Document:

Exhibit 10.1

 

EXECUTION VERSION

 

 

PURCHASE AGREEMENT

 

by and between

 

X.L. AMERICA, INC.,

 

SEAVIEW RE HOLDINGS INC.,

 

AXA S.A.

 

and

 

MARPAI, INC. 

 

dated as of August 4, 2022

 

for the purchase of

 

MAESTRO HEALTH, LLC

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I	DEFINITIONS; CONSTRUCTION	1
	Section 1.1 	Definitions	1
	Section 1.2	Construction	13
	Section 1.3	Disclosure Schedule	14
	ARTICLE II	SALE AND TRANSFER OF UNITS; PURCHASE OF AXA NOTE; CLOSING	15
	Section 2.1	Sale of Units; Purchase of AXA Note	15
	Section 2.2	Purchase Price	15
	Section 2.3	Closing Date Statement	15
	Section 2.4	Payment of Purchase Price	16
	Section 2.5	Reserved	17
	Section 2.6	Post-Closing Adjustment	17
	ARTICLE III	REPRESENTATIONS AND WARRANTIES OF THE SELLERS	19
	Section 3.1	Organization	19
	Section 3.2	Authorization	20
	Section 3.3	Capital Stock	20
	Section 3.4	Subsidiaries	21
	Section 3.5	Absence of Restrictions and Conflicts	21
	Section 3.6	Real Property	21
	Section 3.7	Title to Assets; Related Matters	22
	Section 3.8	Financial Statements	22
	Section 3.9	Absence of Certain Changes	22
	Section 3.10	Legal Proceedings	22
	Section 3.11	Compliance with Laws; Licenses	22
	Section 3.12	Company Contracts	23
	Section 3.13	Tax Returns; Taxes	24
	Section 3.14	Company Benefit Plans	26
	Section 3.15	Labor Relations	27
	Section 3.16	Insurance Policies	27
	Section 3.17	Intellectual Property	27
	Section 3.18	Software	29

 

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	Section 3.19	Brokers, Finders and Investment Bankers	29
	Section 3.20	Officers and Select Employees	29
	Section 3.21	Customer Relations	29
	Section 3.22	Transactions with Affiliates	30
	Section 3.23	Disclosure	30
	ARTICLE IV	REPRESENTATIONS AND WARRANTIES OF THE PURCHASER	30
	Section 4.1	Organization	30
	Section 4.2	Authorization	30
	Section 4.3	Absence of Restrictions and Conflicts	31
	Section 4.4	[Intentionally Omitted]	31
	Section 4.5	Legal Proceedings	31
	Section 4.6	Investment Intent	31
	Section 4.7	Status as Accredited Investor	31
	Section 4.8	Brokers, Finders and Investment Bankers	32
	Section 4.9	Reliance; Non-Reliance; Inspection	32
	Section 4.10	No Knowledge of Breach	32
	ARTICLE V	CERTAIN COVENANTS AND AGREEMENTS	33
	Section 5.1	Ordinary Course Conduct of Business by the Company	33
	Section 5.2	Inspection and Access to Information	33
	Section 5.3	Government Filings and Approvals	34
	Section 5.4	Public Announcements	34
	Section 5.5	Company Benefit Plans	34
	Section 5.6	Directors’ and Officers’ Indemnification	35
	Section 5.7	Tax Matters	37
	Section 5.8	Retention of Books and Records	40
	Section 5.9	Contact with Customers and Suppliers	40
	Section 5.10	R&W Insurance Policy	40
	Section 5.11	AXA Trademarks	40
	Section 5.12	Restrictions on the Seller	40
	Section 5.13	Transaction Bonuses	41
	ARTICLE VI	CONDITIONS TO CLOSING	41
	Section 6.1	Conditions to Each Party’s Obligations	41
	Section 6.2	Conditions to Obligations of the Purchaser	42
	Section 6.3	Conditions to Obligations of the Sellers	42

 

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	Section 6.4	Frustration of Closing Conditions	43
	ARTICLE VII	CLOSING	43
	Section 7.1	Closing	43
	Section 7.2	Closing Deliverables of the Sellers	43
	Section 7.3	Purchaser Closing Deliverables	44
	ARTICLE VIII	TERMINATION	44
	Section 8.1	Termination	44
	Section 8.2	Procedures and Effect of Termination	45
	ARTICLE IX	ADDITIONAL AGREEMENTS	46
	Section 9.1	No Other Representations	46
	Section 9.2	Survival	47
	Section 9.3	Indemnification Rights of the Purchaser Indemnified Parties	47
	Section 9.4	Indemnification Rights of the Seller Indemnified Parties	48
	Section 9.5	Certain Indemnification Limitations	48
	Section 9.6	Notice and Procedure	50
	Section 9.7	Source of Indemnity Payments	52
	Section 9.8	Sole Remedy After Closing	53
	Section 9.9	Tax Audit Indemnity	53
	ARTICLE X	MISCELLANEOUS PROVISIONS	53
	Section 10.1	Notices	54
	Section 10.2	Assignment; Successors in Interest	54
	Section 10.3	Governing Law	54
	Section 10.4	Submission to Jurisdiction	55
	Section 10.5	Waiver of Jury Trial	55
	Section 10.6	Severability	56
	Section 10.7	Counterparts	56
	Section 10.8	Parties in Interest	56
	Section 10.9	Amendment, Modification and Waiver	56
	Section 10.10	Integration	57
	Section 10.11	Cooperation Following the Closing	57
	Section 10.12	Time is of the Essence	57
	Section 10.13	Transaction Costs	57
	Section 10.14	Concerning the Company’s Counsel; Attorney Client Privilege	57
	Section 10.15	Specific Performance	58
	Section 10.16	Non-Recourse	59

 

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PURCHASE AGREEMENT

 

This PURCHASE AGREEMENT (this
 “Agreement”), dated as of August 4, 2022, is made and entered into by and between Marpai, Inc., a New York corporation
(the “Purchaser”), and X.L. America, Inc., a Delaware corporation, and Seaview Re Holdings Inc., a Delaware corporation
(X.L. America, Inc. and Seaview Re Holdings Inc. are collectively referred to herein as the “Equity Sellers”), and
AXA S.A., a French société anonyme (the “Debt Seller,” and, together with the Equity Sellers,
collectively, the “Sellers”). The Purchaser and the Sellers are sometimes individually referred to herein as a “Party”
and collectively as the “Parties.”

 

W I T N E S E T H:

 

WHEREAS, the Equity Sellers
own an aggregate of 100% of the issued and outstanding membership interests (which interests are represented as units, collectively,
the “Units”), of Maestro Health, LLC, a Delaware limited liability company (the “Company”), which
constitute, on a fully diluted basis, all of the issued and outstanding Units of the Company;

 

WHEREAS, the Equity Sellers
desire to sell, assign, transfer, convey and deliver to Purchaser, and Purchaser desires to purchase and acquire from the Equity Sellers,
all right, title, and interest to all of the Units, in the manner and subject to the terms and conditions set forth herein;

 

WHEREAS, the Debt Seller
desires to irrevocably transfer and assign to Purchaser, and Purchaser desires to acquire, all of Debt Seller’s rights and obligations
with respect to receiving payments under the Term Loan Agreement, dated May 11, 2022, by and between the Debt Seller and the Company,
in the principal amount of $59,900,000 (the “AXA Note”), on the Closing Date, and following such transfer and assignment,
Purchaser shall have only the payment obligations set forth in Section 2.4 with respect to the AXA Note; and WHEREAS, the respective
boards of managers or directors or other governing bodies, as applicable, of each Seller and the Purchaser have approved this Agreement
and the transactions contemplated hereby, upon the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the premises and of the mutual representations, warranties, covenants and agreements contained in this Agreement, and for other good
and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Parties hereto, intending to be legally
bound hereby, agree as follows:

 

ARTICLE
I

DEFINITIONS; CONSTRUCTION

 

Section
1.1         Definitions. The following terms,
as used herein, have the following meanings: “Accounting Firm” has the meaning assigned to such term in Section
2.6(d).

 

“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.

 

     

     

    

 

“Affiliated Group”
means any affiliated group within the meaning of Section 1504(a) of the Code or any similar group defined under a similar provision of
state, local or foreign Law.

 

“Agreement”
has the meaning assigned to such term in the Preamble.

 

“Allocation Schedule”
has the meaning assigned to such term in Section 5.7(j). “Assignment Agreement” has the meaning assigned to
such term in Section 7.2(b). “AXA Note” has the meaning assigned to such term in the Recitals.

 

“Balance Sheet”
means the unaudited consolidated balance sheet of the Company and its Subsidiaries as of May 30, 2022.

 

“Balance Sheet Cash”
means an amount equal to $15,790,000 US Dollars, held in the Company’s Bank Accounts plus the aggregate amount of the Transaction
Bonuses.

 

“Bank Accounts”
means, collectively, the Company’s Pacific Western Bank accounts ending in 821, 130, 233 and 924.

 

“Base Purchase Price”
means an amount equal to $19,900,000, on the Closing Date, which shall accrue interest such that, on the Payment Date, the Base Purchase
Price shall equal $22,100,000. For clarity, the Base Purchase Price shall equal $22,100,000 on the Payment Date.

 

“Business Day”
means any day except Saturday, Sunday or any day on which banks are generally not open for business in the state of Delaware.

 

“Cash”
means the aggregate amount of cash or cash equivalents (including marketable securities) on hand or held in deposit, checking, money
market or other similar accounts by or for the benefit of the Company or any of its Subsidiaries, as determined in accordance with GAAP,
provided that Cash shall (a) exclude the aggregate amount of checks or drafts written by the Company or any of its Subsidiaries that
remain outstanding and (b) include the amount of checks and drafts received but not yet posted by the Company or any of its Subsidiaries.

 

“Cash Deficit”
means the amount, if any, by which the Closing Cash is less than the Target Closing Cash.

 

“Cash Surplus”
means the amount, if any, by which the Closing Cash is greater than the Target Closing Cash.

 

“Claim”
has the meaning assigned to such term in Section 4.4(b). “Claim Notice” has the meaning assigned to such term in Section
9.6(a).

 

“Closing”
means the consummation of the transactions contemplated by ARTICLE II of this Agreement, as set forth in ARTICLE VII of this Agreement.

 

“Closing Cash”
means Cash as of 11:59 p.m. Central Time on the date immediately preceding the Closing Date.

 

“Closing Date”
has the meaning assigned to such term in Section 7.1.

 

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“Closing Date Indebtedness”
means, without duplication and with respect to the Company and its Subsidiaries, all (a) indebtedness for borrowed money; (b) obligations
for the deferred purchase price of property or services (other than current liabilities taken into account in the calculation of Closing
Date Net Working Capital), (c) long or short-term obligations evidenced by notes, bonds, debentures or other similar instruments, (d)
obligations under any interest rate, currency swap or other hedging agreement or arrangement; (e) capital lease obligations (other than
any real estate leases); (f) reimbursement obligations under any letter of credit, banker’s acceptance or similar credit transactions;
(g) guarantees made by the Company or its Subsidiaries on behalf of any third party in respect of obligations of the kind referred to
in the foregoing clauses (a) through (f); and (h) any unpaid interest, prepayment penalties, premiums, costs and fees that would arise
or become due as a result of the prepayment of any of the obligations referred to in the foregoing clauses (a) through (g), excluding
any liabilities of the Company or its Subsidiaries with respect to the AXA Note.

 

“Closing Date Net
Working Capital” means, with respect to the Company, the line items identified as Working Capital in Exhibit 1 attached hereto
(excluding, for the avoidance of doubt, Closing Cash, Closing Date Indebtedness, Transaction Expenses and any assets or liabilities in
respect of income Taxes), as of 11:59 p.m. Central Time on the date immediately preceding the Closing Date, in all cases, calculated
in accordance with Exhibit 1 attached hereto and in accordance with GAAP; provided that, (x) in each case, such Working Capital calculations
shall be prepared in accordance with the accounting methods, policies, principles, practices, procedures, classifications and estimation
methodologies (whether with regard to reserves or otherwise) that were used in connection with the preparation of the sample calculation
set forth in Exhibit 1, and (y) for the avoidance of doubt, in the event of a conflict between Exhibit 1 attached hereto and GAAP, Exhibit
1 shall control.

 

“Closing Payment”
has the meaning assigned to such term in Section 2.4(a). “Chicago Lease” has the meaning assigned to such term in Section
7.2(f)

 

“COBRA”
means the Consolidated Omnibus Budget Reconciliation Act of 1985.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended, and all rules and regulations promulgated thereunder, as in
effect from time to time.

 

“Company”
has the meaning assigned to such term in the Recitals.

 

“Company Benefit
Plan” means each Employee Benefit Plan sponsored or maintained by the Company or any of its Subsidiaries.

 

“Company Contracts”
has the meaning assigned to such term in Section 3.13(a).

 

“Company Intellectual
Property” means any Intellectual Property that is owned by or licensed to the Company or any of its Subsidiaries, including
the Company Software.

 

“Company Licensed
Software” means all Software (other than Company Proprietary Software) used by the Company or any of its Subsidiaries.

 

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“Company Proprietary
Software” means all Software owned by the Company or any of its Subsidiaries.

 

“Company Registered
Intellectual Property” means all Registered Intellectual Property owned by or filed in the name of the Company or any of its
Subsidiaries.

 

“Company Software”
means the Company Licensed Software and the Company Proprietary Software.

 

“Competing Activity”
means the provision of self-funded employee health insurance and benefits administration, insurance enrollment, ACA compliance, consumer-directed
health care account administration, clinical care management, and billing solutions to insurance brokers, insurance carriers and employers.

 

“Confidential Information”
means any data or information of, or related to, the Company and any of its Subsidiaries (including trade secrets) that is valuable to
the operation of the Company’s or any of its Subsidiaries’ business and not generally known to the public.

 

“Confidentiality
Agreement” has the meaning assigned to such term in Section 5.2(b).

 

“Contract”
means any written or oral contract, agreement, arrangement (excluding any regulatory tariff), note, bond, mortgage, lease, sublease,
license or other agreement legally binding on a Party hereto or a subsidiary thereof.

 

“Control,”
 “Controlled” and “Controlling” mean, when used with respect to any specified Person, the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise.

 

“Covered Matter”
has the meaning assigned to such term in Section 9.1(b).

 

“Customers”
means the ten (10) largest customers of the Company and its Subsidiaries in terms of revenues for the twelve (12)-month period ended
December 31, 2021.

 

“Debt”
has the meaning assigned to such term in Section 4.4(b).

 “Debt Seller” has the meaning assigned to such term in the Preamble.

 “Deductible” has the meaning assigned to such term in Section 9.5(a).

 

“Disclosure Schedule”
means the disclosure schedule delivered by the Company to the Purchaser simultaneously with the execution of this Agreement.

 

“Disputed Items
Notice” has the meaning assigned to such term in Section 2.7(b). “Disputed Items” has the meaning assigned to such
term in Section 2.7(b).

 

“Employee
Benefit Plan” means (a) any plan, fund, program, policy, agreement, arrangement or scheme pursuant to which a Person has
sponsored, maintained or contributed to compensation or benefits (other than salary or base hourly wages) for services rendered to
such Person by employees, former employees, directors, managers, officers, consultants, independent contractors, contingent workers
or leased employees or the dependents of any of them (whether written or oral), including sick leave, vacation pay, severance pay,
salary continuation for disability, or other compensation arrangements, retirement, deferred compensation, bonus, change in control,
incentive compensation, stock purchase, stock option, health (including hospitalization), medical and dental, life insurance and
scholarship programs, (b) any plan, program or policy described in Section 3(3) of ERISA (as determined without regard to whether
such plan, program or policy is subject to ERISA) sponsored, maintained or contributed to by such Person and (c) any agreements or
other arrangements pursuant to which a Person has sponsored, maintained or contributed to benefits upon a change in control of such
Person.

 

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“Employment Agreement”
means any employment contract, consulting agreement, termination or severance agreement, change of control agreement, non-compete agreement
or any other agreement respecting the terms and conditions of employment or payment of compensation, or of a consulting or independent
contractor relationship, in respect of any current or former officer, employee, consultant or independent contractor, excluding any such
agreements pursuant to which the Company may terminate the employment or services relationship upon not more than ninety (90) days’
notice and pursuant to which no severance upon termination of employment or the services relationship is due.

 

“End Date”
has the meaning assigned to such term in Section 8.1.

 

“Engagement”
has the meaning assigned to such term in Section 10.15(b).

 

“Equity Purchase
Price” has the meaning assigned to such term in Section 2.2.

 

“Equity Sellers”
has the meaning assigned to such term in the Preamble.

 

“ERISA”
means the United States Employee Retirement Income Security Act of 1974.

 

“Estimated Closing
Cash” has the meaning assigned to such term in Section 2.3.

 

“Estimated Closing
Cash Adjustment” means an amount (which may be positive or negative) equal to the difference between the Target Closing Cash
and the Estimated Closing Cash, if any.

 

“Estimated Closing
Date Net Working Capital” has the meaning assigned to such term in Section 2.3.

 

“Estimated Closing
Statement” has the meaning assigned to such term in Section 2.3. “Estimated Transaction Expenses” has the meaning
assigned to such term in Section 2.3. “Evaluation Period” has the meaning assigned to such term in Section 2.6(b).

 

“Excluded
Activities” means (a) assistance business and related services, whether insurance or otherwise; (b) art, commercial
property and casualty insurance risks, including commercial, personal, life and accident and health insurance and reinsurance
business and related services provided by AXA’s XL division and its producers and agents with delegated authority; (c)
offering and providing insurance and reinsurance, service and lifestyle protection products by the “AXA Partners”
business; (d) offering and providing international insurance and reinsurance coverage for medical and health, employee benefit and
pensions, including via “AXA PPP,” “AXA Global Healthcare,” “AXA Global Protect,”
 “Maxis,” “ALHIS,” “AXA Solutions Collectives” and any similar or related business; (e) asset and
investment management, including without limitation the AXA Investment Managers, AXA Real Estate investment managers, and
Architas’ businesses; and (f) liabilities managers’ business.

 

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“Expense Overpayment”
means the amount, if any, that the Estimated Transaction Expenses paid by the Purchaser at Closing pursuant to Section 2.6 exceeds the
Transaction Expenses.

 

“Expense Underpayment”
means the amount, if any, that the Estimated Transaction Expenses paid by the Purchaser at Closing pursuant to Section 2.7(b) is less
than the Transaction Expenses.

 

“Final Closing Cash
Adjustment” means an amount (which may be positive or negative) equal to the difference between the Estimated Closing Cash
and the Closing Cash, if any.

 

“Final Closing Statement”
means the Proposed Closing Statement as finally determined in accordance with Section 2.6 of this Agreement.

 

“Final Net Working
Capital Adjustment” means an amount (which may be positive or negative) equal to:

 

(a)           
If the Closing Date Net Working Capital is within the Target Net Working Capital Range, zero;

 

(b)           
If the Closing Date Net Working Capital is greater than the Target Net Working Capital Maximum, an amount equal to the
Net Working Capital minus the Target Net Working Capital Maximum; and

 

(c)           
If the Closing Date Net Working Capital is less than the Target Net Working Capital Minimum, an amount equal to the Closing
Date Net Working Capital minus the Target Net Working Capital Minimum.

 

“Final Shortfall”
means the amount, if any, by which (a) the sum of (i) the Working Capital Deficit, if any, (ii) the Cash Deficit, if any, and (iii) the
Expense Underpayment, if any, exceeds (b) the sum of (i) the Working Capital Surplus, if any, (ii) the Cash Surplus, if any, and (iii)
the Expense Overpayment, if any.

 

“Final Surplus”
means the amount, if any, by which (a) the sum of (i) the Working Capital Surplus, if any, (ii) the Cash Surplus, if any, and (iii) the
Expense Overpayment, if any, exceeds (b) the sum of (i) the Working Capital Deficit, if any, (ii) the Cash Deficit, if any, and (iii)
the Expense Underpayment, if any.

 

“Financial Statements”
means (a) the unaudited consolidated balance sheets of the Company and its Subsidiaries as of December 31, 2020 and 2021 and the unaudited
consolidated statements of income of the Company and its Subsidiaries as of such dates for the years then ended and (b) the Balance Sheet
and the unaudited consolidated income statement of the Company and its Subsidiaries for the three (3)-month period ended March 31, 2022.

 

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“Fraud”
means knowing and intentional (but not constructive) common law fraud requiring a misrepresentation or concealment of a material fact
by a Person in the making of the representations and warranties by such Person in Article III or in any certificate delivered pursuant
to this Agreement, as applicable, with actual knowledge of such Person of a misrepresentation or concealment of such fact(s) and an intention
to deceive the Person to whom such misrepresentation or concealment is made and to induce such Person to act or refrain from acting in
reliance thereon, and that doing so causes that Person to which such misrepresentation or concealment is made, in reliance upon such
misrepresentation or concealment without actual knowledge of the fact of such misrepresentation or concealment, to take or refrain from
taking action and suffer damage as a result thereof, in each case as finally determined by a court of competent jurisdiction.

 

“GAAP”
means United States generally accepted accounting principles, as have been historically applied by the Company and its Subsidiaries.

 

“Governmental Entity”
means any federal, state or local or foreign government, any political subdivision thereof or any court, administrative or regulatory
agency, department, instrumentality, ministry, body or commission or other governmental authority or agency, domestic or foreign.

 

“Indemnification
Cap” has the meaning assigned to such term in Section 9.5(b). “Indemnified Party” has the meaning assigned to such
term in Section 9.5(c). “Indemnifying Party” has the meaning assigned to such term in Section 9.5(c). “Insurance Policies”
has the meaning assigned to such term in Section 3.16.

 

“Intellectual Property”
means any and all rights in, arising out of, or associated with any of the following in any jurisdiction throughout the world: (a) issued
patents and patent applications (whether provisional or non-provisional), including divisionals, continuations, continuations-in-part,
substitutions, reissues, reexaminations, extensions, or restorations of any of the foregoing, and other Governmental Entity-issued indicia
of invention ownership (including certificates of invention, petty patents, and patent utility models) (“Patents”); (b) trademarks,
service marks, brands, certification marks, logos, trade dress, trade names, and other similar indicia of source or origin, together
with the goodwill connected with the use of and symbolized by, and all registrations, applications for registration, and renewals of,
any of the foregoing (“Trademarks”); (c) copyrights and works of authorship, whether or not copyrightable, and all registrations,
applications for registration, and renewals of any of the foregoing (“Copyrights”); (d) internet domain names and social
media account or user names (including “handles”), whether or not Trademarks, all associated web addresses, URLs, websites
and web pages, social media sites and pages, and all content and data thereon or relating thereto, whether or not Copyrights; (e) mask
works, and all registrations, applications for registration, and renewals thereof; (f) industrial designs, and all Patents, registrations,
applications for registration, and renewals thereof; (g) trade secrets, know-how, inventions (whether or not patentable), discoveries,
improvements, technology, business and technical information, databases, data compilations and collections, tools, methods, processes,
techniques, and other confidential and proprietary information and all rights therein (“Trade Secrets”); (h) Software; and
(i) all other intellectual or industrial property and proprietary rights.

 

“IRS”
means the United States Internal Revenue Service.

 

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“Knowledge”
with respect to the Company means the actual knowledge of Brandon Wood or Sharon Lanera, after reasonable due inquiry.

 

“Labor Laws”
means all Laws and all contracts or collective bargaining agreements governing or concerning labor relations, unions and collective bargaining,
conditions of employment, employment discrimination and harassment, wages, hours or occupational safety and health.

 

“Laws”
means all statutes, rules, codes, regulations, restrictions, ordinances, orders, approvals, directives, judgments, injunctions, writs,
awards and decrees of, or issued by, any Governmental Entity.

 

“Leased Real Property”
means those parcels of real property or portions thereof which the Company or any of its Subsidiaries is the lessee as of the date of
this Agreement (together with those fixtures and improvements thereon which are included in the terms of the leases therefor).

 

“Liability”
means any and all debts, liabilities or obligations or commitments of any nature whatsoever, asserted or unasserted, known or unknown,
absolute or contingent, accrued or unaccrued, matured or unmatured, or otherwise.

 

“Licenses”
means all notifications, licenses, permits (including environmental, construction and operation permits), franchises, certificates, approvals,
exemptions, classifications, registrations and other similar documents and authorizations issued by any Governmental Entity, and applications
therefor.

 

“Liens”
mean all mortgages, liens, pledges, security interests, charges and encumbrances of any nature whatsoever.

 

“Losses”
means losses, damages, liabilities, deficiencies, actions, judgments, interest, awards, penalties, fines, costs or expenses, including
reasonable attorneys’ fees, and the reasonable and documented out-of-pocket cost of enforcing any right to indemnification hereunder
and the reasonable and documented out-of-pocket cost of pursuing any insurance providers.

 

“Material Adverse
Effect” means any event, occurrence, fact, condition or change that is, or could reasonably be expected to become, individually
or in the aggregate, materially adverse to (a) the business, results of operations, condition (financial or otherwise) or assets of the
Company or its Subsidiaries, or (b) the ability of Sellers to consummate the transactions contemplated hereby on a timely basis; provided,
that “Material Adverse Effect” shall not include any such effect relating to or arising from (i) any national, international
or any foreign or domestic regional economic, financial, social or political conditions (including changes therein) or events in general,
including the results of any primary or general elections, or any statements or other proclamations of public officials, or changes in
policy related thereto, (ii) changes in any financial, debt, credit, capital or banking markets or conditions (including any disruption
thereof),

 

(a)           
changes in interest, currency or exchange rates or the price of any commodity, security or market index,

 

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(b)           
 changes in legal or regulatory conditions, including changes or proposed changes in Law, GAAP or other accounting principles
or requirements, or standards, interpretations or enforcement thereof,

 

(c)           
changes in the Company’s and its Subsidiaries’ industries in general (including industry consolidation) or
seasonal fluctuations in the business of the Company or any of its Subsidiaries, (vi) any change in, or failure of the Company to meet,
any internal or public projections, forecasts, budgets or estimates of or relating to the Company or any of its Subsidiaries for any
period, including with respect to revenue, earnings, cash flow or cash position (but not the events underlying such failure to the extent
such events would otherwise constitute a Material Adverse Effect under this definition), (vii) the occurrence, escalation, outbreak or
worsening of any hostilities, war, police action, acts of terrorism, cyberattacks or military conflicts, whether or not pursuant to the
declaration of an emergency or war, (viii) the existence, occurrence or continuation of any force majeure events, including any pandemic
(including the SARS-CoV-2 virus and COVID-19 disease), epidemic, plague, or other outbreak of illness or public health event, any earthquakes,
floods, hurricanes, tropical storms, fires or other natural disasters or any national, international or regional calamity, (ix) any actions
arising from or relating to this Agreement or the Transactions, (x) the execution, announcement, performance or existence of this Agreement,
the identity of the Parties hereto or any of their respective Affiliates, Representatives or financing sources, the taking or not taking
of any action to the extent required by this Agreement or the pendency or contemplated consummation of the Transactions; provided, that
in the case of the foregoing clauses (i), (ii), (iii), (iv), (v), (vii) and (viii), in the event that the Company and its Subsidiaries,
taken as a whole, are disproportionately affected by such effect relative to other participants in the business and industries in which
the Company and its Subsidiaries operate, such adverse effect may be taken into account in determining whether there has been a Material
Adverse Effect to the extent such adverse effect disproportionately affects the Company and its Subsidiaries relative to such other participants.

 

“Measurement Date”
has the meaning assigned to such term in Section 2.7(a). “Mr. Brice” has the meaning assigned to such term in Section 7.2(f).

 

“Non-Party Affiliates”
has the meaning assigned to such term in Section 9.1(b). “Notice of Disagreement” has the meaning assigned to such term in
Section 2.6(b). “Notice Period” has the meaning assigned to such term in Section 9.6(a).

 

“Offering”
has the meaning assigned to such term in Section 2.4(b).

 

“Ordinary Course”
means the ordinary course of business consistent with past practice of the Company and its Subsidiaries.

 

“Parties”
and “Party” have the meaning assigned to such terms in the Preamble. “Payment Date” means April 1, 2024.

 

“Permitted
Liens” means (a) Liens for Taxes not yet due and payable or being contested in good faith, (b) statutory Liens of
landlords with respect to Real Property, (c) Liens of carriers, warehousemen, mechanics, materialmen and repairmen incurred in the
Ordinary Course and not yet delinquent or being contested in good faith, (d) Liens incurred in connection with (i) workers’
compensation and (ii) unemployment compensation, not yet delinquent or being contested in good faith, (e) in the case of Real
Property, in addition to items (a), (b), (c) and (d), zoning, building or other restrictions, variances, covenants, rights of way,
encumbrances, easements and other minor irregularities in title, none of which, individually or in the aggregate, interfere in any
material respect with the present use or occupancy of the affected parcel by the Company or any of its Subsidiaries, (f) Liens
securing the Indebtedness of the Company and its Subsidiaries (which Liens shall be terminated upon payment in full of such Closing
Date Indebtedness), (g) in the case of Intellectual Property, third party license agreements entered into in the Ordinary Course,
(h) Liens incurred in connection with lease obligations of the Company or any of its Subsidiaries, (i) Liens that constitute
purchase money security interests on any property securing debt incurred for the purpose of financing all or any part of the cost of
acquiring such property, (j) attachments, appeal bonds, judgments and other similar Liens for sums individually not exceeding
$250,000 arising in connection with court proceedings, (k) Liens with respect to the properties or assets of the Company or any of
its Subsidiaries that do not alone or in the aggregate materially detract from the value of the property or materially detract from
or interfere with the use of property in the Ordinary Course and (l) the replacement, extension or renewal of any of the
foregoing.

 

    9

     

    

 

“Person”
means, any individual, corporation, partnership, joint venture, limited liability company, trust, unincorporated organization, other
entity or Governmental Entity.

 

“Post-Closing Period”
means any taxable period beginning after the Closing Date, and the portion of any Straddle Period beginning on the day after the Closing
Date.

 

“Pre-Closing Period
Tax Returns” has the meaning assigned to such term in Section 5.7(a).

 

“Pre-Closing Periods”
means any taxable period ending on or before the Closing Date and, with respect to any Straddle Period, the portion of such Straddle
Period that ends on and includes the Closing Date.

 

“Preparation Period”
has the meaning assigned to such term in Section 2.6(a).

 

“Present Fair Salable
Value” has the meaning assigned to such term in Section 4.4(b). “Prior Company Counsel” has the meaning assigned
to such term in Section 10.14(a). “Proposed Closing Statement” has the meaning assigned to such term in Section 2.6(a). “Purchase
Price” has the meaning assigned to such term in Section 2.2.

 

“Purchaser”
has the meaning assigned to such term in the Preamble.

 

“Purchaser Ancillary
Documents” means any certificate or agreement, other than this Agreement, to be executed and delivered by the Purchaser in
connection with the Transactions.

 

“Purchaser Fundamental
Representations” means the representations and warranties contained in Section 4.1 (Organization), Section 4.2 (Authorization),
and Section 4.8 (Brokers, Finders and Investment Bankers).

 

“Real Property”
means the Leased Real Property.

 

    10

     

    

 

“Registered Intellectual
Property” means all United States and foreign: (a) Patents and Patent applications (including provisional applications); (b)
registered Trademarks, applications to register Trademarks, registered and applications to register trade dress, intent-to-use Trademark
applications or other registrations or applications for Trademarks; (c) registered Copyrights and applications for Copyright registration;
and (d) domain name registrations.

 

“Representatives”
has the meaning assigned to such term in Section 5.2(a). “R&W Insurance Policy” has the meaning assigned to such term
in Section 5.10. “Securities Act” has the meaning assigned to such term in Section 4.6.

 

“Seller”
and “Sellers” have the meaning assigned to such terms in the Preamble.

 

“Seller Ancillary
Documents” means any certificate or agreement, other than this Agreement, to be executed and delivered by the Sellers or the
Company in connection with the Transactions.

 

“Seller Combined
Tax” means (a) any Tax with respect to which the Company or its Subsidiaries has filed or will file a Tax Return with Sellers
on a consolidated basis pursuant to Section 1501 of the Code, (b) any Tax payable to any state, local or foreign taxing jurisdiction
in which the Company or its Subsidiaries has filed or will file a Tax Return with Sellers on an affiliated, consolidated, combined or
unitary basis with respect to such Tax.

 

“Seller Tax Return”
means (a) any Tax Returns filed on a consolidated basis pursuant to Section 1501 of the Code or otherwise on an affiliated, consolidated,
combined or unitary basis for any period that includes March 1, 2018 through December 16, 2020 with respect to any Seller Combined Taxes,
and (b) any Tax Returns of Sellers for any period beginning December 17, 2020 and ending on the Closing Date but only with respect to
the reporting of the taxable income or loss (or items thereof) of the Company and its Subsidiaries.

 

“Seller Fundamental
Representations” means those representations and warranties contained in Section 3.1 (Organization), Section 3.2 (Authorization),
Section 3.3 (Capital Stock), Section 3.10 (Legal Proceedings); and Section 3.19 (Brokers, Finders and Investment Bankers).

 

“Software”
means all computer programs, operating systems, applications, firmware, and other code, including all source code, object code, application
programming interfaces, data files, databases, protocols, specifications, and other documentation thereof.

 

“Solvency”
has the meaning assigned to such term in Section 4.4(b).

 

“Solvent”
has the meaning assigned to such term in Section 4.4(b).

 

“Specified Rate”
means ten percent (10%) per annum, compounding annually, calculated on the basis of a 365-day year for the actual number of days elapsed.

 

“Straddle Period”
means any taxable period beginning on or before the Closing Date and ending after the Closing Date.

 

    11

     

    

 

“Subsidiary”
means any Person of which the Company (or any other specified Person) owns, directly or indirectly, whether through a Subsidiary, a nominee
arrangement or otherwise, at least a majority of the outstanding capital stock (or other shares of beneficial interest) entitled to vote
generally or otherwise has the power to elect a majority of the board of directors or similar governing body or the legal power to direct
the business or policies of such Person.

 

“Supplier”
means the top ten (10) suppliers of the Company and its Subsidiaries in terms of amounts paid to such Suppliers during the twelve (12)-month
period ended December 31, 2021.

 

“Tail Policy”
has the meaning assigned to such term in Section 5.6(f). “Target Closing Cash” means an amount equal to the Balance Sheet
Cash.

 

“Target Net Working
Capital Maximum” means an amount equal to negative One Million Four Hundred Eighty-Five Thousand One Hundred Twenty-Eight Dollars
(-$1,485,128).

 

“Target Net Working
Capital Minimum” means an amount equal to negative Two Million Seven Hundred Fifty-Eight Thousand Ninety-Four Dollars (-$2,758,094).

 

“Target Net Working
Capital Range” means any amount between and including the Target Net Working Capital Minimum and Target Net Working Capital
Maximum.

 

“Tax Benefit”
means any Tax refund, Tax credit or reduction in Tax actually realized, directly or indirectly, by the Purchaser and its Affiliates (including,
for all periods after the Closing Date, the Company and its Subsidiaries).

 

“Tax Proceeding”
has the meaning assigned to such term in Section 5.7(d).

 

“Tax Return”
means any report, return, declaration or other information required to be supplied to a Governmental Entity in connection with Taxes,
including estimated returns, amended returns, claims for refund, information statements and reports of every kind with respect to Taxes.

 

“Taxes”
means all taxes, assessments, charges, duties, fees, levies and other governmental charges, including income, franchise, capital stock,
real property, personal property, tangible, withholding, employment, payroll, social security, social contribution, unemployment compensation,
disability, transfer, sales, use, excise, gross receipts, value-added and all other taxes of any kind for which the Company or any of
its Subsidiaries may have any liability imposed by any Governmental Entity, whether disputed or not, and any charges, interest, additions
to tax or penalties imposed by any Governmental Entity.

 

“Third Party Claim”
has the meaning assigned to such term in Section 9.6(a).

 

“Transaction Bonuses”
means, collectively, the amounts due to each of Brandon Wood, Sharon Lanera, Kim Howe, Pete Murphy, Danielle Powers, and Anne Brunson,
and any tax payable by the Company in respect of such payments, as a result of the consummation of the Transaction which shall be an
aggregate amount equal to $1,220,350.39.

 

    12

     

    

 

“Transaction
Expenses” means, (a) with respect to the Sellers and the Company (i) any sale bonuses, stay bonuses, change of control
payments, severance payments, retention payments or other similar payments paid or payable (and not otherwise irrevocably waived or
forfeited) to any Person by the Company or any of its Subsidiaries or the Sellers (to the extent the Company or any of its
Subsidiaries are responsible for the payment thereof) solely as a result of the consummation of the Transactions (but excluding (A)
any such payment or amount the payment of which is subject to continued employment following the Closing or triggered by any
post-Closing termination by the Company or any Affiliate thereof of any Person’s employment or consulting relationship and (B)
any obligation in respect of the Transaction Bonuses), and (ii) any legal, accounting, financial advisory and other third party
advisory or consulting fees and other expenses incurred by the Company or any of its Subsidiaries or the Sellers (to the extent the
Company or any of its Subsidiaries are responsible for the payment thereof) on or prior to the Closing in connection with the
Transactions, including all costs and expenses relating to the D&O Tail Policy; and (b) with respect to Purchaser, any legal,
accounting, financial advisory and other third party advisory or consulting fees and other expenses incurred by Purchaser or any of
its Subsidiaries on or prior to the Closing in connection with the Transactions, and all costs and expenses relating to any
non-D&O Tail Policy. Notwithstanding anything to the contrary in this Agreement, each Party shall pay, and be solely responsible
for, its own Transaction Expenses, and shall not be responsible for any other Party’s Transaction Expenses.

 

“Transactions”
means the transactions contemplated by this Agreement.

 

“Transfer Taxes”
has the meaning assigned to such term in Section 5.7(g).

 

“Treasury Regulation”
means United States Treasury Regulations promulgated under the Code.

 

“Unpaid Purchase
Price” means, as of any given time following the Payment Date, the amount of the Purchase Price that has not been paid to the
Debt Seller in accordance with Section 2.4(b).

 

“Working Capital
Deficit” means the amount, if any, by which the Closing Date Net Working Capital is less than the Target Net Working Capital
Minimum, as reflected on the Final Closing Statement.

 

“Working Capital
Surplus” means the amount, if any, by which the Closing Date Net Working Capital is greater than the Target Net Working Capital
Maximum, as reflected on the Final Closing Statement.

 

Section
1.2         Construction. Unless otherwise
expressly provided herein, for purposes of this Agreement, the following rules of interpretation shall apply:

 

(a)           
when calculating the period of time before which, within which or following which any act is to be done or step taken,
the date that is the reference date in beginning the calculation of such period shall be excluded (for example, if an action is to be
taken within two (2) calendar days of a triggering event and such event occurs on a Tuesday, then the action must be taken by the end
of the day on Thursday) and if the last day of such period is a non-Business Day, the period in question shall end on the next succeeding
Business Day;

 

    13

     

    

 

(b)           
 any reference to gender shall include all genders, and words imparting the singular number only shall include the plural
and vice versa;

 

(c)           
the provision of a Table of Contents, the division into Articles, Sections and other subdivisions and the insertion of
headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement and all
references in this Agreement to any “Article,” “Section,” “Disclosure Schedule” or “Exhibit”
are to the corresponding Article, Section, Disclosure Schedule or Exhibit of or to this Agreement;

 

(d)           
unless otherwise specified, references to any Law or other statute, rule, regulation or form (including in the definition
thereof) shall be deemed to include references to such Law or other statute, rule, regulation or form as amended, modified, supplemented,
replaced or interpreted from time to time (and, in the case of any statute, include any rules and regulations promulgated under such
statute), and all references to any Section of any statute, rule, regulation or form include any successor to such section;

 

(e)           
words such as “herein,” “hereinafter,” “hereof,” “hereto” and “hereunder”
refer to this Agreement as a whole and not merely to any particular provision of this Agreement;

 

(f)            
the word “including” and any variation thereof means “including without limitation” and shall not
be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it;

 

(g)           
all references to currency, monetary values and dollars set forth herein shall, unless otherwise indicated, mean U.S. dollars
and all payments hereunder shall be made in U.S. dollars;

 

(h)           
all references to any period of days are to the relevant number of calendar days unless otherwise specified;

 

(i)            
each Party has participated in the drafting of this Agreement, which each Party acknowledges is the result of negotiations
among the Parties (as sophisticated Persons), and consequently, this Agreement shall be interpreted without reference to any Laws to
the effect that any ambiguity in a document be construed against the drafter;

 

(j)            
all references to a document or item of information having been “made available” will be deemed to include
(i) the making available of such document or item of information to the Purchaser, the Purchaser’s counsel, the Purchaser’s
financial advisor or any other Representative of the Purchaser or (ii) the posting of such document or item of information in an electronic
data room accessible by the Purchaser or any of its Representatives at least five (5) Business Days prior to the Closing Date; and

 

(k)           
all accounting terms not specifically defined herein shall be construed in accordance with GAAP.

 

    14

     

    

 

Section
1.3         Disclosure Schedule. The
disclosures in the Disclosure Schedule shall be deemed to be responsive to and to qualify the representations and warranties of the
Company contained in the corresponding sections in this Agreement and any other representations and warranties in this Agreement so
long as the relationship between the disclosure and the other representations and warranties are reasonably apparent. The inclusion
of information in the Disclosure Schedule shall not be construed as or constitute an admission or agreement that a violation, right
of termination, default, liability or other obligation of any kind exists with respect to any item, nor shall it be construed as or
constitute an admission or agreement that such information is material to the Company.

 

ARTICLE
II

SALE AND TRANSFER OF UNITS; PURCHASE OF AXA NOTE; CLOSING

 

Section
2.1         Sale of Units; Purchase of AXA Note.
Subject to the terms and conditions of this Agreement, and in reliance upon the representations, warranties, and covenants contained
in this Agreement, on the Closing Date, the Purchaser shall purchase (i) the Units from the Equity Sellers, and the Equity Sellers shall
sell and transfer the Units to Purchaser, free and clear of any Liens and (ii) the AXA Note from the Debt Seller, and the Debt Seller
shall sell, transfer and assign all of its rights and obligations under the AXA Note to Purchaser, free and clear of any Liens.

 

Section
2.2         Purchase Price. The aggregate
amount to be paid by the Purchaser to the Sellers (the “Purchase Price”) shall be an amount equal to (a) the Base Purchase
Price, minus (b) the amount of the Closing Date Indebtedness, plus (c) the amount of the Final Closing Cash Adjustment (which may be
a positive or negative amount), if any, plus (d) the amount of the Final Net Working Capital Adjustment (which may be a positive or negative
amount), if any; provided, however that there shall be no duplication in any of the foregoing reductions. The portion of the Purchase
Price that shall ultimately be allocated to the purchase of the Units is One Hundred Dollars ($100) (the “Equity Purchase Price”)
and the remainder of the Purchase Price shall be allocated to the purchase of the AXA Note.

 

Section
2.3         Closing Date Statement. Not less
than three (3) Business Days prior to the Closing Date, the Sellers shall, or shall cause the Company to, deliver to the Purchaser an
estimated closing statement (the “Estimated Closing Statement”), on behalf and in the name of the Company, which sets forth
in reasonable detail (a) the aggregate amount of the Closing Date Indebtedness and (b) the Company’s reasonable good faith calculation
of (i) the estimated Closing Date Net Working Capital (the “Estimated Closing Date Net Working Capital”), and the Estimated
Net Working Capital Adjustment, if any, resulting therefrom, (ii) the estimated Closing Cash (the “Estimated Closing Cash”),
and the Estimated Closing Cash Adjustment, if any, resulting therefrom, and (iii) the estimated Transaction Expenses (the “Estimated
Transaction Expenses”). The Sellers shall cause the Company to provide the Purchaser and its Representatives with reasonable access
to appropriate employees and advisors of the Company during normal business hours and access to such books and records as may be reasonably
requested by them to review the information contained in the Estimated Closing Statement. The Sellers shall cause the Company to take
into consideration any proposed revisions to the Estimated Closing Statement as are presented in good faith by the Purchaser. If the
Company and the Purchaser are unable to resolve any dispute with respect to the Estimated Closing Statement, such dispute shall not under
any circumstance delay the Closing, and the amounts set forth therein shall be calculated as set forth in the Estimated Closing Statement
(as modified to reflect any revision mutually agreed upon by the Purchaser and the Company), for purposes of the Closing.

 

    15

     

    

 

Section 2.4        
Payment of Purchase Price.

 

(a)           
Closing Payment. On the Closing Date, the Purchaser shall pay (i) to the Equity Sellers an amount in cash equal
to One Hundred Dollars ($100.00), and (ii) to the Debt Seller the amount of the Estimated Closing Cash Adjustment, if any, free and clear
and without deduction of any withholding Taxes, by wire transfer of immediately available funds to an account or accounts designated
by the Sellers at least two (2) Business Days prior to the Closing (the “Closing Payment”).

 

(b)           
Payment Date. On the Payment Date, Purchaser shall pay to the Debt Seller the Purchase Price less One Hundred Dollars
($100.00) (in respect of the payment made to the Equity Sellers pursuant to Section 2.4(a)(i)). If Purchaser fails to timely satisfy
the payment required by the previous sentence, then following the Payment Date, any Unpaid Purchase Price shall accrue interest at the
Specified Rate and shall be repaid as promptly as practicable to the Debt Seller. For the avoidance of doubt, the sole obligation of
Purchaser in respect of the AXA Note and the Purchase Price shall be payment as required by this Section 2.4. Without limiting
the forgoing, Purchaser shall make mandatory payments as follows:

 

(i)            
in the event Purchaser or any of its Subsidiaries receives any proceeds through the sale of any securities in a private
placement or public offering of securities (each an “Offering”), Purchaser shall pay to the Debt Seller an amount
equal to thirty-five percent (35%) of the net proceeds of the Offering no later than sixty (60) days after the Offering; and (ii)notwithstanding
anything to the contrary in this Agreement and without limiting the other obligations of Purchaser under this Section 2.4(b):

 

(A)          
Purchaser shall make accumulated annual payments to the Debt Seller as provided in Exhibit 2 by no later than the
year end of 2024, 2025 and 2026, respectively. Purchaser shall be obligated to pay the full amount of any remaining Unpaid Purchase Price
(inclusive of any accrued interest at the Specified Rate) by no later than year end 2027.

 

(B)          
For clarity, the amounts listed in Exhibit 2 include accumulated interest at the Specified Rate for each respective
year, and any amounts actually due and payable by Purchaser prior to each date listed in Exhibit 2 shall be adjusted to reflect
the interest accrued based on the number of elapsed days in each respective year at the Specified Rate if necessary such that in no event
shall Purchaser be required to pay total cash consideration equal to more than the aggregate amount of the Purchase Price plus interest
accrued on any Unpaid Purchase Price at the Specified Rate in accordance with this Agreement.

 

(c)            Payment
Notice. At least 10 Business Days prior to making any payment required pursuant to Section 2.4(b), Purchase shall deliver
to the Debt Seller a notice (i) stating the amount to be paid, (ii) stating the amount of Unpaid Purchase Price that will remain
outstanding after making such payment and (iii) requesting that the Seller Debt designate an account to which such payment should be
made.

 

    16

     

    

 

Section
2.5         Reserved.

 

Section
2.6         Post-Closing Adjustment.

 

(a)           
No later than sixty (60) days following the Closing Date (the “Preparation Period”), the Purchaser shall
prepare and deliver to the Sellers the draft closing statement of the Company as of the Closing Date (the “Proposed Closing
Statement”), which shall include a calculation of each of the Closing Date Net Working Capital, the Final Net Working Capital
Adjustment, if any, the Closing Cash, the Final Closing Cash Adjustment, if any, the Transaction Expenses, the Expense Overpayment, if
any, the Expense Underpayment, if any, the Final Surplus, if any, and the Final Shortfall, if any. The calculation of the foregoing will
be prepared in accordance with GAAP and shall not include any changes in assets or liabilities as a result of purchase accounting adjustments
or other changes arising from or resulting as a consequence of the Transactions. The purpose of preparing the Proposed Closing Statement
and determining the Closing Date Net Working Capital, Closing Cash, and Transaction Expenses pursuant to this Section 2.6 is to
measure changes in Closing Date Net Working Capital, Closing Cash, and Transaction Expenses against the Estimated Closing Date Net Working
Capital Range, Target Closing Cash, and Estimated Transaction Expenses, and such process is not intended to permit the introduction of
different judgments, accounting methods, policies, principles, practices, procedures, classifications or estimation methodologies (whether
with regard to reserves or otherwise) for the purpose of preparing the Proposed Closing Statement or determining Closing Date Net Working
Capital, and Closing Cash from those utilized by the Company in the preparation of the Estimated Closing Statement. If the Purchaser
does not deliver a Proposed Closing Statement to the Seller within the Preparation Period, the Estimated Closing Statement prepared by
the Seller shall be deemed to be the Final Closing Statement, and shall be final, conclusive and binding on all Parties.

 

(b)            The
Sellers shall have sixty (60) days following the Purchaser’s delivery of the Proposed Closing Statement (the
 “Evaluation Period”), during which the Sellers may notify the Purchaser of any dispute or disagreement of any
item contained in the Proposed Closing Statement, which notice (the “Notice of Disagreement”) shall set forth in
reasonable detail the basis for such dispute or disagreement. At any time within the Evaluation Period, the Sellers shall be
entitled to agree with any or all of the items set forth in the Proposed Closing Statement. For purposes of the Sellers’
evaluation of the Proposed Closing Statement, the Purchaser and the Company shall make available or provide reasonable access to the
Sellers and their Representatives, upon advance notice and during normal business hours, all information, records, data and working
papers created or used in connection with the preparation of the Proposed Closing Statement; and shall permit reasonable access,
upon advance notice and during normal business hours, to the Company’s and its Subsidiaries’ facilities and personnel,
as may be reasonably requested by the Sellers and their Representatives to analyze the Proposed Closing Statement. The Evaluation
Period shall be tolled and thereby extended in respect of any delay of the Sellers’ evaluation by more than five (5) days
arising out of any failure of the Purchaser or the Company to (x) timely and substantively respond to any reasonable request or (y)
act in good faith in respect of the covenants contained in the foregoing sentence.

 

    17

     

    

 

(c)           
If the Sellers do not deliver a Notice of Disagreement to the Purchaser within the Evaluation Period, or notify the Purchaser
of their agreement with the adjustments in the Proposed Closing Statement prior to the expiration of the Evaluation Period, the Proposed
Closing Statement prepared by the Purchaser shall be deemed to be the Final Closing Statement, and shall be final, conclusive and binding
on all Parties.

 

(d)           
In the event the Purchaser and the Sellers are unable to resolve any dispute within thirty (30) days (or such longer period
as the Parties shall mutually agree to in writing) after the delivery to the Purchaser of the Notice of Disagreement, such dispute and
each Party’s work papers related thereto shall be submitted to a nationally recognized independent public accounting firm as shall
be agreed upon by the Purchaser and the Sellers in writing (the “Accounting Firm”); provided that if the Sellers and
the Purchaser are unable to agree on such nationally recognized independent public accounting firm, then each of the Purchaser and the
Seller will select a nationally recognized independent public accounting firm and such selected firms will jointly select the Accounting
Firm, and the Purchaser and the Sellers shall enter into a customary engagement letter with, and to the extent necessary each Party to
this Agreement and its Affiliates will waive any conflicts with, the Accounting Firm at the time such dispute is submitted to the Accounting
Firm and shall cooperate with the Accounting Firm in connection with its determination pursuant to this Section 2.6. The Purchaser
and the Sellers shall use commercially reasonable efforts to cause the Accounting Firm to render a written decision resolving the matters
submitted to the Accounting Firm within thirty (30) days of the receipt of such submission. The scope of the disputes to be resolved
by the Accounting Firm shall be limited to whether the items in dispute that were included in the Notice of Disagreement were prepared
in accordance with the terms of this Agreement, and the Accounting Firm shall determine, on such basis, whether and to what extent the
Proposed Closing Statement requires adjustment. The Accounting Firm is not to make any other determinations. The Accounting Firm’s
decision shall be based solely on written submissions by Sellers and Purchaser and their respective Representatives and not by independent
review. The Accounting Firm shall address only those items in dispute and may not assign a value greater than the greatest value for
such item claimed by either Party or smaller than the smallest value for such item claimed by either Party. Judgment may be entered upon
the determination of the Accounting Firm in any court having jurisdiction over the Party against which such determination is to be enforced.
The fees, costs and expenses of the Accounting Firm shall be allocated between the Sellers, on the one hand, and the Purchaser, on the
other hand, in the same proportion that the aggregate amount of the disputed items submitted to the Accounting Firm that is unsuccessfully
disputed by each such Party (as finally determined by the Accounting Firm) bears to the total amount of such disputed items so submitted.
For example, if the Sellers challenge the calculation of the Proposed Closing Statement by an amount of One Hundred Thousand Dollars
($100,000), but the Accounting Firm determines that the Sellers have a valid claim for only Forty Thousand Dollars ($40,000), the Purchaser
(or, at its election, the Company) shall bear forty percent (40%) of the fees and expenses of the Accounting Firm and the Sellers shall
bear the other sixty percent (60%) of such fees and expenses.

 

    18

     

    

 

(e)           
 The Purchaser and the Sellers jointly shall revise the Proposed Closing Statement and the calculation of Closing Date
Net Working Capital, the Final Net Working Capital Adjustment, if any, the Closing Cash, the Final Closing Cash Adjustment, if any, the
Transaction Expenses, the Expense Overpayment, if any, the Expense Underpayment, if any, the Final Surplus, if any, and the Final Shortfall,
if any, as appropriate to reflect the resolution of the Sellers’ objections (to the extent agreed upon by the Purchaser and the
Seller or as determined by the Accounting Firm) and deliver it to the Sellers within ten (10) days after the resolution of such objections.
Such revised Proposed Closing Statement shall be the Final Closing Statement, and shall be final, conclusive and binding on all Parties.

 

(f)            
Adjustment to Purchase Price. Any amount to be paid pursuant to this Section 2.6 will be treated as an adjustment
to the Purchase Price for all purposes.

 

(g)           
Withholding. The Purchaser and the Company shall be entitled to withhold from any consideration payable or otherwise
deliverable pursuant to this Agreement such amounts as are required to be withheld under any applicable Laws with respect to such payment.
The withheld amounts will be treated for all purposes of this Agreement as having been paid to the Person in respect of which such withholdings
were made. Notwithstanding the foregoing, the Purchaser, the Company, and the Sellers acknowledge that no withholding is anticipated
and if Purchaser determines that any amount is required to be deducted and withheld with respect to any amounts payable hereunder, Purchaser
shall provide Sellers with written notice of its intent to deduct and withhold as soon as is reasonably practicable, and Purchaser shall
reasonably cooperate with Sellers to eliminate or reduce the basis for such deduction or withholding (including by providing Sellers
with a reasonable opportunity to provide forms or other evidence that would exempt such amounts from withholding).

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES OF THE SELLERS

 

Except as set forth in the
Disclosure Schedules, Sellers represent and warrant to the Purchaser that the statements contained in this Article III are true
and correct as of the date hereof and as of the Closing Date:

 

Section
3.1         Organization.

 

(a)            The
Company is a limited liability company duly organized, validly existing and in good standing under the laws of the State of
Delaware. Each of the Company’s Subsidiaries are duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization. The Company and each of its Subsidiaries have all requisite power and authority to own, lease and
operate its properties and to carry on its business as now being conducted except as would not reasonably be expected to result in a
Material Adverse Effect. The Company and each of its Subsidiaries is duly qualified to transact business as a foreign entity, and is
in good standing in each other jurisdiction in which the ownership or leasing of its properties or assets or the conduct of its
business requires such qualification, except where the failure to so qualify or to be in good standing would not reasonably be
expected to result in a Material Adverse Effect. The Company has previously made available to the Purchaser true and complete copies
of the organizational documents of the Company and each of its Subsidiaries as currently in effect.

 

    19

     

    

 

(b)           
The Sellers are corporations duly organized, validly existing and in good standing under the laws of their respective jurisdictions
of incorporation or formation.

