Document:

EXHIBIT 4.1

 EXHIBIT 4.1 
  

  
 INDENTURE 
  
 by and between 
  
 ACAS BUSINESS LOAN TRUST 2004-1, 
 as the Issuer, 
  
 and 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 not in its individual capacity but solely in its capacity 
 as the Indenture Trustee 
  
 Dated as of December 2, 2004 
  

  
 ACAS Business Loan Trust 2004-1 Asset-Backed Notes

 Class A, Class B, Class C, Class D and Class E Notes 

  
 TABLE OF CONTENTS

  

					
	 	  	 	  	Page

		
	 INDENTURE
	  	1
		
	 GRANTING CLAUSE
	  	1
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	2
			
	 Section 1.01
	  	 Definitions
	  	2
			
	 Section 1.02
	  	 Incorporation by Reference of Trust Indenture Act
	  	11
			
	 Section 1.03
	  	 Rules of Construction
	  	12
		
	 ARTICLE II THE NOTES
	  	12
			
	 Section 2.01
	  	 Form
	  	12
			
	 Section 2.02
	  	 Execution, Authentication and Delivery
	  	13
			
	 Section 2.03
	  	 Opinions of Counsel
	  	13
		
	 ARTICLE III COVENANTS; REPRESENTATIONS AND WARRANTIES
	  	14
			
	 Section 3.01
	  	 Payments Collection of on Loans; Trust Accounts
	  	14
			
	 Section 3.02
	  	 Maintenance of Office or Agency
	  	14
			
	 Section 3.03
	  	 Money for Payments to be Held in Trust
	  	14
			
	 Section 3.04
	  	 Existence
	  	16
			
	 Section 3.05
	  	 Payment of Principal and Interest
	  	16
			
	 Section 3.06
	  	 Protection of Indenture Collateral
	  	17
			
	 Section 3.07
	  	 Opinions as to Indenture Collateral
	  	18
			
	 Section 3.08
	  	 Furnishing of Rule 144A Information
	  	18
			
	 Section 3.09
	  	 Performance of Obligations; Servicing of Loans
	  	19
			
	 Section 3.10
	  	 Negative Covenants
	  	20
			
	 Section 3.11
	  	 Representations and Warranties Concerning the Loans
	  	20
			
	 Section 3.12
	  	 Annual Statement as to Compliance
	  	21
			
	 Section 3.13
	  	 Notices to the Irish Stock Exchange
	  	21
			
	 Section 3.14
	  	 [Reserved.]
	  	21
			
	 Section 3.15
	  	 [Reserved.]
	  	21
			
	 Section 3.16
	  	 Investment Company Act
	  	21
			
	 Section 3.17
	  	 Issuer May Consolidate, etc. Only on Certain Terms
	  	22
			
	 Section 3.18
	  	 Successor or Transferee
	  	23
			
	 Section 3.19
	  	 No Other Business
	  	24

  

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

			
	 Section 3.20
	  	 No Borrowing
	  	24
			
	 Section 3.21
	  	 Notice of Events of Default
	  	24
			
	 Section 3.22
	  	 Further Instruments and Acts
	  	24
			
	 Section 3.23
	  	 Compliance with Laws
	  	24
			
	 Section 3.24
	  	 Amendments of Trust Agreement
	  	25
			
	 Section 3.25
	  	 Removal of Administrator
	  	25
			
	 Section 3.26
	  	 Representations and Warranties of Issuer
	  	25
			
	 Section 3.27
	  	 Covenants of the Issuer Relating to Swaps
	  	27
			
	 Section 3.28
	  	 Grant of Substitute Loans
	  	29
			
	 Section 3.29
	  	 Determination of Note Rate
	  	29
		
	 ARTICLE IV THE NOTES; SATISFACTION AND DISCHARGE OF INDENTURE
	  	29
			
	 Section 4.01
	  	 The Notes
	  	29
			
	 Section 4.02
	  	 Registration of Transfer and Exchange of Notes
	  	30
			
	 Section 4.03
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	40
			
	 Section 4.04
	  	 Payment of Principal and Interest; Defaulted Interest
	  	41
			
	 Section 4.05
	  	 Tax Treatment
	  	42
			
	 Section 4.06
	  	 Satisfaction and Discharge of Indenture
	  	42
			
	 Section 4.07
	  	 Application of Trust Money
	  	44
			
	 Section 4.08
	  	 Repayment of Moneys Held by Paying Agent
	  	44
		
	 ARTICLE V REMEDIES
	  	44
			
	 Section 5.01
	  	 Events of Default
	  	44
			
	 Section 5.02
	  	 Acceleration of Maturity; Rescission and Annulment
	  	46
			
	 Section 5.03
	  	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee; Authority of Indenture Trustee
	  	46
			
	 Section 5.04
	  	 Remedies
	  	49
			
	 Section 5.05
	  	 Optional Preservation of the Indenture Collateral
	  	50
			
	 Section 5.06
	  	 Priorities
	  	50
			
	 Section 5.07
	  	 Limitation of Suits
	  	51
			
	 Section 5.08
	  	 Unconditional Rights of Noteholders to Receive Principal and Interest
	  	51
			
	 Section 5.09
	  	 Restoration of Rights and Remedies
	  	52

  

 - ii - 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

			
	 Section 5.10
	  	 Rights and Remedies Cumulative
	  	52
			
	 Section 5.11
	  	 Delay or Omission Not a Waiver
	  	52
			
	 Section 5.12
	  	 Control by Noteholders
	  	52
			
	 Section 5.13
	  	 Waiver of Past Defaults
	  	53
			
	 Section 5.14
	  	 Undertaking for Costs
	  	53
			
	 Section 5.15
	  	 Waiver of Stay or Extension Laws
	  	53
			
	 Section 5.16
	  	 Action on Notes
	  	54
			
	 Section 5.17
	  	 Performance and Enforcement of Certain Obligations
	  	54
		
	 ARTICLE VI THE INDENTURE TRUSTEE
	  	55
			
	 Section 6.01
	  	 Duties of Indenture Trustee
	  	55
			
	 Section 6.02
	  	 Rights of Indenture Trustee
	  	56
			
	 Section 6.03
	  	 Individual Rights of Indenture Trustee
	  	58
			
	 Section 6.04
	  	 Indenture Trustee’s Disclaimer
	  	58
			
	 Section 6.05
	  	 Notice of Defaults or Events of Default
	  	58
			
	 Section 6.06
	  	 Reports by Indenture Trustee to Holders
	  	59
			
	 Section 6.07
	  	 Compensation and Indemnity
	  	59
			
	 Section 6.08
	  	 Replacement of Indenture Trustee
	  	60
			
	 Section 6.09
	  	 Successor Indenture Trustee by Merger
	  	61
			
	 Section 6.10
	  	 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	  	61
			
	 Section 6.11
	  	 Eligibility
	  	63
			
	 Section 6.12
	  	 Preferential Collection of Claims Against Issuer
	  	63
			
	 Section 6.13
	  	 Representations and Warranties of Indenture Trustee
	  	64
			
	 Section 6.14
	  	 Directions to Indenture Trustee
	  	65
			
	 Section 6.15
	  	 Conflicts
	  	65
			
	 Section 6.16
	  	 Indenture Trustee’s Review of Loan Files
	  	65
			
	 Section 6.17
	  	 Indenture Collateral; Related Documents
	  	65
			
	 Section 6.18
	  	 Amendments to Transfer and Servicing Agreement
	  	66
			
	 Section 6.19
	  	 Servicer as Agent and Bailee of Indenture Trustee
	  	66

  

 - iii - 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

		
	 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	  	67
			
	 Section 7.01
	  	 Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders
	  	67
			
	 Section 7.02
	  	 Preservation of Information; Communication to Noteholders
	  	67
			
	 Section 7.03
	  	 Reports by Issuer
	  	67
			
	 Section 7.04
	  	 Reports by Indenture Trustee
	  	68
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	69
			
	 Section 8.01
	  	 Collection of Money
	  	69
			
	 Section 8.02
	  	 Trust Accounts
	  	69
			
	 Section 8.03
	  	 General Provisions Regarding Accounts
	  	70
			
	 Section 8.04
	  	 Release of Indenture Collateral
	  	71
			
	 Section 8.05
	  	 Opinion of Counsel
	  	71
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	72
			
	 Section 9.01
	  	 Supplemental Indentures Without Consent of Noteholders
	  	72
			
	 Section 9.02
	  	 Supplemental Indentures With Consent of Noteholders
	  	73
			
	 Section 9.03
	  	 Execution of Supplemental Indentures
	  	75
			
	 Section 9.04
	  	 Effect of Supplemental Indenture
	  	75
			
	 Section 9.05
	  	 [Reserved]
	  	75
			
	 Section 9.06
	  	 Reference in Notes to Supplemental Indentures
	  	75
			
	 Section 9.07
	  	 Special Supplemental Agreement
	  	75
		
	 ARTICLE X REDEMPTION OF NOTES; OPTIONAL REPURCHASE
	  	76
			
	 Section 10.01
	  	 Redemption
	  	76
			
	 Section 10.02
	  	 Optional Repurchase
	  	77
			
	 Section 10.03
	  	 Form of Redemption Notice and Optional Repurchase Notice
	  	77
		
	 ARTICLE XI MISCELLANEOUS
	  	78
			
	 Section 11.01
	  	 Compliance Certificates and Opinions, etc.
	  	78
			
	 Section 11.02
	  	 Form of Documents Delivered to Indenture Trustee
	  	80
			
	 Section 11.03
	  	 Acts of Noteholders
	  	81
			
	 Section 11.04
	  	 Notices
	  	81
			
	 Section 11.05
	  	 Notices to Noteholders; Waiver
	  	82
			
	 Section 11.06
	  	 Alternate Payment and Notice Provisions
	  	82
			
	 Section 11.07
	  	 Effect of Headings and Table of Contents
	  	82

  

 - iv - 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

			
	 Section 11.08
	  	 Successors and Assigns
	  	83
			
	 Section 11.09
	  	 Separability
	  	83
			
	 Section 11.10
	  	 Benefits of Indenture
	  	83
			
	 Section 11.11
	  	 Legal Holidays
	  	83
			
	 Section 11.12
	  	 Governing Law
	  	83
			
	 Section 11.13
	  	 Counterparts
	  	84
			
	 Section 11.14
	  	 Recording of Indenture
	  	84
			
	 Section 11.15
	  	 Trust Obligation
	  	84
			
	 Section 11.16
	  	 No Petition
	  	85
			
	 Section 11.17
	  	 Inspection
	  	85
			
	 Section 11.18
	  	 [Reserved]
	  	86
			
	 Section 11.19
	  	 Communication by Note Owners With Other Note Owners
	  	86
			
	 Section 11.20
	  	 Disclaimer and Subordination
	  	86
			
	 Exhibit A-1
	  	 Form of Class A Note
	  	A-1-1
			
	 Exhibit A-2
	  	 Form of Class B Note
	  	A-2-1
			
	 Exhibit A-3
	  	 Form of Class C Note
	  	A-3-1
			
	 Exhibit A-4
	  	 Form of Class D Note
	  	A-4-1
			
	 Exhibit A-5
	  	 Form of Class E Note
	  	A-5-1
			
	 Exhibit B
	  	 List of Loans
	  	B-1
			
	 Exhibit C
	  	 Form of Wiring Instructions
	  	C-1
			
	 Exhibit D-1
	  	 Form of Transfer Letter Non-Rule 144A
	  	D-1-1
			
	 Exhibit D-2
	  	 Form of Rule 144A Certification
	  	D-2-1
			
	 Exhibit E
	  	 Form of Transfer Certificate for Rule 144A Global Note to Regulation S Global Note during Distribution Compliance Period
	  	E-1
			
	 Exhibit F
	  	 Form of Transfer Certificate for Rule 144A Global Note to Regulation S Global Note after Distribution Compliance Period
	  	F-1
			
	 Exhibit G
	  	 Form of Transfer Certificate for Regulation S Global Note to Rule 144A Global Note during Distribution Compliance Period
	  	G-1
			
	 Exhibit H
	  	 Form of Transfer Certificate for Regulation S Global Note during Distribution Compliance Period
	  	H-1

  

 - v - 

  
 INDENTURE

  
 THIS INDENTURE, dated as of December 2, 2004
(as amended, modified, restated, replaced, substituted, supplemented, waived or extended from time to time, the “Indenture”), is by and between ACAS BUSINESS LOAN TRUST 2004-1, a Delaware statutory trust, as the issuer (together
with its successors and assigns, in such capacity, the “Issuer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely in its capacity as the indenture trustee (together with its successors and
assigns, in such capacity, the “Indenture Trustee”). 
  
 Each party hereto agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Issuer’s Class A Asset-Backed Notes, Series 2004-1 (the “Class A Notes”), Class B
Deferrable Asset-Backed Notes, Series 2004-1 (the “Class B Notes”), Class C Deferrable Asset-Backed Notes, Series 2004-1 (the “Class C Notes”), Class D Asset-Backed Notes, Series 2004-1 (the “Class D
Notes”) and the Class E Asset-Backed Note, Series 2004-1 (the “Class E Note” and together with the Class A Notes, Class B Notes, Class C Notes and Class D Notes, the “Notes”): 
  
 GRANTING CLAUSE 
  
 The Issuer hereby Grants to the Indenture Trustee on behalf of and for the
benefit of the Noteholders and the Swap Counterparties, without recourse, subject to the terms of this Indenture and the other Transaction Documents, a continuing security interest and lien on all of the Issuer’s right, title and interest in
and to all accounts, cash and currency, chattel paper, tangible chattel paper, electronic chattel paper, copyrights, copyright licenses, equipment, fixtures, general intangibles, instruments, commercial tort claims, deposit accounts, inventory,
investment property, letter-of-credit rights, software, supporting obligations, accessions, and other rights or property consisting of, arising out of, or related to (i) the Loans and all other assets included or to be included from time to time in
the Loan Assets, whether now existing or hereafter arising or acquired, other than the Retained Interest and Excluded Amounts, if any, as they may exist from time to time; (ii) all payments under any Swap; and (iii) all of the Issuer’s right,
title and interest (but none of its obligations) under the Transfer and Servicing Agreement, including but not limited to the Issuer’s right to exercise the remedies created by the Transfer and Servicing Agreement (collectively, the
“Indenture Collateral”). 
  
 The foregoing Grant
is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction and all other sums owing by the Issuer hereunder or under
any other Transaction Document or under any Swap Transaction, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture. 
  

The Indenture Trustee, as Indenture Trustee on behalf of the Noteholders and on behalf of the Swap Counterparties, acknowledges such Grant, accepts the
trust under this Indenture in 

  

 
accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability. 
  
 ARTICLE I 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 Section 1.01 Definitions. 
  
 Certain defined terms used throughout this Indenture are defined above or in this Section 1.01. In addition, except as otherwise expressly provided
herein or unless the context otherwise requires, capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Transfer and Servicing Agreement (as defined below), which are incorporated herein by
reference. 
  
 “1940 Act” means the Investment
Company Act of 1940, as amended, and the rules and regulations promulgated thereunder. 
  
 “Accredited Investors” shall have the meaning specified in Rule 501(a)(l)-(3) or (7) under the Securities Act. 
  

“Act” shall have the meaning specified in subsection 11.03(a). 
  
 “Aggregate Notional Amount” means, on any date, the aggregate notional amount in respect of the payment
obligations of the relevant Swap Counterparty that is outstanding on that date under all Swap Transactions or any group thereof, as the context requires. 
  
 “Applicable Procedures” has the meaning given to such term in subsection 4.02(j)(i). 
  
 “Authorized Newspaper” means a newspaper of general
circulation in the Borough of Manhattan, The City of New York, printed in the English language and customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays. 
  
 “Authorized Officer” means, (i) with respect to any Person,
any person who is authorized to act for such Person in matters relating to the Transaction Documents and whose action is binding upon such Person, (ii) with respect to the Issuer, any officer of the Owner Trustee who is authorized to act for the
Owner Trustee in matters relating to the Issuer, (iii) with respect to the Trust Depositor or the Servicer, initially those individuals the names of whom appear on the lists of Authorized Officers delivered on the Closing Date (as such list may be
modified or supplemented from time to time thereafter), and (iv) with respect to the Indenture Trustee, the Chairman or Vice President of the Board of Directors or Trustees, the Chairman or Vice Chairman of the Executive or Standing Committee of the
Board of Directors or Trustees, the President, the Chairman of the Committee on Trust Matters, any vice president, any assistant vice president, the Secretary, any assistant secretary, the Treasurer, any assistant treasurer, the Cashier, any
assistant cashier, any trust officer, the Controller and any assistant controller or any 

  

 - 2 - 

 
other officer of the Indenture Trustee customarily performing 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 particular subject. 
  
 “Beneficial Owner” means, with respect to a Note, the Person who is the beneficial owner of such Note, as
reflected on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly or as an indirect participant, in accordance with the rules of such Depository), as the case may be. 
  
 “Certificate Distribution Account” has the meaning given to
such term in Section 5.01 of the Trust Agreement. 
  
 “Certificate Registrar” means initially, the Indenture Trustee, and thereafter, any successor appointed pursuant to the Trust Agreement. 
  
 “Clearstream” means Clearstream Banking, societe anonyme, a limited liability company organized under the
laws of Luxembourg. 
  
 “Corporate Trust Office”
means in the case of Owner Trustee: Wachovia Bank of Delaware, National Association, One Rodney Square, 1st Floor,
Wilmington, Delaware 19801, Attention: Corporate Trust Administration, and in the case of the Indenture Trustee: Wells Fargo Bank, National Association, Sixth and Marquette Avenue, MAC N9311-161, Minneapolis, Minnesota 55479, Attention: Corporate
Trust Services/Asset Backed Administration, or at such other address as the Owner Trustee or the Indenture Trustee may designate from time to time by notice to the Issuer, or the principal corporate trust officer of any successor Owner Trustee or
Indenture Trustee at the address designated by such successor by notice to the Issuer. 
  
 “Credit Support Provider” means, in respect of a Swap Counterparty, any Person providing credit support on behalf of such Swap Counterparty. 
  
 “Default” means any occurrence that is, or with notice or
the lapse of time or both would become, an Event of Default. 
  
 “Depository” means The Depository Trust Company or its successors or assigns. 
  
 “Depository Participant” means a Person for whom, from time to time, the Depository effects book-entry transfers and pledges of
securities deposited with the Depository. 
  
 “Direct
Participant” means any broker-dealer, bank or other financial institution for whom the nominee of the Depository holds an interest in any Note. 
  
 “Distribution Compliance Period” means the forty (40) day period prescribed by Regulation S commencing on the later of (a) the date upon
which Notes are first offered to 

  

 - 3 - 

 
Persons other than the Initial Purchasers and any other distributor (as such term is defined in Regulation S) of the Notes and (b) the Closing Date.

  
 “DTC” means The Depository Trust Company, and
its successors. 
  
 “DTC Custodian” means the
Indenture Trustee as a custodian for DTC. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, or any successor legislation thereto, and the regulations promulgated and the rulings issued thereunder. 
  
 “Euroclear” means the Euroclear System, operated by Morgan
Guaranty Trust Company of New York, Brussels office. 
  
 “Event of Default” has the meaning given to such term in Section 5.01. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

 
 “Fee Event” means an Event of Default other than the
occurrence of the following: 
  
 (1) the Class E
Note is held by more than ten (10) persons; and 
  
 (2) the Originator or the Servicer agrees or consents to, or otherwise permits to occur, any amendment, modification, change, supplement or rescission of or to the Credit and Collection Policy in whole or in part that could reasonably be
expected to have a material adverse effect on the Noteholders and the Swap Counterparties. 
  
 “Fixed Rate Permitted Excess Amount” means, with respect to Fixed Rate Loans, $250,000. 
  
 “Global Note” means any Note registered in the name of the Depository or its nominee, beneficial interests of which are reflected on the
books of the Depository or on the books of a Person maintaining any account with such Depository (directly or as an indirect participant in accordance with the rules of such Depository). The Global Note shall include the Rule 144A Global Notes and
the Regulation S Global Notes. 
  
 “Grant” means
to mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create and grant a lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant
of the Indenture Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including the immediate and continuing right to claim for, collect,
receive and give receipt for principal and interest payments in respect of the collateral or other agreement or instrument and all other moneys payable 

  

 - 4 - 

 
thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring
Proceedings in the name of the granting party or otherwise and generally to do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 
  
 “Indenture Collateral” has the meaning given to such term in
the Granting Clauses. 
  
 “Indenture
Trustee” has the meaning given to such term in the Preamble. 
  
 “Independent” means, when used with respect to any specified Person, that the Person (i) is in fact independent of the Issuer, any other obligor upon the Notes, the Trust Depositor, the Originator and
any of their respective Affiliates, (ii) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, the Originator or any of their respective Affiliates, and (iii) is not connected
with the Issuer, any such other obligor, the Originator 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 11.01, made by an Independent appraiser or other expert appointed by an Issuer 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. 
  
 “Indirect Participant” means any
financial institution for whom any Direct Participant holds an interest in any Note. 
  
 “Individual Note” means any Note registered in the name of a holder other than the Depository or its nominee. 
  

“Initial Purchasers” means Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., J.P. Morgan Securities Inc., Harris Nesbitt
Corp. and BB&T Capital Markets, a division of Scott & Stringfellow, Inc., as initial purchasers of the Offered Notes. 
  
 “Institutional Accredited Investor” means any Person meeting the requirements of Rule 501(a) (1)—(3) or (7) of Regulation D under
the Securities Act. 
  
 “Irish Stock Exchange”
means the Irish Stock Exchange and any successor securities exchange thereto on which the Class A Notes, Class B Notes and Class C Notes may be listed for trading. 
  
 “Issuer Order” and “Issuer Request” means a written order or request signed in the name of
the Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee. 
  
 “Legal Final Maturity Date” means October 25, 2017. 
  

 - 5 - 

 “Letter of Representations” means the Letter of Representations, dated December 2, 2004,
among the Issuer, the Indenture Trustee and the Depository. 
  
 “Note Interest Rate” means, as the context may require, the Class A Note Interest Rate, the Class B Note Interest Rate and the Class C Note Interest Rate, or any of them, in each case as defined in the Transfer and
Servicing Agreement. 
  
 “Note Register” has the
meaning given to such term in Section 4.02. 
  
 “Note Registrar” has the meaning given to such term in Section 4.02. 
  
 “Opinion” or “Opinion of Counsel” means a written opinion of counsel, who may, without limitation, be internal counsel for ACAS
or the Servicer, reasonably acceptable to the Indenture Trustee and experienced in matters relating thereto. 
  
 “Outstanding” means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture except:

  
 (ii) Notes theretofore cancelled by the Note
Registrar or delivered to the Note Registrar for cancellation; 
  
 (iii) Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of such Notes
(provided, however, that if such Notes are to be repurchased or redeemed, notice of such repurchase or redemption has been duly given pursuant to Section 10.03 of this Indenture or provision for such notice, satisfactory to the
Indenture Trustee, has been made); and 
  
 (iv)
Notes in exchange for or in lieu of other Notes which have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser; 

 
 provided, however, that in determining whether the Holders of the requisite
Outstanding Amount have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any other Transaction Document, the Issuer prior to such determination shall notify the Indenture Trustee of any Notes owned by
the Issuer, the Trust Depositor, the Originator, the Servicer or any of their respective Affiliates and such Notes 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 that a Responsible Officer of the Indenture Trustee actually knows to be so owned shall be so disregarded. Notes so owned that have been pledged
in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the
Notes, the Trust Depositor, the Originator or any of their respective Affiliates. 
  

 - 6 - 

 “Outstanding Amount” means the aggregate principal amount of all Notes of one Class or
of all Classes, as the case may be, Outstanding at the date of determination. 
  
 “Owner” means each Holder of a Note. 
  
 “Owner Trustee” means Wachovia Bank of Delaware, National Association, not in its individual capacity, but solely as owner trustee under the Trust Agreement, and any successor owner trustee under the
Trust Agreement. 
  
 “Participant” means a Person
that has an account with DTC. 
  
 “Paying Agent”
means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 and is authorized by the Issuer to make the distributions from the Note Distribution Account, including
payment of principal of or interest on the Notes on behalf of the Issuer. 
  
 “Percentage Interest” means, with respect to a Class A Note, Class B Note, Class C Note, Class D Note or Class E Note, the fraction, expressed as a percentage, the numerator of which is the
denomination represented by such Class A Note, Class B Note, Class C Note, Class D Note or Class E Note and the denominator of which is the Initial Class A Principal Balance, the Initial Class B Principal Balance, the Initial Class C Principal
Balance, the Initial Class D Principal Balance or the Initial Class E Principal Balance, as the case may be. With respect to a Trust Certificate, the percentage set forth on the face thereof. 
  
 “Plan” has the meaning given to such term in subsection
4.02(v). 
  
 “Proceeding” means any suit in
equity, action at law or other judicial or administrative proceeding. 
  
 “Qualified Institutional Buyer” has the meaning given to such term in Rule 144A under the Securities Act. 
  
 “Qualified Purchaser” has the meaning given to such term in Section 2(a)(51) under the 1940 Act. 
  
 “Qualified Swap Counterparty” means a party that is a
recognized dealer in interest rate swaps and interest rate caps, organized under the laws of the United States of America or a jurisdiction located therein (or another jurisdiction reasonably acceptable to the Issuer and each Rating Agency), that
with respect to itself or its Credit Support Provider: (a) at the time it becomes a Swap Counterparty has a short-term rating of at least “A-1” by S&P or a long-term senior unsecured debt rating of at least “A+” by S&P if
such Person does not have a short-term rating by S&P (for so long as any of the Offered Notes are deemed outstanding and are rated by S&P), and at least “F-1” by Fitch (for so long as any of the Offered Notes are deemed outstanding
and are rated by Fitch) and either a long-term senior unsecured debt rating of at least “Aa3” by Moody’s (if such Person does not have at least a “P-1” short-term debt rating by 

  

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Moody’s) or a long-term senior unsecured debt rating of at least “Al” by Moody’s and not subject to the qualification that the party has
been placed on credit watch with negative implications (only if the short-term debt of such Person is rated at least “P-1” by Moody’s and not subject to the qualification that the party has been placed on credit watch with negative
implications) (for so long as any of the Offered Notes are deemed outstanding and are rated by Moody’s) and thereafter maintains a long-term senior unsecured debt rating of at least “BBB-” from S&P and is otherwise in compliance
with the terms of the Swap (for so long as any of the Offered Notes are deemed outstanding and are rated by S&P), and a short-term debt rating of at least “F-2” by Fitch (for so long as any of the Offered Notes are deemed outstanding
and are rated by Fitch) and either a long-term senior unsecured debt rating of at least “Al” by Moody’s (if such Person does not have at least a “P-1” short-term debt rating by Moody’s) or a long-term senior unsecured
debt rating of at least “A2” by Moody’s (only if the short-term debt of such Person is rated at least “P-1” by Moody’s) (for so long as any of the Offered Notes are deemed outstanding and are rated by Moody’s);
provided, that should a Rating Agency effect an overall downward adjustment of its short-term or long-term debt ratings, then the rating required of that Rating Agency under this clause (a) for a party to constitute a Qualified Swap
Counterparty shall be downwardly adjusted accordingly; provided further, that any adjustment to a rating shall be subject to the prior written consent of the applicable Rating Agency; (b) legally and effectively accepts the
rights and obligations under the applicable Interest Rate Swap, or, as the case may be, alternate credit support arrangements pursuant to a written agreement reasonably acceptable to the Issuer; and (c) in connection with a substitute Swap
Counterparty, otherwise satisfies the Rating Agency Condition. 
  
 “Redemption Date” means, in the case of a payment to Noteholders pursuant to Section 10.01, the Payment Date specified by the Servicer or the Issuer pursuant to Section 10.01. 
  
 “Redemption Date Amount” means in the case of a payment made
to Noteholders pursuant to Section 10.01, the amount on deposit in the Note Distribution Account, but not in excess of an amount equal to the unpaid principal amount of the Notes redeemed plus accrued and unpaid interest thereon at the
weighted average of the Note Interest Rate for each Class of Notes being so redeemed to but excluding the Redemption Date. 
  
 “Regulation S” means Regulation S under the Securities Act. 
  
 “Regulation S Global Notes” means the Notes sold in offshore transactions in reliance on Regulation S and
represented by one or more Global Notes deposited with the Indenture Trustee as custodian for the Depository. 
  
 “Regulation S Investor” means a transferee of a Regulation S Global Note pursuant to Regulation S. 
  
 “Repurchase Date” means in the case of a repurchase of the
Notes pursuant to Section 10.02 of this Indenture, the Payment Date specified by the Issuer pursuant to Section 10.02 of this Indenture. 
  

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 “Repurchase Price” means, in the case of a repurchase of the Notes pursuant to
Section 10.02 of this Indenture, an amount equal to the then Outstanding Principal Balance of each class of Offered Notes being repurchased plus accrued and unpaid interest thereon to but excluding the Repurchase Date, plus the Outstanding
Principal Balance of the Class D Notes, plus all other amounts accrued and unpaid with respect to each such Class of Notes, together with all amounts then owing to each Swap Counterparty, including Swap Breakage Costs, plus, without duplication, all
amounts payable to each Swap Counterparty upon termination of all Swap Transactions in connection with a repurchase of the Notes, including Swap Breakage Costs. 
  

“Rule 144A Certification” means a letter substantially in the form attached to the Indenture as Exhibit D-2. 
  
 “Rule 144A Global Notes” means the Notes sold within the
United States to U.S. Persons, initially issued to Qualified Institutional Buyers who are Qualified Purchasers in the form of beneficial interests in one or more Global Notes, deposited with the Indenture Trustee as custodian for the Depository.

  
 “Securities Act” means the Securities Act of
1933, as amended, and the rules and regulations promulgated thereunder. 
  
 “Securities Legend” “THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE.
THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE RE-OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) (A) PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”) WHO IS A QUALIFIED PURCHASER, PURCHASING FOR ITS OWN ACCOUNT
OR A QIB WHO IS A QUALIFIED PURCHASER PURCHASING FOR THE ACCOUNT OF A QIB WHO IS A QUALIFIED PURCHASER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (B) IN
CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a)(1)-(3) OR (7) UNDER THE SECURITIES ACT) WHO IS A QUALIFIED PURCHASER FOR PURPOSES OF SECTION 3(C)(7) UNDER THE 1940 ACT PURCHASING FOR
INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO (X) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE INDENTURE AND (Y) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER
EVIDENCE ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, (2) IN AN OFFSHORE TRANSACTION IN ACCORDANCE 

  

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WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE
WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (4) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT.” 
  
 “Series” means 2004-1. 
  
 “State” means any one of the fifty (50) states of the United States, or the District of Columbia or any of its territories. 

 
 “Substitute Swap Counterparty” means any substitute or
replacement swap counterparty under a Swap. 
  
 “Swap” means each agreement between the Issuer and a Swap Counterparty that governs one or more Swap Transactions, which agreement shall consist of a “Master Agreement” in a form published by the International
Swaps and Derivatives Association, Inc., together with a “Schedule” and “Credit Support Annex”, and each “Confirmation” thereunder confirming the specific terms of each such Swap Transaction. 
  
 “Swap Counterparty” means (a) Wachovia Bank, National
Association or (b) any other Qualified Swap Counterparty that agrees that in the event that it or its Credit Support Provider fails to maintain certain ratings as provided in the applicable Swap, then the Swap Counterparty shall (i) transfer all of
its rights and obligations under the Swap to a Substitute Swap Counterparty as provided in the Swap or (ii) post collateral, as applicable, as provided in the Swap. 
  
 “Swap Transactions” has the meaning given to such term in the Transfer and Servicing Agreement. 

 
 “Termination Date” means the date on which the Indenture
Trustee shall have received payment and performance of all amounts and obligations which the Issuer may owe to or on behalf of the Indenture Trustee for the benefit of the Noteholders under this Indenture or the Notes, all outstanding Swap
Transactions under all Swaps then in effect have been terminated and all amounts, including Swap Breakage Costs, have been paid in full to the Swap Counterparties. 
  
 “Transfer” has the meaning given to such term in Section 4.02. 
  
 “Transfer and Servicing Agreement” means the Transfer and
Servicing Agreement, dated as of December 2, 2004, by and among ACAS Business Loan Trust 2004-1, as the Issuer, ACAS Business Loan LLC, 2004-1, as the Trust Depositor, American Capital Strategies, Ltd., as the Originator and as the Servicer, and
Wells Fargo Bank, National Association, as the Indenture Trustee and as the Backup Servicer. 
  
 “Transferee Letter” means the letter set forth in Exhibit D–1 to the Indenture. 
  

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 “Trust Agreement” means the Trust Agreement, dated as of November 22, 2004, between the
Trust Depositor and the Owner Trustee. 
  
 “Trust
Certificate” means a certificate evidencing the beneficial interest of a Certificateholder in the Issuer, substantially in the form of Exhibit A attached to the Trust Agreement. 
  
