or another
Class, 

  

 26 

 
(ii) commingle any Class of Notes corresponding to a Class of Certificates with a Class of Notes corresponding to any other Class of Certificates, (iii)
maintain the corporate, financial and accounting books and records and statements of the Certificate Issuer or any Class of Certificates in a manner such that they cannot be separated from those of any other Class of Certificates, (iv) take any
action that would cause (a) the funds and other assets of a Class of Certificates not to be identifiable or the bank accounts, corporate records and books of account, if any, of the related Class of Notes not to be separable from those of any other
Class and (b) to pay, other than from a corresponding Class of Notes, any obligations or indebtedness of any kind incurred by a Class of Certificates and payable by the Trust, and (vi) take any actions with respect to any Class of Certificates
except in its capacity as Certificate Trustee in respect of such Class. 
  
 Section 4.02. Distributions from Certificate Accounts. 
  
 (a) On any Distribution Date, the Certificate Trustee shall distribute out of the Certificate Account for the corresponding Class of Certificates, in the manner described in Section 4.02(e), the entire amount of such Payment deposited
therein pursuant to Section 4.01(a); provided, however, and in the event receipt of any such Payment is not confirmed by the Certificate Trustee by 1:00 p.m. (New York City time) on such Distribution Date, distribution thereof shall be made
on the day receipt thereof is confirmed by the Certificate Trustee by 1:00 p.m. (New York City time) or, if receipt thereof is confirmed by the Certificate Trustee after 1:00 p.m. (New York City time), on the following Business Day. There shall be
so distributed to each Holder of such Class of Certificates on the Record Date with respect to such Distribution Date (other than as provided in Section 9.01 with respect to a final distribution) such Certificateholder’s fractional undivided
share (based on the aggregate Outstanding Amount of Certificates of such Class held by such Certificateholder) of the aggregate amount in the related Certificate Account. The foregoing notwithstanding, if a Payment is not received by the Certificate
Trustee by the day that is five days after the related Payment Date, but is subsequently received, it will be treated as a Special Payment pursuant to Section 4.02(b). 
  
 The final distribution with respect to any Certificate will be made only upon presentation and surrender of such Certificate
at the office or agency of the Certificate Trustee specified in the notice given by the Certificate Trustee with respect to such final payment. The Certificate Trustee will provide notice of a final distribution to each Holder as of the date such
notice is given with respect to any Certificate as soon as practicable following receipt of the notices from the Note Trustees of the final payments on the corresponding Notes. 
  
 (b) On each Special Distribution Date with respect to the distribution of any Special Payment with respect to any Class of
Notes of a Note Issuer, the Certificate Trustee shall distribute out of the Certificate Account for the corresponding Class of Certificates, in the manner described in Section 4.02(e), the entire amount of such Special Payment deposited therein
pursuant to Section 4.01(a) and any income and earnings received from the investment of such Special Payment pursuant to Section 4.04; provided, however, that in the event receipt of any such Special Payment is not confirmed by the
Certificate Trustee by 1:00 p.m. (New York City time) on such Special Distribution Date, distribution thereof shall be made on the day receipt thereof is confirmed by the Certificate Trustee by 1:00 p.m. (New York City time) or, if receipt thereof
is confirmed by the Certificate Trustee after 1:00 p.m. (New York City time), on the following Business Day. There shall be so distributed to each Holder of such Class of 

  

 27 

 
Certificates on the Special Record Date with respect to such Special Distribution Date (other than as provided in Section 9.01 with respect to a final
distribution) such Certificateholder’s fractional undivided share (based on the aggregate Outstanding Amount of Certificates of such Class held by such Certificateholder) of the aggregate amount of such Special Payment and any income and
earnings received from the investment of such Special Payment pursuant to Section 4.04. 
  
 (c) The Certificate Trustee shall allocate amounts distributed to Holders of Certificates of any Class on any Distribution Date or Special Distribution Date as follows: (i) to the extent such amounts represent
payments of principal of the corresponding Class of Notes of a Note Issuer (including prepayments or redemption price), or the proceeds of the sale of any Note of such Note Issuer by the Certificate Trustee pursuant to Article V (to the extent such
proceeds exceed the unpaid interest on the related class of Notes of such Note Issuer), such amounts shall be allocated to principal of such Certificates and (ii) all other such amounts shall be allocated to interest on such Certificates. The
Certificate Trustee may conclusively rely on the payment statement received by it from each Servicer pursuant to its Servicing Agreement with any payment in respect of any Class of Notes of a Note Issuer as to whether the amount so paid in respect
of the Notes of such Note Issuer is in respect of principal of or interest on such Notes. If no statement is received, such payments received with respect to any Class of Notes of any Notes Issuer shall first be allocable to interest to the extent
of a interest accrued and payable on such Class of Notes, and then to principal. 
  
 (d) The Certificate Trustee shall cause notice of each Special Payment with respect to any Class of Notes of a Note Issuer to be mailed to each Holder of Certificates of the corresponding Class at its address as it
appears in the Certificate Register. In the event of (i) the optional redemption by a Note Issuer of the Notes of any Class, such notice shall be mailed not less than five days nor more than 25 days prior to the Special Distribution Date on which
any such Redemption Payment is scheduled to be distributed, and (ii) the mandatory redemption by a Note Issuer of the Notes of any Class, such notice shall be mailed not less than five days prior to the Special Distribution Date on which any such
Redemption Payment is scheduled to be distributed. In the case of any other Special Payment, such notice shall be mailed not less than 20 days prior to the Special Distribution Date on which any Special Payment is scheduled to be distributed in
respect of Certificates of such Class stating such anticipated Special Distribution Date. Any such notice mailed by the Certificate Trustee shall set forth: 
  
 (i) the Special Distribution Date or the Distribution Date, as applicable, and the Special Record Date or Record Date therefor, as
applicable (except as otherwise provided in Section 9.01); 
  
 (ii) the amount of the Special Distribution for each $1,000 Original Principal Amount of Certificates of the applicable Class and the amount thereof constituting principal and interest; 
  
 (iii) the reason for the Special Distribution; and

  

 28 

 (iv) the total amount to be received on such date for each $1,000 Original Principal
Amount of Certificates of the applicable Class but only, in the case of a Special Payment, if the related Special Distribution Date is also a Distribution Date. 
  

(e) Distributions to Holders of Certificates shall be by check sent by first-class mail to the address of such Holder appearing on the Certificate
Register at the relevant Record Date or Special Record Date or, upon written application of a Holder of Certificates of any Class in the Original Principal Amount of $1,000,000 or more to the Certificate Trustee made at any time not later than such
Record Date or Special Record Date or continuing in effect from a prior request, by wire transfer in immediately available funds to the account of such Holder at such bank located in New York, New York, having wire transfer capability as may be
designated by such Holder; except that the final distribution in respect of any Certificate shall be made only as provided in Section 9.01. The foregoing notwithstanding, any distributions made to Cede & Co., as the nominee of the initial
Clearing Agency, shall be made by wire transfer of immediately available funds. 
  
 Section 4.03. Statements to Certificateholders. 
  
 (a) On each Distribution Date, Special Distribution Date or any other date specified herein for distribution of any payments with respect to any Class of Certificates, or as soon as practicable following such
Distribution Date, Special Distribution Date or other date (unless the Certificate Trustee is the Note Trustee for the Notes to which such date applies and the statement required below is provided by such Note Trustee no later than two Business Days
prior to such distribution), the Certificate Trustee will send, with respect to each distribution, to Holders of Certificates of such Class a statement with respect to such distribution to be made on such Distribution Date, Special Distribution Date
or other date, as the case may be, setting forth the following information: 
  
 (i) the amount of such distribution to Holders of Certificates allocable to (A) principal and (B) interest in respect of the Notes of each Note Issuer, in each case per $1,000 Original Principal Amount of each Class
of Certificates; 
  
 (ii) the aggregate
outstanding principal balance of the Certificates in respect of the Notes of each Note Issuer, after giving effect to payments allocated to principal reported under (i) above; and 
  
 (iii) the difference, if any, between the amount specified in (ii) above and the principal amount scheduled
to be outstanding on such date according to the Expected Amortization Schedule. 
  
 (iv) the amount on deposit in the Overcollateralization Subaccount for each Note Issuer and the Required Overcollateralization Level for
each Note Issuer, after giving effect to the payments and deposits to be made on such date; 
  
 (v) the amount on deposit in the Capital Subaccount for each Note Issuer as of such date, after giving effect to the payments and deposits
to be made on such date, and the Required Capital Level for each Note Issuer; 
  

 29 

 (vi) any amounts on deposit in the Reserve Subaccount of each Note Issuer as of such
date, after giving effect to the payments and deposits to be made on such date; 
  
 (vii) the amount paid to each of the Note Trustees and the Delaware Trustee and Certificate Trustee since the previous payment date to and
including such payment date; 
  
 (viii) the
amount paid to each of the Servicers since the previous payment date to and including such payment date; 
  
 (ix) the amount paid to each of the Administrators since the previous payment date to and including such payment date; and 
  
 (x) any other transfers and payments made pursuant to this
Indenture since the previous payment date. 
  
 In providing the
foregoing statement, the Certificate Trustee may rely upon the statements provided by any Note Trustee pursuant to Section 6.06 of the Note Indentures. On each date on which the Certificate Trustee distributes any such report to the Holders of the
Certificates of any Class, the Certificate Trustee shall also distribute such report to each Rating Agency. 
  
 (b) Within a reasonable period of time after the end of each calendar year but not later than the latest date permitted by law, the Certificate Trustee
shall furnish to each Person who at any time during such calendar year was a Holder of any Class of Certificates and received a distribution thereon, a statement containing the sum of the amounts determined pursuant to clause (a) (i) above with
respect to such Class of Certificates for such calendar year, or, in the event such Person was a Holder of such Class of Certificates during a portion of such calendar year, for the applicable portion of such year, and such other items as are
readily available to the Certificate Trustee and that a Certificateholder shall reasonably request as necessary for the purpose of such Certificateholder’s preparation of its federal and state income tax returns. 
  
 Section 4.04. Investment of Special Payment Moneys. Any money received
by the Certificate Trustee pursuant to Section 4.01(a) representing a Special Payment that is not to be promptly distributed, to the extent practicable, shall be invested in Eligible Investments at the written direction of the Servicer for the Notes
for which such Special Payment has been made by the Certificate Trustee pending distribution of such Special Payment pursuant to Section 4.02. Any investment made pursuant to this Section 4.04 shall be in such Eligible Investments maturing in not
more than 60 days or such lesser time as is required for the distribution of any such funds on a Special Distribution Date pending the distribution of such funds to Certificateholders as described herein. The Certificate Trustee shall hold any such
Eligible Investments until maturity. The Certificate Trustee shall have no liability with respect to any investment made pursuant to this Section 4.04 (including any losses on such investments), other than by reason of the willful misconduct or
gross negligence of the Certificate Trustee. All income and earnings from such investments shall be distributed, if and as received, on such Special Distribution Date as part of such Special Payment and shall be treated as payments of interest on
the Certificates. 
  

