Document:

Exhibit 4.1

 

 

 

 

 

 

 

 

ReTo
Eco-Solutions, Inc., as

ISSUER

 

and 

[                                   ],
as 

INDENTURE
TRUSTEE

 

INDENTURE

 

Dated
as of [              ]

 

 

 

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	 	Page
	ARTICLE
    I DEFINITIONS AND INCORPORATION BY REFERENCE	1 
	 	 	 	 
	Section
    1.01	 	Definitions	1 
	Section
    1.02	 	Other
    Definitions	4 
	Section
    1.03	 	Incorporation
    by Reference of Trust Indenture Act	4 
	Section
    1.04	 	Rules
    of Construction	4 
	 	 
	ARTICLE
    II THE SECURITIES	5 
	 	 	 	 
	Section
    2.01	 	Issuable
    in Series	5
	Section
    2.02	 	Establishment
    of Terms of Series of Securities	5
	Section
    2.03	 	Execution
    and Authentication	6
	Section
    2.04	 	Registrar
    and Paying Agent	7
	Section
    2.05	 	Paying
    Agent to Hold Money in Trust	7
	Section
    2.06	 	Holder
    Lists	7
	Section
    2.07	 	Transfer
    and Exchange	7
	Section
    2.08	 	Mutilated,
    Destroyed, Lost and Stolen Securities	8
	Section
    2.09	 	Outstanding
    Securities	8
	Section
    2.10	 	Treasury
    Securities	8
	Section
    2.11	 	Temporary
    Securities	8
	Section
    2.12	 	Cancellation	9
	Section
    2.13	 	Defaulted
    Interest	9
	Section
    2.14	 	Global
    Securities	9
	Section
    2.15	 	CUSIP
    Numbers	10
	 	 
	ARTICLE
    III REDEMPTION	10
	 	 	 	 
	Section
    3.01	 	Notice
    to Trustee	10
	Section
    3.02	 	Selection
    of Securities to be Redeemed	10
	Section
    3.03	 	Notice
    of Redemption	11
	Section
    3.04	 	Effect
    of Notice of Redemption	11
	Section
    3.05	 	Deposit
    of Redemption Price	11
	Section
    3.06	 	Securities
    Redeemed in Part	11

 

    i

     

    

 

	ARTICLE
    IV COVENANTS	11
	 	 	 	 
	Section
    4.01	 	Payment
    of Principal and Interest	11
	Section
    4.02	 	SEC
    Reports	11
	Section
    4.03	 	Compliance
    Certificate	12
	Section
    4.04	 	Stay,
    Extension and Usury Laws	12
	 	 
	ARTICLE
    V SUCCESSORS	12
	 	 	 	 
	Section
    5.01	 	When
    Company May Merge, etc.	12
	Section
    5.02	 	Successor
    Corporation Substituted	12
	 	 	 	 
	ARTICLE
    VI DEFAULTS AND REMEDIES	13
	 	 	 	 
	Section
    6.01	 	Events
    of Default	13
	Section
    6.02	 	Acceleration
    of Maturity; Rescission and Annulment	13
	Section
    6.03	 	Collection
    of Indebtedness and Suits for Enforcement by Trustee	14
	Section
    6.04	 	Trustee
    May File Proofs of Claim	14
	Section
    6.05	 	Trustee
    May Enforce Claims Without Possession of Securities	14
	Section
    6.06	 	Application
    of Money Collected	15
	Section
    6.07	 	Limitation
    on Suits	15
	Section
    6.08	 	Unconditional
    Right of Holders to Receive Principal and Interest	15
	Section
    6.09	 	Restoration
    of Rights and Remedies	15
	Section
    6.10	 	Rights
    and Remedies Cumulative	16
	Section
    6.11	 	Delay
    or Omission Not Waiver	16
	Section
    6.12	 	Control
    by Holders	16
	Section
    6.13	 	Waiver
    of Past Defaults	16
	Section
    6.14	 	Undertaking
    for Costs	16

 

    ii

     

    

 

	ARTICLE
    VII TRUSTEE	17
	 	 	 	 
	Section
    7.01	 	Duties
    of Trustee	17
	Section
    7.02	 	Rights
    of Trustee	18
	Section
    7.03	 	Individual
    Rights of Trustee	18
	Section
    7.04	 	Trustee’s
    Disclaimer	19
	Section
    7.05	 	Notice
    of Defaults	19
	Section
    7.06	 	Reports
    by Trustee to Holders	19
	Section
    7.07	 	Compensation
    and Indemnity	19
	Section
    7.08	 	Replacement
    of Trustee	19
	Section
    7.09	 	Successor
    Trustee by Merger, etc.	20
	Section
    7.10	 	Eligibility;
    Disqualification	20
	Section
    7.11	 	Preferential
    Collection of Claims Against Company	20
	 	 
	ARTICLE
    VIII SATISFACTION AND DISCHARGE; DEFEASANCE	20
	 	 	 	 
	Section
    8.01	 	Satisfaction
    and Discharge of Indenture	20
	Section
    8.02	 	Application
    of Trust Funds; Indemnification	21
	Section
    8.03	 	Legal
    Defeasance of Securities of any Series	21
	Section
    8.04	 	Covenant
    Defeasance	22
	Section
    8.05	 	Repayment
    to Company	23
	Section
    8.06	 	Reinstatement	23
	 	 	 	 
	ARTICLE
    IX AMENDMENTS AND WAIVERS	23
	 	 	 	 
	Section
    9.01	 	Without
    Consent of Holders	23
	Section
    9.02	 	With
    Consent of Holders	24
	Section
    9.03	 	Limitations	24
	Section
    9.04	 	Compliance
    with Trust Indenture Act	25
	Section
    9.05	 	Revocation
    and Effect of Consents	25
	Section
    9.06	 	Notation
    on or Exchange of Securities	25
	Section
    9.07	 	Trustee
    Protected	25

 

    iii

     

    

 

	ARTICLE
    X MISCELLANEOUS	 25
	 	 	 	 
	Section
    10.01	 	Trust
    Indenture Act Controls	 25
	Section
    10.02	 	Notices	 26
	Section
    10.03	 	Communication
    by Holders with Other Holders	 26
	Section
    10.04	 	Certificate
    and Opinion as to Conditions Precedent	 26
	Section
    10.05	 	Statements
    Required in Certificate or Opinion	 27
	Section
    10.06	 	Rules
    by Trustee and Agents	 27
	Section
    10.07	 	Legal
    Holidays	 27
	Section
    10.08	 	No
    Recourse Against Others	 27
	Section
    10.09	 	Counterparts	 27
	Section
    10.10	 	Governing
    Laws	 27
	Section
    10.11	 	No
    Adverse Interpretation of Other Agreements	 27
	Section
    10.12	 	Successors	 27
	Section
    10.13	 	Severability	 27
	Section
    10.14	 	Table
    of Contents, Headings, etc.	 27
	Section
    10.15	 	Securities
    in a Foreign Currency	 28
	Section
    10.16	 	U.S.A.
    Patriot Act	 28
	Section
    10.17	 	Waiver
    of Jury Trial	 28
	 	 
	ARTICLE
    XI SINKING FUNDS	 28
	 	 	 	 
	Section
    11.01	 	Applicability
    of Article	 28
	Section
    11.02	 	Satisfaction
    of Sinking Fund Payments with Securities	 28
	Section
    11.03	 	Redemption
    of Securities for Sinking Fund	 28

 

    iv

     

    

 

ReTo
Eco-Solutions, Inc.

Reconciliation
and tie between Trust Indenture Act of 1939 and  

Indenture,
dated as of [         ].

 

	Section
    310 (a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	NOT
    APPLICABLE
	(a)(4)	 	NOT
    APPLICABLE
	(a)(5)	 	7.10
	(b)	 	7.10
	Section
    311 (a)	 	7.11
	(b)	 	7.11
	(c)	 	NOT
    APPLICABLE
	Section
    312 (a)	 	2.06
	(b)	 	10.03
	(c)	 	10.03
	Section
    313 (a)	 	7.06
	(b)(1)	 	7.06
	(b)(2)	 	7.06
	(c)(1)	 	7.06
	(d)	 	7.06
	Section
    314 (a)	 	4.02,
    10.05
	(b)	 	NOT
    APPLICABLE
	(c)(1)	 	10.04
	(c)(2)	 	10.04
	(c)(3)	 	NOT
    APPLICABLE
	(d)	 	NOT
    APPLICABLE
	(e)	 	10.05
	(f)	 	NOT
    APPLICABLE
	Section
    315 (a)	 	7.01
	(b)	 	7.05
	(c)	 	7.01
	(d)	 	7.01
	(e)	 	6.14
	Section
    316 (a)	 	2.10
	(a)(1)(a)	 	6.12
	(a)(1)(b)	 	6.13
	(b)	 	6.08
	Section
    317 (a)(1)	 	6.03
	(a)(2)	 	6.04
	(b)	 	2.05
	Section
    318 (a)	 	10.01

 

    v

     

    

 

INDENTURE,
dated as of [        ], between ReTo Eco-Solutions, Inc., a British Virgin Islands business company
(“Company”), and [                    
                        ], as trustee
(“Trustee”).

 

Each
party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued
under this Indenture.

 

ARTICLE
I 

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

Section
1.01 Definitions.

 

“Additional
Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein or
therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to
such Holders, as calculated by the Company.

 

“Affiliate”
of any specified person means any other person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified person. For the purposes of this definition, “control” (including, with correlative meanings,
the terms “controlled by” and “under common control with”), as used with respect to any person, shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether
through the ownership of voting securities or by agreement or otherwise.

 

“Agent”
means any Registrar or Paying Agent.

 

“Applicable
Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial interest therein,
the rules and procedures of DTC or any successor Depositary, in each case to the extent applicable to such transaction and as in effect
from time to time.

 

“Board
of Directors” means the Board of Directors of the Company or any duly authorized committee thereof.

 

“Board
Resolution” means a copy of a resolution certified by an authorized officer of the Company have been adopted by the Board of
Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and
delivered to the Trustee.

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized
or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” 
or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority
so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally
are open for use by customers on such day.

 

“Capital
Interests” means any and all shares, interests, participations, rights or other equivalents (however designated) of capital
stock, including, without limitation, with respect to partnerships, partnership interests (whether general or limited) and any other
interest or participation that confers on a person the right to receive a share of the profits and losses of, or distributions of assets
of, such partnership.

 

“Company”
means the party named as such above until a successor replaces it and thereafter means the successor.

 

“Company
Order” means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal
executive officer, principal financial officer or principal accounting officer.

 

“Company
Request” means a written request signed in the name of the Company by its Chief Executive Officer or Chief Financial Officer
and delivered to the Trustee.

 

    1

     

    

 

“Corporate
Trust Office” means the address of the Trustee specified in Section 10.02, or such other address as to which the Trustee may
give notice to the Holders and the Company.

 

“Default”
means any event which is, or after notice or passage of time or both would be, an Event of Default.

 

“Depositary”
means, with respect to the Securities of any Series issuable or issued in whole or part in the form of one or more Global Securities,
the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the
Exchange Act; and if at any time there is more than one such person, “Depositary” as used with respect to the Securities
of any Series shall mean the Depositary with respect to the Securities of such Series.