 

Section
3.2         Authorization. The Sellers have
all necessary organizational power and authority to execute and deliver this Agreement and each Seller Ancillary Document and to perform
their obligations hereunder and thereunder and, to consummate the transactions contemplated hereby and thereby. The execution, delivery
and performance by the Sellers of this Agreement and the Seller Ancillary Documents have been duly authorized and approved by the requisite
bodies, and no other governance action on the part of the Sellers is necessary to authorize the execution, delivery and performance by
the Sellers of this Agreement and the Seller Ancillary Documents. This Agreement has been and, as of the Closing Date, the Seller Ancillary
Documents shall be, duly executed and delivered by the Sellers and, assuming due authorization, execution and delivery hereof and thereof
by the other Parties hereto and thereto, do or will, as the case may be, constitute the valid and binding agreement of the Sellers, enforceable
against the Sellers in accordance with their terms, except as such enforceability (i) may be limited by bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or other similar Laws affecting or relating to enforcement of creditors’ rights generally
and (ii) is subject to general principles of equity (regardless of whether enforceability is considered in a proceeding at law or in
equity).

 

Section
3.3         Capital Stock.

 

(a)           
Section 3.3 of the Disclosure Schedule accurately and completely sets forth for the Company and each of its Subsidiaries,
as of the date hereof, the number of Units or other equity interests of the Company and each of its Subsidiaries which are authorized
and which are issued and outstanding.

 

(b)           
The Equity Sellers are the record owners of, and have good and valid title to, the Units, free and clear of all Liens or
other encumbrances. The Units constitute 100% of the total issued and outstanding membership interests in the Company. The Units have
been duly authorized and are validly issued, fully-paid and non-assessable. Upon consummation of the transactions contemplated by this
Agreement, Purchaser shall own all of the Units, free and clear of all Liens other than Liens arising under securities Laws.

 

(c)           
The Units were issued in compliance with all applicable Laws. The Units were not issued in violation of the organizational
documents of the Company or any other agreement, arrangement, or commitment to which any Seller or the Company is a party and are not
subject to or in violation of any preemptive or similar rights of any Person.

 

(d)            There
are no outstanding or authorized options, warrants, convertible securities or other rights, agreements, arrangements or commitments
of any character relating to any membership interests in the Company or obligating Sellers or the Company to issue or sell any
membership interests (including the Units), or any other interest, in the Company. Other than the organizational documents of the
Company, there are no other agreements or understandings in effect with respect to the voting or transfer of any of the Units.

 

    20

     

    

 

Section
3.4         Subsidiaries. Section 3.4 of the
Disclosure Schedule lists each Subsidiary of the Company. Except as set forth on Section 3.4 of the Disclosure Schedule, the Company
owns, directly or indirectly, all of the issued and outstanding capital stock or other equity interests of each of its Subsidiaries,
free and clear of all Liens other than Permitted Liens. Except as set forth in Section 3.4 of the Disclosure Schedule, none of the Company’s
Subsidiaries owns, directly or indirectly, any capital stock or other equities, securities or interests in any corporation, limited liability
company, partnership, joint venture or other entity.

 

Section
3.5         Absence of Restrictions and Conflicts.

 

(a)           
Except as set forth in Section 3.5(a) of the Disclosure Schedule, the execution and delivery by the Sellers of this Agreement
and the Seller Ancillary Documents does not, and the performance of its obligations hereunder and thereunder will not, (i) conflict with
or violate the organizational documents of the Company or any of its Subsidiaries, as amended or supplemented, (ii) assuming that all
consents, approvals, authorizations, waiting period terminations or expirations, and other actions described in Section 3.5(b)
have been obtained and all filings and obligations described in Section 3.5(b) have been made, conflict with or violate any Law
applicable to the Sellers, the Company or any of its Subsidiaries, or by which any material property or asset of the Company or any of
its Subsidiaries, is bound or (iii) except as set forth in Section 3.5(a) of the Disclosure Schedule, require any
consent or result in any violation or breach of or constitute (with or without notice or lapse of time or both) a default (or give to
others any right of termination, amendment, acceleration or cancellation) under, or result in the triggering of any payments or result
in the creation of a Lien on any material property or material asset of the Company or any of its Subsidiaries, in all cases, pursuant
to, any of the terms, conditions or provisions of any (A) Company Contract or (B) judgment, decree or order of any Governmental Entity,
to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries or any of their respective
material properties or assets are bound, except, with respect to clauses (ii) and (iii), such triggering of payments, Liens, filings,
notices, permits, authorizations, consents, approvals, violations, conflicts, breaches or defaults which would not, individually or in
the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

(b)           
Except as set forth in Section 3.5(b) of the Disclosure Schedule, the execution and delivery by the Sellers of this Agreement
does not, and the performance of their obligations hereunder will not, require any consent, approval, authorization or permit of, or
filing with or notification to, any Governmental Entity, except where the failure to obtain such consents, approvals, authorizations
or permits, or to make such filings or notifications would not, individually or in the aggregate, (i) prevent or materially delay consummation
of the Transactions or (ii) reasonably be expected to result in a Material Adverse Effect.

 

Section
3.6         Real Property. Section 3.6 of
the Disclosure Schedule sets forth a correct and complete list of the Leased Real Property as of the date hereof. The Real Property
constitutes all of the real property currently utilized in any material respect by the Company and its Subsidiaries in the operation
of their respective businesses. The Company or one of its Subsidiaries has a valid leasehold interest in the Leased Real Property,
and the leases granting such interests are in full force and effect in all material respects.

 

    21

     

    

 

Section
3.7         Title to Assets; Related Matters.
Except as set forth in Section 3.7 of the Disclosure Schedule, the Company and its Subsidiaries have good and marketable title to, or
a valid leasehold interest in, all of their respective personal property and assets, free and clear of all Liens other than Permitted
Liens, and all equipment and other items of tangible personal property and assets of the Company and its Subsidiaries are in operating
condition and capable of being used for their intended purposes (ordinary wear and tear excepted) and are usable in the Ordinary Course,
except with respect to any of the foregoing as would not reasonably be expected to result in a Material Adverse Effect.

 

Section
3.8         Financial Statements. The Financial
Statements are attached as Section 3.8(a) of the Disclosure Schedule. Except as set forth in Section 3.8(b) of the Disclosure Schedule,
the Financial Statements have been prepared in accordance with GAAP, with the adjustments made by management of the Company or its Subsidiaries
as set forth in Section 3.8(c) of the Disclosure Schedule, and each of the balance sheets included in the Financial Statements fairly
presents in all material respects the consolidated financial position of the Company and its Subsidiaries as of the date of such balance
sheets and each statement of income included in the Financial Statements fairly presents in all material respects the consolidated results
of operations of the Company and its Subsidiaries for the periods set forth therein (subject to normal year-end adjustments and the absence
of notes to such statements).

 

Section
3.9         Absence of Certain Changes. Since
the date of the Balance Sheet, except as set forth in Section 3.9 of the Disclosure Schedule, the Company and its Subsidiaries have conducted
their respective businesses in the Ordinary Course and there has not been any event or occurrence that, individually or in the aggregate,
has had or could reasonably be expected to result in a Material Adverse Effect.

 

Section
3.10      Legal Proceedings. Except as set forth in Section
3.10 of the Disclosure Schedule, there is no suit, action, claim, arbitration or proceeding (or, to the Knowledge of the Company, investigation)
pending, or, to the Knowledge of the Company, threatened against the Company or any of its Subsidiaries or any property of any of the
Company or any of its Subsidiaries that could reasonably be expected to result in a Material Adverse Effect. None of the Company or any
of its Subsidiaries is subject to any judgment, decree, injunction, rule or order of any court or arbitration panel that could reasonably
be expected to result in a Material Adverse Effect.

 

Section
3.11      Compliance with Laws; Licenses. Except as set
forth in Section 3.11 of the Disclosure Schedule, the Company and its Subsidiaries are in material compliance with all Laws
applicable to the Company and its Subsidiaries as they relate to the ownership or operation of their respective businesses. Except
as set forth in Section 3.11 of the Disclosure Schedule, the Company and its Subsidiaries own or possess all Licenses that are
necessary to enable them to carry on their operations as presently conducted, except where the failure to own or possess such
Licenses could not reasonably be expected to result in a Material Adverse Effect. Except as set forth on Section 3.11 of the
Disclosure Schedule, the execution and delivery of this Agreement and the consummation of the Transactions shall not adversely
affect any such License, or require consent from, or notice to, any Governmental Entity with respect to such License, except as
could not reasonably be expected to result in a Material Adverse Effect.

 

    22

     

    

 

Section
3.12      Company Contracts.

 

(a)           
Section 3.12(a) of the Disclosure Schedule sets forth a correct and complete list of the following Contracts to
which the Company or any of its Subsidiaries is a party as of the date hereof (the “Company Contracts”) (other than
the Employment Agreements set forth on Section 3.22 of the Disclosure Schedule, the Employee Benefit Plans set forth on Section
3.14 of the Disclosure Schedule and insurance policies set forth on Section 3.16 of the Disclosure Schedule):

 

(i)            
all bonds, debentures, notes, loans, credit or loan agreements or loan commitments, mortgages, indentures, guarantees or
other Contracts evidencing or governing any material indebtedness for money borrowed by the Company or any of its Subsidiaries;

 

(ii)          
all leases relating to the Leased Real Property;

 

(iii)         
all Contracts that limit or restrict, in any material respect, the Company or any of its Subsidiaries from engaging in
any business in any jurisdiction;

 

(iv)         
all written Contracts (other than any work orders, purchase orders, invoices and similar documents issued thereunder) for
capital expenditures or the acquisition or construction of fixed assets requiring the payment by the Company or any of its Subsidiaries
of an amount in excess of $250,000, individually, except any capital expenditures included in the Company’s annual budget;

 

(v)           
all Contracts granting to any Person (other than the Company or any of its Subsidiaries) an option or a first refusal,
first-offer or similar preferential right to purchase or acquire any material assets of the Company or its Subsidiaries;

 

(vi)         
all Contracts entered into since December 31, 2020 involving the sale or purchase of substantially all of the assets or
capital stock of any Person other than in the Ordinary Course, or a merger, consolidation, business combination or similar extraordinary
transaction;

 

(vii)       
Contracts (other than any work orders, purchase orders, invoices and similar documents issued thereunder) for the provision
of goods or services by the Company or any of its Subsidiaries to the Customers that individually exceed $250,000 in the past twelve
(12) months;

 

(viii)      all
Contracts to which the Company or any of its Subsidiaries is a party pursuant to which a third party has licensed or transferred any
material Intellectual Property to the Company or any of its Subsidiaries, excluding off the shelf Software licensed by the Company
or any of its Subsidiaries; and (ix)all exchange traded or over-the-counter swap, forward, future, option, cap, floor or collar
financial Contracts, or any other interest rate or foreign currency protection Contract having a notional amount that exceeds
$250,000.

 

    23

     

    

 

(b)           
Correct and complete copies of all Company Contracts, including all amendments, modifications, and supplements thereof
(other than any work orders, purchase orders, invoices and similar documents issued thereunder), have been made available to the Purchaser.
Each Company Contract is valid, binding and enforceable in all material respects in accordance with its terms with respect to the Company
or any of its Subsidiaries, as applicable, and to the Knowledge of the Company, each other party to such Company Contract. Except as
set forth in Section 3.12(b) of the Disclosure Schedule, to the Knowledge of the Company, there is no existing material default
or material breach (i) by the Company or any of its Subsidiaries, as applicable, under any Company Contract or (ii) by any other party
to any Company Contract described in Section 3.12(a) hereof.

 

Section
3.13      Tax Returns; Taxes.

 

(a)           
Except as set forth on Section 3.13(a) of the Disclosure Schedule, all material Tax Returns required to be filed
by the Company and its Subsidiaries have been timely and properly filed (taking into account extensions of time to file), all such Tax
Returns are true, correct and complete in all material respects, and all material Taxes shown or otherwise due have been paid. All Seller
Tax Returns have been timely and properly filed (taking into account extensions of time to file), all such Tax Returns are true, correct
and complete in all material respects, and all material Taxes shown or otherwise due have been paid. In the case of Taxes not yet due,
the Company has provided adequate accruals in the Balance Sheet or, in the case of Taxes that relate to a Tax Return of the Company or
its Subsidiaries, accruing after the date of the Balance Sheet, on its books or accounts. Neither the Company nor any of its Subsidiaries
is currently the beneficiary of any extension of time within which to file any Tax Return. The Company and its Subsidiaries have at all
times complied with all applicable Laws relating to the payment, withholding, deduction, collection and remittance of Taxes.

 

(b)           
Except as set forth in Section 3.13(b) of the Disclosure Schedule, no audit or other examination of any Tax Return
of the Company or any of its Subsidiaries is presently in progress, nor has the Company or any of its Subsidiaries been notified of any
request for such an audit or other examination. Neither the Company nor any of its Subsidiaries is a party to or bound by any closing
or other agreement or ruling with any Governmental Entity with respect to Taxes. There are no matters relating to Taxes under discussion
(including in connection with any pending or anticipated voluntary disclosure agreements) between any Governmental Entity and the Company
or any of its Subsidiaries.

 

(c)           
There are no Liens, other than Permitted Liens, relating to Taxes existing, threatened or pending with respect to any asset
of the Company or any of its Subsidiaries.

 

    24

     

    

 

(d)           
 The Company and each of its Subsidiaries has timely withheld or collected all material Taxes required to be withheld or
collected, and all such Taxes have been timely paid over to the appropriate Tax authority.

 

(e)           
Except as set forth in Section 3.13(e) of the Disclosure Schedule, no written request for information related to
Taxes has been received from any taxing authority, and, to the Company’s Knowledge, no claim has been made by any taxing authority
in a jurisdiction where the Company or any of its Subsidiaries does not file Tax Returns that it was, is or may be, subject to taxation
by that jurisdiction.

 

(f)            
There is no Tax deficiency outstanding, assessed or proposed against the Company or any of its Subsidiaries. All deficiencies
proposed or asserted, and all assessments made, if any, have been fully paid, and there are no other claims or assessments pending or
threatened against the Company or any of its Subsidiaries in respect of Taxes. There are no outstanding agreements or waivers extending
the statutory period of limitation applicable to any claim for, or the period for the collection or assessment of, Taxes due from or
with respect to the Company or any of its Subsidiaries for any taxable period ending on or prior to the Closing Date.

 

(g)           
The Company has delivered to Purchaser correct and complete copies of all income, sales and use, value added, and other
Tax Returns filed by the Company and each of its Subsidiaries for all taxable periods remaining open under the applicable statute of
limitations, and all examination reports and statements of deficiencies, adjustments and proposed deficiencies and adjustments in respect
of Taxes of the Company or any of its Subsidiaries. No power of attorney with respect to Taxes has been granted with respect to the Company
or any of its Subsidiaries.

 

(h)           
Since March 1, 2018 and continuing through December 16, 2020, other than the Affiliated Group in which AXA U.S. Holdings
Inc., X.L. America, Inc., the Company and any other member of such group are included, neither the Company nor any of its Subsidiaries
is or has ever been a member of an affiliated group (within the meaning of Section 1504(a) of the Code or similar group defined under
any similar provision of state or local Law) filing a consolidated Tax Return for any taxable period, and, since March 1, 2018 and continuing
through December 16, 2020, other than the Affiliated Group in which AXA U.S. Holdings Inc., X.L. America, Inc., the Company and any other
member of group are included, neither the Company nor any of its Subsidiaries has any liability or obligation for the Taxes of any other
Person under Treasury Regulation Section 1.1502-6 (or any similar provision of any state or local law), as a transferee or successor,
by agreement or otherwise.

 

(i)            
The Company will not, as a result of the Transactions, be obligated to make a payment to an individual or individuals that
would be nondeductible by reason of Section 280G or Section 4999 of the Code (or any similar provision of state, local or foreign Law).

 

(j)             To
the Company’s Knowledge, neither the Company nor any of its Subsidiaries is, or has ever been, (A) a party to, or a promoter
of, a “reportable transaction” or a “listed transaction” within the meaning of Section 6707A of the Code and
Treasury Regulations Section 1.6011-4(b\

 

    25

     

    

 

(k)           
At all times since December 17, 2020 the Company was treated as a partnership for U.S. federal income tax purposes. The
Company has made a duly election under Section 301.7701-3(c) Code and is, and has always been in full compliance under the Law with respect
to its election to be treated as a partnership. Neither the Company nor any of its Subsidiaries has any liability for Taxes as a result
of the conversion of the Company from a ‘C’ corporation to a partnership.

 

(l)            
[Reserved]

 

(m)         
The Company and each of its Subsidiaries have collected, remitted and reported to the appropriate Tax authority all sales,
use, value added, excise and similar Taxes required to be so collected, remitted or reported pursuant to all applicable Tax Laws. The
Company and each of its Subsidiaries have complied in all respects with all applicable Laws relating to record retention (including to
the extent necessary to claim any exemption from Tax collection and maintaining adequate and current resale certificates to support any
such claimed exemption).

 

(n)          
The Company has (A) not deferred, extended or delayed the payment of the employer’s share of any “applicable
employment Taxes” under Section 2302 of the CARES Act or in connection with the Payroll Tax Executive Order, (B) properly complied
with and duly accounted for all credits received under Sections 7001 through 7005 of the Families First Coronavirus Response Act (Public
Law 116-127) and Section 2301 of the CARES Act, or (C) not sought a covered loan under paragraph (36) of Section 7(a) of the Small Business
Act (15 U.S.C. 636(a)), as added by Section 1102 of the CARES Act.

 

(o)           
The Debt Seller has treated the AXA Note as debt for tax purposes and has never treated it as equity for all purposes.
The Debt Seller’s tax basis in the AXA Note is in excess of the Purchase Price of the AXA Note.

 

Section
3.14      Company Benefit Plans.

 

(a)           
Section 3.15(a) of the Disclosure Schedule contains a complete and correct list of all material Company Benefit
Plans. The Sellers have made available to the Purchaser, with respect to all such material Company Benefit Plans true, complete and correct
copies of the following, to the extent material and applicable: all plan documents; the most recent summary plan descriptions and any
subsequent summaries of material modifications; and Forms 5500 series as filed with the IRS for the most recent plan year for any Company
Benefit Plan to which such reporting requirements apply.

 

(b)            With
respect to each Company Benefit Plan required to be listed on Section 3.15(a) of the Disclosure Schedule: (i) each such
Company Benefit Plan has been administered in compliance in all material respects with its terms and is in compliance in all
material respects with the applicable provisions of ERISA, the Code and all other applicable Laws (including reporting and
disclosure obligations and health care continuation coverage obligations pursuant to COBRA) and (ii) there are no material
proceedings, claims or suits pending or, to the Company’s Knowledge, threatened by any Governmental Entity or by any
participant or beneficiary (other than routine claims for benefits) against any of the Company Benefit Plans.

 

    26

     

    

 

(c)           
Each Company Benefit Plan that is intended to qualify under Section 401(a), Section 401(k), Section 401(m) or Section 4975(e)(7)
of the Code has either (i) received a favorable determination letter from the IRS as to its qualified status or (ii) may rely upon a
favorable prototype opinion letter from the IRS, and to the Company’s Knowledge, no fact or event has occurred that would materially
and adversely affect the qualified status of any such Company Benefit Plan or the exempt status of any such trust, except for such facts
or events that can be remedied without material liability to the Company.

 

(d)           
Except as required by applicable Law, no Company Benefit Plan provides any retiree medical or life insurance benefits to
any Person. No Company Benefit Plan is a voluntary employee benefit association under Section 501(a)(9) of the Code. Neither the Company
nor any of its Subsidiaries has ever maintained, sponsored, participated in or contributed to any Employee Benefit Plan subject to Title
IV of ERISA, including any multiemployer plan (as defined in Section 3(37) of ERISA).

 

Section
3.15      Labor Relations. Except as set forth in Section
3.15 of the Disclosure Schedule: (a) neither the Company nor any of its Subsidiaries is (i) a party to any collective bargaining agreement
or other legally binding commitment, with any trade union, employee organization or workers council in respect of or affecting employees
or (ii) currently engaged in any negotiation with any trade union, employee organization or workers council; (b) neither the Company
nor any of its Subsidiaries has experienced any labor strike, dispute, slowdown or stoppage; and (c) no claim, complaint or charge (or,
to the Knowledge of the Company, investigation) by any Person is pending or, to the Knowledge of the Company, threatened by any Person
against the Company or any of its Subsidiaries under any Labor Law that would reasonably be expected to result in a Material Adverse
Effect.

 

Section
3.16      Insurance Policies. Section 3.16 of the Disclosure
Schedule contains a complete list of all material insurance policies carried as of the date hereof by or for the benefit of the Company
or any of its Subsidiaries (collectively, the “Insurance Policies”), specifying the insurer, the amount of and nature of
coverage, the risk insured against, the deductible amount (if any) and the date through which coverage shall continue by virtue of premiums
already paid. All insurance policies with respect to the business and assets of the Company and its Subsidiaries are in full force and
effect except as could not reasonably be expected to result in a Material Adverse Effect.

 

Section
3.17      Intellectual Property.

 

(a)           
Section 3.17(a) of the Disclosure Schedule contains a correct and complete list of all Company Registered Intellectual
Property and all material unregistered Copyrights and Trademarks of the Company and any of its Subsidiaries.

 

    27

     

    

 

(b)           
 Except as set forth in Section 3.17(b) of the Disclosure Schedule, no material Company Proprietary Software or
other material Intellectual Property owned by the Company or any of its Subsidiaries is subject to any proceeding or outstanding consent,
decree, order or judgment (i) restricting in any manner the use thereof by the Company or any of its Subsidiaries or (ii) that may affect
the validity, use or enforceability thereof.

 

(c)           
Each item of Company Registered Intellectual Property is subsisting and in full force in all material respects. Except
as set forth in Section 3,17(c) of the Disclosure Schedule or as could not reasonably be expected to result in a Material Adverse
Effect, all necessary registration, maintenance and renewal fees currently due and owing in connection with Company Registered Intellectual
Property have been paid and all necessary documents, recordations and certifications in connection with the Company Registered Intellectual
Property have been filed with the relevant patent, copyright, trademark or other authorities in the United States, as the case may be,
for the purposes of maintaining such Company Registered Intellectual Property and recording ownership by the Company or any of its Subsidiaries
of such Company Registered Intellectual Property.

 

(d)           
The Company is the sole and exclusive owner of each item of Intellectual Property used by the Company or any of its Subsidiaries,
other than Intellectual Property that is licensed to the Company or any of its Subsidiaries and Intellectual Property that is available
to the Company or any of its Subsidiaries without the requirement of a license, free and clear of any Lien except Permitted Liens.

 

(e)           
The operations of the Company and its Subsidiaries as currently conducted, including the Company’s and its Subsidiaries’
products and services, do not infringe or misappropriate the Intellectual Property of any third party, except as could not reasonably
be expected to result in a Material Adverse Effect.

 

(f)            
The consummation of the Transactions will neither violate nor result in the breach, modification, cancellation, termination
or suspension of any Contract with any Customer or Supplier granting the Company or any of its Subsidiaries rights in the Company Intellectual
Property, except as could not reasonably be expected to result in a Material Adverse Effect.

 

(g)           
Except as set forth in Section 3.17(g) of the Disclosure Schedule, no Person is infringing or misappropriating any
Company Intellectual Property that is owned by or exclusively licensed to the Company or any of its Subsidiaries.

 

(h)            The
Company and its Subsidiaries have taken reasonable steps to protect their respective rights in the Confidential Information and any
Trade Secret or confidential information of third parties used by the Company or any of its Subsidiaries, and, without limiting the
generality of the foregoing, the Company and each of its Subsidiaries have used commercially reasonable efforts to enforce a policy
requiring employees, agents, consultants, contractors and other Persons with responsibility for the development of Intellectual
Property for the Company and of its Subsidiaries to execute a proprietary information/confidentiality agreement in substantially the
form provided to the Purchaser, and, except under confidentiality obligations, there has not been any disclosure by the Company or
any of its Subsidiaries of any material Confidential Information or any such trade secret or confidential information of third
parties as could reasonably be expected to have a Material Adverse Effect.

 

    28

     

    

 

Section
3.18      Software.

 

(a)           
Section 3.18(a) of the Disclosure Schedule sets forth a correct and complete list of the material Company Proprietary
Software currently licensed by the Company or any of its Subsidiaries.

 

(b)           
Except as set forth in Section 3.18(b) of the Disclosure Schedule, none of such Company Proprietary Software is
subject to any “copyleft” or other obligation or condition (including any obligation or condition under any “open source”
license such as the GNU Public License, Lesser GNU Public License or Mozilla Public License) that requires, or conditions the use or
distribution of such Company Proprietary Software on, the disclosure, licensing or distribution of any source code for any portion of
such Company Proprietary Software.

 

(c)           
Except as set forth in Section 3.18(c) of the Disclosure Schedule, the source code for such Company Proprietary
Software currently in use by the Company or any of its Subsidiaries is maintained in confidence.

 

Section
3.19      Brokers, Finders and Investment Bankers. Except
as set forth in Section 3.19 of the Disclosure Schedule, none of the Company, any of its Subsidiaries, or any officer, director or employee
of the Company or any of its Subsidiaries or any Affiliate of the Company or any of its Subsidiaries, has employed any broker, finder
or investment banker or incurred any liability for any investment banking fees, financial advisory fees, brokerage fees or finders’
fees in connection with the Transactions.

 

Section
3.20      Officers and Select Employees. Section 3.20 of
the Disclosure Schedule contains a correct and complete list of (a) all of the officers of the Company and each of its Subsidiaries and
(b) all of the other employees of the Company and each of its Subsidiaries as of the date hereof who have received a base salary in excess
of $50,000 for the three (3)-month period ended March 31, 2022, together with an appropriate notation next to the name of any officer
or other employee on such list who is subject to any Employment Agreement. There is no existing material default or material breach of
the Company or any of its Subsidiaries, as applicable, under any Employment Agreement with respect to the individuals described in the
preceding sentence (or event or condition that, with notice or lapse of time or both would constitute a material default or material
breach).

 

Section
3.21      Customer Relations. Section 3.21(a) of the Disclosure
Schedule contains a correct and complete list of the identity of the Customers and the amount of sales to each such Customer during the
twelve (12)-month period ended December 31, 2021. Except as set forth in Section 3.21(b) of the Disclosure Schedule, no Customer has,
as of the date hereof, canceled or terminated any of its Contracts with the Company or its Subsidiaries or materially decreased its usage
of the Company’s or its Subsidiaries’ services or products.

 

    29

     

    

 

Section 3.22        Transactions
with Affiliates. Except (x) as set forth in Section 3.22 of the Disclosure Schedule, (y) with respect to compensation received as
employees and (z) Contracts entered into on an arms’ length basis between the Company or one of its Subsidiaries, on the one hand
and Debt Seller and any of its Affiliates, on the other hand, no officer or director of the Company or any of its Subsidiaries or any
Affiliate of any of them, has any interest in: (a) any material Contract with, or relating to, the Company or any of its Subsidiaries
or the material properties or assets of the Company or any of its Subsidiaries; (b) any material Contract for or relating to the Company
or any of its Subsidiaries or the material properties or assets of the Company or any of its Subsidiaries; or (c) any material property
(real, personal or mixed), tangible or intangible, used or currently intended to be used by the Company or any of its Subsidiaries Section
3.23 Transaction Expenses of Sellers. The Sellers have, or have caused the Company to have, paid all Transaction Expenses of the
Company and its Subsidiaries and the Sellers (to the extent the Company or any of its Subsidiaries are responsible for the payment thereof)
to the applicable parties prior to the Closing, and no such Transaction Expenses of such Persons shall be outstanding following the Closing.
Any Transaction Expenses paid by the Company shall, to the greatest extent lawfully possible, be allocated to the Pre-Closing Period.

 

Section
3.23      Disclosure. To the actual knowledge of Brandon
Wood or Sharon Lanera, without any obligation or expectation of investigation or inquiry, such individuals are unaware of any material
inaccuracies in the materials in the electronic data room.

 

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

 

The Purchaser hereby represents and warrants to the Sellers
that:

 

Section
4.1         Organization. The Purchaser is
a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite power
and authority to own, lease and operate its properties and to carry on its business as now being conducted.

 

Section
4.2         Authorization. The Purchaser has
all necessary power and authority to execute and deliver this Agreement and each Purchaser Ancillary Document and to perform its obligations
hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance
by the Purchaser of this Agreement and the Purchaser Ancillary Documents, have been duly authorized and approved by the Purchaser’s
board of directors, and no other action on the part of the Purchaser is necessary to authorize the execution, delivery and performance
by the Purchaser of this Agreement and the Purchaser Ancillary Documents. This Agreement has been and, as of the Closing Date, the Purchaser
Ancillary Documents shall be, duly executed and delivered by the Purchaser and, assuming due authorization, execution and delivery hereof
and thereof by the other parties hereto and thereto, do or will, as the case may be, constitute the valid and binding agreement of the
Purchaser, enforceable against the Purchaser in accordance with their terms, except as such enforceability (i) may be limited by bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other similar Laws affecting or relating to enforcement of creditors’
rights generally and (ii) is subject to general principles of equity (regardless of whether enforceability is considered in a proceeding
at law or in equity).

 

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Section 4.3        
Absence of Restrictions and Conflicts.

 

(a)           
The execution and delivery by the Purchaser of this Agreement and the Purchaser Ancillary Documents does not, and the performance
of its obligations hereunder and thereunder will not, (i) conflict with or violate the certificate of incorporation or bylaws of the
Purchaser, assuming that all consents, approvals, authorizations, waiting period terminations or expirations, and other actions described
in Section 4.3(b) have been obtained and all filings and obligations described in Section 4.3(b) have been made, conflict
with or violate any Law applicable to the Purchaser, or by which any material property or asset of the Purchaser, is bound and (iii)require
any consent or result in any violation or breach of or constitute (with or without notice or lapse of time or both) a default (or give
to others any right of termination, amendment, acceleration or cancellation) under, or result in the triggering of any payments or result
in the creation of a Lien on any material property or material asset of the Purchaser, in all cases, pursuant to any of the terms, conditions
or provisions of any (A) Contract applicable to the Purchaser or (B) judgment, decree or order of any Governmental Entity, to which the
Purchaser is a party or, to the Purchaser’s knowledge, by which the Purchaser or any of its material properties or assets are bound,
except, with respect to clauses (ii) and (iii), for any such conflicts, violations, breaches, defaults or other occurrences that would
not, individually or in the aggregate, prevent or materially delay consummation of the transaction contemplated by this Agreement.

 

(b)           
The execution and delivery by the Purchaser of this Agreement do not, and the performance of their obligations hereunder
will not, require any consent, approval, authorization or permit of, or filing with, or notification to, any Governmental Entity, except
where the failure to obtain such consents, approvals, authorizations or permits, or to make such filings or notifications would not,
individually or in the aggregate, prevent or materially delay consummation of the Transactions.

 

Section
4.4         [Intentionally Omitted].

 

Section
4.5         Legal Proceedings. There is no
suit, action, claim, arbitration or proceeding by or before any Governmental Entity pending or, to the knowledge of the Purchaser, threatened
against the Purchaser, any of its Subsidiaries or any property of any thereof which would reasonably be expected to prevent or materially
delay the Transactions. Neither the Purchaser nor any of its Subsidiaries is subject to any judgment, decree, injunction, rule or order
of any court or arbitration panel that would individually, or in the aggregate, prevent or materially delay consummation of the transactions
contemplated by this Agreement.

 

Section
4.6         Investment Intent. The Purchaser
is acquiring the Units pursuant to this Agreement solely for its own account and with no intention of distributing or reselling such
Units or any part thereof, or interest therein, in any transaction that would be in violation of the Securities Act of 1933 (the “Securities
Act”) or any other securities Laws of the United States of America or any state thereof.

 

Section
4.7         Status as Accredited
Investor. The Purchaser is an “accredited investor” (as that term is defined in Rule 501 of Regulation D under the
Securities Act). The Purchaser has such knowledge and experience in business and financial matters so that the Purchaser is capable
of evaluating the merits and risks of an investment in the Units being acquired hereunder. The Purchaser understands the full nature
and risk of an investment in such Units. The Purchaser further acknowledges that it has had access to the books and records of the
Company, is generally familiar with the business being conducted by the Company and has had an opportunity to ask questions
concerning the Company and the Company’s securities.

 

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Section
4.8         Brokers, Finders and Investment Bankers.
Neither the Purchaser nor any of its Affiliates has employed any broker, finder or investment banker or incurred any liability for any
investment banking fees, financial advisory fees, brokerage fees or finders’ fees in connection with the Transactions.

 

Section
4.9         Reliance; Non-Reliance; Inspection.
The Purchaser has made its own inquiry and investigation into, and based thereon, has formed an independent judgment concerning, the
Company, its Subsidiaries and the Transactions and has been furnished with, or given adequate access to, such information about the Company
and its Subsidiaries as it has requested. In making its decision to execute and deliver this Agreement and to consummate the Transactions,
the Purchaser represents, warrants and agrees that it has (a) relied solely upon the representations and warranties of the Sellers set
forth in ARTICLE III and acknowledges that such representations and warranties are the only representations and warranties made by the
Sellers and (b) not relied upon any other information provided by, for or on behalf of the Sellers, the Company or any of its Subsidiaries,
or their respective Representatives, to the Purchaser or any of its Representatives in connection with the Transactions, including (i)
the accuracy or completeness of any express or implied representation, warranty, statement of information of any nature made or provided
by the Sellers (other than the representations and warranties of the Sellers set forth in ARTICLE III or (ii) any implied warranty or
representation as to the condition, merchantability, suitability or fitness for a particular purpose or trade as to any of the assets
of the Company or any of its Subsidiaries. The Purchaser hereby waives any right Purchaser may have against the Company or the Sellers
with respect to any inaccuracy in any such representation, warranty or statement of information of any nature (other than the representations
and warranties of the Sellers set forth in ARTICLE III). The Purchaser has entered into the Transactions with the understanding, acknowledgement
and agreement that no representations or warranties, express or implied, are made with respect to (x) any future projections, business
plan information, estimates, forecasts, budgets, pro-forma financial information or other similar statements communicated (orally or
in writing) or provided to the Purchaser or any of its Representatives of future revenues, profitability, expenses or expenditures, future
results of operations (or any component thereof) or future cash flows of the Company and its Subsidiaries or (y) any other information,
documents or other materials (including any such materials contained in any electronic data room or reviewed by the Purchaser or any
of its Affiliates or Representatives pursuant to the Confidentiality Agreement) or management presentations that have been or shall hereafter
be provided to the Purchaser or any of its Affiliates or Representatives except as may be expressly set forth in ARTICLE III.

 

Section
4.10      No Knowledge of Breach. Purchaser has no
actual knowledge of any breach by Sellers of any representation or warranty of Sellers or of any other condition or circumstance
that would excuse Purchaser from its timely performance of its obligations hereunder. Purchaser shall notify promptly Sellers if any
such information comes to Purchaser’s attention prior to the Closing, and Sellers shall notify promptly Purchaser if any such
information comes to Sellers’ attention prior to the Closing.

 

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ARTICLE
V

CERTAIN COVENANTS AND AGREEMENTS

 

Section
5.1         Ordinary Course Conduct of Business
by the Company. For the period commencing on the date hereof and ending on the Closing Date, unless the Purchaser otherwise consents
(which consent shall not be unreasonably withheld, conditioned or delayed) and except as (i) otherwise contemplated by this Agreement,
(ii) required by the Employee Benefits Plan, (iii) required by applicable Law, (iv) required to respond to any emergency, disaster or
other unforeseen event (including the SARS-CoV-2 virus and COVID-19 disease) or (v) required by any contract, arrangement or agreement
that was (A) disclosed to Purchaser and (B) entered into by the Company or its Subsidiaries, in each case, prior to the date hereof,
the Equity Sellers shall, and shall cause the Company to, (a) conduct the business of the Company in the ordinary course of business
consistent with past practice; and (b) use commercially reasonable efforts to maintain and preserve intact the current organization,
business and franchise of the Company and to preserve the rights, franchises, goodwill and relationships of its employees, customers,
lenders, suppliers, regulators and others having business relationships with the Company. Nothing contained herein shall give to the
Purchaser, directly or indirectly, the right to control or direct the Company’s or its Subsidiaries’ operations or businesses
prior to the Closing Date, and the Company and its Subsidiaries shall exercise, consistent with the terms and conditions hereof, complete
control and supervision of their operations and businesses until the Closing Date. Without limiting the foregoing, from the date hereof
until the Closing Date, Seller shall cause the Company to use commercially reasonable efforts to (1) preserve and maintain all of its
permits; (2) pay its debts, Taxes and other obligations when due; (3) maintain the properties and assets owned, operated or used by the
Company in the same condition as they were on the date of this Agreement, subject to reasonable wear and tear; (4) continue in full force
and effect without modification all Insurance Policies, except as required by applicable Law; (5) defend and protect its properties and
assets from infringement or usurpation; (6) perform all of its obligations under all Contracts relating to or affecting its properties,
assets or business; (7) maintain its books and records in accordance with past practice; and (8) comply in all material respects with
all applicable Laws; and (9) not to take or permit any action that would cause any of the changes, events, or conditions described in
Section 5.1 to occur.

 

Section
5.2         Inspection and Access to Information.

 

(a)            Subject
to compliance with applicable Law, during the period commencing on the date hereof and ending on the Closing Date, the Equity
Sellers shall cause the Company and its Subsidiaries to provide, and to instruct their respective officers, directors, employees,
counsel, accountants, representatives and agents (collectively, “Representatives”) to provide, the Purchaser and
its Representatives reasonable access, during normal business hours, without interfering with the operation of the business of the
Company and its Subsidiaries, to its premises, appropriate employees (including executive officers), properties, Contracts,
commitments, books, records and other information (including Tax Returns filed and those in preparation, which will be similar to
such return when filed) and will furnish to the Purchaser and its Representatives any and all available financial and operating data
and other information pertaining to the Company or any of its Subsidiaries, in each case, as the Purchaser and its Representatives
may reasonably request; provided, however, the Company, its Subsidiaries and their Representatives shall not be
required to provide any information that (i) it reasonably believes it may not provide to the Purchaser by reason of contractual or
legal restrictions, including applicable Laws, (ii) [Intentionally Omitted] (iii) is protected by attorney-client or other legal
privilege; provided, further, that prior to any such access or provision of information, the Purchaser must obtain
written permission therefor from the Chief Executive Officer or Chief Financial Officer, as appropriate, of the Company; and provided, further,
that such investigation shall be conducted in accordance with all applicable antitrust Laws and shall be at the Purchaser’s
sole cost and expense. In addition, the Company may designate any competitively sensitive information provided to the Purchaser
under this Agreement as being for “outside counsel only” and such information shall be given only to the outside counsel
of the Purchaser and may not be shared with the Purchaser or its Representatives (other than such outside counsel).

 

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(b)           
All information provided or obtained in connection with the Transactions will be held by the Purchaser in accordance with
the confidentiality and agreement, dated January 25, 2022, between the Purchaser and Debt Seller (the “Confidentiality Agreement”).
In the event of a conflict or inconsistency between the terms hereof and the Confidentiality Agreement, the terms hereof will govern.

 

Section
5.3         Government Filings and Approvals.

 

(a)           
Each Party promptly shall use commercially reasonable efforts to make all filings and submissions and shall take commercially
reasonable actions necessary under applicable Laws to obtain any required approval of any Governmental Entity with jurisdiction over
the Transactions.

 

(b)           
Each Party shall promptly notify the other of any written notice or other communication received by such Party from any
Governmental Entity in connection with the Transactions.

 

Section
5.4         Public Announcements. Subject
to applicable Law, each Party shall consult with the other Parties with respect to the timing and content of all announcements regarding
this Agreement or the Transactions to the financial community, customers or the general public and shall use commercially reasonable
efforts to agree upon the text of any such announcement prior to its release. The Parties agree to keep the terms of this Agreement confidential,
except to the extent and to the Persons to whom disclosure is required by applicable Law, as may be required to enforce the terms of
this Agreement or for purposes of compliance with financial reporting obligations; provided, that (a) the Parties may disclose such terms
to their respective employees, accountants, advisors and other Representatives as necessary in connection with the ordinary conduct of
their respective businesses and (b) the Parties may disclose the terms of this Agreement in order to comply with the covenants contained
herein.

 

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Section
5.5         Company Benefit Plans.

 

(a)           
 With respect to employees of the Company and its Subsidiaries (and their dependents and beneficiaries where appropriate),
(i) the Purchaser shall continue on a plan-by-plan basis to provide coverage and make all payments (including all deferred and incentive
compensation payments) required under each Company Benefit Plan identified in Section 3.14 of the Disclosure Schedule at least
through the date that is two (2) years from the date hereof and (ii) the Purchaser shall as of the Closing (A) recognize such employees’
employment service with the Company or its Subsidiaries (including credit for service with predecessor employers as currently recognized
under the applicable Company Benefit Plans) for participation, vesting and benefit eligibility purposes under any Employee Benefit Plan
that the Purchaser may provide to such employees, (B) not require such employees, in the plan year in which the Closing occurs, to satisfy
any deductible, co-payment, out of pocket maximum or similar requirement under any Employee Benefit Plan that the Purchaser may provide
to such employees to the extent of amounts previously credited for such purposes under the applicable plans of the Company and its Subsidiaries,
(C) not apply to such employees any waiting periods, pre-existing condition exclusions and requirements to show evidence of good health
contained in any Employee Benefit Plan that the Purchaser may provide to such employees to the extent waiting periods, pre-existing conditions,
exclusions and requirements were satisfied under the corresponding Company Benefit Plans and (D) honor in full all accrued but unused
vacation accrued in accordance with Company policy and recognize pre- and post-Closing service with the Company or its Subsidiaries (including
credit for service with predecessor employers as currently recognized under the applicable Company Benefit Plans) for purposes of accrual
of vacation following the Closing Date. Notwithstanding anything in this Agreement to the contrary, the Purchaser’s obligations
under this Section 5.5 shall not apply to applicable amounts that were required by GAAP to be accrued prior to the Closing under
assigned Company Benefit Plans but were not actually accrued as required.

 

(b)           
All provisions contained in this Agreement with respect to employee benefit plans or employee compensation are included
for the sole benefit of the respective Parties hereto and shall not create any right in any other Person, including any employee or former
employee of the Company or any of its Subsidiaries or any participant or beneficiary in any Company Benefit Plan. Nothing contained in
this Agreement shall be deemed to constitute an amendment to any Company Benefit Plan or any Employee Benefit Plan of the Purchaser.

 

Section
5.6         Directors’ and Officers’
Indemnification.

 

(a)            From
and after the Closing Date, but subject to Section 5.6(e) below, the Purchaser shall cause the Company to continue to
indemnify, defend and hold harmless, to the fullest extent permitted under applicable Law, the individuals who on or prior to the
Closing Date were directors, officers, employees or agents of the Company or any of its Subsidiaries against any costs or expenses
(including reasonable attorneys’ fees), judgments, fines, losses, claims, damages or liabilities incurred in connection with
any claim, action, suit, proceeding or investigation with respect to any acts or omissions by them in their capacities as such or
taken at the request of the Company or any of its Subsidiaries at any time on or prior to the Closing Date. Subject to Section
5.6(d), the Purchaser agrees that all rights of such Persons to indemnification and exculpation from liabilities for acts or
omissions occurring at or prior to the Closing Date as provided in the respective organizational documents of the Company or any of
its Subsidiaries as now in effect, and any indemnification agreements or arrangements of the Company or any of its Subsidiaries
shall survive the Closing Date and shall continue in full force and effect in accordance with their terms. Such rights shall not be
amended, or otherwise modified in any manner that would adversely affect the rights of such indemnitees unless such modification is
required by applicable Law or consistent with Section 5.6(e). Subject to Section 5.6(e), the Purchaser shall cause the
Company to pay any expenses of any such indemnitee under this Section 5.6 as incurred to the fullest extent permitted under
applicable Law, provided that the person to whom expenses are advanced provides an undertaking to repay such advances to the
extent required by applicable Law.

 

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(b)           
The Purchaser agrees that (i) the organizational documents of the Company and its Subsidiaries after the Closing shall
contain provisions with respect to indemnification and exculpation from liability that are at least as favorable to the beneficiaries
of such provisions as those provisions that are set forth in the organizational documents of the Company and its Subsidiaries, respectively,
on the date of this Agreement, which provisions shall not be amended, repealed or otherwise modified for a period of six (6) years following
the Closing Date in any manner that would adversely affect the rights thereunder of Persons who at or prior to the Closing were directors,
officers, employees or agents of the Company or any of its Subsidiaries, unless such modification is required by applicable Law or consistent
with Section 5.6(e) and (ii) all rights to indemnification as provided in any indemnification agreements with any current or former
directors, officers and employees of the Company or any of its Subsidiaries as in effect as of the date hereof with respect to matters
occurring at or prior to the Closing shall survive the Closing, subject to Section 5.6(e) below.

 

(c)           
In the event the Purchaser or the Company or any of their respective Subsidiaries, successors or assigns (i) consolidates
with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger or
(ii) transfers all or substantially all of its properties and assets to any Person, the Purchaser shall use its best efforts to ensure
that proper provisions shall be made so that the successors and assigns of the Purchaser, the Company or their respective Subsidiaries
(as applicable) assume the obligations set forth in this Section 5.6.

 

(d)           
This Section 5.6, which shall survive the Closing and shall continue for the periods specified herein, is intended
to benefit any Person or entity referenced in this Section 5.6 or indemnified hereunder, each of whom may enforce the provisions
of this Section 5.6 (whether or not parties to this Agreement). The obligations of the Purchaser and the Company under this Section
5.6 shall not be terminated or modified in such a manner as to adversely affect any indemnitee to whom this Section 5.6 applies
without the express written consent of such affected indemnitee (it being expressly agreed that the indemnities to whom this Section
5.6 applies shall be third party beneficiaries of this Section 5.6 and Section 5.6(e) shall qualify the rights of any such
third party beneficiary.

 

(e)            No
Circular Recovery. Notwithstanding anything to the contrary in this Section 5.6 or this Agreement, no Seller shall have,
or attempt to exercise or assert, any right of contribution, right of indemnity or other right or remedy against any the Company or
any of its Subsidiaries following the Closing in connection with any Liability to which any Seller may become subject under this
Agreement or the transactions contemplated hereby. Each Seller hereby agrees that no Seller will make any claim for indemnification
against the Company or any of its Subsidiaries, Purchaser or any of Purchaser’s Affiliates with respect to any claim brought
by a Purchaser or its Affiliates against any Seller relating to this Agreement or the transactions contemplated hereby.

 

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(f)            
Tail Policy. The Company shall, prior to the Closing Date, purchase “tail coverage” for the D&O
Insurance Policies (the “Tail Policy”) for the benefit of the Company and its Subsidiaries and covering the directors
and officers of the Company and its Subsidiaries as of the date hereof for a claims period of six (6) years from the Closing Date with
at least the same coverage and amounts, and containing terms and conditions that are not less advantageous to the directors and officers
of the Company and its Subsidiaries, in each case with respect to claims arising out of or relating to events which occurred on or prior
to the Closing Date (including in connection with the transactions contemplated by this Agreement).

 

Section
5.7         Tax Matters.

 

(a)           
Tax Returns. The Equity Sellers shall prepare or cause to be prepared and file or cause to be filed all Tax Returns
of, or that include, the Company or any of its Subsidiaries (including such Tax Returns filed pursuant to any valid extension of time
to file and any amendments thereto) required to be filed on or prior to the Closing Date, or, in the case of any income Tax Returns of
the Company and its Subsidiaries that relate to any taxable period ending on or before the Closing Date (“Pre-Closing Period
Tax Returns”), and the Equity Sellers shall be liable for all Taxes with respect to such Pre-Closing Period Tax Returns. Such
Pre-Closing Tax Period Returns shall be filed in a manner consistent with the past practice of the Equity Sellers, and the Company and
its Subsidiaries, unless filing on such basis is not permitted by applicable Laws related to Taxes. The Purchaser shall, at the expense
of the Company, prepare and file, or cause to be prepared and filed all other Tax Returns for Pre-Closing Periods and Straddle Periods
for the Company and its Subsidiaries and shall pay all Taxes due with respect to each such Tax Return. Such Tax Returns shall be prepared
in accordance with past practice unless otherwise required by Law. The Purchaser will deliver to the Equity Sellers a copy of each such
Tax Return filed by the Purchaser or caused to be filed by the Purchaser, at least fifteen (15) days prior to filing and will consider
all comments made by the Equity Sellers with respect thereto in good faith. The Equity Sellers shall pay its allocable share of Taxes
for the Pre-Closing Period (as apportioned under Section 5.7(b)) of the Straddle Period to Purchaser not later than ten (10) days before
the due date for the filing of such return.

 

(b)           
Straddle Period. In the case of any Straddle Period, the amount of Taxes attributable to the portion of the Straddle
Period ending on the Closing Date shall be calculated as though the taxable period of the Company and its Subsidiaries terminated as
of the close of business on the Closing Date; provided, however, that in the case of a Tax not based on income, receipts,
proceeds, profits or similar items, Taxes attributable to a Pre-Closing Period shall be equal to the amount of Tax for the entire Straddle
Period

 

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multiplied by a fraction, the numerator
of which is the total number of days from the beginning of the Straddle Period through the Closing Date and the denominator of which
is the total number of days in the Straddle Period.

 

(c)           
Amendments, Modifications, etc. After the Closing Date, the Purchaser and its Affiliates, shall not (and shall have
no right to), without the consent of the Equity Sellers, amend, modify or otherwise change any Pre-Closing Tax Return of the Company
or its Subsidiaries unless such amendment, modification or change is required by applicable Laws related to Taxes and, in the case of
any such amendment, modification or change, the Purchaser shall provide notice thereof to the Equity Sellers no later than fifteen (15)
days prior to such amendment, modification or change.

 

(d)           
Cooperation. The Purchaser and the Equity Sellers shall cooperate fully, as and to the extent reasonably requested
by the other Party, in connection with the preparation and filing of Tax Returns pursuant to this Section 5.7 and any Tax audit
or administrative or judicial proceeding or of any demand or claim on the Company or any of its Subsidiaries (“Tax Proceeding”).
Such cooperation shall include signing any Tax Returns, amended Tax Returns, claims or other documents necessary to settle any Tax Proceeding,
the retention and (upon the other Party’s request) the provision of records and information which are reasonably relevant to any
such Tax Proceeding or other proceeding and making employees available on a mutually convenient basis to provide additional information
and explanation of any material provided hereby.

 

(e)           
Refunds. Any Tax refund, credits or similar benefit (including any interest paid or credited with respect thereto)
of Taxes paid by the Company or its Subsidiaries prior to Closing shall be solely the property of the Equity Sellers, but shall be reduced
by the Purchaser for any Taxes or other reasonable costs and expenses incurred by the Company or its Subsidiaries in connection with
claiming or receiving such refund, credit or similar benefit. All other Tax refunds, credits or similar benefits of the Company or any
of its Subsidiaries shall be solely the property of the Purchaser. The Purchaser shall, if the Equity Sellers so request, cause the Company
to file for, and use its reasonable best efforts to obtain and expedite the receipt of, any refund, credit, or similar benefit to which
the Equity Sellers are entitled under this Section 5.7(e), and the Purchaser shall permit the Equity Sellers to participate in
the prosecution of any such refund claim. If received by the Purchaser or the Company, any amounts payable to the Equity Sellers pursuant
to this Section 5.7(e) shall be paid, within ten (10) days after receipt or entitlement thereto, to the Equity Sellers. For purposes
of this Section 5.7(e), any Tax refund, credit or similar benefit (including any interest paid or credited with respect thereto)
for a Straddle Period shall be allocated between the pre-Closing portion of the Straddle Period and the post-Closing portion of the Straddle
Period in accordance with the allocation principles set forth in Section 5.7(b).

 

(f)            
Documentation. The Purchaser and the Equity Sellers further agree, upon request from the other Party, to use their
commercially reasonable efforts to obtain any certificate or other document from any Governmental Entity or any other Person as may be
necessary to mitigate, reduce or eliminate any Tax that could be imposed (including, but not limited to, with respect to the Transactions).

 

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(g)           
 Transfer Taxes. Any sales, use, real estate transfer, stock transfer or similar transfer Tax (“Transfer
Taxes”) payable in connection with the Transactions shall be borne by the Purchaser.

 

(h)           
Certain Conventions for Determining Taxes. The Parties agree for purposes of preparing Tax Returns of the Company
and its Subsidiaries, to use the following conventions and procedures:

 

(i)            
All Tax deductions arising as a result of the Closing of the Transactions shall be allocated to the Pre-Closing Period
portion of a Straddle Period to the greatest extent permitted by applicable Laws related to Taxes.

 

(ii)          
Any gains, income, deductions, losses or other items resulting from any transactions outside of the Ordinary Course occurring
and not pursuant to this Agreement on the Closing Date, but after the Closing, shall be treated as having occurred at the beginning of
the day immediately following the Closing Date and shall be reported on the Tax Returns of Purchaser or its Affiliates rather than Tax
Returns of Equity Sellers.

 

(i)            
Tax Sharing Agreements. All Tax sharing agreements or similar agreements with respect to or involving the Company
or its Subsidiaries shall be terminated as of the Closing Date and, after the Closing Date, no such party shall be bound thereby or have
any liability thereunder.

 

(j)            
Tax Indemnification. Sellers shall indemnify the Company, Purchaser (including its affiliates) and hold them harmless
from and against all income Taxes of the Company and its Subsidiaries and all income Taxes relating to the business of the Company and
its Subsidiaries, in each case, for all Pre-Closing Periods, together with any out-of-pocket fees and expenses (including attorneys’
and accountants’ fees) incurred in connection therewith. Sellers shall reimburse Purchaser for any Taxes of the Company that are
the responsibility of Sellers pursuant to this Section 5.7 within five (5) Business Days after payment of such Taxes by Purchaser
or the Company.

 

(k)           
Reserved.

 

(l)             Allocation
of Purchase Price. The Purchaser shall deliver to the Equity Sellers, within ninety (90) days after the Closing Date, a schedule
(the “Allocation Schedule”) allocating the Purchase Price, including the assumption of the Company liabilities,
assumed by the Purchaser, among the assets of the Company. The Allocation Schedule will be prepared in accordance with Section 1060
of the Code and the Treasury Regulations thereunder. The Equity Sellers may dispute any amounts reflected on the Allocation Schedule
by providing written notice to the Purchaser of the disputed items, and setting forth in reasonable detail the basis of such
dispute, within thirty (30) days following receipt of the Allocation Schedule. The Equity Sellers and the Purchaser shall use good
faith efforts to resolve any dispute, but if the Parties are unable to resolve any dispute within thirty (30) calendar days, they
shall not be required to reach agreement, and each Party shall file its respective Tax Returns in accordance with such allocation as
it determines to be correct and consistent with applicable Law.

 

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Section
5.8         Retention of Books and Records.
The Purchaser shall cause the Company and its Subsidiaries to retain all books, ledgers, files, reports, plans, operating records and
any other material documents pertaining to the Company and its Subsidiaries in existence at the Closing that are required to be retained
under current retention policies for a period of seven (7) years from the Closing Date, and to make the same available after the Closing
for inspection and copying by Seller or its Representatives at the Equity Sellers’ expense, during regular business hours and upon
reasonable request and upon reasonable advance notice.

 

Section
5.9         Contact with Customers and Suppliers.
Until the Closing Date, the Purchaser shall not, and shall cause its Representatives not to, contact or communicate with the employees,
customers, suppliers, distributors or licensors of the Company, the Company’s Subsidiaries, or any other Persons having a business
relationship with the Company or the Company’s Subsidiaries concerning the Transactions or any of the foregoing relationships without
the prior written consent of the Equity Sellers.

 

Section
5.10      R&W Insurance Policy. The Purchaser shall have
the option (but not any obligation) to purchase a representation and warranty insurance policy (the “R&W Insurance Policy”)
in form and substance reasonably satisfactory to the Purchaser, provided that the cost and expense of such R&W Insurance Policy shall
be paid in full by the Purchaser.

 

Section
5.11      AXA Trademarks. Following the Closing Date, Purchaser
agrees to refrain from, and agrees to cause the Company to refrain, from using any trade names, logos, slogans, designs, trade dress,
common law trademarks and service marks, trademark and service mark owned by Debt Seller or any of its Affiliates without the express
written consent of Debt Seller or its Affiliates, as applicable.

 

Section
5.12      Restrictions on the Seller.

 

(a)           
The Equity Sellers agree that they and their Subsidiaries will not, for a period of twelve (12) months from the Closing
Date, directly or indirectly, engage in any Competing Activity.