 30 

 Section 4.05. Reduction in Principal. Any reduction in the principal amount of any Certificate
effected by any distribution in respect of principal thereof shall be binding upon all Holders of such Certificate and of any Certificate issued upon the registration or transfer thereof or in lieu thereof, whether or not noted thereon. 

 
 ARTICLE V. 
  
 DEFAULTS AND REMEDIES 
  
 Section 5.01. Note Events of Default. 
  
 (a) If any Note Event of Default shall occur and be continuing, then, and in
each and every case, the Certificate Trustee may vote all, and, upon the written direction of Holders representing not less than a majority of the Outstanding Amount of the Certificates then Outstanding, shall vote a corresponding majority, of the
Notes issued by the Defaulting Note Issuer in favor of declaring the unpaid principal amount of all such Notes then outstanding and accrued interest thereon to be due and payable in accordance with the provisions thereof. In addition, if a Note
Event of Default shall have occurred and be continuing, the Certificate Trustee may vote all, and, upon the written direction of Holders representing not less than a majority of the Outstanding Amount of the Certificates then Outstanding, shall vote
a corresponding majority, of the Notes of the Defaulting Note Issuer in favor of directing the Note Trustee therefor as to the time, method and place of conducting any proceeding for any remedy available to such Note Trustee, including the sale of
any or all of the Collateral Granted to such Note Trustee by the Defaulting Note Issuer, without recourse to or warranty by the Certificate Trustee or any Certificateholder, to any person or entity, or of exercising any trust or power conferred on
such Note Trustee under its Note Indenture. 
  
 (b) After a Note
Event of Default shall have occurred and be continuing, subject to Section 5.01(c), the Certificate Trustee may, and upon the written direction of Holders of Certificates representing not less than a majority of the Outstanding Amount of
Certificates, by such officer or agent as it may appoint, shall, sell, convey, transfer and deliver any Note or Notes issued by the Defaulting Note Issuer, without recourse to or warranty by the Certificate Trustee or any Certificateholder, to any
Person, for cash, all upon such terms and conditions as the Certificate Trustee may reasonably deem advisable or, if so directed by the Certificateholders, upon such terms and conditions as the Certificateholders may approve. 
  
 (c) The foregoing provisions of Section 5.01(b) notwithstanding, the
Certificate Trustee shall not sell any Notes following the occurrence of any Note Event of Default with respect to such Notes, other than a Note Event of Default arising with respect to such Notes described in Section 5.01(i), (ii) or (iii) of the
Note Indenture for such Notes, unless (i) the Certificate Trustee determines that the amounts receivable from the Collateral securing such Notes are not sufficient to pay in full the principal of and accrued interest on such Notes and all amounts
payable pursuant to clauses (i) through (iv) of Section 8.02(d) of the Note Indenture for such Notes and the Certificate Trustee obtains the written consent of Holders of Certificates representing 66 2/3 percent of the aggregate Outstanding Amount of all Classes of the Certificates, or (ii) the Certificate Trustee obtains the written consent of Holders of
Certificates representing 100 percent of the aggregate Outstanding Amount of all Classes of the Certificates. 
  

 31 

 Section 5.02. Incidents of Sale of Notes. Upon any sale of any Notes of any Note Issuer made
either under the power of sale given under this Certificate Indenture or otherwise for the enforcement of this Certificate Indenture, the following shall be applicable: 
  
 (a) Certificateholders and Certificate Trustee May Purchase Notes. Any Certificateholder, the Certificate Trustee in
its individual or any other capacity or any other Person (other than any Seller) may bid for and purchase any of the Notes, and upon compliance with the terms of sale, may hold, retain, possess and dispose of such Notes in their own absolute right
without further accountability. 
  
 (b) Receipt of Certificate
Trustee Shall Discharge Purchaser. The receipt of the Certificate Trustee, on behalf of the Certificate Issuer, shall be a sufficient discharge to any purchaser for its purchase money, and, after paying such purchase money and receiving such
receipt, such purchaser or its personal representative or assigns shall not be obliged to see to the application of such purchase money, or be in any way answerable for any loss, misapplication or nonapplication thereof. 
  
 (c) Application of Moneys Received upon Sale. Any moneys collected by
the Certificate Issuer or the Certificate Trustee upon any sale made either under the power of sale given by this Certificate Indenture or otherwise for the enforcement of this Certificate Indenture, shall be applied as provided in Section 4.02.

  
 Section 5.03. Judicial Proceedings Instituted by
Certificate Trustee. If there shall be a failure to make payment of the principal of or interest on any Note of any Note Issuer, then the Certificate Trustee in its own name, and as trustee of an express trust, as holder of such Note, may, and
if directed in writing by the Holders of a majority of the Outstanding Amount of the Certificates but subject to the provisions of Article VI, shall, to the extent permitted by and in accordance with the terms of such Notes, be entitled and
empowered to institute any suits, actions or proceedings at law, in equity or otherwise, including the power to make a demand on the Note Trustee for such Notes to take action under the Note Indenture for such Notes to enforce the Notes, for the
collection of the sums so due and unpaid on such Notes and may prosecute any such claim or proceeding to judgment or final decree with respect to the whole amount of any such sums so due and unpaid. 
  
 Section 5.04. Control by Certificateholders. The Holders of a majority
of the Outstanding Amount of the Certificates (or, if less than all Classes are affected, the affected Class or Classes) shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the
Certificate Trustee, or exercising any trust or power conferred on the Certificate Trustee under this Certificate Indenture, including any right of the Certificate Trustee as holder of the Notes of any Note Issuer of the corresponding Class or
Classes, in each case unless a different percentage is specified herein; provided, however, that: 
  
 (a) such direction shall not be in conflict with any rule of law or with this Certificate Indenture and would not involve the Certificate Trustee in
personal liability or expense; 
  

 32 

 (b) the Certificate Trustee shall not determine that the action so directed would be unjustly prejudicial
to the Holders of Certificates of such Class or Classes not taking part in such direction; 
  
 (c) the Certificate Trustee may take any other action deemed proper by the Certificate Trustee that is not inconsistent with such direction; and 
  
 (d) if a Note Event of Default with respect to such Class of Notes shall have occurred and be continuing, such direction
shall not obligate the Certificate Trustee to vote more than a corresponding majority of the related Notes held by the Certificate Trustee in favor of declaring the unpaid principal amount of the Notes and accrued interest thereon to be due and
payable or directing any action by the Note Trustee for such Notes with respect to such Note Event of Default. 
  
 Section 5.05. Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes of a Note Issuer as provided in
Section 5.01, the Holders of Certificates of not less than a majority of the Outstanding Amount of the Certificates may direct the waiver of any past default or Note Event of Default and its consequences except a default or Note Event of Default (a)
in the payment of principal of or interest on any of the Notes of such Note Issuer, (b) in respect of a covenant or provision under any Note Indenture that cannot be modified or amended without the consent of the Holder of each Certificate of all
Classes affected or (c) in the deposit or distribution of any Payment or Special Payment under Section 4.01 or in the distribution of any payment under Section 4.02. Upon any such direction, the Certificate Trustee shall vote the percentage of the
Notes of the corresponding Class issued by such Defaulting Note Issuer held by the Certificate Trustee as corresponds to the percentage of the aggregate Outstanding Amount of the Certificates of such Class held by Holders who directed the
Certificate Trustee to waive such default or Note Event of Default hereunder. 
  
 Upon any waiver that is effective under the terms of a Note Indenture to waive a Note Event of Default, such Note Event of Default shall cease to exist with respect to this Certificate Indenture, and, in the case of a
default, any Note Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Certificate Indenture and any written direction given by the Certificate Trustee on behalf of the Certificateholders to the Note
Trustee for the Notes under which such Note Event of Default has been waived or in respect of any such Notes shall be annulled with respect thereto; but no such waiver shall extend to any subsequent or other default or Note Event of Default or
impair any right consequent thereon. 
  
 Section 5.06. Right of
Certificateholders To Receive Payments Not To Be Impaired. Anything in this Certificate Indenture to the contrary notwithstanding, including Section 5.07 hereof, the right of any Certificateholder to receive distributions of payments required
pursuant to Section 4.02 hereof on the Certificates when due, or to institute suit for the enforcement of any such payment on or after the applicable Distribution Date, Special Distribution Date or other date specified herein for the making of such
payment, shall not be impaired or affected without the consent of such Certificateholder. 
  

 33 

 Section 5.07. Certificateholders May Not Bring Suit Except Under Certain Conditions. A
Certificateholder shall not have the right to institute any suit, action or proceeding at law or in equity or otherwise with respect to this Certificate Indenture, for the appointment of a receiver or for the enforcement of any other remedy under
this Certificate Indenture and each Holder agrees, by its acceptance of any Certificate, to the fullest extent permitted by law, not to avail itself of any remedies provided by the Statute or to utilize or enforce the Statutory Lien, unless:

  
 (a) such Certificateholder has previously given written
notice to the Certificate Trustee of a continuing Note Event of Default with respect to the Class of Certificates held by such Holder; 
  
 (b) the Holders of not less than 25 percent of the Outstanding Amount of the Certificates have made written request to the Certificate Trustee to
institute such action, suit or proceeding in respect of such Note Event of Default in its own name as Certificate Trustee hereunder; 
  
 (c) such Certificateholder or Certificateholders have offered to the Certificate Trustee indemnity satisfactory to it against the costs, expenses
(including legal fees and expenses) and liabilities to be incurred in complying with such request; 
  
 (d) the Certificate Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such action, suit or
proceedings; and 
  
 (e) no direction inconsistent with such
written request has been given to the Certificate Trustee during such 60-day period by the Holders of at least a majority of the Outstanding Amount of the Certificates; 
  
 it being understood and intended that no one or more Holders of Certificates shall have any right in any manner whatever by virtue of, or by
availing of, any provision of this Certificate Indenture to affect, disturb or prejudice the rights of any other Holders of Certificates or to obtain or to seek to obtain priority or preference over any other Certificateholders or to enforce any
right under this Certificate Indenture, except in the manner herein provided. The provisions of this Section 5.07 shall be deemed to modify, to the fullest extent permitted by law, the rights of the Certificateholders under Section 3816 of the
Statutory Trust Statute. 
  