 

“Discount
Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.02.

 

“Dollars”
and “$” means the currency of The United States of America.

 

“DTC”
means the Depository Trust Company, a New York corporation.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Foreign
Currency” means any currency or currency unit issued by a government other than the government of The United States of America.

 

“Foreign
Government Obligations” means, with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct
obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and
credit is pledged or (ii) obligations of a person controlled or supervised by or acting as an agency or instrumentality of such government
the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either
case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof.

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the
American Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting
profession.

 

“Global
Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established
pursuant to Section 2.02 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and
registered in the name of such Depositary or nominee.

 

“Holder”
means a person in whose name a Security is registered.

 

“Indenture”
means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities
established as contemplated hereunder.

 

“interest”
with respect to any Discount Security which by its terms bears interest only after Maturity means interest payable after Maturity.

 

“Maturity,”
when used with respect to any Security or installment of principal thereof, means the date on which the principal of such Security or
such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration
of acceleration, call for redemption or otherwise.

 

“Officer”
means the Chief Executive Officer, Chief Financial Officer, President, or any other officer of the Company designated by the Board of
Directors, as the case may be.

 

“Officers’
Certificate” means a certificate signed by two Officers, one of whom must be the Company’s principal executive officer,
principal financial officer or principal accounting officer.

 

    2

     

    

 

“Opinion
of Counsel” means a written opinion of legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee
of or counsel to the Company.

 

“person”
means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.

 

“principal”
of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect
of, the Security.

 

“Responsible
Officer” means any officer of the Trustee in its Corporate Trust Office with direct responsibility for the administration of
this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter
is referred because of his or her knowledge of and familiarity with a particular subject.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities”
means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.

 

“Series”
or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created
pursuant to Sections 2.01 and 2.02 hereof.

 

“Stated
Maturity” means when used with respect to any Security or any installment of principal thereof or interest thereon, the date
specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is
due and payable.

 

“Subsidiary”
means, with respect to any person, any corporation, association or other business entity of which more than 50% of the total voting power
of shares of Capital Interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof or, in the case of a partnership, more than 50% of the partners’ Capital Interests (considering all partners’
Capital Interests as a single class), is at the time owned or controlled, directly or indirectly, by such person or one or more of the
other Subsidiaries of such person or combination thereof; or in the case of a partnership, joint venture, association or other business
entity, with respect to which such person or any of its subsidiaries has the power to direct or cause the direction of the management
and policies of such entity by contract or otherwise, or if in accordance with GAAP such entity is consolidated with such person for
financial statement purposes.

 

“TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture and the rules and
regulations promulgated thereunder; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date,
“TIA” means, to the extent required by any such amendment, the Trust Indenture Act as so amended.

 

“Trustee”
means the person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each person who is then
a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Securities
of any Series shall mean the Trustee with respect to Securities of that Series.

 

“U.S.
Government Obligations” means securities which are (i) direct obligations of The United States of America for the payment of
which its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality
of The United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by The United
States of America, and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depository
receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest
on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt,
provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder
of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository
receipt.

 

    3

     

    

 

Section
1.02 Other Definitions.

 

	TERM	 	Defined in Section	 
	Bankruptcy Law	 	 	6.01	 
	Custodian	 	 	6.01	 
	Event of Default	 	 	6.01	 
	Legal Holiday	 	 	10.07	 
	mandatory sinking fund payment	 	 	11.01	 
	Market Exchange Rate	 	 	10.15	 
	optional sinking fund payment	 	 	11.01	 
	Paying Agent	 	 	2.04	 
	Registrar	 	 	2.04	 
	Successor Person	 	 	5.01	 

 

Section
1.03 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 SEC.

 

“indenture
securities” means the Securities.

 

“indenture
security holder” means a Holder.

 

“indenture
to be qualified” means this Indenture.

 

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

 

“obligor”
on the indenture securities means the Company and any successor obligor upon the Securities.

 

All
other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA and not otherwise defined herein are used herein as so defined.

 

Section
1.04 Rules of Construction.

 

Unless
the context otherwise requires:

 

(a)
a term has the meaning assigned to it;

 

(b)
an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles;

 

(c)
references to “generally accepted accounting principles” and “GAAP” shall mean generally accepted accounting
principles in effect as of the time when and for the period as to which such accounting principles are to be applied;

 

(d)
“or” is not exclusive;

 

(e)
words in the singular include the plural, and in the plural include the singular; and

 

(f)
provisions apply to successive events and transactions.

 

    4

     

    

 

ARTICLE
II 

THE
SECURITIES

 

Section
2.01 Issuable in Series. The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture
is unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set
forth or determined in the manner provided in a Board Resolution, supplemental indenture or Officers’ Certificate detailing the
adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued
from time to time, the Board Resolution, Officers’ Certificate or supplemental indenture detailing the adoption of the terms thereof
pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity
date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of
any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.

 

Section
2.02 Establishment of Terms of Series of Securities. At or prior to the issuance of any Securities within a Series, the following
shall be established (as to the Series generally, in the case of Subsection 2.02(a) and either as to such Securities within the Series
or as to the Series generally in the case of Subsections 2.02(b) through 2.02(s)) by or pursuant to a Board Resolution, and set forth
or determined in the manner provided in a Board Resolution, supplemental indenture or an Officers’ Certificate:

 

(a)
the form and title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series);

 

(b)
the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 

(c)
any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the Series pursuant to Sections 2.07, 2.08, 2.11, 3.06 or 9.06);

 

(d)
the date or dates on which the principal of the Securities of the Series is payable;

 

(e)
the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including,
but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall
bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if
any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;

 

(f)
the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities
of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect
of the Securities of such Series and this Indenture may be served, and the method of such payment, if by wire transfer, mail or other
means;

 

(g)
if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities
of the Series may be redeemed, in whole or in part, at the option of the Company;

 

(h)
the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions
or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions
upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

    5

     

    

 

(i)
the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option
of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

(j)
if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall
be issuable;

 

(k)
if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.02;

 

(l)
the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and the agency or organization,
if any, responsible for overseeing such composite currency;

 

(m)
the provisions, if any, relating to any security provided for the Securities of the Series;

 

(n)
any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee
or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.02;

 

(o)
any addition to or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;

 

(p)
the provisions, if any, relating to conversion of any Securities of such Series, including, if applicable, the securities into which
the Securities are convertible, the conversion price, the conversion period, provisions as to whether conversion will be mandatory, at
the option of the Holders or at the option of the Company, the events requiring an adjustment of the conversion price and provisions
affecting conversion if such Series of Securities are redeemed;

 

(q)
whether the Securities of such Series will be senior debt securities or subordinated debt securities and, if applicable, a description
of the subordination terms thereof;

 

(r)
any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such
Series if other than those appointed herein; and

 

(s)
any other terms of the Securities of the Series (which may modify or delete any provision of this Indenture insofar as it applies to
such Series).

 

All
Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this
Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officers’ Certificate referred
to above, and, unless otherwise provided in such Board Resolution, a Series may be reopened, without the consent of the Holders, for
increases in the aggregate principal amount of such Series and issuances of additional Securities of such Series.

 

Section
2.03 Execution and Authentication. At least one Officer shall sign the Securities for the Company by manual or facsimile signature.
If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid. A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. The Trustee shall at
any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may
authorize authentication and delivery pursuant to electronic instructions in PDF from the Company or its duly authorized agent or agents.
Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture
hereto or an Officers’ Certificate. The aggregate principal amount of Securities of any Series outstanding at any time may not
exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or
Officers’ Certificate delivered pursuant to Section 2.02, except as provided in Section 2.02 or 2.08. Prior to the issuance of
Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying on: (a) the
Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series
or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’
Certificate complying with Section 10.04 and (c)(1) an Opinion of Counsel complying with Section 10.04 or (2) an Opinion of Counsel (or
reliance letter with respect to an Opinion of Counsel) that the Securities have been duly authorized, executed and delivered by the Company
and such Securities will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with
its terms. The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent
may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the
Company.

 

    6

     

    

 

Section
2.04 Registrar and Paying Agent. The Company shall maintain, with respect to each Series of Securities, at the place or places
specified with respect to such Series pursuant to Section 2.02, an office or agency where Securities of such Series may be presented
or surrendered for payment (“Paying Agent”), and where Securities of such Series may be surrendered for registration
of transfer or exchange (“Registrar”). The Registrar shall keep a register with respect to each Series of Securities
and of their transfer and exchange. The Company hereby appoints the Trustee as Paying Agent and Registrar. The Company will give prompt
written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar or Paying Agent. The
Company may also from time to time designate one or more co-registrars or additional paying agents and may from time to time rescind
such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations
to maintain a Registrar and a Paying Agent in each place so specified pursuant to Section 2.02 for Securities of any Series for such
purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name
or address of any such co-registrar or additional paying agent. The term “Registrar” includes any co-registrar; and the term
“Paying Agent” includes any additional paying agent. The Company hereby appoints the Trustee as the initial Registrar and
Paying Agent for each Series unless another Registrar or Paying Agent, as the case may be, is appointed prior to the time Securities
of that Series are first issued.

 

Section
2.05 Paying Agent to Hold Money in Trust. The Company shall require each Paying Agent other than the Trustee to agree in writing
that the Paying Agent will hold in trust, for the benefit of Holders of any Series of Securities, or the Trustee, all money held by the
Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any default by the
Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by
it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to
the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money.
If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit
of Holders of any Series of Securities all money held by it as Paying Agent. Upon an Event of Default under Section 6.01(d) or (e), the
Trustee shall be the Paying Agent.

 

Section
2.06 Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of Holders of each Series of Securities and shall otherwise comply with TIA Section 312(a). If the Trustee
is not the Registrar, the Company shall furnish to the Trustee at least ten (10) days before each interest payment date and at such other
times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names
and addresses of Holders of each Series of Securities.

 

Section
2.07 Transfer and Exchange. Where Securities of a Series are presented to the Registrar or a co-registrar with a request to
register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register
the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges,
the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer
or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer
tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable
upon exchanges pursuant to Sections 2.11, 3.06 or 9.06). Neither the Company nor the Registrar shall be required (a) to issue, register
the transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately preceding
the delivery of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the
day of such delivery, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption
as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part.

 

    7

     

    

 

Section
2.08 Mutilated, Destroyed, Lost and Stolen Securities.

 

(a)
If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and make available
for delivery in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding. If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or
theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of
them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a protected purchaser,
the Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed,
lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding. In case any such mutilated, destroyed, lost or stolen Security has become due and payable, the Company in its discretion
may, instead of issuing a new Security, pay such Security.

 

(b)
Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee)
connected therewith. Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security
shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security
shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that Series duly issued hereunder. The provisions of this Section are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

 

Section
2.09 Outstanding Securities. The Securities outstanding at any time are all the Securities authenticated by the Trustee except
for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the
Trustee in accordance with the provisions hereof and those described in this Section as not outstanding. If a Security is replaced pursuant
to Section 2.08, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by
a protected purchaser. If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds
on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such
Securities of the Series cease to be outstanding and interest on them ceases to accrue. A Security does not cease to be outstanding because
the Company or an Affiliate of the Company holds the Security. In determining whether the Holders of the requisite principal amount of
outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount
of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would
be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section
6.02.