 “Trust Indenture Act” or “TIA” means the
Trust Indenture Act of 1939, as amended from time to time, as in effect on any relevant date. 
  
 “UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction, as amended from time to time. 
  
 “U.S. Person” means a person that is a citizen or resident
of the United States, a corporation or partnership (except as provided in applicable Treasury regulations) created or organized in or under the laws of the United States, any State or the District of Columbia, including any entity treated as a
corporation or partnership for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source, or a trust if a court within the United States is able to exercise primary supervision over
the administration of such trust, and one or more such U.S. Persons have the authority to control all substantial decisions of such trust (or, to the extent provided as applicable Treasury regulations, certain trusts in existence on August 20, 1996
which are eligible to elect to be treated as a U.S. Person). 
  
 “USA PATRIOT Act” means the United States Uniting and Strengthening America By Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, signed into law on and effective as of October 26, 2001,
which, among other things, requires that financial institutions, a term that includes banks, broker-dealers and investment companies, establish and maintain compliance programs to guard against money laundering activities. 
  
 Section 1.02 Incorporation by Reference of Trust Indenture Act.

  
 Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
  
 “Commission” means the Securities and Exchange Commission. 
  
 “indenture securities” means the Notes and the Swaps. 
  
 “indenture security holder” means a Noteholder and a Swap
Counterparty. “indenture to be qualified” means this Indenture. 
  
 “indenture trustee” or “institutional trustee” means the Indenture Trustee. 
  

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 “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 1.03 Rules of Construction. 
  
 Unless the context otherwise requires: 
  
 (i) a term has the meaning given to it; 
  
 (ii) an accounting term not otherwise defined has the meaning given to it in accordance with generally accepted accounting principles as
in effect from time to time; 
  
 (iii)
“or” is not by its use intended to exclude all other items; 
  
 (iv) “including” means including without limitation; 
  
 (v) words in the singular include the plural and words in the plural include the singular; 
  
 (vi) any agreement, instrument or statute defined or
referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified, waived, supplemented or restated and includes (in the case of agreements or
instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns; and 
  
 (vii) 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; Section, subsection and Schedule references contained in this Indenture are references to Sections, subsections and Schedules
in or to this Indenture unless otherwise specified. 
  
 ARTICLE
II 
  
 THE NOTES 
  
 Section 2.01 Form. 
  
 The Notes, in each case together with the Indenture Trustee’s
certificate of authentication, shall be in substantially the forms set forth as Exhibits A-1, A-2, A-3 and A-4 to this Indenture 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 

  

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identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the appropriate Authorized 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. 
  
 The Notes shall be typewritten, printed, lithographed or engraved or produced
by any combination of these methods (with or without steel engraved borders), all as determined by the Authorized Officers executing such Notes, as evidenced by their execution of such Notes. 
  
 The terms of the Notes set forth in Exhibits A-1, A-2,
A-3 and A-4 hereto are part of the terms of this Indenture. 
  
 Section 2.02 Execution, Authentication and Delivery. 
  
 The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile
signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or
did not hold such offices at the date of such Notes. 
  
 The
Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and deliver for original issue the Class A Notes for original issue in an aggregate amount equal to the Initial Class A Principal Balance, Class B Notes for original issue in an
aggregate amount equal to the Initial Class B Principal Balance, Class C Notes for original issue in an aggregate amount equal to the Initial Class C Principal Balance, Class D Notes for original issue in an aggregate amount equal to the Initial
Class D Principal Balance and the Class E Note for original issue in an aggregate amount equal to the Initial Class E Principal Balance. 
  
 Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $500,000 and in
integral multiples of $100,000 in excess thereof; provided, however, that one Note of each Class may be issued in a different denomination. 
  
 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there
appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive
evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
  
 Section 2.03 Opinions of Counsel. 
  
 On the Closing Date, the Indenture Trustee shall have received: (i) an Opinion of Counsel, with respect to securities law matters; (ii) an Opinion of
Counsel, with respect to the tax status of the arrangement created by this Indenture; and (iii) an Opinion of Counsel to the Issuer, 

  

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with respect to the due authorization, valid execution and delivery of this Indenture and with respect to its binding effect on the Issuer. 
  
 ARTICLE III 
  
 COVENANTS; REPRESENTATIONS AND WARRANTIES 
  
 Section 3.01 Payments Collection of on Loans; Trust Accounts.

  
 The Servicer shall establish with the Indenture Trustee and
cause to be maintained each of the Trust Accounts specified in Section 7.01 of the Transfer and Servicing Agreement, and, in the case of the Swap Counterparty Collateral Account, the Issuer shall cause the Indenture Trustee to establish such
account as provided in subsection 3.27(d). The Indenture Trustee shall ensure that each of the Trust Accounts is established and maintained as an Eligible Deposit Account with a Qualified Institution. If any institution with which any of the
Trust Accounts established pursuant to subsection 7.01(a) of the Transfer and Servicing Agreement are established ceases to be a Qualified Institution, the Servicer, or if the Servicer fails to do so, the Indenture Trustee (as the case may
be) shall within ten (10) Business Days establish a replacement account at a Qualified Institution after notice of such event. The Indenture Trustee shall make payments of principal of and interest on the Notes, subject to Section 3.03 and as
provided in Section 3.05 herein from moneys on deposit in the Note Distribution Account. 
  
 Section 3.02 Maintenance of Office or Agency. 
  
 The Issuer will maintain with the Indenture Trustee an office or agency where, subject to the satisfaction of conditions set forth herein, Notes may be
surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for
the foregoing purposes. The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency
or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture Trustee, and the Issuer hereby appoints the Indenture Trustee as its
agent to receive all such surrenders, notices and demands. 
  
 Section 3.03 Money for Payments to be Held in Trust. 
  
 As provided in Section 3.01, all payments of amounts due and payable with respect to any Notes or Swaps that are to be made from amounts withdrawn from the Collection Account and the Note Distribution Account pursuant to Section
3.01 shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from the Collection Account and the Note Distribution Account for payments of Notes or any Swaps shall be paid over to
the Issuer except as provided in this Section 3.03. 
  

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 On or before the Business Day immediately preceding each Payment Date, Redemption Date or Repurchase
Date, as the case may be, the Issuer shall deposit or cause to be deposited in the Note Distribution Account an aggregate sum sufficient to pay the amounts then becoming due, such sum to be held in trust for the benefit of the Persons entitled
thereto and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act. 
  
 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 3.03, that such Paying Agent will: 
  
 (i) hold all sums held by it for the payment of amounts due
with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 
  
 (ii) give the Indenture Trustee notice of any Default by the
Issuer (or any other obligor upon the Notes) in the making of any payment required to be made with respect to the Notes or the Swaps; 
  
 (iii) at any time during the continuance of any such Default, upon the written request of the Indenture Trustee, forthwith pay to the
Indenture Trustee all sums so held in trust by such Paying Agent; 
  
 (iv) immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes or the Swaps if at any time it ceases to meet the standards required to be met
by a Paying Agent at the time of its appointment; and 
  
 (v) comply (and, if such Paying Agent makes payments to a subsequent paying agent, cause such payee to comply) with all requirements of the Code with respect to the withholding from any payments made by it (or such payee) on any Notes of
any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
  
 The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct
any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which 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. 
  
 Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any
amount due with respect 

  

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to any Note and remaining unclaimed for two (2) years after such amount has become due and payable shall be discharged from such trust and upon receipt of an
Issuer Request shall be deposited by the Indenture Trustee in the Collection Account; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Indenture
Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, however, that if such money or any portion thereof had been previously deposited by the Issuer with the Indenture Trustee for
the payment of principal or interest on the Notes; and provided, further, that, the Indenture Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer
cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which 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 or for the account of 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 (including, but not limited to,
mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or repurchase pursuant to Section 10.01 or Section 10.02, respectively, or whose right to or interest in moneys due
and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder). 
  
 Section 3.04 Existence. 
  
 The Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes,
or any successor Issuer hereunder is or becomes, organized under the laws of any other state or of the United States, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction)
and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the other Transaction Documents, the
Indenture Collateral and each other instrument or agreement included in the Indenture Collateral. 
  
 Section 3.05 Payment of Principal and Interest. 
  
 The Issuer will duly and punctually pay (i) the principal of and interest on the Notes in accordance with the terms of such Notes, this Indenture and the
Transfer and Servicing Agreement and (ii) all amounts payable under the Swaps in accordance with the terms thereof, this Indenture and the Transfer and Servicing Agreement. The Issuer will cause to be distributed on a Payment Date all amounts on
deposit in the Note Distribution Account pursuant to the Transfer and Servicing Agreement for the benefit of the Notes, to the applicable Noteholders, and for the benefit of the Swaps, to the applicable Swap Counterparties. Amounts properly withheld
under the Code or any applicable state law by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture. 
  

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 Section 3.06 Protection of Indenture Collateral. 
  
 (a) The Issuer intends the security interest Granted pursuant to this
Indenture in favor of the Indenture Trustee on behalf of the Noteholders and Swap Counterparties to be prior to all other liens in respect of the Indenture Collateral, and the Issuer shall take all actions necessary to obtain and maintain, for the
benefit of the Indenture Trustee on behalf of the Noteholders and Swap Counterparties, a first lien on and a first priority, perfected security interest in the Indenture Collateral. In connection therewith, pursuant to Section 2.07 of the
Transfer and Servicing Agreement, the Issuer shall cause to be delivered into the possession of the Indenture Trustee as pledgee hereunder, indorsed in blank, any “instruments” (within the meaning of the UCC), not constituting part of
chattel paper, evidencing any Loan which is part of the Indenture Collateral and all other portions of the Loan Files. The Indenture Trustee acknowledges and agrees that (i) it holds the Loan Assets delivered to it under the ACAS Transfer Agreement
for the benefit of the Trust Depositor, (ii) it holds the Loan Assets delivered to it under the Transfer and Serving Agreement for the benefit of the Trust, and (iii) it holds the Indenture Collateral delivered to it pursuant to this Indenture for
the benefit of the Noteholders and Swap Counterparties. The Indenture Trustee agrees to maintain continuous possession of such delivered instruments and the Loan Files as pledgee hereunder until this Indenture shall have terminated in accordance
with its terms or until, pursuant to the terms hereof or of the Transfer and Servicing Agreement, the Indenture Trustee is otherwise authorized to release such instrument from the Indenture Collateral. The Issuer will from time to time execute and
deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, all as prepared by the Servicer and delivered to the Issuer, and will take such
other action necessary or advisable to: 
  
 (i)
grant more effectively all or any portion of the Indenture Collateral; 
  
 (ii) maintain or preserve the lien and security interest (and the priority thereof) created by this Indenture or carry out more effectively the purposes hereof; 
  
 (iii) perfect, publish notice of or protect the validity of
any Grant made or to be made by this Indenture; 
  
 (iv) enforce any of the Indenture Collateral; 
  
 (v) preserve and defend title to the Indenture Collateral and the rights of the Indenture Trustee, the Noteholders and the Swap Counterparties in such Indenture Collateral against the claims of all persons and parties; and 
  
 (vi) pay all taxes or assessments levied or assessed upon
the Indenture Collateral when due. The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute all financing statements, continuation statements or other instruments required to be executed pursuant to this Section.
In no event shall the Indenture Trustee be responsible for filing or maintaining such financing statements, continuation statements or other instruments, unless it shall have become the Successor Servicer. 
  

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 (b) Except as otherwise provided in or permitted by the Transfer and Servicing Agreement or this
Indenture, the Indenture Trustee shall not remove any portion of the Indenture Collateral that consists of money or is evidenced by an instrument, certificate or other writing from the jurisdiction in which it was held at the date of the most recent
Opinion of Counsel delivered pursuant to Section 3.07 (or from the jurisdiction in which it was held as described in the Opinion of Counsel delivered at the Closing Date pursuant to subsection 3.07(a), if no Opinion of Counsel has yet
been delivered pursuant to subsection 3.07(b)) unless the Indenture Trustee shall have first received an Opinion of Counsel to the effect that the lien and security interest created by this Indenture with respect to such property will
continue to be maintained after giving effect to such action or actions. 
  
 Section 3.07 Opinions as to Indenture Collateral. 
  
 (a) On or before the Closing Date, the Issuer shall furnish to the Indenture Trustee and Swap Counterparties an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with
respect to the delivery of the Underlying Notes and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the lien and
security interest of this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective. 
  
 (b) On or before December 31 in each calendar year, beginning in 2005, the
Servicer on behalf of the Issuer will furnish to the Indenture Trustee and Swap Counterparties an Opinion of Counsel at the expense of the Issuer either stating that, in the opinion of such counsel, such action has been taken with respect to any
other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as is necessary to maintain the perfection of the lien and security interest created by this Indenture and reciting the
details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the perfection of such lien and security interest. Such Opinion of Counsel shall also describe any other requisite documents and the
execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until December 31 in the following calendar year.

  
 Section 3.08 Furnishing of Rule 144A Information.

  
 The Issuer will furnish, upon the written request of any
Noteholder or of any owner of a beneficial interest therein, such information as is specified in paragraph (d)(4) of Rule 144A under the Securities Act (i) to such Noteholder or beneficial owner, (ii) to a prospective purchaser of such Note or
interest therein who is a Qualified Institutional Buyer and a Qualified Purchaser designated by such Noteholder or beneficial owner, or (iii) to the Indenture Trustee for delivery to such Noteholder, beneficial owner or prospective purchaser, in
order to permit compliance by such Noteholder or beneficial owner with Rule 144A in connection with the resale of such Note or beneficial interest therein by such Noteholder or beneficial owner in reliance on Rule 144A unless, at the time of such
request, the Issuer is subject to the reporting 

  

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requirements of Section 13 or 15(d) of the Exchange Act, or exempt from reporting pursuant to Rule 12g3-2(b) under the Exchange Act. 
  
 Section 3.09 Performance of Obligations; Servicing of Loans.

  
 (a) The Issuer will not take any action and will use its best
efforts not to permit any action to be taken by others that would release any Person from any such Person’s material covenants or obligations under any instrument or agreement included in the Indenture Collateral or that would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except in either case as expressly provided in the Transaction Documents or such other instrument or
agreement. 
  
 (b) The Issuer may contract with other Persons to
assist it in performing its duties and obligations under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate shall be deemed to be action taken by the Issuer. The
Indenture Trustee shall not be responsible for the action or inaction of the Servicer or the Administrator. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing its duties under this
Indenture. 
  
 (c) The Issuer will punctually perform and observe
all of its obligations and agreements contained in this Indenture, the other Transaction Documents and in the instruments and agreements included in the Indenture Collateral, including but not limited to filing or causing to be filed all UCC
financing statements and continuation statements required to be filed by the terms of this Indenture and the Transfer and Servicing Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise
expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Transaction Document or any provision thereof without the consent of the Indenture Trustee, the Required Holders and each Swap Counterparty.

  
 (d) If the Issuer shall have knowledge of the occurrence of a
Servicer Default, the Issuer shall promptly notify in writing the Indenture Trustee, each Swap Counterparty and each Rating Agency thereof. Upon any termination of the Servicer’s rights and powers pursuant to the Transfer and Servicing
Agreement, the Issuer shall promptly notify the Indenture Trustee and each Swap Counterparty in writing. As soon as a Successor Servicer is appointed, the Issuer shall notify in writing the Indenture Trustee, each Swap Counterparty and the Rating
Agencies of such appointment (to the extent such party has not already been notified pursuant to the Transfer and Servicing Agreement), specifying in such notice the name and address of such Successor Servicer. 
  
 (e) The Issuer agrees that it will not waive timely performance or observance
by the Servicer or the Originator of their respective duties under the Transaction Documents if the effect thereof would adversely affect the Noteholders or the Swap Counterparties. 
  

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 Section 3.10 Negative Covenants. 
  
 So long as any Notes are Outstanding, the Issuer shall not: 
  
 (i) except as expressly permitted by the Transaction Documents, sell, transfer, exchange or otherwise
dispose of any of the properties or assets of the Issuer, including those included in the Indenture Collateral, unless directed to do so by the Indenture Trustee; 
  
 (ii) claim any credit on, or make any deduction from the principal or interest payable in respect of, the
Notes (other than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder or Swap Counterparty by reason of the payment of the taxes levied or assessed upon
any part of the Indenture Collateral; 
  
 (iii)
(A) challenge the validity or effectiveness of this Indenture, or permit the lien created by this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person (other than the Indenture Trustee) to be released
from any covenants or obligations with respect to this Indenture or the Notes under this Indenture except as may be expressly permitted hereby, (B) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than
the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Indenture Collateral or any part thereof or any interest therein or the proceeds thereof (other than Permitted Liens), (C) permit the lien created by
this Indenture not to constitute a valid first priority (other than with respect to any tax, mechanics’ or other lien) security interest in the Indenture Collateral, or (D) amend, modify or fail to comply with the provisions of the Transaction
Documents without the prior written consent of the Indenture Trustee, except where the Transaction Documents allow for amendment or modification without the consent or approval of the Indenture Trustee; 
  
 (iv) dissolve or liquidate in whole or in part; 

 
 (v) enter into agreements lacking
“non-petition” or “limited recourse” clauses; 
  
 (vi) amend the “non-petition” or “limited recourse” clauses in any of the Transaction Documents; or 
  
 (vii) create any subsidiaries. 
  
 Section 3.11 Representations and Warranties Concerning the Loans. 
  
 The Issuer has pledged to the Indenture Trustee for the benefit of the Noteholders and the Swap Counterparties all of its
rights under the Transfer and Servicing Agreement and the Transfer Agreement and the Indenture Trustee has the benefit of the representations and warranties made by the Trust Depositor and the Originator, respectively, in such documents concerning
the Loans transferred into the Loan Assets and the right to enforce any remedy against the Originator and the Trust Depositor, as applicable, provided in the Transfer and 

  

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Servicing Agreement and the Transfer Agreement, to the same extent as though such representations and warranties were made directly to the Indenture Trustee.

  
 Section 3.12 Annual Statement as to Compliance.

  
 The Issuer will deliver to the Indenture Trustee, the Swap
Counterparties and the Rating Agencies, within ninety (90) days after the end of each calendar year (commencing with the calendar year ending 2005), an Officer’s Certificate stating, as to the Person signing such Officer’s Certificate,
that: 
  
 (i) a review of the activities of the
Issuer during such year and of its performance under this Indenture has been made under such Person’s supervision or direction; and 
  
 (ii) to the best of such Person’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 such a default in its compliance with any such condition or covenant, specifying each such default known to such Person and the nature and status thereof. 
  
 Section 3.13 Notices to the Irish Stock Exchange. 
  
 For so long as the Offered Notes are listed on the Irish Stock Exchange, the
Issuer shall provide notice to the Irish Stock Exchange within 5 Business Days of the occurrence of any of the following: 
  
 (a) any event, condition or occurrence which causes any material change to any information provided in the Offering Memorandum in response to the
disclosure requirements of the Irish Stock Exchange, which change causes the information in the Offering Memorandum to be inaccurate or omit anything likely to affect the import of such information; 
  
 (b) any modification, amendment or supplement to this Indenture; or

  
 (c) the Issuer shall merge or consolidate with or into any
other Person or dispose of, in one or a series of transactions, all or substantially all of its assets. 
  
 Section 3.14 [Reserved.] 
  
 Section 3.15 [Reserved.] 
  
 Section 3.16 Investment Company Act. 
  
 The Issuer shall not become an “investment company” under the 1940 Act. 
  

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 Section 3.17 Issuer May Consolidate, etc. Only on Certain Terms. 
  
 (a) The Issuer shall not consolidate or merge with or into any other Person,
unless: 
  
 (i) the Person (if other than the
Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing under the laws of the United States or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the
Indenture Trustee and each Swap Counterparty, in form and substance satisfactory to the Indenture Trustee and the Swap Counterparties, the due and punctual payment of the principal of and interest on all Notes and all amounts payable under the Swaps
and the performance or observance of every agreement and covenant of this Indenture, the Swaps and each other Transaction Document on the part of the Issuer to be performed or observed, all as provided herein and therein; 
  
 (ii) immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be continuing; 
  
 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction; 
  
 (iv) the Issuer shall have received an Opinion of Counsel, which shall be delivered to and shall be satisfactory to the Indenture Trustee
and the Swap Counterparties, to the effect that such transaction will not have any material adverse tax consequence to the Trust, any Noteholder or any Swap Counterparty; 
  
 (v) any action as is necessary to maintain the lien and security interest created by this Indenture shall
have been taken; 
  
 (vi) the Issuer shall have
delivered to the Indenture Trustee and each Swap Counterparty an Officer’s Certificate and an Opinion of Counsel (which shall describe the actions taken as required by clause (v) above or that no such actions will be taken) each stating
that such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filings required by the
Exchange Act); and 
  
 (vii) the Person (if other
than the Issuer) formed by or surviving such consolidation or merger has a net worth, immediately after such consolidation or merger, that is (A) greater than zero and (B) not less than the net worth of the Issuer immediately prior to giving effect
to such consolidation or merger. 
  
 (b) The Issuer shall not
convey or transfer all or substantially all of its properties or assets, including those included in the Indenture Collateral, to any Person (except as expressly permitted by the Transaction Documents), unless: 
  
 (i) the Person that acquires by conveyance or transfer the
properties and assets of the Issuer shall (A) be a United States citizen or a Person organized and existing 

  

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under the laws of the United States or any State, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee
and each Swap Counterparty, in form and substance satisfactory to the Indenture Trustee and the Swap Counterparties, the due and punctual payment of the principal of and interest on all Notes, the amounts payable under the Swaps, and the performance
or observance of every agreement and covenant of this Indenture, the Swaps and each other Transaction Document on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture
that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Noteholders and the Swap Counterparties and (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify,
defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes; 
  
 (ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

  
 (iii) the Rating Agency Condition shall have
been satisfied with respect to such transaction; 
  
 (iv) the Issuer shall have received an Opinion of Counsel, which shall be delivered to and shall be satisfactory to the Indenture Trustee and each Swap Counterparty, to the effect that such transaction will not have any material adverse tax
consequence to the Trust, any Noteholder or any Swap Counterparty; 
  
 (v) any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken; 
  
 (vi) the Issuer shall have delivered to the Indenture Trustee and each Swap Counterparty an Officer’s Certificate and an Opinion of
Counsel (which shall describe the actions taken as required by clause (v) above or that no such actions will be taken) each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that
all conditions precedent herein provided for relating to such transaction have been complied with (including any filings required by the Exchange Act); and 
  
 (vii) the Issuer has a net worth, immediately after such conveyance or transfer, that is (A) greater than zero and (B) not less than the
net worth of the Issuer immediately prior to giving effect to such conveyance or transfer. 
  
 Section 3.18 Successor or Transferee. 
  
 (a) Upon any consolidation or merger of the Issuer in accordance with Section 3.17, the Person formed by or surviving such consolidation or merger (other than the Issuer) shall 

  

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succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with same effect as if such Person has been
named as the Issuer herein. 
  
 (b) Upon a conveyance or transfer
of all or substantially all of the assets or properties of the Issuer pursuant to Section 3.17, the Issuer will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect
to the Notes immediately upon the delivery of written notice to the Indenture Trustee stating that the Issuer is to be so released. 
  
 Section 3.19 No Other Business. 
  
 The Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing the Loans, entering into Swaps and issuing the
Notes and Trust Certificate in the manner contemplated by this Indenture and the other Transaction Documents and activities incidental thereto. 
  
 Section 3.20 No Borrowing. 
  
 The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any Indebtedness except for (i) the Notes,
(ii) the Swaps and (iii) any other Indebtedness permitted by or arising under the other Transaction Documents. The proceeds of the Notes and the Trust Certificate shall be used exclusively to fund the Issuer’s purchase of the Loans and the
other assets specified in the Transfer and Servicing Agreement, to fund the Reserve Fund and to pay the transactional expenses of the Issuer. 
  
 Section 3.21 Notice of Events of Default. 
  
 The Issuer shall give the Indenture Trustee, each Swap Counterparty and each Rating Agency prompt written notice of each Event of Default hereunder and of
a Servicer Default under the Transfer and Servicing Agreement. 
  
 Section 3.22 Further Instruments and Acts. 
  
 Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

 
 Section 3.23 Compliance with Laws. 
  
 The Issuer shall comply with all Requirements of Law, the non-compliance with
which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Transaction Document. 
  

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 Section 3.24 Amendments of Trust Agreement. 
  
 The Issuer shall not agree to any amendment to Section 11.01 of the Trust
Agreement to eliminate the requirements thereunder that the Indenture Trustee, the Noteholders or the Swap Counterparties consent to amendments thereto as provided therein. 
  
 Section 3.25 Removal of Administrator. 
  
 So long as any Notes are issued and outstanding, the Issuer shall not remove the Administrator without cause unless the
Rating Agency Condition shall have been satisfied in connection with such removal. 
  
 Section 3.26 Representations and Warranties of Issuer. 
  
 The Issuer represents and warrants as follows: 
  
 (a) Power and Authority. It has full power, authority and legal right to execute, deliver and perform its obligations as Issuer under this Indenture and the Notes (the foregoing documents, the “Issuer
Documents”) and under each of the other Transaction Documents to which the Issuer is a party. 
  
 (b) Due Authorization and Binding Obligation. The execution and delivery of the Issuer Documents and the Transaction Documents to which the Issuer
is a party, and the consummation of the transactions provided for therein have been duly authorized by all necessary action on its part. Each of the Issuer Documents and the other Transaction Documents to which the Issuer is a party constitutes the
legal, valid and binding obligation of the Issuer and is enforceable in accordance with its terms, except as enforcement of such terms may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights
generally and by the availability of equitable remedies. 
  
 (c)
No Conflict. The execution and delivery of the Issuer Documents and the other Transaction Documents to which the Issuer is a party, the performance of the transactions contemplated thereby and the fulfillment of the terms thereof will not
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, any material indenture, contract, agreement, mortgage, deed of trust, or other instrument to
which the Issuer is a party or by which it or any of its property is bound. 
  
 (d) No Violation. The execution and delivery of the Issuer Documents and the other Transaction Documents to which the Issuer is a party, the performance of the transactions contemplated thereby and the
fulfillment of the terms thereof will not conflict with or violate, in any material respect, any Requirements of Law applicable to the Issuer. 
  
 (e) All Consents Required. All approvals, authorizations, consents, orders or other actions of any Person or any Governmental Authority required in
connection with the execution and delivery of the Issuer Documents and the other Transaction Documents to which the Issuer is 

  

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a party, the performance of the transactions contemplated thereby and the fulfillment of the terms thereof have been obtained. 
  
 (f) No Proceedings. No litigation or administrative proceeding of or
before any court, tribunal or governmental body is currently pending, or to the knowledge of the Issuer, threatened, against the Issuer or any of its respective properties or with respect to the Issuer Documents or any other Transaction Document to
which the Issuer is a party that, if adversely determined, would have a material adverse effect on the business, properties, assets or condition (financial or otherwise) of the Issuer or the transactions contemplated by the Issuer Documents or any
of the other Transaction Documents to which the Issuer is a party. 
  
 (g) Organization and Good Standing. The Issuer is a statutory trust duly organized, validly existing and in good standing under the laws of Delaware and has the requisite power to own its assets and to transact the business in which
it is currently engaged, and had at all relevant times, and now has, all necessary power, authority and legal right to acquire, own and pledge the Indenture Collateral. 
  
 (h) 1940 Act. The Issuer is not, and, upon giving effect to the transactions contemplated by the Transaction
Documents, will not be, an “investment company” within the meaning of the 1940 Act. 
  
 (i) Location. The Issuer is located (within the meaning of Article 9 of the UCC) in Delaware. The Issuer agrees that it will not change its location (within the meaning of Article 9 of the UCC) without at least
thirty (30) days prior written notice to the Originator, the Servicer, the Indenture Trustee and the Rating Agencies. 
  
 (j) Security Interest in Collateral. 
  
 (i) This Indenture creates a valid, continuing and enforceable security interest (as defined in the applicable UCC) in the Indenture
Collateral in favor of the Indenture Trustee, which security interest is prior to all other Liens (except for Permitted Liens), and is enforceable as such against creditors of and purchasers from the Issuer; 
  
 (ii) such Indenture Collateral constitutes either a
“general intangible,” an “instrument,” an “account,” “investment property,” or “chattel paper,” within the meaning of the applicable UCC; 
  
 (iii) the Issuer owns and has good and marketable title to
such Indenture Collateral free and clear of any Lien, claim or encumbrance of any Person (other than Permitted Liens); 
  
 (iv) the Issuer has received all consents and approvals required by the terms of the Indenture Collateral to the pledge of the Indenture
Collateral hereunder to the Indenture Trustee; 
  

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 (v) the Issuer has caused the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under Requirements of Law in order to perfect the security interest in such Indenture Collateral granted to the Indenture Trustee under this Indenture; 
  
 (vi) other than the security interest granted by the Issuer
pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of such Indenture Collateral. The Issuer has not authorized the filing of and is not aware of any financing statements
against the Issuer that include a description of collateral covering such Indenture Collateral other than any financing statement (A) relating to the security interest granted by the Issuer under this Indenture, or (B) that has been terminated. The
Issuer is not aware of the filing of any judgment or tax Lien filings against the Issuer; 
  
 (vii) all original executed copies of each Underlying Note, if any, that constitute or evidence the Indenture Collateral have been
delivered to the Indenture Trustee; 
  
 (viii)
the Issuer has received a written acknowledgment from the Indenture Trustee that the Indenture Trustee or its bailee is holding the Underlying Notes, if any, that constitute or evidence the Indenture Collateral solely on behalf of and for the
benefit of the Securityholders and the Swap Counterparties; and 
  
 (ix) none of the Underlying Notes or, in the case of Noteless Loans, the Designated Loan Agreements, that constitute or evidence the Indenture Collateral has any marks or notations indicating that they have been
pledged, assigned or otherwise conveyed to any Person other than the Issuer and the Indenture Trustee. 
  
 The representations and warranties in subsection 3.26(j) shall survive the termination of this Agreement and such representations and warranties
may not be waived by any party hereto. 
  
 Section 3.27
Covenants of the Issuer Relating to Swaps. 
  
 (a) On each
day, the Issuer shall maintain one or more Swap Transactions, provided that such Swap Transactions shall: 
  
 (i) be entered into with a Swap Counterparty and governed by a Swap; 
  
 (ii) have a schedule of periodic payment periods which terminate as of January 27, 2014 (which date
represents the date on which an Optional Repurchase could first occur with respect to the Notes based on an assumed 0% constant prepayment rate per annum with respect to the Loans); 
  
 (iii) on the Closing Date, have a non-amortizing notional amount equal to $213,974,167 (which represents the
Outstanding Principal Balance of the Offered Notes 

  

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as of the Closing Date minus the Outstanding Loan Balance of Initial Loans that are Floating Rate Loans as of the Closing Date); 
  
 (iv) be maintained so that the Aggregate Notional Amount of
any Swap Transactions hedging the Fixed Rate Loans for any current or future calculation period will not be greater than the sum of (1) the Outstanding Loan Balance of the Fixed Rate Loans for the corresponding Collection Period plus (2) during the
Replenishment Period, the amount of Principal Collections received with respect to Fixed Rate Loans on deposit in the Principal Collection Account, by more than the Fixed Rate Permitted Excess Amount; 
  
 (v) each Swap will provide that any scheduled periodic
payments required to be made by the Issuer and the Swap Counterparty on the same date with respect to a Swap Transaction will be netted so that only the net difference between such payments will be paid, with any net periodic payments to be paid
into the Note Distribution Account (if payable by the Swap Counterparty) or from the Note Distribution Account (if payable by the Issuer) and distributed pursuant to the terms of this Indenture and the Transfer and Servicing Agreement. 

 
 (b) As additional security hereunder, the Issuer hereby assigns to the
Indenture Trustee, on behalf of the Noteholders and the Swap Counterparty, all right, title and interest of the Issuer in each Swap, each Swap Transaction, and all present and future amounts payable by a Swap Counterparty to the Issuer in accordance
with the terms of the respective Swap and Swap Transaction(s) with that Swap Counterparty (“Swap Collateral”), and Grants a security interest to the Indenture Trustee, as agent for the Noteholders and the Swap Counterparty, in the
Swap Collateral. The Issuer acknowledges that, as a result of that assignment, the Issuer may not, without the prior written consent of the Indenture Trustee, exercise any rights under any Swap or Swap Transaction, except for the Issuer’s right
under any Swap to enter into Swap Transactions in order to meet the Issuer’s obligations under Section 3.27 hereof or except as otherwise contemplated in this Section 3.27 and in subsection 5.17(h) of the Transfer and
Servicing Agreement. Nothing herein shall have the effect of releasing the Issuer from any of its obligations under any Swap or any Swap Transaction, nor be construed as requiring the consent of the Indenture Trustee, any Noteholder or any Swap
Counterparty for the performance by the Issuer of any such obligations. 
  
 (c) The Issuer hereby agrees to maintain a register of outstanding Swaps. Such register shall contain the name and address of each Swap Counterparty. The Issuer shall provide such names and addresses to the Indenture Trustee, the Backup
Servicer and each Rating Agency on a current basis. 
  
