Document:

Exhibit
4.1

 

THE SECURITIES TO WHICH THIS
SUBSCRIPTION AGREEMENT RELATES AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS IN THE
UNITED STATES AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES (AS SUCH TERM IS DEFINED IN REGULATION S UNDER
THE 1933 ACT) OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON (AS DEFINED IN REGULATION S OF THE 1933 ACT), EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, SUCH REGISTRATION REQUIREMENTS OF THE 1933 ACT, AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. HEDGING TRANSACTIONS
INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE 1933 ACT. THIS SUBSCRIPTION AGREEMENT DOES NOT CONSTITUTE
AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES OFFERED HEREBY WITHIN THE UNITED STATES OR TO, OR FOR
THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT IN THE LIMITED CIRCUMSTANCES PROVIDED HEREIN PURSUANT TO TRANSACTIONS EXEMPT FROM
REGISTRATION UNDER THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

NIOCORP DEVELOPMENTS LTD.

UNIT SUBSCRIPTION AGREEMENT

 

		TO:	NIOCORP DEVELOPMENTS LTD. (the “Issuer”)

 

The undersigned (hereinafter
referred to as the “Subscriber”) hereby irrevocably subscribes for and agrees to purchase from the Issuer the
number of units of the Issuer (the “Units”) set forth below for the aggregate subscription price set forth below
(the “Subscription Price”), representing a subscription price of C$0.60 per Unit, upon and subject to the terms
and conditions, and the covenants, representations and warranties set forth in this Subscription Agreement (as defined below),
including the attached “Terms and Conditions of Subscription” (including, without limitation, the representations,
warranties and covenants set forth in the applicable schedules attached hereto). Each Unit is comprised of one common share in
the capital of the Issuer (a “Unit Share”) and one half of one common share purchase warrant (each whole warrant,
a “Warrant”) of the Issuer. Each Warrant will entitle the holder to acquire one additional common share in the
capital of the Issuer (a “Warrant Share”), exercisable for a period of 24 months following the Closing at an
exercise price of C$0.72 per Warrant Share.

 

SUBSCRIPTION AND SUBSCRIBER
INFORMATION

 

Please print all information
(other than signatures), as applicable, in the space provided below.

 

	
        Amount of Subscription

         

        Number of Units: ________________________x C$0.60

         

        Aggregate Subscription Price: C$___________________
 

         
	 	
        Beneficial Owner of Subscriber

         

        If the Subscriber is not an individual, the Subscriber represents and warrants that it has  ̈
/ does not have  ̈
(check one)
a Beneficial Owner (as defined in the Terms and Conditions of Subscription) and, if it has a Beneficial Owner, the name and address
of the Beneficial Owner is as follows:

        ____________________________________________________________

        
        Name of Beneficial Owner

        ____________________________________________________________

        
        Residential Address of Beneficial Owner

        ____________________________________________________________
 
		 
	
        Subscriber’s Information
and Signature

         

        __________________________________________________

        Name of Subscriber – please
print

        __________________________________________________

        Signature (of individual or authorized
signatory)
 __________________________________________________

Official Capacity or Title (of authorized signatory,

if applicable)

        ________________________________________________

        Please print name of individual whose
        signature appears above if different than the name of the Subscriber printed above.

        __________________________________________________

        Subscriber’s Residential Address

        __________________________________________________

        
 __________________________________________________

        Subscriber’s Telephone
Number
	 
	 
	 
	 
	 
	 	 
	 	
        Principal Information

         

         

        If the Subscriber is signing as an
agent for a principal and is not deemed to be purchasing as principal as set out below, the Subscriber hereby represents and warrants
that the name and residential address of such principal is as follows: 
 ____________________________________________________________

Name of Principal

        ____________________________________________________________

Principal’s Residential Address
 ____________________________________________________________

         

 

     

     

    

 

	
        Registration Instructions
(if different from the Subscriber’s name and address given under Subscriber’s Information):
 __________________________________________________

Name

        __________________________________________________

Account reference, if applicable
 __________________________________________________

Address (including postal code)
 __________________________________________________

Telephone Number and Contact Name

         
	 	Delivery
Instructions (if different from the Subscriber’s name and address given under Subscriber’s Information):

____________________________________________________________

Name

____________________________________________________________

Account reference, if applicable

____________________________________________________________

Address (including postal code)

____________________________________________________________

Telephone Number and Contact Name

 

Present Ownership of Securities

 

The Subscriber either [check appropriate
box]:

 

	 	 	does not currently own directly or indirectly, or exercises control or direction over, any common shares in the capital of the Issuer or securities convertible into common shares in the capital of the Issuer; or
	 	 
	 	 	owns directly or indirectly, or exercises control or direction over, __________ common shares in the capital of the Issuer, and convertible securities entitling the Subscriber to acquire an additional __________ common shares in the capital of the Issuer.
	 	 

 

Insider Status

 

The Subscriber either [check appropriate
box]:

 

	 	 	is an “Insider” of the Issuer as defined in the Securities Act (British Columbia); or
	 	 	is not an Insider of the Issuer.

 

Registrant Status

 

The Subscriber either [check appropriate
box]:

 

	 	 	is a “Registrant” as defined in the Securities Act (British Columbia); or
	 	 	is not a “Registrant”.

 

U.S. Purchaser Status

 

The Subscriber either [check appropriate box]:

 

	 	 	is a “U.S. Purchaser” as defined in the Terms and Conditions below; or
	 	 	is not a “U.S. Purchaser”.

 

    ii

     

    

 

ACCEPTANCE

 

The Issuer hereby accepts the
subscription as set forth above on the terms and conditions contained in this Subscription Agreement.

 

DATED as of ___________________,
2019.

 

	 	NIOCORP DEVELOPMENTS LTD.
	 	 	 
	 	Per:	 	 
	 	 	Authorized Signatory

 

    iii

     

    

 

NIOCORP DEVELOPMENTS LTD.

 

SUBSCRIPTION FOR UNITS

 

INSTRUCTIONS

 

To properly complete this Subscription
Agreement, you must:

 

If you are an accredited investor, are
resident in Canada or otherwise subject to Canadian securities laws and are not a U.S. Purchaser (as defined below):

 

		(1)	Complete and execute the first two pages.

 

		(2)	Complete and execute Schedule B – Accredited Investor Status Certificate.

 

		(3)	Complete and execute Schedule C – Regulation S Certificate.

 

If you are resident in the United States
and/or are a U.S. Purchaser (as defined below):

 

		(1)	Complete and execute the first two pages.

 

		(2)	Complete and execute Schedule B – Accredited Investor Status Certificate.

 

		(3)	Complete and execute Schedule D – U.S. Purchaser Certificate.

 

If you are resident outside of the United
States and Canada, are not a U.S. Purchaser and are not otherwise subject to Canadian or United States securities laws:

 

		(1)	Complete and execute the first two pages.

 

		(2)	Complete and execute Schedule C – Regulation S Certificate.

 

    iv

     

    

 

Procedure and Delivery:

 

The signed Subscription Agreement, including
all required schedules, should be filled out, signed and delivered with payment by no later than 5:00 p.m. (Vancouver time) on
April 23, 2019 (or such other time, date or place as the Subscriber may be advised) to:

 

NioCorp Developments Ltd.

7000 South Yosemite Street, Suite
115

Centennial, CO 80112

	 	Attention: 	Jim Sims
	 	Email:	financing@niocorp.com

 

Payment for the Subscription Price should
be made by a certified cheque, bank draft, money order, or confirmation of wire transfer for the subscription funds in Canadian
dollars made payable to “NioCorp Developments Ltd.”

 

    v

     

    

 

TERMS AND CONDITIONS OF SUBSCRIPTION

 

UNITS OF NIOCORP DEVELOPMENTS LTD.

 

		1.	Definitions and Interpretation

 

		(a)	In this Subscription Agreement, unless the context required otherwise:

 

		(i)	“1933 Act” means the United States Securities Act of 1933, as amended;

 

		(ii)	“B.C. Act” means the Securities Act (British Columbia), the regulations
and rules made thereunder and all administrative policy statements, blanket orders, notices, directions and rulings issued or adopted
by the British Columbia Securities Commission, all as amended;

 

		(iii)	“Business Day” means a day other than a Saturday, Sunday or a holiday on which
principal chartered banks located in Vancouver, British Columbia are not open for business;

 

		(iv)	“Closing” has the meaning set forth in section 5;

 

		(v)	“Closing Date” means the date or dates of completion of the sale of Units under
the Offering as may be determined by the Issuer;

 

		(vi)	“Closing Time” means 10 a.m. (Vancouver time), or such other time as may be
determined by the Issuer;

 

		(vii)	“Disclosed Principal” means a purchaser that is purchasing the Subscriber’s
Units through an agent or trustee for beneficial principal(s);

 

		(viii)	“Exchange” means the Toronto Stock Exchange;

 

		(ix)	“FSE” means the Frankfurt Stock Exchange;

 

		(x)	“International Jurisdiction” has the meaning set forth in section 9(l);

 

		(xi)	“Insider” has the meaning set forth in section 1(1) of the B.C. Act;

 

		(xii)	“Issuer” means NioCorp Developments Ltd.;

 

		(xiii)	“NI 45-106” means National Instrument 45-106 Prospectus Exemptions published
by the Canadian Securities Administrators;

 

		(xiv)	“Offering” has the meaning set forth in section 3(a);

 

		(xv)	“OTCQX” means the OTC Markets Group’s OTCQX exchange;

 

		(xvi)	“Parties” means collectively, the Subscriber and the Issuer and “Party”
means any one of them, as the context requires;

 

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		(xvii)	“person” means any individual (whether acting as an executor, trustee, administrator,
legal representative or otherwise), corporation, firm, partnership, sole proprietorship, syndicate, joint venture, trustee, trust,
fund, unincorporated organization or association and every other form of legal or business entity of whatsoever nature or kind,
and pronouns have a similar extended meaning;

 

		(xviii)	“Personal Information” means any information about a person (whether individual
or otherwise) and includes information contained in this Subscription Agreement, including the Schedules incorporated by reference
herein;

 

		(xix)	“Regulatory Authorities” has the meaning set forth in section 6;

 

		(xx)	“Securities” means, collectively, the Unit Shares, the Warrants and the Warrant
Shares;

 

		(xxi)	“Securities Laws” means the applicable Canadian provincial securities laws and
United States federal and state securities laws and all applicable rules, regulations, notices and policies promulgated or published
thereunder together with all applicable and legally enforceable published policy statements, policies, rules, blanket orders, rulings
and notice of applicable securities regulatory authorities, as well as the published policies and rules of the Exchange;

 

		(xxii)	“Subscriber” means the subscriber for Units as set out on the face page of this
Subscription Agreement and includes, as applicable, the Disclosed Principal unless the context otherwise requires;

 

		(xxiii)	“Subscriber’s Units” means those Units that the Subscriber has agreed
to purchase under this Subscription Agreement;

 

		(xxiv)	“Subscription Agreement” or “Agreement” means this subscription
agreement (including the schedules hereto) and any instrument amending this Subscription Agreement; “hereof”, “hereto”,
“hereunder”, “herein” and similar expressions mean and refer to this Subscription Agreement and not to
a particular section or clause; and the expression “section” or “clause” followed by a number or letter
means and refers to the specified section or clause of this Subscription Agreement;

 

		(xxv)	“Subscription Price” has the meaning set forth on the face page of this Subscription
Agreement;

 

		(xxvi)	“Unit” has the meaning set forth on the face page of this Subscription Agreement;

 

		(xxvii)	“Unit Share” has the meaning set forth on the face page of this Subscription
Agreement;

 

		(xxviii)	“United States” means the United States of America, its territories and possessions,
any State of the United States and the District of Columbia;

 

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		(xxix)	“U.S. Person” has the meaning set forth in Rule 902(k) of Regulation S promulgated
under the 1933 Act;

 

		(xxx)	“U.S. Purchaser” is (a) any U.S Person, (b) any person purchasing securities
for the account or benefit of any U.S. Person or person in the United States, (c) any person who receives or received an offer
to acquire the Securities while in the United States, and (d) any person who is, or whose authorized signatory is, in the United
States at the time such person’s buy order was made or this Subscription Agreement was executed or delivered;

 

		(xxxi)	“Warrant” has the meaning set forth on the face page of this Subscription Agreement;
and

 

		(xxxii)	“Warrant Share” has the meaning set forth on the face page of this Subscription
Agreement.

 

		(b)	Time is of the essence of this Agreement.

 

		(c)	This Agreement is to be read with all changes in gender or number as required by the context.

 

		(d)	The headings in this Agreement are for convenience of reference only and do not affect the interpretation
of this Agreement.

 

		(e)	In this Agreement, unless otherwise stated, all references to “$” and “C$”
are references to Canadian dollars.

 

		2.	Subscription for Units

 

		(a)	The Subscriber hereby confirms its irrevocable subscription for the Units from the Issuer, on and
subject to the terms and conditions set out in this Subscription Agreement, for the Subscription Price which is payable as described
herein. The Subscriber acknowledges (on its own behalf and including, if applicable, on behalf of each Disclosed Principal) that
upon acceptance by the Issuer of this Subscription Agreement, the Subscription Agreement will constitute a binding obligation of
the Subscriber (including if applicable, each Disclosed Principal), subject to the terms and subject to the conditions set out
in this Subscription Agreement.

 

		(b)	The Units will be issued and registered in the name of the Subscriber as per the instructions on
the face page of this Subscription Agreement.

 

    3

     

    

 

		3.	The Offering

 

		(a)	The Subscriber acknowledges that this subscription forms part of a larger offering (the “Offering”)
by the Issuer of up to 2,000,000 Units at a price of C$0.60 for aggregate gross proceeds of up to approximately C$1,200,000, and
that the Issuer may increase the size of the Offering.

 

		(b)	The Subscriber further understands that there is no minimum number of Units that must be sold pursuant
to the Offering and accordingly, the Subscriber may be the sole purchaser of Units.

 

		(c)	The Subscriber acknowledges that no fractional Warrants will be issuable under the Offering and
any fractional entitlements will be rounded down to the nearest whole Warrant.

 

		4.	Partial Acceptance or Rejection of Subscription

 

The Issuer may, in its absolute discretion,
accept or reject the Subscriber’s subscription for Units as set forth in this Subscription Agreement, in whole or in part,
and the Issuer reserves the right to allot to the Subscriber less than the amount of Units subscribed for under this Subscription
Agreement. The Subscriber acknowledges and agrees that the acceptance of this Subscription Agreement will be conditional upon,
among other things, the sale of the Units to the Subscriber being exempt from any prospectus and offering memorandum requirements
of applicable Securities Laws and the equivalent provisions of securities laws of any other applicable jurisdiction.

 

If this Subscription Agreement is rejected
in whole, any certified cheque, money order, bank draft or other forms of payment delivered to the Issuer by the Subscriber on
account of the Subscription Price for the Units subscribed for will be promptly returned by the Issuer to the Subscriber without
interest. If this Subscription Agreement is accepted only in part, payment representing the amount by which the payment delivered
by the Subscriber to the Issuer exceeds the Subscription Price of the number of Units sold to the Subscriber pursuant to a partial
acceptance of this Subscription Agreement will be promptly delivered by the Issuer to the Subscriber without interest.

 

		5.	Closing

 

Delivery and sale of the Units and payment
of the Subscription Price will be completed (the “Closing”) at the offices of Blake Cassels & Graydon LLP,
595 Burrard Street, Vancouver, British Columbia at the Closing Time or at such other place and time as the Issuer may elect on
such date or dates to be determined by the Issuer. Closing of the Offering will only occur if, prior to the Closing Time, the terms
and conditions contained in this Subscription Agreement have been complied with to the satisfaction of the Issuer, or waived by
the Issuer, including receipt by the Issuer of all completed Subscription Agreements and payment of the Subscription Price for
all of the Units sold pursuant to the Offering.

 

If, prior to the Closing Time, the terms
and conditions contained in this Subscription Agreement (other than delivery by the Issuer to the Subscriber of certificates representing
the Units) have not been complied with to the satisfaction of the Issuer, or waived by the Issuer, the Issuer and the Subscriber
will have no further obligations under this Subscription Agreement.

 

The Subscriber acknowledges that the Offering
may be completed at one or more partial closings in the discretion of the Issuer and that the Closing as contemplated in this Subscription
Agreement may be effected at one or more of such partial closings.

 

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		6.	Conditions of Closing

 

This Subscription Agreement shall be subject
to acceptance by the Issuer and approval by the Exchange and any other stock exchange or regulatory authority having jurisdiction
with respect to the Issuer (collectively, the “Regulatory Authorities”).

 

The Subscriber acknowledges and agrees
that the obligations of the Issuer hereunder are conditional on the accuracy of the representations and warranties of the Subscriber
contained in this Subscription Agreement and in the term sheet appended as Schedule A as of the date of this Subscription Agreement,
and as of the Closing Time as if made at and as of the Closing Time, and the fulfillment of the following additional conditions
as soon as possible and in any event not later than the Closing Time:

 

		(a)	the Subscriber having properly completed, signed and delivered this Subscription Agreement (with
payment) by no later than 5:00 p.m. (Vancouver time) on April 23, 2019, to:

 

NioCorp Developments Ltd.

7000 South Yosemite Street, Suite 115

Centennial, CO 80112

 

	 	Attention:	Jim Sims
	 	Email:	jim.sims@niocorp.com

 

		(b)	all Subscribers having properly completed, signed and delivered the Regulation S Certificate attached
as Schedule C hereto;

 

		(c)	if required by this Subscription Agreement, the Subscriber having properly completed, signed and
delivered the Accredited Investor Status Certificate attached as Schedule B hereto (if applicable) and the U.S. Purchaser Certificate
attached as Schedule D hereto (if applicable);

 

		(d)	the Issuer having accepted this Subscription Agreement;

 

		(e)	all necessary regulatory and conditional Exchange approvals having been obtained by the Issuer;
and

 

		(f)	payment having been made by the Subscriber of the Subscription Price as set out above under the
heading “Procedure and Delivery” on page v of this Subscription Agreement.

 

		7.	Authorization of the Issuer

 

The Subscriber irrevocably authorizes the
Issuer, in its discretion, to act as the Subscriber’s representative at the Closing, and hereby appoints the Issuer, with
full power of substitution, as its true and lawful attorney with full power and authority in the Subscriber’s place and stead:

 

		(a)	to receive certificates representing the Units, to execute in the Subscriber’s name and on
its behalf all closing receipts and required documents, to complete and correct any errors or omissions in any form or document
provided by the Subscriber in connection with the subscription for the Units and to approve any opinion, certificate or other document
addressed to the Subscriber; and

 

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		(b)	to terminate this Subscription Agreement if any condition precedent is not satisfied, in such manner
and on such terms and conditions as Issuer in their sole discretion may determine.

 

This power of attorney is irrevocable,
is coupled with an interest and has been given for valuable consideration, the receipt and adequacy of which are acknowledged.
This power of attorney and other rights and privileges granted under this section will survive any legal or mental incapacity,
dissolution, bankruptcy or death of the Subscriber (including any Disclosed Principal). This power of attorney extends to the heirs,
executors, administrators, other legal representatives and successors, transferees and assigns of the Subscriber (including any
Disclosed Principal). Any person dealing with the Issuer may conclusively presume and rely upon the fact that any document, instrument
or agreement executed by the Issuer pursuant to this power of attorney is authorized and binding on the Subscriber (including any
Disclosed Principal), without further inquiry. The Subscriber (including any Disclosed Principal) agrees to be bound by any representations
or actions made or taken by the Issuer pursuant to this power of attorney, and waives any and all defences that may be available
to contest, negate or disaffirm any action of the Issuer taken in good faith under this power of attorney.

 

		8.	Representations, Warranties and Covenants of the Issuer

 

The Issuer hereby represents and warrants
to, and covenants with, the Subscriber as follows and acknowledges that the Subscriber is relying on such acknowledgements, representations,
warranties and covenants in connection with the transactions contemplated herein:

 

		(a)	the Issuer is a valid and subsisting corporation incorporated and in good standing under the laws
of British Columbia;

 

		(b)	the Issuer is duly registered and licensed to carry on business in the jurisdictions in which it
carries on business or owns property where required under the laws of that jurisdiction;

 

		(c)	this Subscription Agreement has been or will be by the Closing, duly authorized by all necessary
corporate action on the part of the Issuer, and the Issuer has or will have by the Closing full corporate power and authority to
undertake the Offering;

 

		(d)	the common shares of the Issuer are, and will continue to be as of the Closing Date, listed and
posted for trading on the Exchange;

 

		(e)	the Issuer will apply to, and use commercially reasonable efforts to obtain the listing of the
Unit Shares and Warrant Shares issuable under the Offering on, the Exchange;

 

		(f)	the Issuer has complied, or will comply, with all applicable corporate and securities laws and
regulations in connection with the offer, sale and issuance of the Securities;

 

		(g)	no order ceasing or suspending trading in the securities of the Issuer or prohibiting sale of its
securities has been issued to the Issuer or its directors, officers or promoters;

 

		(h)	the Issuer is a “reporting issuer” in the provinces of British Columbia, Alberta, Saskatchewan,
Ontario and New Brunswick and is not included on the list of defaulting reporting issuers issued by the securities regulators in
those jurisdictions;

 

		(i)	upon their issuance on the Closing Date, the Unit Shares will be validly issued and outstanding
as fully paid and non-assessable common shares in the capital of the Issuer and the Warrants will be validly issued and the certificates
representing such Unit Shares and Warrants will be validly delivered;

 

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		(j)	upon exercise of the Warrants in accordance with the terms thereof, the Warrant Shares will be
validly issued and outstanding as fully paid and non-assessable common shares in the capital of the Issuer;

 

		(k)	it will reserve or set aside sufficient shares in its treasury to issue the Unit Shares and Warrant
Shares;

 

		(l)	there is no “material fact” or “material change” (as those terms are defined
in applicable Securities Laws) in the affairs of the Issuer that has not been generally disclosed to the public; and

 

		(m)	this Subscription Agreement constitutes a binding and enforceable obligation of the Issuer, enforceable
in accordance with its terms.

 

		9.	Representations, Warranties, Covenants and Acknowledgements of the Subscriber

 

By executing this Subscription Agreement,
the Subscriber (on its own behalf and, including if applicable, on behalf of each Disclosed Principal) represents, warrants, covenants
and acknowledges to and with the Issuer (and acknowledges that the Issuer is relying thereon) that:

 

Authorization and
Effectiveness

 

		(a)	if the Subscriber is an individual, the Subscriber is of the full age of majority in the jurisdiction
in which this Subscription Agreement is executed and is legally competent to execute, deliver and be bound by this Subscription
Agreement, to perform all of its obligations hereunder and to undertake all actions required of the Subscriber hereunder;

 

		(b)	if the Subscriber is a corporation, the Subscriber is a valid and subsisting corporation, has the
necessary corporate capacity and authority to enter into and to observe and perform its covenants and obligations under this Agreement
and has taken all necessary corporate action in respect thereof;

 

		(c)	if the Subscriber is a partnership, syndicate or other unincorporated form of organization, the
Subscriber has the necessary legal capacity and authority to execute and deliver this Agreement and perform its covenants and obligations
hereunder and has obtained all necessary approvals thereof;

 

		(d)	if the Subscriber is acting as principal, this Subscription Agreement has been duly and validly
authorized, executed and delivered by the Subscriber, and, when accepted by the Issuer, will constitute a legal, valid and binding
obligation enforceable against the Subscriber in accordance with the terms hereof (subject to bankruptcy, insolvency and other
laws limiting the enforceability of creditors’ rights and subject to the qualification that equitable remedies may only be
granted in the discretion of a court of competent jurisdiction);

 

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		(e)	if the Subscriber is acting as agent or trustee (including, for greater certainty, a portfolio
manager or comparable adviser) for a principal, the Subscriber is duly authorized to execute and deliver this Subscription Agreement
and all other necessary documents in connection with such subscription on behalf of such principal, and this Subscription Agreement
has been duly and validly authorized, executed and delivered by or on behalf of, and, when accepted by the Issuer, will constitute
a legal, valid, binding obligation enforceable in accordance with the terms hereof (subject to bankruptcy, insolvency and other
laws limiting the enforceability of creditors rights and subject to the qualification that equitable remedies may only be granted
in the discretion of a court of competent jurisdiction) against, such principal;

 

		(f)	the execution and delivery of this Subscription Agreement, the performance and compliance with
the terms hereof, the subscription for the Units and the completion of the transactions contemplated hereby will not result in
any material breach of, or be in conflict with or constitute a material default under, or create a state of facts which, after
notice or lapse of time, or both, would constitute a material default under any term or provision of the constating documents,
by-laws or resolutions of the Subscriber (if not an individual), the Securities Laws or any other applicable law, any agreement
to which the Subscriber is a party or any applicable regulation, judgment, decree, order or ruling;

 

		(g)	the Subscriber is not one of a combination of shareholders of the Issuer or investors in the Offering
(including by acting jointly or in concert with any such shareholder or investor) as a consequence of which the issuance of Units
to the Subscriber hereunder (assuming the exercise of any convertible securities of the Issuer currently held by the Subscriber
and any such other shareholders or investors) will result in, or be part of a transaction that will result in, the creation of
a new “Insider” or “Control Person” of the Issuer under the policies of the Exchange and Securities Laws;

 

Residence

 

		(h)	the Subscriber is a resident of, or is otherwise subject to the laws of, the jurisdiction disclosed
under “Subscriber’s Residential Address” on the face page of this Subscription Agreement, and that such address
is the residence of the Subscriber or the place of business of the Subscriber at which the Subscriber received and accepted the
offer to acquire the Units and was not created or used solely for the purpose of acquiring the Units;

 

Disclosure if Purchasing
as Agent or Trustee

 

		(i)	if the Subscriber is not subscribing as principal, the Subscriber acknowledges that the Issuer
may be required by law to disclose to applicable securities regulatory authorities or stock exchanges information concerning the
identities of each beneficial purchaser for whom the Subscriber is acting hereunder;

 

Eligibility to Purchase
under Prospectus Exemption

 

		(j)	if the Subscriber (or any Disclosed Principal) is resident in Canada or otherwise subject to Securities
Laws, the Subscriber (or if applicable, the Disclosed Principal) is eligible to purchase the Units pursuant to an exemption from
the prospectus requirements of the Securities Laws;

 

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		(k)	if the Subscriber (or any Disclosed Principal) is resident in Canada or otherwise subject to Securities
Laws, the Subscriber has completed, executed and delivered to the Issuer an Accredited Investor Status Certificate in the form
attached hereto as Schedule B, as well as (if applicable) an Accredited Investor Risk Acknowledgment Form in the form attached
as Exhibit A to Schedule B, indicating that the Subscriber (or if applicable, the Disclosed Principal) fits within one of the prospectus
exemption categories under NI 45-106 as set forth therein and confirms the truth and accuracy of all representations, warranties
and covenants made in such certificate as of the date of this Subscription Agreement and as of the Closing Time;

 

International Purchasers

 

		(l)	if the Subscriber (or any Disclosed Principal), is resident in or otherwise subject to the securities
laws of any jurisdiction outside of Canada and the United States (the “International Jurisdiction”), then:

 

		(i)	the Subscriber is knowledgeable of, or has been independently advised as to, the applicable securities
laws of the International Jurisdiction which would apply to this subscription, if there are any;

 

		(ii)	the Subscriber is purchasing the Units pursuant to exemptions from the prospectus and registration
requirements under the applicable securities laws of the International Jurisdiction or, if such is not applicable, the Subscriber
is permitted to purchase the Securities under the applicable securities laws of such International Jurisdiction without the need
to rely on exemptions;

 

		(iii)	the applicable securities laws of the International Jurisdiction do not require the Issuer to prepare
and/or file any documents or be subject to ongoing reporting requirements or seek any approvals of any kind whatsoever in respect
of the sale of the Securities to the Subscriber from any regulatory authority of any kind whatsoever in the International Jurisdiction;

 

		(iv)	the purchase of Securities by the Subscriber, and (if applicable) each Disclosed Principal, does
not trigger: (i) any obligation to prepare and file a prospectus, an offering memorandum or similar document, or any other ongoing
reporting requirements with respect to such purchase or otherwise; (ii) any registration or other obligation on the part of the
Issuer; or (iii) the Issuer becoming subject to regulation in such jurisdiction or require the Issuer to attorn to the jurisdiction
of any governmental authority or regulator in such jurisdiction or require any translation of documents by the Issuer; and

 

		(v)	the Subscriber, and (if applicable) any Disclosed Principal, will not sell or otherwise dispose
of any Securities, except in accordance with applicable Securities Laws;

 

No Prospectus or
Undisclosed Information

 

		(m)	the Subscriber understands that the sale of the Units is conditional upon such sale being exempt
from the requirements to file and obtain a receipt for a prospectus or to deliver an offering memorandum, and no prospectus has
been filed by the Issuer with any Regulatory Authority in any jurisdiction in connection with the issuance of the Units. As a result
of acquiring the Units pursuant to such exemptions:

 

    9

     

    

 

		(i)	certain protections, rights and remedies provided by the Securities Laws, including under the B.C.
Act, including certain statutory rights of rescission or damages and certain statutory remedies against an issuer, underwriters,
auditors, directors and officers that are available to investors who acquire securities offered by a prospectus or registration
statement, may not be available to the Subscriber;

 

		(ii)	the common law may not provide investors with an adequate remedy in the event that they suffer
investment losses in connection with securities acquired in a private placement;

 

		(iii)	the Subscriber may not receive certain information that would otherwise be required to be given
under the Securities Laws, including under the B.C. Act; and

 

		(iv)	the Issuer is relieved from certain obligations that would otherwise apply under the Securities
Laws, including under the B.C. Act;

 

		(n)	the Subscriber has not received or been provided with a prospectus or offering memorandum, within
the meaning of the Securities Laws, or any sales or advertising literature in connection with the Offering. The Subscriber’s
decision to subscribe for the Units was not based upon, and the Subscriber has not relied upon, any verbal or written representations
as to fact made by or on behalf of the Issuer and their respective directors, officers, employees, agents and representatives.
The Subscriber’s decision to subscribe for the Units was based solely upon this Subscription Agreement, and information about
the Issuer which is publicly available;

 

		(o)	except for the Subscriber’s knowledge regarding its subscription for Units hereunder, the
Subscriber has no knowledge of a “material fact” or a “material change” (as those terms are defined in
the applicable Securities Laws) in the affairs of the Issuer that has not been generally disclosed;

 

Investment Suitability

 

		(p)	the Subscriber confirms that the Subscriber:

 

		(i)	has such knowledge in financial and business affairs as to be capable of evaluating the merits
and risks of its investment in the Securities;

 

		(ii)	is capable of assessing the proposed investment in the Securities as a result of the Subscriber’s
own experience or as a result of advice received from a person registered under applicable Securities Laws;

 

		(iii)	is aware of the characteristics of the Securities and the risks relating to an investment therein;
and

 

		(iv)	is able to bear the economic risk of loss of its investment in the Securities;

 

    10

     

    

 

		(q)	the Subscriber understands and acknowledges that:

 

		(i)	no securities commission or similar regulatory authority has reviewed or passed on the merits of
the Securities;

 

		(ii)	there is no government or other insurance covering the Securities;

 

		(iii)	there are risks associated with the purchase of the Securities;

 

		(iv)	there are restrictions on the Subscriber’s ability to resell the Securities and it is the
responsibility of the Subscriber to find out what those restrictions are and to comply with them before selling the Securities;

 

		(v)	the Issuer has advised the Subscriber that the Issuer is relying on an exemption from the requirements
to provide the Subscriber with a prospectus and to sell securities through a person registered to sell securities under Securities
Laws and, as a consequence of acquiring securities pursuant to this exemption, certain protections, rights and remedies provided
by Securities Laws, including statutory rights of rescission or damages, will not be available to the Subscriber; and

 

		(vi)	that it may lose its entire investment in the Securities;

 

No Representations

 

		(r)	the Subscriber confirms that none of the Issuer, or any of its directors, employees, officers or
affiliates have made any representations (written or oral) to the Subscriber:

 

		(i)	regarding the future value of the Securities;

 

		(ii)	that any person will resell or repurchase the Securities;

 

		(iii)	that any person will refund the purchase price of the Securities other than as provided in this
Subscription Agreement; or

 

		(iv)	that any of the Issuer’s securities will be listed and posted for trading on a stock exchange
or that an application has been made to list and post any of the Issuer’s securities for trading on a stock exchange, other
than the Issuer’s common shares on the Exchange, OTCQX or FSE;

 

Limitations on Resale

 

		(s)	the Subscriber understands and acknowledges that:

 

		(i)	the Securities will be subject to certain resale and transfer restrictions under applicable Securities
Laws; and

 

		(ii)	the Securities may be subject to certain resale and transfer restrictions under the rules and policies
of the Exchange;

 

    11

     

    

 

		(t)	the Subscriber acknowledges that it has been advised to consult its own legal advisors with respect
to applicable resale and transfer restrictions, that it is solely responsible for complying with such restrictions and it agrees
to comply with the restrictions referred to in paragraph (s) above and all other applicable resale and transfer restrictions. The
Subscriber will comply with all applicable Securities Laws concerning the subscription, purchase, holding and resale of the Units
and will not resell any of the Securities except in accordance with the provisions of applicable Securities Laws. In this regard,
the Subscriber acknowledges that the Issuer may be required to put the following legends on any certificates representing the Unit
Shares, Warrants and Warrant Shares if issued prior to the expiry of the applicable hold period:

 

“UNLESS PERMITTED UNDER
SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [four months plus one day after the Closing
Date].”