 

(b)           
Notwithstanding anything to the contrary contained herein, nothing contained in this Agreement shall preclude or restrict
the Equity Sellers from:

 

(i)            
holding any shares or interest, directly or indirectly, in any business, person, or group of persons and/or carrying on
any business in the same scope as currently carried on by the Equity Sellers or their Subsidiaries, in each case, as of the date hereof;

 

(ii)          
purchasing or holding for passive investment purposes (but, without restriction to actions that may be necessary in the
event of a subsequent distress in the asset), by the investment or asset management operations of the Equity Sellers or any of their
Subsidiaries (including where investing on behalf of clients), the equity or debt of any entity listed in the definition of Competing
Activity.

 

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(iii)         
 purchasing or acquiring any business, person, or group of persons (whether by merger, share purchase or purchase of assets
or otherwise) that holds shares in any entity listed in the definition of Competing Activity, provided that either (A) such entity accounts
for no more than twenty percent (20%) of the business’s or person’s total revenues (on a consolidated basis, if applicable)
during the twelve (12) months immediately preceding the acquisition of such business or persons(s); or (B) the purchase or acquisition
relates to not more than five percent (5%) of the ownership of that business or person;

 

(iv)         
entering into insurance and reinsurance contracts;

 

(v)           
holding five percent (5%) or less of the issued shares of any company whose shares are publicly traded; and’

 

(vi)         
engaging in any Excluded Activities.

 

(c)           
If the Equity Sellers or any of their Subsidiaries acquire a business, Person or group of Persons with revenues that exceed
the limitations set out in Section 5.12(b)(iii), provided that such relevant entity listed in the definition of Competing Activity
does not account for more than forty percent (40%) of the business’s or Person’s total revenues (on a consolidated basis,
if applicable) during the twelve (12) months immediately preceding the acquisition of such business or Person(s), the Equity Sellers
or their Subsidiaries, as applicable, shall exercise commercially reasonable efforts to either divest such interests or cease the activities
in order to comply with Section 5.12(b)(iii), in each case such that such divestment or cessation of activities is completed within
eighteen (18) months from the date of such acquisition, and provided further that such acquisition and divestiture shall not result in
the Equity Sellers or their Subsidiaries, as applicable, being in breach of Section 5.12(a).

 

Section
5.13      Transaction Bonuses. The Purchaser shall cause
the Company to pay the Transaction Bonuses no later than ten (10) Business Days following the Closing Date, provided that Purchaser received
the Closing Cash on the Closing Date in an amount equal to or exceeding the Target Closing Cash.

 

ARTICLE
VI

CONDITIONS TO CLOSING

 

Section
6.1         Conditions to Each Party’s Obligations.
The respective obligations of each Party to effect the Transactions shall be subject to the following conditions, any of which, if not
fulfilled, may, with respect to such Party only, be waived by that Party:

 

(a)           
[Intentionally Omitted].

 

(b)            Injunction.
There shall be no Law enacted, adopted, promulgated or enforced, or any ruling, judgment, injunction, order or decree of any
Governmental Entity having competent jurisdiction in effect that makes consummation of the Transactions illegal or otherwise
prohibited on substantially the terms contemplated by this Agreement; provided, however, that the Parties shall have
used commercially reasonable efforts to resist, resolve or lift, as applicable, any such Law, ruling, judgment, injunction, order or
decree.

 

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Section
6.2         Conditions to Obligations of the Purchaser.
The obligations of the Purchaser to consummate the Transactions shall be subject to the fulfillment at or prior to the Closing of each
of the following additional conditions, any of which, if not fulfilled, may be waived by the Purchaser:

 

(a)           
Representations and Warranties. The representations and warranties of the Sellers contained in ARTICLE III
of this Agreement that are qualified as to materiality, Material Adverse Effect or words of similar import shall be true and correct
in all respects, and those not so qualified shall be true and correct in all material respects, in each case, as of the Closing Date
as if made on and as of the Closing Date, except for those representations and warranties that are made only as of a specific date, which
representations and warranties shall have been true and correct in all material respects or true and correct in all respects, as the
case may be, as of such specified date, and in all cases, except (i) where the failure of such representations and warranties to be true
and correct result in a Material Adverse Effect and (ii) for changes after the date of this Agreement that are contemplated or expressly
permitted by this Agreement.

 

(b)           
Performance of Obligations of the Sellers. The Sellers shall have performed in all material respects all covenants
and agreements required to be performed by them hereunder prior to the Closing, including payment of all Transaction Expenses of the
Company and its Subsidiaries and the Sellers (to the extent the Company or any of its Subsidiaries are responsible for the payment thereof).

 

(c)           
Closing Certificate. The Sellers shall have delivered, or caused to be delivered, to the Purchaser a certificate
executed by the Company as to compliance with the conditions set forth in Section 6.2(a) and Section 6.2(b) of this Agreement.

 

(d)           
Ancillary Documents. The Sellers shall have delivered, or caused to be delivered, to the Purchaser the documents
listed in Section 7.2 hereof.

 

(e)           
Balance Sheet Cash. Balance Sheet Cash shall be held in the Company’s Bank Accounts, which cash shall not
be restricted pursuant to any contractual obligations of the Company and shall be available for use by Purchaser in the operation of
the Company at Closing.

 

Section
6.3         Conditions to Obligations of the Sellers.
The obligations of the Sellers to consummate the Transactions shall be subject to the fulfillment at or prior to the Closing of each
of the following additional conditions, any of which, if not fulfilled, may be waived by the Sellers:

 

(a)            Representations
and Warranties. The representations and warranties of the Purchaser contained in ARTICLE IV of this Agreement that are
qualified as to materiality or words of similar import shall be true and correct in all respects, and those not so qualified shall
be true and correct in all material respects, in each case, as of the Closing Date as if made on and as of the Closing Date, except
for those representations and warranties that are made only as of a specific date, which representations and warranties shall have
been true and correct in all material respects or true and correct in all respects, as the case may be, as of such specified date,
and in all cases, except where the failure of such representations and warranties to be true and correct would not reasonably be
expected to result in a material adverse effect on the Purchaser’s ability to consummate the Transactions.

 

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(b)           
Performance of Obligations by the Purchaser. The Purchaser shall have performed in all material respects all covenants
and agreements required to be performed by them hereunder prior to the Closing.

 

(c)           
Closing Certificate. The Purchaser shall have delivered, or caused to be delivered, to the Company a certificate
of any authorized officer of the Purchaser as to compliance with the conditions set forth in Section 6.3(a) and Section 6.3(b)
of this Agreement.

 

(d)           
Ancillary Documents. The Purchaser shall have delivered, or caused to be delivered, to the Company the documents
listed in Section 7.3 hereof.

 

(e)           
Payments. All payments required to be made by the Purchaser on or prior to the Closing Date hereunder shall have
been delivered by the Purchaser pursuant to the terms of this Agreement.

 

Section
6.4         Frustration of Closing Conditions.
Neither of the Sellers nor the Purchaser may rely, either as a basis for not consummating the Transactions or for terminating this Agreement
and abandoning the Transactions, on the failure of any condition set forth in Section 6.1, Section 6.2 or Section 6.3,
as the case may be, to be satisfied if such failure was caused by such Party’s breach of any provision of this Agreement or failure
to use commercially reasonable efforts to consummate the Transactions.

 

ARTICLE
VII

CLOSING

 

Section
7.1         Closing. Unless this Agreement
shall have been terminated in accordance with Section 8.1, the Closing shall occur on the third (3rd) Business Day
after all of the conditions set forth in ARTICLE VI (other than conditions which by their terms are required to be satisfied or waived
at Closing) shall have been satisfied or waived by the Party entitled to the benefit of the same, or at such other time and on a date
as agreed to by the Parties (such date, the “Closing Date”). The Closing shall take place either through electronic exchange
of transaction documents or at such other place as the Parties may agree.

 

Section
7.2         Closing Deliverables of the Sellers.
At the Closing, the Sellers shall deliver, or cause to be delivered, to the Purchaser the following:

 

(a)           
the certificate required by Section 6.3(c) hereof;

 

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(b)           
 an assignment agreement (the “Assignment Agreement”) in the form attached hereto as Exhibit 3
signed by the Debt Seller, the Company, and Purchaser authorizing the transfer and assignment of the AXA Note to the Purchaser;

 

(c)           
in the case of the Equity Sellers, a duly executed IRS Form W-9, and in the case of the Debt Seller, a duly executed IRS
Form W-8BEN from each Seller pursuant to Treasury Regulations Section 1.1445-2(b) certifying that Seller is not a foreign person subject
to withholding under Section 1445 of the Code and the Treasury Regulations promulgated thereunder and (B) a certificate from Seller pursuant
to Section 1446(f) of the Code certifying that Seller is not a foreign person;

 

(d)           
certificates, if any, representing the Units, endorsed in blank (or accompanied by stock powers executed in blank) and
otherwise in proper form for transfer;

 

(e)           
documentation satisfactory to the Purchaser evidencing that the Balance Sheet Cash is held in the Company’s Bank
Accounts, which cash shall not be restricted pursuant to any contractual obligations of the Company and shall be available for use by
Purchaser in the operation of the Company at Closing; and

 

(f)            
documentation satisfactory to the Purchaser evidencing that the lease agreement for the Company’s residential lease
for the benefit of Franck Brice (“Mr. Brice”), dated October 25, 2019 (the “Chicago Lease”), has
been either terminated or assigned to Mr. Brice, such that the Company has no liability with respect to the Chicago Lease following Closing.

 

Section
7.3         Purchaser Closing Deliverables.
At the Closing, the Purchaser shall deliver, or cause to be delivered, to the Sellers the following:

 

(a)           
the Closing Payment to be paid at Closing pursuant to Section 2.4(a) hereof paid and delivered in accordance with
such section;

 

(b)           
the payments to be paid at Closing pursuant to Section 2.4(b) hereof paid and delivered in accordance with such
section;

 

(c)           
the Assignment Agreement duly executed by the Purchaser; and

 

(d)           
the certificate required by Section 6.2(c) hereof.

 

ARTICLE
VIII

TERMINATION

 

Section
8.1         Termination. This Agreement may
be terminated and the Transactions abandoned at any time prior to the Closing Date:

 

(a)           
in writing by mutual consent of the Debt Seller and the Purchaser;

 

(b)            by
written notice from the Sellers to the Purchaser or the Purchaser to the Sellers, as the case may be, in the event the Closing has
not occurred before January 31, 2023 (the “End Date”); provided, however, that such date shall be
extended by any Party (by written notice) for an additional ninety (90) days in the event that all conditions to Closing other than
those set forth in Section 6.1(b) have been or are reasonably capable of being satisfied at the time of such extension (other
than conditions that by their nature are to be satisfied by actions taken at the Closing); provided, further, that the
right to terminate this Agreement under this Section 8.1(b) shall not be available to any Party whose breach of any provision
of this Agreement has caused or resulted in the failure of the Transactions to occur on or before the End Date;

 

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(c)           
by written notice from the Sellers to the Purchaser or the Purchaser to the Sellers, as the case may be, if the consummation
of the Transactions is permanently enjoined, prohibited or otherwise restrained by the terms of a final, non-appealable order or judgment
of a court of competent jurisdiction;

 

(d)           
by written notice from the Sellers to the Purchaser, in the event the Purchaser (i) fails to perform in any material respect
any of their agreements or covenants contained herein required to be performed by them at or prior to the Closing or (ii) breaches any
of their representations and warranties contained herein, which failure or breach would result in the failure of either of the closing
conditions specified in Section 6.3(a) or Section 6.3(b), and which failure or breach, if capable of being cured, is not
cured by the earlier of the End Date or within thirty (30) days following the Sellers having notified the Purchaser of its intent to
terminate this Agreement pursuant to this Section 8.1(d); or

 

(e)           
by written notice from the Purchaser to the Sellers, in the event the Sellers (i) fail to perform in any material respect
any of its agreements or covenants contained herein required to be performed by it at or prior to the Closing or (ii) breach any of their
representations and warranties contained herein, which failure or breach would result in the failure of either of the closing conditions
specified in Section 6.2(a)  or Section 6.2(b), and which failure or breach, if capable of being cured, is not cured by
the earlier of the End Date or within thirty (30) days following the Purchaser having notified the Sellers of its intent to terminate
this Agreement pursuant to this Section 8.1(e).

 

Section
8.2         Procedures and Effect of
Termination Any Party desiring to terminate this Agreement pursuant to Section 8.1 shall give written notice of such
termination to the other Party or Parties, as the case may be, specifying the subsection of Section 8.1 pursuant to which the
termination is being made and the facts constituting the basis for such termination. If the Transactions are terminated as provided
herein, (a) the Purchaser shall return all documents and other material received from the Sellers, the Company, its Subsidiaries or
any of their respective Representatives relating to the Transactions, whether obtained before or after the execution hereof and (b)
all Confidential Information received by the Purchaser with respect to the business of the Company or its Subsidiaries shall be
treated in accordance with the terms of the Confidentiality Agreement, which shall remain in full force and effect notwithstanding
the termination of this Agreement. In the event of termination of this Agreement pursuant to this ARTICLE VIII, this Agreement shall
forthwith become void and there shall be no obligation or liability on the part of any Party or its partners, officers, directors or
stockholders, except for (i) obligations under ARTICLE I (Definitions; Construction), Section 5.2(b) (Confidentiality), Section
5.4 (Public Announcements), ARTICLE X (Miscellaneous Provisions) and this Section 8.2, all of which shall survive the
termination of this Agreement and (ii) liability of the Sellers or the Purchaser, as the case may be, for any intentional and
willful breach of this Agreement occurring prior to such termination. For purposes of clarification, the Parties agree that if (A)
the Purchaser does not close the Transactions in circumstances in which the closing conditions set forth in Section 6.1 and Section
6.2 have been satisfied or waived; or (B) the Sellers do not close the Transactions in circumstances in which the closing
conditions set forth in Section 6.1 and Section 6.3 have been satisfied or waived, such election shall be deemed to be
a willful breach of this Agreement by such Party, and the other Parties shall retain all other rights and remedies against the
breaching Party relating to such willful breach, including specific performance of this Agreement pursuant to Section 10.15
and recovery of monetary damages.

 

    45

     

    

 

ARTICLE
IX

ADDITIONAL AGREEMENTS

 

Section
9.1         No Other Representations.
EXCEPT IN RESPECT OF FRAUD AS DEFINED HEREIN, THE PURCHASER SPECIFICALLY ACKNOWLEDGES AND AGREES THAT EXCEPT FOR THE EXPRESS
REPRESENTATIONS AND WARRANTIES CONTAINED IN ARTICLE III OR IN ANY INSTRUMENT OR CERTIFICATE DELIVERED PURSUANT TO THIS AGREEMENT (IN
EACH CASE, AS MODIFIED BY THE DISCLOSURE SCHEDULE): (I) NONE OF THE SELLERS, THE COMPANY OR ANY OF THEIR RESPECTIVE SUBSIDIARIES
MAKES, OR HAS MADE (OR HAS AUTHORIZED ANY PERSON TO MAKE ON ITS BEHALF), ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WITH
RESPECT TO ANY OF THE SELLERS, THE COMPANY OR THEIR RESPECTIVE SUBSIDIARIES OR THE TRANSACTIONS OR THE SELLER ANCILLARY DOCUMENTS;
AND (II) THE SELLERS, THE COMPANY AND THEIR RESPECTIVE SUBSIDIARIES EACH DISAVOWS AND DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES,
EXPRESS OR IMPLIED, AND ALL LIABILITIES AND RESPONSIBILITIES FOR ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY, PROJECTION,
FORECAST, STATEMENT, OR INFORMATION, IN EACH CASE WITH RESPECT TO THE SELLERS, THE COMPANY OR THEIR RESPECTIVE SUBSIDIARIES OR THE
TRANSACTIONS OR THE SELLER ANCILLARY DOCUMENTS, MADE, COMMUNICATED, OR FURNISHED (ORALLY OR IN WRITING) TO THE PURCHASER, ITS
AFFILIATES OR ANY OF THEIR RESPECTIVE REPRESENTATIVES (INCLUDING ANY OPINION, INFORMATION, PROJECTION, OR ADVICE THAT MAY HAVE BEEN
OR MAY BE PROVIDED TO THE PURCHASER, ITS AFFILIATES OR ANY OF ITS OR THEIR RESPECTIVE REPRESENTATIVES) WHETHER MADE BY THE SELLERS,
THE COMPANY, ANY OF THEIR RESPECTIVE AFFILIATES, ANY OF THEIR RESPECTIVE REPRESENTATIVES, OR ANY OTHER PERSON. THE PURCHASER
ACKNOWLEDGES THAT IT HAS CONDUCTED TO ITS SATISFACTION ITS OWN INDEPENDENT INVESTIGATION OF THE CONDITION, OPERATIONS AND BUSINESS
OF THE COMPANY AND ITS SUBSIDIARIES AND, IN MAKING ITS DETERMINATION TO PROCEED WITH THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT
AND IN THE SELLER ANCILLARY DOCUMENTS, THE PURCHASER HAS RELIED ON THE RESULTS OF ITS OWN INDEPENDENT INVESTIGATION. IN FURTHERANCE
OF THE FOREGOING, AND NOT IN LIMITATION THEREOF, THE PURCHASER SPECIFICALLY ACKNOWLEDGES AND AGREES THAT NONE OF THE SELLERS, THE
COMPANY OR ANY OF ITS SUBSIDIARIES MAKES, OR HAS MADE (OR HAS AUTHORIZED ANY PERSON TO MAKE ON ITS BEHALF), ANY REPRESENTATION OR
WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO: (A) ANY FINANCIAL PROJECTION OR FORECAST DELIVERED OR OTHERWISE MADE AVAILABLE TO THE
PURCHASER, ITS AFFILIATES OR ANY OF THEIR RESPECTIVE REPRESENTATIVES, WHETHER BEFORE, ON OR AFTER THE DATE HEREOF; OR (B) THE
HISTORICAL, PRESENT OR FUTURE PROFITABILITY, OR THE PROBABLE SUCCESS OR FUTURE PROFITABILITY OF THE COMPANY OR ITS SUBSIDIARIES.

 

    46

     

    

 

Section
9.2         Survival.

 

(a)           
The (i) Seller Fundamental Representations and Purchaser Fundamental Representations, and the indemnification obligations
of the applicable Indemnifying Parties with respect thereto, shall survive until April 1, 2024, and (ii) Seller’s representations
and warranties under Section 3.13 (Tax Returns; Taxes) shall survive until 60 days after the expiration of the applicable statute
of limitations, in all cases subject to the terms and conditions of this ARTICLE IX, provided that  claims arising from Fraud
on the part of a party hereto in connection with the transactions contemplated by this Agreement shall survive indefinitely.

 

(b)           
None of the covenants, agreements and other obligations contained in this Agreement, and the indemnification obligations
of the applicable Indemnifying Parties with respect thereto shall survive the Closing other than those covenants, agreements and other
obligations that by their terms contemplate performance after Closing, and each such surviving covenant, agreement and other obligation
shall survive the Closing for the period contemplated by its terms.

 

(c)           
Except with respect to claims arising from Fraud on the part of a party hereto in connection with the transactions contemplated
by this Agreement, no Indemnifying Party shall be liable for any Losses with respect to the matters set forth in this ARTICLE IX
unless a claim is timely asserted prior to the expiration of the survival period specified in this ARTICLE IX; provided,
however, if a notice of a claim is timely given under this ARTICLE IX then such indemnification obligation shall continue
to survive past expiration of such survival period until such claim has been satisfied or otherwise resolved as provided in this ARTICLE
IX.

 

Section
9.3         Indemnification Rights of the Purchaser
Indemnified Parties. Subject to the other provisions in this ARTICLE IX, the Sellers shall indemnify, defend and hold harmless the
Purchaser and its Affiliates (which following the Closing shall include the Company and its Subsidiaries) and each of their respective
officers, directors, employees, agents, equity holders or the successors and assigns of the foregoing (collectively, the “Purchaser
Indemnified Parties” and each, a “Purchaser Indemnified Party”) for all Losses suffered, sustained or incurred by any
Purchaser Indemnified Party, whether in respect of Third Party Claims, claims between the Parties hereto or otherwise resulting from:

 

(a)           
any breach of the Seller Fundamental Representations;

 

    47

     

    

 

(b)           
 any breach by the Sellers of any covenant, agreement or obligation of the Seller contained in this Agreement;

 

(c)       (i)
any breach or violation of, or failure to fully perform, any covenant, agreement, undertaking, or obligation in Section 5.7 and
(ii) Taxes indemnified under Section 5.7(j); and

 

(c)           
the 2017-2019 federal audit of AXA US Holdings, Inc. and its Subsidiaries.

 

Section
9.4         Indemnification Rights of the Seller
Indemnified Parties. After the Closing and subject to the limitations set forth in this ARTICLE IX, the Purchaser shall defend and
hold harmless the Seller and its Affiliates and each of their respective officers, directors, employees, agents, equity holders or the
successors and assigns of the foregoing (collectively, the “Seller Indemnified Parties” and each a “Seller Indemnified
Party”) for all Losses suffered, sustained or incurred by any Seller Indemnified Party, whether in respect of Third Party Claims,
claims between the Parties hereto or otherwise resulting from:

 

(a)           
any breach of the Purchaser Fundamental Representations; and

 

(b)           
any breach by the Purchaser or the Company of any covenant, agreement or obligation of the Purchaser or the Company contained
in this Agreement that is to be performed after the Closing.

 

Section
9.5         Certain Indemnification Limitations.

 

(a)           
The Purchaser Indemnified Parties shall not be entitled to recover for claims made under Section 9.3(a) until the
total amount of Losses which the Purchaser Indemnified Parties would recover under Section 9.3(a) exceeds an aggregate amount
equal to Two Hundred and Twenty-One Thousand Dollars ($221,000) (the “Deductible”), in which event the Sellers (on
a joint and several basis) shall be required to pay or be liable for all such Losses from the first dollar; provided, that each
Indemnifiable Damage will be subject to an individual Fifty Thousand Dollar ($50,000) threshold (it being understood that a series of
related Losses may be aggregated), below which such claims may not be brought.

 

(b)            The
maximum aggregate amount of indemnification that the Purchaser Indemnified Parties may receive to satisfy claims under Section
9.3 shall be Two Million Dollars ($2,000,000) (the “Indemnification Cap”). NOTWITHSTANDING ANYTHING TO THE
CONTRARY IN THIS AGREEMENT, UNDER NO CIRCUMSTANCES WILL THE SELLER NOR ANY OTHER PERSON BE LIABLE FOR CLAIMS MADE UNDER Section
9.3 (OTHER THAN WITH RESPECT TO CLAIMS ARISING FROM FRAUD AS DEFINED HEREIN) FOR ANY LOSSES THAT EXCEED, IN THE AGGREGATE, THE
INDEMNIFICATION CAP, AND THE PURCHASER INDEMNIFIED PARTIES’ SOLE AND EXCLUSIVE SOURCE FOR BREACH OF THIS AGREEMENT, INCLUDING
PURSUANT TO ANY INDEMNIFICATION UNDER Section 9.3 OR ANY OTHER PROVISION OF THIS AGREEMENT (OTHER THAN CLAIMS ARISING FROM
FRAUD AS DEFINED HEREIN), SHALL BE, AND BE LIMITED TO, THE INDEMNIFICATION CAP SUCH THAT THE SELLER SHALL NOT NOR SHALL ANY OTHER
PERSON HAVE ANY DIRECT OR PERSONAL LIABILITY TO ANY PURCHASER INDEMNIFIED PARTY FOR CLAIMS MADE PURSUANT TO Section 9.3 OR OF
THIS AGREEMENT.

 

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(c)           
Each Person that may be entitled to indemnification hereunder shall take all reasonable steps to mitigate its Losses after
becoming aware of any event which could reasonably be likely to give rise to any Losses that are indemnifiable or recoverable hereunder
or in connection herewith. The Purchaser and the Seller agree that in the event of any breach giving rise to an indemnification obligation
under this ARTICLE IX, the Person who is entitled to seek indemnity under any provision of this Agreement (the “Indemnified
Party”), at the sole cost and expense of the Person from whom indemnity is entitled to be sought under any provision of this
Agreement (the “Indemnifying Party”), shall and shall cause its Affiliates to reasonably cooperate with the Indemnifying
Party and to take all reasonable measures requested by such Indemnifying Party, to mitigate the Losses of the related breach (including
taking steps to prevent any contingent liability from becoming an actual liability). No Indemnifying Party shall be liable for any Losses
to the extent that such Losses suffered by any Indemnified Party (i) result from any act or omission by such Indemnified Party, (ii)
result from the failure of such Indemnified Party to take reasonable and prudent action, if appropriate under the circumstances, to mitigate
such Losses, or (iii) are reflected in the Closing Date Net Working Capital.

 

(d)           
Payments by an Indemnifying Party pursuant to Section 9.3 in respect of any Losses shall be reduced by an amount
equal to any Tax Benefit realized or reasonably expected to be realized as a result of the incurrence of such Losses by the Indemnified
Party.

 

(e)           
If any Losses sustained by an Indemnified Party are covered by an insurance policy or an indemnification, contribution
or similar obligation of another Person, such Indemnified Party shall use commercially reasonable efforts to collect (or cause to be
collected) such insurance proceeds or indemnity, contribution or similar payments. If such payments are received before an Indemnified
Party is indemnified with respect to such Losses hereunder, such Losses shall be reduced by the amount of such payment. If such payments
are received after an Indemnified Party is indemnified and held harmless with respect to some or all of such Losses, the Indemnified
Party shall pay to the Indemnifying Party the lesser of (i) the amount of such payment and (ii) the amount paid by the Indemnifying Party
with respect to such Losses. If any Indemnified Party receives payment under this ARTICLE IX on account of a claim that the Indemnifying
Party believes in good faith is covered by an insurance policy or an indemnification, contribution or similar obligation of another Person,
the Indemnified Party shall or shall cause, on written request of the Indemnifying Party, an assignment to the extent assignable, of
the rights under such insurance policy or indemnification, contribution or similar obligation with respect to such claim to the Indemnifying
Party.

 

(f)             No
Purchaser Indemnified Party shall have a right to claim that the Seller is liable under this ARTICLE IX for any Losses based upon or
arising out of any alleged breach of any of the representations or warranties of the Company contained in this Agreement if the
Purchaser had actual knowledge of the facts underlying such alleged breach at any time on or prior to the date hereof.

 

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(g)           
Notwithstanding the foregoing, the indemnification limitations set forth in this Section 9.5 shall not apply to
any claims arising from Fraud on the part of a party hereto in connection with the transactions contemplated by this Agreement.

 

Section
9.6         Notice and Procedure.

 

(a)           
Notice. In the event that any Actions are instituted by a third party or any claim or demand is asserted or threatened
against an Indemnified Party by a third party, in each case for which an Indemnifying Party may have liability to an Indemnified Party
hereunder (a “Third Party Claim”), such Indemnified Party shall promptly, but in no event more than fifteen (15) days,
following such Indemnified Party’s receipt of a Third Party Claim, notify the Indemnifying Party in writing and in reasonable detail,
to the extent available, of such Third Party Claim (a “Claim Notice”); provided, however, that the failure
to give a timely Claim Notice shall affect the rights of an Indemnified Party hereunder only if and to the extent that such failure has
a prejudicial effect on the defenses or other rights available to the Indemnifying Party with respect to such Third Party Claim. The
Indemnifying Party shall have thirty (30) days (or such lesser number of days set forth in the Claim Notice as may be required by court
proceeding in the event of a litigated matter) after receipt of the Claim Notice (the “Notice Period”) to notify the
Indemnified Party that it desires to defend the Indemnified Party against such Third Party Claim. The Claim Notice shall (i) state that
the Indemnified Party has incurred, or reasonably and in good faith expects to incur, Losses for which such Indemnified Party is entitled
to indemnification pursuant to this Agreement; (ii) specify in reasonable detail, to the extent available, the nature of such Third Party
Claim; and (iii) contain a reference to the provisions of this Agreement in respect of which such right of indemnification is claimed
or arises. Thereafter, the Indemnified Party shall deliver to the Indemnifying Party, promptly following the Indemnified Party’s
receipt of such Claim Notice, copies of all notices and documents (including court papers and excluding all internally prepared documents
or documents prepared by counsel or other representatives of the Indemnified Party) received by the Indemnified Party relating to the
Third Party Claim.

 

(b)            Defense
of Third Party Claims by Indemnifying Party. In the event that the Indemnifying Party notifies the Indemnified Party within the
Notice Period that it desires to defend the Indemnified Party against a Third Party Claim, (i) the Indemnifying Party shall have the
right to defend the Indemnified Party by appropriate proceedings and shall have the power to direct and control such defense, with
counsel of its choosing, at its expense (which choice of counsel shall be subject to the Indemnified Party’s prior written
consent, not to be unreasonably withheld), (ii) the Indemnifying Party shall use commercially reasonable efforts to defend
diligently such Third Party Claim and (iii) the Indemnified Party, prior to the period in which the Indemnifying Party assumes the
defense of such matter, may take such reasonable actions to preserve any and all rights with respect to such matter, without such
actions being construed as a waiver of the Indemnified Party’s rights to defense and indemnification pursuant to this
Agreement, but with such actions not being determinative of the amount of any Losses. Once the Indemnifying Party has duly assumed
the defense of a Third Party Claim, the Indemnified Party shall have the right, but not the obligation, to participate in any such
defense and to employ separate counsel of its choosing (at the expense of the Indemnified Party); provided, however,
that such Indemnified Party shall be entitled to participate in any such defense with separate counsel at the reasonable expense of
the Indemnifying Party if, in the reasonable opinion of counsel to the Indemnified Party, a conflict or potential conflict exists
between the Indemnified Party and the Indemnifying Party that would make such separate representation advisable; and provided, further,
that the Indemnifying Party shall not be required to pay for more than one such counsel for all Indemnified Parties in connection
with any Third Party Claim.

 

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(c)           
Defense of Third Party Claims by Indemnified Party. Notwithstanding anything in Section 9.6(b) to the contrary,
if a Third Party Claim (i) seeks relief that would reasonably be anticipated to result in the imposition of a consent order, injunction
or decree, in any case that would materially restrict the future activity or conduct of the Indemnified Party or any of its Affiliates
or (ii) is brought by a Governmental Entity claiming a finding or admission of a violation of Law, then, in each such case, the Indemnified
Party shall be entitled to contest and defend, and subject to Section 9.6(e), compromise and settle such Third Party Claim in
the first instance; provided that if the Indemnified Party does not contest, defend, compromise or settle such Claim, the Indemnifying
Party shall then have the right to contest and defend, and subject to Section 9.6(e), settle or compromise such Third Party Claim.
If the Indemnified Party has duly assumed the defense of a Third Party Claim, the Indemnifying Party shall have the right, but not the
obligation, to participate in any such defense and to employ separate counsel of its choosing (at the expense of the Indemnifying Party).
If the Indemnifying Party (i) does not elect to defend the Indemnified Party against a Third Party Claim, whether by not giving the Indemnified
Party timely notice of its desire to so defend or otherwise (unless the Indemnifying Party has disputed its liability with respect to
such claim) or (ii) after assuming the defense of a Third Party Claim, fails to take commercially reasonable steps necessary to defend
diligently such Third Party Claim within thirty (30) days (or such lesser number of days set forth in the Claim Notice as may be required
by court proceeding in the event of a litigated matter) after receiving written notice from the Indemnified Party to the effect that
the Indemnifying Party has so failed, the Indemnified Party shall have the right but not the obligation to assume such defense and shall
have the sole power to direct and control such defense, with counsel of its choosing, at the expense of the Indemnifying Party; it being
understood that the Indemnified Party’s right to indemnification for a Third Party Claim shall not be adversely affected by assuming
the defense of such Third Party Claim. If the Indemnifying Party has disputed its liability with respect to such Third Party Claim, the
Indemnifying Party and the Indemnified Party will proceed in good faith to negotiate a resolution of such dispute.

 

(d)            Cooperation.
The Indemnified Party and the Indemnifying Party shall cooperate in the conduct of the defense of a Third Party Claim, including by
retaining records and information that are reasonably relevant to such Third Party Claim and providing reasonable access to each
other’s relevant business records and other documents, and employees. The Indemnified Party and the Indemnifying Party shall
use commercially reasonable efforts to avoid production of confidential information (consistent with applicable Law), and to cause
all communications among employees, counsel and others representing any party to a Third Party Claim to be made so as to preserve
any applicable attorney-client or work-product privileges.

 

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(e)           
Settlement of Third Party Claims. The Indemnifying Party shall not, without the prior written consent of the Indemnified
Party, not to be unreasonably withheld or delayed, settle, compromise or offer to settle or compromise any Third Party Claim, unless
the terms of such judgment, settlement or compromise provide for a complete, unconditional release of the Indemnified Party for any liability
arising out of such Third Party Claim, without any equitable or injunctive relief against the Indemnified Party. Whether or not the Indemnifying
Party assumes the defense of a Third Party Claim, the Indemnified Party shall not, without the prior written consent of the Indemnifying
Party, not to be unreasonably withheld or delayed, settle, compromise or offer to settle or compromise any Third Party Claim if the Indemnifying
Party will have any liability with respect to such judgment, settlement or compromise or the underlying Third Party Claim.

 

(f)            
Direct Claims. Any Action by an Indemnified Party on account of Losses which does not result from a Third Party
Claim (a “Direct Claim”) shall be asserted by the Indemnified Party giving the Indemnifying Party reasonably prompt
written notice thereof, but in any event not later than 30 days after the Indemnified Party becomes aware of such Direct Claim. The failure
to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and
only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified
Party shall describe the Direct Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate
the estimated amount, if reasonably practicable, of the Losses that has been or may be sustained by the Indemnified Party. The Indemnifying
Party shall have 30 days after its receipt of such notice to respond in writing to such Direct Claim. The Indemnified Party shall allow
the Indemnifying Party and its professional advisors to investigate the matter or circumstance alleged to give rise to the Direct Claim,
and whether and to what extent any amount is payable in respect of the Direct Claim. If the Indemnifying Party does not so respond within
such 30 day period, the Indemnifying Party shall be deemed to have rejected such claim, in which case the Indemnified Party shall be
free to pursue such remedies as may be available to the Indemnified Party on the terms and subject to the provisions of this Agreement.

 

Section
9.7         Source of Indemnity Payments.
Notwithstanding anything to the contrary in this Agreement but subject to Section 9.9, the Purchaser Indemnified Parties
shall, in seeking any indemnity under this Agreement (other than as contemplated by Section 9.9), (i) in all cases, except
with respect to any claims arising from Fraud on the part of a party hereto in connection with the transactions contemplated by this
Agreement, first seek and exhaust all remedies under the R&W Insurance Policy prior to seeking any recovery under clause (ii) of
this provision, and (ii) other than recovery under the R&W Insurance Policy, only be entitled to recover any amounts owed by the
Sellers by off-setting any such amounts that are finally determined by a court of law or by written agreement among the Parties to
be owed to Purchaser Indemnified Parties from the final payment of the Purchase Price made by Purchaser (i.e., the payment after
which the Purchaser’s obligations in respect of the Purchase Price are fully satisfied). For the avoidance of doubt, the
Sellers shall have no other obligation to satisfy any payments or indemnities owed to Purchaser pursuant to this Agreement (other
than as contemplated by Section 9.9), unless such obligations arise from Fraud on the part of Sellers hereto in connection
with the transactions contemplated by this Agreement.

 

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Section
9.8         Sole Remedy After Closing. The
Purchaser and the Sellers acknowledge and agree that, if the Closing occurs, their sole and exclusive remedy following the Closing for
monetary relief with respect to any breach of any representation or warranty, covenant or agreement with respect to any and all claims
relating to the subject matter of this Agreement (except with respect to any claims arising from Fraud on the part of a party hereto
in connection with the transactions contemplated by this Agreement) shall be pursuant to the provisions set forth in this ARTICLE IX;
provided, however, nothing in this Section 9.8 affects an Indemnified Party’s right to enforce its indemnification rights
hereunder.

 

Section
9.9         Tax Audit Indemnity. Notwithstanding
anything to the contrary in this Agreement including, for the avoidance of doubt, any provision in ARTICLE V or this ARTICLE IX:

 

(a)           
the indemnification provided in Section 9.3(d) in favor of the Purchaser Indemnified Parties (the “Tax
Audit Indemnity”) shall (i) be on account of any liability for Taxes of the Company arising solely from the application of
Treasury Regulation section 1.1502-6 (and any comparable provision of state and local tax law), (ii) not be limited by the Indemnification
Cap or the Deductible (i.e., dollar-one, uncapped indemnity) and (iii) expressly include, without limitation, indemnification in respect
of (A) any and all legal, accounting, audit service fees, expenses and all other costs incurred in connection therewith, in each case,
to the extent such amounts are reasonable, documented and out-of-pocket costs, and (B) any and all of the Taxes (federal, state, city),
penalties, fines, fees and expenses required or due as part of resolution or settlement;

 

(b)           
any amount owed by Sellers in respect of the Tax Audit Indemnity shall be satisfied via a cash payment payable to Purchaser
or its designee;

 

(c)       (i)
the Sellers shall provide reasonably prompt notice to the Purchaser of any material updates with respect to the audit described in Section
9.3(d) to the extent such updates are material to the Company and its Subsidiaries and (ii) except as set forth in foregoing clause
(i), no Purchaser Indemnified Party shall have right to information or communication with respect to such audit; provided, that
the Purchaser and the Company shall keep any information in respect of such audit confidential; and

 

(c)           
no Purchaser Indemnified Party shall have any right to control, participate or provide input on any audit process, proceedings
or settlement in respect of the audit described in Section 9.3(d); provided, that the Sellers shall not settle such audit
in any manner that would have a material adverse impact on the Tax attributes of the Company or its Subsidiaries as determined under
Situation 2 of Rev. rul. 99-6 (for sake of clarity, such tax attributes shall be determined on the basis that Purchaser acquired the
assets of the Company and its Subsidiaries).

 

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ARTICLE
X

MISCELLANEOUS PROVISIONS

 

Section 10.1     
Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given when personally
delivered, or if sent by United States certified mail, return receipt requested, postage prepaid, shall be deemed duly given on delivery
by United States Postal Service, or if sent by receipted overnight courier services or e-mail shall be deemed duly given on the Business
Day received if received prior to 5:00 p.m. local time or on the following Business Day if received after 5:00 p.m. local time or on
a non-Business Day, addressed to the respective Parties hereto as follows:

 

To the Purchaser,

or, after Closing, to

the Company:

 

with a copy to:

 

To the Sellers,

or, before Closing, to

	the Company:	Maestro Health, Inc.
	 	c/o AXA S.A.
	 	25 Avenue Matignon
	 	75008 Paris, France
	 	Attn: Helen Browne, Group General Counsel
	 	Email: helen.browne@axa.com
	 	 
	with a copy to:	Hogan Lovells US LLP
	 	1601 Wewatta Street, Suite 900
	 	Denver, CO 80202
	 	Attn: Timothy Aragon; Russell Hedman
	 	Email: timothy.aragon@hoganlovells.com;
	 	russell.hedman@hoganlovells.com

 

or to such other Representative or at such other
address as such Person may furnish to the other Parties in writing.

 

Section
10.2      Assignment; Successors in Interest. No assignment
or transfer by any Party of such Party’s rights and obligations hereunder shall be made except with the prior written consent of
the other Parties. Notwithstanding the foregoing sentence, each of the Sellers may assign or transfer any or all of its rights and obligations
under this Agreement to an Affiliate of such Seller in connection with any internal restructuring without the prior written consent of
the Purchaser so long as such Seller remains liable for all of its obligations hereunder. This Agreement shall be binding upon and shall
inure to the benefit of the Parties and their respective successors and permitted assigns, and any reference to a Party shall also be
a reference to the successors and permitted assigns thereof.

 

Section
10.3      Governing Law. This Agreement, and all claims
or causes of action (whether in contract, tort or otherwise) that may be based upon, arise out of or relate to this Agreement or the
negotiation, execution or performance of this Agreement, shall be governed by and construed in accordance with the internal Laws of
the State of Delaware without reference to its choice of law rules.

 

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Section
10.4      Submission to Jurisdiction.

 

(a)           
Each Party agrees that any legal action or other legal proceeding relating to this Agreement or the enforcement of any
provision of this Agreement shall be brought or otherwise commenced exclusively in the United States District Court for the District
of Delaware. Each Party:

 

(i)            
expressly and irrevocably consents and submits to the jurisdiction of the United States District Court for the District
of Delaware in connection with any such legal proceeding, including to enforce any settlement, order or award;

 

(ii)          
consents to service of process in any such proceeding in any manner permitted by the Laws of the State of Delaware, and
agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section
10.1 is reasonably calculated to give actual notice;

 

(iii)         
agrees that the United States District Court for the District of Delaware shall be deemed to be a convenient forum;

 

(iv)         
waives and agrees not to assert (by way of motion, as a defense or otherwise), in any such legal proceeding commenced in
the United States District Court for the District of Delaware, any claim that such party is not subject personally to the jurisdiction
of such court, that such legal proceeding has been brought in an inconvenient forum, that the venue of such proceeding is improper or
that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court; and

 

(v)           
agrees to the entry of an order to enforce any resolution, settlement, order or award made pursuant to this Section
10.4 by the United States District Court for the District of Delaware and in connection therewith hereby waives, and agrees not to
assert by way of motion, as a defense, or otherwise, any claim that such resolution, settlement, order or award is inconsistent with
or violative of the laws or public policy of the laws of the State of Delaware or any other jurisdiction.

 

(b)           
In the event of any legal action or other legal proceeding relating to this Agreement or the enforcement of any provision
of this Agreement, the prevailing Party shall be entitled to payment by the non-prevailing Party of all costs and expenses (including
reasonable attorneys’ fees) incurred by the prevailing Party, including any costs and expenses incurred in connection with any
challenge to the jurisdiction or the convenience or propriety of venue of proceedings before any state or Federal court located in Delaware.

 

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Section
10.5      Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED
BY LAW WHICH CANNOT BE WAIVED, EACH OF THE PARTIES HEREBY WAIVES AND COVENANTS THAT NEITHER IT NOR ANY OF ITS AFFILIATES SHALL ASSERT
(WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, ACTION, CLAIM, CAUSE
OF ACTION, SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR
THE OTHER TRANSACTION DOCUMENTS REFERENCED HEREIN OR THE SUBJECT MATTER OF SUCH AGREEMENTS OR IN ANY WAY CONNECTED WITH OR RELATED OR
INCIDENTAL TO THE TRANSACTIONS, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. THE PURCHASER ACKNOWLEDGES THAT IT HAS BEEN INFORMED
BY THE COMPANY THAT THIS SECTION 10.5 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THE COMPANY IS RELYING AND WILL RELY IN ENTERING
INTO THIS AGREEMENT AND THE TRANSACTION DOCUMENTS REFERENCED HEREIN. ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION
10.5 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

 

Section
10.6      Severability. Any provision hereof that is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction. To the extent permitted by Law, each Party hereby waives any provision
of Law that renders any such provision prohibited or unenforceable in any respect.

 

Section
10.7      Counterparts. This Agreement may be executed by
facsimile and in two or more counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of
this Agreement or the terms hereof to produce or account for more than one of such counterparts.

 

Section
10.8      Parties in Interest. Nothing expressed or implied
herein is intended, or shall be construed, to confer upon or give any Person other than the Parties, and their successors or permitted
assigns, any right, remedy, obligation or liability under or by reason of this Agreement, or result in such Person being deemed a third-party
beneficiary hereof, other than the provisions of (a) Section 5.6 (which are intended for the benefit of the Persons covered thereby
or the Persons entitled to payment thereunder and may be enforced by such Persons); (b) Section 10.14, which are intended for
the benefit of Prior Company Counsel, and may be enforced by such Prior Company Counsel; and (c) Section 10.16, which are intended
for the benefit of the past, present and future directors, officers, employees, incorporators, members, partners, stockholders, Affiliates,
agents, attorneys, advisors and Representatives of the Parties, and any Affiliate of any of the foregoing (and their successors, heirs
and Representatives), and may be enforced by such Persons.

 

Section
10.9      Amendment, Modification and Waiver. For the
period commencing on the date hereof and ending on the Closing Date, this Agreement, including any Exhibit and the Disclosure
Schedule, may be amended, modified or supplemented at any time only by written agreement signed by the Parties hereto, any failure
of the Sellers to comply with any term or provision of this Agreement may be waived by the Purchaser, and any failure of the
Purchaser to comply with any term or provision of this Agreement may be waived by the Sellers, at any time by an instrument in
writing signed by or on behalf of such other Party, but such waiver shall not operate as a waiver of, or estoppel with respect to,
any subsequent or other failure to comply. From and after the Closing Date, this Agreement, including any Exhibit and the Disclosure
Schedule, may be amended, modified or supplemented at any time only by written agreement signed by the Purchaser and the Sellers,
and any failure of the Purchaser to comply with any term or provision of this Agreement may be waived by the Sellers. Further,
neither the waiver by any of the Parties hereto of a breach of or a default under any of the provisions of this Agreement, nor the
failure by any of the Parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right
or privilege hereunder, shall be construed as a waiver of any other breach or default of a similar nature, or as a waiver of any of
such provisions, rights or privileges hereunder.

 

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Section
10.10  Integration. This Agreement and the documents executed pursuant hereto
supersede all negotiations, agreements and understandings among the Parties with respect to the subject matter hereof (except for the
Confidentiality Agreement) and constitute the entire agreement among the Parties with respect thereto.

 

Section
10.11  Cooperation Following the Closing. Following the Closing, each Party shall
deliver to the other Party such further information and documents and shall execute and deliver to the other Parties such further instruments
and agreements as any other Party shall reasonably request to consummate or confirm the Transactions, in each case to the extent necessary
to accomplish the purpose hereof or to assure to the other Party the benefits hereof.

 

Section
10.12  Time is of the Essence. Time is of the essence with respect to the Transactions.

 

Section
10.13  Transaction Costs. Each Party shall pay, and be solely responsible for,
its own Transaction Expenses. No Party shall be responsible or liable for any other Party’s Transaction Expenses.

 

Section
10.14  Concerning the Company’s Counsel; Attorney Client Privilege.

 

(a)            The
Purchaser, the Company and their respective Affiliates acknowledge and agree that Hogan Lovells US LLP (“Prior Company
Counsel”) have acted as counsel for the Company and certain of its Affiliates for several years and that, in the event of
any post-Closing disputes between the Parties, the Sellers reasonably anticipate that Prior Company Counsel may represent certain of
them in such matters. Accordingly, the Purchaser, the Company and their respective Affiliates expressly consent to Prior Company
Counsel’s representation of one or more of the Sellers in any post-Closing matter in which the interests of the Purchaser and
the Company on the one hand, and the Sellers on the other hand, are adverse, whether or not such matter is one in which Prior
Company Counsel may have previously advised the Company or its Affiliates and consent to the disclosure by Prior Company Counsel to
the Sellers or any of their Affiliates, directors, members, partners, officers or employees of any information learned by Prior
Company Counsel in the course of its representation of the Company or its Affiliates, whether or not such information is subject to
attorney client privilege or Prior Company Counsel’s duty of confidentiality. The Purchaser, the Company and their respective
Affiliates further covenant and agree that each shall not assert any claim against Prior Company Counsel in respect of legal
services provided to the Company or its Affiliates by Prior Company Counsel in connection with this Agreement or the
Transactions.

 

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(b)           
The Parties understand and agree that the Company and its Affiliates have been represented by Prior Company Counsel in
connection with the Transactions (the “Engagement”). The Parties further understand and agree that the Company, prior
to Closing, and the Sellers, after the Closing, shall have the sole right to control, assert and waive the attorney-client privilege
with respect to any communications at any time between or among the Company or any of its Affiliates and Prior Company Counsel relating
to the Engagement. Immediately prior to the Closing Date, all documents and communications generated and maintained by the Company or
any of its Affiliates and Prior Company Counsel in connection with the Engagement shall become the exclusive property of the Sellers,
notwithstanding whether any such documents or communications may be retained in the Company’s files or may come into the possession
of the Purchaser after the Closing.

 

(c)           
The Parties understand and agree that nothing in this Agreement, including the foregoing provision regarding the ownership
and assertion of privilege shall be deemed to be a waiver of any applicable attorney-client privilege. The Parties further understand
and agree that the Parties have each undertaken reasonable efforts to prevent the disclosure of confidential or attorney-client privileged
information. Notwithstanding those efforts, the Parties further understand and agree that the consummation of the Transactions may result
in the inadvertent disclosure of information that may be confidential or subject to a claim of privilege. The Parties further understand
and agree that any disclosure of information that may be confidential or subject to a claim of privilege will not prejudice or otherwise
constitute a waiver of any claim of privilege. The Parties agree to use reasonable best efforts to return promptly any inadvertently
disclosed information to the appropriate Party upon becoming aware of its existence. This Section 10.14 shall be irrevocable,
and no term of this Section 10.14 may be amended, waived or modified, without the prior written consent of the Sellers and their
Affiliates and Prior Company Counsel affected thereby.

 

Section
10.15  Specific Performance.

 

(a)           
Without limitation of all of the cumulative rights and remedies that a Party may have under this Agreement or to which
it is entitled at law or in equity, including the ability to seek recovery for damages, during the period from the date hereof until
the earlier of (i) the Closing or (ii) the termination of this Agreement pursuant to ARTICLE VIII, the remedies of each Party
in the event of a breach by another Party shall include (A) termination of this Agreement in accordance with ARTICLE VIII and
(B) specific performance in accordance with this Section 10.15. The Parties agree that irreparable damage would occur (for which
monetary damages, even if available, would not be an adequate remedy) in the event that any of the provisions of this Agreement were
not performed in accordance with their specific terms or were otherwise breached, including a Party failing to take actions as are required
of it under the Agreement to consummate the Transactions. Accordingly, it is agreed that the Parties shall be entitled to an injunction
or injunctions to prevent breaches of this Agreement and to specifically enforce the terms and provisions of this Agreement.

 

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(b)           
 The right of specific enforcement is an integral part of the Transactions and each Party hereby agrees not to raise any
objections to the availability of an injunction, the equitable remedy of specific performance or other equitable remedy to prevent or
restrain breaches of this Agreement by such Party and to specifically enforce the terms and provisions of this Agreement to prevent breaches
or threatened breaches of, or to enforce compliance with, the covenants and obligations of such Party under this Agreement all in accordance
with the terms of this Section 10.15. Any Party seeking an injunction or injunctions to prevent breaches of this Agreement and
to enforce specifically the terms and provisions of this Agreement shall not be required to provide any bond or other security in connection
with such order or injunction all in accordance with the terms of this Section 10.15. To the extent any Party brings an action,
suit or proceeding to enforce specifically the performance of the terms and provisions of this Agreement (other than an action to enforce
specifically any provision that expressly survives termination of this Agreement), the End Date shall automatically be extended to (i)
the twentieth (20th) Business Day following the resolution of such action, suit or proceeding or (ii) such other time period established
by the court presiding over such action, suit or proceeding.

 

Section
10.16  Non-Recourse. This Agreement may only be enforced against, and any claim
or cause of action based upon, arising out of, or related to this Agreement or Transactions may only be brought against, the entities
that are expressly named as Parties and then only with respect to the specific obligations set forth herein with respect to such Party.
Except to the extent a named party to this Agreement (and then only to the extent of the specific obligations undertaken by such named
party in this Agreement and not otherwise), no past, present or future director, officer, employee, incorporator, member, partner, stockholder,
Affiliate, agent, attorney, advisor or Representative or Affiliate of any of the foregoing shall have any liability (whether in contract,
tort, equity or otherwise) for any one or more of the representations, warranties, covenants, agreements or other obligations or liabilities
of any one or more of the Company or the Purchaser under this Agreement or of or for any claim based on, arising out of, or related to
this Agreement or the Transactions, other than liabilities arising from any such Person’s Fraud, criminal activity or willful misconduct.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
the Parties have caused this Agreement to be duly executed, as of the date first above written.

 

	 	SELLERS:
	 	 
	 	X.L. AMERICA, INC.
	 	 
	 	By:	/s/
    Christopher Buse         
	 	Name: Christopher Buse
	 	Title: Director
	 	 
	 	SEAVIEW RE HOLDINGS INC.
	 	 
	 	By:	/s/ Christopher Buse
	 	Name: Christopher Buse
	 	Title: Director
	 	AXA S.A.
	 	 
	 	By:	/s/ H. Matthew Crusey
	 	Name: H. Matthew Crusey 
	 	Title: General Counsel,
    Reinsurance and Global Corporate AXA XL, 
	 	pursuant to a Power of Attorney dated 20 July 2022
	 	 
	 	PURCHASER:
	 	 
	 	MARPAI, INC.
	 	 
	 	By:	/s/ Edmundo Gonzalez
	 	Name: Edmundo Gonzalez
	 	Title: Chief Executive

 

[Signature Page to Purchase Agreement]

 

     

     

    

 

EXHIBIT 1

 

Closing Date Net Working Capital

 

	 
	Current Assets

    Cash & Cash Equivalents (A1)

    Accounts Receivable (A2)

    Other Current Assets (A3)

    Intercompany Receivables (A4)

	Total Current Assets (A =A1 + A2 + A3 + A4)

     

    Current Liabilities Accounts Payable (B1)

    Accrued Expenses (B2)

    Deferred Revenue (B3)

    Other Current Liabilities (B4)

    Intercompany Payables (B5)

     

	Total
    Current Liabilities (B = B1 + B2 + B3 + B4 + B5)
	Working
    Capital (C=A-B)
	Adjustments to Current Assets

     

    Total Current Assets excluding Cash (A’1=A-A1)

     

    Remove Other Receivable AXA (A’2)

     

    Remove Intercompany Rec (A’3)

     

	Adjusted
    Current Assets (A’ = A’1 + A’2 + A’3)
	Adjusted
    Current Liabilities
	Total
    Current Liabilities (B’1=B) 

    Remove Accrued Interest (B’2) 

    Remove AXA Loan (B’3) 

    Remove Misc Liabilities (B’4)
	Adjusted
    Current Liabilities (B’= B’1 + B’2 + B’3 + B’4)
	Closing Date Adjusted Net Working
    Capital (C’ =A’-B’)

 

     

     

    

 

EXHIBIT 2

 

Accumulated Annual Payments Schedule

 

	DATE	 	MINIMUM AGGREGATE 
 ANNUAL PAYMENTS	 
	12/31/2024	 	$	5,000,000	 
	12/31/2025	 	$	11,000,000	 
	12/31/2026	 	$	19,000,000	 

 

     

     

    

 

EXHIBIT 3

 

FORM OF AXA NOTE ASSIGNMENT

 

     

     

    

 

RECEIVABLE SALE AND ASSIGNMENT AGREEMENT DATED
[***] 2022

 

BETWEEN

 

		(1)	AXA S.A., a French anonyme duly
                                            incorporated and existing under the laws of France, whose registered office is located at
                                            25, avenue Matignon – 75008 Paris, France, registered with the registry of commerce
                                            and companies of Paris under the number 572 093 920 (the “Assignor”);
                                            and

 

		(2)	MARPAI, INC, a New York corporation,
                                            having its registered office is at [***], registered under number [***] (the “Assignee”),

 

IN THE PRESENCE OF

 

		(3)	MAESTRO HEALTH LLC., a limited liability
                                            company having its registered office at 500 w Madison St, Suite 1250, Chicago, IL 60661,
                                            USA, registered under number 46-2712935 (the “Assigned Debtor”).

 

PREAMBLE

 

		(a)	Pursuant to a term loan agreement (the “Loan Agreement”)
                                            entered into between the Assignor (in its capacity as lender) to the benefit of the Assigned
                                            Debtor (in its capacity as borrower) on 11 May 2022, the Assignor holds a receivable over
                                            the Assigned Debtor for an amount of USD 59,900,000 (fifty-nine million nine hundred thousand
                                            US dollars) as of the date hereof plus the amount of any accrued interest under the Loan
                                            Agreement (the “Receivable”).

 

		(b)	Pursuant to a purchase agreement entered into between the Assignor, X.L.
                                            AMERICA, INC., and SEAVIEW RE HOLDINGS INC. on August 4, 2022 relating to the contemplated
                                            sale of the Assigned Debtor (the “Purchase Agreement”), the Assignor undertook
                                            to sell the Receivable to the Assignee.

 

		(c)	In this context, the parties have agreed to enter into this receivable
                                            sale and assignment agreement in relation to the assignment and transfer of the Receivable
                                            to the Assignee (the “Agreement”).