 (d) The
Indenture Trustee shall, upon written notice from the Issuer, establish a single, segregated trust account which shall be designated as a Swap Counterparty Collateral Account, which shall be held in trust in the name of the Indenture Trustee for the
benefit of the Noteholders and the related Swap Counterparty and over which the Trustee shall have the exclusive control and the sole right of withdrawal. The Indenture Trustee shall deposit all 

  

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collateral received from the related Swap Counterparty under the related Swap in such Swap Counterparty Collateral Account. Any and all funds at any time on
deposit in, or otherwise to the credit of, such Swap Counterparty Collateral Account shall be held in trust by the Indenture Trustee for the benefit of the Noteholders and the related Swap Counterparty. The only permitted withdrawal from or
application of funds on deposit in, or otherwise to the credit of, such Swap Counterparty Collateral Account shall be upon Issuer Order (i) for application to obligations of the related Swap Counterparty to the Issuer under the related Swap if such
Swap becomes subject to early termination or (ii) to return collateral to such Swap Counterparty when and as required by such Swap. The Indenture Trustee shall be fully protected in relying upon such Issuer Order. Each Swap Counterparty Collateral
Account shall be held in accordance with the terms of the related Swap. 
  
 Section 3.28 Grant of Substitute Loans. 
  
 In
consideration of the delivery on each Subsequent Transfer Date pursuant to and in accordance with the terms of Section 2.04 of the Transfer and Servicing Agreement, the Issuer grants to the Indenture Trustee a security interest in all of its
right, title and interest in the Loans transferred on such Subsequent Transfer Date and simultaneously with the transfer of the Substitute Loans to the extent of the availability thereof, the Issuer will cause the related Loan File to be delivered
to the Indenture Trustee. 
  
 Section 3.29 Determination of
Note Rate. 
  
 Until the Outstanding Principal Balance of each
Class of Offered Notes has been reduced to zero, the Indenture Trustee shall determine LIBOR, the Class A Note Interest Rate, the Class B Note Interest Rate and the Class C Note Interest Rate for such Classes of Notes for each Interest Accrual
Period as provided in Section 7.06 of the Transfer and Servicing Agreement and shall inform the Issuer, the Trust Depositor and the Servicer at their respective email addresses given to the Indenture Trustee in writing thereof. Any such
determination by the Indenture Trustee of the amount of interest distributable on the Offered Notes shall be binding on the parties absent manifest error. 
  
 ARTICLE IV 
  
 THE NOTES; SATISFACTION AND DISCHARGE OF INDENTURE 
  
 Section 4.01 The Notes. 
  
 Certain of Offered Notes shall be registered initially in the name of Cede & Co. Beneficial Owners will hold interests in Offered Notes through the
book-entry facilities of the Depository in minimum denominations of $500,000 and integral multiples of $100,000 in excess thereof. Subject to subsections 4.02(b), (p), (q) and (r), certain of the Class A Notes, Class B
Notes, Class C Notes, Class D Notes and the Class E Note shall be issued in such names and denominations as may be set forth on an Issuer Order delivered to the Indenture Trustee. 
  

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 The Notes shall, on original issue, be executed on behalf of the Issuer by the Owner Trustee, not in its
individual capacity but solely as Owner Trustee, authenticated by the Note Registrar and delivered by the Indenture Trustee to or upon the order of the Issuer. 
  

Section 4.02 Registration of Transfer and Exchange of Notes. 
  
 (a) The Indenture Trustee shall cause to be kept a Note Register (the “Note Register”) in which, subject to
such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers and exchanges of Notes as herein provided. The Indenture Trustee shall be “Note Registrar” for
the purpose of registering Notes and transfers of Notes as herein provided. The Note Register shall contain the name, remittance instructions, Class of each Noteholder, as well as the Series and the number in the Series. 
  
 (b) Each Class of Notes shall be issued in minimum denominations of $500,000
initial principal amount and integral multiples of $100,000 in excess thereof, except that one Note of each Class may be in a different denomination so that the sum of the denominations of all outstanding Notes of such Class shall equal the
applicable Initial Class A Principal Balance, the Initial Class B Principal Balance, the Initial Class C Principal Balance, the Initial Class D Principal Balance and the Initial Class E Principal Balance, respectively. On the Closing Date, the
Indenture Trustee will execute and authenticate (i) one or more Global Notes and/or (ii) Individual Notes all in an aggregate principal amount that shall equal the applicable Initial Class A Principal Balance, the applicable Initial Class B
Principal Balance, the applicable Initial Class C Principal Balance, the applicable Initial Class D Principal Balance and the applicable Initial Class E Principal Balance. 
  
 The Global Notes (i) shall be delivered by the Issuer to the Depository or, pursuant to the Depository’s instructions,
shall be delivered by the Issuer on behalf of the Depository to and deposited with the DTC Custodian, and in each case shall be registered in the name of Cede & Co. and (ii) with respect to the Rule 144A Global Notes, shall bear a legend
substantially to the following effect: 
  
 “Unless this Note
is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Note Registrar or its agent for registration of transfer, exchange or payment, and any Note issued is registered in
the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.” 
  
 The Global Notes may be deposited with such other Depository as the Issuer may from time to time designate, and shall bear
such legend as may be appropriate; provided, that, such successor Depository maintains a book-entry system that qualifies to be treated as “registered form” under Section 163(0(3) of the Code. 
  

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 The Issuer and the Indenture Trustee are hereby authorized to execute and deliver a Letter of
Representations with the Depository relating to the Notes. 
  
 (c)
With respect to Notes registered in the Note Register in the name of Cede & Co., as nominee of the Depository, the Issuer, the Servicer, the Owner Trustee (as such and in its individual capacity) and the Indenture Trustee shall have no
responsibility or obligation to Direct or Indirect Participants or Beneficial Owners for which the Depository holds Notes from time to time as a Depository. Without limiting the immediately preceding sentence, the Issuer, the Servicer, the Owner
Trustee, (as such and in its individual capacity), and the Indenture Trustee shall have no responsibility or obligation with respect to (a) the accuracy of the records of the Depository, Cede & Co., or any Direct or Indirect Participant with
respect to the ownership interest in the Notes, (b) the delivery to any Direct or Indirect Participant or any other Person, other than a registered Holder of a Note, (c) the payment to any Direct or Indirect Participant or any other Person, other
than a registered Holder of a Note as shown in the Note Register, of any amount with respect to any distribution of principal or interest on the Notes or (d) the making of book-entry transfers among Participants of the Depository with respect to
Notes registered in the Note Register in the name of the nominee of the Depository. No Person other than a registered Holder of a Note as shown in the Note Register shall receive a Note evidencing such Note. 
  
 (d) Upon delivery by the Depository to the Indenture Trustee of written
notice to the effect that the Depository has determined to substitute a new nominee in place of Cede & Co., and subject to the provisions hereof with respect to the payment of distributions by the mailing of checks or drafts to the registered
Holders of Notes appearing as registered Owners in the Note Register on a Record Date, the name “Cede & Co.” in this Indenture shall refer to such new nominee of the Depository. 
  
 (e) In the event that (i) the Depository or the Servicer advises the
Indenture Trustee in writing that the Depository is no longer willing or able to discharge properly its responsibilities as nominee and depository with respect to the Global Notes and the Servicer is unable to locate a qualified successor or (ii)
the Servicer at its sole option elects to terminate the book-entry system through the Depository, the Global Notes shall no longer be restricted to being registered in the Note Register in the name of Cede & Co. (or a successor nominee) as
nominee of the Depository. At that time, the Servicer may determine that the Global Notes shall be registered in the name of and deposited with a successor depository operating a global book-entry system, as may be acceptable to the Servicer, or
such depository’s agent or designee but, if the Servicer does not select such alternative global book-entry system, then upon surrender to the Note Registrar of the Global Notes by the Depository, accompanied by the registration instructions
from the Depository for registration, the Indenture Trustee shall at the Servicer’s expense authenticate Individual Notes. Neither the Servicer 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 Individual Notes, the Indenture Trustee, the Note Registrar, the Servicer, any Paying Agent and the Issuer shall recognize the Holders of the
Individual Notes as Noteholders hereunder. 
  

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 (f) Notwithstanding any other provision of this Agreement to the contrary, so long as any Global Notes
are registered in the name of Cede & Co., as nominee of the Depository, all distributions of principal and interest on such Global Notes and all notices with respect to such Global Notes shall be made and given, respectively, in the manner
provided in the Letter of Representations. 
  
 (g) Subject to the
preceding paragraphs, upon surrender for registration of transfer of any Note at the office of the Note Registrar and, upon satisfaction of the conditions set forth below, the Issuer shall execute in the name of the designated transferee or
transferees, a new Note of the same Percentage Interest and dated the date of authentication by the Indenture Trustee. The Note Registrar shall notify the Servicer and the Indenture Trustee of any such transfer. 
  
 At the option of the Noteholders, Notes may be exchanged for other Notes in
authorized denominations of a like Class, upon surrender of the Notes to be exchanged at such office. Whenever any Notes are so surrendered for exchange, the Issuer shall execute the Notes which the Noteholder making the exchange is entitled to
receive. Every Note presented or surrendered for transfer or exchange shall be accompanied by wiring instructions, if applicable, in the form of Exhibit C. 
  
 (h) No service charge shall be made for any transfer or exchange of Notes, but prior to transfer the Note Registrar may
require payment by the transferor of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Notes. 
  
 All Notes surrendered for payment, transfer and exchange, redemption or repurchase shall be marked canceled by the Note
Registrar and retained for one year and destroyed thereafter. 
  
 (i) By acceptance of an Individual Note, whether upon original issuance or subsequent transfer, each holder of such a Note acknowledges the restrictions on the transfer of such Note set forth in the Securities Legend and agrees that it will
transfer such a Note only as provided herein. In addition to the provisions of subsection 4.02(n) the following restrictions shall apply with respect to the transfer and registration of transfer of an Individual Note to a transferee that takes
delivery in the form of an Individual Note: 
  
 (i) The Note Registrar shall register the transfer of an Individual Note if the requested transfer is being made to a transferee who has provided the Note Registrar with a Rule 144A Certification. 
  
 (ii) The Note Registrar shall register the transfer of any
Individual Note if (x) the transferor has advised the Note Registrar in writing that the Note is being transferred to an Institutional Accredited Investor who is a Qualified Purchaser; and (y) prior to the transfer the transferee furnishes to the
Note Registrar a Transferee Letter; provided, that, if based upon an Opinion of Counsel to the effect that the delivery of (x) and (y) above 

  

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are not sufficient to confirm that the proposed transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and other applicable laws, the Note Registrar may as a condition of the registration of any such transfer require the transferor to furnish other certifications, legal opinions or other information prior to
registering the transfer of an Individual Note. 
  
 (j) Subject to
subsection 4.02(n), so long as a Global Note remains outstanding and is held by or on behalf of the Depository, transfers of beneficial interests in the Global Note, or transfers by holders of Individual Notes to transferees that take
delivery in the form of beneficial interests in the Global Note, may be made only in accordance with this subsection 4.02(j) and in accordance with the rules of the Depository. 
  
 (i) Rule 144A Global Note to Regulation S Global Note During the Distribution Compliance Period. If,
during the Distribution Compliance Period, a Beneficial Owner of an interest in a Rule 144A Global Note wishes at any time to transfer its beneficial interest in such Rule 144A Global Note to a Person who wishes to take delivery thereof in the form
of a beneficial interest in a Regulation S Global Note, such Beneficial Owner may, in addition to complying with all applicable rules and procedures of the Depository and Clearstream or Euroclear applicable to transfers by their respective
participants (the “Applicable Procedures”), transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in the Regulation S Global Note only upon compliance with the provisions of this
subsection 4.02(j)(i). Upon receipt by the Note Registrar at its Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures from a Depository Participant directing the Note Registrar to credit or
cause to be credited to another specified Depository Participant’s account a beneficial interest in the Regulation S Global Note in an amount equal to the denomination of the beneficial interest in the Rule 144A Global Note to be transferred,
(2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Depository Participant (and the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of
the Depository Participant to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit E hereto given by the Beneficial Owner that is transferring such interest, the Note Registrar shall instruct the Depository
to reduce the denomination of the Rule 144A Global Note by the denomination of the beneficial interest in the Rule 144A Global Note to be so transferred and, concurrently with such reduction, to increase the denomination of the Regulation S Global
Note by the denomination of the beneficial interest in the Rule 144A Global Note to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (who shall be a Depository Participant acting
for or on behalf of Euroclear or Clearstream, or both, as the case may be) a beneficial interest in the Regulation S Global Note having a denomination equal to the amount by which the denomination of the Rule 144A Global Note was reduced upon such
transfer. 
  

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 (ii) Rule 144A Global Note to Regulation S Global Note After the Distribution
Compliance Period. If, after the Distribution Compliance Period, a Beneficial Owner of an interest in a Rule 144A Global Note wishes at any time to transfer its beneficial interest in such Rule 144A Global Note to a Person who wishes to take
delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such holder may, in addition to complying with all Applicable Procedures, transfer or cause the transfer of such beneficial interest for an equivalent beneficial
interest in a Regulation S Global Note only upon compliance with the provisions of this subsection 4.02(j)(ii). Upon receipt by the Note Registrar at its Corporate Trust Office of (1) written instructions given in accordance with the
Applicable Procedures from a Depository Participant directing the Note Registrar to credit or cause to be credited to another specified Depository Participant’s account a beneficial interest in the Regulation S Global Note in an amount equal to
the denomination of the beneficial interest in the Rule 144A Global Note to be transferred, (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Depository Participant (and, in
the case of a transfer pursuant to and in accordance with Regulation S, the Euroclear or Clearstream account, as the case may be) to be credited with, and the account of the Depository Participant to be debited for, such beneficial interest, and (3)
a certificate in the form of Exhibit F hereto given by the Beneficial Owner that is transferring such interest, the Note Registrar shall instruct the Depository to reduce the denomination of the Rule 144A Global Note by the aggregate
denomination of the beneficial interest in the Rule 144A Global Note to be so transferred and, concurrently with such reduction, to increase the denomination of the Regulation S Global Note by the aggregate denomination of the beneficial interest in
the Rule 144A Global Note to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (who shall be a Depository Participant acting for or on behalf of Euroclear or Clearstream, or both, as
the case may be) a beneficial interest in the Regulation S Global Note having a denomination equal to the amount by which the denomination of the Rule 144A Global Note was reduced upon such transfer. 
  
 (iii) Regulation S Global Note to Rule 144A Global
Note. If the Beneficial Owner of an interest in a Regulation S Global Note wishes at any time to transfer its beneficial interest in such Regulation S Global Note to a Person who wishes to take delivery thereof in the form of a beneficial
interest in the Rule 144A Global Note, such holder may, in addition to complying with all Applicable Procedures, transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in the Rule 144A Global Note only upon
compliance with the provisions of this subsection 4.02(j)(iii). Upon receipt by the Note Registrar at its Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures from a Depository Participant
directing the Note Registrar to credit or cause to be credited to another specified Depository Participant’s account a beneficial interest in the Rule 144A Global Note in an amount equal to the denomination of the beneficial interest in the
Regulation S Global Note to be transferred, (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Depository Participant to 

  

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be credited with, and the account of the Depository Participant (or, if such account is held for Euroclear or Clearstream, the Euroclear or Clearstream
account, as the case may be) to be debited for such beneficial interest, and (3) with respect to a transfer of a beneficial interest in the Regulation S Global Note for a beneficial interest in the related Rule 144A Global Note (i) during the
Distribution Compliance Period, a certificate in the form of Exhibit G hereto given by the Beneficial Owner, or (ii) after the Distribution Compliance Period, a Rule 144A Certification from the transferee to the effect that such transferee is
a Qualified Institutional Buyer who is a Qualified Purchaser, the Note Registrar shall instruct the Depository to reduce the denomination of the Regulation S Global Note by the denomination of the beneficial interest in the Regulation S Global Note
to be transferred, and, concurrently with such reduction, to increase the denomination of the Rule 144A Global Note by the aggregate denomination of the beneficial interest in the Regulation S Global Note to be so transferred, and to credit or cause
to be credited to the account of the Person specified in such instructions (who shall be a Depository Participant acting for or on behalf of Euroclear or Clearstream, or both, as the case may be) a beneficial interest in the Rule 144A Global Note
having a denomination equal to the amount by which the denomination of the Regulation S Global Note was reduced upon such transfer. 
  
 (iv) Transfers Within Regulation S Global Notes During Distribution Compliance Period. If, during the Distribution Compliance
Period, the Beneficial Owner of an interest in a Regulation S Global Note wishes at any time to transfer its beneficial interest in such Trust Certificate to a Person who wishes to take delivery thereof in the form of a Regulation S Global Note,
such Beneficial Owner may transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in such Regulation S Global Note only upon compliance with the provisions of this subsection 4.02(j)(iv) and all
Applicable Procedures. Upon receipt by the Note Registrar at its Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures from a Depository Participant directing the Note Registrar to credit or cause to
be credited to another specified Depository Participant’s account a beneficial interest in such Regulation S Global Note in an amount equal to the denomination of the beneficial interest to be transferred, (2) a written order given in
accordance with the Applicable Procedures containing information regarding the account of the Depository Participant to be credited with, and the account of the Depository Participant (or, if such account is held for Euroclear or Clearstream, the
Euroclear or Clearstream account, as the case may be) to be debited for, such beneficial interest and (3) a certificate in the form of Exhibit H hereto given by the transferee, the Note Registrar shall instruct the Depository to credit or
cause to be credited to the account of the Person specified in such instructions (who shall be a Depository Participant acting for or on behalf of Euroclear or Clearstream, or both, as the case may be) a beneficial interest in the Regulation S
Global Note having a denomination equal to the amount specified in such instructions by which the account to be debited was reduced upon such transfer. The Note Registrar shall not be required to monitor compliance by Beneficial Owners of the
provisions of this subsection 4.02(j)(iv). 
  

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 (k) Any and all transfers from a Global Note to a transferee wishing to take delivery in the form of an
Individual Note will require the transferee to take delivery subject to the restrictions on the transfer of such Individual Note described on the face of such Note, and such transferee agrees that it will transfer such Individual Note only as
provided therein and herein. No such transfer shall be made and the Note Registrar shall not register any such transfer unless such transfer is made in accordance with this subsection 4.02(k). 
  
 (i) Transfers of a beneficial interest in a Global Note to
an Institutional Accredited Investor who is a Qualified Purchaser will require delivery of such Note to the transferee in the form of an Individual Note and the Note Registrar shall register such transfer only if prior to the transfer such
transferee furnishes to the Note Registrar (1) a Transferee Letter to the effect that the transfer is being made to an Institutional Accredited Investor who is a Qualified Purchaser in accordance with an applicable exemption under the Securities
Act, and (2) an Opinion of Counsel acceptable to the Indenture Trustee that such transfer is in compliance with the Securities Act. 
  
 (ii) Transfers of a beneficial interest in a Global Note to a Qualified Institutional Buyer who is a Qualified Purchaser or a Regulation S
Investor wishing to take delivery in the form of an Individual Note will be registered by the Note Registrar only upon compliance with the provisions of subsection 4.02(j) and if the Note Registrar is provided with a Rule 144A Certification
or a Regulation S Transfer Certificate, as applicable. 
  
 (iii) Notwithstanding the foregoing, no transfer of a beneficial interest in a Regulation S Global Note to an Individual Note pursuant to subparagraph (B) above shall be made prior to the expiration of the Distribution Compliance Period.
Upon acceptance for exchange or transfer of a beneficial interest in a Global Note for an Individual Note, as provided herein, the Note Registrar shall endorse on the schedule affixed to the related Global Note Registrar (or on a continuation of
such schedule affixed to such Global Note Registrar and made a part thereof) an appropriate notation evidencing the date of such exchange or transfer and a decrease in the denomination of such Global Note Registrar equal to the denomination of such
Individual Note Registrar issued in exchange therefor or upon transfer thereof. Unless determined otherwise by the Company in accordance with applicable law, an Individual Note Registrar issued upon transfer of or exchange for a beneficial interest
in the Global Note Registrar shall bear the Securities Legend. 
  
 (l) Transfers of Individual Note to the Global Notes. If a Holder of an Individual Note wishes at any time to transfer such Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Note or the related Rule 144A Global Note, such transfer may be effected only in accordance with the Applicable Procedures, and this subsection 4.02(1). Upon receipt by the Note Registrar at the Corporate Trust Office of
(1) the Individual Note to be transferred with an assignment and transfer, (2) written instructions given in accordance with the Applicable Procedures from a Depository Participant directing the Note Registrar to credit or cause to be credited to
another specified Depository Participant’s 

  

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account a beneficial interest in such Regulation S Global Note or such Rule 144A Global Note, as the case may be, in an amount equal to the denomination of
the Individual Note to be so transferred, (3) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Depository Participant (and, in the case of any transfer pursuant to Regulation S,
the Euroclear or Clearstream account, as the case may be) to be credited with such beneficial interest, and (4) (x) if delivery is to be taken in the form of a beneficial interest in the Regulation S Global Note, a Regulation S Transfer Note from
the transferor or (y) a Transferee Letter from the transferee to the effect that such transferee is a Qualified Institutional Buyer who is a Qualified Purchaser, if delivery is to be taken in the form of a beneficial interest in the Rule 144A Global
Note, the Note Registrar shall cancel such Individual Note, execute and deliver a new Individual Note for the denomination of the Individual Note not so transferred, registered in the name of the Holder, and the Note Registrar shall instruct the
Depository to increase the denomination of the Regulation S Global Note or the Rule 144A Global Note, as the case may be, by the denomination of the Individual Note to be so transferred, and to credit or cause to be credited to the account of the
Person specified in such instructions (who, in the case of any increase in the Regulation S Global Note during the Distribution Compliance Period, shall be a Depository Participant acting for or on behalf of Euroclear or Clearstream, or both, as the
case may be) a corresponding denomination of the Rule I44A Global Note or the Regulation S Global Note, as the case may be. 
  
 It is the intent of the foregoing that under no circumstances may an Institutional Accredited Investor that is not a Qualified Institutional Buyer take
delivery in the form of a beneficial interest in a Global Note. 
  
 (m) An exchange of a beneficial interest in a Global Note for an Individual Note or Notes, an exchange of an Individual Note or Notes for a beneficial interest in a Global Note and an exchange of an Individual Note or Notes for another
Individual Note or Notes (in each case, whether or not such exchange is made in anticipation of subsequent transfer, and in the case of the Global Notes, so long as the Global Notes remain outstanding and are held by or on behalf of the Depository),
may be made only in accordance with this Section 4.02 and in accordance with the rules of the Depository and Applicable Procedures. 
  
 (n) (i) Upon acceptance for exchange or transfer of an Individual Note for a beneficial interest in the Global Note as provided herein, the Note Registrar
shall cancel such Individual Note and shall (or shall request the Depository to) endorse on the schedule affixed to the applicable Global Note (or on a continuation of such schedule affixed to the Global Note and made a part thereof) an appropriate
notation evidencing the date of such exchange or transfer and an increase in the Note balance of the Global Note equal to the Note balance of such Individual Note exchanged or transferred therefor. 
  
 (ii) Upon acceptance for exchange or transfer of a
beneficial interest in the Global Note for an Individual Note as provided herein, the Note Registrar shall (or shall request the Depository to) endorse on the schedule affixed to the Global Note (or on a continuation of such schedule affixed to the
Global Note and made a part thereof) an 

  

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appropriate notation evidencing the date of such exchange or transfer and a decrease in the Note balance of the Global Note equal to the Note balance of such
Individual Note issued in exchange therefor or upon transfer thereof. 

  
 (o) The Securities Legend shall be placed on any Individual Note issued in exchange for or upon transfer of another Individual Note or of a beneficial interest in the Global Note. 
  
 (p) Subject to the restrictions on transfer and exchange set forth in this
Section 4.02, the holder of any Individual Note may transfer or exchange the same in whole or in part (in an initial Note balance equal to the minimum authorized denomination of $500,000 or any integral multiple of $100,000 in excess thereof)
by surrendering such Note at the Corporate Trust Office, or at the office of any transfer agent, together with an executed instrument of assignment and transfer satisfactory in form and substance to the Note Registrar in the case of transfer and a
written request for exchange in the case of exchange. The holder of a beneficial interest in a Global Note may, subject to the rules and procedures of the Depository, cause the Depository (or its nominee) to notify the Note Registrar in writing of a
request for transfer or exchange of such beneficial interest for an Individual Note or Notes. Following a proper request for transfer or exchange, the Note Registrar shall, within five (5) Business Days of such request made at such Corporate Trust
Office, cause the Indenture Trustee to authenticate and the Note Registrar to deliver at such Corporate Trust Office, to the transferee (in the case of transfer) or holder (in the case of exchange) or send by first class mail at the risk of the
transferee (in the case of transfer) or holder (in the case of exchange) to such address as the transferee or holder, as applicable, may request, an Individual Note or Notes, as the case may require, for a like aggregate Percentage Interest and in
such authorized denomination or denominations as may be requested. The presentation for transfer or exchange of any Individual Note shall not be valid unless made at the Corporate Trust Office by the registered holder in person, or by a duly
authorized attorney-in-fact. 
  
 (q) No transfer of any Note shall
be made unless such transfer is exempt from the registration requirements of the Securities Act and any applicable state securities laws or is made in accordance with said Act and laws. No transfer of any Note shall be made if such transfer would
require the Issuer to register as an “investment company” under the 1940 Act. In the event of any such transfer, unless such transfer is made in reliance upon Rule 144A under the Securities Act or Regulation S under the Securities Act, (i)
the Indenture Trustee may require a written Opinion of Counsel (which may be in-house counsel) acceptable to and in form and substance reasonably satisfactory to the Indenture Trustee that such transfer may be made pursuant to an exemption,
describing the applicable exemption and the basis therefor, from said Act and laws or is being made pursuant to said Act and laws, which Opinion of Counsel shall not be an expense of the Indenture Trustee, the Issuer, or the Servicer and (ii) the
Indenture Trustee shall require the transferee to execute a Transferee Letter certifying to the Issuer and the Indenture Trustee the facts surrounding such transfer, which Transferee Letter shall not be an expense of the Indenture Trustee, the
Issuer or the Servicer. The holder of a Note desiring to effect such transfer shall, and by accepting a Note and the benefits of this Indenture does hereby agree to, indemnify the Indenture Trustee, the Issuer and the Servicer against any liability
that 

  

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may result if the transfer is not so exempt or is not made in accordance with such federal and state laws. None of the Issuer, the Indenture Trustee or the
Trust Depositor intends or is obligated to register or qualify any Note under the Securities Act or any state securities laws. 
  
 (r) By acquiring a Class A Note, a Class B Note or a Class C Note, each purchaser and transferee shall be deemed to represent and warrant that either (a)
it is not acquiring such Note with the plan assets of an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, a “plan” as defined in Section 4975 of the Code, an entity whose
underlying assets are deemed to include “plan assets” of any of the foregoing by reason of an employee benefit plan’s or plan’s investment in such entity, or a governmental plan (as defined in Section 3(32) of ERISA) or a church
plan (as defined in Section 3(33) of ERISA for which no election has been made under section 410(d) of the Code) that is subject to any federal, state or local law that is substantially similar to the provisions of section 406 of ERISA or section
4975 of the Code; or (b) the acquisition and holding of such Note will not give rise to a nonexempt prohibited transaction under Section 406(a) of ERISA or Section 4975 of the Code (or, in the case of a governmental plan or a church plan, any
substantially similar federal, state or local law). 
  
 (s)
Notwithstanding any other provision of this Agreement to the contrary, on the Closing Date, the Indenture Trustee shall authenticate in the name of, and deliver to, the Trust Depositor, the Class D Notes and the Class E Note, each in the form of a
single Individual Note in an aggregate principal amount equal to the Initial Class D Principal Balance and the Initial Class E Principal Balance, respectively. The Holder of the Class D Notes, the Class E Note and the Trust Certificate shall
initially be the Trust Depositor. No transfer, sale, pledge or other disposition of the Class E Note (a “Transfer”) shall be made unless (1) simultaneously with the Transfer a proportionate amount of Trust Certificates are
Transferred so that the ratio of the Percentage Interest of the Trust Certificates so Transferred to all Trust Certificates and the ratio of the Percentage Interest of the Class E Notes so Transferred to all Class E Notes are equal, (2) the
Transfers of the Trust Certificates and Class E Notes referred to herein are made to the same Person and (3) the Percentage Interest of the Trust Certificates and Class E Notes, respectively, so transferred is no less than ten (10%) percent.

  
 (t) Any Class D Note or Class E Note may only be owned by
United States Persons (as defined in Section 7701(a)(30) of the Code). 
  
 (u) No Class D Note or Class E Note may be owned by any natural Person. 
  
 (v) No Class D Note or Class E Note may be acquired directly or indirectly, for, on behalf of or with the assets of an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I
of ERISA, a “plan” as defined in Section 4975 of the Code, or an entity (including an insurance company general account) whose underlying assets are deemed to include “plan assets” of any of the foregoing by reason of an employee
benefit plan’s or plan’s investment in such entity. No transfer of a Class D Note or a Class E Note representing an Individual Note shall be made unless the Indenture Trustee shall have received a certification from the transferee of such
Individual Note, acceptable to and in form and substance satisfactory 

  

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to the Indenture Trustee and the Issuer, to the effect that such transferee is acquiring a Class D Note or a Class E Note in conformance with the
requirements of the preceding sentence. Notwithstanding anything else to the contrary herein, in the event any purported transfer of any Class D Note or Class E Note representing an Individual Note is made without delivery of the certification
referred to above, such certification shall be deemed to have been made by the Transferee by its acceptance of such Individual Note. 
  
 (w) No transfer, sale, pledge or other disposition of a Class E Note shall be made if immediately after such transfer, sale, pledge or other disposition
the total number of Class E Noteholders would exceed ten; provided, however, that this subsection 4.02(w) shall not apply if the Issuer shall have received an opinion of nationally recognized tax counsel to the effect that (1) such transfer
will not cause the Issuer to be treated as a publicly traded partnership (within the meaning of Section 7704 of the Code) or (2) the Class E Note will be treated as debt for federal income tax purposes. 
  
 Section 4.03 Mutilated, Destroyed, Lost or Stolen Notes. 

 
 Subject to UCC § 8-405, if (i) any mutilated Note is surrendered to
the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the
Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuer shall execute, and upon its request the
Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, 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, 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. 
  
 Upon the
issuance of any replacement Note under this Section 4.03, the Issuer may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other
reasonable expenses (including the fees and expenses of the Indenture Trustee) connected therewith. 
  
 Every replacement Note issued pursuant to this Section 4.03 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an
original additional contractual 

  

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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. 
  
 The provisions of this Section 4.03 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 4.04 Payment of Principal and Interest; Defaulted Interest. 
  
 (a) The Notes shall accrue interest during each Interest Accrual Period on the basis of the actual number of days elapsed during such Interest Accrual Period and a year assumed to consist of 360 days. Any installment
of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note is registered on the Record Date, by check mailed
first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date, except that, unless Global Notes have been issued pursuant to Section 4.02, with respect to Notes registered on the Record
Date in the name of the nominee of the Depository (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such Person and except for the final installment of
principal payable with respect to such Note on a Payment Date or on the Legal Final Maturity Date (and except for the Redemption Date Amount for any Notes called for redemption pursuant to Section 10.01 and the Repurchase Amount for any Notes
called for repurchase pursuant to Section 10.02) which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. 
  
 (b) The principal of each Note shall be payable in installments on each
Payment Date as provided in the Transfer and Servicing Agreement. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the date on which an Event of Default shall have
occurred and be continuing, if the Indenture Trustee with the consent of the Required Holders have declared the Notes to be immediately due and payable in the manner provided in Section 5.02. All principal payments among the Classes of Notes
shall be made in the order and priorities set forth herein and in the Transfer and Servicing Agreement, and all principal payments on the Notes of the same Class shall be made pro rata to the Noteholders of such Class. The Indenture Trustee shall
notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and interest on such Note will be paid. Such notice
shall be mailed or transmitted by facsimile prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented
and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.03. 
  

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 Section 4.05 Tax Treatment. 
  
 The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for federal, state and
local income, business and franchise tax purposes, (i) the Notes (other than the Class D Notes and the Class E Note) will qualify as indebtedness secured by the Indenture Collateral and (ii) the Issuer shall not be treated as an association, taxable
mortgage pool or publicly traded partnership taxable as a corporation. The Issuer, by entering into this Indenture, and each Noteholder (other than the Class D Noteholder and the Class E Noteholder), by the acceptance of any such Note (and each
beneficial owner of a Note, by its acceptance of an interest in the applicable Note), agree to treat such Notes for federal, state and local income and franchise tax purposes as indebtedness of the Issuer. Each Holder of such Note (other than the
Class D Noteholder and the Class E Noteholder) agrees that it will cause any beneficial owner of such Note acquiring an interest in a Note through it to comply with this Indenture as to treatment of indebtedness under applicable law, as described in
this Section 4.05. The parties hereto agree that they shall not cause or permit the making, as applicable, of any election under Treasury Regulation Section 301.7703-3 whereby the Issuer or any portion thereof would be treated as a
corporation for federal income tax purposes and, except as required by the terms of this Indenture, shall not file tax returns or obtain any federal employer identification number for the Issuer, but shall treat the Issuer as a security device or
disregarded entity for federal income tax purposes. The provisions of this Indenture shall be construed in furtherance of the foregoing intended tax treatment. 
  