 

“THE
SECURITIES REPRESENTED HEREBY [FOR WARRANTS INCLUDE: AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF] HAVE NOT BEEN AND WILL NOT
BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR UNDER ANY
STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF NIOCORP DEVELOPMENTS LTD. (THE
“COMPANY”), THAT THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY ONLY
(A) TO THE COMPANY, (B) IF THE SECURITIES HAVE BEEN REGISTERED IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
UNDER THE SECURITIES ACT IN ACCORDANCE WITH RULE 144 THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE LAWS AND REGULATIONS
GOVERNING THE OFFER AND SALE OF SECURITIES, AND, IN EACH CASE, THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN
OPINION OF COUNSEL OF RECOGNIZED STANDING, OR OTHER EVIDENCE OF EXEMPTION, REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT.
HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT. THESE SECURITIES MAY
NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES.”

 

[FOR WARRANTS
ONLY: THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”). THIS WARRANT MAY NOT BE EXERCISED UNLESS THE SHARES ISSUABLE UPON
EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH
STATE OR EXEMPTIONS FROM SUCH REGISTRATION REQUIREMENTS ARE AVAILABLE.]

 

    12

     

    

 

		(u)	the Subscriber acknowledges that it is responsible for obtaining its own legal, investment and
other professional advice with respect to the resale restrictions, “hold periods” and legending requirements to which
the Securities are or may be subject under the 1933 Act. The Subscriber has not relied upon any statements made by or purporting
to have been made on behalf of the Issuer or its counsel with respect to such matters;

 

		(v)	the Subscriber acknowledges and agrees that the Issuer shall make a notation on its records or
give instructions to the transfer agent of the Subscriber’s Units in order to implement the restrictions on transfer set
out in the Subscription Agreement and applicable Securities Laws;

 

		(w)	the Subscriber acknowledges that there is no market for the Warrants and none is expected to develop;

 

United States Securities
Laws

 

		(x)	the Subscriber acknowledges and agrees that either (A) the Subscriber has indicated above that
the Subscriber is not a U.S. Purchaser, has executed and delivered Schedule C hereto (Regulation S Certificate) and hereby
is deemed to have made the representations, warranties and acknowledgments contained therein as if set forth herein in full OR
(B) the Subscriber has indicated above that the Subscriber is a U.S. Purchaser, has executed and delivered Schedule D hereto
(U.S. Purchaser Certificate) and hereby is deemed to have made the representations, warranties and acknowledgments contained therein
as if set forth herein in full;

 

Not Proceeds of
Crime

 

		(y)	the funds representing the Subscription Price which will be advanced by the Subscriber hereunder
will not represent proceeds of crime for the purposes of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act
(Canada) (the “PCMLTFA”), the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act (United States) (commonly referred to as the “USA PATRIOT Act”) or
other similar legislation, and the Subscriber acknowledges that the Issuer may in the future be required by law to disclose the
Subscriber’s name and other information relating to this Subscription Agreement and the Subscriber’s subscription hereunder,
on a confidential basis, pursuant to the PCMLTFA. To the best of its knowledge (i) none of the subscription funds to be provided
by the Subscriber (A) have been or will be derived from or related to any activity that is deemed criminal under the law of Canada,
the United States or any other jurisdiction, or (B) are being tendered on behalf of a person or entity who has not been identified
to the Subscriber, and (ii) it shall promptly notify the Issuer if the Subscriber discovers that any of such representations ceases
to be true, and to provide the Issuer with appropriate information in connection therewith;

 

No Financial Assistance

 

		(z)	the Subscriber has not received or expects to receive any financial assistance from the Issuer
directly or indirectly, in respect of the Subscriber’s purchase of the Units;

 

    13

     

    

 

Future Financings

 

		(aa)	the Subscriber acknowledges that the Issuer may complete additional financings in the future to
develop the business of the Issuer and to fund its ongoing development. There is no assurance that such financing will be available
and if available, on reasonable terms. Any such future financings may have a dilutive effect on current shareholders, including
the Subscriber;

 

No Advertising

 

		(bb)	the Subscriber has not become aware of any advertisement in printed media of general and regular
paid circulation or on radio, television or other form of telecommunication or any other form of advertisement (including electronic
display on the internet including but not limited to the Issuer’s website) or sales literature with respect to the distribution
of the Units or any seminar or meeting whose attendees have been invited by general solicitation or general advertising;

 

No Other
Fees

 

		(cc)	in connection with the issue and sale of the Units pursuant to the Offering to Subscribers outside
of the United States, the Issuer may pay or issue either or both of a cash commission and/or securities pursuant to and in accordance
with the policies of the Exchange and applicable corporate and securities laws;

 

		(dd)	there is no person acting or purporting to act on behalf of the Subscriber (including any Disclosed
Principal), if applicable, in connection with the transactions contemplated herein who is entitled to any brokerage or finder’s
fee. If any person establishes a claim that any fee or other compensation is payable in connection with this subscription for the
Units on account of the Subscriber’s subscription, the Subscriber covenants to indemnify and hold harmless the Issuer with
respect thereto and with respect to all costs reasonably incurred in the defence thereof;

 

Other Documents

 

		(ee)	if required by Securities Laws or by any securities commission, stock exchange or other regulatory
authority, the Subscriber will execute, deliver, file and otherwise assist the Issuer in filing, such reports, undertakings and
other documents with respect to the subscription for and issuance of the Securities;

 

Subscriber’s
Responsibility for Legal and Financial Advice

 

		(ff)	the Subscriber confirms that it is responsible for obtaining its own legal, tax, investment and
other professional advice with respect to the execution, delivery and performance by it of this Subscription Agreement and the
transactions contemplated hereunder including the suitability of the Securities as an investment for the Subscriber, the tax consequences
of purchasing and dealing with the Securities, and the resale restrictions and “hold periods” to which the Securities
are or may be subject under Securities Laws. The Subscriber has not relied upon any statements made by or purporting to have been
made on behalf of the Issuer or its counsel with respect to such matters; and

 

    14

     

    

 

		(gg)	the Subscriber acknowledges that the Issuer’s counsel is acting solely as counsel to the
Issuer and not as counsel to the Subscriber.

 

		10.	Reliance on Representations, Warranties, Covenants and Acknowledgements

 

The Subscriber acknowledges and agrees
that the representations, warranties, covenants and acknowledgements made by the Subscriber in this Subscription Agreement, including
the Schedules hereto, are made with the intention that they may be relied upon by the Issuer in determining the Subscriber’s
eligibility (and, if applicable, the eligibility of others for whom the Subscriber is contracting hereunder) to purchase the Units
under Securities Laws. The Subscriber further agrees that by accepting the Units, the Subscriber will be representing and warranting
that such representations, warranties, covenants and acknowledgements are true as at the Closing Time with the same force and effect
for the benefit of the Issuer as if they had been made by the Subscriber at the Closing Time and that they will survive the purchase
by the Subscriber of the Units and will continue in full force and effect for the benefit of the Issuer notwithstanding any subsequent
disposition by the Subscriber of any of the Units.

 

		11.	Indemnity

 

The Subscriber acknowledges
that the Issuer and its counsel are relying upon the representations, warranties, covenants and acknowledgements of the Subscriber
set forth herein (including the Schedules attached hereto) in determining the eligibility of the Subscriber (or, if applicable,
the eligibility of another on whose behalf the Subscriber is contracting hereunder to subscribe for Units) to purchase Units under
the Offering, and hereby agrees to indemnify the Issuer and its directors, officers, employees, advisers, affiliates, shareholders
and agents (including their legal counsel) against all losses, claims, costs, expenses, damages or liabilities that they may suffer
or incur as a result of or in connection with their reliance on such representations, warranties, acknowledgements and covenants.
The Subscriber undertakes to immediately notify the Issuer of any change in any statement or other information relating to the
Subscriber set forth herein that occurs prior to the Closing Time.

 

		12.	Subscriber’s Costs

 

The Subscriber acknowledges and agrees
that all costs incurred by the Subscriber (including any fees and disbursements of any counsel retained by the Subscriber) relating
to the sale of the Units to the Subscriber will be borne by the Subscriber.

 

		13.	Consent to the Disclosure of Information

 

This Agreement and the attachments hereto
require the Subscriber to provide certain Personal Information to the Issuer. Such information is being collected by the Issuer
for the purposes of completing the Offering of the Units, which includes, without limitation, determining the Subscriber’s
eligibility to purchase the Subscriber’s Units under applicable Securities Laws, preparing and registering any certificates
representing the Subscriber’s Securities to be issued to the Subscriber, completing filings required by any stock exchange
or securities regulatory authority, indirect collection of information by the applicable stock exchange or Regulatory Authority
under authority granted in applicable securities legislation and the administration and enforcement of the securities legislation
of an applicable jurisdiction by the applicable Regulatory Authority. The Subscriber acknowledges that the Subscriber’s Personal
Information, including details of its subscription hereunder, will be disclosed by the Issuer to: (a) stock exchanges or securities
regulatory authorities; (b) the Issuer’s registrar and transfer agent; and (c) any of the other agents or representatives
of the Issuer, including legal counsel to the Issuer; and may be disclosed by the Issuer to (d) the Canada Revenue Agency; and
(e) any other person to whom it is required to disclose such information under applicable legislation or authority. By executing
this Subscription Agreement, the Subscriber consents to and authorizes the foregoing collection, use and disclosure of the Subscriber’s
Personal Information. The Subscriber also consents to and authorizes the filing of copies or originals of any of this Subscription
Agreement (including attachments) below as may be required to be filed with any stock exchange or securities regulatory authority
in connection with the transactions contemplated hereby. In addition, the Subscriber consents to and authorizes the collection,
use and disclosure of all such Personal Information by the Exchange and other regulatory authorities in accordance with their requirements,
including the provision to third party service providers, from time to time. The contact information for the officer of the Issuer
who can answer questions about this collection of information is as follows:

 

    15

     

    

 

NioCorp Developments Ltd.

7000 South Yosemite Street, Suite
115

Centennial, CO

80112

Attn: John F. Ashburn, Jr.

Tel: (720) 639-4650

email: jashburn@niocorp.com

 

For Subscribers with questions about the
collection of Personal Information by the Ontario Securities Commission, please contact the Administrative Support Clerk at the
Ontario Securities Commission, Suite 1903, Box 55, 20 Queen Street West, Toronto, Ontario, M5H 3S8, Tel: (416) 593-3684.

 

		14.	Miscellaneous

 

		(a)	This Subscription Agreement and all related agreements between the Parties hereto shall be governed
by and construed in accordance with the laws of the Province of British Columbia, without reference to its rules governing the
choice or conflict of laws. The Parties hereto irrevocably attorn and submit to the exclusive jurisdiction of the courts of the
Province of British Columbia, sitting in the city of Vancouver, with respect to any dispute to or arising out of this Subscription
Agreement.

 

		(b)	The Subscriber and the Issuer agree that they each will execute or cause to be executed and delivered
all such further and other documents and assurances, and do and cause to be done all such further acts and things as may be necessary
or desirable to give effect to this Subscription Agreement and without limiting the generality of the foregoing to do all acts
and things, execute and deliver all documents, agreements and writings and provide such assurances, undertakings, information and
investment letters as may be required from time to time by all applicable Regulatory Authorities or as may be required from time
to time under applicable Securities Laws.

 

		(c)	This Subscription Agreement, which includes any interest granted or right arising under this Subscription
Agreement, may not be assigned or transferred, without the written consent of the other Parties.

 

		(d)	Except as expressly provided in this Subscription Agreement and in the agreements, instruments
and other documents contemplated or provided for herein, this Subscription Agreement contains the entire agreement between the
Parties with respect to the Units and there are no other terms, conditions, representations or warranties whether expressed, implied,
oral or written, by statute, by common law, by the Issuer, or by anyone else.

 

    16

     

    

 

		(e)	Any notice or other communication to be given hereunder shall, in the case of notice to be given
to:

 

the Issuer,
be addressed to:

 

NioCorp Developments Ltd.

7000 South Yosemite Street, Suite
115

Centennial, CO

80112

 

Attn: John F. Ashburn, Jr.

Tel: (720) 639-4650

email: jashburn@niocorp.com

 

with a copy to
the Issuer’s counsel:

 

Blake, Cassels & Graydon LLP

2600-595 Burrard Street

Vancouver, BC V7X 1L3

 

	 	Attention:	Bob Wooder
	 	Email:	bob.wooder@blakes.com

 

or to such other address, email
address or person that the Party designates by notice given in accordance with the foregoing provisions. Any such notice: (i) if
delivered personally or by courier, will be deemed to have been given and received on the date of such delivery provided that if
such day is not a Business Day then it will be deemed to have been given and received on the first Business Day following such
day; and (ii) if transmitted by email or other form of electronic communication, will be deemed to have been given on the date
of transmission if sent before 5:00 p.m. (Vancouver time) on a Business Day or, if not before 5:00 p.m. (Vancouver time), on the
first Business Day following the date of transmission provided that the sender has evidence of a successful transmission such as
a confirmation or electronic delivery receipt.

 

		(f)	All representations, warranties, agreements and covenants made or deemed to be made by the Issuer
and the Subscriber herein will survive the execution and delivery, and acceptance, of this offer and the closing of the issue of
the Units contemplated hereby.

 

		(g)	Subject to the terms hereof, neither this Subscription Agreement nor any provision hereof shall
be modified, changed, discharged or terminated except by an instrument in writing signed by the Party against whom any waiver,
change, discharge or termination is sought.

 

		(h)	This Subscription Agreement shall enure to the benefit of and be binding upon the Parties and their
respective heirs, executors, administrators and successors but otherwise cannot be assigned.

 

    17

     

    

 

		(i)	This Subscription Agreement may be executed in any number of counterparts, each of which when delivered,
either in original or PDF or other electronic form, shall be deemed to be an original and all of which together shall constitute
one and the same document. If less than a complete copy of this Subscription Agreement is delivered to the Issuer by the Subscriber
(other than the execution pages of this Subscription Agreement required to be executed by the Subscriber), the Issuer and its advisors
are entitled to assume, and the Subscriber shall be deemed to have represented and warranted to the Issuer, that the Subscriber
accepts and agrees to all of the terms and conditions of the pages of this Subscription Agreement that are not delivered, without
any alteration.

 

		(j)	The Parties hereto confirm their express wish that this Subscription Agreement and all documents
and agreements directly or indirectly relating hereto be drawn up in the English language. Les Parties reconnaissent leur volonté
expresse que la présente convention de souscription ainsi que tous les documents et contrats s’y rattachant directement
ou indirectement soient rédigés en anglais.

 

    18

     

    

             
 

SCHEDULE
A

             
 

THE SECURITIES TO WHICH THIS SUBSCRIPTION
AGREEMENT RELATES AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS IN THE UNITED STATES AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES (AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE 1933 ACT) OR TO,
OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON (AS DEFINED IN REGULATION S OF THE 1933 ACT), EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, SUCH REGISTRATION
REQUIREMENTS OF THE 1933 ACT, AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. HEDGING TRANSACTIONS INVOLVING THE SECURITIES
ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE 1933 ACT. THIS SUBSCRIPTION AGREEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES OFFERED HEREBY WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S.
PERSONS EXCEPT IN THE LIMITED CIRCUMSTANCES PROVIDED HEREIN PURSUANT TO TRANSACTIONS EXEMPT FROM REGISTRATION UNDER THE 1933 ACT
AND ANY APPLICABLE STATE SECURITIES LAWS. 

 

Term Sheet

Private Placement of Units

 

	Issuer:	NioCorp Developments Ltd. (“NioCorp” or the “Issuer”).
	 	 
	Offering:	Private placement offering (the “Offering”) of up to approximately C$1,200,000 in units (the “Units”) of the Issuer. Each Unit will consist of one common share (“Common Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). 
	 	 
	Pricing:	
        C$0.60
        per Unit.

        Each Warrant
        shall entitle the holder thereof to purchase one additional Common Share of the Issuer (a “Warrant Share”) at
        an exercise price equal to C$0.72, exercisable at any time up to 24 months from Closing (as
        defined herein).

	 	 
	Use of Proceeds:	Proceeds of the Offering will be used for working capital and general corporate purposes.
	 	 
	Offering Jurisdictions:	The Offering will take place by way of a private placement to qualified investors in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, and otherwise in those jurisdictions where the Offering can lawfully be made. Subscribers will have a $5,000 minimum subscription and Canadian subscribers must be “accredited investors” (as defined in National Instrument 45-106 Prospectus and Registration Exemptions (“NI 45-106”)). United States investors must be “accredited investors” as defined in Rule 501(a) under the United States Securities Act of 1933, as amended.
	 	 
	Hold Period:	Common Shares and Warrants issued in connection with the Offering will be subject to an indefinite hold period as required by U.S. securities laws, and will also be subject to a four-month and one day hold period (which will run concurrently with the indefinite hold period in the United States) as required by Canadian securities laws commencing on the date of closing of the Offering and the Warrant Shares issued on exercise of the Warrants will be subject to additional hold periods under U.S. securities laws that shall commence on the date the Warrants are exercised, and (if applicable) will also be subject to a four-month and one day hold period from Closing (which will run concurrently with the indefinite hold period in the United States).
	 	 
	Listing:	The Company shall obtain the necessary approvals to list the Common Shares, and Common Shares issuable upon exercise of the Warrants, where any such exercise occurs, on the TSX.
	 	 
	Eligibility for Investment:	Eligible under the usual Canadian statutes as well as for RRSPs, RESPs, RRIFs, TFSAs and DPSPs.
	 	 
	Closing:	On or about April 25, 2019 (the “Closing”).

 

    A-1

     

    

 

SCHEDULE B

 

Accredited
Investor Status CERTIFICATE

 

TO BE COMPLETED BY SUBSCRIBERS THAT
ARE ACCREDITED INVESTORS AND ARE RESIDENT IN CANADA OR THE UNITED STATES OR SUBJECT TO CANADIAN OR UNITED STATES SECURITIES LAWS

 

The categories listed herein contain
certain specifically defined terms. If you are unsure as to the meanings of those terms, or are unsure as to the applicability
of any category below, please contact your broker and/or legal advisor before completing this certificate.

              
 

		TO:	NIOCORP DEVELOPMENTS
LTD. (the “Issuer”)

 

Capitalized terms used in this Schedule
“B” and defined in the Subscription Agreement to which this Schedule “B” is attached have the meanings
defined in the Subscription Agreement unless otherwise defined herein.

 

In connection with the
purchase by the undersigned Subscriber of the Units, the Subscriber, on its own behalf or on behalf of each Disclosed Principal
for whom the Subscriber is acting (collectively, the “Subscriber”), hereby represents, warrants, covenants and
certifies to the Issuer (and acknowledges that the Issuer and its counsel are relying thereon) that:

 

		(a)	the Subscriber is purchasing the Units as principal for its own account and not for the benefit
of any other person or is deemed to be purchasing as principal pursuant to NI 45-106;

 

		(b)	the Subscriber is an “accredited investor” within the meaning of NI 45-106 on the basis
that the Subscriber fits within one of the categories of an “accredited investor” reproduced below beside which the
Subscriber has indicated the undersigned belongs to such category;

 

		(c)	the Subscriber was not created or used solely to purchase or hold securities as an accredited investor
as described in paragraph (m) below;

 

		(d)	if the Subscriber is an individual purchasing under category (j), (k) or (l) below, it has completed
and signed Exhibit “A” attached hereto; and

 

		(e)	upon execution of this Schedule “B” by the Subscriber, this Schedule “B”
shall be incorporated into and form a part of the Subscription Agreement to which this Schedule “B” is attached.

 

(PLEASE
CHECK THE BOX OF THE APPLICABLE CATEGORY OF ACCREDITED INVESTOR)

              
 

	 ̈	(a)	(i) except in Ontario, a Canadian financial institution, or a Schedule III bank; or
	 	 	 
	 	 	(ii) in Ontario, a financial institution that is (A) a bank listed in Schedule I, II or III of the Bank Act (Canada); (B) an association to which the Cooperative Credit Associations Act (Canada) applies or a central cooperative credit society for which an order has been made under subsection 473(1) of that Act; or (C) a loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative or credit union league or federation that is authorized by a statute of Canada or Ontario to carry on business in Canada or Ontario, as the case may be;
	 	 	 
	 ̈	(b)	the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada);
	 	 	 
	 ̈	(c)	a subsidiary of any person or company referred to in paragraphs (a) or (b), if the person or company owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary;
	 	 	 
	 ̈	(d)	a person or company registered under the securities legislation of a jurisdiction (province or territory) of Canada as an adviser or dealer (or in Ontario, except as otherwise prescribed by the regulations under the Securities Act (Ontario));

 

    B-1

     

    

 

	 ̈	(e)	an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d);
	 	 	 
	 ̈	(e.1)	an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador);
	 	 	 
	 ̈	(f)	the Government of Canada or a jurisdiction (province or territory) of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada;
	 	 	 
	 ̈	(g)	a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l’île de Montréal or an intermunicipal management board in Québec;
	 	 	 
	 ̈	(h)	any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government;
	 	 	 
	 ̈	(i)	a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction (province or territory) of Canada;
	 	 	 
	 ̈	(j)	an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that, before taxes, but net of any related liabilities, exceeds $1,000,000;
	 	 	 
	 ̈	(j.1)	an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5,000,000;
	 	 	 
	 ̈	(k)	an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year;
	 	 	 
	 ̈	(l)	an individual who, either alone or with a spouse, has net assets of at least $5,000,000;
	 	 	 
	 ̈	(m)	a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements;
	 	 	 
	 ̈	(n)	an investment fund that distributes or has distributed its securities only to (i) a person that is or was an accredited investor at the time of the distribution, (ii) a person that acquires or acquired securities in the circumstances referred to in sections 2.10 [Minimum amount investment] or 2.19 [Additional investment in investment funds] of NI 45-106, or (iii) a person described in sub-paragraph (i) or (ii) that acquires or acquired securities under section 2.18 [Investment fund reinvestment] of NI 45-106;
	 	 	 
	 ̈	(o)	an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt;
	 	 	 
	 ̈	(p)	a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be;

 

    B-2

     

    

 

	 ̈	(q)	a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction;
	 	 	 
	 ̈	(r)	a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded;
	 	 	 
	 ̈	(s)	an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function;
	 	 	 
	 ̈	(t)	a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors;
	 	 	 
	 ̈	(u)	an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser;
	 	 	 
	 ̈	(v)	a person that is recognized or designated by the securities regulatory authority or, except in Québec, the regulator as an accredited investor;
	 	 	 
	 ̈	(w)	a trust established by an accredited investor for the benefit of the accredited investor’s family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor’s spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor’s spouse or of that accredited investor’s former spouse; or
	 	 	 
	 ̈	(x)	in Ontario, such other persons or companies as may be prescribed by the regulations under the Securities Act (Ontario).
	 	 	 
	 	 	***If checking this category (x), please provide a description of how this requirement is met.

 

For the purposes hereof, the following
definitions are included for convenience:

 

		(a)	“bank” means a bank named in Schedule I or II of the Bank Act (Canada);

 

		(b)	“Canadian financial institution” means (i) an association governed by the Cooperative
Credit Associations Act (Canada) or a central cooperative credit society for which an order has been made under section 473(1)
of that Act, or (ii) a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union,
caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a jurisdiction
of Canada to carry on business in Canada or a jurisdiction of Canada;

 

		(c)	“company” means any corporation, incorporated association, incorporated syndicate
or other incorporated organization;

 

		(d)	“eligibility adviser” means:

 

		(i)	a person that is registered as an investment dealer and authorized to give advice with respect
to the type of security being distributed, and

 

		(ii)	in Saskatchewan or Manitoba, also means a lawyer who is a practicing member in good standing with
a law society of a jurisdiction of Canada or a public accountant who is a member in good standing of an institute or association
of chartered accountants, certified general accountants or certified management accountants in a jurisdiction of Canada provided
that the lawyer or public accountant must not

 

		(iii)	(A)	have a professional, business or personal relationship with the issuer, or any of its directors,
executive officer, founders, or control persons, and

 

    B-3

     

    

 

		(B)	have acted for or been retained personally or otherwise as an employee, executive officer, director,
associate or partner of a person that has acted for or been retained by the issuer or any of its directors, executive officers,
founders or control persons within the previous 12 months;

 

		(e)	“executive officer” means, for an issuer, an individual who is: (i) a chair,
vice-chair or president, (ii) a vice-president in charge of a principal business unit, division or function including sales, finance
or production, or (iii) performing a policy-making function in respect of the issuer;

 

		(f)	“financial assets” means (i) cash, (ii) securities, or (iii) a contract of insurance,
a deposit or an evidence of a deposit that is not a security for the purposes of securities legislation;

 

		(g)	“fully managed account” means an account of a client for which a person makes
the investment decisions if that person has full discretion to trade in securities for the account without requiring the client’s
express consent to a transaction;

 

		(h)	“investment fund” has the same meaning as in National Instrument 81-106 Investment
Fund Continuous Disclosure;

 

		(i)	“person” includes: (i) an individual, (ii) a corporation, (iii) a partnership,
trust, fund and an association, syndicate, organization or other organized group of persons whether incorporated or not, and (iv)
an individual or other person in that person’s capacity as a trustee, executor, administrator or personal or other legal
representative.

 

		(j)	“related liabilities” means (i) liabilities incurred or assumed for the purpose
of financing the acquisition or ownership of financial assets, or (ii) liabilities that are secured by financial assets;

 

		(k)	“Schedule III bank” means an authorized foreign bank named in Schedule III of
the Bank Act (Canada);

 

		(l)	“spouse” means, an individual who, (i) is married to another individual and
is not living separate and apart within the meaning of the Divorce Act (Canada), from the other individual, (ii) is living
with another individual in a marriage-like relationship, including a marriage-like relationship between individuals of the same
gender, or (iii) in Alberta, is an individual referred to in paragraph (i) or (ii), or is an adult interdependent partner within
the meaning of the Adult Interdependent Relationships Act (Alberta); and

 

		(m)	“subsidiary” means an issuer that is controlled directly or indirectly by another
issuer and includes a subsidiary of that subsidiary.

 

In NI 45-106 a person or company is an
affiliate of another person or company if one of them is a subsidiary of the other, or if each of them is controlled by the same
person.

 

In NI 45-106 and except in Part 2 Division
4 (Employee, Executive Officer, Director and Consultant Exemption) of NI 45-106, a person (first person) is considered to control
another person (second person) if (a) the first person, beneficially owns or directly or indirectly exercises control or direction
over securities of the second person carrying votes which, if exercised, would entitle the first person to elect a majority of
the directors of the second person, unless that first person holds the voting securities only to secure an obligation, (b) the
second person is a partnership, other than a limited partnership, and the first person holds more than 50% of the interests of
the partnership, or (c) the second person is a limited partnership and the general partner of the limited partnership is the first
person.

 

    B-4

     

    

 

The foregoing representations contained
in this Accredited Investor Status Certificate are true and accurate as of the date of this Accredited Investor Status Certificate
and will be true and accurate as of the Closing Time and the Subscriber acknowledges that this Accredited Investor Status Certificate
is incorporated into and forms a part of the Subscription Agreement to which it is attached. If any such representations shall
not be true and accurate prior to the Closing Time, the undersigned shall give immediate written notice of such fact to the Issuer
prior to the Closing Time.