 

IT IS AGREED AS FOLLOWS:

 

		1.	TRANSFER

 

In accordance with the terms of this Agreement,
the Assignor hereby transfers and assigns to the Assignee, the Receivable (with any rights, titles, interests and benefits attached to
it) to the Assignee, who accepts such assignment, in the presence of the Assigned Debtor, in accordance with the provisions of articles
1321 et seq. of the French Civil Code.

 

     

     

    

 

		2.	PURCHASE OF THE RECEIVABLE

 

		(a)	The parties agree that the Assignee shall pay the Assignor the purchase
                                            price of USD22,100,000 (twenty-two million one hundred thousand US dollars) (the “Purchase
                                            Price”) in consideration for the Receivable payable to Assignor in accordance with
                                            the provisions of the Purchase Agreement.

 

		(b)	The Assignor acknowledges that the calculation and payment mechanics of
                                            the Purchase Price shall be set out in the terms of the Purchase Agreement.

 

		(c)	In the event of any conflict between the terms of the Purchase Agreement
                                            and this Agreement with respect to the calculation and payment mechanics of the Purchase
                                            Price, the terms of the Purchase Agreement shall prevail.

 

		3.	ASSIGNMENT OF THE RECEIVABLE AND
                                            RELEASE OF THE ASSIGNOR

 

		(a)	In accordance with the provisions of Article 1323 et seq. of the
                                            French Civil Code, the assignment of the Receivable is effective as of the date hereof (the
                                            “Effective Date”).

 

		(b)	The Assigned Debtor acknowledges that as of the Effective Date:

 

(i)           
the assignment of the Receivable, is hereby fully enforceable against it by the Assignee in accordance with Article 1324 of the
French Civil Code;

 

(ii)           
it shall be the debtor of the Assignee in respect of the Receivable ; and

 

(iii)         
the Assignor is fully released from the entirety of its present and future obligations (including any ancillary obligations) as
lender to the Loan Agreement and creditor under the Receivable and expressly consents thereto.

 

		(c)	The Assigned Debtor (in its capacity as borrower under the Loan Agreement)
                                            and the Assignor (as lender) hereby agree that solely as between Assigned Debtor and Assignor,
                                            the Loan Agreement shall automatically be terminated immediately after the assignment of
                                            the receivable in accordance with the terms hereof without any obligation or liability of
                                            the parties and agree to the assignment and transfer of the Assignor’s rights and obligations
                                            under the Loan Agreement to the Assignee in accordance with the terms of this Agreement.
                                            (i) Assignor hereby releases Assigned Debtor from any and all its obligations under the Loan
                                            Agreement, all of which are hereby assigned to Assignee (without any representation or
                                            warranty whatsoever being made by the Assignor with respect to such obligations) and
                                            (ii) Assignee hereby releases Assignor from any and all of its obligations under the Loan
                                            Agreement and waives any right or claim against the Assignor in connection with the assignment
                                            of such obligations.

 

		4.	NO HARDSHIP

 

Each Party hereby acknowledges that the provisions
of article 1195 of the French Code civil shall not apply to it with respect to its obligations under the Agreement and that it
shall not be entitled to make any claim under article 1195 of the French Code civil.

 

     

     

    

 

		5.	GOVERNING LAW AND JURISDICTION

 

5.1       GOVERNING LAW

 

This Agreement and any non-contractual obligations
arising out of or in connection with this Agreement shall be governed by French law.

 

5.2       JURISDICTION

 

The Tribunal de Commerce de Paris has
exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence,
validity or termination of this Agreement).

 

[Signatures on the following page]

 

     

     

    

 

Executed on the date specified above.

 

	AXA S.A.	 
	Assignor By: [***]	 
	 	 
	 	 
	By: [***]	 
	 	 
	MARPAI, INC.	 
	 	 
	Assignee	 
	 	 
	“	 
	By: [***]	 
	 	 
	MAESTRO HEALTH, LLC	 
	Assigned Debtor	 
	 	 
	“	 
	By: [***]Document

EXECUTION VERSION

OPORTUN ISSUANCE TRUST 2022-A,
as Issuer
and
WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Indenture Trustee, as Securities Intermediary and as Depositary Bank
                                                        
INDENTURE
Dated as of May 23, 2022
                                                        
5.05% Asset Backed Fixed Rate Notes, Class A
5.25% Asset Backed Fixed Rate Notes, Class B
7.40% Asset Backed Fixed Rate Notes, Class C
8.50% Asset Backed Fixed Rate Notes, Class D

Exhibits A-M and Schedules 1-2 to this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K.
			
	4132-7674-3735.5

TABLE OF CONTENTS

Page

						
	ARTICLE 1. DEFINITIONS AND INCORPORATION BY REFERENCE
	3

	Section 1.1. Definitions
	3

	Section 1.2. Incorporation by Reference of Trust Indenture Act
	30

	Section 1.3. Cross-References
	31

	Section 1.4. Accounting and Financial Determinations; No Duplication
	31

	Section 1.5. Rules of Construction
	31

	Section 1.6. Other Definitional Provisions.
	31

	ARTICLE 2. THE NOTES
	32

	Section 2.1. Designation and Terms of Notes
	32

	Section 2.2. [Reserved]
	32

	Section 2.3. [Reserved].
	32

	Section 2.4. Execution and Authentication.
	32

	Section 2.5. Authenticating Agent.
	33

	Section 2.6. Registration of Transfer and Exchange of Notes.
	34

	Section 2.7. Appointment of Paying Agent
	39

	Section 2.8. Paying Agent to Hold Money in Trust.
	39

	Section 2.9. Private Placement Legend
	41

	Section 2.10. Mutilated, Destroyed, Lost or Stolen Notes.
	43

	Section 2.11. Temporary Notes.
	44

	Section 2.12. Persons Deemed Owners
	44

	Section 2.13. Cancellation
	44

	Section 2.14. Release of Trust Estate
	45

	Section 2.15. Payment of Principal, Interest and Other Amounts.
	45

	Section 2.16. Book-Entry Notes.
	46

	Section 2.17. Notices to Clearing Agency
	55

	Section 2.18. Definitive Notes.
	55

	Section 2.19. Global Note
	56

	Section 2.20. Tax Treatment
	56

	Section 2.21. Duties of the Indenture Trustee and the Transfer Agent and Registrar
	57

	ARTICLE 3. ISSUANCE OF NOTES; CERTAIN FEES AND EXPENSES; PRE-FUNDING
	57

	Section 3.1. Issuance.
	57

	Section 3.2. Certain Fees and Expenses.
	58

	Section 3.3. Initial Funding of Reserve Account..
	58

	Section 3.4. [Reserved].
	58

	ARTICLE 4. NOTEHOLDER LISTS AND REPORTS
	58

	Section 4.1. Issuer To Furnish To Indenture Trustee Names and Addresses of Noteholders and Certificateholders
	58

	Section 4.2. Preservation of Information; Communications to Noteholders and Certificateholders.
	58

	Section 4.3. Reports by Issuer
	59

	Section 4.4. Reports by Indenture Trustee
	60

	Section 4.5. Reports and Records for the Indenture Trustee and Instructions.
	60

	ARTICLE 5. ALLOCATION AND APPLICATION OF COLLECTIONS
	60

	Section 5.1. Rights of Noteholders
	60

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TABLE OF CONTENTS 
(continued)
Page

						
	Section 5.2. Collection of Money
	60

	Section 5.3. Establishment of Accounts.
	61

	Section 5.4. Collections and Allocations.
	63

	Section 5.5. Determination of Monthly Interest
	65

	Section 5.6. Determination of Monthly Principal
	65

	Section 5.7. General Provisions Regarding Accounts
	65

	Section 5.8. Removed Receivables
	65

	Section 5.9. [Reserved].
	65

	Section 5.10. [Reserved].
	65

	Section 5.11. [Reserved].
	65

	Section 5.12. Determination of Monthly Interest.
	65

	Section 5.13. [Reserved].
	67

	Section 5.14. [Reserved].
	67

	Section 5.15. Monthly Payments.
	68

	Section 5.16. Servicer’s Failure to Make a Deposit or Payment..
	70

	ARTICLE 6. DISTRIBUTIONS AND REPORTS
	71

	Section 6.1. Distributions.
	71

	Section 6.2. Monthly Statement.
	71

	ARTICLE 7. REPRESENTATIONS AND WARRANTIES OF THE ISSUER
	73

	Section 7.1. Representations and Warranties of the Issuer.:
	73

	Section 7.2. Reaffirmation of Representations and Warranties by the Issuer. .
	76

	ARTICLE 8. COVENANTS
	77

	Section 8.1. Money for Payments To Be Held in Trust
	77

	Section 8.2. Affirmative Covenants of Issuer
	77

	Section 8.3. Negative Covenants
	81

	Section 8.4. Further Instruments and Acts
	84

	Section 8.5. Appointment of Successor Servicer
	84

	Section 8.6. Perfection Representations
	84

	ARTICLE 9. RAPID AMORTIZATION EVENTS AND REMEDIES
	85

	Section 9.1. Rapid Amortization Events.:
	85

	ARTICLE 10. REMEDIES
	85

	Section 10.1. Events of Default
	85

	Section 10.2. Rights of the Indenture Trustee Upon Events of Default.
	87

	Section 10.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.
	88

	Section 10.4. Remedies
	90

	Section 10.5. [Reserved].
	91

	Section 10.6. Waiver of Past Events
	91

	Section 10.7. Limitation on Suits
	91

	Section 10.8. Unconditional Rights of Holders to Receive Payment; Withholding Taxes.
	92

	Section 10.9. Restoration of Rights and Remedies
	92

	Section 10.10. The Indenture Trustee May File Proofs of Claim
	92

	Section 10.11. Priorities
	93

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Page

						
	Section 10.12. Undertaking for Costs
	93

	Section 10.13. Rights and Remedies Cumulative
	93

	Section 10.14. Delay or Omission Not Waiver
	94

	Section 10.15. Control by Noteholders
	94

	Section 10.16. Waiver of Stay or Extension Laws
	94

	Section 10.17. Action on Notes
	94

	Section 10.18. Performance and Enforcement of Certain Obligations.
	95

	Section 10.19. Reassignment of Surplus
	95

	ARTICLE 11. THE INDENTURE TRUSTEE
	96

	Section 11.1. Duties of the Indenture Trustee.
	96

	Section 11.2. Rights of the Indenture Trustee
	99

	Section 11.3. Indenture Trustee Not Liable for Recitals in Notes
	103

	Section 11.4. Individual Rights of the Indenture Trustee; Multiple Capacities
	103

	Section 11.5. Notice of Defaults
	103

	Section 11.6. Compensation.
	104

	Section 11.7. Replacement of the Indenture Trustee.
	104

	Section 11.8. Successor Indenture Trustee by Merger, etc.
	105

	Section 11.9. Eligibility: Disqualification
	106

	Section 11.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee.
	106

	Section 11.11. Preferential Collection of Claims Against the Issuer
	108

	Section 11.12. Taxes
	108

	Section 11.13. [Reserved]
	108

	Section 11.14. Suits for Enforcement
	108

	Section 11.15. Reports by Indenture Trustee to Holders
	108

	Section 11.16. Representations and Warranties of Indenture Trustee
	108

	Section 11.17. The Issuer Indemnification of the Indenture Trustee
	109

	Section 11.18. Indenture Trustee’s Application for Instructions from the Issuer
	109

	Section 11.19. [Reserved].
	109

	Section 11.20. Maintenance of Office or Agency
	109

	Section 11.21. Concerning the Rights of the Indenture Trustee
	110

	Section 11.22. Direction to the Indenture Trustee
	110

	Section 11.23. Repurchase Demand Activity Reporting.
	110

	ARTICLE 12. DISCHARGE OF INDENTURE
	112

	Section 12.1. Satisfaction and Discharge of Indenture
	112

	Section 12.2. Application of Issuer Money
	112

	Section 12.3. Repayment of Moneys Held by Paying Agent
	112

	Section 12.4. [Reserved].
	113

	Section 12.5. Final Payment.
	113

	Section 12.6. Termination Rights of Issuer
	113

	Section 12.7. Repayment to the Issuer
	114

	ARTICLE 13. AMENDMENTS
	114

	Section 13.1. Supplemental Indentures without Consent of the Noteholders
	114

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Page

						
	Section 13.2. Supplemental Indentures with Consent of Noteholders
	115

	Section 13.3. Execution of Supplemental Indentures
	117

	Section 13.4. Effect of Supplemental Indenture
	118

	Section 13.5. Conformity With TIA
	118

	Section 13.6. [Reserved]
	118

	Section 13.7. [Reserved].
	118

	Section 13.8. Revocation and Effect of Consents..
	118

	Section 13.9. Notation on or Exchange of Notes Following Amendment. .
	118

	Section 13.10. The Indenture Trustee to Sign Amendments, etc.
	118

	Section 13.11. Back-Up Servicer Consent
	119

	ARTICLE 14. REDEMPTION AND REFINANCING OF NOTES
	119

	Section 14.1. Redemption and Refinancing
	119

	Section 14.2. Form of Redemption Notice
	120

	Section 14.3. Notes Payable on Redemption Date
	120

	ARTICLE 15. MISCELLANEOUS
	120

	Section 15.1. Compliance Certificates and Opinions, etc
	120

	Section 15.2. Form of Documents Delivered to Indenture Trustee
	122

	Section 15.3. Acts of Noteholders.
	123

	Section 15.4. Notices
	123

	Section 15.5. Notices to Noteholders: Waiver
	124

	Section 15.6. Alternate Payment and Notice Provisions
	125

	Section 15.7. Conflict with TIA
	125

	Section 15.8. Effect of Headings and Table of Contents
	125

	Section 15.9. Successors and Assigns
	125

	Section 15.10. Separability of Provisions
	125

	Section 15.11. Benefits of Indenture
	125

	Section 15.12. Legal Holidays
	125

	Section 15.13. GOVERNING LAW; JURISDICTION
	126

	Section 15.14. Counterparts; Electronic Execution
	126

	Section 15.15. Recording of Indenture
	126

	Section 15.16. Issuer Obligation
	127

	Section 15.17. No Bankruptcy Petition Against the Issuer
	127

	Section 15.18. No Joint Venture
	127

	Section 15.19. Rule 144A Information
	127

	Section 15.20. No Waiver; Cumulative Remedies
	128

	Section 15.21. Third-Party Beneficiaries
	128

	Section 15.22. Merger and Integration
	128

	Section 15.23. Rules by the Indenture Trustee
	128

	Section 15.24. Duplicate Originals
	128

	Section 15.25. Waiver of Trial by Jury
	128

	Section 15.26. No Impairment
	128

	Section 15.27. Intercreditor Agreement
	128

	Section 15.28. Owner Trustee Limitation of Liability. .
	129

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Page

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Page

Exhibits:
Exhibit A:    Form of Release and Reconveyance of Trust Estate
Exhibit B:    [Reserved] 
Exhibit C:    Form of Lien Release
Exhibit D:    Form of Transfer Certificate for Transfers of PTP Transfer Restricted Interests (or interests therein)
Exhibit E:     [Reserved]
Exhibit F:    Form of Intercreditor Agreement
Exhibit G:    [Reserved]
Exhibit H:    Form of Asset Repurchase Demand Activity Report
Exhibit I:    Form of Class A Restricted Global Note
Exhibit J:    Form of Class B Restricted Global Note
Exhibit K:    Form of Class C Restricted Global Note
Exhibit L:    Form of Class D Restricted Global Note

Exhibit M:    Form of Monthly Statement

Schedule 1    Perfection Representations, Warranties and Covenants
Schedule 2    List of Proceedings
    -vi-    
			
	4132-7674-3735.5

INDENTURE, dated as of May 23, 2022, between OPORTUN ISSUANCE TRUST 2022-A, a Delaware statutory trust, as issuer (the “Issuer”) and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association with trust powers, as Indenture Trustee, as Securities Intermediary and as Depositary Bank.
W I T N E S S E T H:
WHEREAS, the Issuer has duly executed and delivered this Indenture to provide for the issuance of Notes, issuable as provided in this Indenture; and
WHEREAS, all things necessary to make this Indenture a legal, valid and binding agreement of the Issuer, enforceable in accordance with its terms, have been done, and the Issuer proposes to do all the things necessary to make the Notes, when executed by the Issuer and authenticated and delivered by the Indenture Trustee hereunder and duly issued by the Issuer, the legal, valid and binding obligations of the Issuer as hereinafter provided;
WHEREAS, simultaneously with the delivery of this Indenture, the Issuer is entering into the Transfer Agreement pursuant to which the Depositor and the Depositor Loan Trustee for the benefit of the Depositor will convey to the Issuer all of their respective right, title and interest in, to and under certain Loans and Related Rights. 
NOW, THEREFORE, for and in consideration of the premises and the receipt of the Notes by the Holders, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders, as follows:
GRANTING CLAUSE
The Issuer hereby grants to the Indenture Trustee at the Closing Date, for the benefit of the Indenture Trustee, the Noteholders and any other Person to which any Secured Obligations are payable (the “Secured Parties”), to secure the Secured Obligations, a continuing Lien on and security interest in all of the Issuer’s right, title and interest in, to and under the following property whether now owned or hereafter acquired, now existing or hereafter created and wherever located: (a) all Loans and all Receivables existing after the Cut-Off Date that have been or may from time to time be conveyed, sold and/or assigned, directly or indirectly, to the Depositor and the Depositor Loan Trustee for the benefit of the Depositor pursuant to the Purchase Agreement, and, in turn, by the Depositor and the Depositor Loan Trustee for the benefit of the Depositor to the Issuer pursuant to the Transfer Agreement; (b) all Collections thereon received after the applicable Cut-Off Date; (c) all Related Security; (d) the Collection Account, the Reserve Account, the Payment Account and any other account maintained by the Indenture Trustee for the benefit of the Secured Parties as trust accounts (each such account, a “Trust Account”), all monies from time to time deposited therein and all money, instruments, investment property and other property from time to time credited thereto or on deposit therein; (e) all certificates and instruments, if any, representing or evidencing any or all of the Trust Accounts or the funds on deposit therein from time to time; (f) all investments made at any time and from time to time with moneys in the Trust Accounts; (g) the Servicing Agreement, the Purchase Agreement and the Transfer Agreement; (h) all accounts, chattel paper, commercial tort claims, deposit accounts, documents, general intangibles, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas and other minerals, (i) all additional property that may from time to time hereafter be subjected to the grant and pledge made by the Issuer or by anyone on its behalf; (j) all present and future claims, demands, causes and choses in action and all payments on or under the foregoing; and (k) all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of all of the foregoing and the conversion thereof, voluntary or involuntary, into cash or other liquid 
			
	4132-7674-3735.5

property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, 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 “Trust Estate”).
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 Secured Obligations, equally and ratably without prejudice, priority or distinction except as set forth herein, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture.
The Issuer hereby assigns to the Indenture Trustee all of the Issuer’s power to authorize an amendment to the financing statement filed with the Delaware Secretary of State relating to the security interest granted to (i) the Issuer by the Depositor and the Depositor Loan Trustee for the benefit of the Depositor pursuant to the Transfer Agreement and (ii) the Depositor and the Depositor Loan Trustee for the benefit of the Depositor by the Seller pursuant to the Purchase Agreement; provided, however, that the Indenture Trustee shall be entitled to all the protections of Article 11, including Sections 11.1(g) and 11.2(k), in connection therewith, and the obligations of the Issuer under Sections 8.2(i) and 8.3(j) shall remain unaffected.
The Indenture Trustee, for the benefit of the Secured Parties, hereby acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and the Lien on the Trust Estate conveyed by the Issuer pursuant to the Grant, declares that it shall maintain such right, title and interest, upon the trust set forth, for the benefit of all Secured Parties, subject to Sections 11.1 and 11.2, and agrees to perform its duties required in this Indenture in accordance with the terms of this Indenture.
DESIGNATION
(a)    There are hereby created notes to be issued pursuant to this Indenture and such notes shall be substantially in the form of Exhibit I, J, K, L and M hereto, executed by or on behalf of the Issuer and authenticated by the Indenture Trustee and designated generally 5.05% Asset Backed Fixed Rate Notes, Class A, Series 2022-A (the “Class A Notes”), 5.25% Asset Backed Fixed Rate Notes, Class B, Series 2022-A (the “Class B Notes”), 7.40% Asset Backed Fixed Rate Notes, Class C, Series 2022-A (the “Class C Notes”) and 8.50% Asset Backed Fixed Rate Notes, Class D, Series 2022-A (the “Class D Notes” and, together with the Class A Notes, the Class B Notes and the Class C Notes, the “Notes”).  The Class A Notes, the Class B Notes and the Class C Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof, and the Class D Notes shall be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess thereof. 
(b)    The Class B Notes shall be subordinate to the Class A Notes to the extent described herein.  
(c)    The Class C Notes shall be subordinate to the Class A Notes and the Class B Notes to the extent described herein. 
(d)    The Class D Notes shall be subordinate to the Class A Notes, the Class B Notes and the Class C Notes to the extent described herein. 
ARTICLE 1.

DEFINITIONS AND INCORPORATION BY REFERENCE
    2
			
	4132-7674-3735.5

Section 1.a.  Definitions.  Certain capitalized terms used herein (including the preamble and the recitals hereto) shall have the following meanings:
“Additional Interest” has the meaning specified in Section 5.12(d).
“Additional Originator” shall have the meaning specified in the Transfer Agreement.
“Administrator” shall mean the Person acting in such capacity from time to time pursuant to and in accordance with the Trust Agreement, which shall initially be PF Servicing, LLC. 
“ADS Score” means the credit score for an Obligor referred to as the “Alternative Data Score” determined by the Seller in accordance with its proprietary scoring method.
“Administrator Order” means a written order or request signed in the name of the Administrator by any one of its Responsible Officers and delivered to the Indenture Trustee. 
“Adverse Claim” means a Lien on any Person’s assets or properties in favor of any other Person (including any UCC financing statement or any similar instrument filed against such Person’s assets or properties), other than a Permitted Encumbrance.
“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person.  A Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of voting stock, by contract or otherwise.
“Agent” means any Transfer Agent and Registrar , Certificate Registrar or Paying Agent.
“Amortization Period” means the period commencing on the date on which the Revolving Period ends and ending on the Series 2022-A Termination Date.
“Amortization OC Target Date” means the Payment Date during the Amortization Period on which the Outstanding Receivables Balance of all Eligible Receivables first equals or exceeds the sum of the outstanding principal amount of the Notes plus 10.0% of the Outstanding Receivables Balance as of the end of the preceding Monthly Period. 
“Amortization Period OC Test” has the meaning specified in Section 5.4(c).
“Applicants” has the meaning specified in Section 4.2(b).
“Available Funds” means, with respect to any Monthly Period, the sum of the following, without duplication: (a) any Collections received by the Servicer during such Monthly Period and deposited into the Collection Account no later than the third Business Day following the end of such Monthly Period; (b) any amounts on deposit in the Reserve Account in excess of the Reserve Account Requirement; (c) on any Payment Date after the occurrence and during the continuance of a Rapid Amortization Event, all other amounts in the Reserve Account; and (d) all other amounts held in the Reserve Account on the earliest of (i) the date on which there is an optional redemption of the Notes, (ii) the Legal Final Payment Date for any class of Notes then outstanding, or (iii) a Payment Date on which such amounts, together with all other Available Funds, would be sufficient to pay the entire outstanding amount of the Notes when applied as provided in Section 5.15 hereof.  
“Back-Up Servicer” has the meaning specified in the Servicing Agreement.
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“Back-Up Servicing Agreement” has the meaning specified in the Servicing Agreement.
“Bankruptcy Code” means the United States Bankruptcy Code, Title 11, United States, as amended.
“Beneficiary” has the meaning specified in the Trust Agreement. 
“Benefit Plan Investor” mean an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, a “plan” as described in Section 4975 of the Code, which is subject to Section 4975 of the Code, or an entity deemed to hold plan assets of any of the foregoing.
“Book-Entry Notes” means Notes in which beneficial interests are owned and transferred through book entries by a Clearing Agency or a Foreign Clearing Agency as described in Section 2.16; provided that after the occurrence of a condition whereupon book-entry registration and transfer are no longer permitted and Definitive Notes are issued to the Note Owners, such Definitive Notes shall replace Book-Entry Notes.
“Business Day” means any day that DTC is open for business at its office in New York City and any day other than a Saturday, Sunday or other day on which banking institutions or trust companies in the States of California, Delaware, Florida, Illinois, Missouri, New York or Texas are authorized or obligated by Law to be closed.
“Capitalized Lease” of a Person means any lease of property by such Person as lessee which would be capitalized on a balance sheet of such Person prepared in accordance with GAAP.
“Certificateholder” means a Holder of a Certificate. 
“Certificate Registrar” shall have the meaning set forth in the Trust Agreement. 
“Certificates” means the trust certificates issued by the Issuer pursuant to the Trust Agreement, representing the beneficial interest in the Issuer. 
“Class” any one of the classes of Notes.
“Class A Additional Interest” has the meaning specified in Section 5.12(a).
“Class A Deficiency Amount” has the meaning specified in Section 5.12(a).
“Class A Monthly Interest” has the meaning specified in Section 5.12(a).
“Class A Note Rate” means, with respect to each Interest Period, a fixed rate equal to 5.05% per annum with respect to the Class A Notes.
“Class A Noteholder” means a Holder of a Class A Note.
“Class A Notes” has the meaning specified in paragraph (a) of the Designation.
“Class A Required Interest Distribution” has the meaning specified in Section 5.15(a)(iii).
“Class B Additional Interest” has the meaning specified in Section 5.12(b).
“Class B Deficiency Amount” has the meaning specified in Section 5.12(b).
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“Class B Monthly Interest” has the meaning specified in Section 5.12(b).
“Class B Note Rate” means, with respect to each Interest Period, a fixed rate equal to 5.25% per annum with respect to the Class B Notes.
“Class B Noteholder” means a Holder of a Class B Note.
“Class B Notes” has the meaning specified in paragraph (a) of the Designation.
“Class B Required Interest Distribution” has the meaning specified in Section 5.15(a)(iv).
“Class C Additional Interest” has the meaning specified in Section 5.12(c).
“Class C Deficiency Amount” has the meaning specified in Section 5.12(c).
“Class C Monthly Interest” has the meaning specified in Section 5.12(c).
“Class C Note Rate” means, with respect to each Interest Period, a fixed rate equal to 7.40% per annum with respect to the Class C Notes.
“Class C Noteholder” means a Holder of a Class C Note.
“Class C Notes” has the meaning specified in paragraph (a) of the Designation.
“Class C Required Interest Distribution” has the meaning specified in Section 5.15(a)(v).
“Class D Additional Interest” has the meaning specified in Section 5.12(d).
“Class D Deficiency Amount” has the meaning specified in Section 5.12(d).
“Class D Monthly Interest” has the meaning specified in Section 5.12(d).
“Class D Note Rate” means, with respect to each Interest Period, a fixed rate equal to 8.50% per annum with respect to the Class D Notes.
“Class D Noteholder” means a Holder of a Class D Note.
“Class D Notes” has the meaning specified in paragraph (a) of the Designation.
“Class D Required Interest Distribution” has the meaning specified in Section 5.15(a)(vi).
“Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act or any successor provision thereto.
“Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency or Foreign Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency or Foreign Clearing Agency.
“Clearstream” means Clearstream Banking, société anonyme.
“Closing Date” means May 23, 2022.
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“Code” means the Internal Revenue Code of 1986, as amended, and the rules and Treasury Regulations promulgated thereunder.
“Collateral Trustee” means initially Wilmington Trust, National Association, and its successors and any corporation resulting from or surviving any consolidation or merger to which it or its successors may be a party and any successor collateral trustee appointed in accordance with the provisions of the Intercreditor Agreement.
“Collection Account” has the meaning specified in Section 5.3(a).
“Collections” means, with respect to any Receivable, all cash collections and other cash proceeds of such Receivable made by or on behalf of Obligors, including, without limitation, all principal, Finance Charges and cash proceeds of Related Security with respect to such Receivable and any Deemed Collections in each case, received after the Cut-Off Date; provided, however, that, if not otherwise specified, the term “Collections” shall refer to the Collections on all the Receivables collectively together with any Investment Earnings and any other funds received with respect to the Trust Estate.
“Commission” means the U.S. Securities and Exchange Commission, and its successors.
“Concentration Limits” shall be deemed breached if any of the following is true on any date of determination:
(i)    the aggregate Outstanding Receivables Balance of all Rewritten Receivables and Re-Aged Receivables that are Eligible Receivables exceeds 5.0% of the aggregate Outstanding Receivables Balance of all Eligible Receivables;
(ii)    the weighted average fixed interest rate of all Eligible Receivables is less than 27.0%;
(iii)    the aggregate Outstanding Receivables Balance of all Eligible Receivables with a fixed interest rate less than 15.0% exceeds 3.0% of the Outstanding Receivables Balance of all Eligible Receivables;
(iv)    the weighted average life of all Eligible Receivables exceeds forty-eight (48) months;
(v)    the aggregate Outstanding Receivables Balance of all Eligible Receivables that are not Renewal Receivables exceeds 45.0% of the Outstanding Receivables Balance of all Eligible Receivables; 
(vi)    the aggregate Outstanding Receivables Balance of all Eligible Receivables with Original Receivables Balances of less than or equal to $800 exceeds 5.0% of the Outstanding Receivables Balance of all Eligible Receivables; 
(vii)    the aggregate Outstanding Receivables Balance of all Eligible Receivables with Original Receivables Balances of less than or equal to $1,600 exceeds 10.0% of the Outstanding Receivables Balance of all Eligible Receivables; 
(viii)    the aggregate Outstanding Receivables Balance of all Eligible Receivables with Original Receivables Balances of less than or equal to $3,000 exceeds 25.0% of the Outstanding Receivables Balance of all Eligible Receivables;
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(ix)    the aggregate Outstanding Receivables Balance of all Eligible Receivables with Original Receivables Balances of less than or equal to $6,000 exceeds 65.0% of the Outstanding Receivables Balance of all Eligible Receivables;
(x)    the aggregate Outstanding Receivables Balance of all Eligible Receivables that are not Renewal Receivables and that relate to Unsecured Loans with Original Receivables Balances of greater than $6,000 exceeds 25.0% of the Outstanding Receivables Balance of all Eligible Receivables;
(xi)    the weighted average credit score of the related Obligors of all Eligible Receivables (excluding any Eligible Receivables the Obligor of which has no (or a zero) credit score) is less than: (x) ADS Score: 700, (y) PF Score: 640 and (z) VantageScore: 600; 
(xii)    the aggregate Outstanding Receivables Balance of all Eligible Receivables the Obligors of which have credit scores within the following respective credit score buckets: (x) ADS Score: less than or equal to 560, (y) PF Score: less than or equal to 500 and (z) VantageScore: less than or equal to 520 exceeds 5.0% of the aggregate Outstanding Receivables Balance of all Eligible Receivables;
(xiii)    the aggregate Outstanding Receivables Balance of all Eligible Receivables relating to Secured Personal Loans exceeds 10.0% of the Outstanding Receivables Balance of all Eligible Receivables; or
(xiv)    the aggregate Outstanding Receivables Balance of all Eligible Receivables subject to a Temporary Reduction in Payment Plan (excluding Loans subject to an Emergency Temporary Reduction in Payment Plan) exceeds 5.0% of the Outstanding Receivables Balance of all Eligible Receivables.
“Consolidated Parent” means initially, Oportun Financial Corporation, a Delaware corporation, and any successor to Oportun Financial Corporation as the indirect or direct parent of Oportun, the financial statements of which are for financial reporting purposes consolidated with Oportun in accordance with GAAP, or if there is none, then Oportun.
“Contingent Liability” means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the indebtedness, obligation or any other liability of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends or other distributions upon the shares of any other Person.  The amount of any Person’s obligation under any Contingent Liability shall (subject to any limitation set forth therein) be deemed to be the outstanding principal amount (or maximum outstanding principal amount, if larger) of the debt, obligation or other liability guaranteed thereby. 
“Contractual Obligation” means, with respect to any Person, any provision of any security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject.
“Control Agreement” means the Deposit Account Control Agreement, dated as of June 28, 2013, among the initial Servicer, Deutsche Bank Trust Company Americas, as collateral trustee, Oportun and Bank of America, N.A., as supplemented by the Notice of Assignment, dated as of December 7, 2018, among Bank of America, N.A., Deutsche Bank Trust Company 
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Americas, as outgoing collateral trustee, and the Collateral Trustee, and as the same may be further amended or supplemented from time to time.
“Corporate Trust Office” means the principal office of the Indenture Trustee and the Certificate Registrar, as applicable, at which at any particular time its corporate trust business shall be administered, which office at the date of the execution of this Indenture is located at 1100 N. Market Street, Wilmington, DE 19890, Attention:  Corporate Trust Administration.
“Coverage Test” has the meaning specified in Section 5.4(c).
“Credit and Collection Policies” means the Seller’s (or, if applicable, an Additional Originator’s) and the Servicer’s credit and collection policy or policies relating to Loans and Receivables and, with respect to the Seller and Servicer,  referred to in Exhibit C to the Servicing Agreement, as the same is amended, supplemented or otherwise modified and in effect from time to time in accordance with Section 2.12(c) of the Servicing Agreement; provided, however, if the Servicer is any Person other than the initial Servicer, “Credit and Collection Policies” shall refer to the collection policies of such Servicer as they relate to receivables of a similar nature to the Receivables.
“Credit Risk Retention Rules” means Regulation RR (17 C.F.R. Part 246), as such rule may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Department of Treasury, the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Securities and Exchange Commission and the Department of Housing and Urban Development in the adopting release (79 F.R. 77601 et seq.) or by the staff of any such agency, or as may be provided by any such agency or its staff from time to time, in each case, as effective from time to time.
“Cut-Off Date” means (i) with respect to the Receivables purchased by the Issuer on the Closing Date, the close of business on May 18, 2022, (ii) with respect to Subsequently Purchased Receivables, the related Purchase Date, and (iii) with respect to the Replacement Receivables, the date such Replacement Receivables are exchanged for Exchanged Receivables.
“DBRS” means DBRS, Inc.
“Deemed Collections” means in connection with any Receivable, all amounts payable (without duplication) with respect to such Receivable, by (i) the Seller pursuant to Section 2.4 of the Purchase Agreement, (ii) the Depositor pursuant to Section 2.6 or Section 3.4 of the Transfer Agreement and/or (iii) the Servicer pursuant to Section 2.02(f) or Section 2.08 of the Servicing Agreement.
“Default” means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default, a Servicer Default or a Rapid Amortization Event.
“Defaulted Receivable” means a Receivable as to which any of the following has occurred: (i) any scheduled payment, or part thereof, remains unpaid for 120 days or more past the due date for such payment determined by reference to the contractual payment terms, as amended, of such Receivable, (ii) if relating to a Secured Personal Loan where the Titled Asset has been repossessed, the month-end when the sale proceeds are received, (iii) the Servicer has been notified that the Obligor thereon has died or is suffering or has suffered an Event of Bankruptcy or (iv) consistent with the Credit and Collection Policies, such Receivable would be written off as uncollectible.
“Deficiency Amount” has the meaning specified in Section 5.12(d).
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“Definitive Notes” has the meaning specified in Section 2.16(i).
“Delinquent Receivable” means a Receivable (other than a Defaulted Receivable) as to which all or any part of a scheduled payment remains unpaid for thirty (30) days or more from the due date for such payment.
“Depositary Bank” has the meaning specified in Section 5.3(f) and shall initially be Wilmington Trust, National Association.
“Depositor” means Oportun Depositor, LLC, a special purpose limited liability company established under the laws of Delaware.
“Depositor Loan Trust Agreement” means the Depositor Loan Trust Agreement, dated as of the Closing Date, between the Depositor and the Depositor Loan Trustee, as the same may be amended or supplemented from time to time.
“Depositor Loan Trustee” means Wilmington Savings Fund Society, FSB, a federal savings bank.
“Depositor Repurchase Event” has the meaning specified in the Transfer Agreement.
“Depository” means the Clearing Agency or Foreign Clearing Agency, as applicable.
“Depository Agreement” means the agreement among the Issuer and the Clearing Agency or Foreign Clearing Agency.
“Determination Date” means the third Business Day prior to each Note Transfer Date.
“Dollars” and the symbol “$” mean the lawful currency of the United States.
“DTC” means The Depository Trust Company.
“Eligible Receivable” means each Receivable:
(i)that was originated in compliance with all applicable Requirements of Law (including without limitation all Laws relating to truth in lending, fair credit billing, fair credit reporting, fair debt collection practices and privacy) and which complies with all applicable Requirements of Law (other than non-compliance that has no adverse effect on the obligations of the Obligor and creates no financial liability or other loss, cost or expense for the Depositor, the Depositor Loan Trustee or the Issuer as their assignee and does not have any other Material Adverse Effect);
(ii)with respect to which all consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority required to be obtained, effected or given by the Seller, Oportun, LLC, PF Servicing, LLC or another applicable Originator in connection with the creation or the execution, delivery, performance and servicing of such Receivable (other than non-compliance that has no adverse effect on the obligations of the Obligor and creates no financial liability or other loss, cost or expense for the Depositor, the Depositor Loan Trustee or the Issuer as their assignee and does not have any other Material Adverse Effect), which consents, licenses, approvals or authorizations will include, in the case of any Loans to be originated by MetaBank in Colorado, Connecticut, Georgia (unless the original loan amount was greater than $3,000), Iowa, Maine, New York, Vermont, West Virginia or the District of Columbia, 
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the Specified State Licenses to be obtained by the Seller, with adherence to the specified usury limits thereunder;
(i)as to which, at the time of the sale of such Receivable (i) by the Seller to the Depositor and the Depositor Loan Trustee for the benefit of the Depositor, (ii) by Oportun, LLC to the Seller, (iii) by MetaBank to the Seller or Oportun Bank (if applicable), or (iv) if applicable, by Oportun Bank, as an Additional Originator, to the Seller or the Depositor and the Depositor Loan Trustee for the benefit of the Depositor, in each case as applicable, the party selling such Receivable was the sole owner thereof and had good and marketable title thereto free and clear of all Liens and, following such sale, good and marketable title to such Receivables was vested in the party purchasing such Receivable free and clear of all Liens of the selling party;
(ii)that is the legal, valid and binding payment obligation of the Obligor thereof enforceable against such Obligor in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, receivership, conservatorship or other Laws now or hereafter in effect, affecting the rights of creditors generally and except as such enforcement may be limited by general principles of equity (whether considered in a proceeding at law or in equity), and is not subject to any right of rescission, setoff, counterclaim or defense (including the defense of usury) or to any repurchase obligation or return right;
(iii)the related Loan of which is an Unsecured Loan or a Secured Personal Loan; 
(iv)that is not secured by any Titled Asset that is in the process of being repossessed; 
(v)the related Loan of which constitutes a “general intangible,” “instrument,” “chattel paper,” “promissory note” or “account”, in each case under and as defined in Article 9 of the UCC of all applicable jurisdictions;
(vi)that was established in accordance with the Credit and Collection Policies in the regular and ordinary course of the business of the Seller, Oportun, LLC or another applicable Originator, as applicable;
(vii)that is denominated and payable in Dollars, is only payable in the United States of America and each Obligor in respect of which are residents of, and have provided a billing address in, the United States of America;
(viii)that is not, on the applicable Purchase Date, a Delinquent Receivable;
(ix)that has an original and remaining term to maturity of no more than sixty-six (66) months;
(x)that has an Outstanding Receivables Balance less than or equal to $14,900 (in the case of Unsecured Loans) or $20,900 (in the case of Secured Personal Loans);
(xi)that has an annual percentage rate that is less than or equal to 36.0%;
(xii)that is not evidenced by a judgment or has been reduced to judgment;
(xiii)that is not a Defaulted Receivable;
(xiv)that has not been identified by the Seller as having been originated under circumstances involving suspected fraud (without subsequently being cleared by the 
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Seller) or confirmed fraud (including circumstances involving identity theft), in each case in a manner consistent with the Credit and Collection Policies;
(xv)that is not a revolving line of credit;
(xvi)the terms of which have not been modified or waived except as permitted under the Credit and Collection Policies or the Transaction Documents;
(xvii)that has no Obligor thereon that is either (x) a Governmental Authority or (y) a Person subject to Sanctions;
(xviii)that has no Obligor thereon that is the Obligor of a Defaulted Receivable;
(xix)the assignment of which (i) by the Seller to the Depositor and the Depositor Loan Trustee for the benefit of the Depositor, (ii) by Oportun, LLC to the Seller, (iii) by MetaBank to the Seller or Oportun Bank (if applicable), (iv) if applicable, by Oportun Bank, as an Additional Originator, to the Seller or the Depositor and the Depositor Loan Trustee for the benefit of the Depositor or (v) by the Depositor and the Depositor Loan Trustee for the benefit of the Depositor to the Issuer, in each case as applicable, does not contravene or conflict with any Law or any contractual or other restriction, limitation or encumbrance, and the sale or assignment of which does not require the consent of the Obligor thereof; 
(xx)the related Loan of which provides for repayment in full of the principal balance thereof in equal installments not less frequently than monthly;
(xxi)as to which the proceeds of the related Loan are fully disbursed, there is no requirement for future advances under such Loan and none of the Seller, Oportun, LLC nor another applicable Originator has any further obligations under such Loan;
(xxii)as to which the Servicer (as Custodian (as defined in the Servicing Agreement)) is in possession of a full and complete Receivable File in physical or electronic format; with respect to Receivable Files in electronic format, such possession may be through use of an electronic document repository provided by a third-party vendor;
(xxiii)that represents the undisputed, bona fide transaction created by the lending of money by the Seller, Oportun, LLC or another applicable Originator, as applicable, in the ordinary course of business and completed in accordance with the terms and provision contained in the related Loan;
(xxiv)as to which a Concentration Limit would not be breached on the applicable Purchase Date by the sale, transfer or assignment of such Receivable to the Issuer or, in connection with Rewritten Receivables involving the modification of a Receivable, at the time of such modification; 
(xxv)the related Loan of which was not originated by MetaBank in Colorado, Connecticut, Georgia (unless the original loan amount was greater than $3,000), Iowa, Maine, New York, Vermont, West Virginia or the District of Columbia unless, in any such case, the Rating Agency Condition has been satisfied with respect to the inclusion of such Loans; and 
(xxvi)the related Loan of which, if originated in Illinois, has a MAPR of less than 36.0%. 
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“Emergency” means a local or wide-spread emergency such as a natural disaster, government shutdown or pandemic.
“Emergency Temporary Reduction in Payment Plan” means a Temporary Reduction in Payment Plan sought by an Obligor as a result of being impacted by an Emergency.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.
“ERISA Affiliate” means, with respect to any Person, (i) any corporation which is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as such Person; (ii) any trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with such Person; or (iii) any member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as such Person.
“ERISA Event” means any of the following: (i) the failure to satisfy the minimum funding standard under Section 302 of ERISA or Section 412 of the Code with respect to any Pension Plan; (ii) the filing by the Pension Benefit Guaranty Corporation or a plan administrator of any notice relating to an intention to terminate any Pension Plan or Pension Plans or an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or grounds to appoint a trustee to administer any Pension Plan; (iii) the complete withdrawal or partial withdrawal by any Person or any of its ERISA Affiliates from any Multiemployer Plan; (iv) any “reportable event” as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Pension Plan (other than an event for which the 30-day notice period is waived), (v) the commencement of proceedings by the Pension Benefit Guaranty Corporation to terminate a Pension Plan or the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA, or the termination of any Pension Plan (vi) the receipt by the Issuer, the Seller, the initial Servicer, or any ERISA Affiliate of any notice concerning a determination that a Multiemployer Plan is, or is expected to be insolvent within the meaning of Title IV of ERISA; or (vii) the imposition of any liability under Title IV of ERISA, other than for Pension Benefit Guaranty Corporation premiums due but not delinquent under Section 4007 of ERISA, upon any Person or any of its ERISA Affiliates with respect to a Pension Plan.
“Euroclear” means the Euroclear System, as operated by Euroclear Bank S.A./N.V.
“Event of Bankruptcy” shall be deemed to have occurred with respect to a Person if:
(iii)a Proceeding shall be commenced, without the application or consent of such Person, before any Governmental Authority, seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or adjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or substantially all of its assets, or any similar action with respect to such Person under any Law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and in the case of any Person, such Proceeding shall continue undismissed, or unstayed and in effect, for a period of sixty (60) consecutive days; or an order for relief in respect of such Person shall be entered in an involuntary case under the federal bankruptcy Laws or other similar Laws now or hereafter in effect; or
(xxvii)such Person shall (i) consent to the institution of (except as described in the proviso to clause (a) above) any Proceeding or petition described in clause (a) of this definition, or (ii) commence a voluntary Proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar Law now or hereafter in effect, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, 
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trustee, custodian, sequestrator (or other similar official) for such Person or for any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall fail to, or admit in writing its inability to, pay its debts generally as they become due, or, if a corporation or similar entity, its board of directors shall vote to implement any of the foregoing.
“Event of Default” has the meaning specified in Section 10.1.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Exchanged Receivables” has the meaning specified in the Transfer Agreement.  
“FATCA” means the Foreign Account Tax Compliance Act provisions, sections 1471 through to 1474 of the Code (including any regulations or official interpretations issued with respect thereof or agreements thereunder and any amended or successor provisions).
“FATCA Withholding Tax” means any withholding or deduction required pursuant to FATCA.
“FDIC” means the Federal Deposit Insurance Corporation or any successor thereto. 
“FDIC Safe Harbor” means 12 C.F.R. §360.6, as it may be amended from time to time and subject to such clarifications and interpretations as may be provided by the FDIC or by the FDIC’s staff from time to time.
“Federal Reserve Board” means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its principal functions. 
“Finance Charges” means any finance, interest, late, servicing or similar charges or fees owing by an Obligor pursuant to the Loans plus all Recoveries.  
“Fiscal Year” means any period of twelve consecutive calendar months ending on December 31.
“Fitch” means Fitch, Inc.
“Flow-through Entity” has the meaning specified in Section 2.6(e)(iii). 
“Foreign Clearing Agency” means Clearstream and Euroclear.
“GAAP” means those principles of accounting set forth in pronouncements of the Financial Accounting Standards Board, the American Institute of Certified Public Accountants or which have other substantial authoritative support and are applicable in the circumstances as of the date of a report, as such principles are from time to time supplemented and amended, and with respect to determinations or calculations to be made by a Person other than a successor Servicer, applied on a basis consistent with the most recent audited financial statements of Consolidated Parent before the Closing Date.
“Global Note” has the meaning specified in Section 2.19.
“Governmental Authority” means any government or political subdivision or any agency, authority, bureau, central bank, commission, department or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic.
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“Grant” means the Issuer’s grant of a Lien on the Trust Estate as set forth in the Granting Clause of this Indenture.
“Holder” means the Person in whose name a Note is registered in the Note Register.
“In-Store Payments” has the meaning specified in the Servicing Agreement.
“Indebtedness” means, with respect to any Person, such Person’s (i) obligations for borrowed money, (ii) obligations representing the deferred purchase price of property other than accounts payable arising in the ordinary course of such Person’s business on terms customary in the trade, (iii) obligations, whether or not assumed, secured by Liens on or payable out of the proceeds or production from, property now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, acceptances, or other instruments, (v) Capitalized Lease obligations and (vi) obligations of another Person of a type described in clauses (i) through (v) above, for which such Person is obligated pursuant to a guaranty, put or similar arrangement.
“Indenture” means this Indenture dated as of the Closing Date, between the Issuer and the Indenture Trustee, Securities Intermediary and Depositary Bank, as amended, restated, modified or supplemented from time to time.
“Indenture Termination Date” has the meaning specified in Section 12.1.
“Indenture Trustee” means initially Wilmington Trust, National Association, acting in such capacity under this Indenture, and its successors and any corporation resulting from or surviving any consolidation or merger to which it or its successors may be a party and any successor trustee appointed in accordance with the provisions of this Indenture.
“Independent” means, when used with respect to any specified Person, that such Person (a) is in fact independent of the Issuer, any other obligor upon the Notes, the initial Servicer, the Seller and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, the initial Servicer, the Seller or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the initial Servicer, the Seller or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions.
“Independent Certificate” means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 15.1, prepared by an Independent appraiser or other expert appointed by an Issuer Order or an Administrator Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Indenture and that the signer is Independent within the meaning thereof.
“Initial Purchasers” means Jefferies LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as initial Class A Noteholders, initial Class B Noteholders and initial Class C Noteholders.
“Intercreditor Agreement” means the Twenty-Eighth Amended and Restated Intercreditor Agreement, substantially in the form of Exhibit F hereto, as such agreement may be amended, modified, waived, supplemented or restated from time to time.
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“Interest Period” means, with respect to any Payment Date, the period from and including the Payment Date immediately preceding such Payment Date (or, in the case of the first Payment Date, from and including the Closing Date) to but excluding such Payment Date. 
“Investment Company Act” means the Investment Company Act of 1940, as amended.
“Investment Earnings” means all interest and earnings (net of losses and investment expenses) accrued on funds on deposit in the Trust Accounts.
“Issuer” has the meaning specified in the preamble of this Indenture.
“Issuer Distributions” has the meaning specified in Section 5.4(c).
“Issuer Order” and “Issuer Request” means a written order or request signed in the name of the Issuer by any one of its Responsible Officers and delivered to the Indenture Trustee.
“Law” means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree or award of any Governmental Authority.
“Legal Final Payment Date” means June 9, 2031.
“Lien” means any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, lien, charge, claim, security interest, easement or encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any lease or title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing statement perfecting a security interest under the UCC or comparable Law of any jurisdiction).
“Loan” means any promissory note or other loan documentation originally entered into between an Originator and an Obligor in connection with consumer loans made by such Originator to such Obligor in the ordinary course of such Originator’s business and acquired, directly or indirectly, by the Depositor and the Depositor Loan Trustee for the benefit of the Depositor for further transfer by the Depositor and the Depositor Loan Trustee for the benefit of the Depositor to the Issuer.
“MAPR” means in respect of any Receivable or Receivables, the military annual percentage rate thereof, as determined under the Illinois Predatory Loan Prevention Act, 815 ILCS 123/15. 
“Material Adverse Effect” means any event or condition which would have a material adverse effect on (i) the collectability of any material portion of the Receivables, (ii) the condition (financial or otherwise), businesses or properties of the Issuer, the Depositor, the Servicer, Oportun, LLC, the Seller or, if  designated as an Additional Originator, Oportun Bank, (iii) the ability of the Issuer, the Depositor, Oportun, LLC, the Seller or, if  designated as an Additional Originator, Oportun Bank to perform its respective obligations under the Transaction Documents or the ability of the Servicer to perform its obligations under the Servicer Transaction Documents or (iv) the interests of the Indenture Trustee or any Secured Party in the Trust Estate or under the Transaction Documents.
“Membership Interest” means an equity interest in the Issuer.
“MetaBank” means MetaBank, National Association
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“MetaBank Program” means the partnership between the Seller and MetaBank where Seller provides marketing, underwriting, and other services in connection with the origination by MetaBank of unsecured personal loans meeting certain eligibility criteria established by MetaBank. 
“Minimum Collection Account Balance” means, on and as of any date of determination, the excess, if any, of (i) the sum of the outstanding principal amount of the Notes plus the Required Overcollateralization Amount, over (ii) the Outstanding Receivables Balance of all Eligible Receivables; provided, however, that once an amount has been transferred to the Payment Account which is sufficient to pay the Noteholders in full (including all interest accrued, or to accrue to the next Payment Date, and the outstanding principal balance of the Notes), the “Minimum Collection Account Balance” shall be zero.
“Monthly Interest” has the meaning specified in Section 5.12(d).
“Monthly Loss Percentage” means the fraction, expressed as a percentage, equal to (i) twelve (12) times the aggregate Outstanding Receivables Balance of all Receivables that became Defaulted Receivables during the previous Monthly Period, less Recoveries received during such previous Monthly Period, over (ii) the aggregate Outstanding Receivables Balance of all Eligible Receivables at the beginning of such Monthly Period.
“Monthly Period” means the period from and including the first day of a calendar month to and including the last day of such calendar month; provided, however, that the first Monthly Period shall be the period from and including the Closing Date to and including June 30, 2022; provided further, however, that, solely for purposes of allocating Collections received on the Receivables, the first Monthly Period shall be deemed to commence on the Cut-Off Date.
“Monthly Servicer Report” means a report substantially in the form attached as Exhibit A-1 to the Servicing Agreement or in such other form as the Servicer may determine necessary or desirable (with prior consent of the Indenture Trustee and the Back-Up Servicer); provided, however, that no such other agreed form shall serve to exclude information expressly required by this Indenture or the Servicing Agreement.
“Monthly Statement” means a statement substantially in the form attached hereto as Exhibit M, with such changes as the Servicer (with prior consent of the Back-Up Servicer) may determine to be necessary or desirable; provided, however, that no such change shall serve to exclude information expressly required by this Indenture.
“Moody’s” means Moody’s Investors Service, Inc.
“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA with respect to which the Seller, the Issuer, the Servicer or any of their respective ERISA Affiliates is making, is obligated to make, or has made or been obligated to make, contributions.
“Net Third Party Purchase Price” has the meaning specified in Section 2.02(i) of the Servicing Agreement.
“Note Owner” means, with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books of the Clearing Agency or Foreign Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency or Foreign Clearing Agency (directly or as an indirect participant, in accordance with the rules of such Clearing Agency or Foreign Clearing Agency).
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“Note Principal” means on any date of determination the then outstanding principal amount of the Notes.
“Note Purchase Agreement” means the agreement by and among the Initial Purchasers, Oportun and the Depositor, dated May 19, 2022, pursuant to which the Initial Purchasers agreed to purchase an interest in the Class A Notes, the Class B Notes and the Class C Notes, respectively from the Depositor, subject to the terms and conditions set forth therein, as amended, supplemented or otherwise modified from time to time. 
“Note Rate” means the Class A Note Rate, the Class B Note Rate, the Class C Note Rate and the Class D Note Rate, as applicable.
“Note Register” has the meaning specified in Section 2.6(a).
“Noteholder” means with respect to any Note, the holder of record of such Note.
“Notes” has the meaning specified in paragraph (a) of the Designation.
“Note Transfer Date” means the Business Day immediately prior to each Payment Date.
“Obligor” means, with respect to any Receivable, the Person or Persons obligated to make payments with respect to such Receivable, including any guarantor thereof.
“Offering Memorandum” means the Offering Memorandum, dated May 19, 2022, relating to the Notes.
“Officer’s Certificate” means a certificate signed by any Responsible Officer of the Person providing the certificate.
“Opinion of Counsel” means one or more written opinions of counsel to the Issuer, the Depositor, the Seller, Oportun Bank or the Servicer who (except in the case of opinions regarding matters of organizational standing, power and authority, conflict with organizational documents, conflict with agreements other than Transaction Documents, qualification to do business, licensure and litigation or other Proceedings) shall be external counsel, satisfactory to the Indenture Trustee, which opinions shall comply with any applicable requirements of Section 15.1 and TIA Section 314, if applicable, and shall be in form and substance satisfactory to the Indenture Trustee, and shall be addressed to the Indenture Trustee.  An Opinion of Counsel may, to the extent same is based on any factual matter, rely on an Officer’s Certificate as to the truth of such factual matter.
“Oportun” means Oportun, Inc., a Delaware corporation.
“Oportun Bank” means a banking institution wholly-owned by Parent or an Affiliate thereof.
“Oportun Bank Agreement” means the agreement by which Oportun Bank, if designated as an Additional Originator pursuant to the Transfer Agreement, sells Loans to the Seller or the Depositor and the Depositor Loan Trustee for the benefit of the Depositor, which agreement meets the requirements of Section 2.5 of the Transfer Agreement.
“Oportun, LLC” means Oportun, LLC, a limited liability company established under the laws of Delaware.
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“Original Receivables Balance” means, with respect to any Receivable, an amount equal to the original principal balance of such Receivable at origination. 
“Originator” means (i) initially, each of the Seller, Oportun, LLC and MetaBank and (ii) each Additional Originator designated as such in accordance with the Transfer Agreement.
“Outstanding Receivables Balance” means, as of any date with respect to any Receivable, an amount equal to the outstanding principal balance for such Receivable; provided, however, that if not otherwise specified, the term “Outstanding Receivables Balance” shall refer to the Outstanding Receivables Balance of all Receivables collectively.
“Owner Trustee” means Wilmington Savings Fund Society, FSB, a federal savings bank.
“Parent” means Oportun Financial Corporation.
“Paying Agent” means any paying agent appointed pursuant to Section 2.7 and shall initially be the Indenture Trustee.
“Payment Account” means the account established as such for the benefit of the Secured Parties of this Series 2022-A pursuant to Section 5.3(c).
“Payment Date” means July 8, 2022 and the eighth (8th) day of each calendar month thereafter, or if such eighth (8th) day is not a Business Day, the next succeeding Business Day.
“Pension Plan” means an “employee pension benefit plan” as described in Section 3(2) of ERISA (excluding a Multiemployer Plan) that is subject to Title IV of ERISA or Section 302 of ERISA or 412 of the Code, and in respect of which the Issuer, the Seller, the initial Servicer or any ERISA Affiliate thereof is, or at any time during the immediately preceding six (6) years was, an “employer” as defined in Section 3(5) of ERISA, or with respect to which the Issuer, the Seller, the initial Servicer or any of their respective ERISA Affiliates has any liability, contingent or otherwise.
“Perfection Representations” means the representations, warranties and covenants set forth in Schedule 1 attached hereto.
“Performance Guaranty” means the Performance Guaranty, dated as of the Closing Date, between Oportun and the Indenture Trustee, as such agreement may be amended, supplemented or otherwise modified and in effect from time to time.
“Permissible Uses” means the use of funds by the Issuer to pay the Depositor for Subsequently Purchased Receivables that are Eligible Receivables.
“Permitted Encumbrance” means (a) with respect to the Issuer or the Depositor, any item described in clause (i), (iv), (vi) or (vii) of the following, and (b) with respect to the Seller, any item described in clauses (i) through (vii) of the following:
(1)Liens for taxes and assessments that are not yet due and payable or that are being contested in good faith and for which reserves have been established, if required in accordance with GAAP;
(2)Liens of or resulting from any judgment or award, the time for the appeal or petition for rehearing of which shall not have expired, or in respect of which the Seller shall at any time in good faith be prosecuting an appeal or proceeding for a review 
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and with respect to which adequate reserves or other appropriate provisions are being maintained in accordance with GAAP;
(3)Liens incidental to the conduct of business or the ownership of properties and assets (including mechanics’, carriers’, repairers’, warehousemen’s and statutory landlords’ liens and liens to secure the performance of leases) and Liens to secure statutory obligations, surety or appeal bonds or other Liens of like general nature incurred in the ordinary course of business and not in connection with the borrowing of money, provided in each case, the obligation secured is not overdue, or, if overdue, is being contested in good faith by appropriate actions or Proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained in accordance with GAAP;
(4)Liens in favor of the Indenture Trustee, or otherwise created by the Issuer, the Depositor, the Seller or the Indenture Trustee pursuant to the Transaction Documents, and the interests of mortgagees and loss payees under the terms of any Loan;
(5)Liens that, in the aggregate do not exceed $250,000 (such amount not to include Permitted Encumbrances under clauses (i) through (iv) or (vi)) and which, individually or in the aggregate, do not materially interfere with the rights under the Transaction Documents of the Indenture Trustee or any Noteholder in any of the Receivables; 
(6)any Lien created in favor of the Issuer, the Depositor or the Seller in connection with the purchase of any Receivables by the Issuer, the Depositor or the Seller and covering such Receivables, the related Loans with respect to which are sold to the Seller, the Depositor or the Issuer pursuant to the Transaction Documents; and 
(7)any Lien created in favor of the Seller or an Affiliate of the Seller in connection with the purchase of any Receivables by the Seller or such Affiliate and covering such Receivables, the related Loans with respect to which are sold by MetaBank to the Seller or such Affiliate under the MetaBank Program.
“Permitted Investments” means book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form and that evidence:
(xxviii)direct obligations of, and obligations fully guaranteed as to the full and timely payment by, the United States;
(iv)demand deposits, time deposits or certificates of deposit of any depository institution or trust company incorporated under the Laws of the United States or any state thereof or the District of Columbia (or any domestic branch of a foreign bank) and subject to supervision and examination by federal or state banking or depository institution authorities (including depository receipts issued by any such institution or trust company as custodian with respect to any obligation referred to in clause (a) above or a portion of such obligation for the benefit of the holders of such depository receipts); provided that at the time of the investment or contractual commitment to invest therein (which shall be deemed to be made again each time funds are reinvested following each Payment Date), the commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating of which is based on the credit of a person other than such depository institution or trust company) of such depository institution or trust company shall have a credit rating from a Rating Agency in the highest investment category granted thereby;
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(v)commercial paper having, at the time of the investment or contractual commitment to invest therein, a rating from Fitch of “F2” or the equivalent thereof from Moody’s or Standard & Poor’s; or 
(vi)only to the extent permitted by Rule 3a-7 under the Investment Company Act, investments in money market funds having a rating from Fitch of “AA” or, to the extent not rated by Fitch, rated in the highest rating category by Moody’s, Standard & Poor’s or another Rating Agency.
Permitted Investments may be purchased by or through the Indenture Trustee or any of its Affiliates.
“Person” means any corporation, limited liability company, natural person, firm, joint venture, partnership, trust, unincorporated organization, enterprise, government or any department or agency of any government.
“PF Score” means the credit score for an Obligor referred to as the “PF Score” determined by the Seller in accordance with its proprietary scoring method.
“Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding.
“PTP Transfer Restricted Interest” means any Note, other than a Note for which an Opinion of Counsel states that such Note will be characterized as debt for U.S. federal income tax purposes; provided, for the avoidance of doubt, each Class D Note (other than any Retained Notes) shall constitute a “PTP Transfer Restricted Interest,” and each Class A Note, Class B Note and Class C Note (other than any Retained Notes) shall not constitute a “PTP Transfer Restricted Interest.”
“Purchase Agreement” means the Receivables Purchase Agreement, dated as of the Closing Date, among the Seller, the Depositor and the Depositor Loan Trustee, as such agreement may be amended, supplemented or otherwise modified and in effect from time to time.
“Purchase Date” means the Closing Date and each date thereafter on which the Depositor and the Depositor Loan Trustee for the benefit of the Depositor purchase Loans and Related Rights from the Seller (or, if applicable, Oportun Bank) and transfer such Loans and Related Rights to the Issuer pursuant to the Transfer Agreement.
“QIB” has the meaning specified in Section 2.16(a)(i).
“Qualified Institution” means a depository institution or trust company:
(xxix)whose commercial paper, short-term unsecured debt obligations or other short-term deposits have a rating commonly regarded as “investment grade” by at least one Rating Agency, if the deposits are to be held in the account for 30 days or less, or
(i)whose long-term unsecured debt obligations have a rating commonly regarded as “investment grade” by at least one Rating Agency, if the deposits are to be held in the account more than 30 days.
“Rapid Amortization Date” means the date on which a Rapid Amortization Event is deemed to occur. 
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“Rapid Amortization Event” has the meaning specified in Section 9.1.
“Rating Agency” means any nationally recognized statistical rating organization.
“Rating Agency Condition” means, with respect to any action or request, DBRS (and any other Rating Agency engaged to rate the Notes) confirms that the occurrence of such action or request will not result in a reduction or withdrawal of the then-current ratings on the Notes; provided, that if DBRS (or any such other Rating Agency) fails to have confirmed to the Depositor and the initial Servicer that the proposed action or request will result in a reduction or withdrawal of its then-current rating on any of the Notes within ten (10) days following any request for such confirmation, it will be deemed that such action or request will not result in a reduction or withdrawal of the then-current ratings on the Notes with respect to that Rating Agency.
“Re-Aged Receivable” means any Receivable, the contractual delinquency of which has been modified by the Servicer in accordance with the Credit and Collection Policy without changing the original periodic payment amounts of such Receivable.
“Reassigned Receivables” has the meaning specified in the Transfer Agreement
“Receivable” means the indebtedness of any Obligor under a Loan that is listed on the applicable Receivables Schedule, whether constituting an account, chattel paper, an instrument, a general intangible, payment intangible, promissory note or otherwise, and shall include (i) the right to payment of such indebtedness and any interest or finance charges and other obligations of such Obligor with respect thereto (including, without limitation, the principal amount of such indebtedness, periodic finance charges, late fees and returned check fees), and (ii) all proceeds of, and payments or Collections on, under or in respect of any of the foregoing.  Notwithstanding the foregoing, upon release from the Trust Estate pursuant to Section 2.14, a Removed Receivable, an Exchanged Receivable and a Reassigned Receivable shall no longer constitute a Receivable.  If a Loan is refinanced, the original Receivable shall be deemed collected and cease to be a Receivable for purposes of the Transaction Documents upon payment in accordance with Section 2.5 of the Purchase Agreement with respect thereto.
“Receivable File” means, with respect to a Receivable, the Loans or other records and the note related to such Receivable; provided that such Receivable File may be created in electronic format, or converted to microfilm or other electronic media.
“Receivables Schedule” means the schedule of Loans on file with the Depositor as indicated in  the Purchase Agreement and the schedule of Loans on file with the Issuer as indicated in the Transfer Agreement, in each case reflecting the Loans sold thereunder, as supplemented from time to time in connection with the sale of Subsequently Purchased Receivables, the reassignment of Reassigned Receivables and/or acquisition of Replacement Receivables in exchange for Exchanged Receivables.
“Record Date” means, with respect to any Payment Date, the last Business Day of the preceding Monthly Period.
“Records” means all Loans and other documents, books, records and other information in physical or electronic format (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) maintained with respect to Receivables and the related Obligors.
“Recoveries” means, with respect to any period, all Collections (net of expenses) received during such period in respect of a Receivable after it became a Defaulted Receivable.
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“Redemption Date” means  in the case of a redemption of the Notes, the Payment Date specified by the initial Servicer or the Issuer pursuant to Section 14.1.
“Redemption Price” means an amount as set forth in Section 14.1(b) for the redemption of the Notes.
“Registered Notes” has the meaning specified in Section 2.1.
“Related Rights” means, with respect to any Loan, (i) all Receivables related thereto and all Collections received thereon after the applicable Cut-Off Date, (ii) all Related Security, (iii) all Recoveries relating thereto, and (iv) all proceeds of the foregoing.
“Related Security” means, with respect to any Receivable, all guaranties, indemnities, insurance and other agreements (including the related Receivable File) or arrangement and other collateral of whatever character from time to time supporting or securing payment of such Receivable or otherwise relating to such Receivable.
“Removed Receivables” means any Receivable which is purchased or repurchased (i) by the initial Servicer (or its Affiliate) pursuant to Section 2.02(i) of the Servicing Agreement, (ii) by the initial Servicer pursuant to the last paragraph of Section 2.08 of the Servicing Agreement, (iii) by the Seller pursuant to the terms of the Purchase Agreement, (iv) by the Depositor pursuant to the terms of the Transfer Agreement or (v) by any other Person pursuant to Section 5.8. 
“Renewal Receivable” means a Receivable that satisfies the following conditions: (i) the Obligor was previously an obligor of a prior personal loan receivable originated by the Seller, Oportun, LLC or another applicable Originator, as applicable (the “Prior Receivable”), and (ii) the Obligor paid the Prior Receivable in cash in full or by net funding the Renewal Receivable proceeds (whether pursuant to the Seller’s or the Oportun, LLC’s “Good Customer” program or otherwise) and such payment in full or net funding was not made in connection with the conversion of such Prior Receivable into a Re-Aged Receivable or a Rewritten Receivable. 
“Replacement Receivables” has the meaning specified in the Transfer Agreement.
“Repurchase Event” has the meaning specified in the Purchase Agreement.
“Required Certificateholders” means the holders of Certificates representing a percentage interest in excess of 50% of the Certificates outstanding.
“Required Interest Distribution” has the meaning specified in Section 5.15(a)(vi).
“Required Monthly Payments” has the meaning specified in Section 5.4(c).
“Required Noteholders” means the holders of the most senior class of Notes outstanding, voting together, representing in excess of 50% of the aggregate principal balance of such class of Notes outstanding (or, if the Notes have been paid in full, the Required Certificateholders).
“Required Overcollateralization Amount” equals approximately $9,207,161.13.
“Required Principal Distribution” has the meaning specified in Section 5.15(a)(vii). 
“Requirements of Law” means, as to any Person, the organizational documents of such Person and any Law applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.
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“Reserve Account” has the meaning specified in Section 5.3(b).
“Reserve Account Requirement” means an amount equal to 0.25% of the aggregate initial principal balance of the Notes. 
“Responsible Officer” means (i) with respect to any Person, the member, the Chairman, the President, the Controller, any Vice President, the Secretary, the Treasurer, or any other officer of such Person or of a direct or indirect managing member of such Person, who customarily performs functions similar to those performed by any of the above-designated officers and also, with respect to a particular matter any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and (ii) with respect to the Indenture Trustee, in any of its capacities hereunder, a Trust Officer.
“Restricted Global Notes” has the meaning specified in Section 2.16(a)(i).
“Retained Notes” means any Notes, or interests therein, beneficially owned by the Issuer or an entity which, for U.S. federal income tax purposes, is considered the same Person as the Issuer, until such time as such Notes are the subject of an opinion pursuant to Section 2.6(d) hereof.
“Revolving Period” means the period from and including the Closing Date to, but not including, the earlier of (i) the Scheduled Amortization Period Commencement Date and (ii) the Rapid Amortization Date.
“Revolving Period OC Test” has the meaning specified in Section 5.4(c).
“Rewritten Receivable” means (i) any Receivable which replaces an existing Receivable due and (ii) any Receivable which is modified using criteria consistent with the rewrite provisions of the Credit and Collection Policies, and in either case, which does not involve the receipt of any new funds by such Obligor.
“Rule 15Ga-1” has the meaning specified in Section 11.23(a).
“Rule 15Ga-1 Information” has the meaning specified in Section 11.23(a).
“Rule 144A” has the meaning specified in Section 2.16(a)(i). 
“Sale Agreement” has the meaning specified in the Purchase Agreement.
“Scheduled Amortization Period Commencement Date” means June 1, 2024.
“Secured Obligations” means (i) all principal and interest, at any time and from time to time, owing by the Issuer on the Notes (including any Note held by the Seller, the Servicer, the Parent or any Affiliate of any of the foregoing), and (ii) all costs, fees, expenses, indemnity and other amounts owing or payable by, or obligations of, the Issuer to any Person (other than any Affiliate of the Issuer) under the Indenture or the other Transaction Documents.
“Secured Parties” has the meaning specified in the Granting Clause of this Indenture.
“Secured Personal Loan” means a Loan that is, as of the date of the origination thereof, at least partially secured by a lien on one or more Titled Assets.
“Securities Act” means the Securities Act of 1933, as amended.
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“Securities Intermediary” has the meaning specified in Section 5.3(e) and shall initially be Wilmington Trust, National Association, acting in such capacity under this Indenture.
“Seller” means Oportun.
“Series 2022-A” means the Asset Backed Notes represented by the Notes.
“Series 2022-A Termination Date” means the earliest to occur of (a) the Payment Date on which the Notes, plus all other amounts due and owing to the Noteholders, are paid in full, (b) the Legal Final Payment Date and (c) the Indenture Termination Date.
“Servicer” means initially PF Servicing, LLC and its permitted successors and assigns and thereafter any Person appointed as successor pursuant to the Servicing Agreement to service the Receivables.
“Servicer Default” has the meaning specified in Section 2.04 of the Servicing Agreement.
“Servicer Transaction Documents” means collectively, the Indenture, the Servicing Agreement, the Back-Up Servicing Agreement and the Intercreditor Agreement, as applicable.
“Servicing Agreement” means the Servicing Agreement, dated as of the Closing Date, among the Issuer, the Servicer and the Indenture Trustee, as the same may be amended or supplemented from time to time.
“Servicing Fee” means (A) for any Monthly Period during which PF Servicing, LLC or any Affiliate acts as Servicer, an amount equal to the product of (i) 5.00%, (ii) 1/12 and (iii) the aggregate Outstanding Receivables Balance as of the last day of the immediately prior Monthly Period (provided, that the Servicing Fee for the first Payment Date shall be based upon the actual number of days in the first Monthly Period and assuming a 30-day month), and (B) for any Monthly Period during which any other successor Servicer acts as Servicer, the Servicing Fee shall be an amount equal to (i) if SST acts as successor Servicer, the amount set forth pursuant to the SST Fee Schedule as set forth in the Back-Up Servicing Agreement or (ii) if any other successor Servicer acts as Servicer, the Servicing Fee shall be an amount equal to the product of (a) the current market rate for servicing receivables similar to the Receivables, (b) 1/12 and (c) the aggregate Outstanding Receivables Balance as of the last day of the immediately prior Monthly Period.
“Similar Law” means applicable Law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code.
“Solvent” means with respect to any Person that as of the date of determination both (A)(i) the then fair saleable value of the property of such Person is (y) greater than the total amount of liabilities (including Contingent Liabilities) of such Person and (z) not less than the amount that will be required to pay the probable liabilities on such Person’s then existing debts as they become absolute and matured considering all financing alternatives and potential asset sales reasonably available to such Person; (ii) such Person’s capital is not unreasonably small in relation to its business or any contemplated or undertaken transaction; and (iii) such Person does not intend to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due; and (B) such Person is “solvent” within the meaning given that term and similar terms under applicable Laws relating to fraudulent transfers and conveyances.  For purposes of this definition, the amount of any Contingent Liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.
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“Specified Monthly Loss Percentage” means 19.0%.
“Specified State Licenses” means the schedule of state licenses specified in the Purchase Agreement.
“SST” means Systems & Services Technologies, Inc.
“SST Fee Schedule” means Schedule I to the Back-Up Servicing Agreement.
“Standard & Poor’s” means S&P Global Ratings. 
“Subsequently Purchased Receivables” means additional Eligible Receivables that are (or the related Loans which are) identified on written reports prepared by the Seller (or, if applicable Oportun Bank) and sold to the Depositor (or with respect to legal title, the Depositor Loan Trustee for the benefit of the Depositor) and, in turn, sold by the Depositor (or with respect to legal title, the Depositor Loan Trustee for the benefit of the Depositor) to the Issuer from time to time after the Closing Date.
“Subsidiary” of a Person means any other Person more than 50% of the outstanding voting interests of which shall at any time be owned or controlled, directly or indirectly, by such Person or by one or more other Subsidiaries of such Person or any similar business organization which is so owned or controlled.
“Supplement” means a supplement to this Indenture complying with the terms of Article 13 of this Indenture. 
“Tax Information” means information and/or properly completed and signed tax certifications and/or documentation sufficient to eliminate the imposition of or to determine the amount of any withholding of tax, including FATCA Withholding Tax.
“Tax Opinion” means with respect to any action or event, an Opinion of Counsel to the effect that, for United States federal income tax purposes, (a) such action or event will not adversely affect the tax characterization of the Notes  issued to investors as debt, (b) such action or event will not cause any Secured Party to recognize gain or loss and (c) such action or event will not cause the Issuer to be classified as an association or publicly traded partnership, in each case, taxable as a corporation.
“Temporary Reduction in Payment Plan” means a short-term modification option under the Credit and Collection Policies pursuant to which the Servicer may make temporary payment reductions of up to six months’ worth of payments through a combination of a temporary reduction in interest rate and an extended term.
“Titled Asset” means an automobile, light-duty truck, SUV or van for which, under applicable state law, a certificate of title is issued and any security interest therein is required to be perfected by notation on such certificate of title or recorded with the relevant Governmental Authority that issued such certificate of title.
“Transaction Documents” means, collectively, this Indenture, the Notes, the Servicing Agreement, the Back-Up Servicing Agreement, the Purchase Agreement, the Transfer Agreement, the Trust Agreement, the Depositor Loan Trust Agreement, the Sale Agreement, the Oportun Bank Agreement, the Note Purchase Agreement, the Performance Guaranty, the Intercreditor Agreement, the Control Agreement and any agreements of the Issuer relating to the issuance or the purchase of any of the Notes.
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“Transfer Agent and Registrar” has the meaning specified in Section 2.6 and shall initially, and so long as Wilmington Trust, National Association is acting as Indenture Trustee, be the Indenture Trustee.
“Transfer Agreement” means the Receivables Transfer Agreement, dated as of the Closing Date, among the Issuer, the Depositor, and the Depositor Loan Trustee, as such agreement may be amended, supplemented or otherwise modified and in effect from time to time.
“Transfer Report” has the meaning specified in the Transfer Agreement.
“Transition Costs” means all reasonable costs and expenses incurred by the Back-Up Servicer in connection with a transfer of servicing.
“Trust Account” has the meaning specified in the Granting Clause to this Indenture, which accounts are under the sole dominion and control of the Indenture Trustee.
“Trust Agreement” means the Amended and Restated Trust Agreement, dated as of the Closing Date, among the Depositor, the Owner Trustee, the Certificate Registrar and the Administrator, as the same may be amended or supplemented from time to time.
“Trust Estate” has the meaning specified in the Granting Clause of this Indenture.
“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force on the date hereof, unless otherwise specifically provided.
“Trust Officer” means any officer within the Corporate Trust Office (or any successor group of the Indenture Trustee), including any Vice President, any Director, any Managing Director, any Assistant Vice President or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any individual who at the time shall be an above-designated officer and is directly responsible for the day-to-day administration of the transactions contemplated herein.
“Trustee, Back-Up Servicer and Successor Servicer Fees and Expenses” means, for any Note Transfer Date, (i) the amount of accrued and unpaid fees (including, without limitation, the Servicing Fee of any successor Servicer), indemnity amounts and reasonable out-of-pocket expenses (but, as to expenses and indemnity amounts (other than amounts paid to the bank holding the Servicer Account (as defined in the Servicing Agreement)), not in excess of (A) $90,000 per calendar year for the Indenture Trustee (including in its capacities as Agent and Certificate Registrar), the Securities Intermediary and the Depositary Bank (or, if an Event of Default has occurred and is continuing, without limit), (B) $10,000 per calendar year for the Collateral Trustee (or, if an Event of Default has occurred and is continuing, without limit), (C) $150,000 per calendar year for the Owner Trustee and the Depositor Loan Trustee (or, if an Event of Default has occurred and is continuing, without limit), and (D) $50,000 per calendar year (or, if an Event of Default has occurred and is continuing, without limit) for the Back-Up Servicer and successor Servicer (including, without limitation, SST as successor Servicer)) of the Indenture Trustee (including in its capacities as Agent and Certificate Registrar), the Securities Intermediary, the Depositary Bank, the Collateral Trustee, the Owner Trustee, the Depositor Loan Trustee, the Back-Up Servicer and any successor Servicer (including, without limitation, SST as successor Servicer), and (ii) the Transition Costs (but not in excess of $100,000), if applicable.
“UCC” means, with respect to any jurisdiction, the Uniform Commercial Code as the same may, from time to time, be enacted and in effect in such jurisdiction.
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“Unsecured Loan” means a Loan that is, as of the date of the origination thereof, not secured by any collateral pursuant to the terms of the applicable loan agreement. 
“U.S.” or “United States” means the United States of America and its territories.
“VantageScore” means the credit score for an Obligor referred to as a “VantageScore 3.0” calculated and reported by Experian plc. 
“written” or “in writing” means any form of written communication, including, without limitation, by means of e-mail, telex or telecopier device.
Section 1.b.  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, except to the extent that the Indenture Trustee has been advised by an Opinion of Counsel that the Indenture does not need to be qualified under the TIA or such provision is not required under the TIA to be applied to this Indenture in light of the outstanding Notes.  The following TIA terms used in this Indenture have the following meanings:
“Commission” means the Securities and Exchange Commission.
“indenture securities” means the Notes.
“indenture security holder” means a Holder.
“indenture to be qualified” means this Indenture.
“indenture trustee” or “institutional trustee” means the Indenture Trustee.
“obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities.
All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by such definitions.
Section 1.c.  Cross-References.  Unless otherwise specified, references in this Indenture and in each other Transaction Document to any Article or Section are references to such Article or Section of this Indenture or such other Transaction Document, as the case may be, and, unless otherwise specified, references in any Article, Section or definition to any clause are references to such clause of such Article, Section or definition.
Section 1.d.  Accounting and Financial Determinations; No Duplication.  Where the character or amount of any asset or liability or item of income or expense is required to be determined, or any accounting computation is required to be made, for the purpose of this Indenture, such determination or calculation shall be made, to the extent applicable and except as otherwise specified in this Indenture, in accordance with GAAP.  When used herein, the term “financial statement” shall include the notes and schedules thereto.  All accounting determinations and computations hereunder or under any other Transaction Documents shall be made without duplication.
Section 1.e.  Rules of Construction.  In this Indenture, unless the context otherwise requires:
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(1)“or” is not exclusive;
(2)the singular includes the plural and vice versa;
(3)reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by this Indenture, and reference to any Person in a particular capacity only refers to such Person in such capacity;
(4)reference to any gender includes the other gender;
(5)reference to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time;
(6)“including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding such term; and
(7)with respect to the determination of any period of time, “from” means “from and including” and “to” means “to but excluding.”
Section 1.f.  Other Definitional Provisions.
(i)All terms defined in this Indenture shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.  Capitalized terms used but not defined herein shall have the respective meaning given to such term in the Servicing Agreement.
(ii)The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Indenture shall refer to this Indenture as a whole and not to any particular provision of this Indenture; and Section, subsection, Schedule and Exhibit references contained in this Indenture are references to Sections, subsections, Schedules and Exhibits in or to this Indenture unless otherwise specified.
(iii)Terms used herein that are defined in the New York Uniform Commercial Code and not otherwise defined herein shall have the meanings set forth in the New York Uniform Commercial Code, unless the context requires otherwise.  Any reference herein to a “beneficial interest” in a security also shall mean, unless the context requires otherwise, a security entitlement with respect to such security, and any reference herein to a “beneficial owner” or “beneficial holder” of a security also shall mean, unless the context requires otherwise, the holder of a security entitlement with respect to such security.  Any reference herein to money or other property that is to be deposited in or is on deposit in a securities account shall also mean that such money or other property is to be credited to, or is credited to, such securities account.
ARTICLE 2.