It is the intent of the Trust Depositor, the Servicer, the Class D Noteholder, the Class E Noteholder and the Certificateholder that in the event (i)
the Trust Certificate, the Class D Notes and the Class E Note are owned by one (1) Holder, for federal income tax purposes the Trust will be treated as a division of such Holder or be disregarded as an entity separate from such Holder, and (ii) in
the event that the Trust Certificate and/or the Class E Note are owned by more than one (1) Holder, the Trust will be treated as described in Section 2.11 of the Trust Agreement. 
  
 Section 4.06 Satisfaction and Discharge of Indenture. 
  
 This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of
transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.01, 3.03, 3.04, 3.05,
3.07, 3.08, 3.10, 3.16, 3.18, 3.19, 3.21, 3.22, 4.05, 6.16, 6.17, 6.19 and 11.16 (v) the rights, obligations and immunities of the Indenture Trustee hereunder
(including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Section 4.07) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited
with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on written demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to
the Notes, when 
  
 (A) any of the following has
occurred: 
  
 (1) all Notes of such Series
theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and 

  

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that have been replaced or paid as provided in Section 4.03 and (ii) Notes for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation; 
  
 (2) all Notes not theretofore delivered to the Indenture
Trustee for cancellation 
  
 (i) have become due
and payable, or 
  
 (ii) will become due and
payable at the Legal Final Maturity Date within one year, or 
  
 (iii) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the
Issuer; or 
  
 (3) if and only if the Trust
Depositor is the sole Holder of the Class D Notes and the Class E Note, the Class A Notes, Class B Notes and Class C Notes have been paid in full, 
  
 and the Issuer, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash
or direct obligations of or obligations guaranteed by the United States (which will mature prior to the date such amounts are payable), in trust in an Eligible Deposit Account (which shall be the Collection Account or Note Distribution Account) for
such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Note not theretofore delivered to the Indenture Trustee for cancellation when due to the final scheduled Payment Date, as the case may be; 
  
 (B) the Issuer has paid or performed or caused to be paid or
performed all amounts and obligations which the Issuer may owe to or on behalf of the Indenture Trustee for the benefit of the Noteholders under this Indenture or the Notes; and 
  
 (C) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of
Counsel and an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of subsection 11.01(a) and, subject to Section 11.02, stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture with respect to the Notes have been complied with and the Rating Agency Condition has been satisfied. 
  

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 This Indenture shall cease to be of further effect with respect to each Swap when such Swap has been
terminated and the Swap Counterparty has received all amounts it is entitled to receive upon such termination. 
  
 Section 4.07 Application of Trust Money. 
  
 All moneys deposited with the Indenture Trustee pursuant to Section 4.06 hereof 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, as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment, redemption or repurchase of which such moneys
have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest; but such moneys need not be segregated from other funds except to the extent required herein or in the Transfer and Servicing
Agreement or required by law. 
  
 Section 4.08 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 3.05 and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 
  
 ARTICLE V 
  
 REMEDIES 
  
 Section 5.01 Events of Default. 
  
 “Event of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of Default and
whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
  
 (a) failure to pay on each Payment Date the full amount of accrued interest
on any Note and such failure continues unremedied for two (2) Business Days; 
  
 (b) failure to pay the then outstanding Outstanding Principal Balance of the Class A Notes the Class B Notes or the Class C Notes, if any, by the Legal Final Maturity Date; 
  
 (c) failure to pay the Repurchase Price on any Repurchase Date; 

 
 (d) (i) failure on the part of the Originator or the Servicer to make any
payment or deposit required under the Transfer and Servicing Agreement within two (2) Business Days after the date the payment or deposit is required to be made, or (ii) failure on the part of the 

  

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Originator, the Trust Depositor, the Issuer or the Servicer to observe or perform any other covenants or agreements of such entity set forth in the Transfer
and Servicing Agreement or the Indenture, which failure has a material adverse effect on the Noteholders or the Swap Counterparties and continues unremedied for a period of thirty (30) days after the Originator, the Trust Depositor, the Issuer or
the Servicer has actual knowledge thereof or after such Person has received written notice thereof in accordance with Section 11.04 of this Indenture; provided, that, no such thirty (30) day cure period shall apply
in the case of a failure by the Originator to perform its agreement to repurchase or substitute for Ineligible Loans; and further, provided, that, only a five (5) day cure period shall apply in the case of a
failure by the Originator, the Indenture Trustee or the Owner Trustee to observe their respective covenants not to grant a security interest in or otherwise intentionally create a lien on the Loans; 
  
 (e) any representation, warranty, certification or written statement made by
the Originator, the Trust Depositor or the Servicer in the Transfer and Servicing Agreement or the Indenture or any information required to be given by the Originator or the Trust Depositor to the Trust or the Indenture Trustee to identify the Loans
proves to have been incorrect when made, which has a material adverse effect on the Noteholders or the Swap Counterparties and continues to be incorrect for a period of thirty (30) days after the Originator, the Trust Depositor, the Issuer or the
Servicer has actual knowledge thereof or after such Person has received written notice thereof in accordance with Section 11.04 of this Indenture; provided, however, that an Event of Default shall not be deemed to
occur thereunder if the Originator has repurchased or substituted for the related Loans through the Trust Depositor during such period in accordance with the provisions of the Transfer and Servicing Agreement; 
  
 (f) the Class E Note is held by more than ten (10) persons; 
  
 (g) [Reserved]; 
  
 (h) the Indenture Trustee, on behalf of the Noteholders and the Swap Counterparties, shall fail for any reason to have a
valid and perfected first priority security interest in the Loans and the Collateral and such failure has a material adverse effect on the Noteholders or the Swap Counterparties; 
  
 (i) the Originator or the Servicer agrees or consents to, or otherwise permits to occur, any amendment, modification,
change, supplement or rescission of or to the Credit and Collection Policy in whole or in part that could reasonably be expected to have a material adverse effect upon the Noteholders and the Swap Counterparties; 
  
 (j) the occurrence of an Insolvency Event relating to the Trust Depositor,
the Issuer or the Originator; or 
  
 (k) the Issuer or the Loan
Pool becomes subject to registration as an “investment company” under the 1940 Act. 
  

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 Section 5.02 Acceleration of Maturity; Rescission and Annulment. 
  
 If an Event of Default should occur and be continuing, then and in every such
case the Indenture Trustee or the Required Holders may declare the Notes to be immediately due and payable, by a notice in writing to the Issuer and the Rating Agencies and each Swap Counterparty (and to the Indenture Trustee if given by
Noteholders), and upon any such declaration the unpaid principal amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 
  
 At any time after such declaration of acceleration of maturity has been made
and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article V; provided, the Required Holders, by written notice to the Issuer and the Indenture Trustee
and each Swap Counterparty, may rescind and annul such declaration and its consequences if: 
  
 (A) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay: 
  
 (i) all payments of principal of and interest on the Notes,
all scheduled payments then due and payable under each Swap and all other amounts that would then be due hereunder, upon the Notes and under each Swap if the Event of Default giving rise to such acceleration had not occurred; and 
  
 (ii) all sums paid or advanced by the Indenture Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and 
  
 (B) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have
been cured or waived as provided in Section 5.13. 
  
 No
such rescission or annulment shall affect any subsequent default or impair any right consequent thereto. No such rescission or annulment shall affect a Swap or any Swap Transaction that has been terminated in accordance with the terms thereof. Any
Swap in effect at the time of any declaration of acceleration of maturity shall remain in effect until such time as such declaration of acceleration of maturity can no longer be rescinded or annulled under the terms of this Indenture. 
  
 Section 5.03 Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee; Authority of Indenture Trustee. 
  
 (a) The
Issuer covenants that if the Notes are accelerated following the occurrence of an Event of Default, the Issuer will, upon demand of the Indenture Trustee, pay to it, for the benefit of the Noteholders, the whole amount then due and payable on such
Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of 

  

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interest shall be legally enforceable, upon overdue installments of interest, at the applicable Note Interest Rate and in addition thereto such further
amount as shall be sufficient to cover costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 
  
 (b) The Indenture Trustee, following the occurrence of an Event of Default,
shall have full right, power and authority to take, or defer from taking, any and all acts with respect to the administration, maintenance or disposition of the Indenture Collateral. 
  
 (c) If an Event of Default occurs and is continuing, the Indenture Trustee may in its discretion (except as provided in
subsection 5.03(d), and shall, at the direction of the Required Holders), proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as shall be deemed most effective 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. 
  
 (d) Notwithstanding
anything to the contrary contained in this Indenture, if an Event of Default shall have occurred and be continuing, and if the Issuer fails to perform its obligations under Section 10.01 or Section 10.02 when and as due, the Indenture
Trustee may in its discretion, and shall, at the direction of the Required Holders, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Indenture Trustee, or the Required Holders, as the
case may be, shall deem most effective to protect and enforce any such rights, whether for specific performance 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, that, the Indenture Trustee shall only be entitled to take any such actions to the extent such actions (i) are
taken only to enforce the Issuer’s obligations to redeem the principal amount of Notes, and (ii) are taken only against the Indenture Collateral, any investments therein and any proceeds thereof. 
  
 (e) 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 Indenture Collateral, Proceedings under any Insolvency Law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or
similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to
the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether
the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 
  
 (i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in
respect of the Notes and to file such other papers or 

  

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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 or bad faith) and of the Noteholders allowed in such Proceedings in accordance with the written direction of a majority of the Noteholders; 
  
 (ii) unless prohibited by applicable law and regulations, to
vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings in accordance with the written direction of a majority of the Noteholders; 
  
 (iii) to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 
  
 (iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to
have the claims of the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuer, its creditors and its property; 
  
 and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the
Indenture Trustee, as administrative expenses associated with any such proceeding, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as
shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made,
by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad faith. 
  
 (f) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any
Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding
except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
  
 (g) All rights of action, and of asserting claims under this Indenture or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any
trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the
expenses, 

  

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disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Noteholders. 
  
 (h) In any Proceedings
brought by the Indenture Trustee (including any Proceedings involving the interpretation of any provision of this Indenture), the Indenture Trustee shall be held to represent all of the Noteholders, and it shall not be necessary to make any
Noteholder a party to any such proceedings. 
  
 Section
5.04 Remedies. 
  
 If an Event of Default shall have
occurred and be continuing, the Indenture Trustee (subject to Section 5.05) may, and shall if so directed by the Required Holders in writing: 
  
 (i) institute Proceedings in its own name and as or on behalf of a trustee of an express trust for the collection of all amounts then
payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, and all amounts payable under the Transfer and Servicing Agreement, enforce any judgment obtained, and collect from the Issuer and any other
obligor upon such Notes moneys adjudged due; 
  
 (ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Indenture Collateral; 
  
 (iii) exercise any remedies of a secured party under the UCC and any other remedy available to the Indenture Trustee and take any other
appropriate action to protect and enforce the rights and remedies of the Indenture Trustee on behalf of the Noteholders under this Indenture or the Notes; and 
  

(iv) sell the Indenture Collateral or any portion thereof or rights or interest therein, at one or more public or private sales called
and conducted in any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Indenture Collateral following an Event of Default, other than an Event of Default
described in subsection 5.01(a) or (b),unless (A) the Holders of 100% of the Outstanding Amount of the Notes consent thereto (and, unless it shall be paid in full all amounts payable to each Swap Counterparty upon a termination of its
Swap, each Swap Counterparty consents thereto), (B) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest and all
amounts payable to each Swap Counterparty upon termination of the Swaps or (C) the Indenture Trustee determines that the Indenture Collateral will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as
they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee provides prior written notice to each Rating Agency and obtains the consent of the Holders of 100% of the Outstanding Amount of the Notes (and,
unless it shall be paid in full all amounts payable to each Swap Counterparty upon a termination of its Swap, the consent of each Swap Counterparty). In determining such sufficiency or insufficiency with respect to clauses 

  

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(B) and (C), the Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Indenture Collateral for such purpose and shall in no event be liable for relying on such opinions; provided,
however, upon the occurrence of an Event of Default described in subsection 5.01(j), caused solely from an event described in such subparagraph occurring with respect to the Trust Depositor or the Issuer, the Indenture
Collateral will be liquidated by the Indenture Trustee, at the expense of the Trust, and the Trust will be terminated ninety (90) days after the date of such Insolvency Event, unless, before the end of such ninety (90) day period, the relevant
Trustee shall have received written instructions from the Required Holders, to the effect that such Required Holders disapprove of the liquidation of such Indenture Collateral and termination of such Trust. 
  
 Section 5.05 Optional Preservation of the Indenture Collateral.

  
 Following an Event of Default and if such Event of Default has
not been rescinded and annulled, and except as otherwise provided above, the Indenture Trustee may, but need not, elect to maintain possession of the Indenture Collateral; provided, however, that the Indenture Trustee
shall at all times maintain possession of the Indenture Collateral, consisting of “instruments” (within the meaning of the UCC), not constituting part of chattel paper (if any), evidencing any Loan that had previously been delivered to the
Indenture Trustee as part of the Indenture Collateral, unless and until such “instruments” are delivered in connection with a realization with respect to the Indenture Collateral in accordance with the terms of this Indenture. It is the
desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal and interest on the Notes and amounts due under the Swaps, and the Indenture Trustee shall take such desire into account when
determining whether or not to maintain possession of the Indenture Collateral. In determining whether to maintain possession of the Indenture Collateral, the Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Indenture Collateral for such purpose. 
  
 Section 5.06 Priorities. 
  
 (a) If the Indenture Trustee collects any money or property pursuant to this
Article V, it shall pay out the money or property as set forth in Section 7.05 of the Transfer and Servicing Agreement. 
  
 (b) The Indenture Trustee may fix a record date and Payment Date for any payment to Noteholders pursuant to this Section 5.06. At least five (5)
days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the Payment Date and the amount to be paid. 
  

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 Section 5.07 Limitation of Suits. 
  
 No Holder of any Note shall have any right to institute any Proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (and in all events subject to Section 11.16 hereof): 
  
 (i) such Holder has previously given written notice to the
Indenture Trustee of a continuing Event of Default; 
  
 (ii) the Holders of not less than 25% of the Outstanding Amount of the Notes have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder;

  
 (iii) such Holder or Holders have offered to
the Indenture Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request; 
  
 (iv) the Indenture Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute
such Proceeding; and 
  
 (v) no direction
inconsistent with such written request has been given to the Indenture Trustee during such sixty (60) day period by the Holders of a majority of the Outstanding Amount of the Notes, voting together as a single class. 
  
 It is understood and intended that no one or more Noteholders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce
any right under this Indenture, except in the manner herein provided. 
  
 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the Outstanding Amount of the Notes, the Indenture Trustee
shall act at the direction of the group of Noteholders representing the greater percentage of the Outstanding Amount of the Notes. 
  
 Section 5.08 Unconditional Rights of Noteholders to Receive Principal and Interest. 
  
 Notwithstanding any other provisions in the Indenture, the Holder of any Note shall have the right, which is absolute and
unconditional, to receive payment of the principal of and interest on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption or repurchase, on or after the Redemption Date or
the Repurchase Date, as applicable) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. 
  

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 Section 5.09 Restoration of Rights and Remedies. 
  
 If the Indenture Trustee or any Noteholder has instituted any Proceeding to
enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Indenture Trustee
and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall
continue as though no such Proceeding had been instituted. 
  
 Section 5.10 Rights and Remedies Cumulative. 
  
 No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative
and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 
  
 Section 5.11 Delay or Omission Not a Waiver. 
  
 No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event
of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or
by the Noteholders, as the case may be. 
  
 Section 5.12
Control by Noteholders. 
  
 The Required Holders 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 (in all events subject to
subsection 6.02(f)); provided, that: 
  
 (i) such direction shall not be in conflict with any rule of law or with any other provision of this Indenture; 
  
 (ii) subject to the terms of Section 5.04, any direction to the Indenture Trustee to sell or liquidate the Indenture Collateral
shall be by the Noteholders representing not less than 100% of the Outstanding Amount of the Notes; 
  
 (iii) if the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Indenture
Collateral pursuant to such Section, then any direction to the Indenture Trustee by Noteholders representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the Indenture Collateral shall be of no force and effect; and

  

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 (iv) the Indenture Trustee may take any other action deemed proper by the Indenture
Trustee that is not inconsistent with such direction. 
  
 Notwithstanding the
rights of Noteholders set forth in this Section, subject to Section 6.01, the Indenture Trustee need not take any action that it determines might involve it in liability or might materially and adversely affect the rights of any Noteholders
not consenting to such action. 
  
 Section 5.13 Waiver of
Past Defaults. 
  
 In the case of any waiver of an Event of
Default, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent
thereto. Upon any such waiver, such Event of Default shall cease to exist and 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 Event of Default or
impair any right consequent thereto. No such waiver shall affect a Swap or any Swap Transaction that has been terminated in accordance with the terms thereof. 
  

Section 5.14 Undertaking for Costs. 
  
 All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof and each Swap Counterparty by accepting the
benefits hereof 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 5.14 shall not apply to (i) any suit instituted by the Indenture
Trustee, (ii) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes or (iii) 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 or repurchase, on or after the Redemption Date or Repurchase Date, as applicable).

  
 Section 5.15 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 advantages 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. 
  

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 Section 5.16 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, the Swap Counterparties or the Noteholders shall be
impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Indenture Collateral or upon any of the assets of the Issuer. Any money or property
collected by the Indenture Trustee shall be applied in accordance with Section 5.06. 
  
 Section 5.17 Performance and Enforcement of Certain Obligations. 
  
 (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuer shall take all such lawful action
as the Indenture Trustee may request to compel or secure the performance and observance by the Trust Depositor and the Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Transfer Agreement and the
Transfer and Servicing Agreement 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 Transfer Agreement and the Transfer and
Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Trust Depositor or the Servicer thereunder and the institution of legal or administrative
actions or proceedings to compel or secure performance by the Trust Depositor or the Servicer of each of their obligations under the Transfer Agreement and the Transfer and Servicing Agreement. 
  
 (b) If an Event of Default has occurred and is continuing, the Indenture
Trustee may, and at the direction (which direction shall be in writing, including facsimile) of the Required Holders shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Trust Depositor or the Servicer under
or in connection with the Transfer Agreement and the Transfer and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Trust Depositor 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 Transfer Agreement and the Transfer and Servicing Agreement, and any right of the Issuer to take such action shall be suspended.

  

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 ARTICLE VI 

 
 THE INDENTURE TRUSTEE 
  
 Section 6.01 Duties of Indenture Trustee. 
  
 (a) On each Measurement Date, with the exception of the Closing Date, the
Indenture Trustee shall calculate the Collateral Criteria, including the Portfolio Profile Test and promptly report the results of such calculations to the Servicer for inclusion in the Quarterly Report. In connection therewith: 
  
 (i) the Servicer shall deliver to the Indenture Trustee four
Business Days prior to each Measurement Date an electronic file in a form acceptable to the Indenture Trustee containing information sufficient for the Indenture Trustee to calculate the Collateral Criteria, and the Indenture Trustee shall be
entitled to rely on any such information provided by the Servicer; 
  
 (ii) in the performance of its duties hereunder, the Trustee may obtain ratings on items of Collateral from the Servicer and shall be protected in relying on any such rating so obtained; 
  
 (iii) unless otherwise specified, Collateral Criteria
calculations that evaluate to a percentage will be rounded to the nearest one-hundredth; and 
  
 (iv) unless otherwise specifically provided herein, all calculations required to be made, and all reports that are to be prepared,
pursuant to this Indenture, shall be made on the basis of the settlement date for the acquisition, purchase, sale, disposition, liquidation or other transfer of an asset. 
  
 (b) If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested
in it by this Indenture and 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 with respect to the Indenture Collateral.

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

  
 (i) the Indenture Trustee undertakes to
perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and 
  
 (ii) in the absence of bad faith on its part, the Indenture
Trustee may conclusively rely, as to the truth of the factual statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture;
however, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture and the other Transaction Documents to which the Indenture Trustee is a party. 
  
 (d) The Indenture Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act or its own willful misconduct, except that: 
  
 (i) this paragraph does not limit the effect of subsection 6.01(c); 
  

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 (ii) the Indenture Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 
  
 (iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 5.12. 
  
 (e)
Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to subsections 6.01(b), (c) and (d). 
  
 (f) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this
Indenture or the Transfer and Servicing Agreement. 
  
 (g) No
provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall
have reasonable grounds to believe that repayments of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 
  

(h) The Indenture Trustee shall have no discretionary duties other than those explicitly set forth in this Indenture. 
  
 (i) Every provision of this Indenture relating to the conduct or affecting
the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this section and to the provisions of the TIA. 
  
 Section 6.02 Rights of Indenture Trustee. 
  
 (a) The Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person.
The Indenture Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate (with respect to factual matters) or an Opinion of Counsel, as applicable. The Indenture Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 
  
 (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence 

  

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on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder. 
  
 (d) The Indenture Trustee shall not be liable for any action it takes or
omits to take in good faith which it believes to be authorized or within its rights or powers and shall not be liable to the Noteholders for any action taken or omitted by it at the direction of the Issuer, the Servicer and/or the Noteholders under
the circumstances in which such direction is required or permitted by the terms of this Indenture or the Transfer and Servicing Agreement; provided, however, that the Indenture Trustee’s conduct does not constitute
willful misconduct, negligence or bad faith. 
  
 (e) The Indenture
Trustee may consult with counsel, and the advice or Opinion of Counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
  
 (f) The Indenture Trustee shall be under no obligation to institute, conduct or defend any litigation under this Indenture or in relation to this
Indenture, 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 it against the costs,
expenses and liabilities that may be incurred therein or thereby; provided, however, that the Indenture Trustee shall, upon the occurrence of an Event of Default (that has not been cured), exercise the rights and powers
vested in it by this Indenture in a manner consistent with Section 6.01. 
  
 (g) The Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
approval, bond or other paper or document, unless so requested in writing by the Noteholders evidencing not less than 25% of the Outstanding Amount of the Notes; 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 reasonably assured to the Indenture Trustee by the security afforded
to it by the terms of this Indenture or the Transfer and Servicing Agreement, 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 upon demand. 
  
 (h) The Indenture Trustee shall not be required to give any bond or surety in respect of the performance of its powers and
duties hereunder. 
  
 (i) The Indenture Trustee shall not be bound
to ascertain or inquire as to the performance or observance of any covenants, conditions or agreements on the part of the Issuer. 
  

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 (j) The permissive rights of the Indenture Trustee to do things enumerated in this Indenture shall not be
construed as a duty and the Indenture Trustee shall not be answerable for other than its negligence or willful default. 
  
 (k) Except for (i) a default under subsections 5.01(a) or (b) hereof or (ii) any other event of which a Responsible Officer of the Indenture
Trustee has “actual knowledge” and which event, with the giving of notice or the passage of time or both, would constitute an Event of Default under this Indenture, the Indenture Trustee shall not be deemed to have notice of any Event of
Default or Servicer Default unless specifically notified in writing of such event by the Issuer or any Noteholder; as used herein, the term “actual knowledge” means the actual fact or statement of knowing, by a Responsible Officer without
any duty to make any investigation with regard thereto. 
  
 (l) In
the event that the Indenture Trustee is also acting as Paying Agent or Transfer Agent and Registrar hereunder, the rights and protections afforded to the Indenture Trustee pursuant to this Article VI shall also be afforded to such Paying
Agent or Transfer Agent or Registrar. 
  
 (m) In no event shall
the Indenture Trustee be liable for the selection of Eligible Investments or for investment losses incurred thereon. The Indenture Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any such investment
prior to its stated maturity or the failure of the party directing such investment to provide timely written investment direction. The Indenture Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such
written investment direction. 
  
 Section 6.03 Individual
Rights of Indenture Trustee. 
  
 The Indenture Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or
co-paying agent may do the same with like rights. However, the Indenture Trustee is required to comply with Section 6.11. 
  
 Section 6.04 Indenture Trustee’s Disclaimer. 
  
 The Indenture Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Indenture Collateral
or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes
or in the Notes other than the Indenture Trustee’s certificate of authentication. 
  
 Section 6.05 Notice of Defaults or Events of Default. 
  
 If a Default or Event of Default occurs and is continuing and if it is actually known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder 

  

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and Swap Counterparty notice of the Default or Event of Default within ninety (90) days after it occurs. Except in the case of a Default or Event of Default
with respect to the payment of principal of or interest on any Note (including payments pursuant to the redemption or repurchase of such Notes), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers
in good faith determines that withholding the notice is in the interests of Noteholders and the Swap Counterparties. 
  
 Section 6.06 Reports by Indenture Trustee to Noteholders. 
  

The Indenture Trustee shall deliver to each Noteholder such information as may be required to enable such Holder to prepare its federal and state
income tax returns. In addition, upon the Issuer’s or a Holder’s written request, the Indenture Trustee shall promptly furnish information reasonably requested by the Issuer or such Holder that is reasonably available to the Indenture
Trustee to enable the Issuer or such Holder to perform its federal and state income tax reporting obligations. 
  
 Section 6.07 Compensation and Indemnity. 
  
 The Issuer shall pay or shall cause the Administrator or Servicer to pay to the Indenture Trustee from time to time reasonable compensation for its
services as Indenture Trustee and as Paying Agent (if the Indenture Trustee serves as such) to the extent such compensation is not otherwise paid to the Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Issuer shall or shall cause the Administrator or the Servicer to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in
addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts. The Issuer shall indemnify or
shall cause the Administrator or the Servicer to indemnify the Indenture Trustee against any and all loss, liability or expense (including attorneys’ fees and expenses) incurred by it in connection with the administration of this Indenture and
the performance of its duties hereunder, under the Transfer and Servicing Agreement and any other document or transaction contemplated herewith or therewith or as a Paying Agent for the Issuer. The Indenture Trustee shall notify the Issuer and the
Administrator promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Administrator shall not relieve the Issuer or the Administrator of its obligations hereunder. The Issuer shall
defend or shall cause the Administrator or the Servicer to defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall pay or shall cause the Administrator or the Servicer to pay the fees and expenses of such
counsel. Neither the Issuer nor the Administrator or the Servicer need reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct,
negligence or bad faith. 
  
 The Issuer’s payment and
indemnification obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture and the earlier removal or resignation of the Indenture Trustee. When the Indenture Trustee incurs expenses after the
occurrence of a 

  

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Default specified in subsections 5.01(j) with respect to the Issuer, the expenses are intended to constitute expenses of administration under
applicable Insolvency Law. 
  
 Section 6.08 Replacement of
Indenture Trustee. 
  
 The Indenture Trustee may resign at any
time by so notifying the Issuer and the Servicer. The Issuer may remove the Indenture Trustee if: 
  
 (i) the Indenture Trustee fails to comply with Section 6.11; 
  
 (ii) a court having jurisdiction in the premises in respect of the Indenture Trustee in an involuntary case
or proceeding under federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, 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, provided any such decree or order shall have continued unstayed and in effect for a period of thirty (30) consecutive days; 
  
 (iii) the Indenture Trustee commences a voluntary case under any federal or state banking or bankruptcy
laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or 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 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 
  
 (iv) the Indenture Trustee otherwise becomes incapable of acting. 
  
 If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such
event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee. 
  
 A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer. Thereupon the
resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all of the rights, powers and duties of the Indenture Trustee under this Indenture. No successor Indenture Trustee shall
accept appointment as provided in this Section 6.08 unless at the time of such acceptance such Person shall be eligible under Section 6.11. The Issuer or the successor Indenture Trustee shall mail a notice of its succession to the
Noteholders and the Swap Counterparties (at their addresses shown in the register kept by the Issuer, and provided to the Indenture Trustee). The retiring Indenture Trustee shall promptly transfer, at the expense of the Issuer, all property held by
it as Indenture Trustee to the successor Indenture Trustee and shall 

  

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execute and deliver such instruments and other documents as may reasonably be required to more fully and certainly vest and confirm in the successor
Indenture Trustee all such rights, duties, powers and obligations. 
  
 If a successor Indenture Trustee does not take office within sixty (60) days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority in Outstanding Amount of the
Notes may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 
  
 If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the
Indenture Trustee and the appointment of a successor Indenture Trustee. 
  
 Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture
Trustee pursuant to this Section 6.08 and payment of all fees and expenses owed to the outgoing Indenture Trustee. Notwithstanding the replacement of the Indenture Trustee pursuant to this Section 6.08, the retiring Indenture Trustee
shall be entitled to payment or reimbursement of such amounts as such Person is entitled pursuant to Section 6.07. 
  
 Section 6.09 Successor Indenture Trustee by Merger. 
  
 If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business or assets to,
another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee; provided, that, such corporation or banking association
shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide each Rating Agency and the Swap Counterparties prompt notice of any such transaction. 
  
 In case at the time such successor or successors by merger, conversion or
consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of
any predecessor Indenture Trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of 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 6.10 Appointment of
Co-Indenture Trustee or Separate Indenture Trustee. 
  
 (a)
Notwithstanding any other provision of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any pad of the Indenture Collateral may at the time be located, the Indenture Trustee and the
Administrator acting jointly 

  

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shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-Indenture Trustee or co-Indenture Trustees,
jointly with the Indenture Trustee, or separate Indenture Trustee or separate Indenture Trustees, of all or any part of the Trust, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders and the Swap
Counterparties, such title to the Indenture Collateral, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee and the Administrator may consider
necessary or desirable. If the Administrator shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request so to do, the Indenture Trustee alone shall have the power to make such appointment. No co-Indenture
Trustee or separate Indenture Trustee hereunder shall be required to meet the terms of eligibility of a successor Indenture Trustee under Section 6.11 and no notice to Noteholders or Swap Counterparties of the appointment of any co-Indenture
Trustee or separate Indenture Trustee shall be required under Section 6.08. If the Indenture Trustee is incompetent or unqualified in any jurisdiction to perform as required by this Indenture, all rights, powers, duties and obligations
conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon such separate Indenture Trustee or co-Indenture Trustee who shall exercise and perform such rights, powers, duties and obligations solely at the direction of the
Indenture Trustee. 
  
 (b) Every separate Indenture Trustee and
co-Indenture Trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
  
 (i) all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and
exercised or performed by the Indenture Trustee and such separate Indenture Trustee or co-Indenture Trustee jointly (it being understood that such separate Indenture Trustee or co-Indenture Trustee is not authorized to act separately without the
Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in
which event such rights, powers, duties and obligations (including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate Indenture Trustee or co-Indenture Trustee,
but solely at the direction of the Indenture Trustee; 
  
 (ii) no Indenture Trustee hereunder shall be personally liable by reason of any act or omission of any other Indenture Trustee hereunder; and 
  
 (iii) the Indenture Trustee and the Administrator may at any time accept the resignation of or remove any separate Indenture Trustee or
co-Indenture Trustee. 
  
 (c) Any notice, request or other writing
given to the Indenture Trustee shall be deemed to have been given to each of the then separate Indenture Trustees and co-Indenture Trustees, as effectively as if given to each of them. Every instrument appointing any separate Indenture Trustee or
co-Indenture Trustee shall refer to this Indenture and the conditions of this Article. Each separate Indenture Trustee and co-Indenture Trustee, upon its acceptance of the 

  

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trusts conferred, shall be vested with the estates or property specified in its instrument of co-appointment, either jointly with the Indenture Trustee or
separately, as may be provided therein, subject to all of the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of or affording protection to, the Indenture
Trustee. Every such instrument shall be filed with the Indenture Trustee and a copy thereof given to the Administrator. 
  
 (d) Any separate Indenture Trustee or co-Indenture Trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power
and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate Indenture Trustee or co-Indenture 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. Notwithstanding
anything to the contrary in this Indenture, the appointment of any separate Indenture Trustee or co-Indenture Trustee shall not relieve the Indenture Trustee of its obligations and duties under this Indenture. 
  
 Section 6.11 Eligibility. 
  
 The Indenture Trustee shall at all times satisfy the requirements of TIA
§310(a). The Indenture Trustee hereunder shall at all times be a financial institution organized and doing business under the laws of the United States or any state, authorized under such laws to exercise corporate trust powers, whose long term
unsecured debt is rated at least Baa3 by Moody’s, BBB- by S&P and BBB- by Fitch (if rated by Fitch) and shall have a combined capital and surplus of at least $200,000,000 or shall be a member of a bank holding system the aggregate combined
capital and surplus of which is $200,000,000 and subject to supervision or examination by federal or state authority; provided, that, the Indenture Trustee’s separate capital and surplus shall at all times be at
least the amount required by Section 310(a)(2) of the TIA. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of a supervising or examining authority, then for the purposes of this Section
6.11, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Indenture Trustee shall cease to be eligible
in accordance with the provisions of this Section 6.11, the Indenture Trustee shall resign immediately in the manner and with the effect specified in Section 6.08. The Indenture Trustee shall comply with TIA §310(b);
provided, however, that there shall be excluded from the operation of TIA §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 §310(b)(1) are met. 
  