 

	Dated:	____________________	 	Signed:	 
	 	 	 
	 	 	 
	Witness (If Subscriber is an Individual)	 	Print the name of Subscriber
	 	 	 
	 	 	 
	Print Name of Witness	 	If Subscriber is a corporation,

print name and title of Authorized Signing Officer

 

    B-5

     

    

 

EXHIBIT A TO SCHEDULE B

 

ACCREDITED INVESTOR RISK ACKNOWLEDGMENT
FORM

 

THIS “EXHIBIT A” TO SCHEDULE
“B” IS TO BE COMPLETED BY ACCREDITED INVESTORS WHO COMPLETED SCHEDULE “B” AND ARE INDIVIDUALS SUBSCRIBING
UNDER CATEGORIES (J), (K) OR (L) IN SCHEDULE “B” TO WHICH THIS EXHIBIT “A” IS ATTACHED.

 

 

	
        WARNING!

         

        This investment is risky. Don’t invest
        unless you can afford to lose all the money you pay for this investment.

         

	 	 	 	 
	SECTION 1 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER
	1.  About your investment
	Type of securities: Units (each comprised of one common share and one half of one common share purchase warrant) 	Issuer: NioCorp Developments Ltd.
	Purchased from: NioCorp Developments Ltd.
	SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER
	2.  Risk acknowledgement
	This investment is risky. Initial that you understand that:	Your 

Initials
	Risk of loss - You could lose your entire investment of $ _____________ . [Instruction: Insert the total dollar amount of the investment.]	 
	Liquidity risk - You may not be able to sell your investment quickly - or at all.	 
	Lack of information - You may receive little or no information about your investment.	 
	Lack of advice - You will not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investment. To check whether the salesperson is registered, go to www.aretheyregistered.ca.	 
	3.  Accredited investor status
	You must meet at least one of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria.	Your 

initials
	●	Your net income before taxes was more than $200,000 in each
of the 2 most recent calendar years, and you expect it to be more than $200,000 in the current calendar year. (You can find your
net income before taxes on your personal income tax return.) 	 
	●	Your net income before taxes combined with your spouse’s
was more than $300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be
more than $300,000 in the current calendar year. 	 
	●	Either alone or with your spouse, you own more than $1 million in
cash and securities, after subtracting any debt related to the cash and securities. 	 
	●	Either alone or with your spouse, you have net assets worth
more than $5 million. (Your net assets are your total assets (including real estate) minus your total debt.) 	 

 

    B-6

     

    

 

	4.  Your name and signature
	By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form.
	First and last name (please print):
	Signature:	Date:
	SECTION 5 TO BE COMPLETED BY THE SALESPERSON 
	5.  Salesperson information
	[Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement.]
	First and last name of salesperson (please print): 
	Telephone:	Email:
	Name of firm (if registered):
	SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER
	6.  For more information about this investment
	
         

        NioCorp Developments Ltd. 

        7000 South Yosemite Street, Suite 115

        Centennial, CO

        80112 

        Attn: Jim Sims

        Tel: (303) 503-6203

        email: financing@niocorp.com

 

        For more information about prospectus exemptions,
        contact your local securities regulator. You can find contact information at www.securities-administrators.ca.

         

	 	 	 	 

Form instructions:

 

		1.	This form does not mandate the use of a specific font size or style but the font must be legible.

 

		2.	The information in sections 1, 5 and 6 must be completed before the purchaser completes and
signs the form.

 

		3.	The purchaser must sign this form. Each of the purchaser and the issuer or selling security
holder must receive a copy of this form signed by the purchaser. The issuer or selling security holder is required to keep a copy
of this form for 8 years after the distribution.

 

    B-7

     

    

 

SCHEDULE C

 

REGULATION S CERTIFICATE

 

TO BE COMPLETED BY PURCHASERS THAT ARE
NOT RESIDENT IN THE UNITED STATES AND ARE NOT A U.S. PURCHASER

 

THE SECURITIES TO WHICH THIS SUBSCRIPTION
AGREEMENT RELATES AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS IN THE UNITED STATES AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES (AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE 1933 ACT) OR TO,
OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON (AS DEFINED IN REGULATION S OF THE 1933 ACT), EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, SUCH REGISTRATION
REQUIREMENTS OF THE 1933 ACT, AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. HEDGING TRANSACTIONS INVOLVING THE SECURITIES
ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE 1933 ACT. 

 

In connection
with the undersigned’s (the “Subscriber”) subscription for Units of the Issuer (a “Unit”),
each Unit being comprised of one common share in the capital of the Issuer (a “Unit Share”) and one half of
one common share purchase warrant (each whole warrant, a “Warrant”) of the Issuer and each Warrant entitling
the holder to acquire one additional common share in the capital of the Issuer (a “Warrant Share”), exercisable
for a period of 24 months following the Closing at an exercise price of C$0.72 per Warrant
Share, by executing this Regulation S Certificate, the Subscriber represents, warrants and covenants to and with the Issuer as
follows (capitalized terms used herein and not otherwise defined shall have the meaning given in the Subscription Agreement to
which this Regulation S Certificate is attached):

 

		(a)	the Subscriber understands that the Securities have not been and will not be, prior to distribution,
registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or the securities laws
of any state of the United States and that the offer and sale of the Units to it will be made in reliance upon an exclusion from
the registration requirements of the 1933 Act under Regulation S thereunder (“Regulation S”);

 

		(b)	the Subscriber purchasing the Securities for its own account or for the account of one or more
persons for whom it is exercising sole investment discretion, (a “Disclosed Subscriber”), for investment purposes
only and not with a view to resale or distribution in violation of applicable securities laws and, in particular, neither it nor
any Disclosed Subscriber for whose account it is purchasing the Securities is an underwriter, agent, dealer or “Distributor”
as defined in Rule 902(d) of Regulation S or has any intention to distribute either directly or indirectly any of the Securities
in the United States or to, or for the account or benefit of, a U.S. person (as defined in Regulation S, a “U.S. Person”)
or person in the United States; provided, however, that this paragraph shall not restrict the Subscriber from selling or otherwise
disposing of any of the Securities pursuant to registration thereof pursuant to the 1933 Act and any applicable state securities
laws or under an exemption from such registration requirements;

 

		(c)	the Subscriber has such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of its investment in the Securities and is able, without impairing its financial condition,
to hold such Securities for an indefinite period of time and to bear the economic risks of, and withstand a complete loss of, such
investment;

 

		(d)	neither the Subscriber nor the Disclosed Subscriber, if any, is a U.S. Person;

 

		(e)	(A) The Subscriber and the Disclosed Subscriber, if any, are not resident in the United States
and are not purchasing the Securities for the account or benefit of a U.S. Person or person in the United States, (B) the Units
were not offered to it or the Disclosed Subscriber, if any, in the United States and (C) at the time its buy order was made and
the Subscription Agreement was executed, it (or its authorized signatory) were outside the United States;

 

    C-1

     

    

 

		(f)	the current structure of this transaction and all transactions and activities contemplated hereunder
is not a scheme to avoid the registration requirements of the 1933 Act;

 

		(g)	the Subscriber did not receive the offer to purchase the Securities as a result of, nor will it
engage in, any directed selling efforts (as defined in Regulation S);

 

		(h)	the Subscriber agrees not to engage in hedging transactions in the Securities except in compliance
with the 1933 Act;

 

		(i)	the Subscriber agrees that prior to the expiration of the one-year distribution compliance period
set forth in Rule 903(b)(3) of Regulation S under the 1933 Act with regard to the Securities, it will not offer, sell or transfer,
directly or indirectly, any of the Securities except in accordance with the provisions of Regulation S, pursuant to registration
under the 1933 Act or pursuant to an available exemption from registration under the 1933 Act;

 

		(j)	the Subscriber understands and acknowledges that the Securities are “restricted securities”
within the meaning of Rule 144 under the 1933 Act, and that if in the future it decides to offer, resell, pledge or otherwise transfer
any of such securities, such securities may be offered, resold, pledged or otherwise transferred, directly or indirectly, only
(a) to the Issuer; (b) pursuant to an effective registration statement under the 1933 Act; (c) in accordance with Rule 144 under
the 1933 Act, if available, and, in each case, in compliance with any applicable securities laws of any state of the United States;
or (d) pursuant to another exemption from the registration requirements under the 1933 Act and any applicable securities laws of
any state of the United States, after providing an opinion of counsel, of recognized standing, in form and substance reasonably
satisfactory to the Issuer, to the effect that the proposed transfer may be effected without registration under the 1933 Act

 

		(k)	the Subscriber acknowledges and agrees that the Issuer is hereby bound by this Agreement and its
agreements with its transfer agent to refuse to register any transfer of the Securities not made in accordance with Regulation
S, pursuant to registration under the 1933 Act or pursuant to an available exemption from registration under the 1933 Act and in
compliance with any applicable local laws and regulations; the Subscriber consents to the Issuer making a notation on its records
or giving instructions to any transfer agent of the Securities in order to implement the restrictions on transfer set forth and
described herein;

 

		(l)	the Subscriber acknowledges that upon the issuance of the Securities, and until such time as the
same is no longer required under the applicable requirements of the 1933 Act or applicable state securities laws and regulations,
the certificates representing the Securities, and all securities issued in exchange therefor or in substitution thereof, will bear
a legend in substantially the following form:

 

“THE
SECURITIES REPRESENTED HEREBY [For warrants Include: and the securities issuable upon exercise hereof] HAVE NOT BEEN AND WILL NOT
BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. Securities Act”), OR UNDER ANY
STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE securities, AGREES FOR THE BENEFIT OF NIOCORP DEVELOPMENTS LTD. (THE
“COmpany”), THAT THESE securities MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, directly or indirectly ONLY
(A) TO THE COMPANY, (B) IF THE SECURITIES HAVE BEEN REGISTERED IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
UNDER THE SECURITIES ACT IN ACCORDANCE WITH RULE 144 THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE LAWS AND REGULATIONS
GOVERNING THE OFFER AND SALE OF SECURITIES, AND, IN EACH CASE, THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN
OPINION OF COUNSEL OF RECOGNIZED STANDING, OR OTHER EVIDENCE OF EXEMPTION, REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT.
HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT. THESE SECURITIES MAY
NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES.”

 

    C-2

     

    

 

if any of the Securities are being
sold pursuant to clause (C) in the legend above, the legend may be removed by delivery to Computershare Investor Services Inc.
of an opinion of counsel of recognized standing in form and substance satisfactory to the Issuer, to the effect that the legend
is no longer required under applicable requirements of the 1933 Act;

 

		(g)	the Subscriber acknowledges that the Warrants may not be exercised unless exemptions are available
from the registration requirements of the 1933 Act and the securities laws of all applicable states of the United States, and the
holder has furnished an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Issuer to
such effect; provided that a holder of warrants (a “Warrantholder”) will not be required to deliver an opinion
of counsel in connection with its due exercise of the Warrants that comprise part of the Units purchased pursuant to the offering,
for its own account or for the account of the original beneficial purchaser, if any, at a time when the Warrantholder and such
original beneficial purchaser, if any, are outside the United States, are not U.S. Persons and are not exercising on behalf of
U.S. Persons or persons in the United States and its representations and warranties contained in this Regulation S Certificate
attached hereto remain true and correct in respect to the exercise of the Warrants and the holder represents to the Issuer as such.

 

		(h)	Upon the original issuance of the Warrants and until such time as is no longer required under applicable
requirements of the 1933 Act or applicable state securities laws, all certificates representing the Warrants and all certificates
issued in exchange therefor or in substitution thereof, shall bear a legend substantially in the following form:

 

“THIS WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”). THIS WARRANT MAY NOT BE EXERCISED UNLESS THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR EXEMPTIONS FROM SUCH REGISTRATION
REQUIREMENTS ARE AVAILABLE.”

 

		(m)	the Subscriber acknowledges that the Issuer is not a “foreign issuer” as defined in
Regulation S and therefore, pursuant to Rule 905 of Regulation S, the United States securities law legend set forth above may not
be removed from certificates representing the Securities upon any resale made pursuant to Rule 903 or 904 of Regulation S; therefore
the certificates representing the Securities which bear such legend may not constitute “good delivery” in settlement
of transactions on stock exchanges;

 

    C-3

     

    

 

		(n)	the Subscriber understands that (i) the Issuer may be deemed to be an issuer that is, or that has
been at any time previously, an issuer with no or nominal operations and no or nominal assets other than cash and cash equivalents
(a “Shell Company”), (ii) if the Issuer is deemed to be, or to have been at any time previously, a Shell Company,
Rule 144 under the 1933 Act may not be available for resales of the Securities, and (iii) except as set forth in the Subscription
Agreement, the Issuer is not obligated to make Rule 144 under the 1933 Act available for resales of the Securities;

 

		(o)	the Subscriber has been independently advised as to the applicable hold period and restrictions
with respect to trading imposed in respect of the Securities by securities legislation in the jurisdiction in which it resides,
and confirms that no representation has been made respecting the applicable hold periods for such Securities and is aware of the
risks and other characteristics of the Securities and of the fact that the Subscriber may not be able to resell any of the Securities
except in accordance with applicable securities legislation and regulatory policy; and

 

		(p)	the Subscriber understands and acknowledges that it is making the representations and warranties
and agreements contained herein with the intent that the they may be relied upon by the Issuer, in determining its eligibility
or (if applicable) the eligibility of others on whose behalf it is contracting hereunder to purchase the Units.

 

The Subscriber undertakes to notify the
Issuer immediately at the principal offices of the Issuer of any change in any representation, warranty or other information relating
to the Subscriber set forth herein which takes place prior to the Closing.

 

The Issuer shall be entitled to rely on
delivery of a facsimile or PDF copy of this Regulation S Certificate.

 

DATED this________ day of ________________,
2019.

 

	 	 
	
        (Name of Subscriber - please
        print)
	 
	 	 
	by: 	      	 
	 	(Official Capacity or Title - please print)	 	 
	 	 
	
        Authorized Signature
	 
	 	 
	(Please print name of individual whose signature appears above if different than the name of the Subscriber printed above.)	 

 

    C-4

     

    

 

SCHEDULE
D

 

U.S.
PURCHASER CERTIFICATE

 

TO
BE COMPLETED BY PURCHASERS THAT ARE RESIDENT IN THE UNITED STATES OR ARE A U.S. PURCHASER

 

THE SECURITIES TO WHICH THIS SUBSCRIPTION
AGREEMENT RELATES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”)
OR ANY APPLICABLE STATE SECURITIES LAWS IN THE UNITED STATES AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES
(AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE 1933 ACT) OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON (AS DEFINED
IN REGULATION S OF THE 1933 ACT), EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, SUCH REGISTRATION REQUIREMENTS OF THE 1933 ACT, AND IN ACCORDANCE WITH ANY
APPLICABLE STATE SECURITIES LAWS. HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE 1933
ACT. 

 

In connection
with the undersigned’s (the “Subscriber”) subscription for units of the Issuer (the “Units”),
each Unit being comprised of one common share in the capital of the Issuer (a “Unit Share”) and one half of
one common share purchase warrant (each whole warrant, a “Warrant”) of the Issuer and each Warrant entitling
the holder to acquire one additional common share in the capital of the Issuer (a “Warrant Share”), exercisable
for a period of 24 months following the Closing at an exercise price of C$0.72 per Warrant
Share, by executing this U.S. Purchaser Certificate, the Subscriber represents, warrants and covenants to and with the Issuer as
follows (capitalized terms used herein and not otherwise defined shall have the meaning given in the Subscription Agreement to
which this U.S. Purchaser Certificate is attached):

 

		(a)	the Subscriber understands that the Securities have not been and will not be, prior to distribution,
registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or the securities laws
of any state of the United States and that the offer and sale of the Offered Units to it will be made in reliance upon an exemption
from registration under Rule 506(b) under Regulation D under the 1933 Act available to the Issuer for offers and sales to “accredited
investors” as defined in Rule 501(a) of Regulation D under the 1933 Act (“Accredited Investors”);

 

		(b)	the Subscriber acknowledges that prior to the time of purchase of any Units it has been afforded
the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Issuer
concerning the terms and conditions of the offering of the Units and to obtain such additional information which the Issuer possesses
or can acquire without unreasonable effort or expense;

 

		(c)	the Subscriber has such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of its investment in the Securities and is able, without impairing its financial condition,
to hold such Securities for an indefinite period of time and to bear the economic risks of, and withstand a complete loss of, such
investment;

 

		(f)	the Subscriber (and, if the Subscriber is acting on behalf of a beneficial purchaser, such beneficial
purchaser) (i) is an Accredited Investor, (ii) is acquiring the Units for its own account or for the account of one or more Accredited
Investors with respect to which it exercises sole investment discretion, and in each case not with a view to any resale, distribution
or other disposition of the Securities in violation of United States federal or state securities laws, and (iii) satisfies (and
the beneficial purchaser, if any, satisfies) the requirements of the paragraphs below to which the Subscriber has affixed his or
her initials

 

    D-1

     

    

 

The line identified as “S”
next to the corresponding paragraph applicable to the Subscriber must be initialed and, if there is a beneficial purchaser, the
line identified as “BP” next to the corresponding paragraph describing the requirement satisfied by the beneficial
purchaser must be initialed:

 

	
        ________________(S)

         

        ________________(BP)
	1.	Any bank as defined in Section 3(a)(2) of the 1933 Act or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the 1933 Act whether acting in its individual or fiduciary capacity; any broker dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended; any insurance company as defined in Section 2(a)(13) of the 1933 Act; any investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of that Act; any Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of US$5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of US$5,000,000, or, if a self-directed plan, with investment decisions made solely by persons that are “accredited investors” as defined in Rule 501(a) under the 1933 Act;
	 	 	 
	
        ________________(S)

         

        ________________(BP)
	2.	Any private business development company as defined in Section 202(a)(22) of the Investments Advisers Act of 1940;
	 	 	 
	
        ________________(S)

         

        ________________(BP)
	3.	Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, or Massachusetts or similar business trust or partnership, not formed for the specific purpose of acquiring the Offered Units offered, with total assets in excess of US$5,000,000;
	 	 	 
	
        ________________(S)

         

        ________________(BP)
	4.	A director, executive officer or general partner of the Issuer; or
	 	 	 
	
        ________________(S)

         

        ________________(BP)
	5.	A natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of this purchase exceeds US$1,000,000; provided, however, that (i) a person’s primary residence shall not be included as an asset; (ii) indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of the sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (iii) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability; or
	 	 	 
	
        ________________(S)

         

        ________________(BP)
	6.	A natural person who had an individual income in excess of US$200,000 in each of the two most recent years or joint income with that person's spouse in excess of US$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; or

 

    D-2

     

    

 

	
        ________________(S)

         

        ________________(BP)
	7.	Any trust with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the Offered Units, whose purchase is directed by a sophisticated person, being defined as a person who has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of the prospective investment.
	 	 	 
	
        ________________(S)

         

        ________________(BP)
	8.	An entity in which all of the equity owners are accredited investors (if this category is selected, the Subscriber must provide certification as to the category under which each equity owner qualifies as an Accredited Investor).

 

		(i)	the Subscriber acknowledges that it has not purchased the Units as a result of any “general
solicitation” or “general advertising” (as those terms are used in Regulation D under the 1933 Act), including
any advertisements, articles, notices or other communications published on the internet or in any newspaper, magazine or similar
media or broadcast over radio, television or the internet, or any seminar or meeting whose attendees have been invited by general
solicitation or general advertising;

 

		(j)	the Subscriber understands and acknowledges that the Securities are “restricted securities”
within the meaning of Rule 144 under the 1933 Act, and that if in the future it decides to offer, resell, pledge or otherwise transfer
any of such securities, such securities may be offered, resold, pledged or otherwise transferred, directly or indirectly, only
(a) to the Issuer; (b) pursuant to an effective registration statement under the 1933 Act; (c) in accordance with Rule 144 under
the 1933 Act, if available, and, in each case, in compliance with any applicable securities laws of any state of the United States;
or (d) pursuant to another exemption from the registration requirements under the 1933 Act and any applicable securities laws of
any state of the United States, after providing an opinion of counsel, of recognized standing, in form and substance reasonably
satisfactory to the Issuer, to the effect that the proposed transfer may be effected without registration under the 1933 Act;

 

		(k)	the Subscriber understands and acknowledges that upon the original issuance of the Securities and
until such time as the same is no longer required under applicable requirements of the 1933 Act or applicable securities laws of
any state of the United States, certificates representing the Securities and all certificates issued in exchange therefor or in
substitution thereof, shall bear a legend to the following effect:

 

“THE
SECURITIES REPRESENTED HEREBY [For warrants Include: and the securities issuable upon exercise hereof] HAVE NOT BEEN AND WILL NOT
BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. Securities Act”), OR UNDER ANY
STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE securities, AGREES FOR THE BENEFIT OF NIOCORP DEVELOPMENTS LTD. (THE
“COmpany”), THAT THESE securities MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, directly or indirectly ONLY
(A) TO THE COMPANY, (B) IF THE SECURITIES HAVE BEEN REGISTERED IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
UNDER THE SECURITIES ACT IN ACCORDANCE WITH RULE 144 THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE LAWS AND REGULATIONS
GOVERNING THE OFFER AND SALE OF SECURITIES, AND, IN EACH CASE, THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN
OPINION OF COUNSEL OF RECOGNIZED STANDING, OR OTHER EVIDENCE OF EXEMPTION, REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT.
HEDGING TRANSACTIONS INVOLVING THE SECURITIES ARE PROHIBITED EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT. THESE SECURITIES MAY
NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON CANADIAN STOCK EXCHANGES.”

 

    D-3

     

    

 

if any of the Securities are being
sold pursuant to clause (C) in the legend above, the legend may be removed by delivery to Computershare Investor Services Inc.
of an opinion of counsel of recognized standing in form and substance satisfactory to the Issuer, to the effect that the legend
is no longer required under applicable requirements of the 1933 Act;

 

		(l)	The Warrants may not be exercised unless exemptions are available from the registration requirements
of the 1933 Act and the securities laws of all applicable states of the United States, and the holder has furnished an opinion
of counsel of recognized standing in form and substance reasonably satisfactory to the Issuer to such effect; provided that a holder
of warrants (a “Warrantholder”) will not be required to deliver an opinion of counsel in connection with its
due exercise of the Warrants that comprise part of the Units purchased pursuant to the Offering, for its own account or for the
account of the original beneficial purchaser, if any, at a time when the Warrantholder and such original beneficial purchaser,
if any, are Accredited Investors and its representations and warranties contained in this U.S. Purchaser Certificate remain true
and correct in respect to the exercise of the Warrants and the holder represents to the Issuer as such.

 

		(m)	Upon the original issuance of the Warrants and until such time as is no longer required under applicable
requirements of the 1933 Act or applicable state securities laws, all certificates representing the Warrants sold in the United
States and to, or for the account or benefit of, U.S. Persons, and all certificates issued in exchange therefor or in substitution
thereof, shall bear a legend substantially in the following form:

 

“THIS WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”). THIS WARRANT MAY NOT BE EXERCISED UNLESS THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR EXEMPTIONS FROM SUCH REGISTRATION
REQUIREMENTS ARE AVAILABLE.”

 

		(n)	the Subscriber consents to the Issuer making a notation on its records or giving instructions to
any transfer agent of the Securities in order to implement the restrictions on transfer set forth and described herein;

 

		(o)	the Subscriber understands and acknowledges that, except as set forth in the Subscription Agreement,
the Issuer is not obligated to file and has no present intention of filing with the United States Securities and Exchange Commission
or with any state securities commission any registration statement in respect of resales of the Securities in the United States;

 

		(p)	if required by applicable securities legislation, regulatory policy or order or by any securities
commission, stock exchange or other regulatory authority, the Subscriber will execute, deliver and file and otherwise assist the
Issuer in filing reports, questionnaires, undertakings and other documents with respect to the issue of the Securities;

 

    D-4

     

    

 

		(q)	the Subscriber acknowledges and understands that there may be material tax consequences to it of
the acquisition, ownership, holding, exercise or disposition of the Securities including those relating to the Issuer’s status
as a “passive foreign investment corporation” under the Internal Revenue Code of 1986, as amended. The Issuer does
not give any opinion or make any representation with respect to tax consequences to such persons under the United States, state,
local or foreign law of the acquisition, ownership, holding, exercise or disposition of the Securities. Such persons should consult
their own tax advisors about the United States, state, local and foreign tax consequences of acquiring, owning, holding, exercising
and disposing of the Securities;

 

		(r)	it acknowledges that it is encouraged to obtain independent legal, income tax and investment advice
with respect to its subscription for the Units and accordingly, has had an opportunity to acquire an understanding of the meanings
of all terms contained herein relevant to the Subscriber for the purpose of giving the representations, warranties and covenants
contained herein;

 

		(s)	the Subscriber has been independently advised as to the applicable hold period and restrictions
with respect to trading imposed in respect of the Securities by securities legislation in the jurisdiction in which it resides,
and confirms that no representation has been made respecting the applicable hold periods for such Securities and is aware of the
risks and other characteristics of the Securities and of the fact that the Subscriber may not be able to resell any of the Securities
except in accordance with applicable securities legislation and regulatory policy; and

 

		(t)	the Subscriber understands and acknowledges that it is making the representations and warranties
and agreements contained herein with the intent that the they may be relied upon by the Issuer, in determining its eligibility
or (if applicable) the eligibility of others on whose behalf it is contracting hereunder to purchase the Units.

 

The Subscriber undertakes to notify the
Issuer immediately at the principal offices of the Issuer of any change in any representation, warranty or other information relating
to the Subscriber set forth herein which takes place prior to the Closing.

 

The Company shall be entitled to rely on
delivery of a facsimile or PDF copy of this U.S. Purchaser Certificate.

 

DATED this________ day of ________________,
2019.

 

	 	 
	
        (Name of Subscriber - please
        print)
	 
	 	 
	by:	         	 	 
	 	(Official Capacity or Title - please print)	 
	 	 
	
        Authorized Signature
	 
	 	 
	(Please print name of individual whose signature appears above if different than the name of the Subscriber printed above.)	 

 

    D-5EX-4.1

 Exhibit 4.1 
  

 
  

FIFTH THIRD AUTO TRUST 2019-1 

Class A-1 2.57563% Auto Loan Asset Backed Notes 

Class A-2-A 2.66% Auto Loan Asset Backed Notes 

Class A-2-B LIBOR + 0.17% Auto Loan Asset Backed Notes 

Class A-3 2.64% Auto Loan Asset Backed Notes 

Class A-4 2.69% Auto Loan Asset Backed Notes 

 
  

INDENTURE 
 Dated as of
May 8, 2019 
  
  

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as the Indenture Trustee 
  

 
  

 CROSS REFERENCE TABLE1 

 

					
	 TIA
 Section
	 	 	  	 Indenture
 Section

			
	 310
	 	 (a) (1)
	  	 6.11

		 	 (a) (2)
	  	 6.11

		 	 (a) (3)
	  	 6.10; 6.11

		 	 (a) (4)
	  	 N.A.2

		 	 (a) (5)
	  	 6.11

		 	 (b)
	  	 6.8; 6.11

		 	 (c)
	  	 N.A.

	 311
	 	 (a)
	  	 6.12

		 	 (b)
	  	 6.12

		 	 (c)
	  	 N.A.

	 312
	 	 (a)
	  	 7.1

		 	 (b)
	  	 7.2

		 	 (c)
	  	 7.2

	 313
	 	 (a)
	  	 7.3

		 	 (b) (1)
	  	 7.3

		 	 (b) (2)
	  	 7.3

		 	 (c)
	  	 7.3

		 	 (d)
	  	 7.3

	 314
	 	 (a)
	  	 3.9

		 	 (b)
	  	 3.6; 11.15

		 	 (c) (1)
	  	 11.15

		 	 (c) (2)
	  	 11.1

		 	 (c) (3)
	  	 11.1

		 	 (d)
	  	 11.1

		 	 (e)
	  	 11.1

		 	 (f)
	  	 N.A.

	 315
	 	 (a)
	  	 6.1(b)

		 	 (b)
	  	 6.5

		 	 (c)
	  	 6.1(a)

		 	 (d)
	  	 6.1(c)

		 	 (e)
	  	 5.13

	 316
	 	 (a) (1) (A)
	  	 5.11

		 	 (a) (1) (B)
	  	 5.12

		 	 (a) (2)
	  	 N.A.