 In the event the Certificate Trustee
shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Certificates, each representing less than a majority of the Outstanding Amount of the Certificates, the Certificate Trustee in its sole discretion
may determine what action, if any, shall be taken, notwithstanding any other provisions of this Certificate Indenture. 
  
 Section 5.08. Certificate Trustee May Bring Suit. If there shall be a breach of the Commonwealth of Massachusetts Pledge by the Commonwealth of
Massachusetts, then the Certificate Trustee, in its own name and as trustee of an express trust, as holder of the Notes, 

  

 34 

 
shall be, to the extent permitted by state and federal law, entitled and empowered to institute any suits, actions or proceedings at law, in equity or
otherwise, to enforce the Commonwealth of Massachusetts Pledge and to collect any monetary damages as a result of a breach thereof, and may prosecute any such suit, action or proceeding to final judgment or decree. 
  
 Section 5.09. Remedies Cumulative. No remedy given hereunder to the
Certificate Trustee or to any of the Certificateholders shall be exclusive of any other remedy or remedies, and every such remedy shall be cumulative and in addition to every other remedy given hereunder or now or hereafter given by statute, law,
equity or otherwise. 
  
 ARTICLE VI. 
  
 THE CERTIFICATE TRUSTEE 
  
 Section 6.01. Notice of Defaults. As promptly as practicable after,
and in any event within 30 days after, receipt by a Responsible Officer of the Certificate Trustee of written notice or actual knowledge of the occurrence of any default (as such term is defined below) hereunder, the Certificate Trustee shall
transmit by mail to the Certificate Issuer, the Note Trustee for the Note Indenture under which such default has arisen and the Holders of Certificates in accordance with Section 313(c) of the Trust Indenture Act, notice of such default, unless such
default shall have been cured or waived; provided, however, that, except in the case of a default hereunder with respect to any Class of Certificates arising from a default under any Note Indenture in the payment of the principal of or
interest on any Note, the Certificate Trustee shall be fully protected in withholding such notice if and so long as a trust committee of Responsible Officers of the Certificate Trustee in good faith determines that the withholding of such notice is
in the interests of the Holders of the Certificates. For the purpose of this Section, the term “default” means any event that is, or after notice or lapse of time or both would become, a Note Event of Default with respect to such Class of
Certificates. 
  
 Section 6.02. Certain Rights of Certificate
Trustee. Subject to the provisions of Section 315 of the Trust Indenture Act: 
  
 (a) the Certificate Trustee may conclusively rely and shall be fully protected in acting or refraining from acting in reliance upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
  
 (b) any request or direction of the Certificate Issuer mentioned herein shall be sufficiently evidenced by a Request,
accompanied by evidence reasonably satisfactory to the Certificate Trustee that the Note Issuers have given their prior written approval of such request or direction; 
  
 (c) whenever in the administration of this Certificate Indenture the Certificate Trustee shall deem it desirable that a
matter be proved or established prior to taking, suffering or omitting any action hereunder, the Certificate Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an
Officers’ Certificate of the Certificate Issuer; 
  

 35 

 (d) the Certificate Trustee may consult with counsel and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
  
 (e) the Certificate Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Certificate Indenture at the request or direction of any of the Certificateholders pursuant to this Certificate Indenture, unless such Certificateholders shall have offered to the Certificate Trustee reasonable security or indemnity satisfactory to
it against the cost, expenses (including reasonable legal fees and expenses) and liabilities that might be incurred by it in compliance with such request or direction; 
  
 (f) the Certificate Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document; 
  
 (g) the Certificate Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents,
attorneys, custodians or nominees and the Certificate Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any agent, attorney, custodian or nominee appointed with due care by it hereunder;

  
 (h) the Certificate Trustee shall not be liable with respect
to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of Certificates relating to the time, method and place of conducting any proceeding for any remedy available to the Certificate Trustee,
or exercising any trust or power conferred upon the Certificate Trustee, under this Certificate Indenture; 
  
 (i) the Certificate Trustee shall not be required to expend or risk its own funds in the performance of any of its duties hereunder, or in the exercise of
any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk is not reasonably assured to it; 
  
 (j) the Certificate Trustee shall not be personally liable for any action
taken or suffered or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Certificate Indenture so long as that the Certificate Trustee’s
conduct does not constitute willful misconduct, gross negligence or bad faith; 
  
 (k) in the event that the Certificate Trustee is also acting as Paying Agent, Authenticating Agent or Certificate Registrar hereunder, the rights and protections afforded to the Certificate Trustee pursuant to this
Article VI shall also be afforded to such Paying Agent, Authenticating Agent or Certificate Registrar; 
  

 36 

 (l) the Certificate Trustee shall not be charged with knowledge of any Note Event of Default or of any
breach of the Commonwealth of Massachusetts Pledge unless a Responsible Officer obtains actual knowledge of such event or the Certificate Trustee receives written notice of such event from the Certificate Issuer, any Note Trustee, any Servicer or a
majority of the Holders of Certificates of the Class or Classes so affected; and 
  
 (m) without limiting its rights under bankruptcy law, when the Certificate Trustee incurs expenses or renders services in connection with the insolvency or bankruptcy of any party hereto or with the Basic Documents to
which it is a party, such expenses (including the fees and expenses of its counsel) and the compensation for such services are intended to constitute expenses of administration under any bankruptcy or insolvency law. 
  
 Section 6.03. Not Responsible for Recitals or Issuance of
Certificates. The recitals contained herein and in the Certificates, except the execution thereof and the certificates of authentication, shall not be taken as the statements of the Certificate Trustee, and the Certificate Trustee assumes no
responsibility for their correctness. Except as set forth in Section 6.14, the Certificate Trustee makes no representations as to the validity or sufficiency of this Certificate Indenture, the Notes, any Basic Document or the Certificates.

  
 Section 6.04. May Hold Certificates. The Certificate
Trustee, any Paying Agent, any Certificate Registrar or any of their Affiliates or any other agent, in their respective individual or any other capacity, may become the owner or pledgee of Certificates and, subject to Sections 310(b) and 311 of the
Trust Indenture Act, may otherwise deal with the Certificate Issuer, the Note Issuers or the Note Trustees with the same rights it would have if it were not Certificate Trustee, Paying Agent, Certificate Registrar or such other agent. 
  
 Section 6.05. Money Held in Trust. Money held by the Certificate
Trustee or the Paying Agent in trust hereunder need not be segregated from other funds except to the extent required herein or by law and neither the Certificate Trustee nor the Paying Agent shall have any liability for interest upon any such moneys
except as provided for herein. 
  
 Section 6.06. Compensation
and Reimbursement; Indemnification. 
  
 (a) Pursuant to the
Fee and Indemnity Agreement, the Note Issuers have agreed to pay, or cause to be paid, to the Certificate Trustee from time to time reasonable compensation for its services and to reimburse it for its reasonable expenses. 
  
 (b) Pursuant to the Fee and Indemnity Agreement, the Note Issuers shall
indemnify, defend and hold harmless the Certificate Trustee and any of the affiliates, officers, directors, employees and agents of the Certificate Trustee (the “Certificate Trustee Indemnified Persons”) from and against any and all
losses, claims, actions, suits, taxes, damages, expenses and liabilities (including liabilities under state or federal securities laws) of any kind and nature whatsoever (collectively, “Certificate Trustee Expenses”), to the extent that
such Certificate Trustee Expenses arise out of or are imposed upon or asserted against such Certificate Trustee Indemnified Persons with respect to the creation, operation or termination of the Certificate Issuer, the execution, delivery,
enforcement or performance of the Declaration of Trust or this Certificate Indenture, as the case may be, or the transactions contemplated hereby, the failure of 

  

 37 

 
any Note Issuer or any other Person (other than the Person being indemnified) to perform its obligations under the Fee and Indemnity Agreement or under any
of the Basic Documents, or otherwise in connection with the Basic Documents or the transactions contemplated thereby, but no Note Issuer shall be required to indemnify any Certificate Trustee Indemnified Person for any Certificate Trustee Expenses
that result from the willful misconduct or gross negligence of such Certificate Trustee Indemnified Person. The Note Issuers will not, without the prior written consent of the Certificate Trustee Indemnified Person, settle or compromise or consent
to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought under this Section 6.06(b), (whether or not the Certificate Trustee Indemnified Person is an
actual or potential party to such claim or action) unless such settlement, compromise or consent includes an unconditional release of the Certificate Trustee Indemnified Person from all liability arising out of such claim, action, suit or
proceeding. The obligations of the Note Issuers to indemnify the Certificate Trustee Indemnified Persons shall survive the termination of the Fee and Indemnity Agreement, this Certificate Indenture and the resignation or removal of the Certificate
Trustee. 
  
 Notwithstanding anything to the contrary in this
Certificate Indenture, the Certificate Trustee shall have no recourse against the Certificate Issuer or the Notes of any Note Issuer or payments thereon or proceeds thereof for payment of any amounts required to be paid to the Certificate Trustee
under this Section 6.06(b). 
  
 Section 6.07. Corporate
Certificate Trustee Required; Eligibility. 
  
 (a) The
Certificate Trustee shall at all times be eligible to act as a trustee under Section 310(a) of the Trust Indenture Act, shall have a combined capital and surplus of at least $50,000,000 and shall have a long-term debt rating of at least A by
Moody’s and Standard & Poor’s. If such entity publishes reports of conditions at least annually, pursuant to law or to the requirements of federal, state, territorial or District of Columbia supervising or examining authority, then for
the purposes of this Section 6.07, the combined capital and surplus of such entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 
  
 (b) In determining whether the Certificate Trustee has a conflicting interest
under Section 310(b) of the Trust Indenture Act and this Section, each other Class of Certificates will be treated as having been issued under an indenture other than this Certificate Indenture. 
  
 (c) If at any time the Certificate Trustee shall cease to be eligible in
accordance with the provisions of this Section 6.07, the Certificate Trustee shall resign immediately in the manner and with the effect specified in Section 6.08. 
  
 Section 6.08. Resignation and Removal; Appointment of Successor. 
  
 (a) No resignation or removal of the Certificate Trustee and no appointment
of a successor Certificate Trustee pursuant to this Article shall become effective (i) until the acceptance of appointment by the successor Certificate Trustee under Section 6.09 and (ii) other than in the case of paragraph (b) below, unless a
successor Certificate Trustee has been appointed and has accepted such appointment and the Note Issuers and the Certificate Issuer 

  

 38 

 
have received written confirmation from each of the Rating Agencies that no lowering or withdrawal of the then current ratings of any Class of Certificates
will result from such appointment. 
  