THE NOTES
Section 1.a.  Designation and Terms of Notes.  Subject to Sections 2.16 and 2.19, the Notes shall be issued in fully registered form (the “Registered Notes”), and shall be substantially in the form of exhibits with respect thereto attached hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such restrictions, legends or endorsements placed thereon and shall bear, 
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upon their face, the designation for such series to which they belong so selected by the Issuer, all as determined by the Responsible Officers executing such Notes, as evidenced by their execution of the Notes.  Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.
Section 1.b.  [Reserved]. 
Section 1.c.  [Reserved].
Section 1.d.  Execution and Authentication.
(i)Each Note shall be executed by manual or facsimile signature by the Issuer.  Notes bearing the manual or facsimile signature of the individual who was, at the time when such signature was affixed, authorized to sign on behalf of the Issuer shall not be rendered invalid, notwithstanding that such individual has ceased to be so authorized prior to the authentication and delivery of such Notes or does not hold such office at the date of such Notes.  No Notes shall be entitled to any benefit under this Indenture, or be valid for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein, duly executed by or on behalf of the Indenture Trustee by the manual signature of a duly authorized signatory, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.
(ii)The Issuer shall execute and the Indenture Trustee shall authenticate and deliver the Notes having the terms specified herein, upon the receipt of an Issuer Order or an Administrator Order, to the purchasers thereof, the underwriters for sale or to the Issuer for initial retention by it.  The Issuer shall execute and the Indenture Trustee shall authenticate and deliver each Global Note that is issued upon original issuance thereof, upon the receipt of an Issuer Order or an Administrator Order, to the Depository against payment of the purchase price therefor.  The Issuer shall execute and the Indenture Trustee shall authenticate Book-Entry Notes that are issued upon original issuance thereof, upon the receipt of an Issuer Order or an Administrator Order, to a Clearing Agency or its nominee as provided in Section 2.16 against payment of the purchase price thereof.
(iii)All Notes shall be dated and issued as of the date of their authentication.
Section 1.a.  Authenticating Agent.
(iv)The Indenture Trustee may appoint one or more authenticating agents with respect to the Notes which shall be authorized to act on behalf of the Indenture Trustee in authenticating the Notes in connection with the issuance, delivery, registration of transfer, exchange or repayment of the Notes.  Whenever reference is made in this Indenture to the authentication of Notes by the Indenture Trustee or the Indenture Trustee’s certificate of authentication, such reference shall be deemed to include authentication on behalf of the Indenture Trustee by an authenticating agent and a certificate of authentication executed on behalf of the Indenture Trustee by an authenticating agent.  Each authenticating agent must be acceptable to the Issuer.
(v)Any institution succeeding to the corporate agency business of an authenticating agent shall continue to be an authenticating agent without the execution or filing of any paper or any further act on the part of the Indenture Trustee or such authenticating agent.
(vi)An authenticating agent may at any time resign by giving written notice of resignation to the Indenture Trustee and to the Issuer.  The Indenture Trustee may at any time terminate the agency of an authenticating agent by giving notice of termination to such authenticating agent and to the Issuer.  Upon receiving such a notice of resignation or upon such 
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a termination, or in case at any time an authenticating agent shall cease to be acceptable to the Indenture Trustee or the Issuer, the Indenture Trustee promptly may appoint a successor authenticating agent.  Any successor authenticating agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an authenticating agent.
(vii)The Issuer agrees to pay each authenticating agent from time to time reasonable compensation for its services under this Section 2.5.
(viii)Pursuant to an appointment made under this Section 2.5, the Notes may have endorsed thereon, in lieu of the Indenture Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the following form:
This is one of the notes described in the Indenture.
[Name of Authenticating Agent],
as Authenticating Agent
for the Indenture Trustee,
By:                                                         
Responsible Officer
Section 1.e.  Registration of Transfer and Exchange of Notes.
(ix)(i) The Indenture Trustee shall cause to be kept at the office or agency to be maintained by a transfer agent and registrar (the “Transfer Agent and Registrar”), in accordance with the provisions of Section 2.6(c), a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Transfer Agent and Registrar shall provide for the registration of the Notes and registrations of transfers and exchanges of the Notes as herein provided.  The Indenture Trustee is hereby initially appointed Transfer Agent and Registrar for the purposes of registering the Notes and transfers and exchanges of the Notes as herein provided.  If a Person other than the Indenture Trustee is appointed by the Issuer as Transfer Agent and Registrar, the Issuer will give the Indenture Trustee prompt written notice of the appointment of such Transfer Agent and 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 Transfer Agent and Registrar by a Responsible Officer thereof as to the names and addresses of the Holders of the Notes and the principal amounts or par values and number of such Notes.  If any form of Note is issued as a Global Note, the Indenture Trustee may appoint a co-transfer agent and co-registrar in a European city.  Any reference in this Indenture to the Transfer Agent and Registrar shall include any co-transfer agent and co-registrar unless the context otherwise requires.  The Indenture Trustee shall be permitted to resign as Transfer Agent and Registrar upon thirty (30) days’ written notice to the Servicer and the Issuer.  In the event that the Indenture Trustee shall no longer be the Transfer Agent and Registrar, the Issuer shall appoint a successor Transfer Agent and Registrar.
(1)Upon surrender for registration of transfer of any Note at any office or agency of the Transfer Agent and Registrar, if the requirements of Section 8-401(a) of the UCC are met, the Issuer shall execute, subject to the provisions of Section 2.6(b), and the Indenture Trustee shall authenticate and (unless the Transfer Agent and Registrar is different than the Indenture Trustee, in which case the Transfer Agent and 
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Registrar shall) deliver and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes in authorized denominations of like aggregate principal amount or aggregate par value, as applicable.
(2)All Notes issued upon any registration of transfer or exchange of Notes shall be 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.
(3)At the option of any Holder of Registered Notes, Registered Notes may be exchanged for other Registered Notes of the same Class in authorized denominations of like aggregate principal amounts or aggregate par values in the manner specified herein, upon surrender of the Registered Notes to be exchanged at any office or agency of the Transfer Agent and Registrar maintained for such purpose.
(4)Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401(a) of the UCC are met, the Issuer shall execute and the Indenture Trustee shall authenticate and (unless the Transfer Agent and Registrar is different than the Indenture Trustee, in which case the Transfer Agent and Registrar shall) deliver and the Noteholders shall obtain from the Indenture Trustee, the Notes of the same Class that which the Noteholder making the exchange is entitled to receive.  Every Note presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in a form satisfactory to the Issuer duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing.
(5)The preceding provisions of this Section 2.6 notwithstanding, the Indenture Trustee or the Transfer Agent and Registrar, as the case may be, shall not be required to register the exchange of any Global Note for a Definitive Note or the transfer of or exchange any Note for a period of five (5) Business Days preceding the due date for any payment with respect to the Notes or during the period beginning on any Record Date and ending on the next following Payment Date.
(6)No service charge shall be made for any registration of transfer or exchange of Notes, but the Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Notes.
(7)All Notes surrendered for registration of transfer and exchange shall be cancelled by the Transfer Agent and Registrar and disposed of.  The Indenture Trustee shall cancel and destroy any Global Note upon its exchange in full for Definitive Notes and shall deliver a certificate of destruction to the Issuer.  Such certificate shall also state that a certificate or certificates of each Foreign Clearing Agency to the effect referred to in Section 2.19 was received with respect to each portion of the Global Note exchanged for Definitive Notes.
(8)Upon written request, the Issuer shall deliver to the Indenture Trustee or the Transfer Agent and Registrar, as applicable, Registered Notes in such amounts and at such times as are necessary to enable the Indenture Trustee to fulfill its responsibilities under this Indenture and the Notes.
(9)[Reserved].
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(10)Notwithstanding any other provision of this Section 2.6, the typewritten Note or Notes representing Book-Entry Notes may be transferred, in whole but not in part, only to another nominee of the Clearing Agency or Foreign Clearing Agency for such Notes, or to a successor Clearing Agency or Foreign Clearing Agency for such Notes selected or approved by the Issuer or to a nominee of such successor Clearing Agency or Foreign Clearing Agency, only if in accordance with this Section 2.6.
(11)By its acceptance of a Class A Note, Class B Note, or Class C Note, each Noteholder and Note Owner shall be deemed to have represented and warranted that, with respect to the Class A Notes, Class B Notes or Class C Notes, either (i) it is not a Benefit Plan Investor or a governmental or other plan subject to Similar Law, or (ii) (a) the purchase and holding of the Class A Note, Class B Note or Class C Note (or any interest therein) will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of Similar Law and (b) it acknowledges and agrees that the Class A Notes, the Class B Notes or the Class C Notes, as applicable, are not eligible for acquisition by Benefit Plan Investors or governmental or other plans subject to Similar Law at any time that the Class A Notes, the Class B Notes or the Class C Notes, as applicable, have been characterized as other than indebtedness for applicable local law purposes or are rated below investment grade.  By the acceptance of a Class D Note, each such Noteholder and Note Owner shall be deemed to have represented and warranted that it is not a Benefit Plan Investor or a governmental or other plan subject to Similar Law.
(12)By its acceptance of a Note, each Noteholder and Note Owner shall be deemed to have represented and warranted that, with respect to the PTP Transfer Restricted Interests, it is not a Benefit Plan Investor or a governmental plan or other plan subject to Similar Law. 
(x)Registration of transfer of Registered Notes containing a legend relating to the restrictions on transfer of such Registered Notes (which legend is set forth in Section 2.16(d) of this Indenture relating to such Notes) shall be effected only if the conditions set forth in Section 2.6 have been  satisfied.
Whenever a Registered Note containing the legend set forth in Section 2.16(d) is presented to the Transfer Agent and Registrar for registration of transfer, the Transfer Agent and Registrar shall promptly seek instructions from the Issuer regarding such transfer.  The Transfer Agent and Registrar and the Indenture Trustee shall be entitled to receive written instructions signed by a Responsible Officer of the Issuer or the Administrator prior to registering any such transfer or authenticating new Registered Notes, as the case may be.  The Issuer hereby agrees to indemnify the Transfer Agent and Registrar and the Indenture Trustee and to hold each of them harmless against any loss, liability or expense incurred without negligence or willful misconduct on their part arising out of or in connection with actions taken or omitted by them in reliance on any such written instructions furnished pursuant to this Section 2.6(b).
(xi)The Transfer Agent and Registrar will maintain an office or offices or an agency or agencies where Notes may be surrendered for registration of transfer or exchange.
(xii)Any Retained Notes may not be transferred to another Person for United States federal income tax purposes unless the transferor shall cause an Opinion of Counsel to be delivered to the Issuer, the Depositor and the Indenture Trustee at such time stating that in the case of Class A Notes or Class B Notes, such Notes will be characterized as debt for United States federal income tax purposes, in the case of Class C Notes, although not free from doubt, such Notes will be characterized as debt for United States federal income tax purposes, and in the case of Class D Notes, such Notes should be characterized as debt for United States federal 
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income tax purposes.  In addition, if for tax or other reasons it may be necessary to track such Notes (e.g., if the Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may be required by the Issuer as a condition to such transfer.  
(xiii)Prior to any sale or transfer of any PTP Transfer Restricted Interest (or any interest therein) (except for any Retained Notes that will continue to be Retained Notes immediately after such sale or transfer), unless the Issuer shall otherwise consent in writing, each prospective transferee of such PTP Transfer Restricted Interest (or any interest therein) (other than any Retained Notes that will continue to be Retained Notes) shall be deemed to have represented and agreed that:
(1)The PTP Transfer Restricted Interests will bear the legend(s) substantially similar to those set forth in this Section 2.6(e) unless the Issuer determines otherwise in compliance with applicable Law.
(2)It will provide notice to each Person to whom it proposes to transfer any interest in the PTP Transfer Restricted Interests of the transfer restrictions and representations set forth in this Indenture, including the Exhibits hereto.
(3)Either (a) it is not and will not become, for U.S. federal income tax purposes, a partnership, subchapter S corporation or grantor trust (each such entity a “Flow-through Entity”) or (b) if it is or becomes a Flow-through Entity, then (I) none of the direct or indirect beneficial owners of any of the interests in such Flow-through Entity has or ever will have more than 50% of the value of its interest in such Flow-through Entity attributable to the beneficial interest of such flow-through entity in the PTP Transfer Restricted Interests, other interest (direct or indirect) in the Issuer, or any interest created under the Indenture and (II) it is not and will not be a principal purpose of the arrangement involving the flow-through entity’s beneficial interest in any PTP Transfer Restricted Interest to permit any entity to satisfy the 100-partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such entity not to be classified as a publicly traded partnership for U.S. federal income tax purposes. 
(4)It is not acquiring any beneficial interest in a PTP Transfer Restricted Interest through an “established securities market” or a “secondary market (or the substantial equivalent thereof),” each within the meaning of Section 7704(b) of the Code.
(5)It will not cause any beneficial interest in the PTP Transfer Restricted Interest to be traded or otherwise marketed on or through an “established securities market” or a “secondary market (or the substantial equivalent thereof),” each within the meaning of Section 7704(b) of the Code, including, without limitation, an interdealer quotation system that regularly disseminates firm buy or sell quotations.
(6)Its beneficial interest in the PTP Transfer Restricted Interest is not and will not be in an amount that is less than the minimum denomination for the PTP Transfer Restricted Interests set forth in the Indenture, and it does not and will not hold any beneficial interest in the PTP Transfer Restricted Interest on behalf of any Person whose beneficial interest in the PTP Transfer Restricted Interest is in an amount that is less than the minimum denomination for the PTP Transfer Restricted Interests set forth in the Indenture. It will not sell, transfer, assign, participate, or otherwise dispose of any beneficial interest in the PTP Transfer Restricted Interest or enter into any financial instrument or contract the value of which is determined by reference in whole or in part to any PTP Transfer Restricted Interest, in each case, if the effect of doing so would be 
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that the beneficial interest of any Person in a PTP Transfer Restricted Interest would be in an amount that is less than the minimum denomination for the PTP Transfer Restricted Interests set forth in the Indenture. 
(7)It will not transfer any beneficial interest in the PTP Transfer Restricted Interest (directly, through a participation thereof, or otherwise) unless, prior to the transfer, the transferee of such beneficial interest shall have executed and delivered to the Transfer Agent and Registrar, and any of their respective successors or assigns, a transferee certification in the form of Exhibit D as required in the Indenture.
(8)It will not use the PTP Transfer Restricted Interest as collateral for the issuance of any securities that could cause the Issuer to become subject to taxation as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, provided that it may engage in any repurchase transaction (repo) the subject matter of which is a PTP Transfer Restricted Interest, provided the terms of such repurchase transaction are generally consistent with prevailing market practice and that such repurchase transaction would not cause the Issuer to be otherwise classified as a corporation or publicly traded partnership for U.S. federal income tax purposes. 
(9)It will not take any action that could cause, and will not omit to take any action, which omission could cause, the Issuer to become taxable as a corporation for U.S. federal income tax purposes.
(10)It acknowledges that the Depositor, the Issuer and the Indenture Trustee will conclusively rely on the truth and accuracy of the foregoing representations and warranties and agrees that if it becomes aware that any of the foregoing made by it or deemed to have been made by it are no longer accurate it shall promptly notify the Issuer and the Indenture Trustee in writing.
(11)The provisions of this Section and of the Indenture generally are intended to prevent the Issuer from being characterized as a “publicly traded partnership” within the meaning of Section 7704 of the Code, in reliance on Treasury Regulations Sections 1.7704-1(e) and (h).
Notwithstanding anything to the contrary herein or any agreement with a Depository, unless the Issuer shall otherwise consent in writing, no subsequent transfer (after the initial issuance) of a beneficial interest in a PTP Transfer Restricted Interest shall be effective, and any attempted transfer shall be void ab initio, unless, prior to and as a condition of such transfer, the prospective transferee of the beneficial interest in a PTP Transfer Restricted Interest, represents and warrants, in writing, substantially in the form of a transferee certification that is attached as Exhibit D hereto and the Offering Memorandum, to the Transfer Agent and Registrar and any of their respective successors or assigns. 
Section 1.a.  Appointment of Paying Agent.  
(i)The Paying Agent shall make payments to the Secured Parties from the appropriate account or accounts maintained for the benefit of the Secured Parties as specified in this Indenture pursuant to Articles 5 and 6.  Any Paying Agent shall have the revocable power to withdraw funds from such appropriate account or accounts for the purpose of making distributions referred to above.  The Indenture Trustee (or the Issuer or the initial Servicer if the Indenture Trustee is the Paying Agent) may revoke such power and remove the Paying Agent, if the Paying Agent fails to perform its obligations under this Indenture in any material respect or for other good cause.  The Paying Agent shall initially be the Indenture Trustee.  The Indenture Trustee shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to the 
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Issuer with a copy to the Servicer.  In the event that the Indenture Trustee shall no longer be the Paying Agent, the Issuer or the initial Servicer shall appoint a successor to act as Paying Agent (which shall be a bank or trust company).  
(ii)The Issuer shall cause each Paying Agent (other than the Indenture Trustee) to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee that such Paying Agent will hold all sums, if any, held by it for payment to the Secured Parties in trust for the benefit of the Secured Parties entitled thereto until such sums shall be paid to such Secured Parties and shall agree, and if the Indenture Trustee is the Paying Agent it hereby agrees, that it shall comply with all requirements of the Code regarding the withholding of payments in respect of federal income taxes due from Note Owners or other Secured Parties (including in respect of FATCA and any applicable tax reporting requirements).
Section 1.b.  Paying Agent to Hold Money in Trust.
(i)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:
(1)hold all sums held by it for the payment of amounts due with respect to the Secured Obligations in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided herein and pay such sums to such Persons as provided herein;
(2)give the Indenture Trustee written notice of any default by the Issuer (or any other obligor under the Secured Obligations) of which it (or, in the case of the Indenture Trustee, a Trust Officer) has actual knowledge in the making of any payment required to be made with respect to the Notes;
(3)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;
(4)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 Secured Obligations if at any time it ceases to meet the standards required to be met by an Indenture Trustee hereunder; and
(5)comply with all requirements of the Code with respect to the withholding from any payments made by it on any Secured Obligations of any applicable withholding taxes imposed thereon, including FATCA Withholding Tax (including obtaining and retaining from Persons entitled to payments with respect to the Notes any Tax Information and making any withholdings with respect to the Notes as required by the Code (including FATCA) and paying over such withheld amounts to the appropriate Governmental Authority), comply with respect to any applicable reporting requirements in connection with any payments made by it on any Secured Obligations and any withholding of taxes therefrom, and, upon request, provide any Tax Information to the Issuer.
(i)The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, cause to be delivered an Issuer Order or an Administrator Order directing any Paying Agent to pay to the Indenture Trustee all sums held in 
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trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money.
(ii)Subject to applicable Laws with respect to escheat of funds, any money held by the Indenture Trustee, any Paying Agent or any Clearing Agency in trust for the payment of any amount due with respect to any Secured Obligation 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 Order or Administrator Order; and the holder of such Secured Obligation 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, such Paying Agent or such Clearing Agency with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee, such Paying Agent or such Clearing Agency, before being required to make any such repayment, may at the expense of the Issuer cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York City and, if the related Notes have been listed on the Luxembourg Stock Exchange, and if the Luxembourg Stock Exchange so requires, in a newspaper customarily published on each Luxembourg business day and of general circulation in Luxembourg City, Luxembourg, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty (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 may also adopt and employ, at the expense of the Issuer, any other reasonable means of notification of such repayment.
Section 1.c.  Private Placement Legend.  
(ii)In addition to any legend required by Section 2.16, each Class A Note, Class B Note and Class C Note shall bear a legend in substantially the following form:
THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION.  THIS NOTE MAY BE OFFERED, SOLD, PLEDGED OR TRANSFERRED ONLY TO A PERSON THAT IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)) IN TRANSACTIONS MEETING THE REQUIREMENTS OF RULE 144A, IN COMPLIANCE WITH THE INDENTURE AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, SUBJECT TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF THE SELLER’S PROPERTY OR THE PROPERTY OF AN INVESTMENT ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN THE SELLER’S OR ACCOUNT’S CONTROL.  THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY TRANSFEREE FROM IT OF THE RESALE RESTRICTIONS SET FORTH ABOVE.
BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER OR TRANSFEREE (AND ANY FIDUCIARY ACTING ON BEHALF OF A PURCHASER OR TRANSFEREE) SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, A 
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“PLAN” AS DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, AN ENTITY DEEMED TO HOLD PLAN ASSETS OF ANY OF THE FOREGOING (EACH OF THE FOREGOING, A “BENEFIT PLAN INVESTOR”), OR A GOVERNMENTAL OR OTHER PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) (A) ITS PURCHASE AND HOLDING OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, OR A VIOLATION OF SIMILAR LAW, AND (B) IT ACKNOWLEDGES AND AGREES THAT THIS NOTE IS NOT ELIGIBLE FOR ACQUISITION BY BENEFIT PLAN INVESTORS OR GOVERNMENTAL OR OTHER PLANS SUBJECT TO SIMILAR LAW AT ANY TIME THAT THIS NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES OR IS RATED BELOW INVESTMENT GRADE.
(iii)In addition to any legend required by Section 2.16, each PTP Transfer Restricted Interest shall bear a legend in substantially the following form: 
THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION.  THIS NOTE MAY BE OFFERED, SOLD, PLEDGED OR TRANSFERRED ONLY TO A PERSON THAT IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)) IN TRANSACTIONS MEETING THE REQUIREMENTS OF RULE 144A, IN COMPLIANCE WITH THE INDENTURE AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, SUBJECT TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF THE SELLER’S PROPERTY OR THE PROPERTY OF AN INVESTMENT ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN THE SELLER’S OR ACCOUNT’S CONTROL.  THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY TRANSFEREE FROM IT OF THE RESALE RESTRICTIONS SET FORTH ABOVE.
BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER OR TRANSFEREE (AND ANY FIDUCIARY ACTING ON BEHALF OF A PURCHASER OR TRANSFEREE) SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, AN ENTITY DEEMED TO HOLD PLAN ASSETS OF ANY OF THE FOREGOING, OR A GOVERNMENTAL OR OTHER PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE. 
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Section 1.d.  Mutilated, Destroyed, Lost or Stolen Notes.
(iii)If (i) any mutilated Note is surrendered to the Transfer Agent and Registrar, or the Transfer Agent and Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Transfer Agent and Registrar, the Depositor, the Indenture Trustee, and the Issuer such security or indemnity as may, in their sole discretion, be required by them to hold the Transfer Agent and Registrar, the Depositor, the Indenture Trustee, and the Issuer harmless then, in the absence of written notice to the Indenture Trustee that such Note has been acquired by a protected purchaser, and provided that the requirements of Section 8-405 of the UCC (which generally permit the Issuer to impose reasonable requirements) are met, then the Issuer shall execute and the Indenture Trustee shall, upon receipt of an Issuer Order or an Administrator Order, authenticate and (unless the Transfer Agent and Registrar is different from the Indenture Trustee, in which case the Transfer Agent and Registrar shall) deliver (in compliance with applicable Law), in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of like tenor and aggregate principal balance or aggregate par value; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven (7) 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 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 it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith.
(iv)Upon the issuance of any replacement Note under this Section 2.10, the Transfer Agent and Registrar or the Indenture Trustee 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 and the Transfer Agent and Registrar) connected therewith.
(v)Every replacement Note issued pursuant to this Section 2.10 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.
(vi)The provisions of this Section 2.10 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 1.e.  Temporary Notes.
(iv)Pending the preparation of Definitive Notes, the Issuer or the Administrator may request and the Indenture Trustee, upon receipt of an Issuer Order or an Administrator Order, shall authenticate and deliver temporary Notes.  Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that are not inconsistent with the terms of this 
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Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes.
(v)If temporary Notes are issued pursuant to Section 2.11(a) above, the Issuer will cause Definitive Notes to be prepared without unreasonable delay.  After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 8.2(b), without charge to the Noteholder.  Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and at the request of the Issuer or the Administrator the Indenture Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations.  Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes.
Section 1.f.  Persons Deemed Owners.  Prior to due presentation of a Note for registration of transfer, the Issuer, the Depositor, the Servicer, the Indenture Trustee, the Paying Agent, the Transfer Agent and Registrar and any agent of any of them may treat a Person in whose name any Note is registered (as of any date of determination) as the owner of the related Note for the purpose of receiving payments of principal and interest, if any, on such Note and for all other purposes whatsoever whether or not such Note be overdue, and neither the Issuer, the Depositor, the Servicer, the Indenture Trustee, the Paying Agent, the Transfer Agent and Registrar nor any agent of any of them shall be affected by any notice to the contrary; provided, however, that in determining whether the requisite number of Holders of Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by any of the Issuer, the Seller, the Parent, the initial Servicer or any Affiliate controlled by or controlling Oportun shall be disregarded and deemed not to be outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes which a Trust Officer in the Corporate Trust Office of the Indenture Trustee actually knows to be so owned shall be so disregarded.  The foregoing proviso shall not apply if there are no Holders other than the Issuer or its Affiliates.
Section 1.g.  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 Administrator shall direct by an Administrator Order that they be destroyed or returned to the Issuer; provided that such Administrator Order is timely and the Notes have not been previously disposed of by the Indenture Trustee.  The Registrar and Paying Agent shall forward to the Indenture Trustee any Notes surrendered to them for registration of transfer, exchange or payment.
Section 1.h.  Release of Trust Estate.  The Indenture Trustee shall (a) in connection with any removal of Removed Receivables from the Trust Estate, release the portion of the Trust Estate constituting or securing the Removed Receivables from the Lien created by this Indenture upon receipt of an Officer’s Certificate of the Administrator certifying that the Outstanding Receivables Balance (or such other amount required in connection with the disposition of such Removed Receivables as provided by the 
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Transaction Documents) with respect thereto has been deposited into the Collection Account and such release is authorized and permitted under the Transaction Documents, (b) in connection any redemption of the Notes, release the Trust Estate from the Lien created by this Indenture upon receipt of an Officer’s Certificate of the Administrator certifying that (i) the Redemption Price and all other amounts due and owing on the Redemption Date have been deposited into a Trust Account that is within the sole control of the Indenture Trustee, (ii) the distribution on the Certificates if and as required by Section 14.1(c) has been made in full, and (iii) such release is authorized and permitted under the Transaction Documents and (c) on or after the Indenture Termination Date, release any remaining portion of the Trust Estate from the Lien created by this Indenture and in each case deposit in the Collection Account any funds then on deposit in the Reserve Account or any other Trust Account upon receipt of an Issuer Order or an Administrator Order accompanied by an Officer’s Certificate of the Administrator, and Independent Certificates (if this Indenture is required to be qualified under the TIA) in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 15.1.  
Section 1.i.  Payment of Principal, Interest and Other Amounts.
(iv)The principal of each of the  Notes shall be payable at the times and in the amounts set forth in Section 5.15 and in accordance with Section 8.1.
(v)Each of the Notes shall accrue interest as provided in Section 5.12 and such interest shall be payable at the times and in the amounts set forth in Section 5.12 and in accordance with Section 8.1.  
(vi)Any installment of interest, principal or other amounts, if any, payable on any Note which is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note is registered at the close of business on any Record Date with respect to a Payment Date for such Note and such Person shall be entitled to receive the principal, interest or other amounts payable on such Payment Date notwithstanding the cancellation of such Note upon any registration of transfer, exchange or substitution of such Note subsequent to such Record Date, by wire transfer in immediately available funds to the account designated by the Holder of such Note, except that, unless Definitive Notes have been issued pursuant to Section 2.18, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Payment Date or on the Legal Final Payment Date (and except for the Redemption Price for any Note called for redemption pursuant to Section 14.1) which shall be payable as provided herein; except that, any interest payable at maturity shall be paid to the Person to whom the principal of such Note is payable.  The funds represented by any such checks returned undelivered shall be held in accordance with Section 2.8.
Section 1.j.  Book-Entry Notes.
(vi)The Notes shall be delivered as Registered Notes representing Book-Entry Notes as provided in subsection (a)(i).  For purposes of this Indenture, the term “Global Notes” refers to the Restricted Global Notes, as defined below.
(1)Restricted Global Notes.  The Notes to be sold will be issued in book-entry form and represented by one permanent global Note for each Class in fully registered form without interest coupons (the “Restricted Global Notes”), substantially in the form attached hereto as Exhibit I, J, K, or L, as applicable, and will be either (x) retained by the Depositor or an Affiliate thereof or (y) offered and sold, only (1) by the 
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Depositor to an institutional “accredited investor” within the meaning of Regulation D under the Securities Act in reliance on an exemption from the registration requirements of the Securities Act and (2) thereafter only to a Person that is a qualified institutional buyer (“QIB”) as defined in Rule 144A under the Securities Act (“Rule 144A”) in accordance with subsection (c) hereof, and shall be deposited with a custodian for, and registered in the name of a nominee of DTC, duly executed by the Issuer and authenticated by the Indenture Trustee as provided in this Indenture for credit to the accounts of the subscribers at DTC. The initial principal amount of the Restricted Global Notes may from time to time be increased or decreased by adjustments made on the records of the custodian for DTC, DTC or its nominee, as the case may be, as hereinafter provided. 
(vii)The Class A Notes, the Class B Notes and the Class C Notes will be issuable and transferable in minimum denominations of $100,000 and in integral multiples of $1,000 in excess thereof, the Class D Notes will be issuable and transferable in minimum denominations of $250,000 and in integral multiples of $1,000 in excess thereof.
(viii)The Global Notes may be transferred, in whole and not in part, only to another nominee of DTC or to a successor of DTC or its nominee.  Beneficial interests in the Global Notes may not be exchanged for Definitive Notes except in the limited circumstances described in Section 2.18 of this Indenture.  Beneficial interests in the Global Notes may be transferred only (i) to a Person that is a QIB in a transaction meeting the requirements of Rule 144A and whom the transferor has notified that it may be relying on the exemption from the registration requirements of the Securities Act provided by Rule 144A, in compliance with the Indenture and all applicable securities Laws of any state of the United States or any other applicable jurisdiction, subject to any Requirement of Law that the disposition of the seller’s property or the property of an investment account or accounts be at all times within the seller’s or account’s control.  Each transferee of a beneficial interest in a Global Note shall be deemed to have made the acknowledgments, representations and agreements set forth in subsection (d) hereof.  Any such transfer shall also be made in accordance with the following provisions:
(2)Transfer of Interests Within a Global Note.  Beneficial interests in a Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Global Note in accordance with the transfer restrictions set forth in the foregoing paragraph of this subsection 2.16(c) and the transferee shall be deemed to have made the representations contained in subsection 2.16(d).
(vii)Each transferee of a beneficial interest in a Global Note or of any Definitive Notes shall be deemed to have represented and agreed that: 
(3)it (A) is a QIB, (B) is aware that the sale to it is being made in reliance on Rule 144A  and (C) is acquiring the Notes for its own account or for the account of a QIB; 
(4)the Notes have not been and will not be registered under the Securities Act, and that, if in the future it decides to offer, resell, pledge or otherwise transfer such Notes, such Notes may be offered, sold, pledged or otherwise transferred only to a Person that is a QIB in a transaction meeting the requirements of Rule 144A and whom the transferor has notified that it may be relying on the exemption from the registration requirements of the Securities Act provided by Rule 144A, in compliance with the Indenture and all applicable securities Laws of any state of the United States or any other jurisdiction, subject to any Requirement of Law that the disposition of the seller’s property or the property of an investment account or accounts be at all times within the 
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seller’s or account’s control and it will notify any transferee of the resale restrictions set forth above;
(5)the following legend will be placed on the Class A Notes, the Class B Notes and the Class C Notes unless the Issuer determines otherwise in compliance with applicable Law:
THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION.  THIS NOTE MAY BE OFFERED, SOLD, PLEDGED OR TRANSFERRED ONLY TO A PERSON THAT IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)) IN TRANSACTIONS MEETING THE REQUIREMENTS OF RULE 144A, IN COMPLIANCE WITH THE INDENTURE AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, SUBJECT TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF THE SELLER’S PROPERTY OR THE PROPERTY OF AN INVESTMENT ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN THE SELLER’S OR ACCOUNT’S CONTROL.  THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY TRANSFEREE FROM IT OF THE RESALE RESTRICTIONS SET FORTH ABOVE.
BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER OR TRANSFEREE     (AND ANY FIDUCIARY ACTING ON BEHALF OF A PURCHASER OR TRANSFEREE) SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, AN ENTITY DEEMED TO HOLD PLAN ASSETS OF ANY OF THE FOREGOING (EACH OF THE FOREGOING, A “BENEFIT PLAN INVESTOR”), OR A GOVERNMENTAL OR OTHER PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) (A) ITS PURCHASE AND HOLDING OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, OR A VIOLATION OF SIMILAR LAW, AND (B) IT ACKNOWLEDGES AND AGREES THAT THIS NOTE IS NOT ELIGIBLE FOR ACQUISITION BY BENEFIT PLAN INVESTORS OR GOVERNMENTAL OR OTHER PLANS SUBJECT TO SIMILAR LAW AT ANY TIME THAT THIS NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES OR IS RATED BELOW INVESTMENT GRADE.
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(6)the following legend will be placed on the Class D Notes unless the Issuer determines otherwise in compliance with applicable Law:
THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION.  THIS NOTE MAY BE OFFERED, SOLD, PLEDGED OR TRANSFERRED ONLY TO A PERSON THAT IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)) IN TRANSACTIONS MEETING THE REQUIREMENTS OF RULE 144A, IN COMPLIANCE WITH THE INDENTURE AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, SUBJECT TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF THE SELLER’S PROPERTY OR THE PROPERTY OF AN INVESTMENT ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN THE SELLER’S OR ACCOUNT’S CONTROL.  THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY TRANSFEREE FROM IT OF THE RESALE RESTRICTIONS SET FORTH ABOVE.
BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER OR TRANSFEREE (AND ANY FIDUCIARY ACTING ON BEHALF OF A PURCHASER OR TRANSFEREE) SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT IS NOT AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, AN ENTITY DEEMED TO HOLD PLAN ASSETS OF ANY OF THE FOREGOING (EACH OF THE FOREGOING, A “BENEFIT PLAN INVESTOR”), OR A GOVERNMENTAL OR OTHER PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE. 
NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, NO TRANSFER OF A BENEFICIAL INTEREST IN THIS NOTE SHALL BE EFFECTIVE, AND ANY ATTEMPTED TRANSFER SHALL BE VOID AB INITIO, UNLESS, PRIOR TO AND AS A CONDITION OF SUCH TRANSFER, THE PROSPECTIVE TRANSFEREE OF THE BENEFICIAL INTEREST (INCLUDING THE INITIAL TRANSFEREE OF THE BENEFICIAL INTEREST) AND ANY SUBSEQUENT TRANSFEREE OF THE BENEFICIAL INTEREST IN THIS NOTE, REPRESENT AND WARRANT, IN WRITING, SUBSTANTIALLY IN THE FORM OF A TRANSFEREE CERTIFICATION THAT IS ATTACHED AS AN EXHIBIT TO THE INDENTURE AND THE OFFERING MEMORANDUM, TO THE TRUSTEE AND THE TRANSFER AGENT AND REGISTRAR AND ANY OF THEIR RESPECTIVE SUCCESSORS OR ASSIGNS THAT:
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(I)    EITHER (A) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (EACH SUCH ENTITY A “FLOW-THROUGH ENTITY”) OR (B) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (I) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE BENEFICIAL INTEREST OF SUCH FLOW-THROUGH ENTITY IN THIS NOTE, OTHER INTEREST (DIRECT OR INDIRECT) IN THE ISSUER, OR ANY INTEREST CREATED UNDER THE INDENTURE AND (II) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE FLOW-THROUGH ENTITY’S BENEFICIAL INTEREST IN THIS NOTE TO PERMIT ANY ENTITY TO SATISFY THE 100-PARTNER LIMITATION OF SECTION 1.7704-1(h)(1)(ii) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH ENTITY NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP FOR U.S. FEDERAL INCOME TAX PURPOSES. 
(II)    IT IS NOT ACQUIRING ANY BENEFICIAL INTEREST IN THIS NOTE THROUGH AN “ESTABLISHED SECURITIES MARKET” OR A “SECONDARY MARKET (OR THE SUBSTANTIAL EQUIVALENT THEREOF),” EACH WITHIN THE MEANING OF SECTION 7704(b) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND THE TREASURY REGULATIONS PROMULGATED THEREUNDER.
(III)    IT WILL NOT CAUSE ANY BENEFICIAL INTEREST IN THIS NOTE TO BE TRADED OR OTHERWISE MARKETED ON OR THROUGH AN “ESTABLISHED SECURITIES MARKET” OR A “SECONDARY MARKET (OR THE SUBSTANTIAL EQUIVALENT THEREOF),” EACH WITHIN THE MEANING OF SECTION 7704(b) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND THE TREASURY REGULATIONS PROMULGATED THEREUNDER, INCLUDING, WITHOUT LIMITATION, AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY DISSEMINATES FIRM BUY OR SELL QUOTATIONS.
(IV)    ITS BENEFICIAL INTEREST IN THIS NOTE IS NOT AND WILL NOT BE IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR THIS NOTE SET FORTH IN THE INDENTURE, AND IT DOES NOT AND WILL NOT HOLD ANY BENEFICIAL INTEREST IN THIS NOTE ON BEHALF OF ANY PERSON WHOSE BENEFICIAL INTEREST IN THIS NOTE IS IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR THIS NOTE SET FORTH IN THE INDENTURE. IT WILL NOT SELL, TRANSFER, ASSIGN, PARTICIPATE, OR OTHERWISE DISPOSE OF ANY BENEFICIAL INTEREST IN THIS NOTE OR ENTER INTO ANY FINANCIAL INSTRUMENT OR CONTRACT THE VALUE OF WHICH IS DETERMINED BY REFERENCE IN WHOLE OR IN PART TO THIS NOTE, IN EACH CASE, IF THE EFFECT OF DOING SO WOULD BE THAT THE BENEFICIAL 
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INTEREST OF ANY PERSON IN THIS NOTE WOULD BE IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR THIS NOTE SET FORTH IN THE INDENTURE. 
(V)    IT WILL NOT TRANSFER ANY BENEFICIAL INTEREST IN THIS NOTE (DIRECTLY, THROUGH A PARTICIPATION THEREOF, OR OTHERWISE) UNLESS, PRIOR TO THE TRANSFER, THE TRANSFEREE OF SUCH BENEFICIAL INTEREST SHALL HAVE EXECUTED AND DELIVERED TO THE TRUSTEE AND THE TRANSFER AGENT AND REGISTRAR, AND ANY OF THEIR RESPECTIVE SUCCESSORS OR ASSIGNS, A TRANSFEREE CERTIFICATION SUBSTANTIALLY IN THE FORM ATTACHED AS AN EXHIBIT TO THE INDENTURE AND THE OFFERING MEMORANDUM. 
(VI)    IT WILL NOT USE THIS NOTE AS COLLATERAL FOR THE ISSUANCE OF ANY SECURITIES THAT COULD CAUSE THE ISSUER TO BECOME SUBJECT TO TAXATION AS A CORPORATION OR A PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION FOR U.S. FEDERAL INCOME TAX PURPOSES, PROVIDED THAT IT MAY ENGAGE IN ANY REPURCHASE TRANSACTION (REPO) THE SUBJECT MATTER OF WHICH IS THIS NOTE, PROVIDED THE TERMS OF SUCH REPURCHASE TRANSACTION ARE GENERALLY CONSISTENT WITH PREVAILING MARKET PRACTICE AND THAT SUCH REPURCHASE TRANSACTION WOULD NOT CAUSE THE ISSUER TO BE OTHERWISE CLASSIFIED AS A CORPORATION OR PUBLICLY TRADED PARTNERSHIP FOR U.S. FEDERAL INCOME TAX PURPOSES. 
(VII)    IT WILL NOT TAKE ANY ACTION THAT COULD CAUSE, AND WILL NOT OMIT TO TAKE ANY ACTION, WHICH OMISSION COULD CAUSE, THE ISSUER TO BECOME TAXABLE AS A CORPORATION FOR U.S. FEDERAL INCOME TAX PURPOSES.
(VIII)    IT ACKNOWLEDGES THAT THE ISSUER AND TRUSTEE WILL CONCLUSIVELY RELY ON THE TRUTH AND ACCURACY OF THE FOREGOING REPRESENTATIONS AND WARRANTIES, AND AGREES THAT IF IT BECOMES AWARE THAT ANY OF THE FOREGOING MADE BY IT OR DEEMED TO HAVE BEEN MADE BY IT ARE NO LONGER ACCURATE, IT SHALL PROMPTLY NOTIFY THE ISSUER AND THE INDENTURE TRUSTEE IN WRITING.
(7)the following legend will be placed on the Class B Notes and the Class C Notes unless the Issuer determines otherwise in compliance with applicable Law: 
THIS NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. THE ISSUE PRICE, AMOUNT OF OID, ISSUE DATE AND YIELD TO MATURITY OF THIS NOTE MAY BE OBTAINED BY WRITING TO THE INDENTURE TRUSTEE AT 1100 N. MARKET STREET, WILMINGTON, DE 19890, ATTENTION: CORPORATE TRUST ADMINISTRATION.
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(8)(A) in the case of Global Notes, the foregoing restrictions apply to holders of beneficial interests in such Notes (notwithstanding any limitations on such transfer restrictions in any agreement between the Issuer, the Indenture Trustee and the holder of a Global Note) as well as to Holders of such Notes and the transfer of any beneficial interest in such a Global Note will be subject to the restrictions and certification requirements set forth herein and (B) in the case of Definitive Notes, the transfer of any such Notes will be subject to the restrictions and certification requirements set forth herein.
(9)the Indenture Trustee, the Issuer, the Initial Purchasers or placement agents for the Notes and their Affiliates and others will rely upon the truth and accuracy of the foregoing representations and agreements and agrees that if any of the representations or agreements deemed to have been made by its purchase of such Notes cease to be accurate and complete, it will promptly notify the Issuer and the Initial Purchasers or placement agents for the Notes in writing;
(10)if it is acquiring any Notes as a fiduciary or agent for one or more investor accounts, it has sole investment discretion with respect to each such account and it has full power to make the foregoing representations and agreements with respect to each such account; 
(11)with respect to the Class A Notes, the Class B Notes and the Class C Notes, either (A) it is not a Benefit Plan Investor or a governmental or other plan subject to Similar Law, or (B) (1) the purchase and holding of the Note (or any interest therein) will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of Similar Law and (2) it acknowledges and agrees that the Class A Notes, the Class B Notes or the Class C Notes, as applicable, are not eligible for acquisition by Benefit Plan Investors or governmental or other plans subject to Similar Law at any time that the Class A Notes, the Class B Notes or the Class C Notes, as applicable, have been characterized as other than indebtedness for applicable local law purposes or are rated below investment grade; and  
(12)with respect to the Class D Notes, it is not a Benefit Plan Investor or a governmental or other plan subject to Similar Law.
In addition, such transferee shall be responsible for providing additional information or certification, as reasonably requested by the Indenture Trustee or the Issuer, to support the truth and accuracy of the foregoing representations and agreements, it being understood that such additional information is not intended to create additional restrictions on the transfer of the Notes.
(iii)For each of the Notes to be issued in registered form, the Issuer shall duly execute, and the Indenture Trustee shall, in accordance with Section 2.4 hereof, authenticate and deliver initially, one or more Global Notes that shall be registered on the Note Register in the name of a Clearing Agency or Foreign Clearing Agency or such Clearing Agency’s or Foreign Clearing Agency’s nominee. Each Global Note registered in the name of DTC or its nominee shall bear a legend substantially to the following effect:
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, TO OPORTUN ISSUANCE TRUST 2022-A OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. (“CEDE”) OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF 
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DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE, HAS AN INTEREST HEREIN.
So long as the Clearing Agency or Foreign Clearing Agency or its nominee is the registered owner or holder of a Global Note, the Clearing Agency or Foreign Clearing Agency or its nominee, as the case may be, will be considered the sole owner or holder of the Notes represented by such Global Note for purposes of this Indenture and such Notes.  Members of, or participants in, the Clearing Agency or Foreign Clearing Agency shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Clearing Agency or Foreign Clearing Agency, and the Clearing Agency or Foreign Clearing Agency may be treated by the Issuer, the Servicer, the Indenture Trustee, any Agent and any agent of such entities as the absolute owner of such Global Note for all purposes whatsoever.  Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Servicer, the Indenture Trustee, any Agent and any agent of such entities from giving effect to any written certification, proxy or other authorization furnished by the Clearing Agency or Foreign Clearing Agency or impair, as between the Clearing Agency or Foreign Clearing Agency and its agent members, the operation of customary practices governing the exercise of the rights of a holder of any Note.
(iv)Subject to Section 2.6(a)(xi), the provisions of the “Operating Procedures of the Euroclear System” and the “Terms and Conditions Governing Use of Euroclear” and such procedures governing the use of such Clearing Agencies as may be enacted from time to time shall be applicable to a Global Note insofar as interests in such Global Note are held by the agent members of Euroclear or Clearstream.  Account holders or participants in Euroclear and Clearstream shall have no rights under this Indenture with respect to such Global Note and the registered holder may be treated by the Issuer, the Servicer, the Indenture Trustee, any Agent and any agent of the Issuer or the Indenture Trustee as the owner of such Global Note for all purposes whatsoever.
(v)Title to the Notes shall pass only by registration in the Note Register maintained by the Transfer Agent and Registrar pursuant to Section 2.6.
(vi)Any typewritten Note or Notes representing Book-Entry Notes shall provide that they represent the aggregate or a specified amount of outstanding Notes from time to time endorsed thereon and may also provide that the aggregate amount of outstanding Notes represented thereby may from time to time be increased or reduced to reflect exchanges.  Any endorsement of a typewritten Note or Notes representing Book-Entry Notes to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Note Owners represented thereby, shall be made in such manner and by such Person or Persons as shall be specified therein or in the Issuer Order or the Administrator Order to be delivered to the Indenture Trustee pursuant to Section 2.4(b).  The Indenture Trustee shall deliver and redeliver any typewritten Note or Notes representing Book-Entry Notes in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Issuer Order or Administrator Order.  Any instructions by the Issuer with respect to endorsement or delivery or redelivery of a typewritten Note or Notes representing the Book-Entry Notes shall be in writing but need not comply with Section 13.3 hereof and need not be accompanied by an Opinion of Counsel.
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(vii)Unless and until definitive, fully registered Notes of any Class thereof (“Definitive Notes”) have been issued to Note Owners initially issued as Book-Entry Notes pursuant to Section 2.18:
(13)the provisions of this Section 2.16 shall be in full force and effect with respect to each of the Notes;
(14)the Issuer, the Depositor, the Seller, the Servicer, the Paying Agent, the Transfer Agent and Registrar and the Indenture Trustee may deal with the Clearing Agency or Foreign Clearing Agency and the Clearing Agency Participants for all purposes of this Indenture (including the making of payments on the Notes and the giving of instructions or directions hereunder) as the authorized representatives of such Note Owners;
(15)to the extent that the provisions of this Section 2.16 conflict with any other provisions of this Indenture, the provisions of this Section 2.16 shall control;
(16)whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Holders of such Notes evidencing a specified percentage of the outstanding principal amount of such Notes, the Clearing Agency or Foreign Clearing Agency, as applicable, shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or their related Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in such Notes and has delivered such instructions to the Indenture Trustee;
(17)the rights of Note Owners shall be exercised only through the Clearing Agency or Foreign Clearing Agency and their related Clearing Agency Participants and shall be limited to those established by Law and agreements between such Note Owners and the related Clearing Agency or Foreign Clearing Agency and/or the Clearing Agency Participants.  Pursuant to the Depository Agreement, unless and until Definitive Notes are issued pursuant to Section 2.18, the applicable Clearing Agencies or Foreign Clearing Agencies will make book-entry transfers among their related Clearing Agency Participants and receive and transmit payments of principal and interest on such Notes to such Clearing Agency Participants; and
(18)Note Owners may receive copies of any reports sent to Noteholders pursuant to this Indenture, upon written request, together with a certification that they are Note Owners and payments of reproduction and postage expenses associated with the distribution of such reports, from the Indenture Trustee at the Corporate Trust Office.
Section 1.f.  Notices to Clearing Agency.  Whenever 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 2.18, the Indenture Trustee shall give all such notices and communications specified herein to be given to Holders of the Notes to the applicable Clearing Agency or Foreign Clearing Agency for distribution to the Holders of the Notes.
Section 1.g.  Definitive Notes.
(i)Conditions for Exchange.  If with respect to any of the Book-Entry Notes (i) (A) the Issuer advises the Indenture Trustee in writing that the Clearing Agency or Foreign Clearing Agency is no longer willing or able to discharge properly its responsibilities under the applicable Depository Agreement and (B) the Issuer is not able to locate a qualified successor, (ii) to the 
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extent permitted by Law, the Issuer, at its option, advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or Foreign Clearing Agency with respect to any of the Notes or (iii) after the occurrence of a Servicer Default or Event of Default, Note Owners representing beneficial interests aggregating not less than a majority  of the portion of outstanding principal amount of the Notes advise the Indenture Trustee and the applicable Clearing Agency or Foreign Clearing Agency through the applicable Clearing Agency Participants in writing that the continuation of a book-entry system through the applicable Clearing Agency or Foreign Clearing Agency is no longer in the best interests of the Note Owners, the Indenture Trustee shall notify all Note Owners, through the applicable Clearing Agency Participants, of the occurrence of any such event and of the availability of Definitive Notes to Note Owners.  Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the applicable Clearing Agency or Foreign Clearing Agency, accompanied by registration instructions from the applicable Clearing Agency or Foreign Clearing Agency for registration, the Indenture Trustee shall issue the Definitive Notes of  such Class.  Neither the Issuer nor 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 and upon the issuance of any Class of Notes in definitive form in accordance with this Indenture, all references herein to obligations imposed upon or to be performed by the applicable Clearing Agency or Foreign Clearing Agency shall be deemed to be imposed upon and performed by the Indenture Trustee, to the extent applicable with respect to such Definitive Notes, and the Indenture Trustee shall recognize the Holders of the Definitive Notes of such Classes as Noteholders of such Classes hereunder.  
(ii)Transfer of Definitive Notes.  Subject to the terms of this Indenture, the holder of any Definitive Note may transfer the same in whole or in part, in an amount equivalent to an authorized denomination, by surrendering at the Corporate Trust Office, such Note with the form of transfer endorsed on it duly completed and executed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Transfer Agent and Registrar by, the holder thereof and, if applicable, accompanied by a certificate substantially in the form of Exhibit D.  In exchange for any Definitive Note properly presented for transfer, the Issuer shall execute and the Indenture Trustee shall promptly authenticate and deliver or cause to be executed, authenticated and delivered in compliance with applicable Law, to the transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request, Definitive Notes for the same aggregate principal amount as was transferred.  In the case of the transfer of any Definitive Note in part, the Issuer shall execute and the Indenture Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered to the transferor at such office, or send by mail (at the risk of the transferor) to such address as the transferor may request, Definitive Notes for the aggregate principal amount that was not transferred.  No transfer of any Definitive Note shall be made unless the request for such transfer is made by the Holder at such office.  Neither the Issuer nor the Indenture Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively rely on, and shall be protected in relying on, such instructions.  Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders.
Section 1.b.  Global Note.  As specified in Section 2.16, (i) the Notes may be initially issued in the form of a single temporary global note (the “Global Note”) in registered form, without interest coupons, in the denomination of the initial aggregate principal amount of the Notes and (ii) a Class of Notes may be initially issued in the form of a single temporary Global Note in registered form, in the denomination of the portion of the initial aggregate principal amount of the Notes represented by such Class, each substantially in the form of Exhibit I, J, K and L, as applicable. The provisions of this Section 2.19 shall apply to such Global Note.  The Global Note will be authenticated by the Indenture Trustee upon the same conditions, in substantially the same manner and with the same effect as the Definitive Notes. The Global Note may be exchanged in the manner described herein.
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Section 1.c.  Tax Treatment.  The Notes have been (or will be) issued with the intention that, the Notes will qualify under applicable tax Law as debt for U.S. federal income tax purposes and any entity acquiring any direct or indirect interest in any Note by acceptance of its Notes (or, in the case of a Note Owner, by virtue of such Note Owner’s acquisition of a beneficial interest therein) agrees to treat the Notes (or beneficial interests therein) for purposes of federal, state and local income and franchise taxes and any other tax imposed on or measured by income, as debt.  Each Noteholder agrees that it will cause any Note Owner acquiring an interest in a Note through it to comply with this Indenture as to treatment as debt for such tax purposes.  Notwithstanding the foregoing, to the extent the Issuer is treated as a partnership for federal, state or local income or franchise purposes and a Noteholder (or Note Owner, as applicable) is treated as a partner in such partnership, the Noteholders (and Note Owners, as applicable) agree that any tax, penalty, interest or other obligation imposed under the Code with respect to the income tax items arising from such partnership shall be the sole obligation of the Noteholder (or Note Owner, as applicable) to whom such items are allocated and not of such partnership. 
Section 1.d.  Duties of the Indenture Trustee and the Transfer Agent and Registrar.  Notwithstanding anything contained herein to the contrary, neither the Indenture Trustee nor the Transfer Agent and Registrar shall be responsible for ascertaining whether any transfer of a Note complies with the terms of this Indenture, the registration provision of or exemptions from the Securities Act, applicable state securities Laws, ERISA or the Investment Company Act; provided that if a transfer certificate or opinion is specifically required by the express terms of this Indenture to be delivered to the Indenture Trustee or the Transfer Agent and Registrar in connection with a transfer, the Indenture Trustee or the Transfer Agent and Registrar, as the case may be, shall be under a duty to receive the same.
ARTICLE 3.