 Section 6.12
Preferential Collection of Claims Against Issuer. 
  
 The
Indenture Trustee shall comply with TIA §311(a), excluding any creditor relationship listed in TIA §311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA §311(a) to the extent indicated. 
  

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 Section 6.13 Representations and Warranties of Indenture Trustee. 
  
 The Indenture Trustee in its individual capacity and as Indenture Trustee
represents and warrants as follows: 
  
 (a) Organization and
Corporate Power. It is a duly organized and validly existing national banking association in good standing under the laws of each jurisdiction where its business so requires. It has full corporate power, authority and legal right to execute,
deliver and perform its obligations as Indenture Trustee under this Indenture and the Transfer and Servicing Agreement (the foregoing documents, the “Indenture Trustee Documents”) and to authenticate the Notes. 
  
 (b) Due Authorization. The execution and delivery of the Indenture
Trustee Documents, the consummation of the transactions provided for therein and the authentication of the Notes have been duly authorized by all necessary corporate action on its part, either in its individual capacity or as Indenture Trustee, as
the case may be. 
  
 (c) No Conflict. The execution and
delivery of the Indenture Trustee Documents, the performance of the transactions contemplated thereby and the fulfillment of the terms thereof (including the authentication of the Notes) will not conflict with, result in any breach of any of the
material terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, any indenture, contract, agreement, mortgage, deed of trust, or other instrument to which the Indenture Trustee is a party or by which
it or any of its property is bound. 
  
 (d) No Violation.
The execution and delivery of the Indenture Trustee Documents, the performance of the transactions contemplated thereby and the fulfillment of the terms thereof (including the authentication of the Notes) will not conflict with or violate, in any
material respect, any Requirements of Law applicable to the Indenture Trustee. 
  
 (e) All Consents Required. All approvals, authorizations, consents, orders or other actions of any Person or any Governmental Authority applicable to the Indenture Trustee, required in connection with the
execution and delivery of the Indenture Trustee Documents, the performance by the Indenture Trustee of the transactions contemplated thereby and the fulfillment by the Indenture Trustee of the terms thereof (including the authentication of the
Notes), have been obtained. 
  
 (f) Validity, Etc. Each
Indenture Trustee Document constitutes a legal, valid and binding obligation of the Indenture Trustee, enforceable against the Indenture Trustee in accordance with its terms, except as such enforceability may be limited by Insolvency Laws and except
as such enforceability may be limited by general principles of equity, concepts of materiality and reasonableness (whether considered in a suit at law or in equity) or by an implied covenant of good faith and fair dealing. 
  

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 Section 6.14 Directions to Indenture Trustee. 
  
 The Indenture Trustee is hereby directed: 
  
 (i) to accept a collateral assignment of the Loans and hold
the assets of the Indenture Collateral as security for the Noteholders and Swap Counterparties; 
  
 (ii) to authenticate and deliver the Notes substantially in the form prescribed by Exhibit A in accordance with the terms of this
Indenture; 
  
 (iii) to execute and deliver the
Transaction Documents to which it is a party; and 
  
 (iv) to take all other actions as shall be required to be taken by the terms of this Indenture. 
  
 Section 6.15 Conflicts. 
  
 If a Default occurs and is continuing and the Indenture Trustee is deemed to have a “conflicting interest” (as defined in the TIA) as a result
of acting as trustee for all of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Note, the Issuer shall appoint a successor Indenture Trustee for the Class A Notes, the Class B Notes and the Class C Notes
and a successor for the Class D Notes and the Class E Note so that there will be separate Indenture Trustees for the Class A Notes, the Class B Notes and the Class C Notes on the one hand, and for the Class D Notes and the Class E Note on the other
hand. No such event shall alter the voting rights of the Noteholders under this Indenture or under any of the other Transaction Documents. 
  
 Section 6.16 Indenture Trustee’s Review of Loan Files. 
  
 The Indenture Trustee agrees, for the benefit of the Noteholders and the Swap Counterparties, to review the Loan Files as
provided in Section 2.07 of the Transfer and Servicing Agreement. 
  
 Section 6.17 Indenture Collateral; Related Documents. 
  
 (a) When instructed to do so by the Issuer or the Servicer, the Indenture Trustee shall execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and
under circumstances which are not inconsistent with the provisions of this Indenture or the Transfer and Servicing Agreement. No party relying upon an instrument executed by the Indenture Trustee as provided in Article III or Article
VI 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. 
  
 (b) In order to facilitate the servicing of the Loans, the Indenture Trustee authorizes the Servicer in the name and on
behalf of the Indenture Trustee and the Issuer, to perform its 

  

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respective duties and obligations under the Transfer and Servicing Agreement and the Indenture Trustee agrees to perform its obligations thereunder in
accordance with the terms thereof. 
  
 (c) The Indenture Trustee
shall, at such time as there are no Notes Outstanding and after termination of all Swap Transactions then outstanding under any Swaps then in effect and payment in full of all amounts payable to the Swap Counterparties, including Swap Breakage
Costs, release all of the Indenture Collateral to the Issuer (other than any cash held for the payment of the Notes or the Swaps pursuant to Section 3.03 or 4.06), subject; however, to the rights of the Indenture Trustee
under Section 6.07. 
  
 Section 6.18 Amendments to
Transfer and Servicing Agreement. 
  
 The Indenture Trustee may
enter into any amendment or supplement to the Transfer and Servicing Agreement only in accordance with Section 13.01 of the Transfer and Servicing Agreement. The Indenture Trustee may, in its reasonable discretion, decline to enter into or
consent to any such supplement or amendment if its own rights, duties or immunities shall be adversely affected in any material respect. 
  
 Section 6.19 Servicer as Agent and Bailee of Indenture Trustee. 
  
 (a) Solely for purposes of perfection under Section 9-313 of the UCC or other similar applicable law, rule or regulation of
the state in which such property is held by the Servicer, the Indenture Trustee hereby acknowledges that the Servicer is acting as agent and bailee of the Indenture Trustee in holding amounts on deposit in the Collection Account pursuant to
Section 7.01 of the Transfer and Servicing Agreement, as well as its agent and bailee in holding any documents released to the Servicer pursuant to the Transfer and Servicing Agreement, and any other items constituting a part of the Indenture
Collateral which from time to time come into the possession of the Servicer. It is intended that, by the Servicer’s execution and delivery of the Transfer and Servicing Agreement, the Indenture Trustee, as a secured party, will be deemed to
have possession of such documents, such moneys and such other items for purposes of Section 9-313 of the UCC of the state in which such property is held by the Servicer. 
  
 (b) Solely for purposes of perfection under Section 9-313 of the UCC or other similar applicable law, rule or regulation of
the state in which such property is held by the Indenture Trustee, if the transfer of the Loans and the other assets in the Indenture Collateral by the Trust Depositor to the Issuer is deemed to be a loan, the Indenture Trustee hereby acknowledges
it is acting as agent and bailee of the Issuer in holding items constituting a part of the Indenture Collateral which from time to time come into the possession of the Indenture Trustee. 
  

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 ARTICLE VII 
  
 NOTEHOLDERS’ LISTS AND REPORTS 
  

Section 7.01 Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders. 
  
 The Issuer will furnish or cause to be furnished to the Indenture Trustee (i)
not more than five (5) days after the earlier of (a) each Record Date and (b) three (3) months after the last Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such
Record Date and (ii) at such other times as the Indenture Trustee may request in writing, within 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 Note Registrar, no such list shall be required to be furnished. 
  
 Section 7.02 Preservation of Information; Communication to
Noteholders. 
  
 (a) The Indenture Trustee shall preserve, in as
current a form as is reasonably practicable, the names and addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Noteholders received by
the Indenture Trustee in its capacity as Note Registrar and shall otherwise comply with TIA §312(a). The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished.

  
 (b) Noteholders may communicate pursuant to TIA §312(b)
with other Noteholders with respect to their rights under this Indenture or under the Notes. 
  
 (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA §312(c). 
  
 Section 7.03 Reports by Issuer. 
  
 (a) The Issuer shall: 
  
 (i) file with the Indenture Trustee, within fifteen (15) days after the Issuer is required (if at all) to file the same with the
Commission, copies of the annual reports and 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) that the Issuer may be
required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
  
 (ii) file with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the
Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; 
  
 (iii) supply to the Indenture Trustee (and the Indenture
Trustee shall transmit by mail to all Noteholders described in TIA §313(c) and the Swap Counterparties) such summaries of any information, documents and reports required to be filed by the Issuer 

  

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pursuant to clauses (i) and (ii) of this subsection 7.03(a) and by rules and regulations prescribed from time to time by the Commission.

  
 (b) Unless the Issuer otherwise determines, the fiscal year of
the Issuer shall end on March 31 of each year. 
  
 Section 7.04
Reports by Indenture Trustee. 
  
 (a) If required by TIA
§313(a), within sixty (60) days after January 31 beginning with January 31, 2005, the Indenture Trustee shall mail to each Noteholder as required by TIA §313(c) and each Swap Counterparty a brief report dated as of such date that complies
with TIA §313(a). The Indenture Trustee also shall comply with TIA §313(b). 
  
 A copy of each report at the time of its mailing to Noteholders and each Swap Counterparty shall be filed by the Issuer, or the Trust Depositor on the Issuer’s behalf, with the Commission and each stock exchange,
if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee in writing if and when the Notes are listed on any stock exchange. 
  
 The Indenture Trustee shall mail to each Noteholder within a reasonable period of time after the end of each calendar year, but in no event later than
February 28, commencing in February, 2005, a Form 1099 under the Code with respect to amounts paid to such Noteholder with respect to the Notes during the immediately preceding calendar year ending December 31. 
  
 (b) The Indenture Trustee shall forward by mail to each Noteholder and the
Swap Counterparties the statements delivered to it pursuant to Article IX of the Transfer and Servicing Agreement except for the Quarterly Report. On each Payment Date, the Indenture Trustee will make available to the Noteholders, the Swap
Counterparties and to the parties to the Transaction Documents and the Rating Agencies, via the Indenture Trustee’s Internet website, each Quarterly Report and the results of each calculation of the Collateral Criteria (including the Portfolio
Profile Test) and, with the consent or at the direction of the Trust Depositor, such other information regarding the Notes and/or the Loans as the Indenture Trustee may have in its possession, but only with the use of a password provided by the
Indenture Trustee. 
  
 The Indenture Trustee’s Internet
website shall be initially located at “www.CTSLink.com” or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the Noteholders and the Swap Counterparties, the parties to the Transaction
Documents and the Rating Agencies. In connection with providing access to the Indenture Trustee’s Internet website, the Indenture Trustee may (other than with respect to the Swap Counterparties and the parties to the Transaction Documents and
the Rating Agencies) require registration and the acceptance of a disclaimer. The Indenture Trustee shall not be liable for the dissemination of information in accordance with this Agreement. 
  

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 ARTICLE VIII 
  
 ACCOUNTS, DISBURSEMENTS AND RELEASES 
  

Section 8.01 Collection of Money. 
  
 Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and
without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture and the Transfer and Servicing Agreement. 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 Indenture Collateral, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to
any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 
  
 Section 8.02 Trust Accounts. 
  
 (a) On or prior to the Closing Date, the Issuer shall cause the Servicer and, in the case of the Swap Counterparty Collateral Account, the Indenture
Trustee, to establish and maintain, with the Indenture Trustee and in the name of the Indenture Trustee, for the benefit of the Noteholders, the Swap Counterparties, and the Certificateholders, the Trust Accounts as provided in Section 7.01
of the Transfer and Servicing Agreement. 
  
 (b) On or before each
Payment Date, all amounts required to be disbursed to the Indenture Trustee with respect to the preceding Collection Period pursuant to Section 7.01 of the Transfer and Servicing Agreement will be transferred from the Collection Account
and/or the Reserve Fund and deposited by the Indenture Trustee upon receipt to the Note Distribution Account. 
  
 (c) On each Determination Date, the Servicer shall instruct the Indenture Trustee in writing to withdraw, and on the related Payment Date the Indenture
Trustee shall withdraw, from the Interest Collection Account and the Reserve Fund all amounts (to the extent there are sufficient funds available) to make payments as provided in subsection 7.05(a) of the Transfer and Servicing Agreement.

  
 (d) [Reserved]. 
  
 (e) On each Determination Date, the Servicer shall instruct the Indenture
Trustee in writing to withdraw, and on the related Payment Date the Indenture Trustee shall withdraw, from the Principal Collection Account all amounts (to the extent there are sufficient funds available) to make payments as provided in
subsection 7.05(b) of the Transfer and Servicing Agreement. 
  
 (f) If on any Payment Date, the aggregate amounts on deposit in the Collection Account and the Reserve Fund are greater than or equal to the sum of (i) the Aggregate Outstanding Principal Balance, (ii) the interest accrued thereon, (iii)
any accrued and unpaid Servicing Fee, (iv) unreimbursed Servicer Advances, (v) amounts owed to the Indenture Trustee, 

  

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the Backup Servicer and the Owner Trustee, and (vi) amounts owed to the Swap Counterparties, including Swap Breakage Costs, the amounts on deposit in the
Reserve Fund will be deposited in the Collection Account and used to redeem the Notes in full. The redemption price will be equal to the unpaid principal amount of the Notes plus accrued and unpaid interest through the date of redemption. It shall
be a condition to any such redemption that all Swap Transactions then outstanding under any Swaps then in effect shall be terminated and all amounts payable to the Swap Counterparties, including Swap Breakage Costs, shall be paid in full.

  
 Section 8.03 General Provisions Regarding Accounts.

  
 (a) So long as no Default or Event of Default shall have
occurred and be continuing, all or a portion of the funds in the Trust Accounts (other than any Swap Counterparty Collateral Accounts) shall be invested in accordance with the provisions of Section 7.03 of the Transfer and Servicing
Agreement. Except as otherwise provided in Section 7.03 of the Transfer and Servicing Agreement, all income or other gain from investments of moneys deposited in such Trust Accounts (other than any Swap Counterparty Collateral Accounts) shall
be deposited by the Indenture Trustee in the Collection Account, and any loss resulting from such investments shall be charged to the related Trust Account. The Issuer will not direct the Indenture Trustee or permit the Servicer to make any
investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case
without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of
Counsel, acceptable to the Indenture Trustee, to such effect. 
  
 (b) Subject to subsection 6.01(d), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Eligible Investment included therein except for
losses attributable to the Indenture Trustee’s failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as Indenture Trustee, in accordance with their terms.

  
 (b) If (i) the Issuer or the Servicer shall have failed to
give written investment directions for any funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Issuer or the Servicer and Indenture Trustee), on any Business
Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.02 or (iii) if such Notes shall have been declared due
and payable following an Event of Default, but amounts collected or receivable from the Indenture Collateral are being applied in accordance with Section 5.06 as if there had not been such a declaration, then the Indenture Trustee shall
invest funds in the Trust Accounts in investments meeting the requirements of clause (vi) of the definition of Eligible Investment in the Transfer and Servicing Agreement and shall promptly notify the Issuer. The Indenture Trustee shall have
no 

  

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responsibility for losses on investments made in accordance with this subsection 8.03(c), and all income and losses shall be for the account of the
related Trust Account. 
  
 Section 8.04 Release of
Indenture Collateral. 
  
 (a) Subject to the payment of its fees
and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required by the provisions of this Indenture or the Transfer and Servicing Agreement shall, execute instruments to release property from the lien of this Indenture, or convey
the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article
shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys. 
  
 (b) The Indenture Trustee shall, at such time as (i) there are no Notes Outstanding, (ii) all Swap Transactions then
outstanding under any Swaps then in effect shall be terminated and all amounts payable to the Swap Counterparties, including Swap Breakage Costs, shall be paid in full, and (iii) all sums due the Indenture Trustee pursuant to Section 6.07
have been paid, release any remaining portion of the Indenture Collateral that secured the Notes from the lien of this Indenture without representation, warranty or recourse and release to the Issuer or any other Person entitled thereto any funds
then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this subsection 8.04(b) only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an
Opinion of Counsel and (if required by the TIA as so stated in the Opinion of Counsel) Independent Certificates in accordance with TIA §§314(c) and 314(d)(1) and in each case meeting the applicable requirements of Section 11.01.

  
 Section 8.05 Opinion of Counsel. 
  
 The Indenture Trustee shall receive at least seven (7) days prior written
notice (or such lesser number of days as the Indenture Trustee may agree) when requested by the Issuer to take any action pursuant to subsection 8.04(a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also
require, as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all
conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the Swaps or the rights of the Noteholders or the Swap Counterparties in contravention
of the provisions of this Indenture; provided, that, notwithstanding the foregoing, no Opinion of Counsel shall be required hereunder (i) to release the lien of this Indenture on any Collateral related to a Loan that has
been repaid in full (including a repayment in full at less than the full principal amount, if permitted under subsection 5.05(b)), (ii) to release the lien of this Indenture on any Collateral the interest of the Trust in which is created by a
subordinated lien in connection with the foreclosure of a senior lien that is a Permitted Lien or (iii) to release the lien of this Indenture on any Collateral the interest of the Trust in which is created by a senior lien (not subject to a
subordination 

  

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agreement) if the value of such Collateral being released is less than 25% of the total value of the Collateral as of the date such Collateral became subject
to the lien of this Indenture; provided, further, that, such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Indenture Collateral. Counsel rendering any such
opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 
  
 ARTICLE IX 
  
 SUPPLEMENTAL INDENTURES 
  
 Section 9.01 Supplemental Indentures Without Consent of Noteholders.

  
 Without the consent of the Holders of any Notes and with prior
written notice to each Rating Agency, the Issuer and the Indenture Trustee, when authorized by an Issuer Order may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the TIA as in force at the date of the
execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 
  
 (i) to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey
and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien created by this Indenture, or to subject to the lien created by this Indenture additional property; 
  
 (ii) to evidence the succession, in compliance with the
applicable provisions hereof, of another Person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained; 
  
 (iii) to add to the covenants of the Issuer, for the benefit of the Noteholders, or to surrender any right
or power herein conferred upon the Issuer; 
  
 (iv) to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 
  
 (v) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with
any other provision herein or in any supplemental indenture or the Transaction Documents or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture; 
  
 (vi) to evidence and provide for the acceptance of the
appointment hereunder by a successor Indenture Trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one
Indenture Trustee, pursuant to the requirements of Article VI; 
  

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 (vii) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA; and 
  
 (viii) to make such amendments to this Indenture or the
Notes (other than an amendment of the type described in Section 9.02(i)-(viii)) as the Issuer and the Indenture Trustee, in their reasonable discretion, may deem necessary or advisable in order for the Offered Notes to qualify for or maintain their
listing on the Irish Stock Exchange. 
  
 The Indenture Trustee is
hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. Any amendment or supplemental indenture entered into pursuant to this
Section 9.01 shall not adversely affect the interests of the Noteholders in any material respect, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee. The consent of each Swap Counterparty will be required unless the
Trust obtains an opinion of counsel stating that the amendment does not adversely affect in any material respect the interests of the Swap Counterparties. 
  
 Section 9.02 Supplemental Indentures With Consent of Noteholders. 
  
 The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may, with prior written notice to each Rating
Agency, and with the consent of the Required Holders and each Swap Counterparty, by Act of such Holders delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that, no
such supplemental indenture shall, without the consent of the Holder of each Outstanding Note and each Swap Counterparty: 
  
 (i) reduce the amount or extend the time of payment of any amount owing or payable under any Note; 
  
 (ii) increase or reduce the interest payable on any Note;

  
 (iii) alter or modify the provisions of the
Transfer and Servicing Agreement with respect to the order of priorities in which Collections on the Loans shall be paid to Noteholders or with respect to the amount or timing of payments on the Notes; 
  
 (iv) reduce, modify or amend any indemnities in favor of any
Noteholder or in favor of or to be paid by the Trust Depositor, or alter the definition of the parties that are indemnified hereunder to exclude any Noteholder; 
  
 (v) make any interest or principal payable in a currency other than U.S. dollars; 
  

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 (vi) permit the creation of any Lien on the Loans senior to or on a parity with the lien
of the Indenture or permit the termination or derogation of the lien of the Indenture; 
  
 (vii) modify, amend or supplement the provisions of the Transfer and Servicing Agreement relating to amendments, waivers and supplements
to the Indenture, the Transfer and Servicing Agreement or any other document; 
  
 (viii) modify the percentage of Noteholders required to make any modification of the Indenture or to direct the Indenture Trustee to sell or liquidate the Loans; or 
  
 (ix) to evidence or implement any change to this Indenture
required by regulations or guidelines enacted to support the USA PATRIOT Act. 
  
 provided, that, only the consent of the Holder of each Outstanding Note affected thereby shall be required for any decrease in an amount of or the rate of interest payable on the Note or any extension for the
time of payment of any amount payable under the Note or any reduction, modification or amendment of any indemnities in favor of such Noteholder or in favor of or to be paid by the Trust Depositor, or the alteration of the definition of
“indemnified parties” to exclude such Noteholder; provided, further, that, Section 3.27 of this Indenture shall not be amended without the consent of each Swap Counterparty. 
  
 Neither the Issuer, the Indenture Trustee nor any of their respective
affiliates shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Note Owner for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of
this Indenture, the Transfer and Servicing Agreement or the Notes unless such consideration is offered to be paid to all Note Owners that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such
consent, waiver or agreement. 
  
 It shall not be necessary for
any Act of Noteholders, as herein defined, under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  
 Promptly after the execution by the parties hereto of any supplemental
indenture pursuant to this Section 9.02, the Indenture Trustee shall mail to the Swap Counterparties and to the Noteholders to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of
such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
  

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 Section 9.03 Execution of Supplemental Indentures. 
  
 In executing, or permitting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.01 and 6.02 shall be fully protected
in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture, that all conditions precedent to the execution of such supplemental indenture have been met and that such
actions shall not adversely affect the interests of the Noteholders in any material respect. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights,
duties, liabilities or immunities under this Indenture or otherwise. 
  
 Section 9.04 Effect of Supplemental Indenture. 
  
 Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective
rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the parties hereto and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all of the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
  
 Section 9.05 [Reserved]. 
  
 Section 9.06 Reference in Notes to Supplemental Indentures.

  
 Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the
Indenture Trustee shall so determine, new notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes. 
  
 Section 9.07 Special Supplemental Agreement. 
  
 If any party to this Indenture is unable to sign any amendment or a supplement due to its dissolution, winding up or comparable circumstances, then the consent of the Required Holders shall be sufficient to amend this Agreement without such
party’s consent. 
  

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 ARTICLE X 

 
 REDEMPTION OF NOTES; OPTIONAL REPURCHASE 
  
 Section 10.01 Redemption. 
  
 (a) In the event that the assets of the Trust are sold pursuant to Section
9.02 of the Trust Agreement or subsection 5.03(b) of this Indenture, the proceeds of such sale shall be distributed as provided in Section 5.06. If amounts are to be paid to Noteholders pursuant to this subsection 10.01(a), the
Servicer or the Issuer shall, to the extent practicable, furnish written notice of such event to the Indenture Trustee and each Swap Counterparty not later than twenty (20) days prior to the Redemption Date whereupon all such amounts shall be
payable on the Redemption Date. It shall be a condition to any such redemption that all Swap Transactions then outstanding under any Swaps then in effect shall be terminated and all amounts payable to the Swap Counterparties, including Swap Breakage
Costs, shall be paid in full on the Redemption Date. 
  
 (b) In
the event that on any Payment Date, the aggregate amounts on deposit in the Collection Account and the Reserve Fund are greater than or equal to the sum of: 
  
 (i) the Aggregate Outstanding Principal Balance of the Notes; 
  
 (ii) the interest accrued thereon; 
  
 (iii) amounts owed to the Swap Counterparties, including Swap Breakage Costs; 
  
 (iv) any amounts owed to the Indenture Trustee, the Backup
Servicer and the Owner Trustee; 
  
 (v) any
accrued and unpaid Servicing Fee; and 
  
 (vi)
unreimbursed Servicer Advances, 
  
 the Notes shall be redeemed in whole, but not
in part, for a price equal to the Redemption Date Amount. The Redemption Date Amount shall be paid from amounts on deposit in the Reserve Fund that will be deposited by the Indenture Trustee into the Collection Account on the related Redemption
Date. If amounts are to be paid to Noteholders pursuant to this subsection 10.01(b), the Servicer or the Issuer shall, to the extent practicable, furnish written notice of such event to the Indenture Trustee and to the Swap Counterparties not
later than twenty (20) days prior to the Redemption Date whereupon all such amounts shall be payable on the Redemption Date. It shall be a condition to any such redemption that all Swap Transactions then outstanding under any Swaps then in effect
shall be terminated and all amounts payable to the Swap Counterparties, including Swap Breakage Costs, shall be paid in full on the Redemption Date. 
  
 (c) The Notes to be redeemed shall, following notice of redemption (if any) as required by Section 10.03, on the Redemption Date become due and
payable at the Redemption Date Amount and (unless the Issuer shall default in the payment of the Redemption Date Amount) no interest shall accrue on the Redemption Date Amount for any period after the date to which accrued interest is calculated for
purposes of calculating the Redemption Date Amount. 
  

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 Section 10.02 Optional Repurchase. 
  
 (a) At any time during the Call Period, the Holder of the Class E Note may direct the Issuer to repurchase the Notes in
whole, but not in part, on any Payment Date after the Holder of the Class E Note provides notice to the Issuer and the Indenture Trustee of its election to cause the Issuer to repurchase the Notes. The Holder of the Class E Note may exercise its
option to cause the Issuer to repurchase Notes pursuant to said Section 10.01 by directing the Issuer to deposit in full in the Note Distribution Account an amount equal to the Repurchase Price which, with respect to the Class D Notes, shall be
payable in such consideration as the Holders of the Class D Notes shall deem acceptable. If the Notes are to be repurchased pursuant to this Section 10.02, the Holder of the Class E Note or the Issuer shall furnish the Indenture Trustee and
the Rating Agencies notice of such repurchase no later than ten days prior to the proposed Repurchase Date and the Issuer shall deposit with the Indenture Trustee in the Note Distribution Account the Repurchase Price of the Notes to be repurchased
and all Swap Transactions then outstanding under any Swaps then in effect shall be terminated and all amounts payable to the Swap Counterparties, including Swap Breakage Costs, shall be paid in full on the Repurchase Date, and all such Notes shall
be due and payable on the Repurchase Date upon the furnishing of a notice complying with Section 10.03 to each Noteholder. 
  
 (b) The Notes to be repurchased shall, following notice of repurchase as required by Section 10.03, on the Repurchase Date become due and payable
at the Repurchase Price and (unless the Issuer shall default in the payment of the Repurchase Price) no interest shall accrue on the Repurchase Price for any period after the date to which accrued interest is calculated for purposes of calculating
the Repurchase Price. Following the repurchase in whole of the Offered Notes and the Class D Note, the Class E Note will be repurchased in whole whether or not any amounts are available to the Issuer for distribution to the Holder of the Class E
Note in connection with such repurchase. 
  
 Section 10.03
Form of Redemption Notice and Optional Repurchase Notice. 
  
 (a)
Notice of redemption or repurchase under Section 10.01 or Section 10.02, as applicable, shall be given by the Indenture Trustee by facsimile, overnight courier or by first-class mail, postage prepaid, transmitted or mailed not less
than five (5) days prior to the applicable Redemption Date or Repurchase Date to each Swap Counterparty and to each Noteholder, as of the close of business on the Record Date preceding the applicable Repurchase Date, at such Holder’s address
appearing in the Note Register. 
  
 All notices of redemption or
repurchase shall state: 
  
 (i) the Redemption
Date or Repurchase Date, as applicable; 
  
 (ii)
the Redemption Date Amount or Repurchase Price, as applicable; 
  
 (iii) that the Record Date otherwise applicable to such Redemption Date or Repurchase Date, as applicable, is not applicable and that payments shall be made only 

  

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upon presentation and surrender of such Notes and the place where such Notes are to be surrendered for payment of the Redemption Date Amount or Repurchase
Price, as applicable (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.02); and 
  
 (iv) that interest on the Notes shall cease to accrue on the Redemption Date or Repurchase Date, as applicable. 
  
 Notice of redemption or repurchase of the Notes shall be given by the
Indenture Trustee in the name and at the expense of the Issuer. Failure to give notice of repurchase, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the repurchase of any other Note. 
  
 ARTICLE XI 
  
 MISCELLANEOUS 
  
 Section 11.01 Compliance Certificates and Opinions, etc. 
  
 (a) Upon any application or request by the Issuer to the Indenture Trustee to
take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action
have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) (if required by the TIA as so stated in the Opinion of Counsel) an Independent
Certificate from a firm of certified public accountants meeting the applicable requirements of this Section and TIA §§314(c) and 314(d)(1), except that, in the case of any such application or request as to which the furnishing of such
documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 
  
 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
  
 (i) a statement that each signatory of such certificate or
opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 
  
 (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
  
 (iii)
a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to 

  

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express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (iv) a statement as to whether, in the opinion of each such
signatory, such condition or covenant has been complied with. 
  
 (b) (i) Prior to the deposit of any Indenture Collateral or other property or securities with the Indenture Trustee that is to be made the basis for authentication and delivery of the Notes or the release of any property subject to the lien
created by this Indenture, the Issuer shall, in addition to any obligation imposed in subsection 1 1.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of the
signer thereof as to the fair value (within ninety (90) days of such deposit) to the Issuer of the Indenture Collateral or other property or securities to be so deposited. 
  
 (i) 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 named matters, if the fair value to the
Issuer of the property to be so deposited and of all other such property 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 Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any property so deposited, if the fair value thereof to the Issuer as set forth
in the related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding Amount of the Notes. 
  
 (ii) Other than with respect to any release described in clause (A) or (B) of subsection 11.01(b)(v), whenever any
property or securities are to be released from the lien created by this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to
the fair value (within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security created by this Indenture in
contravention of the provisions hereof. 
  
 (iii)
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 or securities (other than property described in clauses (A) or (B) of subsection
11.01(b)(v)) released from the lien created by this Indenture since the commencement of the then current fiscal year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the
Outstanding Amount of the Notes, but such a 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 

  

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Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding Amount of the Notes. 
  
 (iv) Notwithstanding any other provision of this Section,
the Issuer may, without compliance with the other provisions of this Section, (A) collect, liquidate, sell or otherwise dispose of the Loans as and to the extent permitted or required by the Transaction Documents, or (B) make cash payments out of
the Trust Accounts as and to the extent permitted or required by the Transaction Documents, so long as the Issuer shall deliver to the Indenture Trustee every six (6) months, commencing February 1, 2005, an Officer’s Certificate stating that
all the dispositions of Indenture Collateral described in clauses (A) or (B) that occurred during the preceding six (6) calendar months were in the ordinary course of the Issuer’s business and that the proceeds thereof were
applied in accordance with the Transaction Documents. 
  
 Section 11.02 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 Person as to other matters, and any such Person may certify or give
an opinion as to such matters in one or several documents. 
  
 Any
certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it
relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Originator or the Issuer, stating that the information with respect to such factual matters is in the possession of the
Servicer, the Originator 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 (2) or more
applications, requests, consents, certificates, 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 

  

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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 conclusively rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 
  
 Section 11.03 Acts of Noteholders. 
  
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by the Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly
provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section. 
  
 (b) The fact and date of the execution by any person of any such instrument or writing may be proved in any manner that the
Indenture Trustee deems sufficient. 
  
 (c) The ownership of Notes
shall be proved by the Note Register. 
  
 (d) Any request, demand,
authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or
suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
  
 Section 11.04 Notices. 
  
 All notices, demands, certificates, requests and communications hereunder (“notices”) shall be in writing and shall be effective (a) upon
receipt when sent through the U.S. mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return receipt, or (b) one (1) Business Day after delivery to
an overnight courier, or (c) on the date personally delivered to, with respect to the Indenture Trustee, a Responsible Officer or an Authorized Officer of any other party to which sent, or (d) on the date transmitted by legible telecopier
transmission with a confirmation of receipt, in all cases addressed to the recipient at the address specified in the Transfer and Servicing Agreement for such recipient. 
  
 Each party hereto may, by notice given in accordance herewith to each of the other parties hereto, designate any further or
different address to which subsequent notices shall be sent. 
  

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 Section 11.05 Notices to Noteholders; Waiver. 
  
 Where this Indenture provides for notice to Noteholders of any event, such
notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular
Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 
  
 Where this Indenture provides for notice in any manner, such notice may be
waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver. 
  
 In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient
giving of such notice. 
  
 Where this Indenture provides for
notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 
  
 Section 11.06 Alternate Payment and Notice Provisions. 
  