		 	 (b)
	  	 5.7

		 	 (c)
	  	 5.6(b)

	 317
	 	 (a) (1)
	  	 5.3(b)

		 	 (a) (2)
	  	 5.3(d)

		 	 (b)
	  	 3.3(c)

	 318
	 	 (a)
	  	 11.7

   

 

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

	2 	 N.A. means Not Applicable. 

  
 FTAT 2019-1 Indenture

 Table of Contents 
  

							
	 	  	 	  	Page	 
			
	 ARTICLE I
	  	 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	2	 
			
	 SECTION 1.1
	  	Definitions	  	 	2	 
	 SECTION 1.2
	  	Incorporation by Reference of Trust Indenture Act	  	 	2	 
	 SECTION 1.3
	  	Other Interpretive Provisions	  	 	2	 
			
	 ARTICLE II
	  	 THE NOTES
	  	 	3	 
			
	 SECTION 2.1
	  	Form	  	 	3	 
	 SECTION 2.2
	  	Execution, Authentication and Delivery	  	 	3	 
	 SECTION 2.3
	  	Temporary Notes	  	 	4	 
	 SECTION 2.4
	  	Registration of Transfer and Exchange	  	 	4	 
	 SECTION 2.5
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	 	5	 
	 SECTION 2.6
	  	Persons Deemed Owners	  	 	6	 
	 SECTION 2.7
	  	Payment of Principal and Interest; Defaulted Interest	  	 	7	 
	 SECTION 2.8
	  	Cancellation	  	 	7	 
	 SECTION 2.9
	  	Release of Collateral	  	 	8	 
	 SECTION 2.10
	  	Book-Entry Notes	  	 	8	 
	 SECTION 2.11
	  	Notices to Clearing Agency	  	 	9	 
	 SECTION 2.12
	  	Definitive Notes	  	 	9	 
	 SECTION 2.13
	  	Authenticating Agents	  	 	9	 
	 SECTION 2.14
	  	Paying Agent	  	 	10	 
	 SECTION 2.15
	  	Tax Treatment	  	 	11	 
	 SECTION 2.16
	  	Transfer Restrictions on the Retained Notes	  	 	12	 
			
	 ARTICLE III
	  	 COVENANTS
	  	 	14	 
			
	 SECTION 3.1
	  	Payment of Principal and Interest; Determination of LIBOR	  	 	14	 
	 SECTION 3.2
	  	Maintenance of Office or Agency	  	 	15	 
	 SECTION 3.3
	  	Money for Payments to Be Held in Trust	  	 	15	 
	 SECTION 3.4
	  	Existence	  	 	17	 
	 SECTION 3.5
	  	Protection of Collateral	  	 	17	 
	 SECTION 3.6
	  	Opinions as to Collateral	  	 	18	 
	 SECTION 3.7
	  	Performance of Obligations	  	 	18	 
	 SECTION 3.8
	  	Negative Covenants	  	 	19	 
	 SECTION 3.9
	  	Annual Compliance Statement	  	 	20	 
	 SECTION 3.10
	  	Restrictions on Certain Other Activities	  	 	21	 
	 SECTION 3.11
	  	Restricted Payments	  	 	21	 
	 SECTION 3.12
	  	Notice of Events of Default	  	 	21	 
	 SECTION 3.13
	  	Further Instruments and Acts	  	 	22	 
	 SECTION 3.14
	  	Compliance with Laws	  	 	22	 
	 SECTION 3.15
	  	Perfection Representations, Warranties and Covenants	  	 	22	 
	 SECTION 3.16
	  	Investment Company Act Representation	  	 	22	 

  
 i 

 Table of Contents 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 ARTICLE IV
	  	 SATISFACTION AND DISCHARGE
	  	 	22	 
			
	 SECTION 4.1
	  	Satisfaction and Discharge of Indenture	  	 	22	 
	 SECTION 4.2
	  	Application of Trust Money	  	 	23	 
	 SECTION 4.3
	  	Repayment of Monies Held by Paying Agent	  	 	23	 
			
	 ARTICLE V
	  	 REMEDIES
	  	 	23	 
			
	 SECTION 5.1
	  	Events of Default	  	 	23	 
	 SECTION 5.2
	  	Acceleration of Maturity; Waiver of Event of Default	  	 	24	 
	 SECTION 5.3
	  	Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee	  	 	25	 
	 SECTION 5.4
	  	Remedies; Priorities	  	 	27	 
	 SECTION 5.5
	  	Optional Preservation of the Collateral	  	 	29	 
	 SECTION 5.6
	  	Limitation of Suits	  	 	29	 
	 SECTION 5.7
	  	Rights of Noteholders to Receive Principal and Interest	  	 	30	 
	 SECTION 5.8
	  	Restoration of Rights and Remedies	  	 	30	 
	 SECTION 5.9
	  	Rights and Remedies Cumulative	  	 	30	 
	 SECTION 5.10
	  	Delay or Omission Not a Waiver	  	 	31	 
	 SECTION 5.11
	  	Control by Noteholders	  	 	31	 
	 SECTION 5.12
	  	Waiver of Past Defaults	  	 	31	 
	 SECTION 5.13
	  	Undertaking for Costs	  	 	32	 
	 SECTION 5.14
	  	Waiver of Stay or Extension Laws	  	 	32	 
	 SECTION 5.15
	  	Action on Notes	  	 	32	 
	 SECTION 5.16
	  	Performance and Enforcement of Certain Obligations	  	 	32	 
	 SECTION 5.17
	  	Sale of Collateral	  	 	33	 
			
	 ARTICLE VI
	  	 THE INDENTURE TRUSTEE
	  	 	34	 
			
	 SECTION 6.1
	  	Duties of the Indenture Trustee	  	 	34	 
	 SECTION 6.2
	  	Rights of the Indenture Trustee	  	 	35	 
	 SECTION 6.3
	  	Individual Rights of the Indenture Trustee	  	 	37	 
	 SECTION 6.4
	  	The Indenture Trustee’s Disclaimer	  	 	37	 
	 SECTION 6.5
	  	Notice of Defaults	  	 	37	 
	 SECTION 6.6
	  	Reports by the Paying Agent to Noteholders	  	 	38	 
	 SECTION 6.7
	  	Compensation and Indemnity	  	 	38	 
	 SECTION 6.8
	  	Removal, Resignation and Replacement of the Indenture Trustee	  	 	39	 
	 SECTION 6.9
	  	Successor Indenture Trustee by Merger	  	 	40	 
	 SECTION 6.10
	  	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	40	 
	 SECTION 6.11
	  	Eligibility; Disqualification	  	 	41	 
	 SECTION 6.12
	  	Preferential Collection of Claims Against the Issuer	  	 	41	 
	 SECTION 6.13
	  	Representations and Warranties	  	 	42	 

  
 ii 

 Table of Contents 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 ARTICLE VII
	  	 NOTEHOLDERS’ LISTS AND REPORTS
	  	 	42	 
			
	 SECTION 7.1
	  	The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders	  	 	42	 
	 SECTION 7.2
	  	Preservation of Information; Communications Among Noteholders	  	 	42	 
	 SECTION 7.3
	  	Reports by the Indenture Trustee	  	 	43	 
	 SECTION 7.4
	  	Statements to Certificateholders and Noteholders	  	 	43	 
	 SECTION 7.5
	  	Noteholder and Note Owner Demand for Asset Representations Review	  	 	45	 
			
	 ARTICLE VIII
	  	 ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	46	 
			
	 SECTION 8.1
	  	Collection of Money	  	 	46	 
	 SECTION 8.2
	  	Trust Accounts	  	 	46	 
	 SECTION 8.3
	  	General Provisions Regarding Accounts	  	 	48	 
	 SECTION 8.4
	  	Additional Withdrawals and Deposits	  	 	51	 
	 SECTION 8.5
	  	Distributions	  	 	51	 
	 SECTION 8.6
	  	Release of Collateral	  	 	52	 
	 SECTION 8.7
	  	Opinion of Counsel	  	 	53	 
			
	 ARTICLE IX
	  	 SUPPLEMENTAL INDENTURES
	  	 	53	 
			
	 SECTION 9.1
	  	Supplemental Indentures Without Consent of Noteholders	  	 	53	 
	 SECTION 9.2
	  	Supplemental Indentures with Consent of Noteholders	  	 	54	 
	 SECTION 9.3
	  	Execution of Supplemental Indentures	  	 	56	 
	 SECTION 9.4
	  	Effect of Supplemental Indenture	  	 	56	 
	 SECTION 9.5
	  	Conformity With Trust Indenture Act	  	 	56	 
	 SECTION 9.6
	  	Reference in Notes to Supplemental Indentures	  	 	56	 
			
	 ARTICLE X
	  	 REDEMPTION OF NOTES
	  	 	56	 
			
	 SECTION 10.1
	  	Redemption	  	 	56	 
	 SECTION 10.2
	  	Form of Redemption Notice	  	 	57	 
	 SECTION 10.3
	  	Notes Payable on Redemption Date	  	 	57	 
			
	 ARTICLE XI
	  	 MISCELLANEOUS
	  	 	58	 
			
	 SECTION 11.1
	  	Compliance Certificates and Opinions, etc	  	 	58	 
	 SECTION 11.2
	  	Form of Documents Delivered to the Indenture Trustee	  	 	59	 
	 SECTION 11.3
	  	Acts of Noteholders	  	 	60	 
	 SECTION 11.4
	  	Notices	  	 	61	 
	 SECTION 11.5
	  	Notices to Noteholders; Waiver	  	 	61	 
	 SECTION 11.6
	  	Alternate Payment and Notice Provisions	  	 	61	 
	 SECTION 11.7
	  	Conflict with Trust Indenture Act	  	 	62	 
	 SECTION 11.8
	  	Effect of Headings and Table of Contents	  	 	62	 
	 SECTION 11.9
	  	Successors and Assigns	  	 	62	 
	 SECTION 11.10
	  	Severability	  	 	62	 

  
 iii 

 Table of Contents 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 SECTION 11.11
	  	Benefits of Indenture	  	 	62	 
	 SECTION 11.12
	  	Legal Holidays	  	 	62	 
	 SECTION 11.13
	  	Governing Law	  	 	62	 
	 SECTION 11.14
	  	Counterparts	  	 	62	 
	 SECTION 11.15
	  	Recording of Indenture	  	 	63	 
	 SECTION 11.16
	  	Trust Obligation	  	 	63	 
	 SECTION 11.17
	  	No Petition	  	 	63	 
	 SECTION 11.18
	  	Intent	  	 	63	 
	 SECTION 11.19
	  	Submission to Jurisdiction; Waiver of Jury Trial	  	 	64	 
	 SECTION 11.20
	  	Subordination of Claims	  	 	64	 
	 SECTION 11.21
	  	Limitation of Liability of Owner Trustee	  	 	65	 
	 SECTION 11.22
	  	Information Requests	  	 	65	 
	 SECTION 11.23
	  	[Reserved]	  	 	66	 
	 SECTION 11.24
	  	Benefits of Indenture	  	 	66	 
			
	 ARTICLE XII
	  	 COMPLIANCE WITH THE FDIC RULE
	  	 	66	 
			
	 SECTION 12.1
	  	Purpose	  	 	66	 
	 SECTION 12.2
	  	Requirements of the FDIC Rule	  	 	67	 
	 SECTION 12.3
	  	Performance	  	 	68	 
	 SECTION 12.4
	  	Effect of Risk Retention Rules	  	 	68	 
	 SECTION 12.5
	  	Actions Upon Repudiation	  	 	69	 
	 SECTION 12.6
	  	Notice	  	 	70	 
	 SECTION 12.7
	  	Reservation of Rights	  	 	71	 
	 SECTION 12.8
	  	USA Patriot Act	  	 	71	 
	 SECTION 12.9
	  	Form 8-K Filings	  	 	71	 

  

			
	 Schedule I
	  	 Perfection Representations, Warranties and Covenants

	 Exhibit A
	  	 Form of Notes

  
 iv 

 This INDENTURE, dated as of May 8, 2019 (as amended,
supplemented or otherwise modified and in effect from time to time, this “Indenture”), is between FIFTH THIRD AUTO TRUST 2019-1, a Delaware statutory trust (the “Issuer”), and
WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, solely as Indenture Trustee and not in its individual capacity (the “Indenture Trustee”). 

Each party agrees as follows for the benefit of the other party and the equal and ratable benefit of the Holders of the
Issuer’s Class A-1 2.57563% Auto Loan Asset Backed Notes (the “Class A-1 Notes”), Class A-2-A 2.66% Auto Loan Asset Backed Notes (the “Class A-2-A Notes”), Class A-2-B LIBOR + 0.17% Auto Loan Asset Backed Notes (the
“Class A-2-B Notes”; and together with the
Class A-2-A Notes, the “Class A-2 Notes”)
Class A-3 2.64% Auto Loan Asset Backed Notes (the “Class A-3 Notes”) and Class A-4
2.69% Auto Loan Asset Backed Notes (the “Class A-4 Notes”; and together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Notes”). 

GRANTING CLAUSE 

The Issuer, to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes,
equally and ratably without prejudice, priority or distinction except as set forth herein, and to secure compliance with the provisions of this Indenture, hereby Grants in trust to the Indenture Trustee on the Closing Date, as trustee for the
benefit of the Noteholders, all of the Issuer’s right, title and interest, whether now owned or hereafter acquired, in and to (i) the Trust Estate and (ii) all present and future claims, demands, causes and choses in action in respect
of any or all of the Trust Estate and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the Trust Estate, including all proceeds of the conversion, voluntary or involuntary, into cash or other
liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations
and receivables, instruments, securities, financial assets and other property which at any time constitute all or part of or are included in the proceeds of any of the Trust Estate (collectively, the “Collateral”). 

The Indenture Trustee, on behalf of the Noteholders, acknowledges the foregoing Grant, accepts the trusts under this Indenture
and agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture. 
 The
foregoing Grant is made in trust to secure (i) the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction except as set forth herein and
(ii) compliance with the provisions of this Indenture, all as provided in this Indenture. 
 Without limiting the
foregoing Grant, any Receivable repurchased or purchased (a) by the Servicer pursuant to Section 3.6 of the Servicing Agreement or (b) by the Bank pursuant to Section 3.3 of the
Receivables Sale Agreement shall be deemed to be automatically released from the lien of this Indenture without any action being taken by the Indenture Trustee upon payment by the applicable purchaser of the related Repurchase Price for such
Repurchased Receivable. 

  
 FTAT 2019-1 Indenture

 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1 Definitions. Capitalized terms are used in this Indenture as defined in
Appendix A to the Sale Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified and in effect from time to time, the “Sale Agreement”), between the Issuer and Fifth Third
Holdings Funding, LLC, as Seller, which contains rules as to usage that are applicable herein. 
 SECTION 1.2
Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have
the following meanings: 
 “Commission” means the U.S. Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

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

 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or
defined by Commission rule have the meaning assigned to them by such definitions. 
 SECTION 1.3 Other Interpretive
Provisions. All terms defined in this Indenture shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Indenture and all such certificates
and other documents, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Indenture, and accounting terms partly defined in this Indenture to the extent not defined, shall have the respective meanings given
to them under GAAP (provided, that, to the extent that the definitions in this Indenture and GAAP conflict, the definitions in this Indenture shall control); (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction
and not otherwise defined in this Indenture are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Indenture as a whole and not to any
particular provision of this Indenture; (d) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Indenture and references to any paragraph,
subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” and all variations thereof means
“including without limitation”; (f) except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation;
(g) references to any Person include that Person’s successors and assigns and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 

  

					
		 	2	 	FTAT 2019-1 Indenture

 ARTICLE II THE NOTES 

SECTION 2.1 Form. The Class A-1 Notes, Class A-2-A Notes, Class A-2-B Notes, Class A-3 Notes and Class A-4 Notes, in each case together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibit A hereto, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be
determined by the officers executing the Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A hereto are part
of the terms of this Indenture. 
 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on
behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 

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

The Indenture Trustee shall, upon Issuer Order, authenticate and deliver
Class A-1 Notes for original issue in an Initial Note Balance of $300,000,000, Class A-2-A Notes for original issue in
an Initial Note Balance of $447,368,000, Class A-2-B Notes for original issue in an Initial Note Balance of $52,632,000,
Class A-3 Notes for original issue in an Initial Note Balance of $430,000,000 and Class A-4 Notes for original issue in an Initial Note Balance of
$139,700,000. The Note Balance of Class A-1 Notes, Class A-2-A Notes, Class A-2-B Notes, Class A-3 Notes and Class A-4 Notes Outstanding at any time may not exceed such amounts except
as provided in Section 2.5. 
 Each Note shall be dated the date of its authentication. The Notes
shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples of $1,000 in excess thereof (except for two Notes of each Class which may be issued in a denomination other than an integral multiple of
$1,000); provided that any Retained Notes shall be issued as Definitive Notes and the Holder of such Retained Notes shall be a Note Owner and a Noteholder for all purposes of this Indenture. 

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

  

					
		 	3	 	FTAT 2019-1 Indenture

 SECTION 2.3 Temporary Notes. Pending the preparation of Definitive
Notes, the Issuer may execute, and upon receipt of an Issuer Order, the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the
Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared without unreasonable delay. After the
preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.2,
without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee upon Issuer Order shall authenticate and deliver in exchange therefor a like principal amount of
Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

SECTION 2.4 Registration of Transfer and Exchange. 

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

If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture
Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times
and to obtain copies thereof, and the Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by a Responsible Officer thereof as to the names and addresses of the Noteholders and the
principal amounts and number of such Notes. 
 (b) Upon surrender for registration of transfer of any Note at the office or
agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401 of the UCC are met, the Issuer shall execute and upon its written request
the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same Class and a like
Outstanding Note Balance. 
 At the option of the related Noteholder, Notes may be exchanged for other Notes in any
authorized denominations, of the same Class and a like Outstanding Note Balance, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401 of the UCC are met the Issuer shall execute and, upon Issuer Request, the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, the Notes which
the Noteholder making the exchange is entitled to receive. 

  

					
		 	4	 	FTAT 2019-1 Indenture

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

(d) Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be
accompanied by, a written instrument of transfer in form and substance satisfactory to the Issuer and the Indenture Trustee duly executed by the Noteholder thereof or its
attorney-in-fact duly authorized in writing, with such signature guaranteed by an “eligible grantor institution” meeting the requirements of the Note Registrar
which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“Stamp”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or
in substitution for, Stamp, all in accordance with the Exchange Act and (ii) accompanied by such other documents as the Indenture Trustee may require, including but not limited to the applicable Internal Revenue Service Form W-8 or W-9. 
 (e) No service charge shall be made
to a Noteholder for any registration of transfer or exchange of Notes, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or
exchange of Notes, other than exchanges pursuant to Section 2.3 or Section 9.6 not involving any transfer. 

The preceding provisions of this Section notwithstanding, the Issuer shall not be required to make and the Note Registrar need
not register transfers or exchanges of any Notes selected for redemption or of any Note for a period of fifteen (15) days preceding the due date for any payment with respect to such Note. 

By acquiring a Note (or any interest therein), each purchaser and transferee (and if the purchaser or transferee is a Plan,
its fiduciary) shall be deemed to represent and warrant that either (a) it is not acquiring and will not hold such Note (or any interest therein) with the assets of a Benefit Plan or any Plan that is subject to Similar Law; or (b) (i) such
Note is rated investment grade by a nationally recognized statistical rating organization at the time of purchase or transfer and (ii) the acquisition and holding of such Note (or any interest therein) will not give rise to a nonexempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law. 

The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions
on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do
so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture
Trustee, or the Indenture Trustee receives evidence to its 

  

					
		 	5	 	FTAT 2019-1 Indenture

 
satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and
the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a “protected purchaser” (as contemplated by Article 8 of the UCC), and
provided, that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its written request the Indenture Trustee shall authenticate and deliver, in exchange for or
in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall
have been called for redemption, instead of issuing a replacement Note, the Issuer may upon delivery of the security or indemnity herein required pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without
surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a “protected purchaser” (as contemplated by Article 8 of the UCC) of
the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom 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” (as contemplated by Article 8 of the UCC), and shall be
entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 

Upon the issuance of any replacement Note under this Section 2.5, the Issuer or the Indenture
Trustee may require the payment by the Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee
or the Note Registrar) connected therewith. 
 Every replacement Note issued pursuant to this
Section 2.5 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Notes duly issued hereunder. 
 Notwithstanding
Section 5.9, the provisions of this Section 2.5 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 2.6 Persons Deemed Owners. Prior to due presentment for registration of
transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee shall treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of
receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee
shall be affected by notice to the contrary. 

  

					
		 	6	 	FTAT 2019-1 Indenture

 SECTION 2.7 Payment of Principal and Interest; Defaulted Interest. 

 (a) Each Note shall accrue interest at its respective Interest Rate, and such interest shall be payable on each Payment
Date as specified therein, subject to Sections 3.1 and 8.2. Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the 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, by wire transfer if an account has been designated by the related Noteholder three (3) Business Days prior to the related Payment Date,
and otherwise by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to
Section 2.12, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately
available funds to the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Payment Date or on the Final Scheduled Payment Date for such Class (and except for the Redemption
Price for any Note called for redemption pursuant to Section 10.1) which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with
Section 3.3. 
 (b) The principal of each Note shall be payable in installments on each Payment
Date as provided in Section 8.2. Notwithstanding the foregoing, the entire unpaid Note Balance and all accrued interest thereon shall be due and payable, if not previously paid, on the earlier of (i) the date on which
an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of a majority of the Outstanding Note Balance have declared the Notes to be immediately due and payable in the manner provided in
Section 5.2 and (ii) with respect to any Class of Notes, on the Final Scheduled Payment Date for that Class. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such
Class entitled thereto. The Indenture Trustee shall notify the Person in whose name a Definitive Note is registered at the close of business on the Record Date preceding the Payment Date on which Indenture Trustee expects that the final
installment of principal of and interest on such Note will be paid. Such notice shall be transmitted 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 10.2. 

(c) If the Issuer defaults on a payment of interest on any Class of Notes, the Issuer shall pay defaulted interest (plus
interest on such defaulted interest to the extent lawful at the applicable Interest Rate for such Class of Notes), which shall be due and payable on the Payment Date following such default. The Issuer shall pay such defaulted interest to the
Persons who are Noteholders on the Record Date for such following Payment Date. 
 SECTION 2.8 Cancellation. All
Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The
Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled
by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this 

  

					
		 	7	 	FTAT 2019-1 Indenture

 
Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as
in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it; provided, that such Issuer Order is timely and that such Notes have not been previously disposed of by the Indenture Trustee.

 SECTION 2.9 Release of Collateral. Subject to Section 11.1, the Indenture Trustee shall
release property from the lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and, unless the Notes have been redeemed in accordance with
Section 10.1 Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such
Independent Certificates. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Issuer’s obligations under TIA Sections 314(c) and 314(d)(1), subject to Section 11.1 and the terms
of the Transaction Documents, the Indenture Trustee shall release property from the lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order as directed pursuant to an Issuer Order accompanied by an
Opinion of Counsel confirming that such release is permitted by such exemptive order. 
 SECTION 2.10 Book-Entry
Notes. The Non-Retained Notes, upon original issuance, will be issued in the form of typewritten notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC, the
initial Clearing Agency, by, or on behalf of, the Issuer. One fully registered Book-Entry Note shall be issued with respect to each $500 million in principal amount of each Class of Non-Retained
Notes and any such lesser amount. Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a Definitive Note representing such Note
Owner’s interest in such Non-Retained Note, except as provided in Section 2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have
been issued to Note Owners pursuant to Section 2.12: 
 (a) the provisions of this Section shall
be in full force and effect; 
 (b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing
Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Noteholder of Non-Retained Notes,
and shall have no obligation to the Note Owners; 
 (c) to the extent that the provisions of this Section conflict with any
other provisions of this Indenture, the provisions of this Section shall control; 
 (d) the rights of Note Owners shall be
exercised only through the Clearing Agency and shall be limited to those established by law and agreements between or among such Note Owners and the Clearing Agency and/or the Clearing Agency Participants or Persons acting through Clearing Agency
Participants. Pursuant to the Note Depository Agreement, unless and until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency
Participants and receive and transmit payments of principal of and interest on the Non-Retained Notes to such Clearing Agency Participants; and 

  

					
		 	8	 	FTAT 2019-1 Indenture

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

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

SECTION 2.12 Definitive Notes. Except for any Retained Notes (which shall be originally issued as Definitive Notes), if
(a) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Administrator or the Indenture Trustee is unable
to locate a qualified successor, (b) the Administrator at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (c) an Event of Default shall have occurred, and
Note Owners representing beneficial interests aggregating at least a majority of the Outstanding Note Balance, voting together as a single Class, advise the Indenture Trustee through the Clearing Agency or its successor in writing that the
continuation of a book-entry system through the Clearing Agency or its successor is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such
event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency or the custodian holding the
Book-Entry Notes on behalf of the Clearing Agency at its direction, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the
Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance
of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 
 The
Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their
execution of such Notes. 
 SECTION 2.13 Authenticating Agents. 

(a) Upon the request of the Issuer, the Indenture Trustee shall appoint one or more Persons (each, an “Authenticating
Agent”) with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.2, 2.3, 2.4, 2.5 and
9.6, as fully to all intents and purposes as though each such 

  

					
		 	9	 	FTAT 2019-1 Indenture

 
Authenticating Agent had been expressly authorized by those Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent
pursuant to this Section shall be deemed to be the authentication of Notes “by the Indenture Trustee.” The Indenture Trustee shall be the Authenticating Agent in the absence of any appointment thereof. 

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

(c) Any Authenticating Agent may at any time resign by giving written notice of resignation to the Indenture Trustee and the
Issuer. The Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon receiving such notice of resignation or upon such termination,
the Indenture Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Issuer. 

(d) The provisions of Section 6.4 shall be applicable to any Authenticating Agent. 

SECTION 2.14 Paying Agent. 

(a) The Indenture Trustee may appoint a Paying Agent with respect to the Notes. Initially, the Paying Agent shall be the
Indenture Trustee. The Paying Agent shall have the revocable power to withdraw funds from the Collection Account and the Principal Distribution Account and to make distributions to the Noteholders, to the Designated Certificateholder Account, to the
Servicer, to the Delaware Trustee, to the Administrator and to the Owner Trustee pursuant to Section 8.5 of this Indenture. The Indenture Trustee may revoke such power and remove the Paying Agent if the Indenture Trustee
determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Indenture in any material respect or for other good cause. Any Paying Agent shall be permitted to resign as Paying Agent upon thirty
(30) days’ written notice to the Depositor and the Indenture Trustee. In the event that the Paying Agent shall have been removed or resigned, the Indenture Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or
trust company and may be the Indenture Trustee) with the consent of the Depositor, which consent shall not be unreasonably withheld. 

(b) The Indenture Trustee in its capacity as initial Paying Agent hereunder agrees that it (i) will hold all sums held by
it hereunder for payment to the Noteholders in trust for the benefit of the Noteholders entitled thereto until such sums shall be paid to such Person and (ii) shall comply with all requirements of the Code regarding the withholding of payments
in respect of United States federal income taxes due from the Noteholders or Note Owners. 
 (c) The provisions of
Section 6.1, 6.2, 6.3, 6.4, 6.7 and 6.9 shall be applicable, mutatis mutandis, to the Indenture Trustee as Paying Agent. An institution succeeding to the corporate

  

					
		 	10	 	FTAT 2019-1 Indenture

 
trust or agency business of the Paying Agent shall continue to be the Paying Agent without the execution or filing of any paper or any further act on the part of the Indenture Trustee or such
Paying Agent. 
 SECTION 2.15 Tax Treatment. 

(a) The Issuer has entered into this Indenture, and the Notes (other than Retained Notes that are held by the Issuer or a
Person treated as the same Person as the Issuer for United States federal income tax purposes) shall be issued, with the intention that, solely for United States federal, state and local income, franchise and/or value added tax purposes, the Notes
shall qualify as indebtedness secured by the Collateral (other than Retained Notes that are held by the Issuer or a Person treated as the same Person as the Issuer for United States federal income tax purposes). The Issuer, by entering into this
Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note, if applicable, that is the Issuer or a Person that is considered to be the same Person as the Issuer
for United States federal income tax purposes), agree to treat the Notes for federal, state and local income, franchise and/or value added tax purposes as indebtedness (other than Retained Notes that are held by the Issuer or a Person treated as the
same Person as the Issuer for United States federal income tax purposes). 
 (b) The parties hereto agree that it is their
mutual intent that, for all tax and other applicable purposes the Certificates shall not constitute indebtedness. 
 (c) For
avoidance of doubt, no election will be made by or on behalf of the Issuer to be classified as an association taxable as a corporation for United States federal income tax purposes. 

(d) On or before the date on which it acquires a Note (or interest therein) and thereafter promptly upon request, each
Noteholder shall provide Tax Information to the Indenture Trustee, Paying Agent and/or the Issuer (or other person responsible for withholding of taxes, including but not limited to FATCA Withholding Tax, or reporting of information under FATCA).
Each Noteholder is deemed to understand that by acceptance of a Note, such Noteholder agrees to supply the Tax Information. Further, each Noteholder is deemed to understand that the Issuer, Indenture Trustee and Paying Agent have the right to
withhold interest payable with respect to the Note (without any corresponding gross-up) on any beneficial owner of an interest in a Note that fails to comply with both of the preceding sentences. 

(e) To enable the Indenture Trustee to comply with its obligations under FATCA, the Issuer agrees (i) to provide the
Indenture Trustee sufficient information about the parties and/or transactions contemplated hereunder that is in its possession (including any information relating to any modification to the terms of such transactions) so the Indenture Trustee can
determine whether it has tax related obligations under FATCA and (ii) that the Indenture Trustee shall be entitled to make any withholding or deduction from payments to the extent necessary to comply with FATCA. The terms of this
Section 2.15(e) shall survive the termination of this Indenture. 

  

					
		 	11	 	FTAT 2019-1 Indenture

 SECTION 2.16 Transfer Restrictions on the Retained Notes. 

(a) None of the Issuer, the Indenture Trustee nor any other Person may register the Retained Notes under the Securities Act or
any state securities laws. No Retained Note or any interest therein may be sold or transferred (including by pledge or hypothecation) to any other Person unless such sale or transfer is to a Qualified Institutional Buyer in accordance with Rule 144A
(except for transfers of Retained Notes to the Depositor or any of its Affiliates and by the Depositor or any of its Affiliates as part of the initial distribution or any redistribution of the Retained Notes by the Depositor or any of its Affiliates
pursuant to a note purchase agreement or any similar agreement). 
 (b) Prior to any sale or transfer of any Retained Note
(or any interest therein) in a transaction pursuant to Rule 144A, each prospective transferee of such Retained Note (or any interest therein) (except for transfers of Notes to the Depositor or any Affiliate thereof (or disregarded entities thereof))
shall be deemed to make the following representations to the Indenture Trustee, the Note Registrar and the Depositor: 

(i) The transferee (A) is a Qualified Institutional Buyer, (B) is aware that the sale of the Retained
Notes to it is being made in reliance on the exemption from registration provided by Rule 144A and (C) is acquiring the Retained Notes for its own account or for one or more accounts, each of which is a Qualified Institutional Buyer, and as to
each of which the owner exercises sole investment discretion, and in a principal amount of not less than the minimum denomination of such Retained Note for the purchaser and for each such account. 

(ii) The Retained Notes may not at any time be held by or on behalf of any Person (other than the Depositor or
an Affiliate of the Depositor) that is not a Qualified Institutional Buyer. 
 (iii) The transferee
understands that the Retained Notes are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, none of the Retained Notes have been or will be registered under the
Securities Act, and, if in the future the transferee decides to offer, resell, pledge or otherwise transfer the Retained Notes, such Retained Notes may only be offered, resold, pledged or otherwise transferred in accordance with this Indenture and
the applicable legend on such Retained Notes set forth below. The transferee acknowledges that no representation is made by the Issuer as to the availability of any exemption under the Securities Act or any applicable state securities laws for
resale of the Retained Notes. 
 (iv) The transferee understands that an investment in the Retained Notes
involves certain risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. The transferee has had access to such financial and other information concerning the Issuer and the Retained Notes as it
deemed necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Retained Notes, including an opportunity to ask questions of and request information from the Servicer, the Depositor and the
Issuer. The transferee has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Retained Notes, and the transferee and any accounts for which it is acting are
each able to bear the economic risk of the Holder’s or of its investment. 