ISSUANCE OF NOTES; CERTAIN FEES AND EXPENSES; PRE-FUNDING
Section 1.h.  Issuance.
(i)Subject to satisfaction of the conditions precedent set forth in subsection (b) of this Section 3.1, on the Closing Date, the Issuer will issue, in accordance with Section 2.16 hereof, the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes in the aggregate initial principal amount equal to $289,514,000, $53,197,000, $46,035,000 and $11,254,000, respectively.  
(ii)The Notes will be issued on the Closing Date pursuant to subsection (a) above, only upon satisfaction of each of the following conditions with respect to such initial issuance:
(1)the amount of each Class A Note, Class B Note and Class C Note shall be equal to or greater than $100,000 (and in integral multiples of $1,000 in excess thereof), the amount of each Class D Note shall be equal to or greater than $250,000 (and in integral multiples of $1,000 in excess thereof);
(2)such issuance and the application of the proceeds thereof shall not result in the occurrence of (1) a Servicer Default, a Rapid Amortization Event or an Event of Default, or (2) an event or occurrence, which, with the passing of time or the giving of notice thereof, or both, would become a Servicer Default, a Rapid Amortization Event or an Event of Default; and
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(3)all required consents have been obtained and all other conditions precedent to the purchase of the Notes under the Note Purchase Agreement shall have been satisfied.
(iii)Upon receipt of the proceeds of such issuance by or on behalf of the Issuer, the Indenture Trustee shall, or shall cause the Transfer Agent and Registrar to, indicate in the Note Register the amount thereof.
(iv)The Issuer shall not issue additional Notes.
Section 1.i.  Certain Fees and Expenses.  The Trustee, Back-Up Servicer and Successor Servicer Fees and Expenses (and, in the case of the initial Servicer, the Servicing Fee) and other fees, expenses and indemnity amounts owed to the Indenture Trustee, Collateral Trustee, Securities Intermediary, Depositary Bank, Owner Trustee, Depositor Loan Trustee, Back-Up Servicer and successor Servicer shall be paid by the cash flows from the Trust Estate and in no event shall the Indenture Trustee be liable therefor.  The foregoing amounts shall be payable to the Indenture Trustee, Collateral Trustee, Securities Intermediary, Depositary Bank, Owner Trustee, Depositor Loan Trustee, Back-Up Servicer and successor Servicer, as applicable, solely to the extent amounts are available for distribution in respect thereof pursuant to subsections 5.15(a)(i), (a)(ii) and (a)(viii), as applicable.
Section 1.j.  Initial Funding of Reserve Account.  On the Closing Date, the Issuer shall deposit, or cause to be deposited, into the Reserve Account a portion of the proceeds from the sale of the Notes in an amount equal to $1,000,000.
Section 1.k.  [Reserved].
ARTICLE 4.

NOTEHOLDER LISTS AND REPORTS
Section 1.e.  Issuer To Furnish To Indenture Trustee Names and Addresses of Noteholders and Certificateholders.  The Issuer will furnish or cause the Transfer Agent and Registrar or the Certificate Registrar, as applicable, to furnish to the Indenture Trustee (a) not more than five (5) days after each Record Date a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders and Certificateholders as of such Record Date, (b) at such other times as the Indenture Trustee may request in writing, within thirty (30) days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten (10) days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is the Transfer Agent and Registrar and the Certificate Registrar, no such list shall be required to be furnished.  The Issuer will furnish or cause to be furnished by the Transfer Agent and Registrar and the Certificate Registrar to the Paying Agent (if not the Indenture Trustee) such list for payment of distributions to Noteholders and Certificateholders.
Section 1.f.  Preservation of Information; Communications to Noteholders and Certificateholders.
(i)The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders and Certificateholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 4.1 and the names and addresses of Noteholders and Certificateholders received by the Indenture Trustee in its capacity as Transfer Agent and Registrar.  The Indenture Trustee may destroy any list furnished to it as provided in such Section 4.1 upon receipt of a new list so furnished.
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(ii)Noteholders and Certificateholders may communicate (including pursuant to TIA Section 312(b) (if this Indenture is required to be qualified under the TIA)) with other Noteholders and Certificateholders with respect to their rights under this Indenture or under the Notes.  If holders of Notes evidencing in aggregate not less than (i) 20% of the outstanding principal balance of the Notes or (ii) a percentage interest in the Certificates of at least 15% (the “Applicants”) apply in writing to the Indenture Trustee, and furnish to the Indenture Trustee reasonable proof that each such Applicant has owned a Note for a period of at least 6 months preceding the date of such application, and if such application states that the Applicants desire to communicate with other Noteholders or Certificateholders with respect to their rights under this Indenture or under the Notes and is accompanied by a copy of the communication which such Applicants propose to transmit, then the Indenture Trustee, after having been indemnified by such Applicants for its costs and expenses, shall within five (5) Business Days after the receipt of such application afford or shall cause the Transfer Agent and Registrar to afford such Applicants access during normal business hours to the most recent list of Noteholders and Certificateholders held by the Indenture Trustee and shall give the Issuer notice that such request has been made within five (5) Business Days after the receipt of such application.  Such list shall be as of the most recent Record Date, but in no event more than forty-five (45) days prior to the date of receipt of such Applicants’ request.
(iii)The Issuer, the Indenture Trustee and the Transfer Agent and Registrar shall have the protection of TIA Section 312(c) (if this Indenture is required to be qualified under the TIA).  Every Noteholder and Certificateholder, by receiving and holding a Note, agrees with the Issuer and the Indenture Trustee that neither the Issuer, the Indenture Trustee, the Transfer Agent and Registrar, nor any of their respective agents shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Noteholders and Certificateholders in accordance with this Section 4.2, regardless of the source from which such information was obtained.
Section 1.l.  Reports by Issuer. 
(iv)(i) The Issuer or the initial Servicer shall deliver to the Indenture Trustee, on the date, if any, the Issuer is required to file the same with the Commission, hard and electronic copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Issuer is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;
(1)the Issuer or the initial Servicer shall 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, if any, 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;
(1)the Issuer or the initial Servicer shall supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail or make available on via a website to all Noteholders and Certificateholders) such summaries of any information, documents and reports required to be filed by the Issuer (if any) pursuant to clauses (i) and (ii) of this Section 4.3(a) as may be required by rules and regulations prescribed from time to time by the Commission; and
(2)the Servicer shall prepare and distribute any other reports required to be prepared by the Servicer (except, if a successor Servicer is acting as Servicer, any reports expressly only required to be prepared by the initial Servicer or Oportun) under any Servicer Transaction Documents.
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(i)Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year.
Section 1.a.  Reports by Indenture Trustee.  If this Indenture is required to be qualified under the TIA, within sixty (60) days after each April 1, beginning with April 1, 2022 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).  If this Indenture is required to be qualified under the TIA, the Indenture Trustee also shall comply with TIA Section 313(b).
A copy of each report at the time of its mailing to Noteholders and Certificateholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange.
Section 1.b.  Reports and Records for the Indenture Trustee and Instructions.
(i)On each Determination Date the Servicer shall forward to the Indenture Trustee a Monthly Servicer Report prepared by the Servicer.
(ii)On each Payment Date, the Indenture Trustee or the Paying Agent shall make available in the same manner as the Monthly Servicer Report to each Noteholder and Certificateholder of record of the outstanding Notes or Certificates, the Monthly Statement with respect to such Notes or Certificates.
ARTICLE 5.

ALLOCATION AND APPLICATION OF COLLECTIONS
Section 1.m.  Rights of Noteholders .  The Notes shall be secured by the entire Trust Estate, including the right to receive the Collections and other amounts at the times and in the amounts specified in this Article 5 to be deposited in the Trust Accounts or to be paid to the Noteholders of such Notes.  In no event shall the grant of a security interest in the entire Trust Estate be deemed to entitle any Noteholder to receive Collections or other proceeds of the Trust Estate in excess of the amounts described in Article 5.
Section 1.n.  Collection of Money.  Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture.  The Indenture Trustee shall apply all such money received by it as provided in this Indenture.  Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may, but shall not be obligated to, 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 9.
Section 1.o.  Establishment of Accounts.
(i)The Collection Account.  The Indenture Trustee, for the benefit of the Secured Parties, shall establish and maintain in the city in which the Corporate Trust Office is located, with a Qualified Institution, in the name of the Issuer for the benefit of the Indenture Trustee on 
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behalf of the Secured Parties, a non-interest bearing segregated trust account (the “Collection Account”) bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Secured Parties.  Pursuant to authority granted to it pursuant to Section 2.02(a) of the Servicing Agreement, the Servicer shall have the revocable power to withdraw funds from the Collection Account for the purposes of carrying out its duties thereunder.  The Indenture Trustee shall be the entitlement holder of the Collection Account, and shall possess all right, title and interest in all moneys, instruments, securities and other property on deposit from time to time in the Collection Account and the proceeds thereof for the benefit of the Secured Parties.  Initially, the Collection Account will be established with the Securities Intermediary.  Funds on deposit in the Collection Account that are not both deposited and to be withdrawn on the same day shall be invested in Permitted Investments, in accordance with a direction from the Issuer pursuant to Section 5.3(e).
(ii)The Reserve Account.  The Indenture Trustee, for the benefit of the Secured Parties, shall establish and maintain in the city in which the Corporate Trust Office is located, with a Qualified Institution, in the name of the Issuer for the benefit of the Indenture Trustee on behalf of the Secured Parties, a non-interest bearing segregated trust account (the “Reserve Account”) bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Secured Parties. The Indenture Trustee shall be the entitlement holder of the Reserve Account, and shall possess all right, title and interest in all moneys, instruments, securities and other property on deposit from time to time in the Reserve Account and the proceeds thereof for the benefit of the Secured Parties. Initially, the Reserve Account will be established with the Securities Intermediary. Funds on deposit in the Reserve Account that are not both deposited and to be withdrawn on the same day shall be invested in Permitted Investments, in accordance with a direction from the Issuer pursuant to Section 5.3(e). 
That portion of the proceeds of the Notes set forth in Section 3.3 shall be deposited into the Reserve Account. In addition, on any Monthly Payment Date, the Indenture Trustee shall transfer Available Funds to the Reserve Account as and to the extent provided in Article 5 hereof. Moneys in the Reserve Account that constitute Available Funds shall be applied on any Monthly Payment Date as provided in Article 5 hereof. 
(iii)The Payment Account.  The Indenture Trustee, for the benefit of the Secured Parties, shall establish and maintain in the State of New York or in the city in which the Corporate Trust Office is located, with a Qualified Institution, in the name of the Issuer for the benefit of the Indenture Trustee on behalf of the Secured Parties, a non-interest bearing segregated trust account (the “Payment Account”) bearing a designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Secured Parties.  The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Payment Account and in all proceeds thereof.  The Payment Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Secured Parties.  The initial Payment Account shall be established with the Depositary Bank.
(iv)[Reserved].
(v)Administration of the Collection Account and the Reserve Account.  Funds on deposit in the Collection Account or the Reserve Account that are not both deposited and to be withdrawn on the same date shall be invested in Permitted Investments.  Any such investment shall mature and such funds shall be available for withdrawal on or prior to the Note Transfer Date related to the Monthly Period in which such funds were received or deposited immediately preceding a Payment Date.  Wilmington Trust, National Association is hereby appointed as the initial securities intermediary hereunder (the “Securities Intermediary”) and accepts such appointment.  The Securities Intermediary represents, warrants, and covenants, and the parties hereto agree, that at all times prior to the termination of this Indenture: (i) the Securities 
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Intermediary shall be a bank that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity hereunder; (ii) the Collection Account and the Reserve Account each shall be an account maintained with the Securities Intermediary to which financial assets may be credited and the Securities Intermediary shall treat the Indenture Trustee as entitled to exercise the rights that comprise such financial assets; (iii) each item of property credited to the Collection Account or the Reserve Account shall be treated as a financial asset; (iv) the Securities Intermediary shall comply with entitlement orders originated by the Indenture Trustee without further consent by the Issuer or any other Person; (v) the Securities Intermediary waives any Lien on any property credited to the Collection Account or the Reserve Account, and (vi) the Securities Intermediary agrees that its jurisdiction for purposes of Section 8-110 and Section 9-305(a)(3) of the UCC shall be New York.  The Securities Intermediary shall maintain for the benefit of the Secured Parties, possession or control of each other Permitted Investment (including any negotiable instruments, if any, evidencing such Permitted Investments) not credited to or deposited in a Trust Account (other than such as are described in clause (b) of the definition thereof); provided that no Permitted Investment shall be disposed of prior to its maturity date if such disposition would result in a loss.  Nothing herein shall impose upon the Securities Intermediary any duties or obligations other than those expressly set forth herein and those applicable to a securities intermediary under the UCC.  The Securities Intermediary shall be entitled to all of the protections available to a securities intermediary under the UCC.  At the end of each month, all interest and earnings (net of losses and investment expenses) on funds on deposit in the Collection Account and on deposit in the Reserve Account, respectively, shall be treated as Investment Earnings.  If at the end of a month losses and investment expenses on funds on deposit in the Collection Account or the Reserve Account exceed interest and earnings on such funds during such month, losses and expenses to the extent of such excess will be allocated among the Noteholders and the Issuer as provided in Section 5.15.  Subject to the restrictions set forth above, the Issuer, or a Person designated in writing by the Issuer, of which the Indenture Trustee shall have received written notification thereof, shall have the authority to instruct the Indenture Trustee with respect to the investment of funds on deposit in the Collection Account or the Reserve Account.  Notwithstanding anything herein to the contrary, if the Issuer (or its designee) has not provided such direction, the funds in the Collection Account and the Reserve Account will remain uninvested. Neither the Indenture Trustee nor the Securities Intermediary shall have any responsibility or liability for any loss which may result from any investment or sale of investment made pursuant to this Indenture. Wilmington Trust, National Association (in any capacity hereunder) is hereby authorized, in making or disposing of any investment permitted by this Indenture, to deal with itself (in its individual capacity) or with any one or more of its affiliates, whether it or any such affiliate is acting as agent of Wilmington Trust, National Association (acting in any capacity hereunder) or for any third person or dealing as principal for its own account. The parties to the Transaction Documents acknowledge that Wilmington Trust, National Association (individually and in any capacity hereunder) is not providing investment supervision, recommendations, or advice. 
(vi)Wilmington Trust, National Association is hereby appointed as the initial depositary bank hereunder (the “Depositary Bank”) and accepts such appointment. The Depositary Bank represents, warrants, and covenants, and the parties hereto agree, that at all times prior to the termination of this Indenture: (i) the Depositary Bank shall be a bank; (ii) the Payment Account shall be a deposit account maintained with the Depositary Bank; (iii) the Depositary Bank shall comply with instructions originated by the Indenture Trustee directing disposition of the funds in the Payment Account without further consent by the Issuer or any other Person; (iv) the Depositary Bank waives any Lien on the Payment Account and the money on deposit therein, and (v) the Depositary Bank agrees that its jurisdiction for purposes of Section 9-304(b) of the UCC shall be New York. Nothing herein shall impose upon the Depositary Bank any duties or obligations other than those expressly set forth herein and those applicable to a depositary bank under the UCC. The Depositary Bank shall be entitled to all of the protections available to a bank under the UCC.    
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(vii)Qualified Institution.  If, at any time, the institution holding any account established pursuant to this Section 5.3 ceases to be a Qualified Institution, the Indenture Trustee shall, within ten (10) Business Days, establish a new account or accounts, as the case may be, meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new account or accounts, as the case may be.
(viii)Each of the Securities Intermediary, the Certificate Registrar and the Depositary Bank shall be entitled to all the same rights, privileges, protections, immunities and indemnities as are contained in Article 11 of this Indenture, all of which are incorporated into this Section 5.3 mutatis mutandis, in addition to any such rights, privileges, protections, immunities and indemnities contained in this Section 5.3; provided, however; that nothing contained in this Section 5.3 or in Article 11 shall (i) relieve the Securities Intermediary of the obligation to comply with entitlement orders as provided in Section 5.3(e) or (ii) relieve the Depositary Bank of the obligation to comply with instructions directing disposition of the funds as provided in Section 5.3(f).
Section 1.a.  Collections and Allocations.
(ix)Collections in General.  Until this Indenture is terminated pursuant to Section 12.1, the Issuer shall cause, or shall cause the Servicer under the Servicing Agreement to cause, all Collections due and to become due, as the case may be, to be transferred to the Collection Account as promptly as possible after the date of receipt by the Servicer of such Collections, but in no event later than the second Business Day (or, with respect to In-Store Payments, the third Business Day) following such date of receipt.  All monies, instruments, cash and other proceeds received by the Servicer in respect of the Trust Estate pursuant to this Indenture shall be deposited in the Collection Account as specified herein and shall be applied as provided in this Article 5 and Article 6.
The Servicer shall allocate such amounts to the Issuer in accordance with this Article 5 and shall withdraw the required amounts from the Collection Account or pay such amounts to the Issuer in accordance with this Article 5.  The Servicer shall make such deposits or payments on the date indicated therein by wire transfer.
(x)[Reserved].  
(xi)Issuer Distributions.  During the Revolving Period, all amounts on deposit in the Collection Account in excess of the Required Monthly Payments may be paid to the Issuer on each Business Day (“Issuer Distributions”) provided that (i) the Coverage Test is satisfied after giving effect to any such payment to the Issuer; and (ii) any such payment to the Issuer shall be limited to the extent used by the Issuer for Permissible Uses.  The Issuer (or the initial Servicer) shall provide the Indenture Trustee with a Transfer Report as to the amount of Issuer Distributions for any Business Day, and delivery of such Transfer Report shall be deemed to be a certification by the Issuer that the foregoing conditions were satisfied.  Upon receipt of such certification, the Indenture Trustee shall forward the Issuer Distributions directly to the Depositor (to pay for Subsequently Purchased Receivables that are Eligible Receivables) to the account specified thereby.  The Issuer will meet the “Coverage Test” if, on any date of determination, (i) the Revolving Period OC Test is satisfied, (ii) the amount remaining on deposit in the Collection Account equals or exceeds the amount distributable on the next Payment Date under clauses (a)(i)-(vi) of Section 5.15 (the “Required Monthly Payments”), (iii) the Amortization Period has not commenced and (iv) there shall not exist on such Business Day, and such application thereof shall not result in the occurrence of, a Rapid Amortization Event, a Servicer Default, an Event of Default or a Default (in each case determined by the Servicer taking into account any increases, decreases and status changes of the Receivables and any increases or decreases in the Notes and the amount on deposit in the Collection Account including those scheduled to occur on such 
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date).   The Issuer will satisfy the “Revolving Period OC Test” on any date of determination during the Revolving Period if (a) the sum of the Outstanding Receivables Balance of all Eligible Receivables plus the amounts on deposit in the Collection Account equals or exceeds (b) the sum of the outstanding principal amount of the Notes plus the Required Overcollateralization Amount. The Issuer will satisfy the “Amortization Period OC Test” on any Payment Date, during the Amortization Period prior to the occurrence of a Rapid Amortization Event, following the application of Available Funds pursuant to Section 5.15 hereof, if (a) the sum of the Outstanding Receivables Balance of all Eligible Receivables equals or exceeds (b) the sum of the outstanding principal amount of the Notes plus (i) prior to the Amortization OC Target Date, 2.25% of the Outstanding Receivables Balance as of the end of the preceding Monthly Period, and (ii) on or after the Amortization OC Target Date, the Required Overcollateralization Amount. 
(xii)[Reserved].
(xiii)Disqualification of Institution Maintaining Collection Account.  Upon and after the establishment of a new Collection Account with a Qualified Institution, the Servicer shall deposit or cause to be deposited all Collections as set forth in Section 5.3(a) into the new Collection Account, and in no such event shall deposit or cause to be deposited any Collections thereafter into any account established, held or maintained with the institution formerly maintaining the Collection Account (unless it later becomes a Qualified Institution or qualified corporate trust department maintaining the Collection Account).
Section 1.p.  Determination of Monthly Interest.  Monthly interest with respect to each of the Notes shall be determined, allocated and distributed in accordance with the procedures set forth in Section 5.12.
Section 1.q.  Determination of Monthly Principal.  Monthly principal and other amounts with respect to each  of the Notes shall be determined, allocated and distributed in accordance with the procedures set forth in Section 5.15.  However, all principal or interest with respect to any of the Notes shall be due and payable no later than the Legal Final Payment Date with respect to Notes.
Section 1.r.  General Provisions Regarding Accounts.  Subject to Section 11.1(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Trust Estate resulting from any loss on any Permitted Investment included therein except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms.
Section 1.s.  Removed Receivables.  Upon satisfaction of the conditions and the requirements of any of (i) Section 8.3(a) and Section 15.1 hereof, (ii) Section 2.02(i) or 2.08 of the Servicing Agreement, (iii) Section 2.4 of the Purchase Agreement or (iv) Section 2.6 or 3.4 of the Transfer Agreement, as applicable, the Issuer shall execute and deliver and, upon receipt of an Issuer Order or an Administrator Order, the Indenture Trustee shall acknowledge an instrument in the form attached hereto as Exhibit C evidencing the Indenture Trustee’s release of the related Removed Receivables and Related Security, and the Removed Receivables and Related Security shall no longer constitute a part of the Trust Estate.  No party relying upon an instrument executed by the Indenture Trustee as provided in this Article 5 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 moneys.
Section 1.t.  [Reserved].
Section 1.u.  [Reserved].
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Section 1.v.  [Reserved].
Section 1.w.  Determination of Monthly Interest.  
(xiv)The amount of monthly interest payable on the Class A Notes on each Payment Date will be determined as of each Determination Date and will be an amount equal to the product of (i) (A) for the initial Payment Date, a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, and (B) for any Payment Date thereafter, one-twelfth, times (ii) the Class A Note Rate, times (iii) the outstanding principal balance of the Class A Notes as of the immediately preceding Payment Date (after giving effect to any payments of principal on such preceding Payment Date) or, with respect to the first Payment Date, as of the Closing Date (the “Class A Monthly Interest”).  
In addition to the Class A Monthly Interest, an amount equal to the sum of (i) the amount of any unpaid Class A Deficiency Amount, as defined below, plus (ii) an amount equal to the product (such product being herein called the “Class A Additional Interest”) of (A) one-twelfth, times (B) a rate equal to the  Class A Note Rate, times (C) any Class A Deficiency Amount, as defined below (or the portion thereof which has not theretofore been paid to the  Class A Noteholders), will also be payable to the Class A Noteholders.  The “Class A Deficiency Amount” for any Determination Date shall be equal to the excess, if any, of (x) the sum of (i) the Class A Monthly Interest and the Class A Additional Interest, in each case for the Interest Period ended immediately prior to the preceding Payment Date, plus (ii) any Class A Deficiency Amount for the preceding period, over (y) the amount actually paid in respect thereof on the preceding Payment Date; provided, however, that the Class A Deficiency Amount on the first Determination Date shall be zero.
(xv)The amount of monthly interest payable on the Class B Notes on each Payment Date will be determined as of each Determination Date and will be an amount equal to the product of (i)(A) for the initial Payment Date, a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, and (B) for any Payment Date thereafter, one-twelfth, times (ii) the Class B Note Rate, times (iii) the outstanding principal balance of the Class B Notes as of the immediately preceding Payment Date (after giving effect to any payments of principal on such preceding Payment Date) or, with respect to the first Payment Date, as of the Closing Date (the “Class B Monthly Interest”).  
In addition to the Class B Monthly Interest, an amount equal to the sum of (i) the amount of any unpaid Class B Deficiency Amount, as defined below, plus (ii) an amount equal to the product (such product being herein called the “Class B Additional Interest”) of (A) one-twelfth, times (B) a rate equal to the Class B Note Rate, times (C) any Class B Deficiency Amount, as defined below (or the portion thereof which has not theretofore been paid to the Class B Noteholders), will also be payable to the Class B Noteholders.  The “Class B Deficiency Amount” for any Determination Date shall be equal to the excess, if any, of (x) the sum of (i) the Class B Monthly Interest and the Class B Additional Interest, in each case for the Interest Period ended immediately prior to the preceding Payment Date, plus (ii) any Class B Deficiency Amount for the preceding period, over (y) the amount actually paid in respect thereof on the preceding Payment Date; provided, however, that the Class B Deficiency Amount on the first Determination Date shall be zero.
(xvi)The amount of monthly interest payable on the Class C Notes on each Payment Date will be determined as of each Determination Date and will be an amount equal to the product of (i)(A) for the initial Payment Date, a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, and (B) for any Payment Date thereafter, one-twelfth, times (ii) the Class C Note Rate, times (iii) the outstanding principal balance of the Class C Notes as of the immediately preceding Payment 
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Date (after giving effect to any payments of principal on such preceding Payment Date) or, with respect to the first Payment Date, as of the Closing Date (the “Class C Monthly Interest”). 
In addition to the Class C Monthly Interest, an amount equal to the sum of (i) the amount of any unpaid Class C Deficiency Amount, as defined below, plus (ii) an amount equal to the product (such product being herein called the “Class C Additional Interest”) of (A) one-twelfth, times (B) a rate equal to the Class C Note Rate, times (C) any Class C Deficiency Amount, as defined below (or the portion thereof which has not theretofore been paid to the Class C Noteholders), will also be payable to the Class C Noteholders.  The “Class C Deficiency Amount” for any Determination Date shall be equal to the excess, if any, of (x) the sum of (i) the Class C Monthly Interest and the Class C Additional Interest, in each case for the Interest Period ended immediately prior to the preceding Payment Date, plus (ii) any Class C Deficiency Amount for the preceding period, over (y) the amount actually paid in respect thereof on the preceding Payment Date; provided, however, that the Class C Deficiency Amount on the first Determination Date shall be zero.  
(xvii)The amount of monthly interest payable on the Class D Notes on each Payment Date will be determined as of each Determination Date and will be an amount equal to the product of (i)(A) for the initial Payment Date, a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, and (B) for any Payment Date thereafter, one-twelfth, times (ii) the Class D Note Rate, times (iii) the outstanding principal balance of the Class D Notes as of the immediately preceding Payment Date (after giving effect to any payments of principal on such preceding Payment Date) or, with respect to the first Payment Date, as of the Closing Date (the “Class D Monthly Interest” and, together with the Class A Monthly Interest, the Class B Monthly Interest and the Class C Monthly Interest, the “Monthly Interest”).  
In addition to the Class D Monthly Interest, an amount equal to the sum of (i) the amount of any unpaid Class D Deficiency Amount, as defined below, plus (ii) an amount equal to the product (such product being herein called the “Class D Additional Interest” and, together with the Class A Additional Interest, the Class B Additional Interest and the Class C Additional Interest, the “Additional Interest”) of (A) one-twelfth, times (B) a rate equal to the Class D Note Rate, times (C) any Class D Deficiency Amount, as defined below (or the portion thereof which has not theretofore been paid to the Class D Noteholders), will also be payable to the Class D Noteholders.  The “Class D Deficiency Amount” for any Determination Date shall be equal to the excess, if any, of (x) the sum of (i) the Class D Monthly Interest and the Class D Additional Interest, in each case for the Interest Period ended immediately prior to the preceding Payment Date, plus (ii) any Class D Deficiency Amount for the preceding period, over (y) the amount actually paid in respect thereof on the preceding Payment Date; provided, however, that the Class D Deficiency Amount on the first Determination Date shall be zero.  The Class D Deficiency Amount together with the Class A Deficiency Amount, the Class B Deficiency Amount and the Class C Deficiency Amount are collectively referred to as the “Deficiency Amount.”
Section 1.g.  [Reserved].
Section 1.h.  [Reserved].
Section 1.i.  Monthly Payments.  On or before each Note Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of the Monthly Servicer Report attached as Exhibit A-1 to the Servicing Agreement) to withdraw, and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Note Transfer Date or the related Payment Date, as applicable, to the extent of the funds 
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credited to the relevant accounts, the amounts required to be withdrawn from the Collection Account, the Reserve Account and the Payment Account as follows:
(xviii)An amount equal to the Available Funds for the related Monthly Period shall be distributed on each Note Transfer Date in the following priority to the extent of funds available therefor:
(1)first, an amount equal to the Trustee, Back-Up Servicer and Successor Servicer Fees and Expenses for such Note Transfer Date (plus the Trustee, Back-Up Servicer and Successor Servicer Fees and Expenses due but not paid on any prior Payment Date) shall be set aside and paid to the Indenture Trustee, the Collateral Trustee, the Securities Intermediary, the Depositary Bank, the Owner Trustee, the Depositor Loan Trustee, the Back-Up Servicer, and the successor Servicer, if any (distributed on a pari passu and pro rata basis) on the related Payment Date;
(2)second, if PF Servicing, LLC is the Servicer, an amount equal to the Servicing Fee for such Note Transfer Date (plus any Servicing Fee due but not paid on any prior Payment Date) shall be set aside and paid to the Servicer on the related Payment Date;
(3)third, an amount equal to the Class A Monthly Interest for such Note Transfer Date, plus the amount of any Class A Deficiency Amount for such Note Transfer Date, plus the amount of any Class A Additional Interest for such Note Transfer Date shall be deposited by the Indenture Trustee into the Payment Account on such Note Transfer Date (the “Class A Required Interest Distribution”);
(4)fourth, an amount equal to the Class B Monthly Interest for such Note Transfer Date, plus the amount of any Class B Deficiency Amount for such Note Transfer Date, plus the amount of any Class B Additional Interest for such Note Transfer Date shall be deposited by the Indenture Trustee into the Payment Account on such Note Transfer Date (the “Class B Required Interest Distribution”);
(5)fifth, an amount equal to the Class C Monthly Interest for such Note Transfer Date, plus the amount of any Class C Deficiency Amount for such Note Transfer Date, plus the amount of any Class C Additional Interest for such Note Transfer Date shall be deposited by the Indenture Trustee into the Payment Account on such Note Transfer Date (the “Class C Required Interest Distribution”); 
(6)sixth, an amount equal to the Class D Monthly Interest for such Note Transfer Date, plus the amount of any Class D Deficiency Amount for such Note Transfer Date, plus the amount of any Class D Additional Interest for such Note Transfer Date shall be deposited by the Indenture Trustee into the Payment Account on such Note Transfer Date (the “Class D Required Interest Distribution” and, together with the Class A Required Interest Distribution, the Class B Required Interest Distribution and the Class C Required Interest Distribution, the “Required Interest Distribution”); 
(7)seventh, (A) during the Amortization Period, an amount equal to the excess of (i) the Note Principal over (ii) the difference of the Outstanding Receivables Balance of all Eligible Receivables minus the Required Overcollateralization Amount (each determined as of the end of such Monthly Period) shall be deposited by the Indenture Trustee into the Payment Account on such Note Transfer Date (the “Required Principal Distribution”), or (B) if a Rapid Amortization Event has occurred, an amount equal to the Note Principal shall be deposited by the Indenture Trustee into the Payment Account on such Note Transfer Date; 
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(8)eighth, an amount equal to the lesser of (A) the excess of the remaining Available Funds over the Minimum Collection Account Balance (each determined as of the end of such Monthly Period) and (B) any unreimbursed fees, expenses and indemnity amounts (including, without limitation, any Transition Costs not paid pursuant to clause (i) above) of the Indenture Trustee, the Owner Trustee, the Depositor Loan Trustee, the Back-Up Servicer, and any successor Servicer, shall be set aside and paid thereto (distributed on a pari passu and pro rata basis) on the related Payment Date; 
(9)ninth, so long as no Rapid Amortization Event or Event of Default has occurred and is continuing, an amount equal to the lesser of (A) the excess of the remaining Available Funds over the Minimum Collection Account Balance (each determined as of the end of such Monthly Period) and (B) the amount, if any, necessary to increase the amounts credited to the Reserve Account to the Reserve Account Requirement for such Payment Date shall be set aside and deposited into the Reserve Account on the related Payment Date; and 
(10)tenth, the excess, if any, of the remaining Available Funds over the Minimum Collection Account Balance (each determined as of the end of such Monthly Period) shall be deposited into the Payment Account on such Note Transfer Date (and such Minimum Collection Account Balance shall remain on deposit in the Collection Account).
(xix)[Reserved].
(xx)[Reserved].
(xxi)[Reserved].
(xxii)On each Payment Date, the Indenture Trustee, acting in accordance with instructions from the Servicer (substantially in the form of the Monthly Servicer Report attached as Exhibit A-1 to the Servicing Agreement), shall pay the amount deposited into the Payment Account from the Collection Account pursuant to Section 5.15(a) on the immediately preceding Note Transfer Date to the following Persons in the following priority to the extent of funds available therefor:
(1)first, to the Class A Noteholders, an amount equal to the Class A Required Interest Distribution;
(2)second, to the Class B Noteholders, an amount equal to the Class B Required Interest Distribution;
(3)third, to the Class C Noteholders, an amount equal to the Class C Required Interest Distribution; 
(4)fourth, to the Class D Noteholders, an amount equal to the Class D Required Interest Distribution; 
(5)fifth, (A) during the Amortization Period, sequentially, in each case until the outstanding principal amount of such class has been reduced to zero, first, to the Class A Noteholders, second, to the Class B Noteholders, third, to the Class C Noteholders, and fourth, to the Class D Noteholders, the lesser of (I) the Required Principal Distribution and (II) the Note Principal or (B) if a Rapid Amortization Event has occurred, sequentially, in each case until the outstanding principal amount of such 
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class has been reduced to zero, first, to the Class A Noteholders,  second, to the Class B Noteholders, third, to the Class C Noteholders, and fourth, to the Class D Noteholders; 
(6)sixth, to the Noteholders, any other amounts (excluding the Note Principal) payable thereto pursuant to the Transaction Documents; and
(7)seventh, the balance, if any, shall be released to the Issuer, free and clear of the Lien of the Indenture, for distribution on the Certificates pursuant to the Trust Agreement and in accordance with the Servicer’s instructions in the applicable Monthly Servicer Report. 
Section 1.a.  Servicer’s Failure to Make a Deposit or Payment.  The Indenture Trustee shall not have any liability for any failure or delay in making the payments or deposits described herein resulting from a failure or delay by the Servicer to make, or give instructions to make, such payment or deposit in accordance with the terms herein.  If the Servicer fails to make, or give instructions to make, any payment, deposit or withdrawal required to be made or given by the Servicer at the time specified in this Indenture (including applicable grace periods), the Indenture Trustee shall make such payment, deposit or withdrawal from the applicable Trust Account without instruction from the Servicer.  The Indenture Trustee shall be required to make any such payment, deposit or withdrawal hereunder only to the extent that the Indenture Trustee has sufficient information to allow it to determine the amount thereof.  The Servicer shall, upon reasonable request of the Indenture Trustee, promptly provide the Indenture Trustee with all information necessary and in its possession to allow the Indenture Trustee to make such payment, deposit or withdrawal.  Such funds or the proceeds of such withdrawal shall be applied by the Indenture Trustee in the manner in which such payment or deposit should have been made (or instructed to be made) by the Servicer. 
ARTICLE 6.