 Notwithstanding any provisions of this Indenture or any of the Notes to the
contrary, the Issuer may enter into any agreement, with the consent of any Paying Agent, including the Indenture Trustee if acting as Paying Agent, and the consent of the Indenture Trustee 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. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and
the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 
  
 Section 11.07 Effect of Headings and Table of Contents. 
  
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
  

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 Section 11.08 Successors and Assigns. 
  
 All covenants and agreements in this Indenture and the Notes by the Issuer
shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-Indenture Trustees and agents. 
  
 Section 11.09 Separability. 
  

In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 
  
 Section 11.10 Benefits of Indenture. 
  
 Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Noteholders, and any other party secured hereunder
(including the Swap Counterparties), and any other Person with an ownership interest in any part of the Indenture Collateral, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  
 Section 11.11 Legal Holidays. 
  
 In any case where the date on which any payment is due shall not be a
Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which
nominally due, and no interest shall accrue for the period from and after any such nominal date. 
  
 Section 11.12 Governing Law. 
  
 (a) THIS INDENTURE, INCLUDING THE RIGHTS, DUTIES AND REMEDIES OF THE PARTIES HERETO, SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES). 
  
 (b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE. EACH PARTY HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS INDENTURE BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SUBSECTION 11.12(b). 
  

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 (c) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE
UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH SUCH PARTY
IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS
AGREEMENT OR ANY DOCUMENT RELATED HERETO. 
  
 Section 11.13
Counterparts. 
  
 This Indenture may be executed in several
counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 
  
 Section 11.14 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 or
any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 
  
 Section 11.15 Trust Obligation. 
  
 No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes
or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture
Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay
any installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Article VI, VII and VIII of the Trust Agreement. 
  

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 Wachovia Bank of Delaware, National Association acts solely as Owner Trustee of the Trust hereunder and
not in its individual capacity, and all Persons having any claim against the Trust by reason of the transactions contemplated by this Agreement or any other Transaction Document shall look only to the Trust Estate for payment or satisfaction
thereof. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Loan, or the perfection and priority of any security interest created by any Loan in any
Indenture Collateral or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to the Noteholders hereunder, including, without
limitation, the existence, condition and ownership of any Indenture Collateral; the existence and enforceability of any insurance thereon; the existence and contents of any Loan on any computer or other record thereof; the validity of the assignment
of any Loan to the Trust or of any intervening assignment; the completeness of any Loan; the performance or enforcement of any Loan; the compliance by the Issuer, the Trust Depositor or the Servicer with any covenant, agreement or other obligation
or any warranty or representation made under any Transaction Document or in any related document or the accuracy of any such warranty or representation; or any action of the Administrator, the Indenture Trustee or the Servicer or any subservicer
taken in the name of the Owner Trustee or the Trust. 
  
 Section 11.16 No Petition. 
  
 Each of the parties
hereto covenants and agrees that, prior to the date that is one (1) year and one (1) day after the payment in full of each Class of Notes rated by any Rating Agency, it will not institute against the Originator or the Issuer or join any other Person
in instituting against the Originator or the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under the laws of the United States or any state of the United States;
provided, however, that nothing herein shall prohibit the Indenture Trustee from filing proofs of claim or otherwise participating in any such proceedings instituted by any other Person. This Section 11.16 will
survive the termination of this Indenture. 
  
 Section
11.17 Inspection. 
  
 The Issuer agrees that, on reasonable
prior notice, it will permit any representative of the Indenture Trustee or the Backup Servicer during the Issuer’s normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees and independent certified public
accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law
(and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee or the Backup Servicer may reasonably determine that such disclosure is consistent with its obligations hereunder.
Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information 

  

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that is or becomes publicly known through no fault of the Indenture Trustee or the Backup Servicer, or information obtained by the Indenture Trustee or the
Backup Servicer from sources other than the Issuer, (ii) disclosure of any and all information (A) if required to do so by any applicable statute, law, rule or regulation, (B) to any government agency or regulatory body having or claiming authority
to regulate or oversee any aspects of the Indenture Trustee’s business or the Backup Servicer or that of its affiliates, (C) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority,
arbitrator or arbitration to which the Indenture Trustee, the Backup Servicer or an affiliate or an officer, director, employer or shareholder thereof is a party, (D) in any preliminary or final offering circular, registration statement or contract
or other document pertaining to the transactions contemplated herein approved in advance by the Issuer or (E) to any affiliate, independent or internal auditor, agent, employee or attorney of the Indenture Trustee or the Backup Servicer having a
need to know the same; provided, that, the Indenture Trustee or the Backup Servicer advises such recipient of the confidential nature of the information being disclosed, or (iii) any other disclosure authorized by the
Issuer. 
  
 Section 11.18 [Reserved]. 
  
 Section 11.19 Communication by Note Owners With Other Note Owners.

  
 Note Owners may communicate with other Note Owners with
respect to their rights under this Indenture or the Notes pursuant to Section 312(b) of the TIA. Every Note Owner, by receiving and holding the same, agrees with the Issuer and the Indenture Trustee that none of the Issuer and the Indenture Trustee
nor any agent of the Issuer and the Indenture Trustee shall be deemed to be in violation of any existing law, or any law hereafter enacted which does not specifically refer to Section 312 of the TIA, by reason of the disclosure of any such
information as to the names and addresses of the Note Owners in accordance with Section 312 of the TIA, regardless of the source from which such information was derived, and that the Indenture Trustee shall not be held accountable by reason of
mailing any material pursuant to a request made under Section 312(b) of the TIA. 
  
 The provisions of TIA §§310 through 317 that impose duties on any person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern
this Indenture, whether or not physically contained herein. 
  
 Section 11.20 Disclaimer and Subordination. 
  
 Each Noteholder by accepting a Note and each Swap Counterparty by accepting the benefits of this Indenture acknowledges and agrees that this Indenture and the Notes represent a debt obligation of the Issuer only and do not represent an
interest in any assets (other than the Indenture Collateral) of the Trust Depositor (including by virtue of any deficiency claim in respect of obligations not paid or otherwise satisfied from the Indenture Collateral and proceeds thereof). In
furtherance of and not in derogation of the foregoing, each Noteholder by accepting a Note and each Swap Counterparty by accepting the benefits of this Indenture acknowledges and agrees that it shall have no right, title and interest in or to any
assets (or interests therein) (other 

  

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than the Indenture Collateral) conveyed or purported to be conveyed by the Trust Depositor to another securitization trust (i.e., other than the Issuer) or
other Person or Persons in connection therewith (whether by way of sale, capital contribution or by virtue of the granting of a lien) (“Other Assets”). To the extent that, notwithstanding the agreements and provisions contained in
the preceding sentences of this Section 11.20, any Noteholder or Swap Counterparty either (i) asserts an interest in or claim to, or benefit from, Other Assets, whether asserted against or through the Trust Depositor or any other Person owned
by the Trust Depositor, or (ii) is deemed to have any such interest, claim or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of any applicable insolvency laws or otherwise (including
without limitation by virtue of Section 1111(b) of the federal Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), and whether deemed asserted against or through the Trust Depositor or any other Person owned
by the Trust Depositor, then each Noteholder by accepting a Note and each Swap Counterparty by accepting the benefits of this Indenture further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and shall be
expressly subordinated to the indefeasible payment in full of all obligations and liabilities of the Trust Depositor which, under the terms of the relevant documents relating to the securitization of such Other Assets, are entitled to be paid from,
entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distribution or application under applicable law, including
any applicable insolvency laws, and whether asserted against the Trust Depositor or any other Person owned by the Trust Depositor), including, without limitation, the payment of post-petition interest on such other obligations and liabilities. This
subordination agreement shall be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Nothing in this Section 11.20 shall in any way affect the rights of any Swap Counterparty against the Swap
Guarantor as provided in the Swap Guaranty. 
  
 [Remainder of
Page Intentionally Left Blank] 
  

 - 87 - 

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

			
	ACAS BUSINESS LOAN TRUST 2004-1
		
	By:	 	WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, not in its individual capacity but solely on behalf of the Issuer as Owner Trustee under the Trust Agreement
		
	 By:
	 	 /s/ Steve A. Finklea

	 Name:
	 	 Steve A. Finklea, CCTS

	 Title:
	 	 Vice President

  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
		
	 By:
	 	 /s/ Joe Nardi

	 Name:
	 	 Joe Nardi

	 Title:
	 	 Vice President

  

			
	STATE OF Delaware	 	)
	 	 	)
	COUNTY OF New Castle	 	)

  
 On November 24, 2004,
before me, Rosella M. Champion personally appeared Steve A. Finklea. 
  

	 	x	personally known to me, or 

  

	 	 ̈	proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument, 

  
 and acknowledged to me that he/she/they executed the same in his/her/their authorized
capacity(ties), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which such person(s) acted, executed the instrument. 
  
 WITNESS my hand and official seal. 
  

			
		
	 Signature 
	 	 /s/ Rosella M. Champion

	 	 	 ROSELLA M. CHAMPION
 Notary Public – State of
Delaware
 My Comm. Expires Feb. 14, 2005

  

			
	STATE OF Minnesota	 	)
	 	 	)
	COUNTY OF Hennepin	 	)

  
 On
                    , 2004, before me, James Janus personally appeared Joe Nardi. 
  

	 	x	personally known to me, or 

  

	 	 ̈	proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument, 

  
 and acknowledged to me that he/she/they executed the same in his/her/their authorized
capacity(ties), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which such person(s) acted, executed the instrument. 
  
 WITNESS my hand and official seal. 
  

			
		
	 Signature
	 	 /s/ James J. Janus

	 	 	 JAMES J. JANUS
 Notary Public –
Minnesota
 My Commission Expires Jan. 31, 2005

  

 Exhibits to the Indenture 

  
 EXHIBIT A–1 

 
 [FORM OF CLASS A NOTE] 
  
 ACAS BUSINESS LOAN TRUST 2004-1 
  
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE RE–OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A (A “QIB”) WHO IS A QUALIFIED PURCHASER, PURCHASING FOR ITS OWN ACCOUNT OR A QIB WHO IS A QUALIFIED PURCHASER PURCHASING FOR THE ACCOUNT OF A QIB WHO IS A QUALIFIED PURCHASER, WHOM THE HOLDER HAS
INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (B) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a)(1)-(3) OR (7) UNDER
THE SECURITIES ACT) WHO IS A QUALIFIED PURCHASER PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO (X) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE
INDENTURE AND (Y) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, (2) IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATIONS UNDER THE SECURITIES ACT, (3) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (4) PURSUANT TO A VALID
REGISTRATION STATEMENT. THE PURCHASE OF THIS NOTE WILL BE DEEMED A REPRESENTATION BY THE ACQUIRER THAT EITHER: (I) IT IS NOT, AND IS NOT PURCHASING SUCH OFFERED NOTE FOR, ON BEHALF OF OR WITH THE ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” AS
DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME ACT OF 1974, AS AMENDED (“ERISA”) WHICH IS SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO 

  

 A-1-1 

 
INCLUDE “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY, OR A
GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR A CHURCH PLAN (AS DEFINED IN SECTION 3(33) OF ERISA FOR WHICH NO ELECTION HAS BEEN MADE UNDER SECTION 410(d) OF THE CODE) THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS
SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, OR (II) THE ACQUISITION AND HOLDING OF THE OFFERED NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL PLAN OR A CHURCH PLAN, ANY SUBSTANTIALLY SIMILAR FEDERAL, STATE OR LOCAL LAW). 
  
 [IF HELD BY DTC] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
  
 [IF
REGULATION S GLOBAL NOTE] [THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING AND THE ORIGINAL ISSUE DATE OF THE NOTES, MAY
NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 
  
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

 A-1-2 

			
	 REGISTERED
	  	$                            

  
 No. A- 
  
 SEE REVERSE FOR CERTAIN DEFINITIONS 
  

			
	 	  	 [CUSIP
NO.                                  ]

	 	  	 [Reg S ISIN
NO.                            ]

	 	  	 [Reg S CUSIP No.
                        ]

	 	  	 [Common Code
No.                        ]

  
 ACAS Business Loan
Trust 2004-1, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to
                        , or registered assigns, the principal sum of
                         DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i)
a fraction the numerator of which is the initial principal balance of this Class A Note and the denominator of which is the Initial Class A Principal Balance by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect
of principal on the Class A Notes; provided, however, that the entire unpaid principal amount of this Class A Note shall be due and payable on the earliest of the Legal Final Maturity Date, the Redemption Date, if any,
pursuant to Section 10.01 of the Indenture or the Repurchase Date, if any, pursuant to Section 10.02 of the Indenture. 
  
 The principal of and interest on this Class A Note are payable in such coin or currency of the United States as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with respect to this Class A Note shall be applied first to interest due and payable on this Class A Note as provided above and then to the unpaid principal of this Class A Note.

  
 Reference is made to the further provisions of this Class A
Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Class A Note. 
  
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Class A Note
shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 A-1-3 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Responsible Officer as of the date set forth below. 
  
 Date: December 2, 2004

  

					
	ACAS BUSINESS LOAN TRUST 2004-1
		
	By:	 	WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
			
	 	 	By:	 	 
	 	 	 	 	 Authorized Signatory

  
 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Class A Notes of ACAS Business Loan Trust 2004-1 designated above and referred to in the within-mentioned Indenture. 
  
 Date: December 2, 2004 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee,
		
	By:	 	 
	 	 	 Authorized Signatory

  

 A-1-4 

 [REVERSE OF NOTE] 
  
 This Class A Note is one of a duly authorized issue of Class A Notes of the Issuer, designated as its ACAS Business Loan
Trust Notes, Series 2004-1, Class A (herein called the “Class A Notes”), all issued under an Indenture, dated as of December 2, 2004 (such indenture, as supplemented or amended, is herein called the “Indenture”),
between the Issuer and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Class A Notes. The Class A Notes are subject to all terms of the Indenture.
All terms used in this Class A Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
  
 As described above, the entire unpaid principal amount of this Class A Note
shall be due and payable on the earliest of the Legal Final Maturity Date, the Redemption Date, if any, pursuant to Section 10.01 of the Indenture or the Repurchase Date, if any, pursuant to Section 10.02 of the Indenture. Notwithstanding the
foregoing, the entire unpaid principal amount of the Class A Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee, or the Required Holders have declared the Class A
Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Class A Notes shall be made pro rata to the Class A Noteholders entitled thereto. 
  
 Each Class A Noteholder or Class A Note Owner, by acceptance of a Class A
Note or, in the case of a Class A Note Owner, a beneficial interest in a Class A Note covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer under the Indenture on the Class A Notes
or under any certificate or other writing delivered in connection therewith, against the Trust Depositor, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity or any of their Affiliates. 
  
 On each Payment Date, commencing January 25, 2005, the Indenture Trustee or
Paying Agent shall distribute to the Person in whose name this Class A Note is registered at the close of business on the Record Date an amount equal to the product of the Percentage Interest of the Class A Notes evidenced by this Class A Note and
the amount required to be distributed to Holders of Class A Notes on such Payment Date pursuant to Section 8.02 of the Indenture. 
  
 During each Interest Accrual Period, this Class A Note will bear interest at the Class A Note Interest Rate. 
  
 Distributions on this Class A Note will be made by the Indenture Trustee or
Paying Agent by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Note Register or, upon written request to the Indenture Trustee, by wire transfer of immediately available funds to the account
of the Person entitled thereto as shall appear on the Note Register without the presentation or surrender of this Note or the making of 

  

 A-1-5 

 
any notation thereon, at a bank or other entity having appropriate facilities therefor, and, in the case of wire transfers, at the expense of such Person
unless such Person shall own of record Class A Notes which have Initial Class A Principal Balances aggregating at least $1,000,000. 
  
 Notwithstanding the above, the final distribution on this Class A Note will be made after due notice by the Indenture Trustee of the pendency of such
distribution and only upon presentation and surrender of this Class A Note at the office or agency maintained for that purpose by the Note Registrar in New York, New York. 
  
 As provided in the Indenture and the Transfer and Servicing Agreement, deposits and withdrawals from the Note Distribution
Account, the Principal Collection Account, the Interest Collection Account and the Reserve Fund may be made by the Indenture Trustee from time to time for purposes other than distributions to Class A Noteholders, such purposes including
reimbursement to the Servicer of advances made, or certain expenses incurred, by it, and investment in Eligible Investments. 
  
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Class A Note is registrable in the Note Register
upon surrender of this Class A Note for registration of transfer at the offices or agencies maintained by the Note Registrar in New York, New York, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to, the
Indenture Trustee, duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon one or more new Class A Notes in authorized denominations evidencing the same aggregate undivided Percentage Interest will
be issued to the designated transferee or transferees. 
  
 The
Class A Note is issuable only as a registered Class A Note. As provided in the Indenture and subject to certain limitations therein set forth, the Class A Note is exchangeable for a new Class A Note evidencing the same undivided ownership interest,
as requested by the holder surrendering the same. 
  
 No service
charge will be made for any such registration of transfer or exchange, but the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  
 The Servicer, the Trust Depositor, the Indenture Trustee and the Note
Registrar, and any agent of any of the foregoing, may treat the person in whose name this Class A Note is registered as the owner hereof for all purposes, and none of the foregoing shall be affected by notice to the contrary. 
  
 The obligations and responsibilities created by the Indenture shall terminate
upon the payment to Class A Noteholders of all amounts required to be paid to them pursuant to the Indenture and the Transfer and Servicing Agreement and the disposition of all property held as part of the Indenture Collateral. 
  

 A-1-6 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE1 
  
 The following exchanges of a part of this Global Note for an interest in another Global Note or for an Individual Note, or exchanges of a part of another
Global Note or Individual Note for an interest in this Global Note, have been made: 
  

									
	 Date of
 Exchange

	  	 Amount of
 decrease in
 Principal Amount
 of this Global
 Note

	  	 Amount of
 increase in
 Principal Amount
 of this Global
 Note

	  	 Principal Amount
 of this Global
 Note following
 such decrease
 (or increase)

	  	 Signature of
 Responsible
 Office of Note
 Registrar

	1	This should be included only if the Note is issued in global form. 

  

 A-1-7 

 ASSIGNMENT 
  

Social Security or taxpayer I.D. or other identifying number of assignee 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

  

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

									
	 Dated:
	  	 	 	 	 	 	 	2
	 	  	 	 	 	 	Signature Guaranteed:	 	 

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

  

 A-1-8 

 EXHIBIT A-2 
  
 [FORM OF CLASS B NOTE] 
  
 ACAS BUSINESS LOAN TRUST 2004-1 
  
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE
SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE RE-OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1)
(A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE MA (A “QIB”) WHO IS A QUALIFIED
PURCHASER, PURCHASING FOR ITS OWN ACCOUNT OR A QIB WHO IS A QUALIFIED PURCHASER PURCHASING FOR THE ACCOUNT OF A QIB WHO IS A QUALIFIED PURCHASER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, OR (B) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a)(1)-(3) OR (7) UNDER THE SECURITIES ACT) WHO IS A QUALIFIED PURCHASER PURCHASING FOR INVESTMENT AND NOT
FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO (X) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE INDENTURE AND (Y) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE
TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, (2) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES
ACT, (3) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (4) PURSUANT TO A VALID REGISTRATION STATEMENT. THE PURCHASE OF THIS NOTE WILL BE DEEMED A REPRESENTATION BY
THE ACQUIRER THAT EITHER: (I) IT IS NOT, AND IS NOT PURCHASING SUCH OFFERED NOTE FOR, ON BEHALF OF OR WITH THE ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME ACT OF 1974, AS AMENDED
(“ERISA”) WHICH IS SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE
“PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY, OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR A CHURCH 

  

 A-2-1 

 
PLAN (AS DEFINED IN SECTION 3(33) OF ERISA FOR WHICH NO ELECTION HAS BEEN MADE UNDER SECTION 410(d) OF THE CODE) THAT IS SUBJECT TO ANY FEDERAL, STATE OR
LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, OR (II) THE ACQUISITION AND HOLDING OF THE OFFERED NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL PLAN OR A CHURCH PLAN, ANY SUBSTANTIALLY SIMILAR FEDERAL, STATE OR LOCAL LAW). 
  
 [IF HELD BY DTC] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
  
 [IF REGULATIONS GLOBAL NOTE] [THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING AND THE ORIGINAL
ISSUE DATE OF THE NOTES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 
  
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 THE RIGHTS OF THE HOLDER OF THIS CLASS B NOTE TO RECEIVE INTEREST ARE SUBORDINATED TO THE RIGHTS OF THE HOLDERS OF THE CLASS A NOTES TO RECEIVE INTEREST
AND THE RIGHTS OF THE HOLDERS OF THIS CLASS B NOTE TO RECEIVE PRINCIPAL ARE SUBORDINATED TO THE RIGHTS OF THE HOLDERS OF THE CLASS A NOTES TO RECEIVE PRINCIPAL AND INTEREST. 
  

 A-2-2 

			
	 REGISTERED
	  	$                            

  
 No. B- 
  
 SEE REVERSE FOR CERTAIN DEFINITIONS 
  

			
	 	  	 [CUSIP
NO.                                  ]

	 	  	 [Reg S ISIN
NO.                            ]

	 	  	 [Reg S CUSIP No.
                        ]

	 	  	 [Common Code
No.                        ]

  
 ACAS Business Loan
Trust 2004-1, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of
                     DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the
numerator of which is the initial principal balance of this Class B Note and the denominator of which is the Initial Class B Principal Balance by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal
on the Class B Notes; provided, however, that the entire unpaid principal amount of this Class B Note shall be due and payable on the earliest of the Legal Final Maturity Date, the Redemption Date, if any, pursuant to
Section 10.01 of the Indenture or the Repurchase Date, if any, pursuant to Section 10.02 of the Indenture. 
  
 The principal of and interest on this Class B Note are payable in such coin or currency of the United States as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with respect to this Class B Note shall be applied first to interest due and payable on this Class B Note as provided above and then to the unpaid principal of this Class B Note.

  
 Reference is made to the further provisions of this Class B
Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Class B Note. 
  
 Unless the Class B Note of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Class B
Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 A-2-3 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Responsible Officer as of the date set forth below. 
  
 Date: December 2, 2004

  

					
	ACAS BUSINESS LOAN TRUST 2004-1
		
	 By:
	 	WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
			
	 	 	 By:
	 	 
	 	 	 	 	Authorized Signatory

  
 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Class B Notes of ACAS Business Loan Trust 2004-1 designated above and referred to in the within-mentioned Indenture. 
  
 Date: December 2, 2004 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee,
		
	By:	 	 
	 	 	Authorized Signatory

  

 A-2-4 

 [REVERSE OF NOTE] 
  
 This Class B Note is one of a duly authorized issue of Class B Notes of the Issuer, designated as its ACAS Business Loan
Trust Notes, Series 2004-1, Class B Deferrable Asset Backed Notes (herein called the “Class B Notes”), all issued under an Indenture, dated as of December 2, 2004 such indenture, as supplemented or amended, is herein called the
“Indenture”), between the Issuer and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Class B Notes. The Class B Notes are subject
to all terms of the Indenture. All terms used in this Class B Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
  
 As described above, the entire unpaid principal amount of this Class B Note
shall be due and payable on the earliest of the Legal Final Maturity Date, the Redemption Date, if any, pursuant to Section 10.01 of the Indenture or the Repurchase Date, if any, pursuant to Section 10.02 of the Indenture. Notwithstanding the
foregoing, the entire unpaid principal amount of the Class B Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee, or the Required Holders have declared the Class B
Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Class B Notes shall be made pro rata to the Class B Noteholders entitled thereto. 
  
 Each Class B Noteholder or Class B Note Owner, by acceptance of a Class B
Note or, in the case of a Class B Note Owner, a beneficial interest in a Class B Note covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer under the Indenture on the Class B Notes
or under any certificate or other writing delivered in connection therewith, against the Trust Depositor, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity or any of their Affiliates. 
  
 On each Payment Date, commencing January 25, 2005, the Indenture Trustee or
Paying Agent shall distribute to the Person in whose name this Class B Note is registered at the close of business on the Record Date an amount equal to the product of the Percentage Interest of the Class B Notes evidenced by this Class B Note and
the amount required to be distributed to Holders of Class B Notes on such Payment Date pursuant to Section 8.02 of the Indenture. 
  
 During each Interest Accrual Period, this Class B Note will bear interest at the Class B Note Interest Rate. 
  
 Distributions on this Class B Note will be made by the Indenture Trustee or
Paying Agent by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Note Register or, upon written request to the Indenture Trustee, by wire transfer of immediately available funds to the account
of the Person entitled thereto as shall appear on the 

  

 A-2-5 

 
Note Register without the presentation or surrender of this Note or the making of any notation thereon, at a bank or other entity having appropriate
facilities therefor, and, in the case of wire transfers, at the expense of such Person unless such Person shall own of record Class B Notes which have Initial Class B Principal Balances aggregating at least $1,000,000. 
  
 Notwithstanding the above, the final distribution on this Class B Note will
be made after due notice by the Indenture Trustee of the pendency of such distribution and only upon presentation and surrender of this Class B Note at the office or agency maintained for that purpose by the Note Registrar in New York, New York.

  
 As provided in the Indenture and the Transfer and Servicing
Agreement, deposits and withdrawals from the Note Distribution Account, the Principal Collection Account, the Interest Collection Account and the Reverse Fund may be made by the Indenture Trustee from time to time for purposes other than
distributions to Class B Noteholders, such purposes including reimbursement to the Servicer of advances made, or certain expenses incurred, by it, and investment in Eligible Investments. 
  
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Class B Note is
registrable in the Note Register upon surrender of this Class B Note for registration of transfer at the offices or agencies maintained by the Note Registrar in New York, New York, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon one or more new Class B Notes in authorized denominations evidencing the same aggregate
undivided Percentage Interest will be issued to the designated transferee or transferees. 
  
 The Class B Note is issuable only as a registered Class B Note. As provided in the Indenture and subject to certain limitations therein set forth, the Class B Note is exchangeable for a new Class B Note evidencing the
same undivided ownership interest, as requested by the holder surrendering the same. 
  
 No service charge will be made for any such registration of transfer or exchange, but the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith. 
  
 The Servicer, the Seller, the Indenture Trustee and
the Note Registrar, and any agent of any of the foregoing, may treat the person in whose name this Class B Note is registered as the owner hereof for all purposes, and none of the foregoing shall be affected by notice to the contrary. 
  
 The obligations and responsibilities created by the Indenture shall terminate
upon the payment to Class B Noteholders of all amounts required to be paid to them pursuant to the Indenture and the Transfer and Servicing Agreement and the disposition of all property held as part of the Indenture Collateral. 
  

 A-2-6 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE3 
  
 The following exchanges of a part of this Global Note for an interest in another Global Note or for an Individual Note, or exchanges of a part of another
Global Note or Individual Note for an interest in this Global Note, have been made: 
  

									
	 Date of
 Exchange

	  	 Amount of
 decrease in
 Principal Amount
 of this Global
 Note

	  	 Amount of
 increase in
 Principal Amount
 of this Global
 Note

	  	 Principal Amount
 of this Global
 Note following
 such decrease
 (or increase)

	  	 Signature of
 Responsible
 Office of Note
 Registrar

	3	This should be included only if the Note is issued in global form. 

  

 A-2-7 

 ASSIGNMENT 
  

Social Security or taxpayer I.D. or other identifying number of assignee 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

  

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

											
						
	Dated:	 	 	 	 	 	 	 	 	 	4  
	 	 	 	 	 	 	 	 	 Signature Guaranteed:
	 	 

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

  

 A-2-8 

 EXHIBIT A–3 
  

[FORM OF CLASS C NOTE] 
  
 ACAS BUSINESS LOAN TRUST 2004-1 
  
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE
SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE RE–OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY
(1) (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 44A (A “QIB”) WHO IS A QUALIFIED PURCHASER,
PURCHASING FOR ITS OWN ACCOUNT OR A QIB WHO IS A QUALIFIED PURCHASER PURCHASING FOR THE ACCOUNT OF A QIB WHO IS A QUALIFIED PURCHASER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, OR (B) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a)(1)–(3) OR (7) UNDER THE SECURITIES ACT) WHO IS A QUALIFIED PURCHASER PURCHASING FOR INVESTMENT AND NOT FOR
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO (X) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE INDENTURE AND (Y) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO
THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, (2) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT,
(3) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (4) PURSUANT TO A VALID REGISTRATION STATEMENT. THE PURCHASE OF THIS NOTE WILL BE DEEMED A REPRESENTATION BY THE
ACQUIRER THAT EITHER: (I) IT IS NOT, AND IS NOT PURCHASING SUCH OFFERED NOTE FOR, ON BEHALF OF OR WITH THE ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME ACT OF 1974, AS AMENDED
(“ERISA”) WHICH IS SUBJECT TO TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE
“PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY, OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR A CHURCH PLAN (AS DEFINED IN SECTION 3(33) OF
ERISA FOR WHICH NO ELECTION HAS 

  

 A-3-1 

 
BEEN MADE UNDER SECTION 410(d) OF THE CODE) THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE, OR (II) THE ACQUISITION AND HOLDING OF THE OFFERED NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL PLAN OR
A CHURCH PLAN, ANY SUBSTANTIALLY SIMILAR FEDERAL, STATE OR LOCAL LAW). 
  
 [IF HELD BY DTC] [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
  
 [IF REGULATIONS GLOBAL NOTE] [THIS NOTE HAS NOT BEEN
AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING AND THE ORIGINAL ISSUE DATE OF THE NOTES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE
UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 
  
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 THE RIGHTS OF
THE HOLDER OF THIS CLASS C NOTE TO RECEIVE INTEREST ARE SUBORDINATED TO THE RIGHTS OF THE HOLDERS OF THE CLASS A NOTES AND THE CLASS B NOTES TO RECEIVE INTEREST AND THE RIGHTS OF THE HOLDERS OF THIS CLASS C NOTE TO RECEIVE PRINCIPAL ARE SUBORDINATED
TO THE RIGHTS OF THE HOLDERS OF THE CLASS A NOTES AND THE CLASS B NOTES TO RECEIVE PRINCIPAL AND INTEREST. 
  

 A-3-2 

			
	 REGISTERED
	 	$                    
		
	 No .C-
	 	 

  
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
  

					
	 	 	 	 	[CUSIP NO.  ______________]
	 	 	 	 	[Reg S ISIN NO. ___________]
	 	 	 	 	[Reg S CUSIP No. __________]
	 	 	 	 	[Common Code No.  ________]

  
 ACAS Business Loan
Trust 2004-1, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of
                     DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the
numerator of which is the initial principal balance of this Class C Note and the denominator of which is the Initial Class C Principal Balance by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal
on the Class C Notes; provided, however, that the entire unpaid principal amount of this Class C Note shall be due and payable on the earliest of the Legal Final Maturity Date, the Redemption Date, if any, pursuant to
Section 10.01 of the Indenture or the Repurchase Date, if any, pursuant to Section 10.02 of the Indenture. 
  
 The principal of and interest on this Class C Note are payable in such coin or currency of the United States as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with respect to this Class C Note shall be applied first to interest due and payable on this Class C Note as provided above and then to the unpaid principal of this Class C Note.

  
 Reference is made to the further provisions of this Class C
Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Class C Note. 
  
 Unless the Class C Note of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Class C
Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 A-3-3 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Responsible Officer as of the date set forth below. 
  
 Date: December 2, 2004

  

					
	ACAS BUSINESS LOAN TRUST 2004-1
		
	By:	 	WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
			
	 	 	 By:
	 	 
	 	 	 	 	Authorized Signatory

  
 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Class C Notes of ACAS Business Loan Trust 2004-1 designated above and referred to in the within-mentioned Indenture. 
  
 Date: December 2, 2004 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee,
		
	By:	 	 
	 	 	Authorized Signatory

  

 A-3-4 

 [REVERSE OF NOTE] 
  
 This Class C Note is one of a duly authorized issue of Class C Notes of the Issuer, designated as its ACAS Business Loan
Trust Notes, Series 2004-1, Class C Deferrable Asset Backed Notes (herein called the “Class C Notes”), all issued under an Indenture, dated as of December 2, 2004 such indenture, as supplemented or amended, is herein called the
“Indenture”), between the Issuer and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Class C Notes. The Class C Notes are subject
to all terms of the Indenture. All terms used in this Class C Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
  
 As described above, the entire unpaid principal amount of this Class C Note
shall be due and payable on the earliest of the Legal Final Maturity Date, the Redemption Date, if any, pursuant to Section 10.01 of the Indenture or the Repurchase Date, if any, pursuant to Section 10.02 of the Indenture. Notwithstanding the
foregoing, the entire unpaid principal amount of the Class C Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee, or the Required Holders have declared the Class C
Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Class C Notes shall be made pro rata to the Class C Noteholders entitled thereto. 
  
 Each Class C Noteholder or Class C Note Owner, by acceptance of a Class C
Note or, in the case of a Class C Note Owner, a beneficial interest in a Class C Note covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer under the Indenture on the Class C Notes
or under any certificate or other writing delivered in connection therewith, against the Trust Depositor, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity or any of their Affiliates. 
  