 

Section
2.10 Treasury Securities. In determining whether the Holders of the required principal amount of Securities of a Series have
concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company shall
be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand,
authorization, direction, notice, consent or waiver, only Securities of a Series that a Responsible Officer of the Trustee knows are
so owned shall be so disregarded.

 

Section
2.11 Temporary Securities. Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall
authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially in the form of definitive Securities
but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall
prepare and the Trustee upon request shall authenticate definitive Securities of the same Series and date of maturity in exchange for
temporary Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities.

 

    8

     

    

 

Section
2.12 Cancellation. The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying
Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee
shall cancel all Securities surrendered for registration of transfer, exchange, payment, replacement or cancellation in accordance with
its customary procedures. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee
for cancellation.

 

Section
2.13 Defaulted Interest. If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted
interest at the rate established for the particular Series, if any, plus, to the extent permitted by law, any interest payable on the
defaulted interest, to the persons who are Holders of the Series on a subsequent special record date. The Company shall fix the special
record date and payment date; provided that if no rate for defaulted interest is specified for any Series of Securities, then the defaulted
interest rate shall be the interest rate specified for such Series of Securities. At least ten (10) days before the special record date,
the Company shall deliver to the Trustee and to each Holder of the Series a notice that states the record date, the related payment date
and the amount of interest to be paid. The Company may also pay defaulted interest in any other lawful manner.

 

Section
2.14 Global Securities.

 

(a)
Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the
Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global
Security or Securities.

 

(b)
Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.07 of the Indenture and in addition thereto,
any Global Security shall be exchangeable pursuant to Section 2.07 of the Indenture for Securities registered in the names of Holders
other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable
to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under
the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under the
Exchange Act within 90 days of such event, (ii) the Company executes and delivers to the Trustee an Officers’ Certificate to the
effect that such Global Security shall be so exchangeable or (iii) an Event of Default with respect to the Securities represented by
such Global Security shall have happened and be continuing. Any Global Security that is exchangeable pursuant to the preceding sentence
shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount
equal to the principal amount of the Global Security with like tenor and terms.

 

(c)
Except as provided in this Section 2.14(c), a Global Security may not be transferred except as a whole by the Depositary with respect
to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such
Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

(d)
Legend. Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

“This
Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depositary
or a nominee of the Depositary. This Security is exchangeable for Securities registered in the name of a person other than the Depositary
or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depositary
to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary
or any such nominee to a successor Depositary or a nominee of such a successor Depositary.”

 

(e)
Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.

 

    9

     

    

 

(f)
Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02, payment
of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

(g)
Consents, Declaration and Directions. Except as provided in Section 2.14(g), the Company, the Trustee and any Agent shall treat a person
as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified
in a written statement of the Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations,
waivers or directions required to be given by the Holders pursuant to this Indenture.

 

(h)
The Depositary or its nominee, as registered owner of a Global Security, shall be the Holder of such Global Security for all purposes
under the Indenture and the Securities, and owners of beneficial interests in a Global Security shall hold such interests pursuant to
the Applicable Procedures. Accordingly, any such owner’s beneficial interest in a Global Security will be shown only on, and the
transfer of such interest shall be effected only through, records maintained by the Depositary or its nominee and such owners of beneficial
interests in a Global Security will not be considered the owners or holders thereof. Notwithstanding any other provision of this Indenture
or any Security, where this Indenture or any Global Security provides for notice of any event (including any notice of redemption or
repurchase) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to the
Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail
in accordance with applicable Depositary procedures.

 

Section
2.15 CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and,
if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained
in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities,
and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee
of any change in “CUSIP” numbers of which the Company becomes aware.

  

ARTICLE
III

REDEMPTION

 

Section
3.01 Notice to Trustee. The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series
of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at
such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated
to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall
notify the Trustee of the redemption date and the principal amount of the Series of Securities to be redeemed.

 

Section
3.02 Selection of Securities to be Redeemed. Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental
indenture or an Officers’ Certificate, if less than all the Securities of a Series are to be redeemed, the Trustee shall select
the Securities of the Series to be redeemed in any manner that the Trustee deems fair and appropriate. The Trustee shall make the selection
from Securities of the Series outstanding not previously called for redemption. Securities of a Series and portions selected for redemption
shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations
pursuant to Section 2.02(j), the minimum principal denomination for each Series and integral multiples thereof. Provisions of this Indenture
that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.
The Trustee shall not be liable for the selection made in accordance with this Section 3.02.

 

    10

     

    

 

Section
3.03 Notice of Redemption.

 

(a)
Unless otherwise specified for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate,
at least 30 days but not more than 60 days before a redemption date, the Company shall deliver notice of redemption to each Holder whose
Securities are to be redeemed. The notice shall identify the Securities of the Series to be redeemed and shall state:

 

(i)
the redemption date;

 

(ii)
the redemption price or the manner of the calculation of the redemption price;

 

(iii)
the name and address of the Paying Agent;

 

(iv)
that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(v)
that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date;

 

(vi)
the CUSIP number, if any; and

 

(vii)
any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.

 

At
the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided
that the Company shall have delivered to the Trustee, at least five Business Days (or such shorter period as the Trustee may consent
to in writing) before notice of redemption is required to be delivered or caused to be delivered to Holders pursuant to this Section
3.03, an Officers’ Certificate of the Company requesting that the Trustee give such notice and setting forth the information to
be stated in such notice as provided in the preceding paragraph.

 

Section
3.04 Effect of Notice of Redemption. Once notice of redemption is delivered as provided in Section 3.03, Securities of a Series
called for redemption become due and payable on the redemption date and at the redemption price. A notice of redemption may not be conditional.
Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date;
provided that installments of interest whose Stated Maturity is on or prior to the redemption date shall be payable to the Holders of
such Securities (or one or more predecessor Securities) registered at the close of business on the relevant record date therefor according
to their terms and the terms of this Indenture.

 

Section
3.05 Deposit of Redemption Price. Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture
or an Officers’ Certificate, on or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with
the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that
date.

 

Section
3.06 Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company shall issue and the Trustee
shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed
portion of the Security surrendered.

 

ARTICLE
IV

COVENANTS

 

Section
4.01 Payment of Principal and Interest. The Company covenants and agrees for the benefit of the Holders of each Series of Securities
that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms
of such Securities and this Indenture.

 

Section
4.02 SEC Reports. Any information, documents or other reports that the Company shall file with the Commission pursuant to Section
13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is filed with the Commission; provided
that any such information, documents or reports filed or furnished with the Commission pursuant to its Electronic Data Gathering, Analysis
and Retrieval (or EDGAR) system shall be deemed filed with the Trustee as of the time such information, documents or reports are filed
or furnished via EDGAR.

 

    11

     

    

 

Section
4.03 Compliance Certificate. The Company shall, so long as any of the Securities are outstanding, deliver to the Trustee, within
120 days after the end of each fiscal year of the Company, an Officers’ Certificate stating whether or not to the knowledge of
the signers thereof the Company is in default in the performance and observance of any of the terms, provisions and conditions hereof
(without regard to any period of grace or requirement of notice provided hereunder), and if a Default or Event of Default shall have
occurred, specifying all such Defaults or Events of Default and the nature and status thereof of which they may have knowledge.

 

Section
4.04 Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, plead or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever
enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities
or any other law that would prohibit or forgive the Company from paying all or any portion of the principal of, or interest on, the Securities
as contemplated in the Indenture, any indenture supplemental thereto relating to the Securities or the Securities and the Company (to
the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by
resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit
the execution of every such power as though no such law has been enacted.

 

ARTICLE
V

SUCCESSORS

 

Section
5.01 When Company May Merge, Etc. The Company shall not consolidate with or merge with or into, or convey, transfer or lease
all or substantially all of its properties and assets to, another person (a “Successor Person”) unless:

 

(a)
the Company is the surviving corporation or the Successor Person (if other than the Company) is organized and validly existing under
the laws of any U.S. domestic jurisdiction or under the laws of a foreign jurisdiction and expressly assumes the Company’s obligations
on the Securities and under this Indenture; and

 

(b)
immediately after giving effect to the transaction, no Default or Event of Default shall have occurred and be continuing.

 

The
Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officers’ Certificate to the foregoing
effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.

 

Section
5.02 Successor Corporation Substituted. Upon any consolidation or merger, or any sale, lease, conveyance or other disposition
of all or substantially all of the assets of the Company in accordance with Section 5.01, the successor corporation formed by such consolidation
or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and
be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such Successor
Person has been named as the Company herein; provided, however, that the predecessor Company in the case of a sale, conveyance or other
disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities.

 

    12

     

    

 

ARTICLE
VI

DEFAULTS
AND REMEDIES

 

Section
6.01 Events of Default.

 

“Event
of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless in
the establishing Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have
the benefit of said Event of Default or the terms of such Event of Default have been modified or superceded as set forth in the Board
Resolution, supplemental indenture or Officers’ Certificate for such Securities of any Series:

 

(a)
default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default
for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent
prior to the expiration of such period of 30 days); or

 

(b)
default in the payment of principal of any Security of that Series at its Maturity; or

 

(c)
default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty
for which the consequences of nonperformance or breach are addressed elsewhere in this Section 6.01 and other than a covenant or warranty
that has been included in this Indenture solely for the benefit of a Series of Securities other than that Series), which default continues
uncured for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the
Company and the Trustee by the Holders of not less than a majority in principal amount of the outstanding Securities of that Series a
written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder; or

 

(d)
the Company pursuant to or within the meaning of any Bankruptcy Law:

 

(i)
commences a voluntary case or proceeding;

 

(ii)
consents to the entry of an order for relief against it in an involuntary case,

 

(iii)
consents to the appointment of a Custodian of it or for all or substantially all of its property,

 

(iv)
makes a general assignment for the benefit of its creditors, or

 

(v)
makes an admission in writing that it is generally unable to pay its debts as the same become due; or

 

(e)
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

 

(i)
is for relief against the Company in an involuntary case,

 

(ii)
appoints a Custodian of the Company or for all or substantially all of its property, or

 

(iii)
orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 days; or

 

(f)
any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate, in accordance with Section 2.02(n).

 

The
term “Bankruptcy Law” means Title 11 of the U.S. Code or any similar federal or state law for the relief of debtors.
The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Section
6.02 Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to Securities of any Series at
the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.01(d) or (e)), then in every such
case the Trustee or the Holders of not less than a majority in principal amount of the outstanding Securities of that Series may declare
the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified
in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal
amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default
specified in Section 6.01(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any,
on all outstanding Securities shall be immediately due and payable without any declaration or other act on the part of the Trustee or
any Holder. At any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree
for payment of the money due has been obtained by the Trustee as hereinafter in this Article; provided that the Holders of a majority
in principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul
such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment
of the principal and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration,
have been cured or waived as provided in Section 6.13. No such rescission shall affect any subsequent Default or impair any right consequent
thereon.

 

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Section
6.03 Collection of Indebtedness and Suits for Enforcement by Trustee.