 (b) The Certificate Trustee
may resign at any time in the case of a conflicting interest as determined in accordance with Section 6.07(b) by giving written notice thereof to the Certificate Issuer, the Agencies, the Authorized Agents, the Note Issuers and the Note Trustees. If
an instrument of acceptance by a successor Certificate Trustee shall not have been delivered to the Certificate Issuer and the Certificate Trustee within 30 days after the giving of such notice of resignation, the resigning Certificate Trustee may
petition any court of competent jurisdiction for the appointment of a successor Certificate Trustee. 
  
 (c) The Certificate Trustee may be removed at any time in the case of a conflicting interest as determined in accordance with Section 6.07(b) by Act of
Certificateholders holding Certificates representing not less than 51 percent of the Outstanding Amount of the Certificates delivered to the Certificate Trustee and to the Certificate Issuer, the Note Issuers and the Note Trustees. 
  
 (d) Upon 30 days’ written notice, the Certificate Trustee (i) may resign
with respect to the Certificates as a whole by giving such written notice to the Certificate Issuer, the Agencies, the Authorized Agents, the Note Issuers and the Note Trustees or (ii) may be removed with respect to the Certificates as a whole by
Act of Certificateholders holding Certificates representing not less than a majority of the Outstanding Amount of Certificates delivered to the Certificate Issuer, the Note Issuers and the Note Trustees. If an instrument of acceptance by a successor
Certificate Trustee with respect to the Certificates as a whole shall not have been delivered to the Certificate Issuer, the Note Issuers and the Note Trustees within 90 days after the giving of such notice of resignation or Act by the
Certificateholders as a whole for removal of the Certificate Trustee, the Certificate Issuer may petition any court of competent jurisdiction for the appointment of a successor Certificate Trustee with respect to the Certificates as a whole.

  
 (e) If at any time: 
  
 (i) the Certificate Trustee shall fail to comply with
Section 310 of the Trust Indenture Act after written request therefor by the Certificate Issuer or by any Holder of Certificates who has been a bona fide Holder of Certificates for at least six months; or 
  
 (ii) the Certificate Trustee shall cease to be eligible
under Section 6.07 and shall fail to resign after written request therefor by the Certificate Issuer or by any Certificateholder; or 
  
 (iii) the Certificate Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the
Certificate Trustee or of its property shall be appointed or any public officer shall take charge or control of the Certificate Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 
  
 then, in any case, (x) the Certificate Issuer may remove the Certificate
Trustee or (y) any Holder of Certificates who has been a bona fide Holder of Certificates for at least six months 
  

 39 

 
may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Certificate Trustee and the
appointment of a successor Certificate Trustee. 
  
 (f) If a
Responsible Officer of the Certificate Trustee shall have received written notice of an Avoidable Tax that has been or is likely to be asserted, the Certificate Trustee shall promptly notify the Certificate Issuer, the Agencies and the Note Issuers
thereof and shall, within 30 days of such notification, resign hereunder unless within such 30-day period the Certificate Trustee shall have received notice that either the Certificate Issuer or the Note Issuers have agreed to pay such tax. In such
event, the Certificate Issuer (with the prior written approval of the Agencies and the Note Issuers) shall promptly appoint a successor Certificate Trustee in a jurisdiction where there are no Avoidable Taxes. As used herein, an “Avoidable
Tax” means a state or local tax: (i) upon (w) the Certificate Issuer, (x) the Trust Property, (y) the Certificateholders or (z) the Certificate Trustee for which the Certificate Trustee is entitled to seek reimbursement from the Trust
Property, and (ii) that would be avoided if the Certificate Trustee were located in another state, or jurisdiction within a state, within the United States. A tax shall not be an Avoidable Tax if either the Certificate Issuer or the Note Issuers
shall agree to pay, and shall pay, such tax. 
  
 (g) If the
Certificate Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Certificate Trustee for any reason, the Certificate Issuer (with the prior written approval of the Note Issuers and the
Agencies) shall promptly appoint a successor Certificate Trustee. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Certificate Trustee shall be appointed by Act of the
Certificateholders representing not less than a majority of the Outstanding Amount of the Certificates delivered to the Certificate Issuer, the Note Trustees and the retiring Certificate Trustee, the successor Certificate Trustee so appointed shall,
forthwith upon its acceptance of such appointment, become the successor Certificate Trustee and supersede the successor Certificate Trustee appointed as provided above. If no successor Certificate Trustee shall have been so appointed as provided
above and accepted appointment in the manner hereinafter provided, any Holder of Certificates who has been a bona fide Holder of Certificates for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Certificate Trustee. 
  
 (h) The successor Certificate Trustee shall give notice of the resignation and removal of the Certificate Trustee and appointment of the successor Certificate Trustee by mailing written notice of such event by
first-class mail, postage prepaid, to the Holders as their names and addresses appear in the Certificate Register and to each Rating Agency, the Certificate Issuer and the Agencies. Each notice shall include the name of such successor Certificate
Trustee and the address of the corporate trust office of such successor Certificate Trustee. 
  
 (i) The Certificate Issuer shall notify the Rating Agencies and the Agencies of any resignation and removal of the Certificate Trustee and appointment of a successor Certificate Trustee under this Section 6.08.

  

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 Section 6.09. Acceptance of Appointment by Successor. Every successor Certificate Trustee
appointed hereunder shall execute, acknowledge and deliver to the Certificate Issuer and to the retiring Certificate Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Certificate Trustee shall
become effective and such successor Certificate Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Certificate Trustee; but, on request of the Certificate Issuer
or the successor Certificate Trustee, such retiring Certificate Trustee shall execute and deliver an instrument transferring to such successor Certificate Trustee all the rights, powers and trusts of the retiring Certificate Trustee and shall duly
assign, transfer and deliver to such successor Certificate Trustee all property and money held by such retiring Certificate Trustee hereunder. Upon request of any such successor Certificate Trustee, the Certificate Issuer, the retiring Certificate
Trustee and such successor Certificate Trustee shall execute and deliver any and all instruments containing such provisions as shall be necessary or desirable to transfer and confirm to, and for more fully and certainly vesting in, such successor
Certificate Trustee all such rights, powers and trusts. No Certificate Trustee hereunder shall be liable for the acts or omissions of any successor Certificate Trustee. 
  
 No successor Certificate Trustee shall accept its appointment unless at the time of such acceptance such successor
Certificate Trustee shall be qualified and eligible under this Article and any and all amounts due and payable to the predecessor Certificate Trustee have been paid. 
  
 Section 6.10. Merger, Conversion, Consolidation or Succession to Business. Any corporation into which the Certificate
Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Certificate Trustee shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of the Certificate Trustee, shall be the successor of the Certificate Trustee hereunder; provided, such corporation shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Certificates shall have been authenticated, but not delivered, by the Certificate Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Certificate Trustee may adopt such authentication and deliver the Certificates so authenticated with the same effect as if such successor Certificate Trustee had itself authenticated such Certificates.

  
 Section 6.11. Maintenance of Agencies. 
  
 (a) There shall at all times be maintained in the Borough of Manhattan, The
City of New York, an office or agency where Certificates may be presented or surrendered for registration of transfer or for exchange, and for payment thereof and where notices and demands to or upon the Certificate Trustee on behalf of the
Certificate Issuer in respect of the Certificates or of this Certificate Indenture may be served. At no time shall there be any other such office or agency outside the United States. Such office or agency shall be initially at The Bank of New York,
101 Barclay Street, Floor 8 West, New York, New York 10286, Attention: Asset-Backed Finance Unit. Written notice of any change of location thereof shall be given by the Certificate Trustee to the Certificate Issuer, the Note Trustees, the Note
Issuers, the Certificateholders, the Agencies and the Rating Agencies. In the event that no such office or agency shall be maintained or no such notice of location or of change of location shall be given, presentations and demands may be made and
notices may be served at the Corporate Trust Office of the Certificate Trustee. 
  

 41 

 (b) There shall at all times be a Certificate Registrar, an Authentication Agent and a Paying Agent
hereunder. Each such Authorized Agent shall be a bank or trust company, shall be a entity organized and doing business under the laws of the United States or any state, with a combined capital and surplus of at least $50,000,000, shall have a
long-term debt rating of at least A by Moody’s and by Standard & Poor’s, shall be authorized under such laws to exercise corporate trust powers and shall be subject to supervision by federal or state authorities. The Certificate
Trustee shall initially be the Paying Agent, Authentication Agent, and, as provided in Section 2.06, Certificate Registrar hereunder. Each Certificate Registrar, if other than the Certificate Trustee, shall furnish to the Certificate Trustee, at
stated intervals of not more than six months, and at such other times as the Certificate Trustee may request in writing, a copy of the Certificate Register. 
  
 (c) Any corporation into which any Authorized Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, consolidation or conversion to which any Authorized Agent shall be a party, or any corporation succeeding to the corporate trust business of any Authorized Agent, shall be the successor of such Authorized Agent hereunder, if such successor
corporation is otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the parties hereto or such Authorized Agent or such successor corporation. 
  
 (d) Any Authorized Agent may at any time resign by giving written notice of
resignation to the Certificate Trustee, the Certificate Issuer and the Note Trustees. The Certificate Issuer (with the prior written approval of the Note Issuers) may, and at the request of the Certificate Trustee shall, at any time terminate the
agency of any Authorized Agent by giving written notice of termination to such Authorized Agent, the Note Trustees and to the Certificate Trustee. Upon the resignation or termination of an Authorized Agent or in case at any time any such Authorized
Agent shall cease to be eligible under this Section (when, in either case, no other Authorized Agent performing the functions of such Authorized Agent shall have been appointed by the Certificate Trustee), the Certificate Issuer (with the prior
written approval of the Note Issuers) shall promptly appoint one or more qualified successor Authorized Agents, reasonably satisfactory to the Certificate Trustee, to perform the functions of the Authorized Agent who has resigned or whose agency has
been terminated or who shall have ceased to be eligible under this Section. The Certificate Issuer shall give written notice of any such appointment made by it to the Certificate Trustee and the Note Trustees; and in each case the Certificate
Trustee shall mail notice of such appointment to all Certificateholders as their names and addresses appear on the Certificate Register. 
  
 (e) Pursuant and subject to the Fee and Indemnity Agreement, the Note Issuers have agreed to pay, or cause to be paid, from time to time to each
Authorized Agent reasonable compensation for its services and to reimburse it for its reasonable expenses, and no Authorized Agent shall have any recourse against the Certificate Issuer or the Trust Property for payment of such amounts. 

 

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 Section 6.12. Money for Certificate Payments To Be Held in Trust. 
  