 On each Payment Date, commencing January 25, 2005, the Indenture Trustee or
Paying Agent shall distribute to the Person in whose name this Class C Note is registered at the close of business on the Record Date an amount equal to the product of the Percentage Interest of the Class C Notes evidenced by this Class C Note and
the amount required to be distributed to Holders of Class C Notes on such Payment Date pursuant to Section 8.02 of the Indenture. 
  
 During each Interest Accrual Period, this Class C Note will bear interest at the Class C Note Interest Rate. 
  
 Distributions on this Class C Note will be made by the Indenture Trustee or
Paying Agent by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Note Register or, upon written request to the Indenture Trustee, by wire transfer of immediately available funds to the account
of the Person entitled thereto as shall appear on the 

  

 A-3-5 

 
Note Register without the presentation or surrender of this Note or the making of any notation thereon, at a bank or other entity having appropriate
facilities therefor, and, in the case of wire transfers, at the expense of such Person unless such Person shall own of record Class C Notes which have Initial Class C Principal Balances aggregating at least $1,000,000. 
  
 Notwithstanding the above, the final distribution on this Class C Note will
be made after due notice by the Indenture Trustee of the pendency of such distribution and only upon presentation and surrender of this Class C Note at the office or agency maintained for that purpose by the Note Registrar in New York, New York.

  
 As provided in the Indenture and the Transfer and Servicing
Agreement, deposits and withdrawals from the Note Distribution Account, the Principal Collection Account, the Interest Collection Account and the Reverse Fund may be made by the Indenture Trustee from time to time for purposes other than
distributions to Class C Noteholders, such purposes including reimbursement to the Servicer of advances made, or certain expenses incurred, by it, and investment in Eligible Investments. 
  
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Class C Note is
registrable in the Note Register upon surrender of this Class C Note for registration of transfer at the offices or agencies maintained by the Note Registrar in New York, New York, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon one or more new Class C Notes in authorized denominations evidencing the same aggregate
undivided Percentage Interest will be issued to the designated transferee or transferees. 
  
 The Class C Note is issuable only as a registered Class C Note. As provided in the Indenture and subject to certain limitations therein set forth, the Class C Note is exchangeable for a new Class C Note evidencing the
same undivided ownership interest, as requested by the holder surrendering the same. 
  
 No service charge will be made for any such registration of transfer or exchange, but the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith. 
  
 The Servicer, the Seller, the Indenture Trustee and
the Note Registrar, and any agent of any of the foregoing, may treat the person in whose name this Class C Note is registered as the owner hereof for all purposes, and none of the foregoing shall be affected by notice to the contrary. 
  
 The obligations and responsibilities created by the Indenture shall terminate
upon the payment to Class C Noteholders of all amounts required to be paid to them pursuant to the Indenture and the Transfer and Servicing Agreement and the disposition of all property held as part of the Indenture Collateral. 
  

 A-3-6 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 
  
 The following exchanges of a part of this Global Note for an interest in
another Global Note or for an Individual Note, or exchanges of a part of another Global Note or Individual Note for an interest in this Global Note, have been made: 
  

									
	 Date of
 Exchange

	  	 Amount of
 decrease in
 Principal Amount
 of this Global
 Note

	  	 Amount of
 increase in
 Principal Amount
 of this Global
 Note

	  	 Principal Amount
 of this Global
 Note following
 such decrease
 (or increase)

	  	 Signature of
 Responsible
 Office of Note
 Registrar

  

 A-3-7 

  
 ASSIGNMENT 

 
 Social Security or taxpayer I.D. or other identifying number of assignee 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

  

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

											
						
	Dated:	 	 	 	 	 	 	 	 	 	5  
	 	 	 	 	 	 	 	 	Signature Guaranteed:	 	 

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

  

 A-3-8 

  
 EXHIBIT A-4 
  
 [FORM OF CLASS D NOTE] 
  
 ACAS BUSINESS LOAN TRUST 2004-1 
  
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE RE–OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A (A “QIB”) WHO IS A QUALIFIED PURCHASER, PURCHASING FOR ITS OWN ACCOUNT OR A QIB WHO IS A QUALIFIED PURCHASER PURCHASING FOR THE ACCOUNT OF A QIB WHO IS A QUALIFIED PURCHASER, WHOM THE HOLDER HAS
INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (B) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a)(1)–(3) OR (7)
UNDER THE SECURITIES ACT) WHO IS A QUALIFIED PURCHASER PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO (X) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE
INDENTURE AND (Y) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, (2) IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (4) PURSUANT TO A
VALID REGISTRATION STATEMENT. THE PURCHASE OF THIS NOTE WILL BE DEEMED A REPRESENTATION BY THE ACQUIRER THAT IT IS NOT, AND IS NOT PURCHASING THIS NOTE FOR, ON BEHALF OF OR WITH THE ASSETS OF, (1) AN EMPLOYEE BENEFIT PLAN, RETIREMENT ARRANGEMENT,
INDIVIDUAL RETIREMENT ACCOUNT OR KEOGH PLAN SUBJECT TO EITHER TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR
(2) AN ENTITY (INCLUDING AN INSURANCE COMPANY GENERAL ACCOUNT) WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF ANY SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S OR ACCOUNT’S INVESTMENT IN SUCH ENTITY. 
  

 A-4-1 

 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 THE RIGHTS OF THE HOLDERS OF THIS CLASS D NOTE TO RECEIVE PRINCIPAL ARE SUBORDINATED TO THE RIGHTS OF THE HOLDERS OF THE CLASS A NOTES, THE CLASS B NOTES
AND THE CLASS C NOTES TO RECEIVE PRINCIPAL AND INTEREST. 
  
 THIS
CLASS D NOTE MAY NOT BE TRANSFERRED DIRECTLY OR INDIRECTLY TO (1) EMPLOYEE BENEFIT PLANS, RETIREMENT ARRANGEMENTS, INDIVIDUAL RETIREMENT ACCOUNTS OR KEOGH PLANS SUBJECT TO EITHER TITLE I OF ERISA, OR SECTION 4975 OF THE CODE, OR (2) ENTITIES
(INCLUDING INSURANCE COMPANY GENERAL ACCOUNTS) WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF ANY SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S OR ACCOUNT’S INVESTMENT IN SUCH ENTITIES. FURTHER, THIS NOTE MAY BE TRANSFERRED ONLY TO
A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. 
  

 A-4-2 

			
	 REGISTERED
	  	$                    
		
	 No. D-
	  	 

  
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
  
 ACAS Business Loan Trust 2004-1, a
statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay
to                    , or registered assigns, the principal sum of
                     DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the
numerator of which is the initial principal balance of this Class D Note and the denominator of which is the Initial Class D Principal Balance by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal
on the Class D Note; provided, however, that the entire unpaid principal amount of this Class D Note shall be due and payable on the earlier of the Legal Final Maturity Date and the Redemption Date, if any, pursuant to
Section 10.01 of the Indenture and, if any amounts are available therefor in connection with an Optional Repurchase, the Repurchase Date pursuant to Section 10.02 of the Indenture. 
  
 Distributions on this Class D Note are payable in such coin or currency of the United States as at the time of payment is
legal tender for payment of public and private debts. 
  
 Reference is made to the further provisions of this Class D Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Class D Note. 
  
 Unless the Class D Note of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Class D Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 A-4-3 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Responsible Officer as of the date set forth below. 
  
 Date: December 2, 2004 

					
	ACAS BUSINESS LOAN TRUST 2004-1
		
	 By:
	 	WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
			
	 	 	By:	 	 
	 	 	 	 	Authorized Signatory

  
 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Class D Notes of ACAS Business Loan Trust 2004-1 designated above and referred to in the within-mentioned Indenture. 
  
 Date: December 2, 2004 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee,
		
	By:	 	 
	 	 	Authorized Signatory

  

 A-4-4 

  
 [REVERSE OF NOTE]

  
 This Class D Note is one of a duly authorized issue of
Class D Notes of the Issuer, designated as its ACAS Business Loan Trust Notes, Series 2004-1, Class D (herein called the “Class D Notes”), all issued under an Indenture, dated as of December 2, 2004 (such indenture, as supplemented
or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Class D Notes. The
Class D Notes are subject to all terms of the Indenture. All terms used in this Class D Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented
or amended. 
  
 As described above, the entire unpaid principal
amount of this Class D Note shall be due and payable on the earlier of the Legal Final Maturity Date and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture and, if any amounts are available therefor in connection with an
Optional Repurchase, the Repurchase Date pursuant to Section 10.02 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Class D Notes shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee, or the Required Holders have declared the Class D Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Class D
Notes shall be made pro rata to the Class D Noteholders entitled thereto. 
  
 Each Class D Noteholder or Class D Note Owner, by acceptance of a Class D Note or, in the case of a Class D Note Owner, a beneficial interest in a Class D Note covenants and agrees that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer under the Indenture on the Class D Notes or under any certificate or other writing delivered in connection therewith, against the Trust Depositor, the Servicer, the Indenture
Trustee or the Owner Trustee in its individual capacity or any of their Affiliates. 
  
 On each Payment Date, commencing January 25, 2005, the Indenture Trustee or Paying Agent shall distribute to the Person in whose name this Class D Note is registered at the close of business on the Record Date (or, in
the case of the first Payment Date, to the Person in whose name this Class D Note is registered on the Closing Date) (the “Record Date”) an amount equal to the product of the Percentage Interest of the Class D Notes evidenced by
this Class D Note and the amount required to be distributed to Holders of Class D Notes on such Payment Date pursuant to Section 8.02 of the Indenture. 
  

The Class D Note will not bear interest. 
  
 Distributions on this Class D Note will be made by the Indenture Trustee or Paying Agent by check mailed to the address of the Person entitled thereto as
such name and address shall appear on the Note Register or, upon written request to the Indenture Trustee, by wire 

  

 A-4-5 

 
transfer of immediately available funds to the account of the Person entitled thereto as shall appear on the Note Register without the presentation or
surrender of this Note or the making of any notation thereon, at a bank or other entity having appropriate facilities therefor, and, in the case of wire transfers, at the expense of such Person unless such Person shall own of record Class D Notes
which have Initial Class D Principal Balances aggregating at least $1,000,000. 
  
 Notwithstanding the above, the final distribution on this Class D Note will be made after due notice by the Indenture Trustee of the pendency of such distribution and only upon presentation and surrender of this Class
D Note at the office or agency maintained for that purpose by the Note Registrar in New York, New York. 
  
 As provided in the Indenture and the Transfer and Servicing Agreement, deposits and withdrawals from the Note Distribution Account, the Principal
Collection Account, the Interest Collection Account and the Reserve Fund Account may be made by the Indenture Trustee from time to time for purposes other than distributions to Class D Noteholders, such purposes including reimbursement to the
Servicer of advances made, or certain expenses incurred, by it, and investment in Eligible Investments. 
  
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Class D Note is registrable in the Note Register
upon surrender of this Class D Note for registration of transfer at the offices or agencies maintained by the Note Registrar in New York, New York, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to, the
Indenture Trustee, duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon one or more new Class D Notes in authorized denominations evidencing the same aggregate undivided Percentage Interest will
be issued to the designated transferee or transferees. 
  
 The
Class D Note is issuable only as a registered Class D Note. As provided in the Indenture and subject to certain limitations therein set forth, the Class D Note is exchangeable for a new Class D Note evidencing the same undivided ownership interest,
as requested by the holder surrendering the same. 
  
 No service
charge will be made for any such registration of transfer or exchange, but the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  
 The Servicer, the Seller, the Indenture Trustee and the Note Registrar, and
any agent of any of the foregoing, may treat the person in whose name this Class D Note is registered as the owner hereof for all purposes, and none of the foregoing shall be affected by notice to the contrary. 
  
 The obligations and responsibilities created by the Indenture shall terminate
upon the payment to Class D Noteholders of all amounts required to be paid to them pursuant to the Indenture and the Transfer and Servicing Agreement and the disposition of all property held as part of the Indenture Collateral. 
  

 A-4-6 

  
 ASSIGNMENT 

 
 Social Security or taxpayer I.D. or other identifying number of assignee 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

  

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

											
						
	Dated:	 	 	 	 	 	 	 	 	 	6  
	 	 	 	 	 	 	 	 	Signature Guaranteed:	 	 

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

  

 A-4-7 

  
 EXHIBIT A-5 
  
 [FORM OF CLASS E NOTE] 
  
 ACAS BUSINESS LOAN TRUST 2004-1 
  
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE RE-OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A (A “QIB”) WHO IS A QUALIFIED PURCHASER, PURCHASING FOR ITS OWN ACCOUNT OR A QIB WHO IS A QUALIFIED PURCHASER PURCHASING FOR THE ACCOUNT OF A QIB WHO IS A QUALIFIED PURCHASER, WHOM THE HOLDER HAS INFORMED, IN
EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (B) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a)(1)-(3) OR (7) UNDER THE
SECURITIES ACT) WHO IS A QUALIFIED PURCHASER PURCHASING FOR INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO (X) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE INDENTURE
AND (Y) THE RECEIPT BY THE INDENTURE TRUSTEE OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, (2) IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO ANOTHER EXEMPTION AVAILABLE UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (4) PURSUANT TO A VALID
REGISTRATION STATEMENT. THE PURCHASE OF THIS NOTE WILL BE DEEMED A REPRESENTATION BY THE ACQUIRER THAT IT IS NOT, AND IS NOT PURCHASING THIS NOTE FOR, ON BEHALF OF OR WITH THE ASSETS OF, (1) AN EMPLOYEE BENEFIT PLAN, RETIREMENT ARRANGEMENT,
INDIVIDUAL RETIREMENT ACCOUNT OR KEOGH PLAN SUBJECT TO EITHER TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR
(2) AN ENTITY (INCLUDING AN INSURANCE COMPANY GENERAL ACCOUNT) WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF ANY SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S OR ACCOUNT’S INVESTMENT IN SUCH ENTITY. 
  

 A-5-1 

 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  
 THE RIGHTS OF THE HOLDERS OF THIS CLASS E NOTE TO RECEIVE PRINCIPAL ARE SUBORDINATED TO THE RIGHTS OF THE HOLDERS OF THE CLASS A NOTES, THE CLASS B NOTES
AND THE CLASS C NOTES TO RECEIVE PRINCIPAL AND INTEREST AND THE RIGHTS OF THE HOLDERS OF THE CLASS D NOTES TO RECEIVE PRINCIPAL. 
  
 THIS CLASS E NOTE MAY NOT BE TRANSFERRED DIRECTLY OR INDIRECTLY TO (1) EMPLOYEE BENEFIT PLANS, RETIREMENT ARRANGEMENTS, INDIVIDUAL RETIREMENT ACCOUNTS OR
KEOGH PLANS SUBJECT TO EITHER TITLE I OF ERISA, OR SECTION 4975 OF THE CODE, OR (2) ENTITIES (INCLUDING INSURANCE COMPANY GENERAL ACCOUNTS) WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF ANY SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S
OR ACCOUNT’S INVESTMENT IN SUCH ENTITIES. FURTHER, THIS NOTE MAY BE TRANSFERRED ONLY TO A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. 
  
 NO TRANSFER, SALE, PLEDGE OR OTHER DISPOSITION OF ONE OR MORE CLASS E NOTES
(A “TRANSFER”) SHALL BE MADE UNLESS (1) SIMULTANEOUSLY WITH THE TRANSFER (1) A PROPORTIONATE AMOUNT OF TRUST CERTIFICATES ARE TRANSFERRED SO THAT THE RATIO OF THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES SO TRANSFERRED TO ALL
TRUST CERTIFICATES AND THE RATIO OF THE PERCENTAGE INTEREST OF THE CLASS E NOTES SO TRANSFERRED TO THE PERCENTAGE INTEREST OF ALL CLASS E NOTES ARE EQUAL, (2) THE TRANSFERS OF THE TRUST CERTIFICATES AND CLASS E NOTES REFERRED TO HEREIN ARE MADE TO
THE SAME PERSON AND (3) THE PERCENTAGE INTEREST OF THE TRUST CERTIFICATES AND CLASS E NOTES, RESPECTIVELY, SO TRANSFERRED IS NO LESS THAN TEN (10%) PERCENT. 
  

 A-5-2 

			
	 REGISTERED
	  	$                    
		
	 No. E-
	  	 

  
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
  
 ACAS Business Loan Trust 2004-1, a
statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay
to                    , or registered assigns, the principal sum of
                     DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the
numerator of which is the initial principal balance of this Class E Note and the denominator of which is the Initial Class E Principal Balance by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal
on the Class E Note; provided, however, that the entire unpaid principal amount of this Class E Note shall be due and payable on the earlier of the Legal Final Maturity Date and the Redemption Date, if any, pursuant to
Section 10.01 of the Indenture and, if any amounts are available therefor in connection with an Optional Repurchase, the Repurchase Date pursuant to Section 10.02 of the Indenture. 
  
 Distributions on this Class E Note are payable in such coin or currency of the United States as at the time of payment is
legal tender for payment of public and private debts. 
  
 Reference is made to the further provisions of this Class E Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Class E Note. 
  
 Unless the Class E Note of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Class E Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 A-5-3 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Responsible Officer as of the date set forth below. 
  
 Date: December 2, 2004

  

					
	ACAS BUSINESS LOAN TRUST 2004-1
		
	 By:
	 	WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
			
	 	 	By:	 	 
	 	 	 	 	Authorized Signatory

  
 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Class E Notes of ACAS Business Loan Trust 2004-1 designated above and referred to in the within-mentioned Indenture. 
  
 Date: December 2, 2004 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee,
		
	By:	 	 
	 	 	Authorized Signatory

  

 A-5-4 

 [REVERSE OF NOTE] 
  
 This Class E Note is one of a duly authorized issue of Class E Notes of the Issuer, designated as its ACAS Business Loan
Trust Notes, Series 2004-1, Class E (herein called the “Class E Notes”), all issued under an Indenture, dated as of December 2, 2004 (such indenture, as supplemented or amended, is herein called the “Indenture”),
between the Issuer and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Class E Notes. The Class E Notes are subject to all terms of the Indenture.
All terms used in this Class E Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
  
 As described above, the entire unpaid principal amount of this Class E Note
shall be due and payable on the earlier of the Legal Final Maturity Date and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture and, if any amounts are available therefor in connection with an Optional Repurchase, the Repurchase
Date pursuant to Section 10.02 of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Class E Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the
Indenture Trustee, or the Required Holders have declared the Class E Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Class E Notes shall be made pro rata to the
Class E Noteholders entitled thereto. 
  
 Each Class E Noteholder
or Class E Note Owner, by acceptance of a Class E Note or, in the case of a Class E Note Owner, a beneficial interest in a Class E Note covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of
the Issuer under the Indenture on the Class E Notes or under any certificate or other writing delivered in connection therewith, against the Trust Depositor, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity or any
of their Affiliates. 
  
 On each Payment Date, commencing January
25, 2005, the Indenture Trustee or Paying Agent shall distribute to the Person in whose name this Class E Note is registered at the close of business on the Record Date (or, in the case of the first Payment Date, to the Person in whose name this
Class E Note is registered on the Closing Date) (the “Record Date”) an amount equal to the product of the Percentage Interest of the Class E Notes evidenced by this Class E Note and the amount required to be distributed to Holders of Class
E Notes on such Payment Date pursuant to Section 8.02 of the Indenture. 
  
 The Class E Note will not bear interest. 
  
 Distributions on this Class E Note will be made by the Indenture Trustee or Paying Agent by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Note Register or,
upon written request to the Indenture Trustee, by wire transfer of 

  

 A-5-5 

 
immediately available funds to the account of the Person entitled thereto as shall appear on the Note Register without the presentation or surrender of this
Note or the making of any notation thereon, at a bank or other entity having appropriate facilities therefor, and, in the case of wire transfers, at the expense of such Person unless such Person shall own of record Class E Notes which have Initial
Class E Principal Balances aggregating at least $1,000,000. 
  
 Notwithstanding the above, the final distribution on this Class E Note will be made after due notice by the Indenture Trustee of the pendency of such distribution and only upon presentation and surrender of this Class E Note at the office
or agency maintained for that purpose by the Note Registrar in New York, New York. 
  
 As provided in the Indenture and the Transfer and Servicing Agreement, deposits and withdrawals from the Note Distribution Account, the Principal Collection Account, the Interest Collection Account and the Reserve
Fund Account may be made by the Indenture Trustee from time to time for purposes other than distributions to Class E Noteholders, such purposes including reimbursement to the Servicer of advances made, or certain expenses incurred, by it, and
investment in Eligible Investments. 
  
 As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Class E Note is registrable in the Note Register upon surrender of this Class E Note for registration of transfer at the offices or agencies maintained by the Note
Registrar in New York, New York, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to, the Indenture Trustee, duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and
thereupon one or more new Class E Notes in authorized denominations evidencing the same aggregate undivided Percentage Interest will be issued to the designated transferee or transferees. 
  
 The Class E Note is issuable only as a registered Class E Note. As provided in the Indenture and subject to certain
limitations therein set forth, the Class E Note is exchangeable for a new Class E Note evidencing the same undivided ownership interest, as requested by the holder surrendering the same. 
  
 No service charge will be made for any such registration of transfer or exchange, but the Note Registrar may require payment
of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  
 The Servicer, the Seller, the Indenture Trustee and the Note Registrar, and any agent of any of the foregoing, may treat the person in whose name this
Class E Note is registered as the owner hereof for all purposes, and none of the foregoing shall be affected by notice to the contrary. 
  
 The obligations and responsibilities created by the Indenture shall terminate upon the payment to Class E Noteholders of all amounts required to be paid
to them pursuant to the Indenture and the Transfer and Servicing Agreement and the disposition of all property held as part of the Indenture Collateral. 
  

 A-5-6 

 ASSIGNMENT 
  

Social Security or taxpayer I.D. or other identifying number of assignee 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

  

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

											
						
	Dated:	 	 	 	 	 	 	 	 	 	7  
	 	 	 	 	 	 	 	 	Signature Guaranteed:	 	 

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

  

 A-5-7 

 EXHIBIT B 
  
 LIST OF LOANS 
  
 See Exhibit G of the Transfer and Servicing Agreement. 
  

 B-1 

 EXHIBIT C 
  
 WIRING INSTRUCTIONS FORM 
  
                     , 2004 
  
 [Paying Agent] 
 [Trustee] 
  
 _______________________

 _______________________ 
 _______________________ 

 

	Re:	ACAS Business Loan Trust Notes, Series 2004-1, 

 [Class
A] [Class B] [Class C] [Class D] 
  
 Dear Sir: 
  
 In connection with the sale of the above-captioned Note by
                                        
         to,
                                        
     (“Transferee”) you, as Paying Agent, are instructed to make all remittances to Transferee as Noteholder as of
                        ,              by wire
transfer. For such wire transfer, the wiring instructions are as follows: 
  
 _______________________________ 
 _______________________________ 
 _______________________________ 
  
 _______________________________ 
                     Transferee 
  
 Noteholder’s mailing address: 
  
 Name: 
  
 Address: 
  

 C-1 

 EXHIBIT D-1 
  
 FORM OF TRANSFEREE LETTER 
  
 American Capital Strategies, Ltd., 
 as the Servicer 
 2 Bethesda Metro Center 
 14th Floor 
 Bethesda, Maryland 20814 
 Attention:
[                                        
    ] 
  
 Wells Fargo Bank, National Association,

 as the Indenture Trustee 
 Sixth and Marquette Avenue, MAC
N9311-161 
 Minneapolis, Minnesota 55479 
 Attention: Corporate
Trust Services/Asset Backed Administration 
  
                         , 20     
  

	Re:	ACAS Business Loan Trust Notes, Series 2004-1 

 Class A,
Class B, Class C, Class D and Class E Notes 
  
 Ladies and Gentlemen:

  
 (a) In connection with our acquisition of the above-captioned
Notes, we certify that (a) we understand that the Notes are not being registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws and are being transferred to us in a transaction that is exempt
from the registration requirements of the Act and any such laws, (b) we are an Institutional Accredited Investor who is a Qualified Purchaser, as defined in the Indenture pursuant to which the Notes were issued (the “Indenture”),
and have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of investments in the Notes, (c) we have had the opportunity to ask questions of and receive answers from the Originator
and the Servicer concerning the purchase of the Notes and all matters relating thereto or any additional information deemed necessary to our decision to purchase the Notes, (d) we are acquiring the Notes for investment for our own account and not
with a view to any distribution of such Notes (but without prejudice to our right at all times to sell or otherwise dispose of the Notes in accordance with clause (f) below), (e) we have not offered or sold any Notes to, or solicited offers
to buy any Notes from, any person, or otherwise approached or negotiated with any person with respect thereto, or taken any other action which would result in a violation of Section 5 of the Act, (f) we will not sell, transfer or otherwise dispose
of any Notes unless (1) such sale, transfer or other disposition is made pursuant to an effective registration statement under the Act or is exempt from such registration requirements, and if requested, we will at our expense provide an opinion of
counsel satisfactory to the 

  

 D-1-1 

 
addressees of this certificate that such sale, transfer or other disposition may be made pursuant to an exemption from the Act, (2) the purchaser or
transferee of such Note has executed and delivered to you a certificate to substantially the same effect as this certificate if required by the Indenture, and (3) the purchaser or transferee has otherwise complied with any conditions for transfer
set forth in the Indenture, (g) if the purchaser is acquiring a Class A, Class B, Class C, the purchaser is either: (i) not acquiring such Note, directly or indirectly, for or on behalf of 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 defined in Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
an entity whose underlying assets are deemed to include “plan assets” of any of the foregoing by reason of an employee benefit plan’s or plan’s investment in such entity, or a governmental plan (as defined in Section 3(32) of
ERISA) or a church plan (as defined in Section 3(33) of ERISA for which no election has been made under section 410(d) of the Code) that is subject to any federal, state or local law that is substantially similar to the provisions of section 406 of
ERISA or section 4975 of the Code; or (ii) the acquisition and holding of such Note will not give rise to a nonexempt prohibited transaction under Section 406(a) of ERISA or Section 4975 of the Code (or, in the case of a governmental plan or a
church plan, any substantially similar federal, state or local law), (h) if the purchaser is acquiring a Class D Note or a Class E Note, the purchaser is not acquiring such Note, directly or indirectly, for or on behalf of an “employee benefit
plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, a “plan” as defined in Section 4975 of the Code, or an entity (including an insurance company general account) whose underlying assets are deemed to
include “plan assets” of any of the foregoing by reason of an employee benefit plan’s or plan’s investment in such entity, (i) if the purchaser is acquiring a Class D Note or a Class E Note, the purchaser is a U.S. Person, as
such term is defined in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended, and (j) if the purchaser is acquiring a Class E Note, the purchaser also is acquiring Trust Certificates such that the ratio and the Percentage Interest of
the Trust Certificates being acquired to all Trust Certificates and the ratio and the Percentage Interest of the Class E Notes being acquired to all Class E Notes are equal. 
  

			
	Very truly yours,
	
	 
	 Print Name of Transferee

		
	 By:
	 	 
	 	 	         Responsible Officer

  

 D-1-2 

 EXHIBIT D–2 
  

FORM OF RULE 144A CERTIFICATION 
  
 American Capital Strategies, Ltd., 
 as the Servicer 
 2 Bethesda Metro Center 
 14th Floor 
 Bethesda, Maryland 20814 
  
 Wells Fargo Bank, National Association, 
 as the Indenture Trustee 
 Sixth and Marquette Avenue, MAC N9311-161

 Minneapolis, Minnesota 55479 
 Attention: Corporate Trust
Services/Asset Backed Administration 
  
                         , 20     
  

	Re:	ACAS Business Loan Trust Notes, Series 2004-1 

 Class A,
Class B, Class C, Class D and Class E Notes 
  
 Ladies and Gentlemen:

  
 In connection with our acquisition of the above Notes we
certify that (a) we understand that the Notes are not being registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws and are being transferred to us in a transaction that is exempt from the
registration requirements of the Act and any such laws, (b) we have had the opportunity to ask questions of and receive answers from Originator and the Servicer concerning the purchase of the Notes and all matters relating thereto or any additional
information deemed necessary to our decision to purchase the Notes, (c) we have not, nor has anyone acting on our behalf offered, transferred, pledged, sold or otherwise disposed of the Notes, any interest in the Notes or any other similar security
to, or solicited any offer to buy or accept a transfer, pledge or other disposition of the Notes, any interest in the Notes or any other similar security from, or otherwise approached or negotiated with respect to the Notes, any interest in the
Notes or any other similar security with, any person in any manner, or made any general solicitation by means of general advertising or in any other manner, or taken any other action, that would constitute a distribution of the Notes under the Act
or that would render the disposition of the Notes a violation of Section 5 of the Act or require registration pursuant thereto, nor will act, nor has authorized or will authorize any person to act, in such manner with respect to the Notes, (d) we
are a “qualified institutional buyer” as that term is defined in Rule 144A under the Act who is a “Qualified Purchaser” as that term is defined in Section 2(a)(51) of the 1940 Act and have completed the form of certification to
that effect attached hereto as Annex 1, (e) if we are acquiring a Class A, Class B Note or Class C Note, we are either (i) not acquiring a Note, directly or indirectly, for or on behalf of an “employee benefit plan” as defined in Section
3(3) of the Employee Retirement 

  

 D-2-1 

 
Income Security Act of 1974, as amended (“ERISA”), which is subject to Title I of ERISA, a “plan” as defined in Section 4975 of the
Internal Revenue Code of 1986, as amended (the “Code”), an entity whose underlying assets are deemed to include “plan assets” of any of the foregoing by reason of an employee benefit plan’s or plan’s investment in such
entity, or a governmental plan (as defined in Section 3(32) of ERISA) or a church plan (as defined in Section 3(33) of ERISA for which no election has been made under section 410(d) of the Code) that is subject to any federal, state or local law
that is substantially similar to the provisions of section 406 of ERISA or section 4975 of the Code; or (ii) and the acquisition and holding of such Note will not give rise to a nonexempt prohibited transaction under Section 406(a) of ERISA or
Section 4975 of the Code (or, in the case of a governmental plan or a church plan, any substantially similar federal, state or local law), (f) if we are acquiring a Class D Note or a Class E Note, we not acquiring such Note, directly or indirectly,
for or on behalf of an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, a “plan” as defined in Section 4975 of the Code, or an entity (including an insurance company general
account) whose underlying assets are deemed to include “plan assets” of any of the foregoing by reason of an employee benefit plan’s or plan’s investment in such entity, (g) if we are acquiring a Class D Note or a Class E Note,
we are a U.S. Person, as such term is defined in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended, and (h) if the purchaser is acquiring a Class E Note, we also are acquiring Trust Certificates such that the ratio and the
Percentage Interest of the Trust Certificates being acquired to all Trust Certificates and the ratio and the Percentage Interest of the Class E Notes being acquired to all Class E Notes are equal. We are aware that the sale to us is being made in
reliance on Rule 144A. We are acquiring the Notes for our own account or for resale pursuant to Rule 144A and further, understand that such Notes may be resold, pledged or transferred only (i) to a person reasonably believed to be a Qualified
Institutional Buyer who is a Qualified Purchaser that purchases for its own account or for the account of a Qualified Institutional Buyer who is a Qualified Purchaser to whom notice is given that the resale, pledge or transfer is being made in
reliance on Rule 144A, or (ii) pursuant to another exemption from registration under the Act. 
  

			
	Very truly yours,
	
	 
	 Print Name of Transferee

		
	 By:
	 	 
	 	 	 Responsible Officer

  

 D-2-2 

 ANNEX 1 TO EXHIBIT D-2 
  
 [FORM OF CERTIFICATION] 
  
 [Date] 
  
 American Capital Strategies, Ltd., 
 as the Servicer 
 2 Bethesda Metro Center 
 14th Floor 
 Bethesda, Maryland 20814 
 Attention: Chief Financial Officer and General Counsel 
  
 Wells Fargo Bank, National Association, 
 as the Indenture Trustee 
 Sixth and Marquette Avenue, MAC N9311-161 
 Minneapolis, Minnesota 55479 
 Attention: Corporate Trust Services/Asset Backed Administration 
  

	Re:	ACAS Business Loan Trust Notes, Series 2004-1 

 Class A,
Class B, Class C, Class D and Class E Notes 
  
 Ladies and Gentlemen:

  
 In connection with our purchase of the Notes, the undersigned
certifies to each of the parties to whom this letter is addressed that it is a qualified institutional buyer (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Act”)) who is a qualified purchaser (as defined
in Section 2(a)(51) of the Investment Company Act of 1940 (the “1940 Act”) as follows: 
  

	1.	It owns and/or invests on a discretionary basis eligible securities (excluding affiliate’s securities, bank deposit notes and CD’s, loan participations, repurchase
agreements, securities owned but subject to a repurchase agreement and currency, interest rate and commodity swaps), as described below: 

  
 Amount:
$                                ; and 
  

	2.	The dollar amount set forth above is: 

  

	 	a.	greater than $3 million and the undersigned is one of the following entities: 

  

						
	(1)	  	 ̈	 	  	an insurance company as defined in Section 2(13) of the Act;* or

	*	A purchase by an insurance company for one or more of its separate accounts, as defined by section 2(a)(37) of the Investment Company Act of 1940, which are neither registered nor
required to be registered thereunder, shall be deemed to be a purchase for the account of such insurance company. 