DISTRIBUTIONS AND REPORTS
Section 1.b.  Distributions.
(i)On each Payment Date, the Indenture Trustee shall distribute (in accordance with the Monthly Servicer Report delivered by the Servicer on or before the related Note Transfer Date pursuant to subsection 2.09(a) of the Servicing Agreement) to each Noteholder of record on the immediately preceding Record Date (other than as provided in Section 12.5 respecting a final distribution), such Noteholder’s pro rata share (based on the Note Principal held by such Noteholder) of the amounts on deposit in the Payment Account that are payable to the Noteholders of the applicable Class pursuant to Section 5.15 by wire transfer to an account designated by such Noteholders, except that, with respect to Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made in immediately available funds.
(ii)Notwithstanding anything to the contrary contained in this Indenture, if the amount distributable in respect of principal on the Notes on any Payment Date is less than one dollar, then no such distribution of principal need be made on such Payment Date to the Noteholders.
Section 1.c. Monthly Statement.
(i)On or before each Payment Date, the Indenture Trustee shall make available electronically to each Noteholder and Certificateholder, a statement in substantially the form of Exhibit M hereto (a “Monthly Statement”) prepared by the Servicer and delivered to the 
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Indenture Trustee on the preceding Determination Date and setting forth, among other things, the following information:
(1)the amount of Collections (including a breakdown of Finance Charges vs. principal Collections) received during the related Monthly Period;
(2)the amount of Available Funds on deposit in the Collection Account and, if applicable, the Reserve Account on the related Note Transfer Date;
(3)the Reserve Account Requirement and the balance in the Reserve Account on the related Payment Date; 
(4)the amount of Trustee, Back-Up Servicer and Successor Servicer Fees and Expenses, Monthly Interest, Deficiency Amounts and Additional Interest, respectively;
(5)the amount of the Servicing Fee for such Payment Date;
(6)the total amount to be distributed to the Class A Noteholders, the Class B Noteholders, the Class C Noteholders and the Class D Noteholders on such Payment Date;
(7)the outstanding principal balance of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes as of the end of the day on the Payment Date;
(8)the aggregate amount of Receivables that became Defaulted Receivables during the related Monthly Period; and
(9)the aggregate Outstanding Receivables Balance of Receivables which were 1-29 days, 30-59 days, 60-89 days, and 90-119 days delinquent, respectively, as of the end of the preceding Monthly Period.
On or before each Payment Date, to the extent the Servicer provides such information to the Indenture Trustee, the Indenture Trustee will make available the monthly Servicer statement via the Indenture Trustee’s Internet website and, with the consent or at the direction of the Issuer, such other information regarding the Notes and/or the Receivables as the Indenture Trustee may have in its possession, but only with the use of a password provided by the Indenture Trustee; provided, however, the Indenture Trustee shall have no obligation to provide such information described in this Section 6.2 until it has received the requisite information from the Issuer or the Servicer and the applicable Noteholder or Certificateholder has completed the information necessary to obtain a password from the Indenture Trustee.  The Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such documents and will assume no responsibility therefor.
(i)The Indenture Trustee’s internet website shall be initially located at “www.wilmingtontrustconnect.com” or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the Noteholders and Certificateholders.  In connection with providing access to the Indenture Trustee’s internet website, the Indenture Trustee may require registration and the acceptance of a disclaimer.  The Indenture Trustee shall not be liable for information disseminated in accordance with this Indenture.
(ii)Annual Tax Statement.  To the extent required by the Code or the Treasury regulations thereunder, on or before January 31 of each calendar year, the Indenture Trustee shall distribute to each Person who at any time during the preceding calendar year was a Noteholder or a Certificateholder, a statement prepared by the Servicer containing the information required to 
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be contained in the regular monthly report to Noteholders and Certificateholders, as set forth in subclauses (v) and (vi) above, aggregated for such calendar year, and a statement prepared by the initial Servicer or the Issuer with such other customary information (consistent with the treatment of the Notes as debt) required by applicable tax Law to be distributed to the Noteholders.  Such obligations of the Indenture Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Indenture Trustee pursuant to any requirements of the Code as from time to time in effect.
ARTICLE 7.

REPRESENTATIONS AND WARRANTIES OF THE ISSUER
Section 1.a.  Representations and Warranties of the Issuer.  The Issuer hereby represents and warrants to the Indenture Trustee and each of the Secured Parties that:
(i)Organization and Good Standing, etc.  The Issuer has been duly organized and is validly existing and in good standing under the Laws of the State of Delaware, with power and authority to own its properties and to conduct its respective businesses as such properties are presently owned and such business is presently conducted.  The Issuer is not organized under the Laws of any other jurisdiction or Governmental Authority.  The Issuer is duly licensed or qualified to do business as a foreign entity in good standing in the jurisdiction where its principal place of business and chief executive office is located and in each other jurisdiction in which the failure to be so licensed or qualified would be reasonably likely to have a Material Adverse Effect.
(ii)Power and Authority; Due Authorization.  The Issuer has (a) all necessary power, authority and legal right to (i) execute, deliver and perform its obligations under this Indenture and each of the other Transaction Documents to which it is a party and (b) duly authorized, by all necessary action, the execution, delivery and performance of this Indenture and the other Transaction Documents to which it is a party and the borrowing, and the granting of security therefor, on the terms and conditions provided herein.
(iii)No Violation.  The consummation of the transactions contemplated by this Indenture and the other Transaction Documents and the fulfillment of the terms hereof will not (a) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, (i) the organizational documents of the Issuer or (ii) any indenture, loan agreement, pooling and servicing agreement, receivables purchase agreement, mortgage, deed of trust, or other agreement or instrument to which the Issuer is a party or by which it or its properties is bound, (b) result in or require the creation or imposition of any Adverse Claim upon its properties pursuant to the terms of any such indenture, loan agreement, pooling and servicing agreement, receivables purchase agreement, mortgage, deed of trust, or other agreement or instrument, other than pursuant to the terms of the Transaction Documents, or (c) violate any Law applicable to the Issuer or of any Governmental Authority having jurisdiction over the Issuer or any of its respective properties.
(iv)Validity and Binding Nature.  This Indenture is, and the other Transaction Documents to which it is a party when duly executed and delivered by the Issuer and the other parties thereto will be, the legal, valid and binding obligation of the Issuer enforceable in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Law affecting creditors’ rights generally and by general principles of equity.
(v)Government Approvals.  No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority required for the due execution, delivery or 
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performance by the Issuer of any Transaction Document to which it is a party remains unobtained or unfiled, except for the filing of the UCC financing statements.
(vi)[Reserved].
(vii)Margin Regulations.  The Issuer is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock, and no proceeds with respect to the sale of the Notes, directly or indirectly, will be used for a purpose that violates, or would be inconsistent with, Regulations T, U and X promulgated by the Federal Reserve Board from time to time.
(viii)Perfection.
(1)On and after the Closing Date and each Payment Date, the Issuer shall be the owner of all of the Receivables and Related Security and Collections and proceeds with respect thereto, free and clear of all Adverse Claims.  Within the time required pursuant to the Perfection Representations, all financing statements and other documents required to be recorded or filed in order to perfect and protect the assets of the Trust Estate against all creditors (other than Secured Parties) of, and purchasers (other than Secured Parties) from, the Issuer, the Depositor, the Depositor Loan Trustee and the Seller will have been duly filed in each filing office necessary for such purpose, and all filing fees and taxes, if any, payable in connection with such filings shall have been paid in full;
(2)the Indenture constitutes a valid grant of a security interest to the Indenture Trustee for the benefit of the Secured Parties in all right, title and interest of the Issuer in the Receivables, the Related Security and Collections and proceeds with respect thereto and all other assets of the Trust Estate, now existing or hereafter created or acquired.  Accordingly, to the extent the UCC applies with respect to the perfection of such security interest, upon the filing of any financing statements described in Article 8 of the Indenture and the execution of the Transaction Documents, the Indenture Trustee shall have a first priority perfected security interest in such property and the proceeds thereof (to the extent provided in Section 9-315), subject to Permitted Encumbrances and, to the extent the UCC does not apply to the perfection of such security interest, all notices, filings and other actions required by all applicable Law have been taken to perfect and protect such security interest or lien against and prior to all Adverse Claims with respect to the relevant Receivables, Related Security and Collections and proceeds with respect thereto and all other assets of the Trust Estate.  Except as otherwise specifically provided in the Transaction Documents, neither the Issuer nor any Person claiming through or under the Issuer has any claim to or interest in the Collection Account; and
(3)immediately prior to, and after giving effect to, the initial purchase of the Notes, the Issuer will be Solvent.
(ix)Offices.  The principal place of business and chief executive office of the Issuer is located at the address referred to in Section 15.4 (or at such other locations, notified to the Indenture Trustee in jurisdictions where all action required thereby has been taken and completed).
(x)Tax Status.  The Issuer has filed all tax returns (federal, state and local) required to be filed by it and has paid or made adequate provision for the payment of all taxes (including all state franchise taxes), assessments and other governmental charges that have become due and 
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payable (including for such purposes, the setting aside of appropriate reserves for taxes, assessments and other governmental charges being contested in good faith).
(xi)Use of Proceeds.  No proceeds of any Notes will be used by the Issuer to acquire any security in any transaction which is subject to Section 13 or 14 of the Exchange Act.
(xii)Compliance with Applicable Laws; Licenses, etc.
(1)The Issuer is in compliance with the requirements of all applicable Laws of all Governmental Authorities, a breach of any of which, individually or in the aggregate, would be reasonably likely to have a Material Adverse Effect.
(2)The Issuer has not failed to obtain any licenses, permits, franchises or other governmental authorizations necessary to the ownership of its properties or to the conduct of its business, which violation or failure to obtain would be reasonably likely to have a Material Adverse Effect.
(xiii)No Proceedings.  Except as described in Schedule 1:
(2)there is no order, judgment, decree, injunction, stipulation or consent order of or with any court or other government authority to which the Issuer is subject, and there is no action, suit, arbitration, regulatory proceeding or investigation pending, or, to the knowledge of the Issuer, threatened, before or by any Governmental Authority, against the Issuer that, individually or in the aggregate, is reasonably likely to have a Material Adverse Effect; and
(3)there is no action, suit, proceeding, arbitration, regulatory or governmental investigation, pending or, to the knowledge of the Issuer, threatened, before or by any Governmental Authority (A) asserting the invalidity of this Indenture, the Notes or any other Transaction Document, (B) seeking to prevent the issuance of the Notes pursuant hereto or the consummation of any of the other transactions contemplated by this Indenture or any other Transaction Document or (C) seeking to adversely affect the federal income tax attributes of the Issuer.
(xiv)Investment Company Act; Covered Fund.  The Issuer is not an “investment company” within the meaning of the Investment Company Act and the Issuer relies on the exception from the definition of “investment company” set forth in Rule 3a-7 under the Investment Company Act, although other exceptions or exclusions may be available to the Issuer. The Issuer is not a “covered fund” as defined in the final regulations issued December 10, 2013 implementing the “Volcker Rule” (Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act), as amended.
(xv)Eligible Receivables.  Each Receivable included as an Eligible Receivable in any Monthly Servicer Report shall be an Eligible Receivable as of the date so included.  Each Receivable, including Subsequently Purchased Receivables, purchased by the Issuer on any Purchase Date shall be an Eligible Receivable as of such Purchase Date unless otherwise specified to the Indenture Trustee in writing prior to such Purchase Date.
(xvi)Receivables Schedule.  The most recently delivered schedule of Receivables reflects, in all material respects, a true and correct schedule of the Receivables included in the Trust Estate as of the date of delivery.
(xvii)ERISA.  (i) Each of the Issuer, the Depositor, the Seller, the Servicer and their respective ERISA Affiliates is in compliance in all material respects with ERISA unless any 
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failure to so comply could not reasonably be expected to have a Material Adverse Effect and (ii) no Lien exists in favor of the Pension Benefit Guaranty Corporation on any of the Receivables. No ERISA Event has occurred with respect to any Pension Plan that could reasonably be expected to have a Material Adverse Effect.
(xviii)Accuracy of Information.  All information heretofore furnished by, or on behalf of, the Issuer to the Indenture Trustee or any of the Noteholders in connection with any Transaction Document, or any transaction contemplated thereby, was, at the time it was furnished, true and accurate in every material respect (without omission of any information necessary to prevent such information from being materially misleading).
(xix)No Material Adverse Change.  Since December 31, 2021, other than as disclosed in the Offering Memorandum, there has been no material adverse change in the collectability of the Receivables or the Issuer’s (i) financial condition, business, operations or prospects or (ii) ability to perform its obligations under any Transaction Document.
(xx)Subsidiaries.  The Issuer has no Subsidiaries and does not own or hold, directly or indirectly, any equity interest in any Person, other than Permitted Investments.
(xxi)Notes.  The  Notes have been duly and validly authorized, and, when executed and authenticated in accordance with the terms of the Indenture, and delivered to and paid for in accordance with the Note Purchase Agreement, will be duly and validly issued and outstanding and will be entitled to the benefits of the Indenture.   
(xxii)Sales by the Seller.  Each sale of Receivables by the Seller to the Depositor and the Depositor Loan Trustee shall have been effected under, and in accordance with the terms of, the Purchase Agreement, including the payment by the Depositor to the Seller of an amount equal to the purchase price therefor as described in the Purchase Agreement, and each such sale shall have been made for “reasonably equivalent value” (as such term is used under Section 548 of the Federal Bankruptcy Code) and not for or on account of “antecedent debt” (as such term is used under Section 547 of the Federal Bankruptcy Code) owed by the Depositor to such Seller.
Section 1.b.  Reaffirmation of Representations and Warranties by the Issuer.  On the Closing Date and on each Business Day thereafter, the Issuer shall be deemed to have certified that all representations and warranties described in Section 7.1 hereof are true and correct on and as of such day as though made on and as of such day (except to the extent they relate to an earlier or later date, and then as of such earlier or later date).
ARTICLE 8.

COVENANTS
Section 1.j.  Money for Payments To Be Held in Trust.  At all times from the date hereof to the Indenture Termination Date, unless the Required Noteholders shall otherwise consent in writing, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the applicable Payment Account shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from such Payment Account for payments of such Notes shall be paid over to the Issuer except as provided in this Indenture.
Section 1.k.  Affirmative Covenants of Issuer.  At all times from the date hereof to the Indenture Termination Date, unless the Required Noteholders shall otherwise consent in writing, the Issuer shall:
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(i)Payment of Notes.  Duly and punctually pay or cause to be paid principal of (and premium, if any), interest and other amounts on and with respect to the Notes pursuant to the provisions of this Indenture.  Principal, interest and other amounts shall be considered paid on the date due if the Indenture Trustee or the Paying Agent holds on that date money designated for and sufficient to pay all principal, interest and other amounts then due.  Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest, principal and/or other amounts shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture.
(ii)Maintenance of Office or Agency.  Maintain an office or agency (which may be an office of the Indenture Trustee, Transfer Agent and Registrar or co-registrar) where Notes may be surrendered for registration of transfer or exchange, where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served, and where, at any time when the Issuer is obligated to make a payment of principal and premium upon the Notes, the Notes may be surrendered for payment.  The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the purposes of the surrender for registration, transfer, exchange or payment of the Notes.  The Issuer hereby initially appoints the Owner Trustee to serve as its agent for the purposes of the service of notice and demands.  The Issuer will give prompt written notice to the Indenture Trustee of the location, and any change in the location, of such office or agency.  If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture Trustee or the principal office of the Owner Trustee, as applicable, for the purposes described in the initial appointment above, and the Issuer hereby appoints the Indenture Trustee and the Owner Trustee as its agent to receive all such surrenders, notices and demands, as described above.
The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations.  The Issuer will give prompt written notice to the Indenture Trustee of any such designation or rescission and of any change in the location of any such other office or agency.
The Issuer hereby designates the Corporate Trust Office of the Indenture Trustee as one such office or agency of the Issuer.
(iii)Compliance with Laws, etc.  Comply in all material respects with all applicable Laws (including those which relate to the Receivables).
(iv)Preservation of Existence.  Preserve and maintain its existence rights, franchises and privileges in the jurisdiction of its incorporation or organization, and qualify and remain qualified in good standing as a foreign entity in the jurisdiction where its principal place of business and its chief executive office are located and in each other jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualifications would have a Material Adverse Effect.
(v)Performance and Compliance with Receivables.  Timely and fully perform and comply with all provisions, covenants and other promises required to be observed by it under the Receivables and all other agreements related to such Receivables.
(vi)Collection Policy.  Comply in all material respects with the Credit and Collection Policies in regard to each Receivable.
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(vii)Reporting Requirements of The Issuer.  Until the Indenture Termination Date, furnish to the Indenture Trustee:
(1)Financial Statements. 
(a)as soon as available, and in any event within one hundred twenty (120) days after the end of each Fiscal Year of the Issuer, a copy of the annual unaudited report for such Fiscal Year of the Issuer including a copy of the balance sheet of the Issuer, in each case, as at the end of such Fiscal Year, together with the related statements of earnings and cash flows for such Fiscal Year;
(b)as soon as available and in any event within one hundred twenty (120) days after the end of each Fiscal Year of Consolidated Parent, a balance sheet of Consolidated Parent as of the end of such year and statements of income and retained earnings and of source and application of funds of Consolidated Parent, for the period commencing at the end of the previous Fiscal Year and ending with the end of such year, in each case setting forth comparative figures for the previous Fiscal Year, certified without material qualification by Deloitte & Touche LLP or other nationally recognized independent public accountants with expertise in the preparation of such reports, together with a certificate of such accounting firm stating that in the course of the regular audit of the business of Consolidated Parent, which audit was conducted in accordance with GAAP (as then in effect), such accounting firm has obtained no knowledge that an Event of Default, Default or Rapid Amortization Event has occurred and is continuing, or if, in the opinion of such accounting firm, such an Event of Default, Default or Rapid Amortization Event has occurred and is continuing, a statement as to the nature thereof; and
(c)as soon as available and in any event within forty-five (45) days after the end of each fiscal quarter, quarterly balance sheets and quarterly statements of source and application of funds and quarterly statements of income and retained earnings of Consolidated Parent, certified by a Responsible Officer of Consolidated Parent (which certification shall state that such balance sheets and statements fairly present the financial condition and results of operations for such fiscal quarter, subject to year-end audit adjustments), delivery of which balance sheets and statements shall be accompanied by an Officer’s Certificate of the Administrator to the effect that no Event of Default, Default or Rapid Amortization Event has occurred and is continuing.
For so long as Consolidated Parent is subject to the reporting requirements of Section 13(a) of the Exchange Act, its filing of the annual and quarterly reports required under the Exchange Act, on a timely basis, shall be deemed compliance with this Section 8.2(g)(i).
(1)Notice of Default, Event of Default or Rapid Amortization Event.  Immediately, and in any event within one (1) Business Day after the Issuer obtains knowledge of the occurrence of each Default, Event of Default or Rapid Amortization Event a statement of a Responsible Officer of the Issuer setting forth details of such Default, Event of Default or Rapid Amortization Event and the action which the Issuer proposes to take with respect thereto;
(2)Change in Credit and Collection Policies.  Within fifteen (15) Business Days after the date any material change in or amendment to the Credit and Collection 
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Policies is made, a copy of the Credit and Collection Policies then in effect indicating such change or amendment;
(3)ERISA.  Promptly after the filing or receiving thereof, copies of all reports and notices with respect to any ERISA Event which either (i) the Issuer, the Depositor, the Seller, the Servicer or any of their respective ERISA Affiliates files under ERISA with the Internal Revenue Service, the Pension Benefit Guaranty Corporation or the U.S. Department of Labor or (ii) the Issuer, the Depositor, the Seller, the Servicer or any of their respective ERISA Affiliates receives from the Internal Revenue Service, the Pension Benefit Guaranty Corporation or the U.S. Department of Labor.  The Issuer shall give the Indenture Trustee and each Noteholder prompt written notice of any event that could result in the imposition of a Lien on the assets of the Issuer or any of its ERISA Affiliates under Section 430(k) of the Code or Section 303(k) or 4068 of ERISA;
(4)If a Responsible Officer of the Issuer shall have actual knowledge of the occurrence of a Servicer Default, notice thereof to the Indenture Trustee, which notice shall specify the action, if any, the Issuer is taking in respect of such default.  If a Servicer Default shall arise from the failure of the Servicer to perform any of its duties or obligations under the Servicing Agreement, the Issuer shall take all reasonable steps available to it to remedy such failure, including any action reasonably requested by the Indenture Trustee; and
(5)On or before April 1, 2022 and on or before April 1 of each year thereafter, and otherwise in compliance with the requirements of TIA Section 314(a)(4) (if this Indenture is required to be qualified under the TIA), an Officer’s Certificate of the Administrator stating, as to the Responsible Officer signing such Officer’s Certificate, that:
(d)a review of the activities of the Issuer during such year and of performance under this Indenture has been made under such Responsible Officer’s supervision; and
(e)to the best of such Responsible Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants under this Indenture throughout such year, or, if there has been a Default, Event of Default or Rapid Amortization Event specifying each such Default, Event of Default or Rapid Amortization Event known to such Responsible Officer and the nature and status thereof.
(i)Use of Proceeds.  Use the proceeds of the Notes solely in connection with the acquisition or funding of Receivables, funding any initial deposit to the Reserve Account as specified in Section 3.3 and payment of costs of issuance of the Notes.
(ii)Protection of Trust Estate.  At its expense, perform all acts and execute all documents necessary and desirable at any time to evidence, perfect, maintain and enforce the title or the security interest of the Indenture Trustee in the Trust Estate and the priority thereof.  The Issuer will prepare, deliver and authorize the filing of financing statements relating to or covering the Trust Estate sold to the Issuer and subsequently conveyed to the Indenture Trustee (which financing statements may cover “all assets” of the Issuer).  
(iii)Inspection of Records.  Permit the Indenture Trustee, any one or more of the Notice Persons or their duly authorized representatives, attorneys or auditors to inspect the Receivables, the Receivable Files and the Records at such times as such Person may reasonably request.  Upon instructions from the Indenture Trustee, the Required Noteholders or their duly 
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authorized representatives, attorneys or auditors, the Issuer shall release any document related to any Receivables to such Person.
(iv)Furnishing of Information.  Provide such cooperation, information and assistance, and prepare and supply the Indenture Trustee with such data regarding the performance by the Obligors of their obligations under the Receivables and the performance by the Issuer and Servicer of their respective obligations under the Transaction Documents, as may be reasonably requested by the Indenture Trustee or any Notice Person from time to time.
(v)Performance and Compliance with Receivables and Loans.  At its expense, timely and fully perform and comply with all material provisions, covenants and other promises, if any, required to be observed by the Issuer under the Loans related to the Receivables.
(vi)Collections Received.  Hold in trust, and immediately (but in any event no later than two (2) Business Days following the date of receipt thereof) transfer to the Servicer for deposit into the Collection Account (subject to Section 5.4(a)) all Collections, if any, received from time to time by the Issuer.
(vii)Enforcement of Transaction Documents.  Use commercially reasonable efforts to enforce all rights held by it under any of the Transaction Documents, shall not amend, supplement or otherwise modify any of the Transaction Documents and shall not waive any breach of any covenant contained thereunder without the prior written consent of the Required Noteholders.  The Issuer shall take all actions necessary and desirable to enforce the Issuer’s rights and remedies under the Transaction Documents.  The Issuer agrees that it will not waive timely performance or observance by the Servicer, the Depositor or the Seller of their respective duties under the Transaction Documents if the effect thereof would adversely affect any of the Secured Parties.
(viii)Separate Legal Entity. The Issuer hereby acknowledges that the Indenture Trustee and the Noteholders are entering into the transactions contemplated by this Indenture and the other Transaction Documents in reliance upon the Issuer’s identity as a legal entity separate from any other Person.  Therefore, from and after the date hereof, the Issuer shall take all reasonable steps to continue the Issuer’s identity as a separate legal entity and to make it apparent to third Persons that the Issuer is an entity with assets and liabilities distinct from those of any other Person, and is not a division of any other Person.  Without limiting the generality of the foregoing and in addition to and consistent with the covenant set forth herein, the Issuer shall take such actions as shall be required in order to remain in compliance with Section 2.02 of the Trust Agreement:
(ix)Minimum Net Worth.  Have a net worth (in accordance with GAAP) of at least 1% of the outstanding principal amount of the Notes.
(x)Servicer’s Obligations.  Cause the Servicer to comply with Sections 2.02(c), 2.09 and 2.10 of the Servicing Agreement.
(xi)Income Tax Characterization.  For purposes of U.S. federal income, state and local income and franchise taxes, unless otherwise required by the relevant Governmental Authority, the Issuer will treat the Notes as debt.
(xii)PTP Transfer Restricted Interest.  Promptly (i) notify the Indenture Trustee of the existence of each Note that constitutes a PTP Transfer Restricted Interest and (ii) following a request from the Indenture Trustee, confirm to the Indenture Trustee if any Note specified by the Indenture Trustee constitutes a PTP Transfer Restricted Interest. 
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Section 1.a.  Negative Covenants.  So long as any Notes are outstanding, the Issuer shall not, unless the Required Noteholders shall otherwise consent in writing:
(i)Sales, Liens, etc.  Except pursuant to, or as contemplated by, the Transaction Documents, the Issuer shall not sell, transfer, exchange, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist voluntarily or, for a period in excess of thirty (30) days, involuntarily any Adverse Claims upon or with respect to any of its assets, including, without limitation, the Trust Estate, any interest therein or any right to receive any amount from or in respect thereof.
(ii)Claims, Deductions.  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 other applicable Law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate.
(iii)Mergers, Acquisitions, Sales, Subsidiaries, etc.  The Issuer shall not:
(1)be a party to any merger or consolidation, or directly or indirectly purchase or otherwise acquire all or substantially all of the assets or any stock of any class of, or any partnership or joint venture interest in, any other Person, except for Permitted Investments, or sell, transfer, assign, convey or lease any of its property and assets (or any interest therein) other than pursuant to, or as contemplated by, this Indenture or the other Transaction Documents;
(2)make, incur or suffer to exist an investment in, equity contribution to, loan or advance to, or payment obligation in respect of the deferred purchase price of property from, any other Person, except for Permitted Investments or pursuant to the Transaction Documents;
(3)create any direct or indirect Subsidiary or otherwise acquire direct or indirect ownership of any equity interests in any other Person other than pursuant to the Transaction Documents; or
(4)enter into any transaction with any Affiliate except for the transactions contemplated by the Transaction Documents and other transactions upon fair and reasonable terms materially no less favorable to the Issuer than would be obtained in a comparable arm’s length transaction with a Person not an Affiliate.
(xiii)Change in Business Policy.  The Issuer shall not make any change in the character of its business which would impair in any material respect the collectability of any Receivable.
(xiv)Other Debt.  Except as provided for herein, the Issuer shall not create, incur, assume or suffer to exist any Indebtedness whether current or funded, other than (i) the Notes, (ii) Indebtedness of the Issuer representing fees, expenses and indemnities arising hereunder or under the Transfer Agreement for the purchase price of the Receivables under the Transfer Agreement and (iii) other Indebtedness permitted pursuant to Section 8.3(h).
(xv)Certificate of Trust and Trust Agreement.  The Issuer shall not amend its certificate of trust or the Trust Agreement unless the Required Noteholders have agreed to such amendment or as authorized by the Trust Agreement.
(xvi)Financing Statements.  The Issuer shall not authorize the filing of any financing statement (or similar statement or instrument of registration under the Laws of any jurisdiction) 
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or statements relating to the Trust Estate other than the financing statements authorized and filed in connection with and pursuant to the Transaction Documents.
(xvii)Business Restrictions.  The Issuer shall not (i) engage in any business or transactions, or be a party to any documents, agreements or instruments, other than the Transaction Documents or those incidental to the purposes thereof, or (ii) make any expenditure for any assets (other than Receivables) if such expenditure, when added to other such expenditures made during the same calendar year would, in the aggregate, exceed Ten Thousand Dollars ($10,000); provided, however, that the foregoing will not restrict the Issuer’s ability to pay servicing compensation as provided herein and, so long as no Default, Event of Default or Rapid Amortization Event shall have occurred and be continuing, the Issuer’s ability to make payments or distributions legally made to the Issuer’s beneficiaries.
(xviii)ERISA Matters.
(5)To the extent applicable, the Issuer will not (A) engage or permit any of its respective ERISA Affiliates, in each case over which the Issuer has control, to engage in any prohibited transaction (as defined in Section 4975 of the Code and Section 406 of ERISA) for which an exemption is not available or has not previously been obtained from the U.S. Department of Labor; (B) fail to make, or permit any of the Seller, the Depositor, the initial Servicer or any of their respective ERISA Affiliates, in each case over which the Issuer has control, to fail to make, any payments to any Multiemployer Plan that the Issuer, the Depositor, the Seller, the initial Servicer or any of their respective ERISA Affiliates is required to make under the agreement relating to such Multiemployer Plan or any Law pertaining thereto; (C) terminate, or permit any of the Seller, the Depositor, the initial Servicer or any of their respective ERISA Affiliates, in each case over which the Issuer has control, to terminate, any Pension Plan so as to result in any liability to the Issuer, the initial Servicer, the Depositor, the Seller or any of their ERISA Affiliates; or (D) permit to exist any occurrence of any reportable event described in Title IV of ERISA with respect to a Pension Plan, if such prohibited transactions, failures to make payment, terminations and reportable events described in clauses (A), (B), (C) and (D) above would in the aggregate have a Material Adverse Effect.
(6)The Issuer will not permit to exist any failure to satisfy the minimum funding standard (as described in Section 302 of ERISA and Section 412 of the Code) with respect to any Pension Plan.
(7)The Issuer will not cause or permit, nor permit any of its ERISA Affiliates over which the Issuer has control, to cause or permit, the occurrence of an ERISA Event with respect to any Pension Plans that could result in a Material Adverse Effect.
(viii)Name; Jurisdiction of Organization.  The Issuer will not change its name or its jurisdiction of organization (within the meaning of the applicable UCC) without prior written notice to the Indenture Trustee. Prior to or upon a change of its name, the Issuer will make all filings (including filings of financing statements on form UCC-1) and recordings necessary to maintain the perfection of the interest of the Indenture Trustee in the Trust Estate pursuant to this Indenture.  The Issuer further agrees that it will not become or seek to become organized under the Laws of more than one jurisdiction.  In the event that the Issuer desires to so change its jurisdiction of organization or change its name, the Issuer will make any required filings and prior to actually making such change the Issuer will deliver to the Indenture Trustee (i) an Officer’s Certificate and an Opinion of Counsel confirming that all required filings have been made to continue the perfected interest of the Indenture Trustee in the Trust Estate in respect of 
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such change and (ii) copies of all such required filings with the filing information duly noted thereon by the office in which such filings were made.
(ix)Tax Matters.  The Issuer will not take any action that could cause, and will not omit to take any action, which omission could cause, the Issuer to become taxable as a corporation for U.S. federal income tax purposes.
(x)Accounts.  The Issuer shall not maintain any bank accounts other than the Trust Accounts; provided, however, that the Issuer may maintain a general bank account to, among other things, receive and hold funds distributed to it, and to pay ordinary-course operating expenses, as applicable.  Except as set forth in the Servicing Agreement the Issuer shall not make, nor will it permit the Seller or Servicer to make, any change in its instructions to Obligors regarding payments to be made to the Servicer Account (as defined in the Servicing Agreement).  The Issuer shall not add any additional Trust Accounts unless the Indenture Trustee (subject to Section 15.1 hereto) shall have consented thereto and received a copy of any documentation with respect thereto.  The Issuer shall not terminate any Trust Accounts or close any Trust Accounts unless the Indenture Trustee shall have received at least thirty (30) days’ prior notice of such termination and (subject to Section 15.1 hereto) shall have consented thereto.
Section 1.b.  Further Instruments and Acts.  The Issuer will execute and deliver such further instruments, furnish such other information and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.
Section 1.c.  Appointment of Successor Servicer.  If the Indenture Trustee has given notice of termination to the Servicer of the Servicer’s rights and powers pursuant to Section 2.01 of the Servicing Agreement, as promptly as possible thereafter, the Indenture Trustee shall appoint a successor servicer in accordance with Section 2.01 of the Servicing Agreement.
Section 1.d.  Perfection Representations.  The parties hereto agree that the Perfection Representations shall be a part of this Indenture for all purposes.
ARTICLE 9.

RAPID AMORTIZATION EVENTS AND REMEDIES
Section 1.e.  Rapid Amortization Events.  If any one of the following events shall occur during the Revolving Period (each, a “Rapid Amortization Event”):
(iv)on any Determination Date during the Revolving Period, the average annualized Monthly Loss Percentage over the previous three (3) Monthly Periods is greater than the Specified Monthly Loss Percentage;
(v)a breach of any Concentration Limit for three (3) consecutive months during the Revolving Period; 
(vi)the Issuer fails to satisfy the Revolving Period OC Test, and such failure continues for more than five (5) Business Days, or the Amortization Period OC Test; or 
(vii)the occurrence of a Servicer Default or an Event of Default;  
then, in the case of any event described in clause (a) through (d) above, a Rapid Amortization Event shall occur unless, without any notice or other action on the part of the Indenture Trustee 
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or the affected Holders immediately upon the occurrence of such event.  The Required Noteholders may waive any Rapid Amortization Event and its consequences.  
ARTICLE 10.

REMEDIES
Section 1.a.  Events of Default.  An “Event of Default”, wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):
(1)default in the payment of any interest on the Notes on any Payment Date, and such default shall continue (and shall not have been waived by the Required Noteholders) for a period of five (5) Business Days after receipt of notice thereof from the Indenture Trustee;
(2)default in the payment of the principal of or any installment of the principal of any Class of  Notes when the same becomes due and payable on the Legal Final Payment Date;
(3)the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer, the Depositor, Oportun, LLC, the Seller, the Servicer or any substantial part of the Trust Estate in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the 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 sixty (60) consecutive days; 
(4)the commencement by the Issuer, the Depositor, Oportun, LLC, the Seller or the Servicer of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar Law now or hereafter in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case under any such Law, or the consent by the Issuer to the appointment of 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 action by the Issuer in furtherance of any of the foregoing;
(5)either (w) a failure on the part of the Issuer duly to observe or perform any other covenants or agreements of the Issuer set forth in this Indenture, (x) a failure on the part of the Depositor duly to observe or perform any other covenants or agreements of the Depositor set forth in the Transfer Agreement, (y) a failure on the part of the Seller duly to observe or perform any other covenants or agreements of the Seller set forth in the Purchase Agreement or (z) a failure on the part of the Servicer duly to observe or perform any other covenants or agreements of the Servicer set forth in the Servicing Agreement, which failure, in any such case, has a material adverse effect on the interests of the Noteholders (as reasonably determined by the Required Noteholders) and which continues unremedied for a period of thirty (30) days after the date on which notice of such failure, requiring the same to be remedied, shall have been given by registered or certified mail to the Issuer, the Depositor, the Seller or the Servicer, as 
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applicable, by the Indenture Trustee, or to the Issuer, the Depositor, the Seller or the Servicer, as applicable, and the Indenture Trustee by the Required Noteholders;
(6)either (w) any representation, warranty or certification made by the Issuer in this Indenture or in any certificate delivered pursuant to this Indenture shall prove to have been inaccurate when made or deemed made, (x) any representation, warranty or certification made by the Depositor in the Transfer Agreement or in any certificate delivered pursuant to the Transfer Agreement shall prove to have been inaccurate when made or deemed made or (y) any representation, warranty or certification made by the Seller in the Purchase Agreement or in any certificate delivered pursuant to the Purchase Agreement shall prove to have been inaccurate when made or deemed made and, in any such case, such inaccuracy has a material adverse effect on the Noteholders (as reasonably determined by the Required Noteholders) and which continues unremedied for a period of thirty (30) days after the date on which a notice specifying such incorrect representation or warranty and requiring the same to be remedied, shall have been given by registered or certified mail to the Issuer, the Depositor or the Seller, as applicable, by the Indenture Trustee, or to the Issuer, the Depositor or the Seller, as applicable, and the Indenture Trustee by the Required Noteholders;
(7)the Indenture Trustee shall cease to have a first-priority perfected security interest in all or a material portion of the Trust Estate; 
(8)the Issuer shall have become subject to regulation by the Securities and Exchange Commission as an “investment company” under the Investment Company Act; 
(9)the Issuer shall become taxable as an association or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes; or
(10)a lien shall be filed pursuant to Section 430 or Section 6321 of the Code with regard to the Issuer and such lien shall not have been released within thirty (30) days.
Section 1.b.  Rights of the Indenture Trustee Upon Events of Default.
(i)If and whenever an Event of Default (other than in clause (iii) and (iv) of Section 10.1) shall have occurred and be continuing, the Indenture Trustee may, and at the written direction of the Required Noteholders shall, cause the principal amount of all Notes outstanding to be immediately due and payable at par, together with interest thereon.  If an Event of Default with respect to the Issuer specified in clause (iii) or (iv) of Section 10.1 shall occur, all unpaid principal of and accrued interest on all the Notes outstanding shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Indenture Trustee or any Noteholder.  If an Event of Default shall have occurred and be continuing, the Indenture Trustee may exercise from time to time any rights and remedies available to it under applicable Law and Section 10.4.  Any amounts obtained by the Indenture Trustee on account of or as a result of the exercise by the Indenture Trustee of any right shall be held by the Indenture Trustee as additional collateral for the repayment of the Secured Obligations and shall be applied in accordance with Article 5 hereof.  
(ii)If an Event of Default shall have occurred and be continuing, then at any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article 10 provided, the Required Noteholders, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if:
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(1)the Issuer has paid to or deposited with the Indenture Trustee a sum sufficient to pay
(a)all payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; and
(b)all sums paid by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements of the Indenture Trustee and its agents and counsel; and
(1)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 10.6.
No such rescission shall affect any subsequent default or impair any right consequent thereto.
(iii)Additional Remedies.  In addition to any rights and remedies now or hereafter granted hereunder or under applicable Law with respect to the Trust Estate, the Indenture Trustee shall have all of the rights and remedies of a secured party under the UCC as enacted in any applicable jurisdiction.
Section 1.b.  Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.
(iv)The Issuer covenants that if (i) default is made in the payment of any interest on any Note when the same becomes due and payable, and such default continues for a period of five (5) days, or (ii) default is made in the payment of the principal of any Note when the same becomes due and payable on the Legal Final Payment Date, the Issuer will pay to it, for the benefit of the Noteholders, the whole amount then due and payable on such Notes for principal, interest and other amounts, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Note 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.
(v)If an Event of Default occurs and is continuing, the Indenture Trustee may (in its discretion) and, at the written direction of the Required Noteholders, shall proceed to protect and enforce its rights and the rights of the Secured Parties by such appropriate Proceedings 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 or legal or equitable right vested in the Indenture Trustee by this Indenture or by Law; provided, however, that the Indenture Trustee shall sell or otherwise liquidate the Trust Estate or any portion thereof only in accordance with Section 10.4(d).
(vi)In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture), the Indenture Trustee shall be held to represent all the Secured Parties, and it shall not be necessary to make any such Person a party to any such Proceedings.
(vii)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 Title 11 of the United States Code or any other applicable federal or state bankruptcy, 
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insolvency or other similar Law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal or other amount 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:
(1)to file and prove a claim or claims for the whole amount of principal, interest and other amounts owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence, bad faith or willful misconduct) and of the Secured Parties allowed in such Proceedings;
(2)unless prohibited by applicable Law, to vote on behalf of the Secured Parties in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;
(3)to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Secured Parties and of the Indenture Trustee on their behalf; and
(4)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 Secured Parties allowed in any judicial Proceedings relative to the Issuer, its creditors and its property;
and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Secured Parties 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 Secured Parties, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence, bad faith or willful misconduct.
(viii)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 Secured Party any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Secured Party or to authorize the Indenture Trustee to vote in respect of the claim of any Secured Party in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person.
(ix)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 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 
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compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the Secured Parties.
Section 1.c.  Remedies.  If an Event of Default shall have occurred and be continuing, the Indenture Trustee may and, at the written direction of the Required Noteholders, shall do one or more of the following:
(x)institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable under the Transaction Documents, enforce any judgment obtained, and collect from the Issuer and any other obligor under the Transaction Documents moneys adjudged due;
(xi)institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;
(xii)subject to the limitations set forth in clause (d) below, 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 Secured Parties; and
(xiii)sell 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 Law; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default unless:
(2)the Holders of 100% of the outstanding Notes direct such sale and liquidation,
(3)the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid with respect to all outstanding Notes for principal and interest and any other amounts due Noteholders, or
(4)the Indenture Trustee determines that the proceeds of the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on all outstanding Notes as such amounts would have become due if such Notes had not been declared due and payable and the Required Noteholders direct such sale and liquidation.
In determining such sufficiency or insufficiency with respect to clauses (d)(ii) and (d)(iii), 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 Receivables in the Trust Estate for such purpose.
The Indenture Trustee may maintain a Proceeding even if it does not possess any of the Notes or does not produce any of them in the Proceeding, and any such Proceeding instituted by the Indenture Trustee shall be in its own name as trustee.  All remedies are cumulative to the extent permitted by Law.
Section 1.a.  [Reserved].
Section 1.b.  Waiver of Past Events.  If an Event of Default shall have occurred and be continuing, prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 10.2(a), the Required Noteholders may waive any past Default or Event of Default and its consequences except a Default in payment of principal of any of the Notes.  In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of 
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the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.
Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.
Section 1.c.  Limitation on Suits.  No Noteholder 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:
(1)such Noteholder or Certificateholder previously has given written notice to the Indenture Trustee of a continuing Event of Default;
(2)the Holders of not less than 25% of the outstanding principal amount of all 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;
(3)such Noteholder has offered and provided to the Indenture Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request;
(4)the Indenture Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and
(5)no direction inconsistent with such written request has been given to the Indenture Trustee during such sixty (60) day period by the Required Noteholders;
it being understood and intended that no one or more Noteholder 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 Noteholder or to obtain or to seek to obtain priority or preference over any other Noteholder 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 Secured Parties, each representing less than the Required Noteholders, the Indenture Trustee shall proceed in accordance with the request of the greater majority of the outstanding principal amount or par value of the Notes, as determined by reference to such requests.
Section 1.d.  Unconditional Rights of Holders to Receive Payment; Withholding Taxes.
(i)Notwithstanding any other provision of this Indenture except as provided in Section 10.8(b) and (c), the right of any Noteholder to receive payment of principal, interest or other amounts, if any, on the Note, on or after the respective due dates expressed in the Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date), or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional and shall not be impaired or affected without the consent of the Noteholder.
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(ii)Promptly upon request, each Noteholder shall provide to the Indenture Trustee and/or the Issuer (or other person responsible for withholding of taxes, including but not limited to FATCA Withholding Tax, or delivery of information under FATCA) with the Tax Information.
(iii)The Paying Agent shall (or if the Indenture Trustee is not the Paying Agent, the Indenture Trustee shall cause the Paying Agent to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee that such Paying Agent shall) comply with the provisions of this Indenture applicable to it, comply with all requirements of the Code with respect to the withholding from any payments to Noteholders, including FATCA Withholding Tax (including obtaining and retaining from Persons entitled to payments with respect to the Notes any Tax Information and making any withholdings with respect to the Notes as required by the Code (including FATCA) and paying over such withheld amounts to the appropriate Governmental Authority), comply with respect to any applicable reporting requirements in connection with any payments to Noteholders, and, upon request, provide any Tax Information to the Issuer.
Section 1.e.  Restoration of Rights and Remedies.  If any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee, the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.
Section 1.f.  The Indenture Trustee May File Proofs of Claim.  The Indenture Trustee is authorized 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 (including any claim for the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel) and the Noteholders allowed in any judicial Proceedings relative to the Issuer (or any other obligor upon the Notes), its creditors or its property, and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claim and any custodian in any such judicial Proceeding is hereby authorized by each Noteholder to make such payments to the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of such payments directly to the Noteholders to pay the Indenture Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel, and any other amounts due the Indenture Trustee under Section 11.6 and 11.17.  To the extent that the payment of any such compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel, and any other amounts due the Indenture Trustee under Section 11.6 and 11.17 out of the estate in any such Proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, notes and other properties which the Noteholders may be entitled to receive in such Proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.  Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to 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 Noteholder thereof, or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such Proceeding.
Section 1.g.  Priorities.  Following the declaration of an Event of Default or a Rapid Amortization Event pursuant to Section 9.1 or 10.2, all amounts in any Payment 
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Account, including any money or property collected pursuant to Section 10.4 (after deducting the reasonable costs and expenses of such collection), shall be applied by the Indenture Trustee on the related Payment Date in accordance with the provisions of Article 5.
The Indenture Trustee may fix a record date and payment date for any payment to Secured Parties pursuant to this Section.  At least fifteen (15) days before such record date the Issuer shall mail to each Secured Party and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid.
Section 1.h.  Undertaking for Costs.  All parties to this Indenture agree, and each Secured Party 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; but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the aggregate outstanding principal balance of the Notes on the date of the filing of such action, or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date).
Section 1.i.  Rights and Remedies Cumulative.  No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Secured Parties is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by Law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.
Section 1.j.  Delay or Omission Not Waiver.  No delay or omission of the Indenture Trustee or any Secured Party 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 10 or by Law to the Indenture Trustee or to the Secured Parties may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Secured Parties, as the case may be.
Section 1.k.  Control by Noteholders.  The Required Noteholders 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:
(6)such direction shall not be in conflict with any Law or with this Indenture;
(7)subject to the express terms of Section 10.4, any direction to the Indenture Trustee to sell or liquidate the Receivables shall be by the Holders of Notes representing not less than 100% of the aggregate outstanding principal balance of all the Notes; 
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(8)the Indenture Trustee shall have been provided with indemnity satisfactory to it; and
(9)the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction;
provided, however, that, subject to Section 11.1, the Indenture Trustee need not take any action that it determines might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to such action.
Section 1.l.  Waiver of Stay or Extension Laws.  The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension Law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such Law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such Law had been enacted.
Section 1.m.  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 Secured Parties 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.
Section 1.n.  Performance and Enforcement of Certain Obligations.
(viii)The Issuer agrees to take all such lawful action as is necessary and desirable to compel or secure the performance and observance by the Seller, the Depositor, the Depositor Loan Trustee, the Parent and the Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Transaction Documents 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 Transaction Documents, including the transmission of notices of default on the part of the Seller, the Depositor, the Depositor Loan Trustee, the Parent or the Servicer thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the Seller, the Depositor, the Depositor Loan Trustee, the Parent or the Servicer of each of their obligations under the Transaction Documents.
(ix)If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the direction (which direction shall be in writing) of the Required Noteholders shall, subject to Section 10.2(b), exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller, the Parent or the Servicer under or in connection with the Transaction Documents, including the right or power to take any action to compel or secure performance or observance by the Seller, the Parent or the Servicer of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Transaction Documents, and any right of the Issuer to take such action shall be suspended.
(x)The Issuer may contract with other Persons, including the Administrator, to assist it in performing its duties under this Indenture, and any performance of such duties by the Administrator or another Person identified to the Indenture Trustee in an Officer’s Certificate of 
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the Administrator shall satisfy the obligations of the Issuer with respect thereto.  Initially, the Issuer has contracted with the Administrator, and the Administrator has agreed, to the extent specified in the Trust Agreement, to assist the Issuer in performing its duties under this Indenture.
Section 1.o.  Reassignment of Surplus.  Promptly after termination of this Indenture and the payment in full of the Secured Obligations, any proceeds of all the Receivables and other assets in the Trust Estate received or held by the Indenture Trustee shall be turned over to the Issuer and the Receivables and other assets in the Trust Estate shall be released to the Issuer by the Indenture Trustee without recourse to the Indenture Trustee and without any representations, warranties or agreements of any kind.
ARTICLE 11.