 (a) All moneys deposited with any Paying Agent for the purpose of any
payment on Certificates of any Class shall be deposited and held in trust for the benefit of the Certificateholders of such Class entitled to such payment, subject to the provisions of this Section. Moneys so deposited and held in trust shall
constitute a separate trust fund for the benefit of the Class of Certificateholders with respect to which such money was deposited. 
  
 The Certificate Trustee may at any time, for the purpose of obtaining the satisfaction and discharge of this Certificate Indenture or for any other
purpose, direct any Paying Agent to pay to the Certificate Trustee all sums held in trust by such Paying Agent, such sums to be held by the Certificate Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and,
upon such payment by any Paying Agent to the Certificate Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
  
 (b) The Certificate Trustee will cause each Paying Agent other than the Certificate Trustee to execute and deliver to the Certificate Trustee an
instrument in which such Paying Agent shall agree with the Certificate Trustee (and, if the Certificate Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Paying Agent will: 
  
 (i) hold all sums held by it for the payment of amounts due
with respect to the Certificates in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 
  
 (ii) give the Certificate Trustee notice of any default
under this Certificate Indenture of which it has actual knowledge in the making of any payment required to be made by the Certificate Issuer (or any other obligor on the Certificates) with respect to the Certificates; 
  
 (iii) at any time during the continuance of such default,
upon the written request of the Certificate Trustee, forthwith pay to the Certificate Trustee all sums held by it in trust for the payment of the Certificates if at any time it ceases to meet the standards required to be met by a Paying Agent at the
time of its appointment; and 
  
 (iv) comply with
all requirements of the Code with respect to the withholding from any payments made by it on any Certificates of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

  
 Section 6.13. Registration of Notes in Certificate
Trustee’s Name. The Certificate Trustee agrees that all Notes of each Note Issuer and all Eligible Investments, if any, shall be issued in the name of the Certificate Trustee or its nominee, on behalf of the Certificate Issuer, and held by
the Certificate Trustee; or, if not so held, the Certificate Trustee or its nominee, on behalf of the Certificate Issuer, shall be reflected as the owner of such Notes or Eligible Investments, as the case may be, in the register of the issuer of
such Notes or Eligible Investments. In no event shall the Certificate Trustee invest in, or hold, Notes or Eligible Investments in a manner that would cause the Certificate Trustee not to have the ownership 

  

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interest in such Notes or Eligible Investments under the applicable provisions of the Uniform Commercial Code in effect in the location where the Certificate
Trustee holds such Notes or Eligible Investments or other applicable law then in effect. The Certificate Trustee shall at all times maintain possession of the Notes in the State of New York. 
  
 Section 6.14. Representations and Warranties of Certificate Trustee.
The Certificate Trustee hereby represents and warrants that: 
  
 (a) the Certificate Trustee is validly existing as a state banking institution in good standing under the laws of the State of New York; 
  
 (b) the Certificate Trustee has full power, authority and legal right to execute, deliver and perform this Certificate Indenture and the Basic Documents
to which the Certificate Trustee is a party and has taken all necessary action to authorize the execution, delivery, and performance by it of this Certificate Indenture and such Basic Documents; and 
  
 (c) when delivered by the Certificate Trustee, the Certificates will have
been duly executed by the Delaware Trustee on behalf of the Certificate Issuer and duly authenticated by the Certificate Trustee. 
  
 Section 6.15. Withholding Taxes; Information Reporting. The Certificate Trustee, as trustee for the assets of a grantor trust, shall exclude and
withhold from each distribution of principal and interest and other amounts due hereunder or under the Certificates any and all withholding taxes applicable thereto as required by law. The Certificate Trustee agrees that it will act as such
withholding agent and, in connection therewith, whenever any present or future taxes or similar charges are required to be withheld with respect to any amounts payable in respect of the Certificates, to withhold such amounts and timely pay the same
to the appropriate authority in the name of and on behalf of the Certificateholders, that it will file any necessary withholding tax returns or statements when due, and that, as promptly as possible after the payment thereof, it will deliver to each
Certificateholder appropriate documentation showing the payment thereof, together with such additional documentary evidence as such Certificateholders may reasonably request from time to time. The Certificate Trustee agrees to file any other
information reports as it may be required to file with respect to taxes. For purposes of reporting on Internal Revenue Service Form 1041 (and any statement attached thereto) or any successor form thereto, the Certificate Trustee will separately set
forth information reported with respect to each Class of Certificates. 
  
 Section 6.16. Obligations to Note Trustees and Delaware Trustee. It is agreed by the parties hereto that the services of the Note Trustees and the Delaware Trustee are an essential part of the transactions contemplated hereby.
Therefore, to the extent amounts payable under the Fee and Indemnity Agreement to the Note Trustees and/or the Delaware Trustee are not paid when due, the payment of such amounts shall be made by the Certificate Trustee and any amounts so paid or to
be paid by the Certificate Trustee shall constitute expenses of the Certificate Trustee for which it is entitled to reimbursement under Section 6.06 of this Certificate Indenture and under Section 1(a) of the Fee and Indemnity Agreement.
Notwithstanding the foregoing, the Delaware Trustee and the Note Trustees shall not have recourse against the Certificate Trustee with respect to such amounts except to the extent the Certificate Trustee is 

  

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reimbursed under the Fee and Indemnity Agreement or realizes against the Collateral under the Note Indentures or pursuant to any lien created by the Statute
or the Financing Order with respect to such amounts. 
  
 ARTICLE
VII. 
  
 SUPPLEMENTAL CERTIFICATE INDENTURES 

 
 Section 7.01. Supplemental Certificate Indentures Without Consent of
Certificateholders. Without the consent of Certificateholders, the Certificate Issuer (with the prior written approval of the Note Issuers) may, and the Certificate Trustee (subject to Section 7.03) shall, at any time and from time to time enter
into one or more indentures supplemental hereto, in form satisfactory to the Certificate Trustee, for any of the following purposes: 
  
 (a) to add to the covenants of the Certificate Issuer for the benefit of the Certificateholders, or to surrender any right or power herein conferred upon
the Certificate Issuer; 
  
 (b) to correct or supplement any
provision herein or in any supplemental certificate indenture that may be defective or inconsistent with any other provision herein or in any supplemental certificate indenture or to make any other provisions with respect to matters or questions
arising under this Certificate Indenture; provided, however, that any such action shall not adversely affect in any material respect the interests of the Certificateholders; 
  
 (c) to cure any ambiguity or correct any mistake; or 
  
 (d) to qualify, if necessary, this Certificate Indenture (including any supplemental certificate indenture) under the Trust
Indenture Act, or under any similar federal statute hereafter enacted, and to add to this Certificate Indenture such other provisions as may be expressly permitted by the Trust Indenture Act, excluding, however, the provisions referred to in Section
316(a)(2) of the Trust Indenture Act as in effect at the date as of which this instrument was executed or any corresponding provision in any similar federal statute hereafter enacted. 
  
 Section 7.02. Supplemental Certificate Indentures With Consent of Certificateholders. With the consent of the
Certificateholders holding Certificates representing not less than a majority of the aggregate Outstanding Amount of Certificates of each Class affected thereby, by Act of said Certificateholders delivered to the Certificate Issuer, the Note
Trustees and the Certificate Trustee, the Certificate Issuer (with the prior written approval of the Note Issuers) may, and the Certificate Trustee (subject to Section 7.03) shall, enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Certificate Indenture or of modifying in any manner the rights and obligations of the Holders of Certificates of each such Class under this
Certificate Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Certificateholder of each Outstanding Certificate affected thereby: 
  
 (a) reduce in any manner the amount of, or delay the timing of, any receipt by the Certificate Trustee of payments on the
Notes of any Note Issuer or distributions that are 

  

 45 

 
required to be made herein on any Certificate, or change any date of payment on any Certificate, or change the place of payment where, or the coin or
currency in which, any Certificate is payable, or impair the right to institute suit for the enforcement of any such payment or distribution on or after the Distribution Date, Special Distribution Date or other date specified herein applicable
thereto; 
  
 (b) permit the disposition of any Note of any Note
Issuer in the Trust Property except as permitted by this Certificate Indenture, or otherwise deprive any Holder of Certificates of any Class of the benefit of the ownership of the Notes of any Note Issuer of the corresponding Class in the Trust;

  
 (c) reduce the percentage of the aggregate Outstanding Amount
of the Certificates of any Class that is required for any such supplemental indenture, or reduce such percentage required for any waiver or consent (of compliance with certain provisions of this Certificate Indenture or certain defaults hereunder
and their consequences) provided for in this Certificate Indenture; 
  
 (d) modify any of the provisions of this Section, except to increase any percentage set forth herein or to provide that certain other provisions of this Certificate Indenture cannot be modified or waived without the consent of the Holder of
each Certificate affected thereby; or 
  
 (e) adversely affect the
status of the Trust as a grantor trust for federal income tax purposes. 
  
 It shall not be necessary for any Act of Certificateholders under this Section to approve the particular form of any proposed supplemental certificate indenture, but it shall be sufficient if such Act shall approve the substance thereof.
The Certificate Issuer shall give each Rating Agency five Business Days prior written notice of any such proposed supplemental certificate indenture. Promptly after the execution by the Certificate Issuer and the Certificate Trustee of any
supplemental certificate indenture pursuant to this Section, the Certificate Trustee shall mail to the Holders of the Certificates to which such supplemental certificate indenture relates a notice setting forth in general terms the substance of such
supplemental certificate indenture. Any failure of the Certificate Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental certificate indenture. 
  
 Section 7.03. Documents Affecting Immunity or Indemnity. If in the
opinion of the Certificate Trustee any document required to be executed by it pursuant to the terms of Section 7.01 or 7.02 adversely affects any interest, right, duty, immunity or indemnity in favor of the Certificate Trustee under this Certificate
Indenture, the Certificate Trustee may in its discretion decline to execute such document. 
  
 Section 7.04. Execution of Supplemental Certificate Indentures. In executing, or accepting the additional trusts created by, any supplemental certificate indenture permitted by this Article or the modifications
thereby of the trusts created by this Certificate Indenture, the Certificate Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental certificate
indenture is authorized or permitted by this Certificate Indenture. 
  

 46 

 Section 7.05. Effect of Supplemental Certificate Indentures. Upon the execution of any
supplemental certificate indenture under this Article, this Certificate Indenture shall be modified in accordance therewith, and such supplemental certificate indenture shall form a part of this Certificate Indenture for all purposes; and every
Holder of any Certificate theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 
  
 Section 7.06. Conformity with Trust Indenture Act. Every supplemental certificate indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act as then in effect, so long as this Certificate Indenture shall then be qualified under the Trust Indenture Act. 
  