 

The
Company covenants that if:

 

(a)
default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues
for a period of 30 days, or

 

(b)
default is made in the payment of principal of any Security at the Maturity thereof, then the Company will, upon demand of the Trustee,
pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal
and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any
overdue interest at the rate or rates prescribed therefor in such Securities 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 Trustee, its agents and counsel.

 

If
the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final
decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed
to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.

 

If
an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed
to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant
or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section
6.04 Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or
the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities
shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have
made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in
such proceeding or otherwise, (a) to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect
of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and
of the Holders allowed in such judicial proceeding, and (b) to collect and receive any moneys or other property payable or deliverable
on any such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that
the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf
of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder
thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

Section
6.05 Trustee May Enforce Claims Without Possession of Securities. All rights of action and claims under this Indenture or the
Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in
any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which
such judgment has been recovered.

 

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Section
6.06 Application of Money Collected.

 

Any
money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money on account of principal or interest, upon presentation of the Securities and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

First:
To the payment of all amounts due the Trustee under Section 7.07; and

 

Second:
To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit
of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable
on such Securities for principal and interest, respectively; and

 

Third:
To the Company.

 

Section
6.07 Limitation on Suits. No Holder of any Security of any Series shall have any right to institute any proceeding, judicial
or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

(a)
such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that
Series;

 

(b)
the Holders of at least a majority in principal amount of the outstanding Securities of that Series shall have made written request to
the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(c)
such Holder or Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities
to be incurred in compliance with such request;

 

(d)
the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and

 

(e)
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the outstanding Securities of that Series;

 

it
being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing
of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek
to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein
provided and for the equal and ratable benefit of all such Holders.

 

Section
6.08 Unconditional Right of Holders to Receive Principal and Interest. Notwithstanding any other provision in this Indenture,
the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest,
if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the
redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent
of such Holder.

 

Section
6.09 Restoration of Rights and Remedies. If the Trustee or any Holder 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 Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee
and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies
of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

 

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Section
6.10 Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended
to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion
or employment of any other appropriate right or remedy.

 

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

 

Section
6.12 Control by Holders. Subject to Section 7.02(f), the Holders of a majority in principal amount of the outstanding Securities
of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that:

 

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

 

(b)
the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and 

 

(c)
subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in
good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability.

 

Section
6.13 Waiver of Past Defaults. The Holders of not less than a majority in principal amount of the outstanding Securities of any
Series may on behalf of the Holders of all the Securities of such Series waive any past Default hereunder with respect to such Series
and its consequences, except a Default (i) in the payment of the principal of or interest on any Security of such Series (provided, however,
that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences,
including any related payment default that resulted from such acceleration) or (ii) in respect of a covenant or provision hereof which
cannot be modified or amended without the consent of the Holder of each outstanding Security of such Series affected. Upon any such waiver,
such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of
this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

Section
6.14 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall
be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as 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 any suit instituted by the
Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more
than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in such
Security (or, in the case of redemption, on the redemption date).

 

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ARTICLE
VII

TRUSTEE

 

Section
7.01 Duties of Trustee.

 

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

 

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

 

(i)
The Trustee need perform only those duties that are specifically set forth in this Indenture and no others and no implied covenants or
obligations shall be read into this Indenture against the Trustee.

 

(ii)
In the absence of bad faith on its part, the Trustee may conclusively rely and is fully protected, as to the truth of the statements
and the correctness of the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee
and conforming to the requirements of this Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel
which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’
Certificates and Opinions of Counsel 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 Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct,
except that:

 

(i)
This paragraph does not limit the effect of paragraph (b) of this Section.

 

(ii)
The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee
was negligent in ascertaining the pertinent facts.

 

(iii)
The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of
any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities
of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series.

 

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

 

(e)
The Trustee may refuse to perform any duty or exercise any right or power at the request or direction of any Holder unless it receives
indemnity reasonably satisfactory to it against any loss, liability or expense.

 

(f)
The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)
No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance
of any of its duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment
of such funds or adequate indemnity against such risk is not reasonably assured to it.

 

(h)
The rights, privileges, protections, immunities and benefits given to the Trustee, including the right to be indemnified, are extended
to, and shall be enforceable by the Trustee in each of its capacities hereunder and to its agents. The provisions set forth in paragraphs
(a), (b) and (c) of this Section shall apply to the Trustee in each of its capacities hereunder and its agents.

 

    17

     

    

 

Section
7.02 Rights of Trustee.

 

(a)
The Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon any document believed by it to be
genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the
document.

 

(b)
Before the Trustee acts or refrains from acting at the direction of the Company, it may require an Officers’ Certificate. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate.

 

(c)
The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.
No Depositary shall be deemed an agent of the Trustee, and the Trustee shall not be responsible for any act or omission by any Depositary.

 

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

 

(e)
The Trustee may consult with counsel, and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder without negligence and in good faith and in reliance
thereon.

 

(f)
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against
the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

(g)
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document believed by the Trustee to be genuine and to have been signed or delivered by the proper person.

 

(h)
The Trustee shall not be deemed to have notice of any Default or Event of Default, other than a failure by the Company to make any payment
hereunder when due if the Trustee is the Paying Agent, unless a Responsible Officer of the Trustee has actual knowledge thereof or unless
written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the Securities generally or the Securities of a particular Series and this Indenture and states that it is
a “notice of default.”

 

(i)
The permissive rights of the Trustee enumerated herein shall not be construed as duties.

 

(j)
In no event shall the Trustee be responsible or liable for any special, indirect, punitive, incidental or consequential loss or damage
of any kind whatsoever (including, but not limited to, lost profits) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

 

(k)
Neither the Trustee nor any Agent shall be responsible or liable for any failure or delay in the performance of its obligation under
this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation,
acts of God; earthquakes; fire; flood; wars; acts of terrorism; civil or military disturbances; sabotage; epidemic; riots; interruptions,
loss or malfunctions of utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts of civil
or military authority or governmental action; it being understood that each of the Trustee and Agents shall use commercially reasonable
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable
under the circumstances.

 

(l)
The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

Section
7.03 Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities
and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. Any
Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11.

 

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Section
7.04 Trustee’s Disclaimer. The Trustee makes no representation as to the validity or adequacy of this Indenture or the
Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible
for any statement in the Securities other than its authentication.

 

Section
7.05 Notice of Defaults. If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series
and if it is known to a Responsible Officer of the Trustee, the Trustee shall deliver to each Holder of the Securities of that Series
notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge
of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any
Security of any Series, the Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice
is in the interests of Holders of that Series.

 

Section
7.06 Reports by Trustee to Holders. Within 60 days after March 15 in each year, the Trustee shall transmit by deliver to all
Holders, as their names and addresses appear on the register kept by the Registrar a brief report dated as of such March 15, in accordance
with, and to the extent required under, TIA Section 313. A copy of each report at the time of its delivery to Holders of any Series shall
be filed with the SEC and each stock exchange on which the Securities of that Series are listed. The Company shall promptly notify the
Trustee when Securities of any Series are listed on any stock exchange.

 

Section
7.07 Compensation and Indemnity. The Company shall pay to the Trustee from time to time compensation for its services as the
Company and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law
on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket
expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.
The Company shall indemnify each of the Trustee and any predecessor Trustee (including the cost of defending itself) against any loss,
liability or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred
by it except as set forth in this Section 7.07 in the performance of its duties under this Indenture as Trustee or Agent. The Trustee
shall notify the Company promptly of any claim for which it may seek indemnity. Failure or delay by the Trustee to so notify the Company
of any claim for which it may seek indemnity shall not relieve the Company of its obligations hereunder except to the extent such failure
or delay shall have materially prejudiced the Company. The Company shall defend the claim and the Trustee shall cooperate in the defense.
The Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need
not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. This indemnification shall apply
to officers, directors, employees, shareholders and agents of the Trustee. The Company need not reimburse any expense or indemnify against
any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through the
gross negligence or willful misconduct of any such persons as determined by a final order of a court of competent jurisdiction. When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(d) or (e) occurs, the expenses and
the compensation for the services are intended to constitute expenses of administration under any insolvency, bankruptcy or similar law.
The provisions of this Section shall survive the resignation or removal of the Trustee and the termination or discharge of this Indenture.

 

Section
7.08 Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective
only upon the successor Trustee’s acceptance of appointment as provided in this Section. The Trustee may resign with respect to
the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation. The
Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying
the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series if:

 

(a)
the Trustee fails to comply with Section 7.10;

 

(b)
the Trustee is adjudged bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any insolvency, bankruptcy
or similar law;

 

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(c)
a custodian or public officer takes charge of the Trustee or its property; or

 

(d)
the Trustee becomes incapable of acting.

 

If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint
a successor Trustee.

 

If
a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities
of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after
that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for
in Section 7.07, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all
the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture.
A successor Trustee shall deliver a notice of its succession to each Holder of each such Series. Notwithstanding replacement of the Trustee
pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring
Trustee with respect to expenses and liabilities incurred by it prior to the date of such replacement.

 

Section
7.09 Successor Trustee by Merger, etc. If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all of its corporate trust business (including administration of this Indenture) to, another corporation, the successor corporation without
any further act shall be the successor Trustee.

 

Section
7.10 Eligibility; Disqualification. This Indenture shall always have a Trustee who satisfies the requirements of TIA Section
310(a)(1), (2) and (5) and has a combined capital and surplus of at least $50,000,000. The Trustee shall comply with TIA Section 310(b).

 

Section
7.11 Preferential Collection of Claims Against Company. The Trustee is subject to TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent
indicated.

 

ARTICLE
VIII

SATISFACTION
AND DISCHARGE; DEFEASANCE

 

Section
8.01 Satisfaction and Discharge of Indenture.

 

This
Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.01), and the Trustee,
at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

 

(a)
any of the following shall have occurred:

 

(i)
no Securities have been issued hereunder;

 

(ii)
all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have
been replaced or paid) have been delivered to the Trustee for cancellation; or

 

(iii)
all such Securities not theretofore delivered to the Trustee for cancellation (1) have become due and payable, or (2) will become due
and payable at their Stated Maturity within one year, or (3) are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company; and the Company
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of
paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal
and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such
deposit) or to the Stated Maturity or redemption date, as the case may be;

 

(b)
the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 

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(c)
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.07 and, if money shall
have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.04, 2.05, 2.07, 2.08, 8.01,
8.02 and 8.05 shall survive.

 

Section
8.02 Application of Trust Funds; Indemnification.

 

(a)
Subject to the provisions of Section 8.05, all money deposited with the Trustee pursuant to Section 8.01, all money and U.S. Government
Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04 and all money received by the
Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03
or 8.04, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment,
either directly or through any Paying Agent (other than the Company acting as its own Paying Agent) as the Trustee may determine, to
the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee
or analogous payments as contemplated by Sections 8.03 or 8.04.

 

(b)
The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government
Obligations or Foreign Government Obligations deposited pursuant to Sections 8.03 or 8.04 or the interest and principal received in respect
of such obligations other than any payable by or on behalf of Holders.

 

(c)
The Trustee shall deliver or pay to the Company from time to time upon Company Request any U.S. Government Obligations or Foreign Government
Obligations or money held by it as provided in Sections 8.03 or 8.04 which, in the opinion of a nationally recognized firm of independent
certified public accountants expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount
thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government
Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations
or Foreign Government Obligations held under this Indenture.