  

					
		 	12	 	FTAT 2019-1 Indenture

 (v) In connection with the transfer of the Retained Notes
(a) none of the Issuer, the Servicer, the Depositor, any underwriter of the Retained Notes, nor the Indenture Trustee is acting as a fiduciary or financial or investment adviser for the transferee, (b) the transferee is not relying (for
purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of any underwriter of the Retained Notes, the Issuer, the Servicer, the Depositor, or the Indenture Trustee other than in
the most current offering memorandum for such Retained Notes and any representations expressly set forth in a written agreement with such party, (c) none of any underwriter of the Retained Notes, the Issuer, the Servicer, the Depositor, or the
Indenture Trustee has given to the transferee (directly or indirectly through any other person) any assurance, guarantee, or representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect,
consequence, or benefit (including legal, regulatory, tax, financial, accounting, or otherwise) of its purchase or the documentation for the Retained Notes, (d) the transferee has consulted with its own legal, regulatory, tax, business,
investment, financial, and accounting advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to this Indenture) based upon its own
judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by any underwriter of the Retained Notes, the Issuer, the Servicer, the Depositor, or the Indenture Trustee, (e) the transferee has
determined that the rates, prices or amounts and other terms of the purchase and sale of the Retained Notes reflect those in the relevant market for similar transactions, (f) the transferee is purchasing the Retained Notes with a full
understanding of all of the terms, conditions and risks thereof (economic and otherwise), and is capable of assuming and willing to assume (financially and otherwise) these risks and (g) the transferee is a sophisticated investor familiar with
transactions similar to its investment in the Retained Notes. 
 (vi) The transferee understands that the
Retained Notes will bear the legend(s) substantially similar to those set forth in Section 2.16(c) unless the Issuer determines otherwise in compliance with applicable law. 

(vii) The transferee is not acquiring the Retained Notes with a view to the resale, distribution or other
disposition thereof in violation of the Securities Act. 
 (viii) The transferee will provide notice to each
Person to whom it proposes to transfer any interest in the Retained Notes of the transfer restrictions and representations set forth in this Indenture, including the Exhibits hereto. 

(ix) The transferee acknowledges that any transfer in violation of the foregoing will be of no force and
effect, will be void ab initio, and will not operate to transfer any rights to the transferee. 

  

					
		 	13	 	FTAT 2019-1 Indenture

 (c) Each Retained Note will bear a legend to the following effect: 

THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED. THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT
THERETO. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO THE DEPOSITOR OR ANY OF ITS AFFILIATES. 

TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS
AS PROVIDED IN THE INDENTURE. 
 (d) Any Retained Notes may not be transferred to a Person unrelated to the Issuer unless
the Administrator shall cause an Opinion of Counsel to be delivered to the Depositor and the Indenture Trustee at such time stating that either (x) such Notes will be debt for United States federal income tax purposes or (y) the sale of
such Notes will not cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation. With respect to any transfer for which the Opinion of Counsel provided pursuant to the preceding sentence is as described
in clause (y), the sale or transfer of such Notes must be to a Person who is a United States Tax Person, must not be required to be registered under the Securities Act, and such Notes and the Certificates may at no time be held by more than 95
Persons, directly or indirectly, unless such Opinion of Counsel also states that such Notes will be debt for United States federal income tax purposes. In addition, if for tax or other reasons it may be necessary to track such Notes (e.g., if the
Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may be required by the Administrator as a condition to such transfer. Any Retained Notes whose transfer required the delivery
of the Opinion of Counsel as is described in clause (y) will require a similar Opinion of Counsel with respect to each subsequent transfer of such Retained Notes. 

(e) Any purported transfer of a Retained Note not in accordance with this Section 2.16 shall be null
and void ab initio and shall not be given effect for any purpose hereunder. 
 ARTICLE III COVENANTS 

SECTION 3.1 Payment of Principal and Interest; Determination of LIBOR. 

(a) The Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the terms of the
Notes and this Indenture. Without limiting the foregoing and subject to Section 8.2, on each Payment Date the Issuer shall cause to be paid all amounts on deposit in the Collection Account which represent the Reserve
Account Draw Amount and 

  

					
		 	14	 	FTAT 2019-1 Indenture

 
Available Funds for such Payment Date received by the Servicer during the preceding Collection Period. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of
interest and/or principal shall be considered to have been paid by the Issuer to such Noteholder for all purposes of this Indenture. Interest accrued on the Notes shall be due and payable on each Payment Date. The final interest payment on each
Class of Notes is due on the earlier of (a) the Payment Date (including any Redemption Date) on which the principal amount of that Class of Notes is reduced to zero or (b) the applicable Final Scheduled Payment Date for that
Class of Notes. 
 (b) If the rates used to determine LIBOR do not appear on the Bloomberg Screen BTMM Page (or any
successor page), the rates for that day will be determined on the basis of the rates at which deposits in U.S. Dollars, having a maturity of one month and in a principal amount of not less than U.S. $1,000,000 are offered at approximately 11:00 a.m.
London time, on such LIBOR Determination Date to prime banks in the London interbank market by the reference banks. The Indenture Trustee will request the principal London office of the four major banks in the London interbank market selected by the
Administrator to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean to the nearest 1/100,000 of 1.00% (0.0000001), with five
one-millionths of a percentage point rounded upward, of all such quotations. If fewer than two such quotations are provided, the rate for that day will be the arithmetic mean to the nearest 1/100,000 of 1.00%
(0.0000001), with five one-millionths of a percentage point rounded upward, of the offered per annum rates that one or more leading banks in New York City, selected by the Administrator, are quoting as of
approximately 11:00 a.m., New York City time, on such LIBOR Determination Date to leading European banks for United States dollar deposits for that maturity; provided, that if the banks selected as aforesaid are not quoting as mentioned in
this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. The Indenture Trustee shall obtain LIBOR in accordance with the definition of “LIBOR” or this clause (b), as
applicable, on the LIBOR Determination Date (or in the event that the LIBOR Determination Date is not a Business Day, the next succeeding Business Day) and shall provide such rate to the Administrator or such person as directed by the Administrator.

 SECTION 3.2 Maintenance of Office or Agency. As long as any of the Notes remain Outstanding, the Issuer shall
maintain at the applicable Corporate Trust Office, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be
served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such
office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the applicable
Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 

SECTION 3.3 Money for Payments to Be Held in Trust. 

(a) As provided in Sections 5.4 and 8.2, all payments of amounts due and payable with respect to any Notes that
are to be made from amounts withdrawn from the Trust Accounts shall 

  

					
		 	15	 	FTAT 2019-1 Indenture

 
be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn therefrom for payments on the Notes shall be paid over to the Issuer except as
provided in this Section and Section 8.5. 
 (b)    On or prior to the close
of business on the Business Day prior to each Payment Date and Redemption Date, the Issuer shall deposit or cause to be deposited into the Collection Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes in
accordance with Section 8.5(a), and the Paying Agent shall hold such sum in trust for the benefit of the Persons entitled thereto pursuant to the Transaction Documents and (unless the Paying Agent is the Indenture Trustee)
shall promptly notify the Indenture Trustee in writing of its action or failure so to act. 
 (c)    The
Issuer shall cause each Paying Agent, other than the Indenture Trustee, to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying
Agent, it hereby so agrees to the extent relevant), subject to the provisions of this Section, that such Paying Agent shall: 

(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 provided in the Transaction Documents; 

(ii) give the Indenture Trustee written notice of any default by the Issuer of which it has actual knowledge in
the making of any payment required to be made with respect to the Notes; 
 (iii) at any time during the
continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

(iv) immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in
trust for the payment of 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 (A) 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, including FATCA Withholding Tax (including obtaining and retaining from Persons entitled to payments with respect to the Notes any Tax Information and making any withholdings with
respect to the Notes as required by the Code (including FATCA) and paying over such withheld amounts to the appropriate governmental authority); and (B) all applicable reporting requirements in connection with any payments made by it on any
Notes and any withholding of taxes therefrom, and, upon request, provide any Tax Information to the Issuer. 

(d)    The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, by Issuer Order direct any Paying Agent to 

  

					
		 	16	 	FTAT 2019-1 Indenture

 
pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by such Paying
Agent; and upon such a payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

(e)    Subject to applicable laws with respect to the escheat of funds, any money held by the Indenture
Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two (2) years after such amount has become due and payable shall be discharged from such trust and distributed by the
Indenture Trustee to the Issuer upon receipt of an Issuer Request and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof and all liability of the Indenture Trustee or such Paying
Agent with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such payment, shall at the reasonable expense of the Issuer cause to be
published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which date shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such
money then remaining shall be paid to the Issuer. The Indenture Trustee may also adopt and employ, at the written direction of and at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not limited
to, mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture
Trustee or of any Paying Agent, at the last address of record for each such Noteholder). 
 SECTION 3.4 Existence.
The Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is
or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 

SECTION 3.5 Protection of Collateral. The Issuer intends the security interest Granted pursuant to this Indenture in
favor of the Indenture Trustee on behalf of the Noteholders to be prior to all other Liens in respect of the Collateral, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of
the Noteholders, a first lien on and a first priority, perfected security interest in the Collateral (except to the extent that the interest of the Indenture Trustee therein cannot be perfected by the filing of a financing statement). The Issuer
shall from time to time execute and deliver all such supplements and amendments hereto, shall file or authorize the filing of all such financing statements, continuation statements, instruments of further assurance and other instruments, all as
prepared by the Administrator and delivered to the Issuer, and shall take such other action necessary or advisable to: 
 (a)
Grant more effectively all or any portion of the Collateral; 
 (b) maintain or preserve the lien and security interest (and
the priority thereof) created by this Indenture or carry out more effectively the purposes hereof; 

  

					
		 	17	 	FTAT 2019-1 Indenture

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

(e) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the Collateral
against the claims of all Persons. 
 The Issuer hereby designates the Indenture Trustee as its agent and attorney-in-fact and hereby authorizes the Indenture Trustee to file all financing statements, continuation statements or other instruments required to be filed (if any)
pursuant to this Section; provided, however, the Indenture Trustee shall have no duty and shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time
or times or otherwise perfecting or maintaining the perfection of any security interest and shall have no liability in connection with taking or failing to take such action. Notwithstanding any statement to the contrary contained herein or in any
other Transaction Document, the Issuer shall not be required to notify any Dealer or any insurer with respect to any Insurance Policy about any aspect of the transactions contemplated by the Transaction Documents. 

SECTION 3.6 Opinions as to Collateral. 

(a) On the Closing Date, the Issuer shall furnish or cause to be furnished to the Indenture Trustee an Opinion of Counsel to
the effect that, in the opinion of such counsel, either (i) such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the
filing of any financing statements and continuation statements as are necessary to perfect and make effective the first priority lien and security interest of this Indenture, and reciting the details of such action, or (ii) no such action is
necessary to make such lien and security interest effective. 
 (b) Within one hundred twenty (120) days after the
beginning of each calendar year, beginning with April 30, 2020, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion of such counsel, either (i) such action has been taken with respect
to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the filing of any financing statements and
continuation statements as are necessary to maintain the lien and security interest created by this Indenture, and reciting the details of such actions or (ii) no such action is necessary to maintain such lien and security interest. Such
Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the filing of any financing
statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until April 30 in the following calendar year. 

SECTION 3.7 Performance of Obligations. 

(a) The Issuer shall not take any action and shall use its reasonable efforts not to permit any action to be taken by others,
including the Administrator, that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation,
subordination, 

  

					
		 	18	 	FTAT 2019-1 Indenture

 
termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this
Indenture, the Transaction Documents or such other instrument or agreement. 
 (b) The Issuer may contract with other
Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer.
Initially, the Issuer has contracted with the Administrator, and the Administrator has agreed, to assist the Issuer in performing its duties under this Indenture. 

(c) The Issuer shall, and shall cause the Administrator and the Servicer to, punctually perform and observe all of its
respective obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included in the Collateral, including but not limited to preparing (or causing to be prepared) and filing (or
causing to be filed) all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Transaction Documents in accordance with and within the time periods provided for herein and therein.
Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Transaction Document or any provision thereof other than in accordance with the amendment provisions set forth in such Transaction
Document. 
 SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not: 

(a) engage in any activities other than financing, acquiring, owning, pledging and managing the Receivables and the other
Collateral as contemplated by this Indenture and the other Transaction Documents; 
 (b) except as expressly permitted by
this Indenture or in the other Transaction Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer; 

(c) 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 applicable state law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; 

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

(e) (i) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be
amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any
Lien (other than Permitted Liens) to be created on or extend to or otherwise arise upon or burden the assets of the Issuer or any part thereof or any interest therein or the proceeds thereof or (iii) permit the lien of this Indenture not to
constitute a valid first priority (other than with respect to any Permitted Lien) security interest in the Collateral (it being understood that (A) either each Receivable constituting part of the Collateral is secured by a first priority
validly perfected 

  

					
		 	19	 	FTAT 2019-1 Indenture

 
security interest in the Financed Vehicle in favor of the Originator, as secured party, or all necessary actions with respect to the Receivable have been taken or will be taken to perfect a first
priority security interest in the Financed Vehicle in favor of the Originator, as secured party and (B) the Issuer shall not be required to notify any insurer with respect to any Insurance Policy obtained by an Obligor about any aspect of the
transactions contemplated by the Transaction Documents); 
 (f) incur, assume or guarantee any indebtedness other than
indebtedness incurred in accordance with the Transaction Documents; or 
 (g) merge or consolidate with, or transfer
substantially all of its assets to, any other Person. 
 SECTION 3.9 Annual Compliance Statement. 

(a) So long as the Seller is filing any reports with respect to the Issuer under the Exchange Act, the Issuer shall deliver to
the Indenture Trustee on or before March 30th of each calendar year beginning with March 30, 2020, an Officer’s Certificate stating, as to the Authorized Officer signing such
Officer’s Certificate, that: 
 (i) a review of the activities of the Issuer during such year (or since
the Closing Date, in the case of the first such Officer’s Certificate) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 

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

(i) file with the Indenture Trustee, within fifteen (15) days after the Issuer is required (if at all) to
file the same with the Commission, copies of the annual reports and such other information, documents and reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) as the
Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or such other reports required pursuant to TIA Section 314(a)(1); 

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

 (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders
as required by TIA Section 313(c)) such summaries of any 

  

					
		 	20	 	FTAT 2019-1 Indenture

 
information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 3.9(b) as may be required
pursuant to rules and regulations prescribed from time to time by the Commission. 
 (c) Delivery of such reports,
information and documents to the Indenture Trustee is for informational purposes only and the Indenture Trustee’s receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable from
information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely exclusively on Officer’s Certificates). 

(d) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall be the same as the fiscal year of the
Servicer. 
 SECTION 3.10 Restrictions on Certain Other Activities. The Issuer shall not: (i) engage in any
activities other than financing, acquiring, owning, pledging and managing the Trust Estate and the other Collateral in the manner contemplated by the Transaction Documents; (ii) issue, incur, assume, guarantee or otherwise become liable,
directly or indirectly, for any indebtedness other than the Notes; (iii) make any loan, advance or credit to, 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, 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; or (iv) make any expenditure (by long-term or operating lease or otherwise) for capital assets (either
realty or personalty). 
 SECTION 3.11 Restricted Payments. The Issuer shall not, directly or indirectly,
(a) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with
respect to any ownership or equity interest or security in or of the Issuer or to the Servicer or the Administrator, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (c) set
aside or otherwise segregate any amounts for any such purpose; provided, that the Issuer may cause to be made distributions to the Servicer, the Administrator, the Delaware Trustee, the Owner Trustee, the Indenture Trustee, the Noteholders
and the Certificateholders as permitted by, and to the extent funds are available for such purpose under, this Indenture, the Servicing Agreement, the Administration Agreement or the Trust Agreement. Other than as set forth in the preceding
sentence, the Issuer will not, directly or indirectly, make distributions from the Trust Accounts. 
 SECTION 3.12 Notice
of Events of Default. The Issuer shall promptly deliver to the Indenture Trustee, the Delaware Trustee, the Owner Trustee and each Rating Agency written notice in the form of an Officer’s Certificate, of an Event of Default or any event
which with the giving of notice, the lapse of time or both would become an Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto. 

  

					
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 SECTION 3.13 Further Instruments and Acts. Upon request of the
Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 3.14 Compliance with Laws. The Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Transaction
Document. 
 SECTION 3.15 Perfection Representations, Warranties and Covenants. The perfection representations,
warranties and covenants attached hereto as Schedule I shall be deemed to be part of this Indenture for all purposes. 

SECTION 3.16 Investment Company Act Representation. The Issuer hereby represents and warrants to the Indenture Trustee
that it is not an “investment company” that is registered or required to be registered under, or otherwise subject to the restrictions of, the Investment Company Act of 1940, as amended. 

ARTICLE IV SATISFACTION AND DISCHARGE 

SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to
the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon,
(iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10 and 3.11, (v) the rights, protections, indemnities and immunities of the Indenture Trustee hereunder and (vi) the rights of Noteholders as beneficiaries
hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to the Notes, when: 
 (a) either (i) all Notes theretofore authenticated and
delivered (other than (1) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (2) Notes for which payment money has theretofore been deposited in trust
or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation or (ii) all
Notes not theretofore delivered to the Indenture Trustee for cancellation (1) have become due and payable, (2) will become due and payable at the latest occurring Final Scheduled Payment Date which shall occur within one year or
(3) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the
case of clauses (1), (2) or (3), has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States (which will mature prior to
the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation, when due, to the latest occurring
Final Scheduled Payment Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.1), as the case may be; 

  

					
		 	22	 	FTAT 2019-1 Indenture

 (b) the Issuer has paid or caused to be paid all other sums payable
hereunder by the Issuer (but without taking into account any distributions to the Designated Certificateholder Account); and 

(c) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by
the TIA or the Indenture Trustee and if such discharge is not related to a redemption of the Notes in accordance with Section 10.1) a certificate from a firm of certified public accountants, each meeting the applicable
requirements of Section 11.1(a) and, subject to Section 11.2, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been
complied with (and, in the case of an Officer’s Certificate, stating that the Rating Agency Condition has been satisfied (provided, that such Officer’s Certificate need not state that the Rating Agency Condition has been satisfied
if all amounts owing on each Class of Notes have been paid or will be paid in full on the date of delivery of such Officer’s Certificate)). 

SECTION 4.2 Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to
Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture. Such monies need not be segregated from other funds except to the extent required herein or by law.

 SECTION 4.3 Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this
Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be
held and applied according to Section 3.3 and thereupon such Paying Agent shall be released from all further liability with respect to such monies. 

ARTICLE V REMEDIES 

SECTION 5.1 Events of Default. The occurrence and continuation of 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)
shall constitute a default under this Indenture (each, an “Event of Default”): 
 (a) a
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 (5) Business Days or more; 

(b) a default in the payment of principal of any Note at the related Final Scheduled Payment Date or the
Redemption Date; 
 (c) any failure by the Issuer to duly observe or perform any of its covenants or
agreements made in this Indenture (other than (i) a covenant or agreement, a default in the observance or performance of which is elsewhere specifically addressed in this Section 5.1 or (ii) a covenant or
agreement in Section 12.2), which failure materially and adversely affects the interests of the Noteholders, and such failure shall continue unremedied for a period of ninety

  

					
		 	23	 	FTAT 2019-1 Indenture

 
(90) days after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee (to the extent a Responsible Officer of the Indenture Trustee has received
written notice or has actual knowledge of such failure) or by Noteholders evidencing at least a majority of the Outstanding Note Balance, a written notice specifying such failure and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder; 
 (d) any representation or warranty of the Issuer made in
this Indenture proves to have been incorrect in any material respect when made, which failure materially and adversely affects the interests of the Noteholders, and which failure continues unremedied for ninety (90) days after there shall have
been given, by registered or certified mail, to the Issuer by the Indenture Trustee (to the extent a Responsible Officer of the Indenture Trustee has received written notice or has actual knowledge of such failure) or by Noteholders evidencing at
least a majority of the Outstanding Note Balance, a written notice specifying such failure and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(e) a Bankruptcy Event with respect to the Issuer; 

provided, however, that a delay in or failure of performance referred to under clauses (a), (b), (c) or
(d) above for a period of one hundred twenty (120) days will not constitute an Event of Default if that delay or failure was caused by force majeure or other similar occurrence. 

SECTION 5.2 Acceleration of Maturity; Waiver of Event of Default. 

(a) Except as set forth in the following sentence, if an Event of Default should occur and be continuing, then and in every
such case the Indenture Trustee shall, if directed by the Noteholders representing not less than a majority of the Outstanding Note Balance, declare all of the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the
Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid Note Balance of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. If an
Event of Default specified in Section 5.1(e) occurs, all unpaid principal, together with all accrued and unpaid interest thereon, of all Notes, and all other amounts payable hereunder, shall automatically become due and
payable without any declaration or other act on the part of the Indenture Trustee or any Noteholder. 
 (b) At any time
after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter provided for in this Article V, the Noteholders
representing a majority of the Outstanding Note Balance, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if: 

(i) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all payments
of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to 

  

					
		 	24	 	FTAT 2019-1 Indenture

 
such acceleration had not occurred and (B) all sums paid or advanced by, or indemnities owed by the Issuer to, the Indenture Trustee hereunder and the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel; and 
 (ii) all Events of
Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.12. 

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

If the Notes have been declared due and payable or have automatically become due and payable following an Event of Default,
the Indenture Trustee may institute Proceedings to collect amounts due, exercise remedies as a secured party (including foreclosure or sale of the Collateral) or elect to maintain the Collateral and continue to apply the proceeds from the Collateral
as if there had been no declaration of acceleration. Any sale of the Collateral by the Indenture Trustee will be subject to the terms and conditions of Section 5.4. 

SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee. 

(a) The Issuer covenants that if (i) a 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 (5) Business Days or more, or (ii) a default is made in the payment of the principal of any Note at the related Final Scheduled Payment Date or the Redemption Date, the
Issuer will, upon demand of the Indenture Trustee in writing as directed by a majority of the Outstanding Note Balance, pay to the Indenture Trustee, 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 applicable Interest Rate and in addition thereto
such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 

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

(c) If an Event of Default shall have occurred and is continuing, the Indenture Trustee may, as more particularly provided in
Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such
rights, whether for 

  

					
		 	25	 	FTAT 2019-1 Indenture

 
the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right
vested in the Indenture Trustee by this Indenture or by law. 
 (d) In case there shall be pending, relative to the Issuer
or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Collateral, Proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a
receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other
comparable judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such
Proceedings or otherwise: 
 (i) to file and prove a claim or claims for the whole amount of principal and
interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture
Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, all indemnities owed by the Issuer to, and all advances made, by the Indenture
Trustee and each predecessor Indenture Trustee, except as a result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such Proceedings; 

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

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

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

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each Noteholder to
make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, indemnities owed by the Issuer to, and all advances made, by the Indenture
Trustee and each predecessor Indenture Trustee except as a result of negligence, bad faith or willful misconduct, and any other amounts due the Indenture Trustee under Section 6.7. 

  

					
		 	26	 	FTAT 2019-1 Indenture

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

(f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the
Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for
the ratable benefit of the Holders of the Notes. 
 (g) In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder
a party to any such Proceedings. 
 SECTION 5.4 Remedies; Priorities. (a) If an Event of Default shall have
occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to Sections 5.2 and 5.5): 

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

(ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with
respect to the Collateral; 
 (iii) exercise any other remedies of a secured party under the UCC and take any
other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 

(iv) subject to Section 5.17, after an acceleration of the maturity of the
Notes pursuant to Section 5.2, 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 Indenture Trustee may not sell or otherwise liquidate the Collateral following an Event of Default
unless (A) the Holders of 100% of the Outstanding Note Balance have consented to such liquidation, (B) the proceeds of such sale or liquidation are sufficient to 

  

					
		 	27	 	FTAT 2019-1 Indenture

 
pay in full the principal of and the accrued interest on the Outstanding Notes or (C) the Event of Default relates to the failure to pay interest or principal when due (a “Payment
Default”) and the Indenture Trustee determines (but shall have no obligation to make such determination) that the Collections on the Receivables will not be sufficient on an ongoing basis to make all payments on the Notes as they would have
become due if the Notes had not been declared due and payable, and the Indenture Trustee obtains the consent of the Holders of 66-2/3% of the Outstanding Note Balance. In determining such sufficiency or
insufficiency with respect to clauses (B) and (C) of the preceding sentence, the Indenture Trustee may, but need not, obtain at other than its own expense and fully rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. Notwithstanding anything herein to the contrary, if the Event of Default does not relate to a
Payment Default or Bankruptcy Event with respect to the Issuer, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate unless the Holders of all Outstanding Notes consent to such sale or the proceeds of such sale are sufficient
to pay in full the principal of and accrued interest on the Outstanding Notes. 
 (b) Notwithstanding the provisions of
Sections 8.2 or 8.5 of this Indenture, if the Indenture Trustee collects any money or property pursuant to this Article V and the Notes have been accelerated, it shall pay out such money or property (and other amounts, including
all amounts held on deposit in the Reserve Account, other than net investment earnings) held as Collateral for the benefit of the Noteholders (net of liquidation costs associated with the sale of the Trust Estate) in the following order of priority:

 (i) first, to the Indenture Trustee, the Delaware Trustee, the Owner Trustee (including as
Certificate Paying Agent) and the Asset Representations Reviewer, any accrued and unpaid fees, indemnity payments and reasonable expenses permitted under the applicable Transaction Documents; 

(ii) second, to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior
Collection Periods; 
 (iii) third, pro rata based on amounts due, to the Noteholders, for payment to
each respective Class of Noteholders, the Accrued Note Interest; 
 (iv) fourth, to the Holders
of the Class A-1 Notes in respect of principal thereon until the Class A-1 Notes have been paid in full; 

(v) fifth, to the Holders of the
Class A-2-A Notes, Class A-2-B Notes,
Class A-3 Notes and Class A-4 Notes, in respect of principal thereon, on a pro rata basis (based on the Note Balance of each Class on such Payment Date),
until all Classes have been paid in full; and 
 (vi) sixth, any remaining funds shall be distributed
to the Designated Certificateholder Account. 
 The Indenture Trustee may fix a record date and payment date for any payment
to Noteholders pursuant to this Section. At least fifteen (15) days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid.

  

					
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 Prior to an acceleration of the Notes after an Event of Default, if the
Indenture Trustee collects any money or property pursuant to this Article V, such amounts shall be deposited into the Collection Account and distributed in accordance with Sections 8.2 or 8.5 hereof. 

(c) Notwithstanding the foregoing, in the event that the Bank were to become the subject of an insolvency proceeding and the
FDIC as receiver or conservator for the Bank pays damages as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, then the actions and distributions described in Section 12.5 shall be effected instead of
Section 5.4(b). 
 SECTION 5.5 Optional Preservation of the Collateral. If the Notes have
been declared or are automatically due and payable under Section 5.2 following an Event of Default and such declaration or automatic occurrence and its consequences have not been rescinded and annulled, if permitted
hereunder, the Indenture Trustee may, but need not, elect to maintain possession of the Collateral and, if the Indenture Trustee elects to maintain such possession, it shall continue to apply the proceeds thereof in accordance with
Section 5.4(b). It is the intent 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 under the Transaction Documents, and the
Indenture Trustee shall take such intent into account when determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain at other
than its own expense and fully 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 5.6 Limitation of Suits. 

(a) No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture or the other Transaction Documents, or for the appointment of a receiver or trustee, or for any other remedy hereunder, except pursuant to the dispute resolution provisions described in Section 3.4 of the Receivables Sale Agreement,
unless: 
 (i) such Holder has previously given written notice to the Indenture Trustee of a continuing Event
of Default or of a breach of the Transaction Documents by a party thereto (a “Claim”); 
 (ii) the
Holders of not less than 25% of the Outstanding Note Balance of the Notes have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default or Claim, as applicable, in its own name as the Indenture
Trustee hereunder; 
 (iii) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably
satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request; 

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

  

					
		 	29	 	FTAT 2019-1 Indenture

 (v) no direction inconsistent with such written request has
been given to the Indenture Trustee during such sixty-day (60) period by the Holders of a majority of the Outstanding Note Balance. 

No Noteholder or group of Noteholders shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except, in each case, to the extent and
in the manner herein provided. 
 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Noteholders, each representing less than a majority of the Outstanding Note Balance, the Indenture Trustee will take the action, if any, directed by the largest percentage of Noteholders satisfying
Section 5.6(a), notwithstanding any other provisions of this Indenture. 
 (b) No Noteholder shall
have any right to vote except as provided pursuant to this Indenture and the Notes, nor any right in any manner to otherwise control the operation and management of the Issuer. However, in connection with any action as to which Noteholders are
entitled to vote or consent under this Indenture and the Notes, the Issuer may set a record date for purposes of determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c). 

SECTION 5.7 Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provisions in this
Indenture, the Holder of any Note shall have the right to receive payment of the principal of and interest on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or
after the Redemption Date) and to institute suit for the enforcement of any such payment and such right shall not be impaired without the consent of such Noteholder. 

SECTION 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any
Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the
Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and
the Noteholders shall continue as though no such Proceeding had been instituted. 
 SECTION 5.9 Rights and Remedies
Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy except to the extent explicitly set forth herein, 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. 

  

					
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 SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence
therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the
Noteholders, as the case may be. 
 SECTION 5.11 Control by Noteholders. Subject to the provisions of Sections
5.4, 5.6, 6.2(d) and 6.2(e), Noteholders holding not less than a majority of the Outstanding Note Balance shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available
to the Indenture Trustee with respect to the Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee; provided, that 

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

(b) subject to the express terms of the proviso and the last sentence of
Section 5.4(a), any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by the Holders of Notes representing not less than 100% of the Outstanding Note Balance unless the proceeds of such sale
are sufficient to pay in full the principal of and accrued interest on the Outstanding Notes; 
 (c) if the
conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less
than 100% of the Outstanding Note Balance to sell or liquidate the Trust Estate shall be of no force and effect; 

(d) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not
inconsistent with such direction, applicable law and the terms of this Indenture; and 
 (e) such direction
shall be in writing; 
 provided, further, that, subject to Section 6.1, the Indenture Trustee need
not take any action that it determines might expose it to personal liability or might materially adversely affect or unduly prejudice 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 5.2, the Holders of Notes of not less than a majority of the Outstanding Note Balance, 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, (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Noteholder or (c) arising from a Bankruptcy Event with respect to the Issuer. In
the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or Event of Default
or impair any right consequent thereto. 