 Section 7.07. Reference in Certificates to Supplemental Certificate Indentures. Certificates authenticated and delivered after the execution of any
supplemental certificate indenture pursuant to this Article may bear a notation in form approved by the Certificate Trustee as to any matter provided for in such supplemental certificate indenture; and, in such case, suitable notation may be made
upon Outstanding Certificates after proper presentation and demand. 
  
 ARTICLE VIII. 
  
 AMENDMENTS AND SUPPLEMENTS TO
NOTES, NOTE INDENTURES 
 AND OTHER BASIC DOCUMENTS 
  
 Section 8.01. Amendments and Supplements to Notes, Note Indentures and Other Basic Documents. In the event that the
Certificate Issuer or the Certificate Trustee, as holder of the Notes of each Class in trust for the benefit of the Holders of Certificates of the corresponding Class, receives a request for a consent to any amendment, modification, waiver or
supplement under the Notes of any Note Issuer, any Note Indenture or any other Basic Document to which the Certificate Issuer or the Certificate Trustee is a party, the Certificate Issuer shall forward such request for consent to the Certificate
Trustee, and the Certificate Trustee shall forthwith send a notice of such proposed amendment, modification, waiver or supplement, to each Holder of Certificates of such Class registered on the Certificate Register as of such date. The Certificate
Trustee shall request from such Certificateholders directions as to (a) whether or not the Certificate Trustee should take or refrain from taking any action that a holder of such Note has the option to direct, (b) whether or not to give or execute
or direct the Certificate Issuer to give or execute any waivers, consents, amendments, modifications or supplements as a holder of such Note and (c) how to vote such Note if a vote has been called for with respect thereto; provided, however,
in the case of any change to the terms of, or modification to, the Notes of any Note Issuer, the Certificateholders may not direct any such action to be taken or direct whether or not to give or execute any such waiver, consent, amendment,
modification or supplement that is not pursuant to the original terms of such Notes, unless the Certificate Trustee obtains an Opinion of Counsel at the expense of the Certificate Issuer of independent tax counsel to the effect that after any such
action, waiver, consent, amendment, modification or supplement the Trust will continue to be treated as a “grantor trust” for federal income tax purposes. If such a request for 

  

 47 

 
Certificateholder direction shall have been made, in directing any action or casting any vote or giving any consent as the holder of the Notes of any Note
Issuer, the Certificate Trustee shall vote or consent with respect to such Notes in the same proportion as the Certificates of the corresponding Class were actually voted by Acts of the Holders thereof delivered to the Certificate Trustee prior to
two Business Days before the Certificate Trustee takes such action or casts such vote or gives such consent. 
  
 ARTICLE IX. 
  
 SATISFACTION AND DISCHARGE 
  
 Section 9.01.
Satisfaction and Discharge of Certificate Indenture. This Certificate Indenture shall cease to be of further effect with respect to the Certificates, and the Certificate Trustee, on reasonable demand of and at the expense of the Certificate
Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Certificate Indenture with respect to the Certificates, upon the distribution to all Holders of Certificates and the Certificate Trustee of all amounts
required to be distributed to them pursuant to this Certificate Indenture and the disposition of all property held as part of the Trust Property. The Certificate Issuer shall pay or provide for the payment of all remaining liabilities of the
Certificate Trustee, but solely from amounts payable by the Note Issuers under the Fee and Indemnity Agreement. 
  
 Notice of any distribution pursuant to the paragraph above shall be mailed promptly by the Certificate Trustee to Holders of Certificates then
outstanding. Such notice shall specify the Distribution Date or Special Distribution Date, as the case may be, upon which the Holders of Certificates may surrender their Certificates to the Certificate Trustee for payment of the final distribution
and cancellation. Such notice shall be mailed (a) if with respect to a final distribution, as soon as practicable following receipt of notice from a Note Trustee of a final payment on a corresponding Note, (b) if with respect to a Special Payment
other than a Special Payment constituting a redemption, not earlier than the 60th day and not later than the 20th day next preceding such final distribution or (c) if with respect to a Special Payment constituting a redemption of Certificates
resulting from a redemption of Notes of any Note Issuer, then in accordance with the provisions of the relevant Section of Article IV hereof. Such notice shall specify (a) the Distribution Date or Special Distribution Date, as the case may be, upon
which the proposed final payment of the Certificates will be made upon presentation and surrender of such Certificates at the office or agency of the Certificate Trustee therein specified, (b) the amount of any such proposed final payment and (c)
that the Record Date otherwise applicable to such Distribution Date or the Special Record Date otherwise applicable to such Special Distribution Date, as the case may be, is not applicable, payments being made only upon presentation and surrender of
the Certificates at the office or agency of the Certificate Trustee therein specified. The Certificate Trustee shall give such notice to the Certificate Registrar at the time such notice is given to Holders of Certificates. Upon presentation and
surrender of such Certificates, the Certificate Trustee shall cause to be distributed to the Holders thereof amounts distributable thereon on such Distribution Date or Special Distribution Date, as the case may be, pursuant to Section 4.02.

  
 In the event that all of the Holders of Certificates shall not
surrender their Certificates for cancellation within six months after the date specified in the above mentioned written notice, the 

  

 48 

 
Certificate Trustee shall give a second written notice to the remaining Holders of such Certificates to surrender their Certificates for cancellation and
receive the final distribution with respect thereto. In the event that any money held by the Certificate Trustee for the payment of distributions on the Certificates shall remain unclaimed for two years (or such lesser time as the Certificate
Trustee shall be satisfied, after 60 days’ notice from the Certificate Issuer (with the prior written approval of the Note Issuers), is one month prior to the escheat period provided under applicable law) after the final distribution date with
respect thereto, the Certificate Trustee shall pay such money to the Note Trustees (pro rata based on the initial principal amount of the Notes issued under each Note Indenture) for deposit into the respective collection account of each such Note
Trustee or, if such collection account no longer exists, to the applicable Note Issuer. The Certificate Trustee or the Note Issuers shall give written notice thereof to the Note Trustees, the Note Issuers and the Certificate Issuer. 
  
 ARTICLE X. 
  
 MISCELLANEOUS PROVISIONS 
  
 Section 10.01. Commonwealth of Massachusetts Pledge; Certificates and
Notes Not Obligation of the Commonwealth of Massachusetts, Agencies or Sellers. 
  
 (a) The Certificate Issuer hereby finds and determines, and hereby represents and warrants, that it constitutes a “special purpose trust” and a “financing entity” under Section 1H(a) of the
Statute, and that the Certificates constitute “electric rate reduction bonds” under Section 1H(a) of the Statute and that the Holders of the Certificates are entitled to the rights and benefits thereunder. Pursuant to Section 1H(b)(3) of
the Statute, the Commonwealth of Massachusetts pledges and agrees with the Note Issuers, the Certificate Issuer and the Holders of the Certificates (the “Commonwealth of Massachusetts Pledge”) as follows: 
  
 [T]he [C]ommonwealth [of Massachusetts] does hereby pledge
and agree with the owners of the transition property and holders of electric rate reduction bonds that the [C]ommonwealth [of Massachusetts] shall not (i) alter the provisions of this chapter which make the transition charges imposed by the
financing order irrevocable and binding or (ii) limit or alter the reimbursable transition costs amounts, transition property, financing orders, and all rights thereunder until the electric rate reduction bonds, together with the interest thereon,
are fully met and discharged. 
  
 Further, the Certificate Issuer
does hereby pledge and agree with the Note Issuers and the Holders of the Certificates that it will not act in a manner inconsistent with the Commonwealth of Massachusetts Pledge and will not take any action that would impair any rights of the Note
Issuers or the Holders of the Certificates or the Notes, the Transition Property or the Certificates. The Certificate Issuer hereby further agrees to treat the Notes as debt of the Note Issuers, secured by, among other things, the Transition
Property of each Note Issuer and the equity of each Note Issuer on deposit in its Capital Subaccount, for all purposes. 
  
 (b) Each Certificate represents a fractional undivided beneficial interest in a corresponding Class of Notes and the proceeds thereof. The Notes of a Note
Issuer represent the obligations only of that Note Issuer and do not represent obligations of any other Note Issuer. 
  

 49 

 The Certificates and the Notes of any Note Issuer do not represent an interest in or obligation of the Commonwealth of
Massachusetts, the Agencies, any other governmental agency or instrumentality or the Sellers or any of their affiliates, except for BEC Funding II, LLC, which is an affiliate of Boston Edison and CEC Funding LLC, which is an affiliate of
Commonwealth Electric Company. None of the Certificates, the Notes of any Note Issuer or the underlying Transition Property will be guaranteed or insured by the Commonwealth of Massachusetts, the Agencies, the Certificate Issuer or any other
governmental agency or instrumentality or by the Sellers or their affiliates. 
  
 Neither the full faith and credit nor the taxing power of the Commonwealth of Massachusetts, the Agencies or any other governmental agency or instrumentality is pledged to the payment of the principal of, purchase
price of, or interest on, the Certificates or the Notes of any Note Issuer, or to the payments in respect of the Transition Property, nor are the Commonwealth of Massachusetts, the Agencies or any other governmental agency or instrumentality in any
manner obligated to make any appropriation for the payment thereof. 
  
 Section 10.02. Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Certificate Indenture, the Declaration of Trust or the Certificate Issuer, nor entitle
such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a partition or winding up of the Certificate Issuer, nor otherwise affect the rights, obligations,
and liabilities of the parties hereto or any of them. 
  
 Section 10.03. No Recourse to Certificate Issuer. Notwithstanding any provision of this Certificate Indenture or any supplemental certificate indenture to the contrary, Holders shall have no recourse against the Certificate Trustee,
the Certificate Issuer or the Agencies, but shall look only to the Trust Property with respect to any amounts due to the Holders hereunder and under the Certificates. 
  
 Section 10.04. Certificates Nonassessable and Fully Paid. Pursuant to Section 3803(a) of the Statutory Trust Statute,
Certificateholders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation law of the State of Delaware. Certificateholders shall not be
personally liable for obligations of the Certificate Issuer, the interests in the Certificate Issuer represented by the Certificates shall be nonassessable for any losses or expenses of the Certificate Issuer or for any reason whatsoever, and upon
authentication of the Certificates by the Certificate Trustee pursuant to Section 2.04, the Certificates are and shall be deemed fully paid and non-assessable. No Certificateholder shall have any right (except as expressly provided herein) to vote
or in any manner otherwise control the operation and management of the Trust Property, the Certificate Issuer, or the obligations of the parties hereto, nor shall anything set forth herein, or contained in the terms of the Certificates, be construed
so as to constitute the Certificateholders from time to time as partners or members of an association. 
  