 

Section
8.03 Legal Defeasance of Securities of any Series. Unless this Section 8.03 is otherwise specified, pursuant to Section 2.02(s),
to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all
the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the
provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee,
at the expense of the Company, shall, at Company Request, execute such instruments reasonably requested by the Company acknowledging
the same), except as to:

 

(a)
the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment
of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity
of such principal or installment of principal or interest, and (ii) the benefit of any mandatory sinking fund payments applicable to
the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and
the Securities of such Series; and

 

(b)
the provisions of Sections 2.04, 2.05, 2.07, 2.08, 8.02, 8.03 and 8.05; and

 

(c)
the rights, powers, trust and immunities of the Trustee hereunder; provided that, the following conditions shall have been satisfied:

 

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(d)
with reference to this Section 8.03, the Company shall have deposited or caused to be irrevocably deposited (except as provided in Section
8.02(c)) with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security
for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in
Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign
Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal
in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed
on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,
to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of
all the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due;

 

(e)
such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;

 

(f)
no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such
deposit or during the period ending on the 91st day after such date;

 

(g)
the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (i) the Company
has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this
Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amounts
and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;

 

(h)
the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with
the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating,
hindering, delaying or defrauding any other creditors of the Company;

 

(i)
the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the defeasance contemplated by this Section have been complied with; and

 

(j)
such defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the
Investment Company Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder.

 

Section
8.04 Covenant Defeasance. Unless this Section 8.04 is otherwise specified, pursuant to Section 2.02(s), to be inapplicable to
Securities of any Series, on and after the 91st day after the date of the deposit referred to in subparagraph (a) hereof, the Company
may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.02,
4.03, and 5.01 as well as any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution
or an Officers’ Certificate delivered pursuant to Section 2.02 (and the failure to comply with any such covenants shall not constitute
a Default or Event of Default with respect to such Series under Section 6.01) and the occurrence of any event specified in a supplemental
indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.02 and
designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such
Series, provided that the following conditions shall have been satisfied:

 

(a)
with reference to this Section 8.04, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.02(c))
with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated
solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in
Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other
than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect
thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such
Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally
recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to
pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of the
Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due;

 

    22

     

    

 

(b)
such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;

 

(c)
no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such
deposit or during the period ending on the 91st day after such date;

 

(d)
the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such Series will
not recognize income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject
to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and covenant
defeasance had not occurred;

 

(e)
the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with; and

 

(f)
Such defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the
Investment Company Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder.

 

Section
8.05 Repayment to Company. The Trustee and the Paying Agent shall pay to the Company upon written request any money held by
them for the payment of principal and interest that remains unclaimed for two years, and after such time, Holders entitled to the money
must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person.

 

Section
8.06 Reinstatement. If the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of
any series in accordance with Section 8.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture with
respect to the Securities of such series and under the Securities of such series shall be revived and reinstated as though no deposit
had occurred pursuant to Section 8.01 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance
with Section 8.01; provided, however, that if the Company has made any payment of principal of, premium (if any) or interest on any Additional
Amounts with respect to any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights
of the Holders of such Securities to receive such payment from the money held by the Trustee or the Paying Agent.

 

ARTICLE
IX

AMENDMENTS
AND WAIVERS

 

Section
9.01 Without Consent of Holders. Unless otherwise specified for a particular Series by a Board Resolution, a supplemental indenture
or an Officers’ Certificate, the Company and the Trustee may amend or supplement this Indenture or the Securities of one or more
Series without the consent of any Holder:

 

(a)
to evidence the succession of another person to the Company under this Indenture and the Securities and the assumption by any such Successor
Person of the obligations of the Company hereunder and under the Securities;

 

(b)
to add covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for
the benefit of less than all series of Securities, stating that such covenants are expressly being included for the benefit of such series)
or to surrender any right or power herein conferred upon the Company provided such action does not adversely affect the interests of
the Holders;

 

    23

     

    

 

(c)
to add any additional Events of Default;

 

(d)
to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance
of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate
the issuance of Securities in uncertificated form;

 

(e)
to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that
any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of
such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security
with respect to such provision or (B) shall become effective only when there is no such Security Outstanding;

 

(f)
to establish the forms or terms of the Securities of any series issued pursuant to the terms hereof;

 

(g)
to cure any ambiguity or correct any inconsistency in this Indenture;

 

(h)
to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee;

 

(i)
to qualify this Indenture under the Trust Indenture Act;

 

(j)
to provide for uncertificated securities in addition to certificated securities;

 

(k)
to supplement any provisions of this Indenture necessary to permit or facilitate the defeasance and discharge of any series of Securities,
provided that such action does not adversely affect the interests of the Holders of Securities of such series or any other series;

 

(l)
to conform the Indenture to any Description of Securities for a particular Series of Securities; and

 

(m)
to comply with the rules or regulations of any securities exchange or automated quotation system on which any of the Securities may be
listed or traded.

 

Section
9.02 With Consent of Holders. The Company and the Trustee may enter into a supplemental indenture with the written consent of
the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture
(including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture
or of modifying in any manner the rights of the Holders of each such Series. Except as provided in Section 6.13, the Holders of at least
a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection
with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this
Indenture or the Securities with respect to such Series. It shall not be necessary for the consent of the Holders of Securities under
this Section 9.02 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such
consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes effective, the Company shall
deliver to the Holders of Securities affected thereby a notice briefly describing the supplemental indenture or waiver. Any failure by
the Company to deliver such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture or waiver.

 

Section
9.03 Limitations. Unless otherwise specified for a particular Series by a Board Resolution, a supplemental indenture or an Officers’
Certificate, without the consent of each Holder affected, an amendment or waiver may not:

 

(a)
reduce the amount of Securities whose Holders must consent to an amendment, supplement or waiver;

 

    24

     

    

 

(b)
reduce the rate of or extend the time for payment of interest (including default interest) on any Security;

 

(c)
reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment
of any sinking fund or analogous obligation;

 

(d)
reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;

 

(e)
waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration
of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series
and a waiver of the payment default that resulted from such acceleration);

 

(f)
make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;

 

(g)
make any change in Sections 6.08, 6.13, or 9.03; or

 

(h)
waive a redemption payment with respect to any Security.

 

Section
9.04 Compliance with Trust Indenture Act. Every amendment to this Indenture or the Securities of one or more Series shall be
set forth in a supplemental indenture hereto that complies with the TIA as then in effect.

 

Section
9.05 Revocation and Effect of Consents. Until an amendment is set forth in a supplemental indenture or a waiver becomes effective,
a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion
of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on
any Security. However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the
Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective. Any
amendment or waiver once effective shall bind every Holder of each Series affected by such amendment or waiver unless it is of the type
described in any of clauses (a) through (h) of Section 9.03. In that case, the amendment or waiver shall bind each Holder of a Security
who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security.

 

Section
9.06 Notation on or Exchange of Securities. The Trustee may place an appropriate notation about an amendment or waiver on any
Security of any Series thereafter authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall
authenticate upon request new Securities of that Series that reflect the amendment or waiver.

 

Section
9.07 Trustee Protected. In executing, or accepting the additional trusts created by, any supplemental indenture permitted by
this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall receive, in addition to the documents
required by Section 10.04, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating that
all conditions precedent in this Indenture to the execution of such supplemental indenture, if any, have been complied with, such supplemental
indenture is authorized hereunder, and, that such supplemental indenture is the valid and legally binding obligation of the Company.
The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely affects
its rights.

 

ARTICLE
X  

MISCELLANEOUS

 

Section
10.01 Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with another provision
which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall control.

 

    25

     

    

 

Section
10.02 Notices.

 

(a)
Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if
in writing and delivered in person or mailed by first-class mail or sent by telecopier transmission or electronic transmission in PDF
addressed as follows:

 

if
to the Company:

 

ReTo
Eco-Solutions, Inc.

X-702,
Tower A, 60 Anli Road, Chaoyang District,

Beijing,
China 100101

(+86)
10-64827328

 

Copy
to:

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, New York 10105

Attention:
Wei Wang, Esq.

 

if
to the Trustee:

 

[                             ]

 

(b)
The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.
Any notice or communication to a Holder shall be delivered to his address shown on the register kept by the Registrar. Failure to deliver
a notice or communication to a Holder of any Series or any defect in it shall not affect its sufficiency with respect to other Holders
of that or any other Series. If a notice or communication is delivered in the manner provided above, within the time prescribed, it is
duly given, whether or not the Holder receives it. If the Company delivers a notice or communication to Holders, it shall deliver a copy
to the Trustee and each Agent at the same time.

 

(c)
Any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Company may, at the
Company’s written request received by the Trustee not fewer than five (5) Business Days prior (or such shorter period of time as
may be acceptable to the Trustee) to the date on which such notice must be given or served, be given or served by the Trustee in the
name of and at the expense of the Company.

 

Section
10.03 Communication by Holders with Other Holders. Holders of any Series may communicate pursuant to TIA Section 312(b) with
other Holders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or
all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA

 

Section
10.04 Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take
any action under this Indenture, the Company shall furnish to the Trustee:

 

(a)
an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with; and

 

(b)
an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

    26

     

    

 

Section
10.05 Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the
provisions of TIA Section 314(e) and shall include:

 

(a)
a statement that the person making such certificate or opinion has read such covenant or condition;

 

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

 

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

 

(d)
a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

 

Section
10.06 Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or a meeting of Holders of one or more
Series. Any Agent may make reasonable rules and set reasonable requirements for its functions.

 

Section
10.07 Legal Holidays. Unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto
for a particular Series, a “Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday
at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall
accrue for the intervening period.

 

Section
10.08 No Recourse Against Others. A director, officer, employee or shareholder, as such, of the Company shall not have any liability
for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are
part of the consideration for the issue of the Securities.

 

Section
10.09 Counterparts. This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution
and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures
of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section
10.10 Governing Laws. This Indenture and the Securities will be governed by, and construed in accordance with, the internal
laws of the State of New York.

 

Section
10.11 No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture, loan or
debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used to interpret
this Indenture.

 

Section
10.12 Successors. All agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements
of the Trustee in this Indenture shall bind its successor.

 

Section
10.13 Severability. In case any provision in this Indenture or in the Securities 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
10.14 Table of Contents, Headings, Etc. The Table of Contents, Cross-Reference Table, and headings of the Articles and Sections
of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify
or restrict any of the terms or provisions hereof.

 

    27

     

    

 

Section
10.15 Securities in a Foreign Currency. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or
an Officers’ Certificate delivered pursuant to Section 2.02 of this Indenture with respect to a particular Series of Securities,
whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount
of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding
Securities of any Series which are denominated in a coin or currency other than Dollars, then the principal amount of Securities of such
Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained
for such amount at the Market Exchange Rate at such time. For purposes of this Section 10.15, “Market Exchange Rate”
shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank
of New York. If such Market Exchange Rate is not available for any reason with respect to such currency, the Company shall use, in its
sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available
date, or quotations from one or more major banks in The City of New York or in the country of issue of the currency in question or such
other quotations as the Company, shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal
amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders
of Securities pursuant to the terms of this Indenture. All decisions and determinations of the Company regarding the Market Exchange
Rate or any alternative determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence
of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Company, the Trustee
and all Holders. The Trustee shall have no duty to calculate or verify the calculations made pursuant to this Section 10.15.