  

					
		 	31	 	FTAT 2019-1 Indenture

 Upon any such waiver, such Default or Event of Default shall cease to exist
and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any prior,
subsequent or other Default or Event of Default or impair any right consequent thereto. 
 SECTION 5.13 Undertaking for
Costs. All parties to this Indenture agree, and each Noteholder by such Noteholder’s acceptance of a Note shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy
under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as the Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Note
Balance or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on
or after the Redemption Date). 
 SECTION 5.14 Waiver of Stay or Extension Laws. The 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 Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of
any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under
this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders
shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property
collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b), if the maturity of the Notes has been accelerated pursuant to Section 5.2, or Sections 8.2 and
8.5 of this Indenture, if the maturity of the Notes has not been accelerated. 
 SECTION 5.16 Performance and
Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do so, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance

  

					
		 	32	 	FTAT 2019-1 Indenture

 
(i) by the Seller of its obligations to the Issuer under or in connection with the Sale Agreement, (ii) by the Servicer of its obligations to the Issuer under or in connection with the
Servicing Agreement, (iii) by the Seller or FTH LLC, as applicable, of each of their obligations under or in connection with the Purchase Agreement or (iv) by FTH LLC or the Bank, as applicable, of each of their obligations under or in
connection with the Receivables Sale Agreement, in each case, in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale Agreement,
the Servicing Agreement, the Purchase Agreement and the Receivables Sale Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller,
the Servicer or FTH LLC thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the Seller of its obligations under the Sale Agreement, by the Servicer of its obligations under the
Servicing Agreement, by the Seller or FTH LLC of each of their obligations under or in connection with the Purchase Agreement or by FTH LLC or the Bank of each of their obligations under or in connection with the Receivables Sale Agreement. 

(b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the direction (which direction
shall be in writing) of the Holders of a majority of the Outstanding Note Balance shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller under or in connection with the Sale Agreement, against the
Servicer under or in connection with the Servicing Agreement, against the Seller or FTH LLC under or in connection with the Purchase Agreement or against FTH LLC or the Bank under or in connection with the Receivables Sale Agreement, including the
right or power to take any action to compel or secure performance or observance by the Seller, the Servicer, the Bank or FTH LLC of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Sale Agreement, the Servicing Agreement, the Purchase Agreement or the Receivables Sale Agreement, as applicable, and any right of the Issuer to take such action shall be suspended. 

SECTION 5.17 Sale of Collateral. If the Indenture Trustee acts to sell the Collateral or any part thereof, pursuant to
Section 5.4(a), the Indenture Trustee shall publish a notice in an Authorized Newspaper, at other than its own expense, stating that the Indenture Trustee intends to effect such a sale in a commercially reasonable manner
and on commercially reasonable terms, which shall include the solicitation of competitive bids. Following such publication, the Indenture Trustee shall, unless otherwise prohibited by applicable law from any such action, sell the Collateral or any
part thereof, in such manner and on such terms as provided above to the highest bidder, provided, however, that the Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such
sale. The Indenture Trustee shall give notice to the Seller and the Servicer of any proposed sale, and the Seller, the Servicer or any Affiliate thereof shall be permitted to bid for the Collateral at any such sale. The Indenture Trustee may obtain
a prior determination from a conservator, receiver or trustee in bankruptcy of the Issuer that the terms and manner of any proposed sale are commercially reasonable. The power to effect any sale of any portion of the Collateral pursuant to
Section 5.4 and this Section 5.17 shall not be exhausted by any one or more sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until the entire Collateral
shall have been sold or all amounts payable on the Notes shall have been paid. 

  

					
		 	33	 	FTAT 2019-1 Indenture

 ARTICLE VI THE INDENTURE TRUSTEE 

SECTION 6.1 Duties of the Indenture Trustee. (a) If an Event of Default has occurred and is continuing, the
Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and shall 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) Prior to the occurrence of an Event of Default: 

(i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth
in this Indenture and the other Transaction Documents to which it is a party and no implied covenants or obligations shall be read into this Indenture or the other Transaction Documents against the Indenture Trustee; and 

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

(c) The Indenture Trustee shall not be relieved from liability for its own negligent action, its own negligent failure to act
or its own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph
(b) of this Section; 
 (ii) the Indenture Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good
faith in the exercise of any trust or power conferred upon it hereunder in accordance with a direction received by it pursuant to Section 5.11. 

(d) Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a),
(b) and (c) of this Section. 
 (e) The Indenture Trustee shall not be liable for interest on any money
received by it except as the Indenture Trustee may agree in writing with the Issuer. 
 (f) Money held in trust by the
Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture. 

  

					
		 	34	 	FTAT 2019-1 Indenture

 (g) No provision of this Indenture or any other Transaction Document shall
require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or thereunder or in the exercise of any of its rights or powers, if it shall have reasonable
grounds to believe that repayment of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it. None of the provisions of this Indenture shall in any event require the Indenture Trustee to perform or
be responsible for the manner of performance of any of the obligations of the Servicer unless the Indenture Trustee becomes the successor Servicer. 

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

(i) The Indenture Trustee shall not be required to maintain a fidelity bond or errors and omissions policy in connection with
the Transaction Documents. 
 SECTION 6.2 Rights of the Indenture Trustee. Subject to the provisions of
Section 6.1: 
 (a) The Indenture Trustee may conclusively rely on any document believed by it to
be genuine and to have been signed or presented by the proper Person. The Indenture Trustee need not investigate any fact or matter stated in the document. 

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

(c) The Indenture Trustee may execute any of the trusts or powers hereunder or under any of the Transaction Documents to which
the Indenture Trustee is a party or perform any duties hereunder or under any of the Transaction Documents to which the Indenture Trustee is a party either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture
Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, the Administrator, any co-trustee or separate trustee appointed in accordance with the provisions of
Section 6.10, or any other such agent, attorney, custodian or nominee appointed with due care by it hereunder. 

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

 (e) The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters
relating to this Indenture, the Notes and any Transaction Documents to which the Indenture Trustee is a party shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder
in good faith and in accordance with the advice or opinion of such counsel. 

  

					
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 (f) The Indenture Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture or to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture or to honor the request or direction of any of the Noteholders pursuant to this Indenture,
other than requests, demands or directions relating to an Asset Representations Review pursuant to Section 7.5, unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity satisfactory to the Indenture
Trustee, in its sole discretion, against the reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in compliance with such request or direction. 

(g) The Indenture Trustee shall not be required to take notice or be deemed to have notice or knowledge of any default,
Default, Event of Default, event or information unless a Responsible Officer of the Indenture Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Indenture Trustee at the
applicable Corporate Trust Office of the Indenture Trustee, and such notice references the Notes and this Indenture, and shall have no duty to take any action to determine whether any such event, default, Default or Event of Default has occurred.

 (h) The Indenture Trustee shall not be liable for any action or inaction of the Issuer, Servicer, Owner Trustee, Asset
Representations Reviewer, Administrator or any other party (or agent thereof) to this Indenture or any related document and may assume compliance by such parties with their obligations under this Indenture or any related agreements, unless a
Responsible Officer of the Indenture Trustee shall have received written notice to the contrary at the Corporate Trust Office of the Indenture Trustee. 

(i) Information contained in any reports delivered to the Indenture Trustee and any other publicly available information shall
not constitute actual or constructive knowledge; provided, however, that, notwithstanding any provision in the Transaction Documents to the contrary, any document delivered to the Indenture Trustee the information contained in which
the Indenture Trustee is required to take notice of to fulfill its obligations under the Transaction Documents or under applicable law shall constitute actual notice to the Indenture Trustee of such information. 

(j) Knowledge of the Indenture Trustee shall not be attributed or imputed to Wilmington Trust, National Association’s
other roles in the transaction and knowledge of the Paying Agent, Note Registrar and Authenticating Agent shall not be attributed or imputed to each other or to the Indenture Trustee (other than those where the roles are performed by the same group
or division within Wilmington Trust, National Association or otherwise share the same Responsible Officers), or any affiliate, line of business, or other division of Wilmington Trust, National Association (and vice versa). 

(k) Notwithstanding anything to the contrary herein or otherwise, under no circumstance will the Indenture Trustee be liable
for special, punitive, indirect, or consequential loss or damage of any kind whatsoever (including lost profits), whether or not foreseeable, even if the Indenture Trustee is actually aware of or has been advised of the likelihood of such loss or
damage. 

  

					
		 	36	 	FTAT 2019-1 Indenture

 (l) The Indenture Trustee shall incur no liability if, by reason of any
provision of any future law or regulation thereunder, or by any force majeure event, including but not limited to natural disaster, act of war or terrorism, or other circumstances beyond its reasonable control, the Indenture Trustee shall be
prevented or forbidden from doing or performing any act or thing which the terms of this Indenture provide shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in this Indenture or
any other Transaction Document. 
 (m) Notwithstanding anything to the contrary in this Indenture, the Indenture Trustee
shall not be required to take any action that is not in accordance with applicable law. 
 (n) The right of the Indenture
Trustee to perform any permissive or discretionary act enumerated in this Indenture or any related document shall not be construed as a duty. 

(o) Neither the Indenture Trustee nor any of its officers, directors, employees, attorneys or agents will be responsible or
liable for the existence, genuineness, value or protection of any collateral, for the legality, enforceability, effectiveness or sufficiency of the Transaction Documents, for the creation, perfection, continuation, priority, sufficiency or
protection of any liens with regard to the collateral or the Transaction Documents, or for any defect or deficiency as to any such matters, or for monitoring the status of any lien or performance of the collateral, or for any failure to demand,
collect, foreclose or realize upon or otherwise enforce any of such liens or the Transaction Documents or any delay in doing so, unless such responsibility or liability is otherwise imposed on the Indenture Trustee under this Indenture. 

SECTION 6.3 Individual Rights of the Indenture Trustee. Subject to Section 310 of the TIA, the Indenture Trustee
in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Seller, the Owner Trustee, the Delaware Trustee, the Administrator and their respective Affiliates with the same rights it would have if
it were not the Indenture Trustee, and the Seller, the Owner Trustee, the Delaware Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking and investment banking relationships with the Indenture Trustee and
its Affiliates. Any Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or separate trustee may do the same
with like rights. However, the Indenture Trustee must comply with Section 6.11. 
 SECTION 6.4
The Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, shall not be accountable for the
Issuer’s use of the proceeds from the Notes, and shall not be responsible for any statement of the Issuer in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes, all of which shall be taken as the
statements of the Issuer, other than the Indenture Trustee’s certificate of authentication. 
 SECTION 6.5 Notice of
Defaults. If a Default occurs and is continuing and if it is either actually known by a Responsible Officer of the Indenture Trustee or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee,
the Indenture Trustee shall mail to each Noteholder, the Owner Trustee, the Delaware Trustee, the Issuer and the Administrator notice of the Default within ninety (90) days after such knowledge or notice occurs. Except in the case of a Default
in payment of principal of or interest on any 

  

					
		 	37	 	FTAT 2019-1 Indenture

 
Note (including payments pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a Responsible Officer in good faith
determines that withholding the notice is in the interests of Noteholders. In addition, if a Servicer Replacement Event occurs and is continuing and if it is either actually known by a Responsible Officer of the Indenture Trustee or written notice
of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall provide the Delaware Trustee, the Owner Trustee and the Administrator written notice of such Servicer Replacement Event. 

SECTION 6.6 Reports by the Paying Agent to Noteholders. 

(a) The Paying Agent, at the expense of the Issuer, shall make available to each Noteholder, not later than the latest date
permitted by law, such information as may be required by law to enable such Holder to prepare its federal and state income tax returns. 

(b) The Paying Agent shall 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. 

SECTION 6.7 Compensation and Indemnity. The Issuer shall cause the Servicer to (i) pay to the Indenture Trustee
from time to time such compensation as the Servicer and the Indenture Trustee shall from time to time agree in writing for services rendered by the Indenture Trustee hereunder in accordance with a fee letter between the Servicer and the Indenture
Trustee, provided, however, that such fee letter may be amended from time to time after the date hereof to provide for the Indenture Trustee’s role as Computation Agent and as agreed to by the Servicer and the Indenture Trustee,
(ii) reimburse the Indenture Trustee for all reasonable expenses, advances and disbursements reasonably incurred by it in connection with the performance of its duties as Indenture Trustee and (iii) indemnify the Indenture Trustee for, and
hold it harmless against, any and all loss, liability or expense (including reasonable attorneys’ fees and expenses) incurred by it in connection with the administration of the trust or trusts hereunder or the performance of its duties as
Indenture Trustee including any action, claim or suit to enforce the Indenture Trustee’s right to indemnification. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The
Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer or the Servicer of its
obligations hereunder. The Issuer shall, or shall cause the Servicer to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Servicer to, pay the fees and expenses of such counsel. The
Indenture Trustee shall not be indemnified by the Administrator, the Issuer, the Seller, FTH LLC, the Bank or the Servicer against any loss, liability or expense incurred by it or arising from (i) Wilmington Trust, National Association’s
own willful misconduct, negligence or bad faith, (ii) the inaccuracy of any representation or warranty expressly made by Wilmington Trust, National Association in its individual capacity or any representation or warranty made by Wilmington
Trust, National Association in accordance with Sections 8.18, 8.19 or 8.20 of the Servicing Agreement or (iii) taxes, fees or other charges on, based on or measured by, any fees, commissions or
compensation received by the Indenture Trustee. 

  

					
		 	38	 	FTAT 2019-1 Indenture

 The compensation and indemnity obligations to the Indenture Trustee pursuant
to this Section shall survive the discharge or assignment of this Indenture and the resignation or removal of the Indenture Trustee. When the Indenture Trustee incurs expenses after the occurrence of an Event of Default set forth in
Section 5.1(e) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

Any amounts payable by the Issuer to the Indenture Trustee pursuant to this Section 6.7 shall be
paid by the Issuer in accordance with Section 8.5(a) or Section 5.4(b) of this Indenture, as applicable. 

SECTION 6.8 Removal, Resignation and Replacement of the Indenture Trustee. The Indenture Trustee may resign at any time
by so notifying the Issuer, the Administrator and the Servicer. The Holders of a majority of the Outstanding Note Balance may remove the Indenture Trustee without cause by so notifying the Indenture Trustee and the Issuer thirty (30) days in
advance, and following that removal may appoint a successor to the Indenture Trustee. The Issuer shall remove the Indenture Trustee, upon thirty (30) days prior notice, if: 

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

(b) a Bankruptcy Event occurs with respect to the Indenture Trustee; 

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

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

If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason
(the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly, but no later than thirty (30) days, appoint a successor Indenture Trustee which satisfies the requirements set forth in
Section 6.11. 
 A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee, without any further act, deed or conveyance, shall
have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by
it as the Indenture Trustee to the successor Indenture Trustee. 
 If a successor Indenture Trustee does not take office
within thirty (30) days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority of the Outstanding Note Balance may petition any court of competent jurisdiction, at the
expense of the Issuer, for the appointment of a successor Indenture Trustee. 
 If the Indenture Trustee fails to comply
with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

  

					
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 Any resignation or removal of the Indenture Trustee and appointment of a
successor Indenture Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.8 and payment of all
fees and expenses owed to the retiring Indenture Trustee. 
 The Indenture Trustee shall not be liable for the acts or
omissions of any successor Indenture Trustee. 
 SECTION 6.9 Successor Indenture Trustee by Merger. Subject to
Section 6.11, if the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting,
surviving or transferee corporation without any further act shall be the successor Indenture Trustee, provided, that such corporation or banking association shall be otherwise qualified and eligible under
Section 6.11. The Indenture Trustee shall promptly notify the Administrator of any such transaction. 

In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed
to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the
Indenture Trustee. 
 SECTION 6.10 Appointment of Co-Indenture Trustee or
Separate Indenture Trustee. 
 (a) Notwithstanding any other provisions of this Indenture, at any time, after delivering
written notice to the Administrator, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the Indenture Trustee and the Administrator acting jointly 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 Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as the Indenture Trustee and the Administrator may consider necessary or desirable. If the Administrator shall not have joined in such appointment within thirty (30) days after the delivery to it of a
request to do so, or in the case of an Event of Default shall have occurred and is continuing, the Indenture Trustee alone shall have the power to make such appointment. 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 6.8. 
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

(i) all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be
conferred or imposed upon and exercised or performed by the 

  

					
		 	40	 	FTAT 2019-1 Indenture

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

(ii) no separate trustee or co-trustee hereunder shall be personally
liable by reason of any act or omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and 

(iii) the Indenture Trustee and the Administrator may at any time accept the resignation of or, acting jointly,
remove any separate trustee or co-trustee. 
 (c) Any notice, request or other
writing given to the Indenture Trustee shall be deemed to have been given to each of the separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate
trustee or co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts
conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically
including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee and a copy thereof given to the
Administrator. 
 (d) Any separate trustee or co-trustee may at any time constitute
the Indenture Trustee its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this
Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall
vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Indenture, the appointment of any separate trustee or co-trustee shall not relieve the Indenture Trustee of its obligations and duties under this Indenture. 

SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA
Section 310(a) and, in addition, shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long term debt rating of at least investment grade or
better by each Rating Agency or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall also satisfy the requirements of TIA Section 310(b). Neither the Issuer nor any Affiliate of the Issuer may serve as Indenture
Trustee. 
 SECTION 6.12 Preferential Collection of Claims Against the Issuer. The Indenture Trustee shall comply
with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). Any Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 

  

					
		 	41	 	FTAT 2019-1 Indenture

 SECTION 6.13 Representations and Warranties. The Indenture Trustee
hereby makes the following representations and warranties on which the Issuer and the Noteholders shall rely: 

(i) the Indenture Trustee is a national banking association duly organized, validly existing and in good
standing under the federal laws of the United States of America; and 
 (ii) the Indenture Trustee has full
power, authority and legal right to execute, deliver, and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture. 

(iii) this Indenture has been duly executed and delivered by the Indenture Trustee; and 

(iv) this Indenture is a legal, valid and binding obligation of the Indenture Trustee enforceable in accordance
with its terms, subject to the effects of bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and to general principles of equity. 

ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS 

SECTION 7.1 The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders. The Issuer shall furnish or
cause to be furnished to the Indenture Trustee (a) not more than five (5) days after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record
Date, and (b) at such other times as the Indenture Trustee may request in writing, within thirty (30) days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten days prior to the
time such list is furnished and the Indenture Trustee shall be fully protected with no liability in relying on the most recently provided copy of such list; provided, however, that so long as (i) the Indenture Trustee is the Note
Registrar, or (ii) the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished to the Indenture Trustee. 

SECTION 7.2 Preservation of Information; Communications Among Noteholders. 

(a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the
Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as the Note Registrar.
The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished; provided, however, that so long as the Indenture Trustee is the Note
Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be preserved or maintained. 

  

					
		 	42	 	FTAT 2019-1 Indenture

 (b) The Noteholders may communicate pursuant to TIA Section 312(b) with
other Noteholders with respect to their rights under this Indenture or under the Notes. Upon receipt by the Indenture Trustee of any request by three or more Noteholders or by one or more Noteholders evidencing not less than 25% of the Outstanding
Note Balance to receive a copy of the current list of Noteholders (whether or not made pursuant to TIA Section 312(b)), the Indenture Trustee shall (i) promptly notify the Administrator thereof by providing to the Administrator a copy of
such request and a copy of the list of Noteholders produced in response thereto and (ii) within five Business Days after receipt of such notice, forward a copy of the list of Noteholders produced to such Noteholders. A Noteholder (if the Notes
are represented by Definitive Notes) or Note Owner (if the Notes are represented by Book-Entry Notes), as applicable, that seeks to communicate with other Noteholders or Note Owners, as applicable, about the exercise of Noteholder and Note Owner
rights under this Indenture or the other Transaction Documents may send a request to the Depositor to include information regarding the communication in the Form 10-D to be filed by the Servicer, on behalf of
the Issuer, with the Commission relating to the Collection Period in which such request was received. Each request must include (i) the name of the requesting Noteholder or Note Owner, (ii) the method by which the other Noteholders or Note
Owners, as applicable, may contact the requesting Noteholder or Note Owner and (iii) in case of a Note Owner, a certification from the Note Owner that it is a Note Owner, together with at least one form of documentation, acceptable to the
Indenture Trustee, evidencing its ownership of a Note, including, but not limited to, a trade confirmation, account statement, letter from a broker or dealer or other similar document. On receipt of such a request, the Servicer will include in the
Form 10-D to be filed (i) a statement that the Issuer has received a request from a Noteholder or a Note Owner, as applicable, that is interested in communicating with other Noteholders or Note Owners, as
applicable, about a possible exercise of rights under this Indenture or the other Transaction Documents, (ii) the name of the requesting Noteholder or Note Owner, (ii) the date the request was received and (iv) a description of the
date and method by which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner. The Servicer will be responsible for any costs associated with including the Noteholder or Note Owner requests in the Form 10-D. 
 (c) The Issuer, the Indenture Trustee and Note Registrar shall have the
protection of TIA Section 312(c). 
 SECTION 7.3 Reports by the Indenture Trustee. If required by TIA
Section 313(a), within sixty (60) days after each March 31, beginning with March 31, 2020, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as of such date that
complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock
exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 

SECTION 7.4 Statements to Certificateholders and Noteholders. On each Payment Date, the Relevant Trustee shall forward
the Servicer’s Certificate provided by the Servicer pursuant to Section 3.9 of the Servicing Agreement or make available such Servicer’s Certificate on its website as described below to the Issuer, the Servicer
and each Noteholder and Certificateholder of record as of the most recent Record Date and, if a Certificate Distribution 

  

					
		 	43	 	FTAT 2019-1 Indenture

 
Account shall have been established, the Owner Trustee and the Certificate Paying Agent, which Servicer’s Certificate shall contain a statement setting forth for the Collection Period and
Payment Date relating to such Determination Date the following information (to the extent applicable): 
 (a) the aggregate
amount being paid on such Payment Date in respect of interest on and principal of each Class of Notes; 
 (b) the Class A-1 Note Balance, the Class A-2-A Note Balance, the
Class A-2-B Note Balance, the Class A-3 Note Balance and the Class A-4
Note Balance, in each case after giving effect to payments on such Payment Date; 
 (c) (i) the amount on deposit in
the Reserve Account and the Specified Reserve Account Balance, each as of the beginning and end of the related Collection Period, (ii) the amount deposited in the Reserve Account in respect of such Payment Date, if any, (iii) the Reserve
Account Draw Amount and the Reserve Account Excess Amount, if any, to be withdrawn from the Reserve Account on such Payment Date, (iv) the balance on deposit in the Reserve Account on such Payment Date after giving effect to withdrawals
therefrom and deposits thereto in respect of such Payment Date and (v) the change in such balance from the immediately preceding Payment Date; 

(d) the First Allocation of Principal and Regular Principal Distribution Amount for such Payment Date; 

(e) the Net Pool Balance and the Note Factor as of the close of business on the last day of the preceding Collection Period;

 (f) the amount of the Servicing Fee to be paid to the Servicer with respect to the related Collection Period and the
amount of any unpaid Servicing Fees; 
 (g) the amount of the Noteholders’ Interest Carryover Shortfall, if any, on
such Payment Date and the change in such amounts from the preceding Payment Date; 
 (h) the amount of fees to be paid to
the Delaware Trustee, the Indenture Trustee and the Owner Trustee, if any, with respect to the related Payment Date and the amount of any unpaid fees to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, if any, and the change in
such amount from that of the prior Payment Date; 
 (i) the aggregate Repurchase Price with respect to Repurchased
Receivables paid by the Servicer or the Bank, as applicable, with respect to the related Collection Period; 
 (j) the
aggregate amount being distributed on such Payment Date to the Designated Certificateholder Account; and 
 (k) the amount
of Collections for the related Collection Period; 
 (l) a statement that the Servicer has received a communication request
for a Noteholder interested in communicating with other Noteholders regarding the possible exercise of rights under the Transaction Documents, the name and contact information for the requesting Noteholder and the date such request was received;

  

					
		 	44	 	FTAT 2019-1 Indenture

 (m) the Delinquency Percentage and whether the Delinquency Trigger has been
met or exceeded; 
 (n) whether and when Noteholders or Note Owners, as applicable, have elected to initiate a vote of the
Noteholders and Note Owners, as applicable, with respect to an Asset Representations Review to determine whether the Asset Representations Reviewer will conduct an Asset Representations Review; 

(o) a summary of the findings and conclusions of any Asset Representations Review conducted by the Asset Representations
Reviewer; 
 (p) information with respect to any change in the Asset Representations Reviewer as required by Item 1121(d)(2)
of Regulation AB; and 
 (q) any asset level information as required by Item 1111(h) and Item 1125 of Regulation AB. 

No disbursements shall be made directly by the Servicer to a Noteholder, and the Servicer shall not be required to maintain
any investor record relating to the posting of disbursements or otherwise. 
 The Relevant Trustee will make available via
the Relevant Trustee’s internet website all reports or notices required to be provided by the Relevant Trustee under this Section 7.4. Any information that is disseminated in accordance with the provisions of this
Section 7.4 shall not be required to be disseminated in any other form or manner. The Relevant Trustee will make no representations or warranties as to the accuracy or completeness of such documents and will assume no
responsibility therefor. 
 The Indenture Trustee’s internet website shall be initially located at
www.wilmingtontrustconnect.com or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the Noteholders, the Delaware Trustee, the Owner Trustee, the Servicer, the Issuer or any Paying Agent. In
connection with providing access to the Indenture Trustee’s internet website, the Indenture Trustee may require registration and the acceptance of a disclaimer. The Indenture Trustee shall not be liable for the dissemination of information in
accordance with this Agreement. The Indenture Trustee shall notify the Noteholders in writing of any changes in the address or means of access to the Internet website where the reports are accessible. 

SECTION 7.5 Noteholder and Note Owner Demand for Asset Representations Review. If the Delinquency Percentage on any
Payment Date exceeds the Delinquency Trigger for that Payment Date, the Servicer will notify the Noteholders and Note Owners of that occurrence on the Form 10-D filed for that Payment Date. On or after such
Payment Date, a Noteholder (if the Notes are represented by Definitive Notes) or Note Owner (if the Notes are represented by Book-Entry Notes), which in each case provides the documentation set forth in Section 7.2(b)(iii),
may make a demand on the Indenture Trustee in accordance with Section 11.3 to cause a vote of the 

  

					
		 	45	 	FTAT 2019-1 Indenture

 
Noteholders or Note Owners, as applicable, about whether to direct the Asset Representations Reviewer to conduct an Asset Representations Review. The Servicer will notify investors of the
initiation of such a vote on Form 10-D filed for that Payment Date. If Noteholders and Note Owners of at least 5% in the aggregate of the Outstanding Principal Balance of the Notes demand a vote within 90 days
after filing of the Form 10-D in which the occurrence of the Delinquency Trigger being met or exceeded was reported, the Indenture Trustee will promptly request a vote of the Noteholders and Note Owners
(through the Clearing Agency). The Indenture Trustee shall set a record date for purposes of determining the identity of Noteholders or Note Owners, as applicable, entitled to vote in accordance with TIA Section 316(d) as of the date of the
filing of the Form 10-D that disclosed that the Delinquency Percentage met or exceeded the Delinquency Trigger. The vote will be initiated no later than 90 days after the filing of the Form 10-D reporting that the Delinquency Percentage met or exceeded the Delinquency Trigger and will be completed no later than 150 days after such Form 10-D filing. The Servicer
and the Administrator on behalf of the Issuer will cooperate with the Indenture Trustee to facilitate the voting process and the Servicer will pay the costs, expenses and liabilities incurred by the Issuer in connection with the voting process. If
the Noteholders and Note Owners of a majority of the Outstanding Principal Amount of the Notes that are voted agree for an Asset Representations Review to be conducted, the Indenture Trustee will promptly send a Review Notice to the Asset
Representations Reviewer and the Servicer directing the Asset Representations Reviewer to commence the Asset Representations Review. Following the completion of the voting process, the next Form 10-D filed by
the Depositor will disclose whether or note the Noteholders and Note Owners have voted for an Asset Representations Review. 
 ARTICLE
VIII ACCOUNTS, DISBURSEMENTS AND RELEASES 
 SECTION 8.1 Collection of Money. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable
by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any
payment or performance under any agreement or instrument that is part of the Collateral, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of
appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 

SECTION 8.2 Trust Accounts. 

(a) On or prior to the Closing Date (or, in the case of clause (iv) below, the date indicated therein), the Issuer
shall cause the Servicer to establish the following: 
 (i) For the benefit of the Noteholders, an Eligible
Account (the “Collection Account”), bearing a designation of “Fifth Third AT 2019-1 Collection AC” indicating the Security Interest of the Indenture Trustee and that the funds
deposited therein are held for the benefit of the Noteholders, such Eligible Account shall be non-interest bearing and established by and maintained with the Indenture Trustee or its designee. No checks shall
be issued, printed or honored with respect to the Collection Account. 

  

					
		 	46	 	FTAT 2019-1 Indenture

 (ii) For the benefit of the Noteholders, an Eligible Account
(the “Principal Distribution Account”), bearing a designation of “Fifth Third AT 2019-1 Prin Dist AC” indicating the Security Interest of the Indenture Trustee and that the funds
deposited therein are held for the benefit of the Noteholders, such Eligible Account shall be non-interest bearing and established by and maintained with the Indenture Trustee or its designee and which may be
a sub-account of the Collection Account. No checks shall be issued, printed or honored with respect to the Principal Distribution Account. 

(iii) For the benefit of the Noteholders, an Eligible Account (the “Reserve Account”, and
together with the Collection Account and the Principal Distribution Account, the “Trust Accounts”), bearing a designation of “Fifth Third AT 2019-1 Reserve AC” indicating the
Security Interest of the Indenture Trustee and that the funds deposited therein are held for the benefit of the Noteholders, such Eligible Account shall be non-interest bearing and established by and
maintained with the Indenture Trustee or its designee. No checks shall be issued, printed or honored with respect to the Reserve Account. 