THE INDENTURE TRUSTEE
Section 1.p.  Duties of the Indenture Trustee.
(xi)If an Event of Default has occurred and is continuing, and of which a Trust Officer of the Indenture Trustee has written notice, the Indenture Trustee shall exercise such of the rights and powers vested in it by this Indenture and any related document, 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; provided, however, that the Indenture Trustee shall have no liability in connection with any action or inaction taken, or not taken, by it upon the deemed occurrence of an Event of Default of which a Trust Officer has not received written notice; and provided, further that the preceding sentence shall not have the effect of insulating the Indenture Trustee from liability arising out of the Indenture Trustee’s negligence or willful misconduct.
(xii)Except during the occurrence and continuance of an Event of Default of which a Trust Officer of the Indenture Trustee has written notice:
(1)the Indenture Trustee undertakes to 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 or any related document against the Indenture Trustee; and
(2)in the absence of bad faith on its part, the Indenture Trustee may conclusively rely (without independent confirmation, verification, inquiry or investigation of the contents thereof), 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; provided, however, in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture and, if applicable, the Transaction Documents to which the Indenture Trustee is a party, provided, further, that the Indenture Trustee shall not be responsible for the accuracy or content of any of the aforementioned documents and the Indenture Trustee shall have no obligation to verify or recompute any numeral information provided to it pursuant to the Transaction Documents.
(i)No provision of this Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct except that:
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(3)this clause does not limit the effect of clause (b) of this Section 11.1;
(4)the Indenture Trustee shall not be personally liable for any error of judgment made in good faith by a Trust Officer or Trust Officers of the Indenture Trustee, unless it is conclusively determined by the final judgment of a court of competent jurisdiction, no longer subject to appeal or review that the Indenture Trustee was negligent in ascertaining the pertinent facts;
(5)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 the terms of this Indenture or the Transaction Documents;
(6)the Indenture Trustee shall not be charged with knowledge of any failure by the Servicer referred to in clauses (a)-(g) of Section 2.04 of the Servicing Agreement unless a Trust Officer of the Indenture Trustee obtains actual knowledge of such failure or the Indenture Trustee receives written notice of such failure from the Servicer or any Holders of Notes evidencing not less than 10% of the aggregate outstanding principal balance or par value of the Notes adversely affected thereby.
(xi)Notwithstanding anything to the contrary contained in this Indenture or any of the Transaction Documents, no provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights and powers, if there is reasonable ground (as determined by the Indenture Trustee in its sole discretion) for believing that the repayment of such funds or adequate indemnity against such risk is not reasonably assured to it by the security afforded to it by the terms of this Indenture.
(xii)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 Article and to the provisions of the TIA (if this Indenture is required to be qualified under the TIA).
(xiii)The Indenture Trustee shall, and hereby agrees that it will, perform all of the obligations and duties required of it under the Servicing Agreement.
(xiv)Without limiting the generality of this Section 11.1 and subject to the other provisions of this Indenture, the Indenture Trustee shall have no duty (i) to see to any recording, filing or depositing of this Indenture or any agreement referred to herein, or to see to the maintenance of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof or to see to the validity, perfection, continuation, or value of any lien or security interest created herein, (ii) to see to the payment or discharge of any tax, assessment or other governmental Lien owing with respect to, assessed or levied against any part of the Issuer, (iii) to confirm or verify the contents of any reports or certificates delivered to the Indenture Trustee pursuant to this Indenture or the Servicing Agreement believed by the Indenture Trustee to be genuine and to have been signed or presented by the proper party or parties, (iv) to determine whether any Receivables is an Eligible Receivable or to inspect the Receivables at any time or ascertain or inquire as to the performance or observance of any of the Issuer’s, the Seller’s, the Parent’s or the Servicer’s representations, warranties or covenants or the Servicer’s duties and obligations as Servicer and as Custodian of the Receivable Files under the Servicer Transaction Documents, (v) the acquisition or maintenance of any insurance, or (vi) to determine when a Repurchase Event or a Depositor Repurchase Event occurs.  The Indenture Trustee shall be authorized to, but shall in no event have any duty or responsibility to, file any financing or continuation statements or record any documents or instruments in any public office at any time or times or otherwise perfect or maintain any security interest in the Trust Estate.
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(xv)Subject to Section 11.1(d), in the event that the Paying Agent or the Transfer Agent and Registrar (if other than the Indenture Trustee) shall fail to perform any obligation, duty or agreement in the manner or on the day required to be performed by the Paying Agent or the Transfer Agent and Registrar, as the case may be, under this Indenture, the Indenture Trustee shall be obligated as soon as practicable upon written notice to a Trust Officer thereof and receipt of appropriate records and information, if any, to perform such obligation, duty or agreement in the manner so required.
(xvi)Without limiting the Indenture Trustee’s obligations under the Servicing Agreement, no provision of this Indenture shall be construed to require the Indenture Trustee to perform, or accept any responsibility for the performance of, the obligations of the Servicer hereunder.
(xvii)Subject to Section 11.4, all moneys received by the Indenture Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by Law or the Transaction Documents.
(xviii)Except as otherwise required or permitted by the TIA (if this Indenture is required to be qualified under the TIA), nothing contained herein shall be deemed to authorize the Indenture Trustee to engage in any business operations or any activities other than those set forth in this Indenture.  Specifically, the Indenture Trustee shall have no authority to engage in any business operations, acquire any assets other than those specifically included in the Trust Estate under this Indenture or otherwise vary the assets held by the Issuer.  Similarly, the Indenture Trustee shall have no discretionary duties other than performing those ministerial acts set forth above necessary to accomplish the purpose of this Indenture.
(xix)The Indenture Trustee shall not be required to take notice or be deemed to have notice or knowledge of any Default or Event of Default unless a Trust Officer of the Indenture Trustee shall have received written notice thereof.  In the absence of receipt of such notice, the Indenture Trustee may conclusively assume that there is no Default or Event of Default.
(xx)[Reserved].
(xxi)The Indenture Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Issuer, the Servicer and/or a specified percentage of Noteholders under circumstances in which such direction is required or permitted by the terms of this Indenture or other Transaction Document.
(xxii)The enumeration of any permissive right or power herein or in any other Transaction Document available to the Indenture Trustee shall not be construed to be the imposition of a duty.
(xxiii)The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may separately agree in writing with the Issuer.
(xxiv)Every provision of the Indenture or any related document relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Article.
(xxv)The Indenture Trustee shall not be responsible for or have any liability for the collection of any Loans or Receivables or the recoverability of any amounts from an Obligor or any other Person owing any amounts as a result of any Loans or Receivables, including after any default of any Obligor or any other such Person.
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Section 1.q.  Rights of the Indenture Trustee.  Except as otherwise provided by Section 11.1:
(ii)The Indenture Trustee may conclusively rely on and shall be protected in acting upon or refraining from acting upon and in accord with, without any duty to verify the contents or recompute any calculations therein, any document (whether in its original or facsimile form), including the Monthly Servicer Report, the annual Servicer’s certificate, the monthly payment instructions and notification to the Indenture Trustee, the Monthly Statement, any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document, believed by it to be genuine and to have been signed by or presented by the proper Person.  Without limiting the Indenture Trustee’s obligations to examine pursuant to Section 11.1(b)(ii), the Indenture Trustee need not investigate any fact or matter stated in the document.
(iii)Before the Indenture Trustee acts or refrains from acting, the Indenture Trustee may require an Officer’s Certificate or an Opinion of Counsel or consult with counsel of its selection and the Officer’s Certificate or the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.
(iv)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, custodians and nominees and the Indenture Trustee shall not be liable for any misconduct or negligence on the part of, or for the supervision of, any such agent or attorneys, custodian or nominee so long as such agent, custodian or nominee is appointed with due care.
(v)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 conferred upon it by this Indenture; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct or negligence.
(vi)The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture, or to institute, conduct or defend any litigation hereunder or in relation hereto, at the request, order or direction of any of the Noteholders, pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity satisfactory to the Indenture Trustee (in its sole discretion) against the costs, expenses (including attorneys’ fees and expenses) and liabilities which may be incurred therein or thereby; nothing contained herein shall, however, relieve the Indenture Trustee of the obligations, upon the occurrence of an Event of Default (which has not been cured or waived), to exercise such of the rights and powers vested in it by this Indenture, and to 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.
(vii)The Indenture Trustee shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document (including, the Monthly Servicer’s Report, the annual Servicer’s certificate, the monthly payment instructions and notification to the Indenture Trustee or the Monthly Statement), unless requested in writing so to do by the Holders of Notes evidencing not less than 25% of the aggregate outstanding principal balance or par value of the Notes, but the Indenture Trustee may, but is not obligated to, make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney at the sole cost of the Issuer and shall incur no liability or additional liability of any kind 
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by reason of such inquiry or investigation; provided, however, that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Indenture Trustee, not assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture, the Indenture Trustee may require indemnity satisfactory to it against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Person making such request, or, if paid by the Indenture Trustee, shall be reimbursed by the Person making such request.
(viii)The Indenture Trustee shall have no liability for the selection of Permitted Investments and shall not be liable for any losses or liquidation penalties in connection with Permitted Investments, unless such losses or liquidation penalties were incurred through the Indenture Trustee’s own willful misconduct or negligence.  The Indenture Trustee shall have no obligation to invest or reinvest any amounts except as directed by the Issuer (or the initial Servicer) in accordance with this Indenture.  Notwithstanding the foregoing, if the initial Servicer is removed or replaced, the selected Permitted Investment for investment or reinvestment as provided in this Indenture shall be as in effect on the date of such removal or replacement.
(ix)The Indenture Trustee shall not be liable for the acts or omissions of any successor to the Indenture Trustee so long as such acts or omissions were not the result of the negligence, bad faith or willful misconduct of the predecessor Indenture Trustee.
(x)The rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee and the entity serving as Indenture Trustee (a) in each of its capacities hereunder and under the Transaction Documents, and to each agent, custodian and other Person employed to act hereunder or thereunder and (b) in each document to which it is a party (in any capacity) whether or not specifically set forth herein or therein; provided that the Securities Intermediary and the Depositary Bank shall comply with Section 5.3.
(xi)Except as may be required by Sections 11.1(b)(ii), 11.2(a) and 11.2(f), the Indenture Trustee shall not be required to make any initial or periodic examination of any documents or records related to the Trust Estate for the purpose of establishing the presence or absence of defects, the compliance by the Seller, the Parent or the Servicer with their respective representations and warranties or for any other purpose.
(xii)Without limiting the Indenture Trustee’s obligation to examine pursuant to Section 11.1(b)(ii), the Indenture Trustee shall not be bound to make any investigation into (i) the performance or observance by the Issuer, any Servicer or any other Person of any of the covenants, agreements or other terms or conditions set forth in this Indenture or in any related document, (ii) the occurrence of any default, or the validity, enforceability, effectiveness or genuineness of this Indenture, any related document or any other agreement, instrument or document, (iii) the creation, perfection or priority of any Lien purported to be created by this Indenture or any related document, (iv) the value or the sufficiency of any collateral or (v) the satisfaction of any condition set forth in this Indenture or any related document, but the Indenture Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer or any Servicer, personally or by agent or attorney, and shall incur no liability of any kind by reason of such inquiry or investigation.
(xiii)In no event shall the Indenture Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not 
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limited to, loss of profit), even if the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.
(xiv)The Indenture Trustee may, from time to time, request that the Issuer and any other applicable party deliver a certificate (upon which the Indenture Trustee may conclusively rely) setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture or any related document together with a specimen signature of such authorized officers; provided, however, that from time to time, the Issuer or such other applicable party may, by delivering to the Indenture Trustee a revised certificate, change the information previously provided by it pursuant to the Indenture, but the Indenture Trustee shall be entitled to conclusively rely on the then current certificate until receipt of a superseding certificate.
(xv)The right of the Indenture Trustee to perform any discretionary act enumerated in this Indenture or any related document shall not be construed as a duty.
(xvi)Except for notices, reports and other documents expressly required to be furnished to the Holders by the Indenture Trustee hereunder, the Indenture Trustee shall not have any duty or responsibility to provide any Holder with any other information concerning the Issuer, the servicer or any other parties to any related documents which may come into the possession of the Indenture Trustee or any of its officers, directors, employees, agents, representatives or attorneys-in-fact.
(xvii)If the Indenture Trustee requests instructions from the Issuer, the Administrator or the Holders with respect to any action or omission in connection with this Indenture, the Indenture Trustee shall be entitled (without incurring any liability therefor) to refrain from taking such action and continue to refrain from acting unless and until the Indenture Trustee shall have received written instructions from the Issuer, the Administrator or the Holders, as applicable, with respect to such request.
(xviii)In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Indenture Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Indenture Trustee.  Accordingly, each of the parties agrees to provide to the Indenture Trustee upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Indenture Trustee to comply with Applicable Law.
(xix)In no event shall the Indenture Trustee be liable for any failure or delay in the performance of its obligations under this Indenture or any related documents because of circumstances beyond the Indenture Trustee’s control, including, but not limited to, a failure, termination, or suspension of a clearing house, securities depositary, settlement system or central payment system in any applicable part of the world or acts of God, flood, war (whether declared or undeclared), civil or military disturbances or hostilities, nuclear or natural catastrophes, political unrest, explosion, severe weather or accident, earthquake, terrorism, fire, riot, labor disturbances, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like (whether domestic, federal, state, county or municipal or foreign) which delay, restrict or prohibit the providing of the services contemplated by this Indenture or any related documents, or the unavailability of communications or computer facilities, the failure of equipment or interruption of communications or computer facilities, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility, or any other causes beyond the Indenture Trustee’s control whether or not of the same class or kind as specified above.
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(xx)The Indenture Trustee shall not be liable for failing to comply with its obligations under this Indenture in so far as the performance of such obligations is dependent upon the timely receipt of instructions and/or other information from any other Person which are not received or not received by the time required.
(xxi)The Indenture Trustee shall be fully justified in failing or refusing to take any action under this Indenture or any other related document if such action (A) would, in the reasonable opinion of the Indenture Trustee, in good faith (which may be based on the advice or opinion of counsel), be contrary to applicable Law, this Indenture or any other related document, or (B) is not provided for in the Indenture or any other related document.
(xxii)The Indenture Trustee shall not be required to take any action under this Indenture or any related document if taking such action (A) would subject the Indenture Trustee to a tax in any jurisdiction where it is not then subject to a tax, or (B) would require the Indenture Trustee to qualify to do business in any jurisdiction where it is not then so qualified.
(xxiii)The Indenture Trustee shall neither be responsible for, nor chargeable with, knowledge of the terms and conditions of any other agreement, instrument or document other than this Indenture or any other Transaction Document to which it is a party, whether or not an original or a copy of such agreement has been provided to the Indenture Trustee. 
(xxiv)The Indenture Trustee shall have no obligation or duty to determine or otherwise monitor any Person’s compliance with the Credit Risk Retention Rules or any other laws, rules or regulations of any other jurisdiction related to risk retention. 
Section 1.r.  Indenture Trustee Not Liable for Recitals in Notes.  The Indenture Trustee assumes no responsibility for the correctness of the recitals contained in this Indenture and in the Notes (other than the signature and authentication of the Indenture Trustee on the Notes).  Except as set forth in Section 11.16, the Indenture Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes (other than the signature and authentication of the Indenture Trustee on the Notes) or of any asset of the Trust Estate or related document.  The Indenture Trustee shall not be accountable for the use or application by the Issuer or the Seller of any of the Notes or of the proceeds of such Notes, or for the use or application of any funds paid to the Seller or to the Issuer in respect of the Trust Estate or deposited in or withdrawn from the Collection Account or  the Reserve Account by the Servicer.
Section 1.s.  Individual Rights of the Indenture Trustee; Multiple Capacities.  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 an Affiliate of the Issuer with the same rights it would have if it were not Indenture Trustee.  Any Paying Agent, Transfer Agent and Registrar, Certificate Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Indenture Trustee must comply with Sections 11.9 and 11.11.  It is expressly acknowledged, agreed and consented to that Wilmington Trust, National Association will be acting in the capacities of Indenture Trustee, Paying Agent, Depositary Bank, Certificate Registrar and Securities Intermediary.  Wilmington Trust, National Association may, in such multiple capacities, discharge its separate functions fully, without hindrance or regard to conflict of interest principles, duty of loyalty principles or other breach of fiduciary duties to the extent that any such conflict or breach arises from the performance by Wilmington Trust, National Association of express duties set forth in this Indenture or any other Transaction Documents in any such capacities, all of which defenses, claims or assertions are hereby expressly waived by the Issuer, the Holders and any other Person having rights pursuant hereto or thereto and to disclaim any potential liability.  Notwithstanding any provision herein to the contrary, the Certificate Registrar shall be an 
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express third-party beneficiary to this Indenture, entitled to enforce its rights hereunder as if a direct party hereto.
Section 1.t.  Notice of Defaults.  If a Default, Event of Default or Rapid Amortization Event occurs and is continuing and if a Trust Officer of the Indenture Trustee receives written notice or has actual knowledge thereof, the Indenture Trustee shall promptly provide each Notice Person (and, with respect to any Event of Default or Rapid Amortization Event, each Noteholder), to the extent possible by email or facsimile, and, otherwise, by first class mail at their respective addresses appearing in the Note Register.
Section 1.u.  Compensation.
(iv)To the extent not otherwise paid pursuant to the Indenture, the Issuer covenants and agrees to pay to the Indenture Trustee from time to time, and the Indenture Trustee shall be entitled to receive, such compensation as the Issuer and the Indenture Trustee shall agree in writing from time to time (which compensation shall not be limited by any provision of Law in regard to the compensation of a trustee of an express trust) for all services rendered by it in the execution of the trust hereby created and in the exercise and performance of any of the powers and duties hereunder of the Indenture Trustee, and, the Issuer will pay or reimburse the Indenture Trustee (without reimbursement from the Collection Account, any Payment Account or otherwise) all reasonable expenses, disbursements and advances (including legal fees and costs and costs of persons not regularly employed by the Indenture Trustee) incurred or made by the Indenture Trustee in accordance with any of the provisions of this Indenture except any such expense, disbursement or advance as may arise from its own willful misconduct or negligence.
(v)The obligations of the Issuer under this Section 11.6 shall survive the termination of this Indenture and the resignation or removal of the Indenture Trustee.
Section 1.v.  Replacement of the Indenture Trustee.
(xxv)A resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee shall become effective only upon the successor Indenture Trustee’s acceptance of appointment as provided in this Section 11.7.
(xxvi)The Indenture Trustee may, after giving sixty (60) days’ prior written notice to the Issuer and the Servicer, resign at any time and be discharged from the trust hereby created; provided, however, that no such resignation of the Indenture Trustee shall be effective until a successor trustee has assumed the obligations of the Indenture Trustee hereunder.  The Issuer may remove the Indenture Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Indenture Trustee so removed and one copy to the successor trustee if:
(1)the Indenture Trustee fails to comply with Section 11.9;
(2)a court or federal or state bank regulatory agency having jurisdiction in the premises in respect of the Indenture Trustee shall have entered a decree or order granting relief or appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Indenture Trustee or for any substantial part of the Indenture Trustee’s property, or ordering the winding-up or liquidation of the Indenture Trustee’s affairs;
(3)the Indenture Trustee consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or other similar official) for the Indenture Trustee or for any substantial part of the Indenture 
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Trustee’s property, or makes any assignment for the benefit of creditors or fails generally to pay its debts as such debts become due or takes any corporate action in furtherance of any of the foregoing; or
(4)the Indenture Trustee becomes incapable of acting.
If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason, the Issuer shall promptly appoint a successor Indenture Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning and one copy to the successor trustee.
(xxvi)If a successor Indenture Trustee does not take office within thirty (30) days after the retiring Indenture Trustee provides written notice of its resignation or is removed, the retiring Indenture Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee.
A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring or removed Indenture Trustee and to the Issuer.  Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers and duties of the Indenture Trustee under this Indenture.  The successor Indenture Trustee shall mail a notice of its succession to Noteholders.  The retiring Indenture Trustee shall, at the expense of the Issuer, promptly transfer to the successor Indenture Trustee all property held by it as Indenture Trustee and all documents and statements held by it hereunder; provided, however, that all sums owing to the retiring Indenture Trustee hereunder (and its agents and counsel) have been paid, and the Issuer and the predecessor Indenture Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Indenture Trustee all such rights, powers, duties and obligations.  Notwithstanding replacement of the Indenture Trustee pursuant to this Section 11.7, the Issuer’s obligations under Sections 11.6 and 11.17 shall continue for the benefit of the retiring Indenture Trustee.
(xxvii)Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section 11.7 shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section 11.7 and payment of all fees and expenses owed to the retiring Indenture Trustee.
(xxviii)No successor Indenture Trustee shall accept appointment as provided in this Section 11.7 unless at the time of such acceptance such successor Indenture Trustee shall be eligible under the provisions of Section 11.9 hereof.
Section 1.w.  Successor Indenture Trustee by Merger, etc.  Any Person into which the Indenture Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Indenture Trustee shall be a party, or any Person succeeding to the corporate trust business of the Indenture Trustee, shall be the successor of the Indenture Trustee hereunder, provided such Person shall be eligible under the provisions of Section 11.9 hereof, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.
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 
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authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have.
Section 1.x.  Eligibility: Disqualification.  The Indenture Trustee shall at all times satisfy the requirements of TIA Section 310(a) (if this Indenture is required to be qualified under the TIA).
The Indenture Trustee hereunder shall at all times be organized and doing business under the Laws of the United States of America or any State thereof authorized under such Laws to exercise corporate trust powers, having a long-term unsecured debt rating of at least BBB- (or the equivalent thereof) by a Rating Agency, having, in the case of an entity that is subject to risk-based capital adequacy requirements, risk-based capital of at least $50,000,000 or, in the case of an entity that is not subject to risk-based capital adequacy requirements, having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authority.  If such corporation publishes reports of condition at least annually, pursuant to Law, then for the purpose of this Section 11.9, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
The Indenture Trustee shall comply with TIA Section 310(b), including the optional provision permitted by the second sentence of TIA Section 310(b)(9) (if this Indenture is required to be qualified under the TIA); provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met.
In case at any time the Indenture Trustee shall cease to be eligible in accordance with the provisions of this Section 11.9, the Indenture Trustee shall resign immediately in the manner and with the effect specified in Section 11.7.
Section 1.y.  Appointment of Co-Indenture Trustee or Separate Indenture Trustee.
(xxvii)Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirements 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 all instruments to appoint one or more persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Secured Parties, such title to the Trust Estate, or any part thereof, and, subject to the other provisions of this Section 11.10 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 11.9 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 11.7.  No co-trustee shall be appointed without the consent of the Issuer unless such appointment is required as a matter of Law or to enable the Indenture Trustee to perform its functions hereunder.  The appointment of any co-trustee or separate trustee shall not relieve the Indenture Trustee of any of its obligations hereunder.
(xxviii)Every separate trustee and co-trustee shall, to the extent permitted by Law, be appointed and act subject to the following provisions and conditions:
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(1)the Notes shall be authenticated and delivered solely by the Indenture Trustee or an authenticating agent appointed by the Indenture Trustee;
(2)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 is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any Law (whether as Indenture Trustee hereunder or as successor to the Servicer under the Servicing Agreement), 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;
(3)no trustee hereunder shall be personally liable by reason of any act or omission of any other trustees, hereunder, including acts or omissions of predecessor or successor trustees;
(4)the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee; and
(5)the Indenture Trustee shall remain primarily liable for the actions of any co-trustee.
(i)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 11.  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 Servicer.
(ii)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 to 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 Indenture Trustee.
Section 1.z.  Preferential Collection of Claims Against the Issuer.  The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b) (if this Indenture is required to be qualified under the TIA).  An Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated (if this Indenture is required to be qualified under the TIA).
Section 1.aa.  Taxes.  Neither the Indenture Trustee nor (except to the extent the initial Servicer breaches its obligations or covenants contained in the Servicing Agreement) the Servicer shall be liable for any liabilities, costs or expenses of the Issuer, the Noteholders nor the Note Owners arising under any tax Law, including without limitation 
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federal, state, local or foreign income or franchise taxes or any other tax imposed on or measured by income (or any interest or penalty with respect thereto or arising from a failure to comply therewith).
Section 1.ab.  [Reserved].  
Section 1.ac.  Suits for Enforcement.  If an Event of Default shall occur and be continuing, the Indenture Trustee, may (but shall not be obligated to) subject to the provisions of Section 2.01 of the Servicing Agreement, proceed to protect and enforce its rights and the rights of any Secured Party under this Indenture or any other Transaction Document by a Proceeding, whether for the specific performance of any covenant or agreement contained in this Indenture or such other Transaction Document or in aid of the execution of any power granted in this Indenture or such other Transaction Document or for the enforcement of any other legal, equitable or other remedy as the Indenture Trustee, being advised by counsel, shall deem most effectual to protect and enforce any of the rights of the Indenture Trustee or any Secured Party.
Section 1.ad.  Reports by Indenture Trustee to Holders.  The Indenture Trustee shall deliver to each Noteholder such information as may be expressly required by the Code.
Section 1.ae.  Representations and Warranties of Indenture Trustee.  The Indenture Trustee represents and warrants to the Issuer and the Secured Parties that:
(1)the Indenture Trustee is a national banking association with trust powers duly organized, existing and authorized to engage in the business of banking under the Laws of the United States;
(2)the Indenture Trustee has full power, authority and right to execute, deliver and perform this Indenture and to authenticate the Notes, and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture and to authenticate the Notes;
(3)this Indenture has been duly executed and delivered by the Indenture Trustee; and
(4)the Indenture Trustee meets the requirements of eligibility hereunder set forth in Section 11.9.
Section 1.af.  The Issuer Indemnification of the Indenture Trustee.  The Issuer shall fully indemnify, defend and hold harmless the Indenture Trustee (and any predecessor Indenture Trustee) and its directors, officers, agents and employees from and against any and all loss, liability, claim, expense, damage or injury suffered or sustained of whatever kind or nature regardless of their merit, demanded, asserted, or claimed directly or indirectly relating to any acts, omissions or alleged acts or omissions arising out of the activities of the Indenture Trustee pursuant to this Indenture and any other Transaction Document to which it is a party or any transaction contemplated hereby or thereby, including but not limited to any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses incurred in connection with the defense of any actual or threatened action, Proceeding or claim; provided, however, that the Issuer shall not indemnify the Indenture Trustee or its directors, officers, employees or agents if such acts, omissions or alleged acts or omissions constitute negligence or willful misconduct by the Indenture Trustee.  The indemnity provided herein shall (i) survive the termination of this Indenture and the resignation and removal of the Indenture Trustee, (ii) apply to the Indenture Trustee (including (a) in its capacity as Agent and (b) Wilmington Trust, National Association, as Securities 
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Intermediary and Depositary Bank) and (iii) apply to Wilmington Trust, National Association, in its capacity as Collateral Trustee.
Section 1.ag.  Indenture Trustee’s Application for Instructions from the Issuer.  Any application by the Indenture Trustee for written instructions from the Issuer, the Administrator or the initial Servicer may, at the option of the Indenture Trustee, set forth in writing any action proposed to be taken or omitted by the Indenture Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective.  Subject to Section 11.1, the Indenture Trustee shall not be liable for any action taken by, or omission of, the Indenture Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than thirty (30) days after the date any Responsible Officer of the Issuer, the Administrator or the initial Servicer actually receives such application, unless any such officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Indenture Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted.
Section 1.ah.  [Reserved].
Section 1.ai.  Maintenance of Office or Agency.  The Indenture Trustee will maintain an office or offices, or agency or agencies, where notices and demands to or upon the Indenture Trustee in respect of the Notes and this Indenture may be served.  The Indenture Trustee initially appoints its Corporate Trust Office as its office for such purposes.  The Indenture Trustee will give prompt written notice to the Issuer, the Servicer and the Noteholders of any change in the location of the Note Register or any such office or agency.
Section 1.aj.  Concerning the Rights of the Indenture Trustee.  The rights, privileges and immunities afforded to the Indenture Trustee in the performance of its duties under this Indenture shall apply equally to the performance by the Indenture Trustee of its duties under each other Transaction Document to which it is a party.  
Section 1.ak.  Direction to the Indenture Trustee.  The Issuer hereby directs the Indenture Trustee to enter into the Transaction Documents.
Section 1.al.  Repurchase Demand Activity Reporting.
(xxix)To assist in the Seller’s compliance with the provisions of Rule 15Ga-1 under the Exchange Act (“Rule 15Ga-1”), subject to paragraph (b) below, the Indenture Trustee shall provide the following information (the “Rule 15Ga-1 Information”) to the Seller and the Depositor in the manner, timing and format specified below:
(1)No later than the fifteenth (15th) day following the end of each calendar quarter in which the Notes are outstanding, the Indenture Trustee shall provide information regarding repurchase demand activity during the preceding calendar quarter related to the Trust Estate in substantially the form of Exhibit H hereto.
(2)If (x) the Indenture Trustee has previously delivered a report described in clause (i) above indicating that, based on a review of the records of the Indenture Trustee, there was no asset repurchase demand activity during the applicable period, and (y) based on a review of the records of the Indenture Trustee, no asset repurchase demand activity has occurred since the delivery of such report, the Indenture Trustee may, in lieu of delivering the information as is requested pursuant to clause (i) above substantially in the form of Exhibit H hereto, and no later than the date specified in 
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clause (i) above, notify the Seller and the Depositor that there has been no change in asset repurchase demand activity since the date of the last report delivered.
(3)The Indenture Trustee shall provide notification, as soon as practicable and in any event within five (5) Business Days of receipt, of all demands communicated to the Indenture Trustee for the repurchase or replacement of the assets of the Trust Estate.
(xxix)The Indenture Trustee shall provide Rule 15Ga-1 Information subject to the following understandings and conditions:
(4)The Indenture Trustee shall provide Rule 15Ga-1 Information only to the extent that the Indenture Trustee has Rule 15Ga-1 Information or can obtain Rule 15Ga-1 Information without unreasonable effort or expense; provided that the Indenture Trustee’s efforts to obtain Rule 15Ga-1 Information shall be limited to a review of its internal written records of repurchase demand activity relating the Trust Estate and that the Indenture Trustee is not required to request information from any other parties.
(5)The reporting of repurchase demand activity pursuant to this Section 11.23 is subject in all cases to the best knowledge of the Trust Officer responsible for the Indenture.
(6)The reporting of repurchase demand activity pursuant to this Section 11.23 is required only to the extent such repurchase demand activity was not addressed to the Seller, the Depositor, the Issuer, the initial Servicer or any Affiliate of the Seller, the Depositor, the Issuer or the initial Servicer or previously reported to the Seller, the Depositor, the Issuer, the initial Servicer or any Affiliate of the Seller, the Depositor, Issuer or initial Servicer by the Indenture Trustee.  For purposes hereof, the term “demand” shall not include (x) repurchases or replacements made pursuant to instruction, direction or request from the Seller, the Depositor or its respective affiliates or (y) general inquiries, including investor inquiries, regarding asset performance or possible breaches of representations or warranties.
(7)The Indenture Trustee’s reporting pursuant to this Section 11.23 is limited to information that the Indenture Trustee has received or acquired solely in its capacity as Indenture Trustee under the Indenture and not in any other capacity.  In no event shall Wilmington Trust, National Association (individually or as Indenture Trustee) have any responsibility or liability in connection with (i) the compliance by any Person which is a securitizer (as defined in Rule 15Ga-1) of the Trust Estate, or any other Person, with Rule 15Ga-1 or any related rules or regulations or (ii) any filing required to be made by a securitizer (as defined in Rule 15Ga-1) under Rule 15Ga-1 in connection with the Rule 15Ga-1 Information provided pursuant to this Section 11.23.  Other than any express duties or responsibilities as Indenture Trustee under the Transaction Documents, the Indenture Trustee has no duty or obligation to undertake any investigation or inquiry related to repurchase demand activity or otherwise to assume any additional duties or responsibilities in respect of the Trust Estate, and no such additional obligations or duties are implied.  The Indenture Trustee is entitled to the full benefit of any and all protections, limitations on duties or liability and rights of indemnity provided by the terms of the Transaction Documents in connection with any actions pursuant to this Section 11.23. 
(8)Unless and until the Indenture Trustee is otherwise notified in writing, any Rule 15Ga-1 Information provided pursuant to this Section 11.23 shall be provided in electronic format via e-mail and directed as follows: john.foxgrover@progressfin.com.
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(9)The Indenture Trustee’s obligation pursuant to this Section 11.23 continue until the earlier of (x) the date on which the Notes are no longer outstanding and (y) the date the Seller or the Depositor notifies the Indenture Trustee that such reporting no longer is required.
ARTICLE 12.

DISCHARGE OF INDENTURE
Section 1.am.  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 Noteholders to receive payments of principal thereof and interest thereon and any other amount due to Noteholders,  (ii) Sections 8.1, 11.6, 11.12, 11.17, 12.2, 12.5(b), 15.16 and 15.17, (iii) the rights, obligations under Sections 12.2 and 15.17 and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Sections 11.6 and 11.17) and (iv) the rights of Noteholders as beneficiaries hereof with respect to the property deposited with the Indenture Trustee as described below 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 (and their related Secured Parties), on the Payment Date (the “Indenture Termination Date”) on which the Issuer has paid, caused to be paid or irrevocably deposited or caused to be irrevocably deposited in the applicable Payment Account funds sufficient to pay in full all Secured Obligations, and the Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and, if required by the TIA (if this Indenture is required to be qualified under the TIA), an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 15.1(a) and each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.
After any irrevocable deposit made pursuant to Section 12.1 and satisfaction of the other conditions set forth herein, the Indenture Trustee promptly upon request shall acknowledge in writing the discharge of the Issuer’s obligations under this Indenture except for those surviving obligations specified above.
Section 1.an.  Application of Issuer Money.  All moneys deposited with the Indenture Trustee pursuant to Section 12.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent to the Noteholder of the particular Notes for the payment or redemption of which such moneys have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal, interest and other amounts; but such moneys need not be segregated from other funds except to the extent required herein or in the other Transaction Documents or required by Law.
The provisions of this Section 12.2 shall survive the expiration or earlier termination of this Indenture.
Section 1.ao.  Repayment of Moneys Held by Paying Agent.  In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys 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 8.1 and thereupon such Paying Agent shall be released from all further liability with respect to such moneys.
Section 1.ap.  [Reserved].
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Section 1.aq.  Final Payment.
(xxx)Written notice of any termination, specifying the Payment Date upon which the Noteholders may surrender their Notes for final payment and cancellation, shall be given (subject to at least two (2) Business Days’ prior notice from the Issuer to the Indenture Trustee) by the Indenture Trustee to Noteholders mailed not later than five (5) Business Days preceding such final payment specifying (i) the Payment Date (which shall be the Payment Date in the month  in which the Series 2022-A Termination Date occurs) upon which final payment of such Notes will be made upon presentation and surrender of such Notes at the office or offices therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Notes at the office or offices therein specified.  The Issuer’s notice to the Indenture Trustee in accordance with the preceding sentence shall be accompanied by an Officer’s Certificate of the Administrator setting forth the information specified in Article 6 of this Indenture covering the period during the then current calendar year through the date of such notice and setting forth the date of such final distribution.  The Indenture Trustee shall give such notice to the Transfer Agent and the Paying Agent at the time such notice is given to such Noteholders.
(xxxi)Notwithstanding the termination or discharge of the trust of the Indenture pursuant to Section 12.1 or the occurrence of the Series 2022-A Termination Date, all funds then on deposit in the Payment Account shall continue to be held in trust for the benefit of the Noteholders and the Paying Agent or the Indenture Trustee shall pay such funds to the Noteholders upon surrender of their Notes.  In the event that all of the Noteholders shall not surrender their Notes for cancellation within six (6) months after the date specified in the above-mentioned written notice, the Indenture Trustee shall give second written notice to the remaining Noteholders upon receipt of the appropriate records from the Transfer Agent and Registrar to surrender their Notes for cancellation and receive the final distribution with respect thereto.  If within one and one-half years after the second notice all the Notes shall not have been surrendered for cancellation, the Indenture Trustee may take appropriate steps or may appoint an agent to take appropriate steps, to contact the remaining Noteholders concerning surrender of their Notes, and the cost thereof shall be paid out of the funds in the Payment Account held for the benefit of such Noteholders.  The Indenture Trustee and the Paying Agent shall pay to the Issuer upon request any monies held by them for the payment of principal or interest which remains unclaimed for two (2) years.  After such payment to the Issuer, Noteholders entitled to the money must look to the Issuer for payment as general creditors unless an applicable abandoned property Law designates another Person.
(xxxii)All Notes surrendered for payment of the final distribution with respect to such Notes and cancellation shall be cancelled by the Transfer Agent and Registrar and be disposed of in a manner satisfactory to the Indenture Trustee and the Issuer.
Section 1.ar.  Termination Rights of Issuer.  Upon the termination of the Lien of the Indenture pursuant to Section 12.1, and after payment of all amounts due hereunder on or prior to such termination, the Indenture Trustee shall execute a written release and reconveyance substantially in the form of Exhibit A hereto pursuant to which it shall release the Lien of the Indenture and reconvey to the Issuer (without recourse, representation or warranty) all right, title and interest in the Trust Estate, whether then existing or thereafter created, all moneys due or to become due with respect to such Trust Estate and all proceeds of the Trust Estate, except for amounts held by the Indenture Trustee or any Paying Agent pursuant to Section 12.5(b).  The Indenture Trustee shall execute and deliver such instruments of transfer and assignment, in each case without recourse, as shall be reasonably requested by the Issuer or the Servicer to vest in the Issuer all right, title and interest in the Trust Estate.
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Section 1.as.  Repayment to the Issuer.  The Indenture Trustee and the Paying Agent shall promptly pay to the Issuer upon written request any excess money or, pursuant to Sections 2.10 and 2.13, return any Notes held by them at any time.
ARTICLE 13.

AMENDMENTS
Section 1.at.  Supplemental Indentures without Consent of the Noteholders.  Without the consent of the Holders of any Notes, and, if the Certificateholders’, the Servicer’s, the Administrator’s or the Back-Up Servicer’s (including as successor Servicer) rights and/or obligations are materially and adversely affected thereby, with the consent of the Required Certificateholders, the Servicer, the Administrator or the Back-Up Servicer, as applicable, the Issuer and the Indenture Trustee, when authorized by an Issuer Order or an Administrator Order, at any time and from time to time, may enter into one or more indenture supplements or amendments hereto (which shall conform to any applicable provisions of the TIA as in force at the date of execution thereof), in form satisfactory to the Indenture Trustee for any of the following purposes:
(xxxiii)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;
(xxxiv)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;
(xxxv)to add to the covenants of the Issuer for the benefit of any Secured Parties or to surrender any right or power herein conferred upon the Issuer;
(xxxvi)to convey, transfer, assign, mortgage or pledge to the Indenture Trustee any property or assets as security for the Secured Obligations and to specify the terms and conditions upon which such property or assets are to be held and dealt with by the Indenture Trustee and to set forth such other provisions in respect thereof as may be required by this Indenture or as may, consistent with the provisions of this Indenture, be deemed appropriate by the Issuer and the Indenture Trustee, or to correct or amplify the description of any such property or assets at any time so mortgaged, pledged, conveyed and transferred to the Indenture Trustee;
(xxxvii)to cure any ambiguity, or correct or supplement any provision of this Indenture which may be inconsistent with any other provision of this Indenture or the final offering memorandum for the Notes;
(xxxviii)to make any other provisions of this Indenture with respect to matters or questions arising under this Indenture; provided, however, that such action shall not adversely affect the interests of any Holder of the Notes in any material respect without consent being provided as set forth in Section 13.2;
(xxxix)to evidence and provide for the acceptance of appointment hereunder by a successor Indenture Trustee with respect to the Notes or to add to or change any of the provisions of this Indenture as shall be necessary and permitted to provide for or facilitate the administration of the trusts hereunder by more than one trustee pursuant to the requirements of Article 11; or 
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(xl)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;
provided, however, that no amendment or supplement shall be permitted unless a Tax Opinion is delivered to the Indenture Trustee.
Upon the request of the Issuer, the Indenture Trustee shall join with the Issuer in the execution of any supplemental indenture or amendment authorized or permitted by the terms of this Indenture and shall make any further appropriate agreements and stipulations that may be therein contained, but the Indenture Trustee shall not be obligated to enter into such supplemental indenture or amendment that affects its own rights, duties or immunities under this Indenture or otherwise.
In addition, if Oportun Bank shall be designated as an Additional Originator in accordance with the Transfer Agreement, this Indenture may be amended, by a supplemental indenture or otherwise, to incorporate provisions required by, or reasonably necessary to be consistent with, the FDIC Safe Harbor, in each case without the consent of the Noteholders, subject to the delivery to the Depositor Loan Trustee, the Issuer and the Indenture Trustee of an officer's certificate of the Seller certifying that such provisions or amendments, as applicable, are not reasonably expected to have a Material Adverse Effect.
Section 1.au.  Supplemental Indentures with Consent of Noteholders.  The Issuer and the Indenture Trustee, when authorized by an Issuer Order or an Administrator Order, also may, with the consent of the Required Noteholders and, if the Certificateholders’, the Servicer’s, the Administrator’s or the Back-Up Servicer’s (including as successor Servicer) rights and/or obligations are materially and adversely affected thereby, the Required Certificateholders, the Servicer, the Administrator or the Back-Up Servicer, as applicable, enter into one or more indenture supplements or amendments hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that no such indenture supplement or amendment shall, without the consent of the Required Noteholders and without the consent of the Holder of each outstanding Note affected thereby (and in the case of clause (iii) below, the consent of each Secured Party):
(1)change the date of payment of any installment of principal of or interest on, or any premium payable upon the redemption of, any Note or reduce in any manner the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto, modify 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;
(2)change the Noteholder voting requirements with respect to any Transaction Document;
(3)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 9, 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);
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(4)reduce the percentage of the aggregate outstanding principal amount of the Notes, the consent of the Holders of which is required for any such indenture supplement or amendment, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;
(5)modify or alter the provisions of this Indenture regarding the voting of Notes held by the Issuer, the Seller or an Affiliate of the foregoing;
(6)reduce the percentage of the aggregate outstanding principal amount of the Notes, the consent of the Holders of which is required to direct the Indenture Trustee to sell or liquidate the Trust Estate pursuant to Section 10.4 if the proceeds of such sale would be insufficient to pay the principal amount and accrued but unpaid interest on the outstanding Notes;
(7)modify any provision of this Section 13.2, except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture cannot be modified or waived without the consent of the Holder of each outstanding Note affected thereby;
(8)modify any of the provisions of this Indenture in such manner as to affect in any material respect 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), to alter the application of Collections or to affect the rights of the Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained in this Indenture; or
(9)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 for the Notes (except for Permitted Encumbrances) or, except as otherwise permitted or contemplated in this Indenture, terminate the Lien of this Indenture on any such collateral at any time subject hereto or deprive any Secured Party of the security provided by the Lien of this Indenture; 
provided, further, that no amendment will be permitted if it would cause any Noteholder or Certificateholder to recognize gain or loss for U.S. federal income tax purposes, unless such Noteholder’s or Certificateholder’s consent is obtained as described above.
The Indenture Trustee may, but shall not be obligated to, enter into any such amendment or supplement that affects the Indenture Trustee’s rights, duties or immunities under this Indenture or otherwise.
It shall not be necessary for any consent of Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. Additionally, with respect to a Book-Entry Note, such consent may be provided directly by the Note Owner or indirectly through a Clearing Agency or Foreign Clearing Agency.  
The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Note shall be subject to such reasonable requirements as the Indenture Trustee may prescribe.
Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture or amendment to this Indenture pursuant to this Section, the Indenture Trustee shall 
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mail to each Holder of the Notes (or with respect to an amendment, to the Noteholders), the Back-Up Servicer and the Servicer a copy of such supplemental indenture or amendment.  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 or amendment.
Section 1.av.  Execution of Supplemental Indentures.  In executing any amendment or supplemental indenture permitted by this Article 13 or the modifications thereby of the trust created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Section 11.1, shall be fully protected in relying upon, an Officer’s Certificate of the Administrator and an Opinion of Counsel stating that the execution of such amendment or supplemental indenture is authorized, permitted or not prohibited (as the case may be) by this Indenture and all conditions precedent to the execution of such amendment or supplemental indenture have been satisfied.  Such Opinion of Counsel may be subject to reasonable qualifications and assumptions of fact.  The Indenture Trustee may, but shall not be obligated to, enter into any such amendment or supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise.  No amendment or supplemental indenture may adversely affect the rights, duties, immunities, protections or indemnification rights of any Agent, the Certificate Registrar, the Depositary Bank or the Securities Intermediary without its consent.
Section 1.aw.  Effect of Supplemental Indenture.  Upon the execution of any amendment or supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such amendment or supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.
Section 1.ax.  Conformity With TIA.  Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article 13 shall conform to the requirements of the TIA as then in effect so long as this Indenture shall then be required to be qualified under the TIA.
Section 1.ay.  [Reserved].  
Section 1.az.  [Reserved].
Section 1.ba.  Revocation and Effect of Consents.  Until an amendment, supplemental indenture or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note.  However, any such Holder or subsequent Holder may revoke the consent as to such Holder’s Note or portion of a Note if the Indenture Trustee receives written notice of revocation before the date the amendment, supplemental indenture or waiver becomes effective.  An amendment, supplemental indenture or waiver becomes effective in accordance with its terms and thereafter binds every Holder.  The Issuer may fix a record date for determining which Holders must consent to such amendment, supplemental indenture or waiver.
Section 1.bb.  Notation on or Exchange of Notes Following Amendment.  The Indenture Trustee may place an appropriate notation about an amendment, supplemental indenture or waiver on any Note thereafter authenticated.  If the Issuer shall so determine, new Notes so modified as to conform to any such amendment, supplemental indenture or waiver may 
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be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee (upon receipt of an Issuer Order or an Administrator Order) in exchange for outstanding Notes.  Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplemental indenture or waiver.
Section 1.bc.  The Indenture Trustee to Sign Amendments, etc.  The Indenture Trustee shall sign any amendment or supplemental indenture authorized pursuant to this Article 13 if the amendment or supplemental indenture does not adversely affect in any material respect the rights, duties, liabilities or immunities of the Indenture Trustee.  If any amendment or supplemental indenture does have such a materially adverse effect, the Indenture Trustee may, but need not, sign it.  In signing such amendment or supplemental indenture, the Indenture Trustee shall be entitled to receive, if requested, an indemnity reasonably satisfactory to it and to receive and, subject to Section 11.1, shall be fully protected in relying upon, an Officer’s Certificate of the Administrator and an Opinion of Counsel as conclusive evidence that such amendment or supplemental indenture is authorized, permitted or not prohibited (as the case may be) by this Indenture and that it will be valid and binding upon the Issuer in accordance with its terms and all conditions precedent to the execution of such amendment or supplemental indenture have been satisfied.
Section 1.bd.  Back-Up Servicer Consent.  No amendment or indenture supplement hereto shall be effective if such amendment or supplement shall adversely affect the rights, duties or obligations of the Back-Up Servicer (including in its capacity as successor Servicer) without its prior written consent, notwithstanding anything to the contrary.
ARTICLE 14.

REDEMPTION AND REFINANCING OF NOTES
Section 1.be.  Redemption and Refinancing.
(i)The Notes are subject to redemption by the Issuer, at its option, in accordance with the terms of this Article 14 on any Payment Date on or after the sixth Payment Date immediately preceding the Scheduled Amortization Period Commencement Date; provided, however, that the Issuer has available funds sufficient to pay the Redemption Price.  If the Notes are to be redeemed pursuant to this Section 14.1, the Issuer shall furnish notice of such election to the Indenture Trustee not later than fifteen (15) days prior to the Redemption Date and the Issuer shall deposit with the Indenture Trustee in a Trust Account that is within the sole control of the Indenture Trustee no later than 10:00 a.m. New York time on the Redemption Date the Redemption Price of the Notes  to be redeemed whereupon all such redeemed Notes shall be due and payable on the Redemption Date upon the furnishing of a notice complying with Section 14.2 to each Holder of such Notes.
(ii)The redemption price for the Notes will be equal to the sum of (i) the Note Principal determined without giving effect to any Notes owned by the Issuer, plus (ii) accrued and unpaid interest on such Notes through the day preceding the Payment Date on which the redemption occurs, plus (iii) any other amounts payable to such Noteholders pursuant to the Transaction Documents, plus (iv) any other amounts due and owing by the Issuer or the Servicer to the other Secured Parties pursuant to the Transaction Documents, minus (v) the amounts, if any, on deposit on such Payment Date in the Payment Account, the Collection Account and the Reserve Account for the payment of the foregoing amounts. 
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(iii)Unless otherwise consented to by the Holders of 100% of the Certificates outstanding, concurrent with any redemption of any Notes by the Issuer, the Issuer shall make a distribution on the Certificates in accordance with this Article 14 in an amount equal to the sum of (i) the amount by which the Outstanding Receivables Balance of the Receivables exceeds the outstanding principal amount of the Notes (calculated as though the Notes were not redeemed on such Payment Date), (ii) the amount distributable on the Certificates on the Payment Date on which the redemption occurs (calculated as though the Notes were not redeemed on such Payment Date), plus (iii) any other amounts due and owing to the Holders of the outstanding Certificates pursuant to the Transaction Documents, in each case, without duplication and net of any amounts payable in connection with the redemption of the Notes.
Section 1.bf.  Form of Redemption Notice.  Notice of redemption under Section 14.1 shall be given by the Indenture Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes to be redeemed, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s address appearing in the Note Register.
All notices of redemption shall state:
(1)the Redemption Date;
(2)the Issuer’s good faith estimate of the Redemption Price;
(3)that the Record Date otherwise applicable to such Redemption Date is not applicable and that payments shall be made only upon presentation and surrender of such Notes and the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 8.2); and
(4)that interest on the Notes shall cease to accrue on the Redemption Date.
Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer.  For the avoidance of doubt, the Issuer shall provide the Indenture Trustee with the actual Redemption Price prior to the applicable Redemption Date.  Failure to give notice of redemption, or any defect therein, to any Holder of any Note to be redeemed shall not impair or affect the validity of the redemption of any other Note.
Section 1.bg.  Notes Payable on Redemption Date.  The Notes to be redeemed shall, following notice of redemption as required by Section 14.2 (in the case of redemption pursuant to Section 14.1), on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price.
ARTICLE 15.

MISCELLANEOUS
Section 1.bh.  Compliance Certificates and Opinions, etc.  
(i)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 if requested thereby (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 
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Opinion of Counsel (subject to reasonable assumptions and qualifications) stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) (if this Indenture is required to be qualified under the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this 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:
(1)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;
(2)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;
(3)a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and
(4)a statement as to whether, in the opinion of each such signatory such condition or covenant has been complied with.
(iv)(i) Prior to the deposit of any Receivables or other property or securities (other than cash) 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 15.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee upon the Indenture Trustee’s request an Officer’s Certificate certifying or stating the opinion of each individual signing such certificate as to the fair value (within ninety (90) days of such deposit) to the Issuer of the Receivables or other property or securities to be so deposited.
(5)Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current Fiscal Year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the aggregate outstanding principal amount or par value of all the Notes issued by the Issuer, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% percent of the aggregate outstanding principal amount or par value of all the Notes issued by the Issuer of the Notes.
(6)Other than with respect to the release of any cash (including Collections), Removed Receivables or liquidated Receivables (and the Related Security therefor), and except for discharges of this Indenture as described in Section 12.1, 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 
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opinion of each individual signing such certificate as to the fair value (within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such individual the proposed release will not impair the security under this Indenture in contravention of the provisions hereof.
(7)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 cash (including Collections), Removed Receivables and Defaulted Receivable, or securities released from the Lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the aggregate outstanding principal amount or par value of all Notes issued by the Issuer, 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% percent of the then aggregate outstanding principal amount or par value of all Notes issued by the Issuer of the Notes.
Section 1.a.  Form of Documents Delivered to Indenture Trustee.  In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.
Any certificate or opinion of a Responsible 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 his or her certificate or opinion is based are erroneous.  Any such certificate of a Responsible 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 initial Servicer, the Seller, the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession of or known to the initial Servicer, the Seller, the Administrator or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.
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.
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 10.
Section 1.b.  Acts of Noteholders.
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(i)Wherever in this Indenture a provision is made that an action may be taken or a notice, demand or instruction given by Noteholders, such action, notice or instruction may be taken or given by any Noteholder, unless such provision requires a specific percentage of Noteholders.  Notwithstanding anything in this Indenture to the contrary, so long as any other Person is a Noteholder, none of the Seller, the Issuer or any Affiliate controlled by Oportun or controlling Oportun shall have any right to vote with respect to any Note.
(ii)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 11.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section.
(iii)The fact and date of the execution by any Person of any such instrument or writing may be proved in any customary manner of the Indenture Trustee.
(iv)The ownership of Notes shall be proved by the Note Register.
(v)Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any such Notes shall bind such Noteholder and the Holder of every Note and every subsequent Holder of such Notes 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, the Servicer or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note.
Section 1.a.  Notices.  All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given if personally delivered at, sent by facsimile to, sent by courier (overnight or hand-delivered) at or mailed by certified mail, return receipt requested, to (a) in the case of the Issuer, to c/o Wilmington Savings Fund Society, FSB, 500 Delaware Avenue, 11th Floor, Wilmington, Delaware 19801 Attention: Oportun Issuance Trust 2022-A, with a copy to the Administrator, to 2 Circle Star Way, San Carlos, California 94070, Attention: Secretary, (b) in the case of the Servicer or Oportun, to 2 Circle Star Way, San Carlos, California 94070, Attention: General Counsel and (c) in the case of the Indenture Trustee, to the Corporate Trust Office.  Unless expressly provided herein, any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register.  Any notice so mailed within the time prescribed in this Indenture shall be conclusively presumed to have been duly given, whether or not the Noteholder receives such notice.
The Issuer or the Indenture Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications; provided, however, the Issuer may not at any time designate more than a total of three (3) addresses to which notices must be sent in order to be effective.
Any notice (i) given in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five (5) days after the date that such notice is mailed, (iii) delivered by telex or telecopier shall be deemed given on the date of 
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confirmation of the delivery of such notice by e-mail or telephone, and (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight courier.
Notwithstanding any provisions of this Indenture to the contrary, the Indenture Trustee shall have no liability based upon or arising from the failure to receive any notice required by or relating to this Indenture or the Notes.
If the Issuer mails a notice or communication to Noteholders, it shall mail a copy to the Indenture Trustee at the same time.
Section 1.b.  Notices to Noteholders: Waiver.  Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given if sent in accordance with Section 15.4 hereof.  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.
Section 1.c.  Alternate Payment and Notice Provisions.  Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Indenture Trustee on behalf of the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices, provided that such methods are consented to by the Issuer (which consent shall not be unreasonably withheld).  The Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements.
Section 1.d.  Conflict with TIA.  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 TIA, such required provision shall control (if this Indenture is required to be qualified under the TIA).
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 (if this Indenture is required to be qualified under the TIA).  Notwithstanding the foregoing, and regardless of whether the Indenture is required to be qualified under the TIA, the provisions of Section 316(a)(1) of the TIA shall be excluded from this Indenture.
Section 1.e.  Effect of Headings and Table of Contents.  The Article and Section headings herein and the Table of Contents and Cross-Reference Table are for 
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convenience of reference only, are not to be considered a part hereof, and shall not affect the meaning or construction hereof.
Section 1.f.  Successors and Assigns.  All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors.
Section 1.g.  Separability of Provisions.  If any one or more of the covenants, agreements, provisions or terms of this Indenture or Notes shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Indenture and shall in no way affect the validity or enforceability of the other provisions of this Indenture or of the Notes or rights of the Holders thereof.
Section 1.h.  Benefits of Indenture.  Except as set forth in this Indenture, nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Secured Parties, any benefit or any legal or equitable right, remedy or claim under the Indenture.
Section 1.i.  Legal Holidays.  In any case where the date on which any payment is due to any Secured Party shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) any such payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date.
Section 1.j.  GOVERNING LAW; JURISDICTION.  THIS INDENTURE AND THE NOTES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.  EACH OF THE PARTIES TO THIS INDENTURE AND EACH SECURED PARTY HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY APPELLATE COURT HAVING JURISDICTION TO REVIEW THE JUDGMENT THEREOF.  EACH OF THE PARTIES AND EACH SECURED PARTY HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.
Section 1.k.  Counterparts; Electronic Execution.  This Indenture may be executed in any number of counterparts, and by different parties on separate 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. Each of the parties hereto agrees that this transaction may be conducted by electronic means. Any signature (including, without limitation, (x) 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 and (y) any facsimile or .pdf signature) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or record-keeping, in each case, through electronic means, shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based record-keeping 
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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, and the parties hereto hereby waive any objection to the contrary. Each party agrees, and acknowledges that it is such party’s intent, that if such party signs this Indenture using an electronic signature, it is signing, adopting, and accepting this Indenture and that signing this Indenture using an electronic signature is the legal equivalent of having placed its handwritten signature on this Indenture on paper. Each party acknowledges that it is being provided with an electronic or paper copy of this Indenture in a usable format.
Section 1.l.  Recording of Indenture.  If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (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, the Certificateholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.
Section 1.m.  Issuer Obligation.  Neither any trustee nor any Beneficiary of the Issuer nor any of their respective officers, directors, employers or agents will have any liability with respect to this Indenture, and no recourse may be had solely to the assets of the Issuer respect thereto. In addition, no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Depositor Loan Trustee for the benefit of the Depositor, 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) any assets of the Issuer other than the Trust Estate, (ii) the Seller, the Servicer, the Administrator, the Depositor Loan Trustee for the benefit of the Depositor, the Owner Trustee or the Indenture Trustee in their respective individual capacities, (iii) any Beneficiary or (iv) any partner, owner, incorporator, member, manager, beneficiary, beneficial owner, agent, officer, director, employee, shareholder or agent of the Issuer, any Beneficiary, the Seller, the Administrator, the Depositor Loan Trustee, the Owner Trustee, the Servicer or the Indenture Trustee, except (x) as any such Person may have expressly agreed and (y) nothing in this Section shall relieve the Seller or the Servicer from its own obligations under the terms of any Servicer Transaction Document.  Nothing in this Section 15.16 shall be construed to limit the Indenture Trustee from exercising its rights hereunder with respect to the Trust Estate.
Section 1.n.  No Bankruptcy Petition Against the Issuer.  Each of the Secured Parties and the Indenture Trustee by entering into the Indenture or any Note Purchase Agreement, and in the case of a Noteholder and Note Owner, by accepting a Note, hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of the latest maturing Note and the termination of the Indenture, it will not institute against, or join with any other Person in instituting against, the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings, or other Proceedings, under any United States federal or state bankruptcy or similar Law in connection with any obligations relating to the Notes, the Indenture or any of the Transaction Documents.  In the event that any such Secured Party or the Indenture Trustee takes action in violation of this Section 15.17, the Issuer shall file an answer with the bankruptcy court or otherwise properly contesting the filing of such a petition by any such Secured Party or the Indenture Trustee against the Issuer or the commencement of such action and raising the defense that such Secured Party or the Indenture Trustee has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as its counsel advises that it may assert.  The provisions of this Section 15.17 shall survive the termination of this Indenture, and the resignation or removal of the Indenture Trustee.  
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Nothing contained herein shall preclude participation by any Secured Party or the Indenture Trustee in the assertion or defense of its claims in any such Proceeding involving the Issuer.
Section 1.o.  No Joint Venture.  Nothing herein contained shall be deemed or construed to create a co-partnership or joint venture between the parties hereto and the services of the Servicer shall be rendered as an independent contractor and not as agent for the Indenture Trustee or the Issuer.
Section 1.p.  Rule 144A Information.  For so long as any of the Notes of any Class are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, the Issuer agrees to reasonably cooperate to provide to any Noteholders and to any prospective purchaser of Notes designated by such Noteholder upon the request of such Noteholder or prospective purchaser, any information required to be provided to such holder or prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4) under the Securities Act if at the time of the request the Issuer is not a reporting company under Section 13 or Section 15(d) of the Exchange Act and the Servicer agrees to reasonably cooperate with the Issuer and the Indenture Trustee in connection with the foregoing.
Section 1.q.  No Waiver; Cumulative Remedies.  No failure to exercise and no delay in exercising, on the part of the Indenture Trustee or any Secured Party, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by Law.
Section 1.r.  Third-Party Beneficiaries.  This Indenture will inure to the benefit of and be binding upon the parties hereto, the Secured Parties, and their respective successors and permitted assigns.  Except as otherwise provided in this Article 15, no other Person will have any right or obligation hereunder.
Section 1.s.  Merger and Integration.  Except as specifically stated otherwise herein, this Indenture sets forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Indenture.
Section 1.t.  Rules by the Indenture Trustee.  The Indenture Trustee may make reasonable rules for action by or at a meeting of any Secured Parties.
Section 1.u.  Duplicate Originals.  The parties may sign any number of copies of this Indenture.  One signed copy is enough to prove this Indenture.
Section 1.v.  Waiver of Trial by Jury.  To the extent permitted by applicable Law, each of the Secured Parties irrevocably waives all right of trial by jury in any action or Proceeding arising out of or in connection with this Indenture or the Transaction Documents or any matter arising hereunder or thereunder.
Section 1.w.  No Impairment.  Except for actions expressly authorized by this Indenture, the Indenture Trustee shall take no action reasonably likely to impair the interests of the Issuer in any asset of the Trust Estate now existing or hereafter created or to impair the value of any asset of the Trust Estate now existing or hereafter created.
Section 1.x.  Intercreditor Agreement.  The Indenture Trustee shall, and is hereby authorized and directed to, execute and deliver the Intercreditor Agreement, and perform the duties and obligations, and appoint the Collateral Trustee, as described in the 
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Intercreditor Agreement.  Upon receipt of (a) an Issuer Order or an Administrator Order, (b) an Officer’s Certificate of the Administrator stating that such amendment or replacement intercreditor agreement, as the case may be, (i) does not materially and adversely affect any Noteholder and (ii) will not cause a Material Adverse Effect and (c) an Opinion of Counsel stating that all conditions precedent to the execution of such amendment or replacement intercreditor agreement, as the case may be, provided for in this Section 15.27 have been satisfied, the Indenture Trustee shall, and shall thereby be authorized and directed to, execute and deliver, and direct the Collateral Trustee to execute and deliver, (x) one or more amendments to the Intercreditor Agreement and/or (y) one or more replacement intercreditor agreements and such documentation as is required to terminate the Intercreditor Agreement then in effect, in each case to accommodate additional financings entered into by Affiliates of the Issuer.
Section 1.y. Owner Trustee Limitation of Liability.  It is expressly understood and agreed by the parties hereto that (i) this Indenture is executed and delivered by Wilmington Savings Fund Society, FSB, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (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 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 covenants, either expressed or implied, contained herein, all personal 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 made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Indenture 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 document. 

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IN WITNESS WHEREOF, the Indenture Trustee, the Issuer, the Securities Intermediary and the Depositary Bank have caused this Indenture to be duly executed by their respective duly authorized officers as of the day and year first written above.
OPORTUN ISSUANCE TRUST 2022-A,
as Issuer

By:  Wilmington Savings Fund Society, FSB, not in its individual capacity, but solely as Owner Trustee of the Issuer

By:    /s/ Devon C. A. Reverdito     
Name:  Devon C. A. Reverdito
Title:    Assistant Vice President

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

By:  /s/ Drew Davis    
Name: Drew Davis
Title: Vice President

WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Securities Intermediary

By:  /s/ Drew Davis    
Name: Drew Davis
Title: Vice President

WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Depositary Bank

By:  /s/ Drew Davis    
Name: Drew Davis
Title: Vice President

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