 

Section
10.16 U.S.A. Patriot Act. The Company acknowledges that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee,
like all financial institutions, and 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 Trustee.
The Company agrees that it will provide the Trustee with such information as it may reasonably request as required in order for the Trustee
to satisfy the requirements of the U.S.A. Patriot Act.

 

Section
10.17 Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AS BETWEEN THE COMPANY AND THE TRUSTEE ONLY ARISING OUT OF
OR RELATING TO THIS INDENTURE OR THE SECURITIES.

 

ARTICLE
XI  

SINKING
FUNDS

 

Section
11.01 Applicability of Article. The provisions of this Article shall be applicable to any sinking fund for the retirement of
the Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this
Indenture. The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred
to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series
is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any Series,
the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.02. Each sinking fund payment shall
be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such Series.

 

Section
11.02 Satisfaction of Sinking Fund Payments with Securities. The Company may, in satisfaction of all or any part of any sinking
fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver outstanding
Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory
sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which
have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities
(except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional
redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such Securities
shall be received by the Trustee, together with an Officers’ Certificate with respect thereto, not later than 15 days prior to
the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the
Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to
this Section 11.02, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall
be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that
such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking
fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over
and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee
of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released
to the Company.

 

Section
11.03 Redemption of Securities for Sinking Fund. Not less than 45 days (unless otherwise indicated in the Board Resolution,
supplemental indenture or Officers’ Certificate in respect of a particular Series of Securities) prior to each sinking fund payment
date for any Series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the
next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which
is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities
of that Series pursuant to Section 11.02, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking
fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise
indicated in the Board Resolution, Officers’ Certificate or supplemental indenture in respect of a particular Series of Securities)
before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the expense of the
Company in the manner provided in Section 3.03. Such notice having been duly given, the redemption of such Securities shall be made upon
the terms and in the manner stated in Sections 3.04, 3.05 and 3.06.

 

[Remainder
of page intentionally left blank]

 

    28

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed and attested, all as of the day and year first
above written.

 

	 	RETO
    ECO-SOLUTIONS, INC., a British Virgin Islands business company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[         	        ].
	 	as
    Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Indenture]Exhibit 4.1

  

  

  

  
    $1,867,170,000

      Asset Backed Notes

     

    MERCEDES-BENZ AUTO RECEIVABLES TRUST 2022-1,

      as Issuer,

     

    and

     

    U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

        as Indenture Trustee

     

    

     

    INDENTURE

     

    Dated as of November 1, 2022

    

    

     

    
      
        

    

    CROSS REFERENCE TABLE*

     

    	TIA

            Section	 	
            
              Indenture

                Section

            

          
	310	
            (a)(1) 

              

          	
            6.11

          
	

          	
            (a)(2)

          	
            6.11

          
	

          	
            (a)(3)

          	
            6.10; 6.11

          
	

          	
            (a)(4)

          	
            N.A.**

          
	

          	
            (a)(5)

          	
            6.11

          
	

          	
            (b)

          	
            6.08; 6.11

          
	311	
            (a)

          	
            6.12

          
	

          	
            (b)

          	
            6.12

          
	312	
            (a)

          	
            7.01

          
	

          	
            (b)

          	
            7.01

          
	

          	
            (c)

          	
            7.01

          
	313	
            (a)

              

          	
            7.04

          
	

          	
            (b)(1)

          	
            7.04

          
	

          	
            (b)(2)

          	
            7.04

          
	

          	
            (c)

          	
            7.04; 11.05

          
	

          	
            (d)

            

          	
            7.04

          
	314	
            (a)

          	
            3.09; 7.03

          
	

          	
            (b)

          	
            3.06; 11.16

          
	

          	
            (c)(1)

          	
            11.01

          
	

          	
            (c)(2)

            

          	
            11.01

          
	

          	
            (c)(3)

            

          	
            11.01

          
	

          	
            (d)

          	
            11.01

          
	

          	
            (e)

          	
            11.01

          
	

          	
            (f)

          	
            11.01

          
	315	
            (a)

          	
            6.01

          
	

          	
            (b)

          	
            6.05; 11.01

          
	

          	
            (c)

          	
            6.01

          
	

          	
            (d)

          	
            6.01

          
	

          	
            (e)

          	
            5.13

          
	316	
            (a)

          	
            1.01

          
	

          	
            (a)(1)(A)

          	
            5.11

          
	

          	
            (a)(1)(B)

          	
            5.12

          
	

          	
            (a)(2)

          	
            N.A.

          
	

          	
            (b)

          	
            5.07

          
	

          	
            (c)

          	
            N.A.

          
	317	
            (a)(1)

          	
            5.03

          
	

          	
            (a)(2)

          	
            5.03

          
	

          	
            (b)

          	
            3.03

          
	318	
            (a)

          	
            11.07

          

    

    

    

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

          

    
      	
              **

            	
              N.A. means Not Applicable.

            

    

    
      
        

    

    
    TABLE OF CONTENTS

     
      	 	
              Page

            
	 	 
	
              ARTICLE ONE DEFINITIONS AND INCORPORATION BY REFERENCE

            	
              2

            
	 	 
	
              Section 1.01. Capitalized Terms; Rules of Usage

            	
              2

            
	
              Section 1.02. Incorporation by Reference of Trust Indenture Act

            	
              2

            
	 	 
	
              ARTICLE TWO THE NOTES

            	
              3

            
	 	 
	
              Section 2.01. Form.

            	
              3

            
	
              Section 2.02. Execution, Authentication and Delivery.

            	
              3

            
	
              Section 2.03. Temporary Notes.

            	
              4

            
	
              Section 2.04. Tax Treatment

            	
              4

            
	
              Section 2.05. Registration; Registration of Transfer and Exchange.

            	
              4

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

            	7
	
              Section 2.07. Persons Deemed Owner

            	
              7

            
	
              Section 2.08. Payment of Principal and Interest.

            	
              8

            
	
              Section 2.09. Cancellation

            	
              11

            
	
              Section 2.10. Book-Entry Notes

            	
              12

            
	
              Section 2.11. Notices to Clearing Agency

            	
              12

            
	
              Section 2.12. Definitive Notes

            	
              12

            
	
              Section 2.13. Release of Collateral

            	
              13

            
	
              Section 2.14. FATCA

            	
              13

            
	
              Section 2.15. Authenticating Agents

            	
              13

            
	 	 
	
              ARTICLE THREE COVENANTS

            	
              15

            
	 	 
	
              Section 3.01. Payment of Principal and Interest

            	
              15

            
	
              Section 3.02. Maintenance of Office or Agency

            	
              15

            
	
              Section 3.03. Money for Payments to be Held in Trust

            	
              15

            
	
              Section 3.04. Existence

            	
              16

            
	
              Section 3.05. Protection of Trust Estate

            	
              17

            
	
              Section 3.06. Opinions as to Trust Estate.

            	
              17

            
	
              Section 3.07. Performance of Obligations; Servicing of Receivables.

            	
              18

            
	
              Section 3.08. Negative Covenants

            	
              19

            
	
              Section 3.09. Annual Statement as to Compliance

            	
              20

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

            	
              20

            
	
              Section 3.11. Successor or Transferee.

            	
              22

            
	
              Section 3.12. Servicer’s Obligations

            	
              22

            
	
              Section 3.13. Guarantees, Loans, Advances and Other Liabilities

            	
              22

            
	
              Section 3.14. Capital Expenditures

            	
              23

            
	
              Section 3.15. Removal of Administrator

            	
              23

            
	
              Section 3.16. Restricted Payments

            	
              23

            
	
              Section 3.17. Notice of Events of Default

            	
              23

            
	
              Section 3.18. Further Instruments and Acts

            	
              23

            

      

      

      
        i

        
          

      

      Page

       

      

      	
              Section 3.19. Compliance with Laws

            	
              23

            
	
              Section 3.20. Amendments of Sale and Servicing Agreement and Trust Agreement

            	
              23

            
	 	 
	
              ARTICLE FOUR SATISFACTION AND DISCHARGE

            	
              24

            
	 	 
	
              Section 4.01. Satisfaction and Discharge of Indenture

            	
              24

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

            	
              25

            
	
              Section 4.03. Application of Trust Money

            	
              26

            
	
              Section 4.04. Repayment of Monies Held by Paying Agent

            	
              26

            
	 	 
	
              ARTICLE FIVE EVENTS OF DEFAULT; REMEDIES

            	
              27

            
	 	 
	
              Section 5.01. Events of Default

            	
              27

            
	
              Section 5.02. Acceleration of Maturity; Rescission and Annulment.

            	
              28

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

            	
              28

            
	
              Section 5.04. Remedies.

            	
              30

            
	
              Section 5.05. Optional Preservation of the Trust Estate

            	
              31

            
	
              Section 5.06. Limitation of Suits

            	
              32

            
	
              Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest

            	
              32

            
	
              Section 5.08. Restoration of Rights and Remedies

            	
              32

            
	
              Section 5.09. Rights and Remedies Cumulative

            	
              33

            
	
              Section 5.10. Delay or Omission Not a Waiver

            	
              33

            
	
              Section 5.11. Control by Noteholders

            	
              33

            
	
              Section 5.12. Waiver of Past Defaults

            	
              33

            
	
              Section 5.13. Undertaking for Costs

            	
              34

            
	
              Section 5.14. Waiver of Stay or Extension Laws

            	
              34

            
	
              Section 5.15. Action on Notes

            	
              34

            
	
              Section 5.16. Performance and Enforcement of Certain Obligations.

            	
              34

            
	
              Section 5.17. Sale of Trust Estate.

            	
              35

            
	 	 
	
              ARTICLE SIX THE INDENTURE TRUSTEE

            	
              36

            
	 	 
	
              Section 6.01. Duties of Indenture Trustee.

            	
              36

            
	
              Section 6.02. Rights of Indenture Trustee.

            	
              37

            
	
              Section 6.03. Individual Rights of Indenture Trustee

            	
              39

            
	
              Section 6.04. Indenture Trustee’s Disclaimer

            	
              39

            
	
              Section 6.05. Notice of Defaults; Notice of Repurchase Requests

            	
              39

            
	
              Section 6.06. Reports and Documents by Indenture Trustee to Noteholders

            	
              40

            
	
              Section 6.07. Compensation and Indemnity.

            	
              40

            
	
              Section 6.08. Replacement of Indenture Trustee.

            	
              41

            
	
              Section 6.09. Successor Indenture Trustee by Merger.

            	
              42

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

            	
              43

            
	
              Section 6.11. Eligibility; Disqualification

            	
              44

            
	
              Section 6.12. Preferential Collection of Claims Against Issuer

            	
              44

            

      

      

      
        ii

        
          

      

      
        Page

        

        

      

      	
              Section 6.13. Representations and Warranties of Indenture Trustee

            	
              44

            
	
              Section 6.14. Furnishing of Monthly Investor Reports and Other Documents

            	
              45

            
	
              Section 6.15. Encryption

            	
              45

            
	 	 
	
              ARTICLE SEVEN NOTEHOLDER COMMUNICATIONS AND REPORTS

            	
              46

            
	 	 
	
              Section 7.01. Noteholder List and Noteholder Communications

            	
              46

            
	
              Section 7.02. Noteholder Demand for Asset Representations Review

            	
              47

            
	
              Section 7.03. Reports by Issuer.