(iv) On or prior to the Payment Date on which any of the Certificates are then held by a Person other than the
Depositor or one of its Affiliates, for the benefit of the Certificateholders, in the name of the Issuer, an Eligible Account (the “Certificate Distribution Account”), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Certificateholders, which Eligible Account shall be established by and maintained with the Certificate Paying Agent or its designee. No checks shall be issued, printed or honored with respect to the
Certificate Distribution Account. For the avoidance of doubt, the Certificate Distribution Account shall not be a Trust Account. 

(b) On or before each Payment Date, the Issuer shall cause (i) the Servicer to deposit all Collections and Advances and
(ii) the Servicer or the Bank as applicable, to deposit all Repurchase Prices with respect to the Collection Period preceding such Payment Date in the Collection Account. On the Business Day prior to each Payment Date, all amounts required to
be withdrawn from the Reserve Account and deposited in the Collection Account pursuant to Section 4.3 of the Servicing Agreement shall be withdrawn by the Indenture Trustee from the Reserve Account and deposited to the
Collection Account pursuant to the Servicer’s Certificate. 
 (c) Prior to the acceleration of the maturity of the
Notes pursuant to Section 5.2 of this Indenture, on each Payment Date and the Redemption Date, the Indenture Trustee shall distribute the First Allocation of Principal and the Regular Principal Distribution Amount to
Noteholders in respect of principal of the Notes to the extent of the funds therein in the following order of priority: 

(i) first, to the Holders of the Class A-1 Notes, until the
Class A-1 Notes are paid in full; 

  

					
		 	47	 	FTAT 2019-1 Indenture

 (ii) second, to the Holders of the Class A-2-A Notes and the Class A-2-B Notes, ratably, until the Class A-2-A Notes and Class A-2-B Notes are paid in full; 

(iii) third, to the Holders of the Class A-3 Notes, until
the Class A-3 Notes are paid in full; and 
 (iv) fourth,
to the Holders of the Class A-4 Notes, until the Class A-4 Notes are paid in full. 

(d) On the Payment Date on which the Notes of all Classes have been paid in full, the Indenture Trustee shall take all
necessary or appropriate actions, as directed by the Issuer and other than at its own expense, to transfer all of its right, title and interest in the Collection Account (including any investments and investment income) to the Owner Trustee for the
benefit of the Certificateholders. Following such transfer, the Issuer shall cause the Servicer to establish the Collection Account with the Owner Trustee to be maintained under the sole dominion and control of the Owner Trustee for the benefit of
the Certificateholders and the Certificate Paying Agent will make distributions from the Collection Account pursuant to Section 8.5(a). 

SECTION 8.3 General Provisions Regarding Accounts. (a) At the direction of the Servicer, funds on deposit in the
Collection Account and the Reserve Account shall be invested by the Relevant Trustee in Permitted Investments selected in writing by the Servicer and of which the Servicer provides notification (pursuant to standing instructions or otherwise);
provided, that it is understood and agreed that if the Servicer does not provide such specific written investment direction or provides notification (pursuant to standing instructions or otherwise) that such funds on deposit in the Collection
Account and the Reserve Account shall remain uninvested, those funds shall then remain uninvested unless and until the Servicer provides alternate notification with respect to the Collection Account and the Reserve Account; provided further,
that it is further understood and agreed that neither the Servicer, the Relevant Trustee (subject to Section 6.1(c)) nor the Issuer shall be liable for any loss arising from such investment in Permitted Investments. All
such Permitted Investments shall be held by or on behalf of the Relevant Trustee as secured party for the benefit of the Noteholders (or, if there are no Notes Outstanding, for the benefit of the Certificateholders); provided further, that on
each Payment Date all interest and other investment income (net of losses and investment expenses) on funds on deposit in the Collection Account and the Reserve Account shall be distributed to the Servicer as additional servicing compensation and
shall not be available to pay the distributions provided for in Section 8.5. All investments of funds on deposit in the Collection Account and the Reserve Account shall mature or be liquidated on the next Payment Date. No
Permitted Investment shall be sold or otherwise disposed of prior to its scheduled maturity unless a default occurs with respect to such Permitted Investment and the Servicer directs the Relevant Trustee in writing to dispose of such Permitted
Investment. Notwithstanding the foregoing, to the extent so provided in the Servicer’s Certificate, the Paying Agent is hereby authorized to liquidate the funds necessary to make the distributions described in Section 8.5 one
(1) Business Day prior to each Payment Date. 
 (b) The Relevant Trustee shall possess all right, title and interest in
all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof and all such funds, investments and proceeds shall be part of the Trust Estate. Except as otherwise provided herein,

  

					
		 	48	 	FTAT 2019-1 Indenture

 
the Trust Accounts shall be under the sole dominion and control of the Relevant Trustee for the benefit of the Noteholders (or, if there are no Notes outstanding, for the benefit of the
Certificateholders). If, at any time, any Trust Account ceases to be an Eligible Account, the Servicer shall promptly notify the Relevant Trustee (unless such Trust Account is an account with the Relevant Trustee) in writing and within ten
(10) Business Days (or any longer period if the Rating Agency Condition is satisfied with respect to such longer period) after becoming aware of the fact, establish a new Trust Account as an Eligible Account and shall direct the Relevant
Trustee to transfer any cash and/or any investments to such new Trust Account. 
 (c) With respect to the Trust Account
Property, the parties hereto agree that: 
 (i) any Trust Account Property that consists of uninvested funds
shall be held solely in Eligible Accounts and, except as otherwise provided herein, each such Eligible Account shall be subject to the exclusive custody and control of the Indenture Trustee, and, except as otherwise provided in the Transaction
Documents, the Relevant Trustee or its designee shall have sole signature authority with respect thereto; 

(ii) any Trust Account Property that is an “uncertificated security” under Article 8 of the UCC and
that is not governed by clause (iii) below shall be delivered to the Indenture Trustee or its designee in accordance with paragraph (c) of the definition of “Delivery” and shall be maintained by the Relevant Trustee
or such designee, pending maturity or disposition, through continued registration of the Indenture Trustee’s (or its designee’s) ownership of such security on the books of the issuer thereof; and 

(iii) any Trust Account Property that is an uncertificated security that is a “book-entry security”
(as such term is defined in Federal Reserve Bank Operating Circular No. 7) held in a securities account at a Federal Reserve Bank and eligible for transfer through the Fedwire® Securities
Service operated by the Federal Reserve System pursuant to Federal book-entry regulations shall be delivered in accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the Relevant Trustee or
its designee or a securities intermediary (as such term is defined in Section 8-102(a)(14) of the UCC) acting solely for the Relevant Trustee or such designee, pending maturity or disposition, through
continued book-entry registration of such Trust Account Property as described in such paragraph; and 
 (iv)
to the extent any Trust Account Property is credited to a securities account, the account agreement establishing such securities account shall provide that the account agreement is governed solely by the law of the State of New York and that the law
of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention; and such institution acting as securities intermediary shall have at the time of entry of the account agreement and shall continue to have
at all relevant times one or more offices (within the meaning of the Hague Securities Convention) in the United States of America which satisfies the criteria provided in Article 4(1)(a) or (b) of the Hague Securities Convention. 

(d) The Indenture Trustee, to the extent it is acting in the capacity of securities intermediary with respect to Trust Account
Property, represents, warrants and covenants that: 

  

					
		 	49	 	FTAT 2019-1 Indenture

 (i) it is a “securities intermediary,” as such
term is defined in Section 8-102(a)(14)(ii) of the relevant UCC, that in the ordinary course of its business maintains “securities accounts” for others, as such term is used in Section 8-501 of the relevant UCC, and an “intermediary” as defined in the Hague Securities Convention; 

(ii) it agrees with the Issuer that pursuant to
Section 8-110(e)(1) of the relevant UCC for purposes of the relevant UCC, the jurisdiction of the Indenture Trustee as securities intermediary is the State of New York and the law of the State of New
York shall govern all issues specified in Article 2(1) of the Hague Securities Convention with respect to the Trust Accounts; and 

(iii) the Indenture Trustee has and shall continue to have at all relevant times one or more offices (within
the meaning of the Hague Securities Convention) in the United States of America which satisfies the criteria provided in Article 4(1)(a) or (b) of the Hague Securities Convention. 

(e) To the extent that there are any other agreements with the Indenture Trustee as securities intermediary governing the
Trust Accounts, the parties agree that each and every such agreement is hereby amended to provide that, with respect to the Trust Accounts, the law applicable to all issues specified in Article 2(1) of the Hague Securities Convention shall be the
laws of the State of New York. 
 (f) All interest and investment income (net of losses and investment expenses) on
funds on deposit (i) in the Collection Account shall be distributed to the Servicer in accordance with the provisions of Section 3.7 of the Servicing Agreement and (ii) in the Reserve Account shall be distributed
in accordance with Section 8.4(c) of this Indenture and Section 3.7 of the Servicing Agreement. The Relevant Trustee shall not be directed to make any investment of any funds or to sell any
investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person.

 (g) Subject to Section 6.1(c), the Relevant Trustee shall not in any way be held liable by
reason of any insufficiency in the Collection Account or the Reserve Account resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Relevant Trustee’s failure to make payments on any such
Permitted Investments issued by the Relevant Trustee in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

(h) If (i) investment directions shall not have been given in writing by the Servicer in accordance with
Section 8.3(a) for any funds on deposit in the Collection Account and the Reserve Account to the Relevant Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Servicer and the Indenture
Trustee), on any Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.2 or
(iii) if the Notes shall have been declared due and payable following an Event of Default and amounts collected or received from the Trust Estate are being applied in accordance with Section 5.4 as if there had not
been such a declaration, then the Relevant Trustee shall, to the fullest extent 

  

					
		 	50	 	FTAT 2019-1 Indenture

 
practicable, invest and reinvest funds in the Collection Account and the Reserve Account in one or more Permitted Investments in accordance with the standing instructions most recently given by
the Servicer. 
 (i) In making or disposing of any investment permitted by this Indenture, the Relevant Trustee is
authorized to deal with itself (in its individual capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis and on standard market terms, whether it or such Affiliate is
acting as a subagent of the Relevant Trustee or for any third person or dealing as principal for its own account. 
 SECTION
8.4 Additional Withdrawals and Deposits. 
 (a) The Paying Agent will, on the Business Day prior to each Payment Date,
pursuant to the Servicer’s Certificate, withdraw from the Reserve Account the Reserve Account Excess Amount, if any, for such Payment Date and deposit such amount in the Collection Account. 

(b) The Paying Agent will, on the Business Day prior to the Payment Date relating to each Collection Period, pursuant to the
Servicer’s Certificate, withdraw from the Reserve Account the Reserve Account Draw Amount and deposit such amount in the Collection Account. 

(c) The Paying Agent will, on the Business Day prior to each Payment Date, pursuant to the Servicer’s Certificate,
withdraw from the Reserve Account all investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Account and, on such Payment Date, distribute such investment earnings to the Servicer. 

(d) The Paying Agent shall receive written instructions from the Servicer (which may be in the form of a written order or
request of the Servicer signed by an Authorized Officer of the Servicer upon which the Indenture Trustee shall be fully protected in relying with no liability thereafter) directing the Relevant Trustee to make the foregoing withdrawals and deposits.

 SECTION 8.5 Distributions. 

(a) Prior to any acceleration of the Notes pursuant to Section 5.2 and subject to
Section 8.5(b), on each Payment Date, the Paying Agent (based solely on information contained in, and as directed by, the Servicer’s Certificate delivered on or before the related Determination Date pursuant to
Section 3.9 of the Servicing Agreement) shall make the following deposits and distributions, to the extent of Available Funds and the Reserve Account Draw Amount on deposit in the Collection Account for such Payment Date,
in the following order of priority: 
  

	 	(i)	 first, to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior
Collection Periods; 

  

	 	(ii)	 second, to the Noteholders, the Accrued Note Interest for the related Interest Period;
provided, that if there are not sufficient funds available to pay the entire amount of the Accrued Note Interest, the amounts available will be applied to the payment of such interest on the Notes on a pro rata basis based on the amount of
interest owed; 

  

					
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	 	(iii)	 third, to the Principal Distribution Account for distribution to the Noteholders pursuant to
Section 8.2(c), the First Allocation of Principal, if any; 

  

	 	(iv)	 fourth, to the Reserve Account, any additional amounts required to increase the amount in the Reserve
Account up to the Specified Reserve Account Balance; 

  

	 	(v)	 fifth, to the Principal Distribution Account for distribution to the Noteholders pursuant to
Section 8.2(c), the Regular Principal Distribution Amount, if any; 

  

	 	(vi)	 sixth, to the Owner Trustee (including as Certificate Paying Agent), the Delaware Trustee, the
Indenture Trustee and the Asset Representations Reviewer, fees, expenses and indemnification amounts due and owing under the Servicing Agreement, the Trust Agreement, the Indenture and the Asset Representations Review Agreement, as applicable, which
have not been previously paid; provided, that with respect to the Asset Representations Reviewer, such fees, expenses and indemnification amounts must have been due and unpaid for more than 60 days; and 

 

	 	(vii)	 seventh, to the Designated Certificateholder Account, any funds remaining. 

Notwithstanding any other provision of this Section 8.5, following the occurrence and during the continuation of an
Event of Default which has resulted in an acceleration of the Notes, the Paying Agent shall apply all amounts on deposit in the Collection Account pursuant to Section 5.4(b). 

(b) Notwithstanding Section 8.5(a), in the event that the Bank were to become the subject of an
insolvency proceeding and the FDIC as receiver or conservator for the Bank pays damages as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, then the actions and distributions described in Section 12.5 of the Indenture
shall be effected instead of Section 8.5(a). 
 SECTION 8.6 Release of Collateral.
(a) The Indenture Trustee may if permitted by and in accordance with the terms hereof, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture
Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture or such other document. No party relying upon an instrument executed by the Indenture Trustee as provided in
this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 

(b) The Indenture Trustee shall, at such time as there are no Notes Outstanding (as certified by an Authorized Officer of the
Issuer in an Officer’s Certificate delivered to the Indenture Trustee) and all amounts due to the Indenture Trustee hereunder have been paid in full, release any remaining portion of the Collateral that secured the Notes from the lien of this

  

					
		 	52	 	FTAT 2019-1 Indenture

 
Indenture as directed by and with documents prepared by the Issuer. Such release shall include release of the lien of this Indenture and transfer of dominion and control over the Trust Accounts
to the Issuer or its designee. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if
required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note,
acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture (or shall be deemed to automatically release the lien of this Indenture without any further action) on any Receivable to be sold (i) the Servicer
in accordance with Section 3.6 of the Servicing Agreement and (ii) the Bank pursuant to Section 3.3 of the Receivables Sale Agreement. 

SECTION 8.7 Opinion of Counsel. The Indenture Trustee shall receive at least five (5) days’ notice (or such
shorter notice acceptable to the Indenture Trustee) when requested by the Issuer to take any action pursuant to Section 8.6, accompanied by copies of any instruments involved, and the Indenture Trustee may also require as a
condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions
precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture;
provided, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, as to factual matters, without independent investigation, on the
accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. Such opinion shall be at other than the Indenture Trustee’s expense. 

ARTICLE IX SUPPLEMENTAL INDENTURES 

SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. 

(a)    Without the consent of the Noteholders, or any other Person, but with prior notice from the Issuer
to each Rating Agency and subject to subsection (d), the Issuer and the Indenture Trustee (when so directed by an Issuer Request), at any time and from time to time, may enter into one or more indentures supplemental hereto for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or for the purposes of modifying in any manner the rights of the Noteholders under this Indenture subject to the satisfaction of the
following conditions: 
 (i) the Issuer delivers an Opinion of Counsel or an Officer’s Certificate to
the Indenture Trustee to the effect that such supplemental indenture will not materially and adversely affect the interests of the Noteholders; or 

  

					
		 	53	 	FTAT 2019-1 Indenture

 (ii) the Rating Agency Condition is satisfied with respect
to such amendment and the Issuer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

(b)    Prior to the execution of any such supplemental indenture, the Issuer shall provide written
notification of the substance of such supplemental indenture to each Rating Agency, the Delaware Trustee and the Owner Trustee; and promptly after the execution of any such supplemental indenture, the Issuer shall furnish a copy of such supplemental
indenture to each Rating Agency, the Delaware Trustee, the Owner Trustee and the Indenture Trustee; provided, that no supplemental indenture pursuant to this Section 9.1 shall be effective which materially and
adversely affects the rights, privileges, indemnities, protections, immunities, obligations or duties of the Delaware Trustee, the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. 

(c)    Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture
pursuant to this Section 9.1, the Indenture Trustee shall mail to the Noteholders and the Certificateholders a copy of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail a copy of such
amendment or supplemental indenture, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

(d)    Notwithstanding subsection (a) of this Section 9.1, other
than in connection with an amendment pursuant to Section 12.1(b) or Section 12.4, this Indenture may only be amended by the Issuer and the Indenture Trustee if (i) the Majority
Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Depositor or an Opinion of Counsel delivered to the Delaware Trustee, the Indenture Trustee and the Owner
Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary for the Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the
Certificateholders approve the substance thereof. 
 SECTION 9.2 Supplemental Indentures with Consent of Noteholders.

 (a)    Subject to subsection (b) of this Section 9.2, the Issuer
and the Indenture Trustee, when authorized by an Issuer Request, also may, with prior notice from the Issuer to the Rating Agencies and with the consent of the Holders of not less than a majority of the Outstanding Note Balance, by Act of such
Holders delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Noteholders under this Indenture; provided, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 

(i) change the coin or currency in which, any Note or the interest thereon is payable, reduce the interest rate
or principal amount of any Note, or delay the Final Scheduled Payment Date or reduce the Redemption Price of any Note; 

  

					
		 	54	 	FTAT 2019-1 Indenture

 (ii) reduce the percentage of the Note Balance, the consent
of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences
provided for in this Indenture; 
 (iii) modify or alter the provisions of the proviso to the definition of
the term “Outstanding”; 
 (iv) reduce the percentage of the Note Balance, the consent of
the Holders of which is required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the Note
Balance plus accrued but unpaid interest on the Notes; 
 (v) modify any provision of this
Section 9.2 in any respect materially adverse to the interests of the Noteholders; 

(vi) permit the creation of any Lien ranking prior to or on a parity with the lien of this Indenture with
respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in the Transaction Documents, terminate the lien of this Indenture on any property at any time subject hereto or deprive any Noteholder of the
security provided by the lien of this Indenture; or 
 (vii) impair the right to institute suit for the
enforcement of payment as provided in Section 5.7. 
 (b)     Notwithstanding
subsection (a) of this Section 9.2, other than in connection with an amendment pursuant to Section 12.1(b) or Section 12.4, this Indenture may only be
amended by the Issuer and the Indenture Trustee if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Depositor or an Opinion of Counsel
delivered to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary for the Certificateholders to approve the particular form of any
proposed amendment or consent, but it will be sufficient if the Certificateholders approve the substance thereof. 

(c)    It shall not be necessary for the Noteholders to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if the Noteholders approve the substance thereof. 

(d)    Prior to the execution of any such supplemental indenture, the Issuer shall provide written
notification of the substance of such supplemental indenture to each Rating Agency, the Delaware Trustee and the Owner Trustee; and promptly after the execution of any such supplemental indenture, the Issuer shall furnish a copy of such supplemental
indenture to each Rating Agency, the Delaware Trustee, the Owner Trustee and the Indenture Trustee; provided that no supplemental indenture pursuant to this Section 9.2 shall be effective which affects the rights,
privileges, indemnities, protections, immunities, obligations or duties of the Delaware Trustee, the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. 

  

					
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 (e)    Promptly after the execution by the Issuer and
the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders and the Certificateholders a copy of such amendment or supplemental indenture. Any failure of the Indenture Trustee to
mail such amendment or supplemental indenture, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any
supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.1 and 6.2, shall be
fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental
indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the
provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities
under this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

SECTION 9.5 Conformity With Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture
executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 

SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or
the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by
the Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE X REDEMPTION OF NOTES 

SECTION 10.1 Redemption. 

(a) Each of the Notes is subject to redemption in whole, but not in part, at the direction of the Bank, as Servicer, pursuant
to Section 7.1 of the Servicing Agreement, on any Payment Date on which the Bank, as Servicer (or its designee) exercises its option to purchase the Trust Estate (other than the Reserve Account) pursuant to such
Section, for a purchase price equal to the Optional Purchase Price, which amount shall be deposited by the Servicer (or its designee) into the Collection Account on the Redemption Date. 

  

					
		 	56	 	FTAT 2019-1 Indenture

 (b) Each of the Notes is subject to redemption in whole, but not in part, on
any Payment Date on which the sum of the amounts in the Reserve Account and the remaining Available Funds after the payments under clauses first through third and fifth of Section 8.5(a) would be
sufficient to pay in full the aggregate unpaid Note Balance of all of the Outstanding Notes as determined by the Servicer. On the Business Day prior to such Payment Date, the Indenture Trustee upon written direction from the Servicer shall transfer
all amounts on deposit in the Reserve Account (other than interest and investment income (net of losses and investment expenses) to the Collection Account and on such Payment Date the Outstanding Notes shall be redeemed in whole, but not in part.

 (c) If the Notes are to be redeemed pursuant to Sections 10.1(a) or 10.1(b), the Administrator or the
Issuer shall provide at least 15 days’ prior notice of the redemption of the Notes to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, and the Indenture Trustee shall provide prompt (but not later than 10 days prior to the
applicable Redemption Date) notice thereof to the Noteholders. 
 SECTION 10.2 Form of Redemption Notice. Notice of
redemption under Section 10.1 shall be given by the Indenture Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes as of the
close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s address appearing in the Note Register. 

All notices of redemption under Section 10.1 or 10.2 shall state: 

(i) the Redemption Date; 

(ii) the Redemption Price; 

(iii) that the Record Date otherwise applicable to such Redemption Date is not applicable and that payments
shall be made only upon presentation and surrender of such Notes, and the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in
Section 3.2); 
 (iv) that interest on the Notes shall cease to accrue on the
Redemption Date; and 
 (v) the CUSIP numbers (if applicable) for such Notes. 

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

SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption as
required by Section 10.2 (in the case of redemption pursuant 

  

					
		 	57	 	FTAT 2019-1 Indenture

 
to Section 10.1), on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no
interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 

ARTICLE XI MISCELLANEOUS 

SECTION 11.1 Compliance Certificates and Opinions, etc. 

(a) Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this
Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with that satisfies
TIA Section 314(c)(1), (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with that satisfies TIA Section 314(c)(2) and (iii) if required by the TIA in the
case of condition precedent compliance with which is subject to verification by accountants, a certificate or opinion of an accountant that satisfies TIA Section 314(c)(3), except that, in the case of any such application or request as to which
the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 

Every certificate or opinion in accordance with TIA Section 314(e) with respect to compliance with a condition or
covenant provided for in this Indenture shall include: 
 (i) a statement that each signatory of such
certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 

(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements
or opinions contained in such certificate or opinion are based; 
 (iii) a statement that, in the opinion of
each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv) a statement as to whether, in the opinion of each such signatory such condition or covenant has been
complied with. 
 (b) (i)    Prior to the deposit of any Collateral or other property or securities with
the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere
in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value in accordance with TIA Section 314(d) (within ninety (90) days
of such deposit) to the Issuer of the Collateral or other property or securities to be so deposited. 

  

					
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 (ii) Whenever the Issuer is required to furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as
to the same matters, if the fair value in accordance with TIA Section 314(d) to the Issuer of the property or securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement
of the then-current fiscal year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) and this clause (ii), is 10% or more of the Outstanding Note Balance, but such a certificate need not be furnished
with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Outstanding Note Balance. 

(iii) Other than as contemplated by Section 11.1(b)(v), whenever any property or
securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value
(within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such Person the proposed release will not impair the security under this Indenture in contravention of the
provisions hereof. 
 (iv) Whenever the Issuer is required to furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same
matters if the fair value of the property or securities and of all other property other than Repurchased Receivables, or securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in
the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Note Balance, but such certificate need not be furnished in the case of any release of property or securities if the
fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding Note Balance. 

(v) Notwithstanding Section 2.9 or any other provision of this Section, the Issuer
may (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Transaction Documents, including without limitation pursuant to Section 10.1
of this Indenture, and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Transaction Documents. 

SECTION 11.2 Form of Documents Delivered to the Indenture Trustee. In any case where several matters are required to be
certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

  

					
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 Any certificate of an Authorized Officer of the Issuer may be based, insofar
as it relates to legal matters, upon an opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion or representations with respect to the matters upon which his or her
certificate is based are erroneous. Any such Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate of, or representations by, an officer or officers of the Servicer, the Seller, the Administrator or the
Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Administrator or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the
certificate or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or
execute two (2) or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is
provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of
such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or
to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided
in Article VI. 
 SECTION 11.3 Acts of Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section. 

(i) The fact and date of the execution by any Person of any such instrument or writing may be proved in any
manner that the Indenture Trustee deems sufficient. 
 (ii) The ownership of Notes shall be proved by the
Note Register. 
 (iii) Any request, demand, authorization, direction, notice, consent, waiver or other
action by any Noteholder shall bind the Holder of every Note issued upon 

  

					
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the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon,
whether or not notation of such action is made upon such Note. 
 SECTION 11.4 Notices. All demands, notices and
communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile
or e-mail (if an applicable facsimile number or e-mail address is provided on Schedule I to the Sale Agreement), and addressed in each case as specified on
Schedule I to the Sale Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such
communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 

SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such
notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular
Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such a waiver. 
 In case, by reason of the suspension of regular mail service as a result
of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall
be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this Indenture
provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or an Event of Default. 

SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the
Notes to the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Noteholder, that is different from the methods provided for in this
Indenture for such payments or notices, provided, that such methods are reasonable and acceptable to any applicable depository and the Indenture Trustee. The Indenture Trustee shall 

  

					
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acknowledge receipt of any instructions from the Issuer regarding any alternate method of notice or payment as described in the preceding sentence. The Issuer will furnish to the Indenture
Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 

SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another
provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

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

SECTION 11.8 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 11.9 Successors and
Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors. 

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

SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any
Person, other than (i) the parties hereto and their successors hereunder, (ii) the Owner Trustee, (iii) the Delaware Trustee, (iv) the Noteholders and (v) any other Person with an ownership interest in any part of the Trust
Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 11.12 Legal
Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 

SECTION 11.13 Governing Law. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 11.14 Counterparts.
This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, regardless of whether delivered in physical or electronic form, but all such counterparts shall together constitute but one
and the same instrument. 

  

					
		 	62	 	FTAT 2019-1 Indenture

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

SECTION 11.16 Trust Obligation. Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner
or a beneficial interest in a Note, by accepting the benefits of this Indenture, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on
the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in their respective individual capacities, (ii) any
Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or the Seller or (iv) any partner, owner, beneficiary, agent, officer, director, employee, successor or assign of any Person
described in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual
capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to
such entity. 
 SECTION 11.17 No Petition. Each of the Indenture Trustee, by entering into this Indenture, and each
Noteholder and Note Owner, by accepting a Note or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each
Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other
voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or
seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any
other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join or institute against, with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement,
liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction; provided that the foregoing shall in no way limit the rights of the parties hereto to pursue any other creditor rights or remedies that such Persons may
have against the Issuer under applicable law. 
 SECTION 11.18 Intent. It is the intent of the Issuer that the Notes
constitute indebtedness for all tax and financial accounting purposes and the Issuer agrees and each 

  

					
		 	63	 	FTAT 2019-1 Indenture

 
purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed, to treat the Notes as indebtedness for all tax and financial accounting
purposes. 
 SECTION 11.19 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby
irrevocably and unconditionally: 
 (a) submits for itself and its property in any Proceeding relating to this Indenture or
any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of
America for the Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such
Proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the
same; 
 (c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11.4 of this Indenture; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, waives all
right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Indenture, any other Transaction Document, or any matter arising hereunder or thereunder. 

SECTION 11.20 Subordination of Claims. The Issuer’s obligations under this Indenture are obligations solely of the
Issuer and will not constitute a claim against the Seller to the extent that the Issuer does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its
individual capacity and as the Owner Trustee), by accepting the benefits of this Indenture, the Delaware Trustee (in its individual capacity and as the Delaware Trustee), by accepting the benefits of this Indenture, the Certificateholder, by
accepting the Certificate, and Indenture Trustee (in its individual capacity and as Indenture Trustee), by entering into this Indenture, and each Noteholder, each Note Owner, by accepting the benefits of this Indenture, hereby acknowledges and
agrees that such Person has no right, title or interest in or to the Other Assets of the Seller. To the extent that, notwithstanding the agreements and provisions contained in the preceding sentence, each of the Owner Trustee, the Delaware Trustee,
the Indenture Trustee, each Noteholder or Note Owner and the Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other
Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the 

  

					
		 	64	 	FTAT 2019-1 Indenture

 
Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from
Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the
benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency
laws, and whether or not asserted against the Seller), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of
Section 510(a) of the Bankruptcy Code. Each of the Indenture Trustee (in its individual capacity and as the Indenture Trustee), by entering into or accepting this Indenture, the Certificateholder, by accepting the Certificate, and the Owner
Trustee, the Delaware Trustee, and each Noteholder or Note Owner, by accepting the benefits of this Indenture, hereby further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section and the terms of this Section
may be enforced by an action for specific performance. The provisions of this Section will be for the third party benefit of those entitled to rely thereon and will survive the termination of this Indenture. 

SECTION 11.21 Limitation of Liability of Owner Trustee. It is expressly understood and agreed by the parties hereto
that (a) this Indenture is executed and delivered by The Bank of New York Mellon, not individually or personally but solely as Owner Trustee of the Issuer in the exercise of the powers and authority conferred and vested in it under the Trust
Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by The Bank of New York Mellon, but is made and
intended for the purpose for binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on The Bank of New York Mellon individually or personally, to perform any covenant either express or implied
contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, (d) The Bank of New York Mellon has made no investigation as to the accuracy or
completeness of any representations or warranties made by the Issuer in this Indenture and (e) under no circumstances shall The Bank of New York Mellon be personally liable for the payment of any indebtedness or expenses of the Issuer or be
liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture or the other related documents. 

SECTION 11.22 Information Requests. (a) The parties hereto shall provide any information reasonably requested by
the Servicer, the Issuer, the Seller or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle. 