 Section 10.05. Notices. 
  
 (a) Unless otherwise specifically provided herein, all notices, directions, consents and waivers required under the terms and provisions of this
Certificate Indenture shall 

  

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be in English and in writing, and any such notice, direction, consent or waiver may be given by United States mail, courier service, facsimile transmission
or electronic mail (confirmed by telephone, United States mail or courier service in the case of notice by facsimile transmission or electronic mail) or any other customary means of communication, and any such notice, direction, consent or waiver
shall be effective when delivered, or if mailed, three days after deposit in the United States mail with proper postage for ordinary mail prepaid, 
  
 if to the Agencies, to: 
  
 Massachusetts Development Finance Agency 
 75 Federal Street 
 Boston, Massachusetts 02110 
 Attention: General Counsel 
 Facsimile: (617) 727-8741 
 Telephone: (617) 451-2477 
  
 and 
  
 Massachusetts Health and Educational Facilities Authority

 99 Summer Street 
 10th Floor 
 Boston, Massachusetts 02110 
 Attention: General Counsel 
 Facsimile: (617) 737-8366 
 Telephone: (617) 737-8377 
  
 if to the Certificate Issuer, to: 
  
 The Bank of New York (Delaware), as Delaware Trustee for

 the Massachusetts RRB Special Purpose Trust 2005-1 
 c/o The Bank of New York 
 101 Barclay Street 
 Floor 8 West 
 New York, New York 10286 
 Attention: Asset Backed Finance Unit 
 Facsimile: (212) 815-5544 
 Telephone: (212) 815-5286 
  
 (with copies to the Agencies at the addresses listed herein) 
  
 if to the Certificate Trustee, to: 
  

The Bank of New York 
 101 Barclay Street 
 Floor 8 West 
 New York, New York 10286 
 Attention: Asset Backed Finance Unit 
 Facsimile: (212) 815-5544 
 Telephone: (212) 815-5286 
  

 51 

 if to the Delaware Trustee, to: 
  
 The Bank of New York (Delaware) 
 c/o The Bank of New York 
 101 Barclay Street 
 Floor 8 West 
 New York, New York 10286 
 Attention: Asset Backed Finance Unit 
 Facsimile: (212) 815-5544 
 Telephone: (212) 815-5286 
  
 if to the BEC Note Issuer, to: 
  
 BEC Funding II, LLC 
 One NSTAR Way 
 Westwood, Massachusetts 02090 
 Attention: President 
 Facsimile: (781) 441-             
 Telephone:
(781) 441-8900 
  
 if to the CEC Note Issuer, to: 
  
 CEC Funding LLC 
 One NSTAR Way 
 Westwood, Massachusetts 02090 
 Attention: President 
 Facsimile: (781) 441-             
 Telephone: (781) 441-8900 
  
 if to either Note Trustee, to: 
  
 The Bank of New York 
 101 Barclay Street 
 Floor 8 West 
 New York, New York 10286 
 Attention: Asset Backed Finance Unit 
 Facsimile: (212) 815-5544 
 Telephone: (212) 815-5286 
  
 if to the Rating Agencies, to: 
  
 Standard & Poor’s Ratings Services 
 55 Water Street, 41st Floor 
 New York, New York 10041 
 Attention: ABS Surveillance Group – New Assets 
  

 52 

 Facsimile: (212) 438-2655 
 Telephone: (212) 438-2000 
 servicer_reports@sandp.com 
  
 and 
  
 Moody’s Investors Service 
 99 Church Street 
 New York, New York 10007 
 Attention: ABS Monitoring Department 
 Facsimile: (212) 553-0573 
 Telephone: (212) 553-3686 
  
 (b) The Certificate Issuer, the Certificate Trustee, the Note Issuers or the Note Trustees, by notice to the others, may designate additional or different
addresses for subsequent notices or communications. 
  
 (c) Any
notice or communication to Certificateholders shall be mailed by first-class mail to the addresses for each Certificateholder shown on the Certificate Register kept by the Certificate Registrar. Failure so to mail a notice or communication or any
defect in such notice or communication shall not affect its sufficiency with respect to other Certificateholders. 
  
 (d) If a notice or communication is mailed in the manner provided above within the time prescribed, it is conclusively presumed to have been duly given,
whether or not the addressee receives it. 
  
 (e) If the
Certificate Issuer mails a notice or communication to the Certificateholders, it shall mail a copy to the Certificate Trustee, to each Paying Agent and to the Note Issuers at the same time. 
  
 (f) Notwithstanding the foregoing, all communications or notices to the
Certificate Trustee shall be deemed to be given only when received by a Responsible Officer of the Certificate Trustee. 
  
 Section 10.06. Governing Law. THIS CERTIFICATE INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAW OF THE STATE OF
DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW. 
  
 Section 10.07. Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of
this Certificate Indenture shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Certificate Indenture
and shall in no way affect the validity or enforceability of the other provisions of this Certificate Indenture, or of the Certificates or the rights of the Certificateholders thereof. 
  

 53 

 Section 10.08. Conflict With Trust Indenture Act. If any provision hereof limits, qualifies or
conflicts with another provision hereof that is required to be included in this Certificate Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 
  
 The provisions of Sections 310 through 317 of the Trust Indenture Act that
impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded by this Certificate Indenture) are a part of and govern this Certificate Indenture, whether or not physically contained herein.

  
 Section 10.09. Effect of Headings and Table of
Contents. The Article and Section headings herein and in the Table of Contents are for convenience only and shall not affect the construction hereof. 
  
 Section 10.10. Successors and Assigns; Delegation. 
  
 (a) All covenants, agreements, representations and warranties in this Certificate Indenture by the Certificate Trustee and the Certificate Issuer shall
bind and, to the extent permitted hereby, shall inure to the benefit of and be enforceable by their respective successors and assigns, whether so expressed or not. 
  
 (b) No party to this Certificate Indenture shall assign or delegate this Certificate Indenture or all or any part of its
rights or obligations hereunder to any Person without the prior written consent of the other parties. 
  
 Section 10.11. Benefits of Certificate Indenture. Nothing in this Certificate Indenture or in the Certificates, express or implied, shall give to
any Person, other than the parties hereto and their successors hereunder, the Certificateholders and, to the extent provided herein, the Note Issuers, any benefit or any legal or equitable right, remedy or claim under this Certificate Indenture.

  
 Section 10.12. Legal Holidays. In any case where any
date for any distribution in respect of any Certificate shall not be a Business Day, then (notwithstanding any other provision of this Certificate Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day
with the same force and effect as if made on such first date, and no interest shall accrue during the intervening period. 
  
 Section 10.13. Counterparts. For the purpose of facilitating the execution of this Certificate Indenture and for other purposes, this Certificate
Indenture may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts shall constitute but one and the same instrument. 
  
 Section 10.14. The Delaware Trustee. In performing its obligations
hereunder, the Delaware Trustee shall be entitled to the protections of the Declaration of Trust. 
  

 54 

 IN WITNESS WHEREOF, the Certificate Issuer and the Certificate Trustee have caused this Certificate Indenture to be duly
executed by duly authorized officers or representatives, all as of the day and year first above written. 
  

			
	MASSACHUSETTS RRB SPECIAL PURPOSE TRUST 2005-1
	
	 By: THE BANK OF NEW YORK (DELAWARE),
 not in its individual capacity but solely as Delaware
 Trustee

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	THE BANK OF NEW YORK (DELAWARE),
	 not in its individual capacity but solely as Delaware
 Trustee,

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	THE BANK OF NEW YORK,
	 not in its individual capacity but solely as
 Certificate Trustee,

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 S-1 

 EXHIBIT A 
  

FORM OF CERTIFICATE 
  

			
	 REGISTERED
	 	 
	 NO. [            ]
	 	$[            ]

  
 MASSACHUSETTS RRB
SPECIAL PURPOSE TRUST 2005-1 
 CLASS [    ] 
 RATE REDUCTION CERTIFICATE 
  

							
	 INTEREST RATE

	 	 SCHEDULED FINAL
DISTRIBUTION DATE

	 	 FINAL MATURITY DATE

	  	CUSIP

  
 REGISTERED OWNER: Cede & Co.

  
 PRINCIPAL AMOUNT: 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  
 This Certificate evidences a fractional undivided beneficial interest in the Underlying Notes (as defined below) of the corresponding class issued by BEC
Funding II, LLC, a Delaware limited liability company, and CEC Funding, LLC, a Delaware limited liability company, and the proceeds thereof, held by a trust or registered assigns, as more fully described herein. The Underlying Notes of a Note Issuer
represent the obligations only of that Note Issuer, and do not represent obligations of any other Note Issuer. 
  
 This Certificate does not represent an interest in or obligation of the Commonwealth of Massachusetts, the Massachusetts Health and Educational Facilities
Authority or the Massachusetts Development Finance Agency (collectively, the “Agencies”), any other governmental agency or instrumentality or Boston Edison Company, a Massachusetts corporation (“Boston Edison”), or Commonwealth
Electric Company, a Massachusetts corporation (“Commonwealth Electric”), or any of their affiliates. None of the Certificate, the Underlying Notes or the underlying Transition Properties (as defined in the Certificate Indenture) will be
guaranteed or insured by the Commonwealth of Massachusetts, either of the Agencies, the Trust (as defined below) or any other governmental agency or instrumentality or by Boston Edison, Commonwealth Electric or their affiliates. 
  

 A-1 

 Neither the full faith and credit nor the taxing power of the Commonwealth of Massachusetts, either of
the Agencies or any other governmental agency or instrumentality is pledged to the payment of the principal of, purchase price of, or interest on, this Certificate or the Underlying Note, or to the payments in respect of the Transition Property, nor
are the Commonwealth of Massachusetts, either of the Agencies or any other governmental agency or instrumentality in any manner obligated to make any appropriation for the payment thereof. 
  
 To the extent not otherwise defined herein, the capitalized terms used herein
have the meanings assigned to them in the Certificate Indenture. 
  