            	
              48

            
	
              Section 7.04. Reports by Indenture Trustee.

            	
              48

            
	 	 
	
              ARTICLE EIGHT ACCOUNTS, DISBURSEMENTS AND RELEASES

            	
              50

            
	 	 
	
              Section 8.01. Collection of Money

            	
              50

            
	
              Section 8.02. Accounts.

            	
              50

            
	
              Section 8.03. General Provisions Regarding Accounts.

            	
              51

            
	
              Section 8.04. Release of Trust Estate.

            	
              52

            
	
              Section 8.05. Opinion of Counsel

            	
              52

            
	 	 
	
              ARTICLE NINE SUPPLEMENTAL INDENTURES

            	
              53

            
	 	 
	
              Section 9.01. Supplemental Indentures Without Consent of Noteholders.

            	
              53

            
	
              Section 9.02. Supplemental Indentures with Consent of Noteholders

            	
              54

            
	
              Section 9.03. Execution of Supplemental Indentures

            	
              56

            
	
              Section 9.04. Effect of Supplemental Indenture

            	
              56

            
	
              Section 9.05. Conformity with Trust Indenture Act

            	
              56

            
	
              Section 9.06. Reference in Notes to Supplemental Indentures

            	
              56

            
	 	 
	
              ARTICLE TEN REDEMPTION OF NOTES

            	
              57

            
	 	 
	
              Section 10.01. Redemption

            	
              57

            
	
              Section 10.02. Form of Redemption Notice

            	
              57

            
	
              Section 10.03. Notes Payable on Redemption Date

            	
              58

            
	 	 
	
              ARTICLE ELEVEN MISCELLANEOUS

            	
              59

            
	 	 
	
              Section 11.01. Compliance Certificates and Opinions, Etc.

            	
              59

            
	
              Section 11.02. Form of Documents Delivered to Indenture Trustee.

            	
              60

            
	
              Section 11.03. Acts of Noteholders.

            	
              61

            
	
              Section 11.04. Notices, etc., to Indenture Trustee, Issuer, Depositor and Rating Agencies

            	
              62

            
	
              Section 11.05. Notices to Noteholders; Waiver

            	
              62

            
	
              Section 11.06. Alternate Payment and Notice Provisions

            	
              63

            
	
              Section 11.07. Conflict with Trust Indenture Act

            	
              63

            
	
              Section 11.08. Effect of Headings and Table of Contents

            	
              63

            
	
              Section 11.09. Successors and Assigns

            	
              63

            

      

      

      
        iii

        
          

      

      
        Page

         

          

      

      	
              Section 11.10. Severability

            	
              63

            
	
              Section 11.11. Benefits of Indenture; Third Party Beneficiaries

            	
              63

            
	
              Section 11.12. Legal Holidays

            	
              63

            
	
              Section 11.13. GOVERNING LAW

            	
              64

            
	
              Section 11.14. WAIVER OF JURY TRIAL

            	
              64

            
	
              Section 11.15. Counterparts

            	
              64

            
	
              Section 11.16. Recording of Indenture

            	
              64

            
	
              Section 11.17. Trust Obligation

            	
              64

            
	
              Section 11.18. No Petition

            	
              65

            
	
              Section 11.19. No Recourse

            	
              65

            
	
              Section 11.20. Inspection

            	
              66

            
	
              Section 11.21. Subordination Agreement

            	
              66

            
	
              Section 11.22. Security Interest Matters

            	
              66

            
	
              Section 11.23. Electronic Signatures

            	
              67

            

    

     

    EXHIBITS

    

      	Exhibit A – Form of Notes 	A-1
	Exhibit B – Form of Repurchase Request Notice 	B-1

    

    

    

    
      iv

      
        

    

    This INDENTURE, dated as of November 1, 2022 (as amended, restated, supplemented or otherwise modified from time to time, this “Indenture”), is between MERCEDES-BENZ AUTO RECEIVABLES TRUST 2022-1, a Delaware statutory
      trust (the “Issuer”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as trustee (the “Indenture Trustee”).

     

    Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the holders of the Issuer’s 0.000% Class A‐1 Asset Backed Notes (the “Class A‐1 Notes”), 5.26% Class A‐2 Asset
      Backed Notes (the “Class A‐2 Notes”), 5.21% Class A‐3 Asset Backed Notes (the “Class A‐3 Notes”) and 5.25% Class A‐4 Asset Backed Notes (the “Class A‐4 Notes” and, together with the Class A‐1 Notes, the Class A‐2 Notes and the Class A‐3 Notes, the
      “Notes”):

     

    GRANTING CLAUSE

     

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

     

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

     

    
      
        

    

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

     

    ARTICLE ONE

      

      DEFINITIONS AND INCORPORATION BY REFERENCE

     

    Section 1.01.  Capitalized Terms; Rules of Usage.  Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Sale and
      Servicing Agreement, dated as of November 1, 2022, among the Issuer, Mercedes-Benz Retail Receivables LLC, as depositor, and Mercedes-Benz Financial Services USA LLC, as seller and servicer, which
      Appendix is hereby incorporated into and made a part of this Indenture.  Appendix A also contains rules as to usage applicable to this Indenture.

     

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

     

    “indenture securities” means the Notes.

     

    “indenture security holder” means a Noteholder.

     

    “indenture to be qualified” means this Indenture.

     

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

     

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

     

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

     

    
      2

      
        

    

    ARTICLE TWO

      

      THE NOTES

     

    Section 2.01.  Form.

     

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

     

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

     

    Section 2.02.  Execution, Authentication and Delivery.

     

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

     

    (b)          The Indenture Trustee shall, upon Issuer Order, authenticate and deliver for original issue the following aggregate principal amounts of Notes: (i) $393,170,000 of Class A‐1 Notes, (ii) $693,000,000 of Class A‐2 Notes, (iii) $657,000,000 of Class A‐3 Notes and (iv) $124,000,000 of Class A‐4 Notes.  The aggregate principal amount of Class A‐1 Notes, Class A‐2 Notes,
      Class A‐3 Notes and Class A‐4 Notes Outstanding at any time may not exceed such respective amounts except as provided in Section 2.06.

     

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

     

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

     

    
      3

      
        

    

    Section 2.03.  Temporary Notes.

     

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

     

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

     

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

     

    Section 2.05.  Registration; Registration of Transfer and Exchange.

     

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

     

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

     

    
      4

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

    (f)          Each Person (and if such Person is a Benefit Plan or other employee benefit plan or arrangement, its fiduciary) to whom a Note is transferred will be required to represent, in the case of a Definitive Note,
      or deemed to represent, in the case of a Book-Entry Note, that either (i) it is not acquiring the Note with the assets of a Benefit Plan or other employee benefit plan or arrangement that is subject to Similar Law or (ii) (a) its acquisition and
      holding of the Note or any interest therein will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a similar violation of Similar Law, and (b) the Note is rated investment grade and has not
      been characterized as other than indebtedness for applicable local law purposes.

     

    
      5

      
        

    

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

     

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

     

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

     

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

     

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

     

    
      6

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

    
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    Section 2.08.  Payment of Principal and Interest.

     

      

    (a)          On each Payment Date prior to the acceleration of the maturity of the Notes following the occurrence of an Event of Default, upon
        receipt of written instructions from the Servicer pursuant to Section 4.08(b) of the Sale and Servicing Agreement, the Indenture Trustee shall apply Available Funds on deposit in the Collection Account to make the following payments and deposits in
        the following order of priority (except that amounts on deposit in the Reserve Fund may not be used to pay expenses of parties affiliated with the Sponsor):

     

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

     

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

     

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

     

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

     

    (v)         to the Reserve Fund, the Reserve Fund Deficiency for such Payment Date, if any;

     

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

     

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

     

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

     

    (ix)        to the Certificateholders, any Excess Collections.

     

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

     

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

     

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

     

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

     

    If on any Payment Date, the aggregate amount on deposit in the Collection Account and the Reserve Fund equals or exceeds the Note Balance of all Notes Outstanding as of the last day of the related Collection Period, the
      accrued and unpaid interest thereon and all amounts due to the Servicer, the Trustees and the Asset Representations Reviewer, the Servicer shall provide written notification thereof to the Indenture Trustee and shall direct the Indenture Trustee to
      apply all such amounts to retire the Notes and to pay all such amounts due to the Servicer (provided that amounts on deposit in the Reserve Fund may not be used to pay such
        amounts if the Servicer is affiliated with the Sponsor) and the Trustees in accordance with the provisions of this Section.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
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    (f)          Notwithstanding the foregoing, the unpaid principal amount of the Notes shall be due and payable, to the extent not previously
        paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the Notes have declared the Notes to be immediately due and
        payable in the manner provided in Section 5.02(a).  On each Payment Date following acceleration of the Notes, upon receipt of instructions from the Servicer pursuant to Section 4.08(b) of the Sale and Servicing Agreement, the Indenture Trustee or
        the Paying Agent shall deposit all Available Funds into the Note Payment Account and shall apply or cause to be applied all such amounts to make the following payments and deposits in the following order of priority (except that amounts on deposit
        in the Reserve Fund may not be used to pay expenses of parties affiliated with the Sponsor):

     

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

     

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

     

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

     

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

     

    (v)         to the Holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata based on the outstanding principal amount of each such Class of Notes as of such Payment Date,
      payments of principal until the principal amount of each such Class of Notes has been paid in full;

     

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

     

    (vii)       to the Certificateholders, any Excess Collections.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
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    ARTICLE THREE

      

      COVENANTS

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (iv)        enforce any of the Trust Estate;

     

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

     

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

     

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

     

    Section 3.06.  Opinions as to Trust Estate.

     

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

     

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

     

    
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    Section 3.07.  Performance of Obligations; Servicing of Receivables.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 3.11.  Successor or Transferee.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    

    
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    ARTICLE FOUR

      

      SATISFACTION AND DISCHARGE

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
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    ARTICLE FIVE

      

      EVENTS OF DEFAULT; REMEDIES

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 5.02.  Acceleration of Maturity; Rescission and Annulment.

     

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

     

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

     

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

     

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

     

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

     

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 5.04.  Remedies.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 5.15.  Action on 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 5.04(b).

     

    Section 5.16.  Performance and Enforcement of Certain Obligations.

     

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

     

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

     

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

     

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

     

    
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    ARTICLE SIX

      

      THE INDENTURE TRUSTEE

     

    Section 6.01.  Duties of Indenture Trustee.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 6.02.  Rights of Indenture Trustee.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (o)          U.S. Bank, in its other capacities under the Basic Documents, shall be afforded the same rights, privileges, protections and indemnities that the Indenture Trustee is given under this Article Six.