(b) The Indenture Trustee shall furnish to the Owner Trustee and the Delaware Trustee from time to time information (which is
in the possession of the Indenture Trustee and is freely deliverable) regarding the Issuer or the Transaction Documents as the Owner Trustee or the Delaware Trustee, as applicable, shall reasonably request. The Indenture Trustee shall furnish to the
Owner Trustee, the Delaware Trustee and the Seller upon request, a copy of the Note Register. 

  

					
		 	65	 	FTAT 2019-1 Indenture

 SECTION 11.23 [Reserved]. 

SECTION 11.24 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, will give to any
Person, other than the parties to this Indenture and their successors under this Indenture, and the Noteholders and any other party with rights to payments or distributions under this Indenture, and any other Person with an ownership interest in any
portion of the Collateral, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 ARTICLE XII COMPLIANCE
WITH THE FDIC RULE 
 SECTION 12.1 Purpose. (a) Each of the Noteholders, by its acceptance of the Notes,
each of the Certificateholders, by its acceptance of the Certificates, the Fifth Third Parties and the Relevant Trustee acknowledges and agrees that the purpose of this Article XII is to facilitate compliance by the Fifth Third Parties with
the provisions of the FDIC Rule. Each of the Noteholders, the Certificateholders, the Fifth Third Parties and the Relevant Trustee acknowledges that the interpretations of the requirements of the FDIC Rule may change over time, whether due to
interpretive guidance provided by the FDIC or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees that the provisions set forth in this Article XII shall have the effect
and meanings that are appropriate under the FDIC Rule as such meanings change over time on the basis of evolving interpretations of the FDIC Rule. 

(b) If any provision of the FDIC Rule is amended, or any interpretive guidance regarding the FDIC Rule is provided by the FDIC
or its staff, as a result of which the Issuer determines that an amendment to this Article XII is necessary or desirable, then the Issuer and the Relevant Trustee shall be authorized and entitled to amend this Article XII in accordance
with such FDIC Rule amendment or guidance notwithstanding the requirements set forth in Section 9.1 and 9.2, provided that the Issuer delivers to the Relevant Trustee an Opinion of Counsel to the effect that such
amendment is required to remain in compliance with the FDIC Rule. Nothing in this Section 12.1(b) shall limit the rights of the Indenture Trustee pursuant to Section 9.3 or the Owner Trustee and the Delaware Trustee
pursuant to Section 11.1(d) of the Trust Agreement. 
 (c) As used in this Article XII, but
subject to the rules of interpretation specified in Section 12.1(a) and Section 12.1(b), references to (i) the “sponsor” shall mean the Bank, (ii) the “issuing entity”
shall mean, collectively, FTH LLC, the Seller and the Issuer (except in Section 12.2(e), where such term shall have the meaning in the FDIC Rule), (iii) the “servicer” shall mean the Servicer or Administrator, as
applicable, (iv) “obligations” or “securitization obligations” shall mean the Notes and, to the extent permitted by the FDIC Rule, the Certificates, and (v) “financial assets” and “securitized financial
assets” shall mean the Receivables (except in Section 12.2(e), where “financial assets” shall have the meaning in the FDIC Rule). 

(d) Each of the Fifth Third Parties believes that the transactions and actions contemplated by the Transaction Documents and
the Prospectus comply with the requirements of Section 12.2. 

  

					
		 	66	 	FTAT 2019-1 Indenture

 SECTION 12.2 Requirements of the FDIC Rule. As required by the FDIC
Rule: 
 (a) Payment of principal and interest on the securitization obligations must be primarily based on the performance
of financial assets that are transferred to the issuer and, except for interest rate or currency mismatches between the financial assets and the obligations, shall not be contingent on market or credit events that are independent of such financial
assets. 
 (b) The sponsor, issuing entity and/or servicer, as appropriate, shall make available to investors, information
describing the financial assets, obligations, capital structure, compensation of relevant parties and relevant historical performance data set forth below: 

(i) On or prior to issuance of obligations and at the time of delivery of any periodic distribution report and,
in any event, at least once per calendar quarter, while obligations are outstanding, information about the obligations and the securitized financial assets shall be disclosed to all potential investors at the financial asset or pool level, as
appropriate for the financial assets, and security-level to enable evaluation and analysis of the credit risk and performance of the obligations and financial assets. Such information and its disclosure, at a minimum, shall comply with the
requirements of Regulation AB or any successor disclosure requirements for public issuances, even if the obligations are issued in a private placement or are not otherwise required to be registered; provided that information that is unknown or not
available to the sponsor or the issuer after reasonable investigation may be omitted if the issuer includes a statement in the offering documents disclosing that the specific information is otherwise unavailable; 

(ii) On or prior to issuance of obligations, the structure of the securitization and the credit and payment
performance of the obligations shall be disclosed, including the capital or tranche structure, the priority of payments and specific subordination features; representations and warranties made with respect to the financial assets, the remedies for
and the time permitted for cure of any breach of representations and warranties, including the repurchase of financial assets, if applicable; liquidity facilities and any credit enhancements permitted by the FDIC Rule, any waterfall triggers or
priority of payment reversal features; and policies governing delinquencies, servicer advances, loss mitigation and write-offs of financial assets; 

(iii) While obligations are outstanding, the issuing entity shall provide to investors information with respect
to the credit performance of the obligations and the financial assets, including periodic and cumulative financial asset performance data, delinquency and modification data for the financial assets, substitutions and removal of financial assets,
servicer advances, as well as losses that were allocated to such tranche and remaining balance of financial assets supporting such tranche, if applicable, and the percentage of each tranche in relation to the securitization as a whole; and 

(iv) In connection with the issuance of the obligations, the nature and amount of compensation paid to the
originator, sponsor, rating agency or third-party advisor, any mortgage or other broker, and the servicer(s), and the extent to which any risk of loss on the underlying assets is retained by any of them for such securitization shall be disclosed.
The issuer shall provide to investors while any obligations are outstanding any changes to such information and the amount and nature of payments of any deferred compensation or similar arrangements to any of the parties. 

  

					
		 	67	 	FTAT 2019-1 Indenture

 (c) Subject to Section 12.4, the sponsor or a
majority-owned affiliate of the sponsor shall retain an economic interest in a material portion, defined as not less than five (5) percent, of the credit risk of the financial assets, in accordance with Regulation RR, 17 C.F.R. §246.1, et.
seq., including the restrictions on sale, pledging and hedging set forth therein and any disclosure requirements set forth therein. 

(d) The obligations shall not be predominantly sold to an affiliate (other than (i) a wholly-owned subsidiary
consolidated for accounting and capital purposes with the sponsor or (ii) an affiliated broker-dealer who purchases such obligations with a view to promptly reselling such obligations to persons or entities that are neither affiliates (other
than wholly-owned subsidiaries of the sponsor consolidated for accounting and capital purposes with the sponsor) nor insiders of the sponsor in the ordinary course of such broker-dealer’s business pursuant to an underwriting or similar
agreement entered into in the ordinary course of business) or an insider of the sponsor; provided that (i) at the time the obligations are sold to the affiliated broker-dealer, such broker-dealer sells not less than 51% of the principal amount
of the obligations to persons and entities that are not affiliates (other than wholly-owned subsidiaries of the sponsor consolidated for accounting and capital purposes with the sponsor) or insiders of the sponsor; (ii) at all times after such
obligations are sold to the affiliated broker-dealer, such broker-dealer holds the unsold portion of the obligations with the intent to sell such unsold portion to persons or entities that are not affiliates (other than wholly-owned subsidiaries of
the sponsor consolidated for accounting and capital purposes with the sponsor) or insider of the sponsor and (iii) the other requirements of the FDIC Rule, including, without limitation, the requirements of Sections 360.6(c)(3) and (4) of
the FDIC Rule, are satisfied. 
 (e) The sponsor shall separately identify in its financial asset data bases the financial
assets transferred into any securitization and shall maintain an electronic or paper copy of the closing documents in a readily accessible form, and a current list of all of its outstanding securitizations and issuing entities, and the most recent
Form 10-K, if applicable, or other periodic financial report for each securitization and issuer. The sponsor shall make these records readily available for review by the FDIC promptly upon written request.

 (f) To the extent serving as servicer, custodian or paying agent for the securitization, the sponsor shall not commingle
amounts received with respect to the financial assets with its own assets except for the time, not to exceed two Business Days, necessary to clear any payments received. 

SECTION 12.3 Performance. The Issuer agrees to perform the obligations set forth in
Section 12.2, except to the extent any such obligation is specifically imposed exclusively upon the servicer or the sponsor. 

SECTION 12.4 Effect of Risk Retention Rules. Section 12.2(c) hereof shall not be construed to
require the sponsor to retain any greater economic interest in the credit risk of the financial assets than is required to comply with the FDIC Rule and other applicable law. 

  

					
		 	68	 	FTAT 2019-1 Indenture

 SECTION 12.5 Actions Upon Repudiation. 

(a) In the event that the Sponsor becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator for
the Sponsor exercises its right of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the Servicer (including any successor Servicer, if the Bank has been replaced as Servicer) shall ascertain whether the FDIC in such capacity
will pay damages as provided in such paragraph (d)(4)(ii). Upon making such determination, the Servicer shall promptly, and in any event no more than one Business Day thereafter (or, if the Servicer fails to act, the Noteholders representing not
less than a majority of the Outstanding Note Balance or the Majority Certificateholders may), so notify the Delaware Trustee, the Indenture Trustee and the Owner Trustee. 

(b) Upon receipt of the notice specified in Section 12.5(a) indicating that a payment will be made,
the Relevant Trustee shall make a distribution to Noteholders and Certificateholders of such damages, which date shall be the next Payment Date on which such damages could be distributed (the “applicable distribution date”) subject
to all applicable provisions of this Indenture, applicable law and the procedures of any applicable Clearing Agency. 
 (c)
When the applicable distribution date is determined, (i) the Computation Agent shall promptly compute the amount of interest to be paid on each Class of Notes on the applicable distribution date, which interest (unless such applicable
distribution date is a Payment Date) shall be the amount accruing up to the applicable distribution date and which shall be computed by pro rating the amount that would otherwise be payable on the next succeeding Payment Date on the basis of
(x) the number (in the case of Notes other than the Class A-1 Notes, not to exceed 30) of days elapsed from such preceding Payment Date divided by (y) 30 and (ii) the Owner Trustee, based on
written instructions setting forth the damages calculation provided by the Majority Certificateholders, shall notify the Indenture Trustee and the FDIC of the damages due to the Certificateholders pursuant to Section 360.6(d)(4)(ii) of the FDIC
Rule. The Computation Agent shall notify the Delaware Trustee, the Owner Trustee and the Indenture Trustee (if a separate Person) of the applicable amounts of principal and interest to be paid on each Class of Notes not later than the Business
Day following the day on which the applicable distribution date is determined. The Owner Trustee shall not be liable for the accuracy or completeness of, nor shall it have any duty to investigate or verify, any calculation of damages provided to it
by the Majority Certificateholders. 
 (d) [Reserved]. 

(e) Following payment by the FDIC of such damages, 

(i) such damages with respect to the Notes shall be deposited into the Principal Distribution Account and such
damages with respect to the Certificates shall be deposited into the Designated Certificateholder Account; 

(ii) the Computation Agent shall promptly, and no later than one Business Day after such damages have been paid
by the FDIC, (i) compute the amount, if any, required to be withdrawn from available funds in the Reserve Account and transferred to the Principal Distribution Account so that the amount on deposit in the Principal

  

					
		 	69	 	FTAT 2019-1 Indenture

 
Distribution Account shall equal the aggregate amount to be distributed as specified in Section 12.5(c), and (ii) promptly inform the Servicer, the Delaware
Trustee, the Owner Trustee and the Indenture Trustee (if a separate Person) of such computations; 
 (iii) on
the applicable distribution date, the Indenture Trustee shall, first, withdraw from monies on deposit in the Reserve Account and, if necessary, monies on deposit in the Collection Account the amount necessary to pay the Delaware Trustee, the
Indenture Trustee and the Owner Trustee any accrued and unpaid fees (including any prior unpaid Delaware Trustee, Indenture Trustee or Owner Trustee fees) and reasonable fees and expenses (including reasonable attorney’s fees and expenses,
including indemnification amounts) not previously paid and distribute such amount to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, pro rata based on amounts due, second, based on the computations in
Section 12.5(e), withdraw from monies on deposit in the Reserve Account and, if necessary, monies on deposit in the Collection Account the amount so computed and deposit such amount into the Principal Distribution Account
and third, cause all amounts deposited in the Principal Distribution Account pursuant to this Section 12.5 to be applied in accordance with the following order of priority: 

(a) first, to the Holders of the Notes, ratably, interest on the Notes in the amount computed by the
Computation Agent pursuant to Section 12.5(c); 
 (b) second, to the Holders
of the Class A-1 Notes, in respect of principal thereon, until the Class A-1 Notes have been paid in full; and 

(c) third, to the Holders of the
Class A-2-A Notes, the Class A-2-B Notes, the
Class A-3 Notes and the Class A-4 Notes, in respect of principal thereon, on a pro rata basis, until all classes of the Notes have been paid in full; 

(iv) on the applicable distribution date, the Owner Trustee or the Certificate Paying Agent shall, based on the
computations in Section 12.5(c), cause all amounts deposited in the Designated Certificateholder Account pursuant to this Section 12.5 to be distributed to the Certificateholders, pro rata
based on the Percentage Interest of each Certificateholder; and 
 (v) any funds remaining in the Collection
Account and the Reserve Account shall be distributed on the following Payment Date (or on such applicable distribution date, if it is a Determination Date), such distributions to be made in accordance with Section 5.4 or
8.5, as applicable, with the Relevant Trustee to adjust the amounts of such distributions to take into account the amounts distributed on the applicable distribution date. 

SECTION 12.6 Notice. 

(a) In the event that the Bank becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator provides
a written notice of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the party receiving such notice shall promptly deliver such notice to each of the Fifth Third Parties and the Indenture Trustee, the Delaware Trustee and the
Owner Trustee. 

  

					
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 (b) If the FDIC (i) is appointed as a conservator or receiver of the
Bank and (ii) is in default due to its failure to pay principal or interest when due following the expiration of any cure period hereunder or under the other Transaction Documents, the Indenture Trustee at the direction of the Noteholders
representing not less than a majority of the Outstanding Note Balance, the Servicer or the Majority Certificateholders shall be entitled to deliver written notice to the FDIC requesting the exercise of contractual rights hereunder and under the
other Transaction Documents. Upon delivery of such notice, the Relevant Trustee may exercise any contractual rights such Relevant Trustee may have in accordance with the Transaction Documents and the FDIC Rule. The Indenture Trustee shall, at the
written direction of the Noteholders representing not less than a majority of the Outstanding Note Balance and the Owner Trustee, on behalf of the Issuer, shall, at the written direction of the Majority Certificateholders, exercise such contractual
rights. 
 SECTION 12.7 Reservation of Rights. Neither the inclusion of this Article XII in this Indenture nor
the compliance by any Person with, or the acknowledgment by any Person of, this Article’s provisions constitutes an agreement or acknowledgment by any Person that, in the case of an insolvency proceeding with respect to the Bank, a receiver or
conservator will have any rights with respect to the Trust Estate. 
 SECTION 12.8 USA Patriot Act. The parties
hereto acknowledge that in accordance with the Customer Identification Program (CIP) requirements established under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title
III of Pub. L. 107 56 (signed into law October 26, 2001) and its implementing regulations (collectively, the “USA Patriot Act”), the Indenture Trustee in order to help fight the funding of terrorism and money laundering, is
required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. Each party hereby agrees that it shall provide the Indenture Trustee with
such information as the Indenture Trustee may request from time to time in order to comply with any applicable requirements of the USA Patriot Act. 

SECTION 12.9 Form 8-K Filings. So long as Fifth Third Holdings Funding, LLC is
filing Exchange Act Reports with respect to the Issuer, the Indenture Trustee shall promptly notify Fifth Third Holdings Funding, LLC, but in no event later than one (1) Business Day after its occurrence, of any Reportable Event of which a
Responsible Officer of the Indenture Trustee has actual knowledge (other than a Reportable Event described in clause (a) or (b) of the definition thereof as to which Fifth Third Holdings Funding, LLC or the Servicer has
actual knowledge). The Indenture Trustee shall be deemed to have actual knowledge of any such event to the extent that it relates to the Indenture Trustee or any action or failure to act by the Indenture Trustee. 

[Remainder of Page Intentionally Left Blank] 

  

					
		 	71	 	FTAT 2019-1 Indenture

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

			
	FIFTH THIRD AUTO TRUST 2019-1
	
	 By: The Bank of New York Mellon, not in its individual capacity but solely as Owner
Trustee

 
			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

					
		 	S-1	 	FTAT 2019-1 Indenture

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

 
			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

					
		 	S-2	 	FTAT 2019-1 Indenture

 Agreed with respect to Sections 7.2(b) and 7.5: 

 

			
	 FIFTH THIRD BANK, as Servicer

			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

					
		 	S-3	 	FTAT 2019-1 Indenture

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Indenture, the Issuer hereby represents,
warrants and covenants to the Indenture Trustee as follows on the Closing Date: 
 General 

1.    The Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in
the Receivables and the other Collateral in favor of the Indenture Trustee, for the benefit of the Noteholders, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Issuer. 

2.    The Receivables constitute “chattel paper” (including “electronic chattel paper”
or “tangible chattel paper”), “accounts”, “instruments”, “promissory notes”, “payment intangibles” or “general intangibles,” within the meaning of the applicable UCC. 

3.    Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable,
such Receivable is secured by a first priority validly perfected and enforceable security interest in the related Financed Vehicle in favor of the Originator, as secured party, or all necessary actions with respect to such Receivable have been taken
or will be taken to perfect a first priority security interest in the related Financed Vehicle in favor of the Originator, as secured party, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation or other
similar laws and equitable principles relating to or affecting the enforcement of creditors’ rights generally. 

4.    Each Trust Account constitutes either a “deposit account” or a “securities
account” within the meaning of the UCC. 
 Creation 

5.    Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable
by the Seller to the Issuer, the Seller owned and had good and marketable title to such Receivable free and clear of any Lien and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Issuer, the Issuer will have
good and marketable title to such Receivable free and clear of any Lien. 
 Perfection 

6.    The Issuer has submitted or will have caused to be submitted on the effective date of the Indenture,
the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Receivables granted to the Indenture Trustee hereunder for the
benefit of the Noteholders; and the Servicer, in its capacity as custodian, has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to
in this paragraph contain a statement that: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party.” 

  

					
		 	I - 1	 	FTAT 2019-1 Indenture

 7.    With respect to Receivables that constitute an
instrument or tangible chattel paper, either: 
 (i)    All original executed copies of each such
instrument or tangible chattel paper have been delivered to the Indenture Trustee, as pledgee of the Issuer; or 

(ii)    Such instruments or tangible chattel paper are in the possession of the Servicer and the Indenture
Trustee has received a written acknowledgment from the Servicer that the Servicer is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee, as pledgee of the Issuer; or 

(iii)    The Servicer received possession of such instruments or tangible chattel paper after the
Indenture Trustee received a written acknowledgment from the Servicer (in its capacity as custodian) that the Servicer is acting solely as agent of the Indenture Trustee, as pledgee of the Issuer. 

8.    With respect to the Trust Accounts that constitute deposit accounts, either: 

(i)    the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the
bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in such Trust Accounts without further consent by the Issuer; or 

(ii)    the Issuer has taken all steps necessary to cause the Indenture Trustee to become the account
holder of such Trust Accounts. 
 9.    With respect to the Trust Accounts that constitute securities
accounts or securities entitlements, either: 
 (i)    the Issuer has delivered to the Indenture Trustee
a fully executed agreement pursuant to which the securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to such Trust Accounts without further consent by the Issuer; or 

(ii)    the Issuer has taken all steps necessary to cause the securities intermediary to identify in its
records the Indenture Trustee as the Person having a security entitlement against the securities intermediary in each of such Trust Accounts. 

Priority 

10.    The Issuer has not authorized the filing of, and is not aware of any financing statements against
the Issuer that include a description of collateral covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by the Bank to FTH LLC under the Receivables Sale Agreement, (ii) relating to
the conveyance of the Receivables by FTH LLC to the Seller under the Purchase Agreement, (iii) relating to the 

  

					
		 	I - 2	 	FTAT 2019-1 Indenture

 
conveyance of the Receivables by the Seller to the Issuer under the Sale Agreement, (iv) relating to the security interest granted to the Indenture Trustee under the Indenture or
(v) that has been terminated. 
 11.    The Issuer is not aware of any material judgment, ERISA or
tax lien filings against the Issuer. 
 12.    Neither the Issuer nor a custodian or vaulting agent
thereof holding any Receivable that is electronic chattel paper has communicated an “authoritative copy” (as such term is used in Section 9-105 of the UCC) of any loan agreement that constitutes
or evidences such Receivable to any Person other than the Servicer. 
 13.    None of the instruments,
electronic chattel paper or tangible chattel paper that constitutes or evidences the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than FTH LLC, the Seller, the
Issuer or the Indenture Trustee. 
 14.    No Trust Account that constitutes a securities account or
securities entitlement is in the name of any Person other than the Issuer or the Indenture Trustee. The Issuer has not consented to the securities intermediary of any such Trust Account to comply with entitlement orders of any Person other than the
Indenture Trustee. 
 15.    No Trust Account that constitutes a deposit account is in the name of any
Person other than the Issuer or the Indenture Trustee. The Issuer has not consented to the bank maintaining such Trust Account to comply with instructions of any Person other than the Indenture Trustee.

Survival of Perfection Representations 

16.    Notwithstanding any other provision of the Indenture or any other Transaction Document, the
perfection representations, warranties and covenants contained in this Schedule I shall be continuing, and remain in full force and effect until such time as all obligations under the Indenture have been finally and fully paid and performed.

 No Waiver 

17.    The Issuer shall provide the Rating Agencies with prompt written notice of any material breach of
the perfection representations, warranties and covenants contained in this Schedule I, and shall not, without satisfying the Rating Agency Condition, waive a breach of any of such perfection representations, warranties or covenants. 

Issuer to Maintain Perfection and Priority 

18.    The Issuer covenants that, in order to evidence the interests of the Indenture Trustee under this
Indenture, the Issuer shall take such action, or execute and deliver such instruments as may be necessary or advisable (including, without limitation, such actions as are requested by the Indenture Trustee) to maintain and perfect, as a first
priority interest, the Indenture Trustee’s security interest in the Receivables. The Issuer shall, from time to time and 

  

					
		 	I - 3	 	FTAT 2019-1 Indenture

 
within the time limits established by law, prepare and file, all financing statements, amendments, continuations, initial financing statements in lieu of a continuation statement, terminations,
partial terminations, releases or partial releases, or any other filings necessary or advisable to continue, maintain and perfect the Indenture Trustee’s security interest in the Receivables as a first-priority interest. 

  

					
		 	I - 4	 	FTAT 2019-1 Indenture

 Exhibit A 

FORM OF NOTES 

  

					
		 		 	FTAT 2019-1 Indenture

 FORM OF CLASS [A-1]
[A-2-A] [A-2-B] [A-3] [A-4] NOTE 
  

					
	 REGISTERED
	 		  	
$                       
             1        

	 No.
R-                
	 		  	 CUSIP NO.
                            

		 		  	 ISIN NO.
                                    

 [For Retained Notes: THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED. THIS NOTE
OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN
EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO THE DEPOSITOR OR ANY OF ITS AFFILIATES. 

TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS
AS PROVIDED IN THE INDENTURE.] 
 [For Non-Retained Notes: UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF
THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 BY ACQUIRING THIS NOTE, EACH PURCHASER AND
TRANSFEREE (AND IF THE PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED BELOW), ITS FIDUCIARY) WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (A) IT IS NOT ACQUIRING AND WILL NOT HOLD THIS NOTE (OR ANY INTEREST HEREIN) WITH THE ASSETS OF
(I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, 

 

	1 	 Denominations of $1,000 and integral multiples of $1,000 in excess thereof. 

  

					
		 	A-1	 	FTAT 2019-1 Indenture

 
AS AMENDED (“ERISA”) WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DESCRIBED BY SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE (III) ANY ENTITY DEEMED TO HOLD THE ASSETS OF ANY OF THE FOREGOING, OR (IV) ANY PLAN (AS DEFINED BELOW) THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (B)(I) THE NOTE IS RATED INVESTMENT GRADE BY A NATIONALLY RECOGNIZED STATISTICAL
RATING ORGANIZATION AT THE TIME OF PURCHASE OR TRANSFER AND (II) THE ACQUISITION AND HOLDING OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE OR A VIOLATION OF ANY SIMILAR LAW. FOR PURPOSES OF THE FOREGOING, “PLAN” MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF ERISA, WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN
SECTION 4975 OF THE CODE, OR AN ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING. 
 FIFTH THIRD AUTO TRUST 2019-1 
 CLASS [A-1] [A-2-A] [A-2-B LIBOR +] [A-3] [A-4]
[    ]% 
 AUTO LOAN ASSET BACKED NOTES 

Fifth Third Auto Trust 2019-1, a statutory trust organized and existing under the laws
of the State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to [            ], or registered assigns, the principal
sum of [            ] DOLLARS ($[            ]), in monthly installments on the 15th of each month, or if such day
is not a Business Day, on the immediately succeeding Business Day, commencing on [June 17, 2019] (each, a “Payment Date”) until the principal of this Note is paid or made available for payment, and to pay interest on each Payment
Date on the Class [A-1] [A-2-A] [A-2-B] [A-3] [A-4] Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in
the case of the first Payment Date, at the rate per annum shown above (the “Interest Rate”), in each case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b), 8.2 and 8.5 of the Indenture;
provided, however, that the entire Class [A-1] [A-2-A] [A-2-B] [A-3] [A-4] Note Balance shall be due and payable on the earliest of (i)
[            ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and
(iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. [Interest on this Note will accrue for each Payment Date from and including the preceding Payment Date (or,
in the case of the initial Payment Date, from and including the Closing Date) to but excluding such Payment Date.] [Interest on this Note will accrue for each Payment Date, from and including the
15th day of the calendar month preceding such Payment Date (or, in the case of the initial Payment Date, from and including the Closing Date) to but excluding the 15th day of the month in which such Payment Date occurs.] Interest will be computed on the basis of [actual days elapsed and a 360-day year] [a 360-day year of twelve 30-day months]. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

  

					
		 	A-2	 	FTAT 2019-1 Indenture

 The principal of and interest on this Note are payable in such coin or
currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest on this Note as provided above and then to
the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for
any purpose. 
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually, by its Authorized Officer.

 Dated: [            ], 20[    ] 

 

			
	FIFTH THIRD AUTO TRUST 2019-1
		
	 By:
	 	 The Bank of New York Mellon, not in its individual capacity but solely as Owner
Trustee

 
			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

					
		 	A-3	 	FTAT 2019-1 Indenture

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: [            ], 20[    ] 

 

			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity
but solely as Indenture Trustee

 
			
		
	 By:
	 	  

		 	Authorized Signatory

  

					
		 	A-4	 	FTAT 2019-1 Indenture

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class
A-1 2.57563%] [Class A-2-A 2.66%] [Class A-2-B
LIBOR + 0.17%] [Class A-3 2.64%] [Class A-4 2.69%] Auto Loan Asset-Backed Notes (herein called the “Class [A-1] [A-2-A] [A-2-B] [A-3]
[A-4] Notes” or the “Notes”), all issued under an Indenture dated as of May 8, 2019 (such Indenture, as supplemented or amended, is herein called the
“Indenture”), between the Issuer and Wilmington Trust, National Association, a national banking association, not in its individual capacity but solely as indenture trustee (the “Indenture Trustee”), which term
includes any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture or the Sale Agreement shall have the meanings assigned to them
in the Indenture or in Appendix A of the Sale Agreement. 
 The
Class A-1 Notes, the Class A-2-A Notes, the
Class A-2-B Notes, the Class A-3 Notes and the Class A-4 Notes are and
will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Holders of the Notes. 

Principal payable on the Notes will be paid on each Payment Date in the amount specified in the Indenture. As described above,
the entire Class [A-1] [A-2-A] [A-2-B] [A-3] [A-4] Note Balance shall be due and payable on the earliest of (i) [___], 20[ ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any,
pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. All principal payments on the Class [A-1] [A-2-A] [A-2-B]
[A-3] [A-4] Notes shall be made pro rata to the Class [A-1]
[A-2-A] [A-2-B] [A-3] [A-4] Noteholders entitled thereto. 
 Payments of principal of and interest on this Note
made on each Payment Date, Redemption Date or upon acceleration shall be made by wire transfer if an account has been designated by the related Noteholder three Business Days prior to the related Payment Date and otherwise by check mailed to the
Person whose name appears as the registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record Date in the
name of the nominee of DTC (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof,
whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in the name
of and on behalf of the Issuer, will notify the 

  

					
		 	A-5	 	FTAT 2019-1 Indenture

 
Person who was the registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed prior to such Payment Date or Redemption Date and the amount then
due and payable shall be payable only upon presentation and surrender of this Note at the applicable Corporate Trust Office of the Indenture Trustee or such other address as is selected by the Indenture Trustee pursuant to the terms of the
Indenture. 
 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest
in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any
certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer
or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

It is the intent of the Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of federal, state and
local income and franchise tax the Notes will qualify as indebtedness of the Issuer (other than Retained Notes that are held by the Issuer or a Person treated as the same Person as the Issuer for United States federal income tax purposes). The
Noteholders, by acceptance of a Note, agree to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness of the Issuer. 

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note,
covenants and agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not
authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote
Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect
to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in any involuntary case or other Proceeding commenced against such Bankruptcy
Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence or join with any other Person in
commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

  

					
		 	A-6	 	FTAT 2019-1 Indenture

 This Note and the Indenture shall be construed in accordance with the laws
of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

  

					
		 	A-7	 	FTAT 2019-1 Indenture

 ASSIGNMENT 
  

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

			
	
	 FOR VALUE RECEIVED, the undersigned hereby sells,

	 assigns and transfers unto
	  	 
		  	(name and address of assignee)
	
	 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                , attorney, to transfer said Note on the books
kept for registration thereof, with full power of substitution in the premises.

  

			
	 Dated:
                                 
                                         
            */

  

			
		 	 Signature Guaranteed:

		
		 	  

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

  

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

  

					
		 	A-8	 	FTAT 2019-1 Indenture

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