 THIS CERTIFIES THAT CEDE & CO., as nominee for The Depository Trust Company, for value received, is the registered owner of a Principal Amount (stated above) of nonassessable, fully-paid, fractional undivided beneficial interest in the
related Underlying Notes and the proceeds thereof held by Massachusetts RRB Special Purpose Trust 2005-1 (the “Trust”) or registered assigns. The Trust is created pursuant to a Declaration of Trust dated as of January 26, 2005 by The Bank
of New York (Delaware), as Delaware Trustee (the “Delaware Trustee”), and the Agencies, acting jointly as settlors thereunder pursuant to Chapter 164 of the Massachusetts Acts of 1997 (the “Statute”). This Certificate is issued
under and is subject to the terms, provisions, and conditions of, a Certificate Indenture dated as of February     , 2005 (the “Certificate Indenture”), by and among the Delaware Trustee, The Bank of New York, as
certificate trustee (the “Certificate Trustee”), and the Trust, a summary of certain of the pertinent provisions of which is set forth below. This Certificate is one of the duly authorized class of Certificates designated as
“Massachusetts RRB Special Purpose Trust 2005-1 Rate Reduction Certificates, Class [    ]” (herein called the “Class [    ] Certificates”). The Class [    ] Certificates
are one of a class of Certificates issued under the Certificate Indenture (such Class [    ] Certificates, together with other Classes of Certificates issued on the date hereof under the Certificate Indenture being herein called
the “Certificates”). The holder of this Certificate (the “Holder”), by virtue of its acceptance hereof, assents and agrees to be bound by the terms of the Certificate Indenture. This Class [    ] Certificate
represents a fractional undivided beneficial interest in the notes of the corresponding class (the “Underlying Notes”) issued by BEC Funding II, LLC, as BEC Note Issuer, and CEC Funding LLC, as CEC Note Issuer, together with the payments
on and proceeds of the Underlying Notes. The Underlying Notes are secured by a security interest in the property right created under the Statute, pursuant to the order of the Massachusetts Department of Telecommunications and Energy, DTE-04-70,
issued on January 21, 2005 (the “Financing Order”), representing the irrevocable right of each of Boston Edison and Commonwealth Electric or their assignees to receive a certain nonbypassable charge (as adjusted from time to time) from
certain retail customers of Boston Edison’s and Commonwealth Electric’s respective distribution systems, together with certain related collateral, all as more fully described in the Note Indentures. 
  
 The aggregate principal amount of all Certificates of all Classes issued
under the Certificate Indenture equals the aggregate principal amount of the Underlying Notes of all Classes of the Note Issuers, and all such Certificates are and will be equally secured by the pledge and covenants made therein, except as otherwise
expressly provided or permitted in the Certificate Indenture. 
  

 A-2 

 Subject to and in accordance with the terms of the Certificate Indenture, there will be distributed on
each March 15 and September 15 of each year or, if any such day is not a Business Day, the next succeeding Business Day (each, a “Distribution Date”), commencing on September 15, 2005 to the Person in whose name this Certificate is
registered at the close of business on the last Business Day immediately preceding the related Distribution Date or, if Definitive Certificates are issued, the last day of the immediately preceding calendar month (each, a “Record Date”),
such Holder’s fractional undivided interest in the payments made on the Underlying Notes due on the related Payment Date, the receipt of which has been confirmed by the Certificate Trustee. Subject to and in accordance with the terms of the
Certificate Indenture, in the event that a Special Payment on an Underlying Note is received by the Certificate Trustee, from funds then available to the Certificate Trustee, there will be distributed on the applicable Special Distribution Date, to
the Person in whose name this Certificate is registered on the Record Date preceding the Special Distribution Date, as applicable, such Holder’s fractional undivided share of such amount. The Special Distribution Date will be determined as
provided in the Certificate Indenture. The Certificate Trustee will mail notice of each Special Payment and the related Special Distribution Date to the Holder as provided in the Certificate Indenture. 
  
 Distributions on this Certificate will be made as provided in the Certificate
Indenture by the Certificate Trustee by wire transfer or check mailed to the Holder of record in the Certificate Register without the presentation or surrender of this Certificate or the making of any notation hereon, except that with respect to
Certificates registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such
nominee. Except as otherwise provided in the Certificate Indenture and notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Certificate Trustee of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office of the Paying Agent or the office or agency maintained for that purpose by the Certificate Trustee in The City of New York. 
  
 Subject to and in accordance with the terms of the Certificate Indenture, the Trust has represented and warranted under the
Certificate Indenture that the Trust constitutes a “special purpose trust” and a “financing entity” under Section 1H(a) of the Statute, and that the Certificates constitute “electric rate reduction bonds” under Section
1H(a) of the Statute and that the Holders are entitled to the rights and benefits thereunder. Pursuant to Section 1H(b)(3) of the Statute, the Commonwealth of Massachusetts has pledged and agreed with the Note Issuers, the Trust and the Holders (the
“Commonwealth of Massachusetts Pledge”) as follows: 
  
 [T]he [C]ommonwealth [of Massachusetts] does hereby pledge and agree with the owners of the transition property and holders of electric rate reduction bonds that the [C]ommonwealth [of Massachusetts] shall not (i)
alter the provisions of this chapter which make the transition charges imposed by the financing order irrevocable and binding or (ii) limit or alter the reimbursable transition costs amounts, transition property, financing orders, and all rights
thereunder until the electric rate reduction bonds, together with the interest thereon, are fully met and discharged. 
  

 A-3 

 In addition, the Trust has pledged and agreed with the Note Issuers and the Holders that it will not act
in a manner inconsistent with the Commonwealth of Massachusetts Pledge and will not take any action that would impair any rights of any Note Issuer or the Holders in the Notes of any Note Issuer, the Transition Property of any Note Issuer or the
Certificates. 
  
 Reference is hereby made to the further
provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Certificate Trustee
by manual signature, this Certificate shall not be entitled to any benefit under the Certificate Indenture or any other Basic Document or be valid for any purpose. 
  
 THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAW OF THE STATE OF DELAWARE, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW. 
  
 Any reduction in the principal amount of any Certificate effected by any distribution in respect of principal thereof shall
be binding upon all Holders of such Certificate and of any Certificate issued upon the registration of transfer thereof or in exchange thereof or in lieu thereof, whether or not noted thereon. 
  
 It is expressly agreed and understood by the parties hereto that (a) this
Certificate is executed by The Bank of New York (Delaware) and authenticated and delivered by The Bank of New York, not individually or personally but solely as Delaware Trustee and Certificate Trustee, respectively, on behalf of the Trust in the
exercise of the powers and authority conferred and vested in them, (b) the representations, undertakings and agreements herein made by the Delaware Trustee and Certificate Trustee on behalf of the Trust are made and intended not as personal
representations, undertakings and agreements of either trustee, but are made and intended for the purpose of binding only the Trust, (c) nothing herein contained shall be construed as creating any liability on The Bank of New York (Delaware) or The
Bank of New York, individually or personally, to perform any covenant either expressed or implied herein, except in their capacity as Delaware Trustee and Certificate Trustee, respectively, all such liability being expressly waived by all Persons,
and (d) under no circumstances shall The Bank of New York (Delaware) or The Bank of New York be personally liable for the payment of any indebtedness or expenses of the Trust, or be personally liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Trust under the Certificate Indenture. 
  

 A-4 

 IN WITNESS WHEREOF, the Delaware Trustee on behalf of the Trust has caused this Certificate to be duly
executed. 
  

			
	 MASSACHUSETTS RRB SPECIAL PURPOSE
 TRUST 2005-1

	
	 By: THE BANK OF NEW YORK (DELAWARE),
 not in
its individual capacity but solely as Delaware
 Trustee

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 A-5 

 CERTIFICATE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 Dated: [            ] 

 
 This is one of the Certificates referred to in the within-mentioned
Certificate Indenture. 
  

			
	 THE BANK OF NEW YORK, not in its individual
 capacity but solely as Certificate Trustee

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 A-6 

 [FORM OF REVERSE OF CERTIFICATE] 
  
 The Certificates are limited in right of payment, all as more specifically set forth on the face hereof and in the
Certificate Indenture. All payments or distributions made to Holders under the Certificate Indenture shall be made only from the Trust Property and only to the extent that the Certificate Trustee shall have sufficient income or proceeds from the
Trust Property to make such payments in accordance with the terms of the Certificate Indenture. Each Holder, by its acceptance hereof, agrees that it will look solely to the income and proceeds from the Trust Property to the extent available for
distribution to such Holder as provided in the Certificate Indenture. Amounts paid to the Holders under the Certificate Indenture shall be allocated to principal on the Certificates to the extent such amounts represented principal payments on the
Underlying Notes and shall be allocated to interest on the Certificates to the extent such amounts represented interest on the Underlying Notes. This Certificate does not purport to summarize the Certificate Indenture and reference is made to the
Certificate Indenture for information with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby. A copy of the Certificate Indenture may be examined during normal business hours at the principal office of
the Certificate Trustee, and at such other places, if any, designated by the Certificate Trustee, by any Holder upon request. 
  
 The Certificate Indenture permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights of the Holders under
the Certificate Indenture at any time by the Trust and the Certificate Trustee with the consent of the Holders holding Certificates representing not less than a majority of the aggregate Outstanding Amount of Certificates of each affected Class
issued by the Trust. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange hereof or in
lieu hereof whether or not notation of such consent is made upon this Certificate. The Certificate Indenture also permits the amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates.

  
 As provided in the Certificate Indenture and subject to
certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies maintained by the Certificate Trustee in
its capacity as Certificate Registrar, or by any successor Certificate Registrar, in the Borough of Manhattan, The City of New York, duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Certificate Trustee and
the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of authorized denominations evidencing the same aggregate fractional undivided
beneficial interest in the Underlying Note will be issued to the designated transferee or transferees. 
  
 The Certificates are issuable only as registered Certificates without coupons in Minimum Denominations of $1,000 Original Principal Amount and integral
multiples thereof. As provided in the Certificate Indenture and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of authorized denominations evidencing the same aggregate fractional undivided
beneficial interest in the Underlying Notes, as requested by the Holder surrendering the same. 
  

 A-7 

 The holder, by purchase of this certificate, will be deemed to represent that such purchase will not
result in a non-exempt prohibited transaction under the Internal Revenue Code of 1986, as amended, or the Employee Retirement Income Security Act of 1974, as amended, and, in each case, the rules and regulations thereunder. 
  
 No service charge will be made for any such registration of transfer or
exchange, but the Certificate Trustee shall require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
  
 The Certificate Trustee, the Certificate Registrar, and any agent of the Certificate Trustee or the Certificate Registrar may treat the person in whose
name this Certificate is registered as the owner hereof for all purposes, and neither the Certificate Trustee, the Certificate Registrar, nor any such agent shall be affected by any notice to the contrary. 
  
 The obligations and responsibilities created by the Certificate Indenture
shall terminate with respect to the Certificates upon the distribution to the Holders of all amounts required to be distributed to them pursuant to the Certificate Indenture and the disposition of all property held as part of the Trust Property,
except certain indemnity obligations of the Note Issuers to the Certificate Trustee under the Fee and Indemnity Agreement. 
  

 A-8

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