     

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

     

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

     

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

     

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

     

    
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    (b)          Not later than the fifth day of each calendar month (or, if such day is not a Business Day, the immediately following Business Day), beginning January 5, 2023, the Indenture Trustee shall provide to the
      Administrator a notice in substantially the form of Exhibit B with respect to any requests received by a Responsible Officer of the Indenture Trustee from a Noteholder during the immediately preceding calendar month (or, in the case of the initial
      notice, since the Closing Date) that any Receivable be repurchased by the Seller pursuant to Section 2.05 of the Sale and Servicing Agreement or Section 3.04 of the Receivables Purchase Agreement.  The Indenture Trustee and the Issuer acknowledge and
      agree that the purpose of this subsection is to facilitate compliance by MBFS USA and the Depositor with Rule 15Ga-1 under the Exchange Act.  The Indenture Trustee agrees to comply with reasonable requests made by MBFS USA or the Depositor in good
      faith for delivery of information under these provisions on the basis of evolving interpretations of such Rule.  The Indenture Trustee shall cooperate fully with all reasonable requests of MBFS USA and the Depositor to deliver any and all records and
      any other information, in each case in its possession, necessary to permit MBFS USA and the Depositor to comply with the provisions of such Rule.

     

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

     

    Section 6.07.  Compensation and Indemnity.

     

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

     

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

     

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

     

    Section 6.08.  Replacement of Indenture Trustee.

     

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

     

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

     

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

     

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

     

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

     

    Section 6.09.  Successor Indenture Trustee by Merger.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 6.11.  Eligibility; Disqualification.  The Indenture Trustee shall at all times satisfy the requirements of TIA Section 310(a).  The
      Indenture Trustee or its parent shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long term debt rating of “A-” or better by Standard & Poor’s
      and “Baa3” or better by Moody’s or shall otherwise be acceptable to each Rating Agency.  The Indenture Trustee shall comply with TIA Section 310(b).

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
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    ARTICLE SEVEN

      

      NOTEHOLDER COMMUNICATIONS AND REPORTS

     

    Section 7.01.  Noteholder List and Noteholder Communications.

     

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

     

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

     

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

     

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

     

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

     

    
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    Section 7.03.  Reports by Issuer.

     

    (a)          The Issuer shall:

     

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

     

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

     

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

     

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

     

    Section 7.04.  Reports by Indenture Trustee.

     

    (a)          If required by TIA Section 313(a), within 60 days after each December 15 beginning with December 15, 2023, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief
      report dated as of such date that complies with TIA Section 313(a).  The Indenture Trustee shall also comply with TIA Section 313(b).

     

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

     

    
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    ARTICLE EIGHT

      

      ACCOUNTS, DISBURSEMENTS AND RELEASES

     

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

     

    Section 8.02.  Accounts.

     

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

     

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

     

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

     

    
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    Section 8.03.  General Provisions Regarding Accounts.

     

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

     

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

     

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

     

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

     

    
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    Section 8.04.  Release of Trust Estate.

     

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

     

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

     

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

     

    
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    ARTICLE NINE

      

      SUPPLEMENTAL INDENTURES

     

    Section 9.01.  Supplemental Indentures Without Consent of Noteholders.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
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    ARTICLE TEN

      

      REDEMPTION OF NOTES

     

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

     

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

     

    All notices of redemption shall state:

     

    (i)          the Redemption Date;

     

    (ii)         the Redemption Price;

     

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

     

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

     

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

     

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

     

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

     

    
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    ARTICLE ELEVEN

      

      MISCELLANEOUS

     

    Section 11.01.  Compliance Certificates and Opinions, Etc.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 11.02.  Form of Documents Delivered to Indenture Trustee.

     

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

     

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

     

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

     

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

     

    Section 11.03.  Acts of Noteholders.

     

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

     

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

     

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

     

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

     

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

      2022-1, c/o Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware  19890 Attention: Corporate Trust Administration (e-mail: mhollis@wilmingtontrust.com,
      telecopier: (302) 636-4140), with a copy to the Administrator at Mercedes-Benz Financial Services USA LLC, 35555 W. Twelve Mile Road, Suite 100, Farmington Hills, Michigan  48331, Attention: Steven C. Poling (e-mail:
      steven.c.poling@mercedes-benz.com, telecopier: (817) 224-3587), (iii) to each Rating Agency, as applicable, by the Issuer, the Indenture Trustee or the Owner Trustee, in the case of (a) Standard & Poor’s, at
        S&P Global Ratings, 55 Water Street, New York, New York 10041, Attention: Asset Backed Surveillance Department (e‐mail: Servicer_reports@sandp.com) and (b) Moody’s, at Moody’s Investors Service, Inc., 7 World Trade Center 250 Greenwich
      Street, New York, New York 10007, Attention: ABS Surveillance (email: ABSSurveillance@moodys.com) or (iv) in each case, at such other address as shall be designated by written notice to the transmitting Person(s).

     

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

     

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

     

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

     

    
      62

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      63

      
        

    

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

     

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

     

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

     

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

     

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

     

    
      64

      
        

    

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

     

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

     

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

    

    

    
      65

      
        

    

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

     

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

     

    Section 11.22.  Security Interest Matters 

    

     

    

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

     

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

     

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

     

    (iii)        The Receivables constitute “tangible chattel paper” or “electronic chattel paper” within the meaning of the applicable UCC.

     

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

     

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

     

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

     

    (vii)       The Issuer has not communicated an authoritative copy of any Receivable that constitutes “electronic chattel paper” to any Person other than the Servicer, as custodian for the Indenture
      Trustee.

     

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

     

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

     

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

     

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

     

    Section 11.23.  Electronic Signatures.  Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person
      with the intent to sign, authenticate or accept such contract or record) hereto or to any other certificate, agreement or document related to this Indenture, and any contract formation or record-keeping through electronic means shall have the same
      legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the
      New York State Electronic Signatures and Records Act, or any similar State law based on the Uniform Electronic Transactions Act; provided, however, that any documentation with respect to transfer of the Notes or other securities presented to the
      Indenture Trustee or any transfer agent must contain original documents with manually executed signatures.

    

    

    
      67

      
        

    

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

    

    

    
      	 	
              MERCEDES-BENZ AUTO RECEIVABLES TRUST 2022-1,

            
	

            	

            	

            
	 	
              By:

            	
              WILMINGTON TRUST, NATIONAL ASSOCIATION,

            
	 	

            	
              not in its individual capacity but solely as Owner Trustee

            

      

      

      	 	
              By:

            	

            
	 	

            	
              Name:

            
	 	

            	
              Title:

            

    

    

    

    
      	 	
              U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

            
	 	
              not in its individual capacity but solely as Indenture Trustee

            

       

      

      	 	
              By:

            	

            
	 	

            	
              Name:

            
	 	

            	
              Title:

            

    

    

    

    
      	
              Accepted and acknowledged by:

            	

            
	 	

            
	
              U.S. BANK, NATIONAL ASSOCIATION,

            
	
              not in its individual capacity but solely as Securities Intermediary

            
	

            	

            
	
              By:

            	 	

            
	
              Name:

            	

            
	
              Title:

            	

            

    

    

    

    
      Indenture

    

    

    

    
      68

      
        

    

    
    EXHIBIT A

     

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

     

    BY ACQUIRING THIS NOTE, EACH PURCHASER AND TRANSFEREE (AND IF SUCH PURCHASER OR TRANSFEREE IS A “BENEFIT PLAN” (AS DEFINED BELOW) OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, ITS FIDUCIARY) WILL BE DEEMED TO REPRESENT
      AND WARRANT THAT EITHER (1) IT IS NOT ACQUIRING THIS NOTE WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN”, AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, A
      “PLAN”, AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THAT IS SUBJECT TO SECTION 4975 OF THE CODE OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S
      OR PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (EACH OF THE FOREGOING, A “BENEFIT PLAN”), OR ANY EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT
      TO ANY FEDERAL, STATE OR LOCAL LAW THAT IMPOSES REQUIREMENTS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”)OR (2)(A) ITS ACQUISITION AND HOLDING OF THIS NOTE (OR INTEREST HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED
      TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR LAW AND (B) THIS NOTE IS RATED INVESTMENT GRADE AND HAS NOT BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES.

     

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

     

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

     

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

     

    
      A-1

      
        

    

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

     

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

     

    
      A-2

      
        

    

    
      	REGISTERED

            	$	

            
	No. R-	 	

            	

            	CUSIP NO.	

            
	

            	ISIN NO.	

            

    

    

    

    

    MERCEDES-BENZ AUTO RECEIVABLES TRUST 2022-1

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

     

    Mercedes-Benz Auto Receivables Trust 2022-1, a statutory trust organized and existing under the laws of the State of Delaware (including any permitted successors and assigns, the “Issuer”), for value received, hereby
      promises to pay to CEDE & CO., or its registered assigns, the principal sum of ___________________ DOLLARS ($___________), payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which
      is $___________ and the denominator of which is $___________ by (ii) the aggregate amount, if any, payable to the extent described in the Indenture referred to on the reverse hereof on each Payment Date; provided, however, that the entire unpaid
      principal amount of this Note shall be payable on the earlier of _______________, 202__ (the “Class [A‐1] [A‐2] [A‐3] [A‐4] Final Scheduled Payment Date”) and the Redemption Date, if any, selected pursuant to the Indenture.  Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the
      Indenture, which also contains rules as to construction that shall be applicable herein.

     

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

     

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

     

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

     

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

     

    
      A-3

      
        

    

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

     

    	Date:  November __, 2022	MERCEDES-BENZ AUTO RECEIVABLES TRUST 2022-1
	

          	

          	

          
	

          	By:	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	

          	

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

    

    

    	

          	By:	 
	

          	

          	Authorized Signatory

    

    INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

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

     

    
      	Date:  November __, 2022	
              U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

                  not in its individual capacity but solely as Indenture Trustee

            

      

      

    

    
      	

            	By:	 
	

            	

            	Authorized Signatory

    

     

    
      A-4

      
        

    

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

     

    This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [_____%] Class [A‐1] [A‐2] [A‐3] [A‐4] Asset Backed
      Notes (the “Class ___ Notes”), all issued under the Indenture, dated as of November 1, 2022 (the “Indenture”), between the Issuer and U.S. Bank Trust Company, National Association, as trustee (the “Indenture
      Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.  The Notes are subject to all
      terms of the Indenture.

     

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

     

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

     

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

     

    
      A-5

      
        

    

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

     

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

     

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

     

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

     

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

     

    
      A-6

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      A-7

      
        

    

    ASSIGNMENT

     

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

            
	

            
	

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

            
	

            
	
              (name and address of assignee)

            
	

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

            
	

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

            

    

     

    

    	Dated:	

          	

          	

          	*
	

          	

          	

          	

          	

          
	

          	

          	

          	Signature Guaranteed:	

          
	

          	

          	

          	

          	

          
	

          	

          	

          	

          	*

    

    

    

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

          

     

    
      A-8

      
        

    

    

    EXHIBIT B

     

    ASSET REPURCHASE DEMAND ACTIVITY REPORT

     

    Reporting Period:  [calendar month]

     

    ☐  Check here if nothing to report.

     

    	
            Transaction

          	
            Loan

          	
            Activity During Period1

          
	
            Date of Reputed 

            Demand

          	
            Party Making Reputed 

            Demand

          	
            Date of Withdrawal of 

            Reputed Demand

          
	
            MBART 2022-1

          	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    
      

      

      

    

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

  

  

  

  

  

  B-1

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