  

 D-2-1 

						
	(2)	  	 ̈	 	  	an investment company registered under the Investment Company Act or any business development company as defined in Section 2(a)(48) of the 1940 Act or as defined in Section 202(a)(22) of the
Investment Advisers Act of 1940; or
			
	(3)	  	 ̈	 	  	a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; or
			
	(4)	  	 ̈	 	  	plan (i) established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, the laws of which permit the purchase of
securities of this type, for the benefit of its employees and (ii) the governing investment guidelines of which permit the purchase of securities of this type, in any case acting for its own account within the meaning of Rule 2a51-1(g) of the 1940
Act; or
			
	(5)	  	 ̈	 	  	a corporation (other than a U.S. bank, savings and loan association or equivalent foreign institution), partnership, Massachusetts or similar business trust, or an organization described in
Section 501(c)(3) of the Internal Revenue Code; or
			
	(6)	  	 ̈	 	  	a U.S. bank, savings and loan association or equivalent foreign institution, which has an audited net worth of at least $25 million as demonstrated in its latest annual financial statements
as of a date not more than 16 months preceding the date of sale in the case of a U.S. institution or 18 months in the case of a foreign institution; or
			
	(7)	  	 ̈	 	  	an investment adviser registered under the Investment Advisers Act; or

  

	 	b.	 ̈ greater than $25 million, and the undersigned is a broker-dealer
registered with the SEC; or 

  

	 	c.	 ̈ [Reserved]; or 

  

	 	d.	 ̈ less than $100 million, and the undersigned is an investment company
registered under the Investment Company Act of 1940, which, together with one or more registered investment companies having the same or an affiliated investment adviser, owns at least $100 million of eligible securities; or

  

	 	e.	 ̈ less than $100 million, and the undersigned is an entity, all the equity
owners of which are qualified institutional buyers. 

  

 D-2-2 

 The undersigned further certifies that it is purchasing Notes for its own account or for the account of
others that independently qualify as “Qualified Institutional Buyers” as defined in Rule 144A who are “Qualified Purchasers” as defined in the 1940 Act. It is aware that the sale of the Notes is being made in reliance on its
continued compliance with Rule 144A. It is aware that the transferor may rely on the exemption from the provisions of Section 5 of the Act provided by Rule 144A. The undersigned understands that the Notes may be resold, pledged or transferred only
to a person reasonably believed to be a Qualified Institutional Buyer who is a Qualified Purchaser that purchases for its own account or for the account of a Qualified Institutional Buyer who is a Qualified Purchaser to whom notice is given that the
resale, pledge or transfer is being made in reliance in Rule 144A. 
  
 The undersigned agrees that if at some time before the expiration of the holding period described in Rule 144 it wishes to dispose of or exchange any of the Notes, it will not transfer or exchange any of the Notes to a Qualified
Institutional Buyer without first obtaining a letter in the form hereof from the transferee and delivering such certificate to the addressees hereof. 
  
 IN WITNESS WHEREOF, this document has been executed by the undersigned who is duly authorized to do so on behalf of the undersigned Qualified
Institutional Buyer who is a Qualified Purchaser on the              day of
                        ,             . 
  

	
	Name of Institution
	 Signature

	 Name

	 Title**

	**	Must be President, Chief Financial Officer, or other executive officer. 

  

 D-2-3 

  
 EXHIBIT E 
  
 FORM OF TRANSFER CERTIFICATE FOR RULE 144A GLOBAL NOTE TO 

REGULATION S GLOBAL NOTE DURING DISTRIBUTION COMPLIANCE PERIOD 
  
 (Pursuant to Section 4.02(j)(i) of the Indenture) 
  
 Wells Fargo Bank, National Association, 
 as the
Indenture Trustee 
 Sixth and Marquette Avenue, MAC N9311-161 
 Minneapolis, Minnesota 55479 
 Attention: Corporate Trust Services/Asset Backed Administration 
  

	Re:	ACAS Business Loan Trust Notes, Series 2004-1 

	  	Class [A], [B], [C], [D] and [E] 

  
 Ladies and Gentlemen: 
  
 Reference is hereby made to the Indenture, dated as of December 2, 2004 (the “Agreement”), between ACAS Business Loan Trust 2004-1, as
the issuer (the “Issuer”), and Wells Fargo Bank, National Association, as the indenture trustee (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

  
 This letter relates to US
$[            ] aggregate current principal amount of Class              Notes (the “Notes”) which
are held in the form of the Rule 144A Global Note (CUSIP No.            ) with the Depository in the name of [insert name of transferor] (the “Transferor”).
The Transferor has requested a transfer of such beneficial interest for an interest in the Regulation S Global Note (CUSIP No.             ) to be held with [Euroclear]
[Clearstream] (Common Code No.             ) through the Depository. 
  
 In connection with such request and in respect of such Notes, the Transferor does hereby certify that such transfer has been effected in accordance with
the transfer restrictions set forth in the Agreement and pursuant to and in accordance with Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the Transferor does hereby certify that:

  

	 	(1)	the offer of the Notes was not made to a person in the United States, 

  

	 	(2)	[at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed that the
transferee was outside the United States] [the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the transferor nor any person acting on its behalf knows that the transaction was
pre-arranged with a buyer in the United States], 

  

 E-1 

	 	(3)	the transferee is not a U.S. Person within the meaning of Rule 902(o) of Regulation S nor a Person acting for the account or benefit of a U.S. Person, 

  

	 	(4)	no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable, 

  

	 	(5)	the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act, and 

  

	 	(6)	upon completion of the transaction, the beneficial interest being transferred as described above will be held with the Depository through [Euroclear] [Clearstream].

  
 This certificate and the statements contained
herein are made for your benefit and the benefit of the Trustee and the Issuer. 
  

			
	[Insert Name of Transferor]
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 Dated: 
  

 E-2 

  
 EXHIBIT F 
  
 FORM OF TRANSFER CERTIFICATE FOR RULE 144A GLOBAL NOTE TO 

REGULATION S GLOBAL NOTE DURING DISTRIBUTION COMPLIANCE PERIOD 
  
 (Pursuant to Section 4.02(j)(ii) of the Indenture) 
  
 Wells Fargo Bank, National Association, 
 as the
Indenture Trustee 
 Sixth and Marquette Avenue, MAC N9311-161 
 Minneapolis, Minnesota 55479 
 Attention: Corporate Trust Services/Asset Backed Administration 
  

	Re:	ACAS Business Loan Trust Notes, Series 2004-1 

	  	Class [A], [B], [C], [D] and [E] 

  
 Ladies and Gentlemen: 
  
 Reference is hereby made to the Indenture, dated as of December 2, 2004 (the “Agreement”), between ACAS Business Loan Trust 2004-1, as
the issuer (the “Issuer”), and Wells Fargo Bank, National Association, as the indenture trustee (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

  
 This letter relates to US
$[            ] aggregate current principal amount of Class              Notes (the “Notes”) which
are held in the form of the Rule 144A Global Note (CUSIP No.             ) with the Depository in the name of [insert name of transferor] (the “Transferor”).
The Transferor has requested a transfer of such beneficial interest in the Notes for an interest in the Regulation S Global Note (Common Code No.             ). 
  
 In connection with such request, and in respect of such Notes, the Transferor
does hereby certify that such transfer has been effected in accordance with the transfer restrictions set forth in the Agreement and, (i) with respect to transfers made in reliance on Regulation S under the Securities Act of 1933, as amended (the
“Securities Act”), the Transferor does hereby certify that: 
  

	 	(1)	the offer of the Notes was not made to a person in the United States; 

  

	 	(2)	[at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed that the
transferee was outside the United States] [the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person acting on its behalf knows that the transaction was
pre-arranged with a buyer in the United States]; 

  

 F-1 

	 	(3)	no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and 

  

	 	(4)	the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act, 

  
 or (ii) with respect to transfers made in reliance on Rule 144 under the Securities Act, the
Transferor does hereby certify that the Notes that are being transferred are not “restricted securities” as defined in Rule 144 under the Securities Act. 
  
 This certificate and the statements contained herein are made for your benefit and the benefit of the Trustee and the
Servicer. 
  

			
	[Insert Name of Transferor]
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 Dated: 
  

 F-2 

  
 EXHIBIT G 
  
 FORM OF TRANSFER CERTIFICATE REGULATION S GLOBAL NOTE 
 TO RULE 144A GLOBAL NOTE DURING DISTRIBUTION COMPLIANCE PERIOD 
  
 (Pursuant to Section 4.02(j)(iii)(3)(i) of the Indenture) 
  
 Wells Fargo Bank, National Association, 
 as the
Indenture Trustee 
 Sixth and Marquette Avenue, MAC N9311-161 
 Minneapolis, Minnesota 55479 
 Attention: Corporate Trust Services/Asset Backed Administration 
  

	Re:	ACAS Business Loan Trust Notes, Series 2004-1 

	  	Class [A], [B], [C], [D] and [E] 

  
 Ladies and Gentlemen: 
  
 Reference is hereby made to the Indenture, dated as of December 2, 2004 (the “Agreement”), between ACAS Business Loan Trust 2004-1, as
the issuer (the “Issuer”), and Wells Fargo Bank, National Association, as the indenture trustee (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Agreement.

  
 This letter relates to US
$[            ] aggregate current principal amount of Class              Notes (the “Notes”) which
are held in the form of the Regulation S Global Note (CUSIP No.             ) with [Euroclear] [Clearstream] (Common Code No.
            ) through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested a transfer of such beneficial
interest in the Notes for an interest in the Regulation 144A Global Note (CUSIP No.            ). 
  
 In connection with such request, and in respect of such Notes, the Transferor does hereby certify that such Notes are being
transferred in accordance with (i) the transfer restrictions set forth in the Agreement and (ii) Rule 144A under the Securities Act to a transferee that the Transferor reasonably believes is purchasing the Notes for its own account with respect to
which the transferee exercises sole investment discretion and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A who is a “Qualified Purchaser” under the 1940 Act, in each
case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any jurisdiction. 
  

 G-1 

 This certificate and the statements contained herein are made for your benefit and the benefit of the
Trustee, the Issuer and placement agent of the offering of the Notes. 
  

			
	[Insert Name of Transferor]
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 Dated: 
  

 G-2 

  
 EXHIBIT H 
  
 FORM OF TRANSFER CERTIFICATE FOR REGULATION S 
 GLOBAL NOTE DURING DISTRIBUTION COMPLIANCE PERIOD 
  
 (Pursuant to Section 4.02(l)(iv)(3) of the Indenture) 
  
 Wells Fargo Bank, National Association, 
 as the Indenture Trustee 

Sixth and Marquette Avenue, MAC N9311-161 
 Minneapolis, Minnesota 55479

 Attention: Corporate Trust Services/Asset Backed Administration 
  

	Re:	ACAS Business Loan Trust Notes, Series 2004-1 

	  	Class [A], [B], [C], [D] and [E] 

  
 Ladies and Gentlemen: 
  
 This certificate is delivered pursuant to Section 4.02 of the Indenture, dated as of December 2, 2004 (the “Agreement”), between
ACAS Business Loan Trust 2004-1, as the issuer (the “Issuer”), and Wells Fargo Bank, National Association, as the indenture trustee (the “Trustee”), in connection with the transfer by the undersigned (the
“Transferor”) to              (the “Transferee”) of
$                     current principal amount of Class              Notes,
in fully registered form (each, an “Individual Note”), or a beneficial interest of such aggregate current principal amount in the Regulation S Global Note (the “Global Note”) maintained by The Depository Trust
Company or its successor as Depository under the Agreement (such transferred interest, in either form, being the “Transferred Interest”). 
  
 In connection with such transfer, the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions set
forth in the Agreement and the Notes and (i) with respect to transfers made in accordance with Regulation S (“Regulation S”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”), the
Transferor does hereby certify that: 
  

	 	(1)	the offer of the Transferred Interest was not made to a person in the United States; 

  

	 	(2)	[at the time the buy order was originated, the Transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed that the
Transferee was outside the United States] [the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the undersigned nor any person acting on its behalf knows that the transaction was
pre-arranged with a buyer in the United States]; 

  

 H-1 

	 	(3)	the transferee is not a U.S. Person within the meaning of Rule 902(o) of Regulation S nor a person acting for the account or benefit of a U.S. Person, and upon completion of the
transaction, the Transferred Interest will be held with the Depository through [Euroclear] [Clearstream]; 

  

	 	(4)	no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and 

  

	 	(5)	the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

  
 or (ii) with respect to transfers made in reliance on Rule 144 under the Securities Act, the
Transferor does hereby certify that the Trust Certificates that are being transferred are not “restricted securities” as defined in Rule 144 under the Securities Act. 
  
 This certificate and the statements contained herein are made for your benefit and the benefit of the Trustee and the
Issuer. 
  

			
	[Insert Name of Transferor]
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 Dated: 
  

 H-2EXHIBIT 10.1

  
 EXHIBIT 10.1

  
 ACAS BUSINESS LOAN TRUST 2004-1 
 ASSET-BACKED NOTES 
 SERIES 2004-1

  
 $302,500,000 CLASS A NOTES 
  
 $33,750,000 CLASS B NOTES 
  
 $73,750,000 CLASS C NOTES 
  
 PURCHASE AGREEMENT 
  
 November 22, 2004 
  
 Wachovia Capital Markets, LLC, 
 Citigroup
Global Markets Inc. 
 J.P. Morgan Securities Inc. 
 Harris
Nesbitt Corp. 
 BB&T Capital Markets, 
   a
division of Scott & Stringfellow, Inc. 
 as the Initial Purchasers (the “Initial Purchasers”) 
 c/o Wachovia Capital Markets, LLC 
 as the Lead Manager (the “Lead
Manager”) 
 One Wachovia Center 
 301 South College
Street 
 Charlotte, North Carolina 28288 
  
 Ladies and Gentlemen: 
  
 Section 1. Authorization of Notes. 
  
 American Capital Strategies, Ltd. (“American Capital” or the “Company”), ACAS Business Loan LLC, 2004-1 (the
“Trust Depositor”) and ACAS Business Loan Trust 2004-1, a Delaware statutory trust (the “Trust”) have duly authorized the sale of the ACAS Business Loan Trust Notes, Series 2004-1, consisting of the Class A Floating
Rate Asset Backed Notes (the “Class A Notes”), the Class B Floating Rate Deferrable Asset Backed Notes (the “Class B Notes”), the Class C Floating Rate Deferrable Asset Backed Notes (the “Class C
Notes”, together with the Class A Notes and the Class B Notes the “Offered Notes”), the Class D Principal Only Asset Backed Notes (the “Class D Notes”) and the Class E Principal Only Asset Backed Note (the
“Class E Note” and together with the Offered Notes and the Class D Notes, the “Notes”) of the Trust. The Trust was formed pursuant to a Trust Agreement, dated as of November 19, 2004 (the “Trust
Agreement”), among the Trust Depositor, Wachovia Bank of 

  

 
Delaware, National Association, as owner trustee (the “Owner Trustee”) and the Company, as servicer. The Class A Notes will be issued in an
aggregate initial principal amount of $302,500,000, the Class B Notes will be issued in an aggregate initial principal amount of $33,750,000, the Class C Notes will be issued in an aggregate initial principal amount of $73,750,000, the Class D Notes
will be issued in an aggregate initial principal amount of $50,000,000, and the Class E Note will be issued in an aggregate initial principal amount of $40,000,000. During the initial Interest Accrual Period, the Class A Notes shall bear interest at
a rate equal to 2.66% per annum, the Class B Notes shall bear interest at a rate equal to 2.84% per annum and the Class C Notes will bear interest at 3.34% per annum. For each Interest Accrual Period thereafter, the Class A
Notes shall bear interest at a per annum rate equal to the then applicable LIBOR plus 0.32% per annum, the Class B Notes shall bear interest at a per annum rate equal to the then applicable LIBOR plus 0.50% per annum and
the Class C Notes will bear interest at a per annum rate equal to the then applicable LIBOR plus 1.00% per annum. The Notes will be issued pursuant to an Indenture, dated as of December 2, 2004 (the “Indenture”),
between the Trust and Wells Fargo Bank, National Association, as Indenture Trustee (the “Indenture Trustee”). The Notes will be secured by the assets of the Trust. 
  
 In addition to the Notes, the Trust is issuing a certificate (the “Certificate”). The Certificate will
represent fractional undivided ownership interests in the Trust. The Certificate will be issued pursuant to the Trust Agreement. 
  
 The primary assets of the Trust will be a pool of commercial business loans, or interests therein, originated by the Company from time to time
(collectively, the “Business Loans”). The Trust Depositor will acquire the Business Loans and certain related assets from the Company pursuant to the ACAS Transfer Agreement, dated as of December 2, 2004 (the “Transfer
Agreement”) between the Company and the Trust Depositor. Pursuant to a Transfer and Servicing Agreement, dated as of December 2, 2004 (the “Transfer and Servicing Agreement”), among the Trust, the Company, the Trust
Depositor and the Indenture Trustee, the Trust Depositor will sell, transfer and convey to the Trust, without recourse, all of its right, title and interest in the Business Loans and certain related assets to the Trust. Pursuant to the Indenture, as
security for the indebtedness represented by the Notes, the Trust will pledge and grant to the Indenture Trustee a security interest in the Business Loans and certain related assets and its rights under the Transfer Agreement and the Transfer and
Servicing Agreement. This Purchase Agreement (the “Agreement”), the Trust Agreement, the Transfer Agreement, the Transfer and Servicing Agreement and the Indenture are referred to collectively as the “Transaction
Documents.” Capitalized terms used but not defined herein shall have the meanings provided in the Transfer and Servicing Agreement. 
  
 The Offered Notes are to be offered without being registered under the Securities Act of 1933, as amended (the “Securities Act”), to
“qualified institutional buyers” in compliance with the exemption from registration provided by Rule 144A under the Securities Act (“QIBs”) who are “qualified purchasers” (“Qualified Purchasers”)
for purposes of Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “1940 Act”), in offshore transactions in reliance on Regulation S under the Securities Act (“Regulation S”), and to
institutional 

  

 
“accredited investors” (as defined in Rule 501(a)(l), (2), (3) or (7) under Regulation D of the Securities Act) (“Institutional Accredited
Investors”) who are Qualified Purchasers that deliver a letter in the form of Exhibit D-1 to the Indenture. 
  
 In connection with the sale of the Offered Notes, the Company has prepared a preliminary offering memorandum dated November 12, 2004 (including any
exhibits thereto, the “Preliminary Memorandum”) and a final confidential offering memorandum dated the date hereof (including any exhibits, amendments or supplements thereto, the “Final Memorandum”, and each of the
Preliminary Memorandum and the Final Memorandum, a “Memorandum”) including a description of the terms of the Offered Notes, the terms of the offering, and a description of the Trust. 
  
 The Company, the Trust Depositor and the Trust hereby agree with you, as the
Initial Purchasers, as follows: 
  
 Section 2. Purchase of
the Offered Notes. 
  
 (a) Subject to the terms and
conditions and in reliance upon the representations and warranties set forth herein, the Trust agrees to sell all of the Offered Notes to the Initial Purchasers, and the Initial Purchasers agree, severally and not jointly, to purchase the
$410,000,000 aggregate principal amount of Offered Notes, in the respective amounts set forth opposite each Initial Purchaser’s name on Schedule I hereto, for an aggregate purchase price of $406,250,000. It is understood and agreed that
the Initial Purchasers are not acquiring, and have no obligation to acquire, the Class D Notes, the Class E Note or the Certificate. 
  
 (b) In addition, whether or not the transaction contemplated hereby shall be consummated, the Company agrees to pay all other costs and expenses incident
to the performance by the Company of its obligations hereunder and under the documents to be executed and delivered in connection with the offering, issuance, sale and delivery of the Notes, including, without limitation or duplication: (i) the fees
and disbursements of counsel to the Company; (ii) the fees and expenses of any trustees or custodian due to such trustees’ or custodian’s initial expenses incurred in connection with the issuance of the Notes and its counsel; (iii) the
fees and expenses of any bank establishing and maintaining accounts on behalf of the holders of the Notes or in connection with the transaction; (iv) the fees and expenses of the accountants for the Company, including the fees for the “comfort
letters” or “agreed-upon procedures letters” required by the Initial Purchasers, any rating agency or any purchaser in connection with the offering, sale, issuance and delivery of the Notes; (v) all expenses incurred in connection
with the preparation and distribution of the Preliminary Memorandum and the Final Memorandum and other disclosure materials prepared and distributed and all expenses incurred in connection with the preparation and distribution of the Transaction
Documents; (vi) the fees charged by any securities rating agency for rating the Offered Notes and the Class D Notes; (vii) the fees for any securities identification service for any CUSIP or similar identification number required by the purchasers
or requested by the Initial Purchasers; (viii) the fees and disbursements of counsel to the Initial Purchasers; (ix) all expenses in connection with the qualification of the Offered Notes for offering and sale under state securities laws, including

  

 
the reasonable fees and disbursements of counsel and, if requested by the Initial Purchasers, the cost of the preparation and reproduction of any “blue
sky” or legal investment memoranda; (x) any federal, state or local taxes, registration or filing fees (including Uniform Commercial Code financing statements) or other similar payments to any federal, state or local governmental authority in
connection with the offering, sale, issuance and delivery of the Offered Notes; and (xi) the reasonable fees and expenses of any special counsel or other experts required to be retained to provide advice, opinions or assistance in connection with
the offering, issuance, sale and delivery of the Notes. 
  
 (c) It
is understood and agreed that nothing in this Agreement shall prevent the Initial Purchasers from entering into any agency agreements, underwriting agreements or other similar agreements governing the offer and sale of securities with any issuer or
issuers of securities, and nothing contained herein shall be construed in any way as precluding or restricting the Initial Purchasers’ right to sell or offer for sale any securities issued by any person, including securities similar to, or
competing with, the Notes. 
  
 Section 3. Delivery.

  
 Delivery of the Offered Notes shall be made in the form of
one or more global certificates delivered to the Indenture Trustee, as custodian for the nominee of The Depository Trust Company, except that any Offered Note to be sold by the Initial Purchasers to an Institutional Accredited Investor that is not a
QIB shall be delivered in fully registered, certificated form in the minimum denominations set forth in the Final Memorandum at the offices of Dechert LLP, Charlotte, North Carolina at 10:00 a.m. Charlotte, North Carolina time, on December 2, 2004,
or such other place, time or date as may be mutually agreed upon by the Initial Purchasers and the Company (the “Closing Date”) against payment by the Initial Purchasers of the purchase price thereof to or upon the order of the
Company (on behalf of the Trust) by wire transfer payable in same-day funds to the account specified by the Company. Subject to the foregoing, the Offered Notes will be registered in such names and such denominations as the Initial Purchasers shall
specify in writing to the Company and the Indenture Trustee prior to the Closing Date. 
  
 Section 4. Representations and Warranties of the Company. 
  
 The Company represents and warrants to the Initial Purchasers, as of the Closing Date, that: 
  
 (a) Each Memorandum does not and will not, and any amendments thereof or supplement thereto and any additional information
and documents concerning the Notes delivered by or on behalf of the Company to prospective purchasers of the Offered Notes (collectively, such additional information and documents, the “Additional Offering Documents”), each as of
their respective dates or the date on which such statement was made and as of the Closing Date, do not and will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements in each, in
light of the circumstances under which they were made, not misleading; provided, that, the Company makes no representation or warranty as to the information contained in or omitted from either 

  

 
Memorandum, or any amendment or supplement thereto, in reliance upon and in conformity with information furnished in writing to the Company by or on behalf
of the Initial Purchasers specifically for inclusion therein. 
  
 (b) The Company is a Delaware corporation, duly organized and validly existing under the laws of the state of Delaware, has all power and authority necessary to own or hold its properties and conduct its business in which it is engaged as
described in each Memorandum and has all licenses necessary to carry on its business as it is now being conducted and is licensed and qualified in each jurisdiction in which the conduct of its business (including without limitation the originating
and acquiring of Business Loans and performing its obligations hereunder and under the Transaction Documents) requires such licensing or qualification. 
  
 (c) This Agreement has been duly authorized, executed and delivered by the Company, and, assuming due authorization, execution and delivery thereof by the
other parties hereto, constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms, subject to the effect of bankruptcy, insolvency, reorganization, moratorium and other similar laws
relating to or affecting creditors’ rights generally or the application of equitable principles in any proceeding, whether at law or in equity. 
  
 (d) The Transfer Agreement and the Transfer and Servicing Agreement have been duly authorized, executed and delivered by the Company and, assuming due
authorization, execution and delivery thereof by the other parties thereto, constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, subject to the effect of bankruptcy,
insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally or the application of equitable principles in any proceeding, whether at law or in equity. 
  
 (e) The Offered Notes have been duly authorized, and when executed and
authenticated in accordance with the Indenture and delivered to and paid for by the Initial Purchasers in accordance with this Agreement, the Offered Notes will constitute valid and binding obligations of the Trust, enforceable against the Trust in
accordance with their terms, subject to the effect of bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally or the application of equitable principles in any proceeding,
whether at law or in equity, and will be entitled to the benefits of the Indenture. 
  
 (f) Other than as set forth in or contemplated by each Memorandum, there are no legal or governmental proceedings pending to which the Company is a party or of which any property or assets of the Company are the
subject of which, if determined adversely to the Company, would individually or in the aggregate have a material adverse effect on the financial position, business or results of operations of the Company and its subsidiaries taken as a whole or on
the performance by the Company of its obligations hereunder or under the Transaction Documents (a “Material Adverse Effect”); and, to the best knowledge of the Company, no such proceedings are threatened or contemplated by
governmental authorities or threatened by others. 
  

 (g) The execution, delivery and performance of this Agreement and the other Transaction Documents to
which it is a party by the Company and the consummation by the Company of the transactions contemplated herein and therein and in all documents relating to the Notes will not result in any material breach or violation of, or constitute a material
default under, any agreement or instrument to which the Company is a party or to which any of its properties or assets are subject, except for such of the foregoing as to which relevant waivers or amendments have been obtained and are in full force
and effect, nor will any such action result in a violation of the Certificate of Incorporation or By-Laws of the Company or any law or any order, decree, rule or regulation of any court or governmental agency having jurisdiction over the Company or
its properties. 
  
 (h) The Trust is not, and, upon giving effect
to the transactions contemplated hereby, will not be required to register as an “investment company” under the 1940 Act, as amended. 
  
 (i) Assuming the Initial Purchasers’ representations are true and accurate, it is not necessary in connection with the offer, sale and delivery of
the Offered Notes in the manner contemplated by this Agreement and the Final Memorandum to register the Offered Notes under the Securities Act or to qualify the Indenture under the Trust Indenture Act of 1939, as amended. 
  
 (j) The Offered Notes satisfy the requirements set forth in Rule 144A(d)(3)
under the Securities Act. 
  
 (k) At the time of execution and
delivery of the Transfer and Servicing Agreement and after giving effect to any releases pursuant to the Warehouse Transactions, the Trust Depositor owned the Business Loans free and clear of all liens, encumbrances, adverse claims or security
interests (“Liens”) except for Permitted Liens, and the Trust Depositor had the power and authority to transfer the Business Loans to the Trust. 
  
 (l) Upon the execution and delivery of the Transaction Documents, payment by the Initial Purchasers for the Offered Notes
and delivery to the Initial Purchasers of the Offered Notes, the Trust will own the Business Loans and the Initial Purchasers will acquire title to the Offered Notes, in each case free of Liens except such Liens as may be created or granted by the
Initial Purchasers and those permitted by the Transaction Documents. 
  
 (m) Assuming as to any requirements under the Securities Act only, the accuracy of the Initial Purchasers’ representations, no consent, authorization or order of, or filing or registration with, any court or governmental agency is
required for the issuance and sale of the Offered Notes or the execution, delivery and performance by the Company of this Agreement or the other Transaction Documents to which it is a party, except such consents, approvals, authorizations,
registrations or qualifications as have been obtained or as may be required under state securities or blue sky laws in connection with the sale and delivery of the Offered Notes in the manner contemplated herein. 
  
 (n) The Business Loans, individually and in the aggregate, have the
characteristics described in each Memorandum. 
  

 (o) Each of the representations and warranties of the Company and the Trust Depositor set forth in each
of the other Transaction Documents is true and correct in all material respects. 
  
 (p) Any taxes, fees and other governmental charges payable in connection with the execution, delivery and issuance of this Agreement and the other Transaction Documents and the Notes have been or will be paid by the
Company prior to the Closing Date. 
  
 (q) No adverse selection
procedures were used in selecting the Business Loans from among the loans that meet the representations and warranties of the Company contained in the Transfer Agreement and that are included in the Loan Pool. 
  
 (r) Neither the Company nor any affiliate thereof nor anyone acting on their
behalf has, directly or indirectly (except to or through the Initial Purchasers), sold or offered, or attempted to offer or sell, or solicited any offers to buy, or otherwise approached or negotiated in respect of, any of the Offered Notes and
neither the Company nor any of its affiliates will do any of the foregoing. As used herein, the terms “offer” and “sale” have the meanings specified in Section 2(3) of the Securities Act. 
  
 (s) Neither the Company nor any affiliate (as defined in Rule 501(b) of
Regulation D under the Securities Act (“Regulation D”)) of the Company has directly, or through any agent (other than the Initial Purchasers, as to which the Company makes no representation or warranty), sold, offered for sale,
solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which is or may be integrated with the sale of the Offered Notes in a manner that would require the registration under the Securities Act
of the offerings contemplated by the Final Memorandum or engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offerings of the Offered Notes. 
  
 (t) With respect to any Offered Notes subject to the provisions of Regulation
S, the Company has not offered or sold such Offered Notes during the Distribution Compliance Period to a person (other than any Initial Purchaser) who is within the United States or its possessions or to a United States person. For this purpose, the
terms “Distribution Compliance Period”, “United States or its possessions” and “United States person” are defined as such terms are defined for purposes of Treas. Reg. § 1.163-5(c)(2)(i)(D). 
  
 Section 5. Sale of Offered Notes to the Initial Purchasers.

  
 The sale of the Offered Notes to the Initial Purchasers
will be made without registration of the Offered Notes under the Securities Act, in reliance upon the exemption therefrom provided by Section 4(2) of the Securities Act. 
  
 (a) The Company and the Initial Purchasers agree that the Offered Notes will be offered and sold only in transactions exempt
from registration under the Securities Act. The Company and the Initial Purchasers will each reasonably believe at the time of any sale of the 

  

 
Offered Notes by the Company through the Initial Purchasers, as initial purchasers, (i) that either (A) each purchaser of the Offered Notes is an
institutional investor that is (1) a QIB who is a Qualified Purchaser in transactions meeting the requirements of Rule 144A under the Securities Act and provides the Initial Purchasers with a written certification in substantially the form attached
as Exhibit A-2 to the Indenture, or (2) an Institutional Accredited Investor who is a Qualified Purchaser who, in either case, purchases for its own account or for any discretionary account for which it is acquiring the Offered Notes and
provides the Initial Purchasers with a written certification in substantially the form attached as Exhibit D-1 to the Indenture, or (B) each purchaser is acquiring the Offered Notes in an offshore transaction meeting the requirements of Regulation
S, and (ii) that the offering of the Offered Notes will be made in a manner it reasonably believes will enable the offer and sale of the Offered Notes to be exempt from registration under state securities (or “blue sky”) laws; and each
such party understands that no action has been taken to permit a public offering in any jurisdiction where action would be required for such purpose. The Company and the Initial Purchasers each further agree not to (i) engage in any activity that
would constitute a public offering of the Offered Notes within the meaning of Section 4(2) of the Securities Act or (ii) offer or sell the Offered Notes by any form of general solicitation or general advertising (as those terms are used in
Regulation D), including the methods described in Rule 502(c) of Regulation D, in connection with any offer or sale of the Offered Notes. 
  
 (b) Each Initial Purchaser hereby represents and warrants to and agrees with the Company, that (i) such Initial Purchaser is a QIB, and (ii) such Initial
Purchaser will offer the Offered Notes only (A) to persons who such Initial Purchaser reasonably believes are QIBs who are Qualified Purchasers in transactions meeting the requirements of Rule 144A, (B) to institutional investors who such Initial
Purchaser reasonably believes are Institutional Accredited Investors who are Qualified Purchasers or (C) in offshore transactions in reliance on Regulation S. Each Initial Purchaser further agrees that it will (i) deliver to each Person who
purchases Offered Notes from such Initial Purchaser, at or prior to the confirmation of sale, a copy of the Final Memorandum, as then amended or supplemented, which Final Memorandum will include a Notice to Investors in the form attached hereto as
Exhibit A, and (ii) prior to any sale of the Offered Notes to an Institutional Accredited Investor that such Initial Purchaser does not reasonably believe is a QIB, it will receive from such Institutional Accredited Investor a written
certification in substantially the form attached as Exhibit D-1 to the Indenture. 
  
 (c) Each Initial Purchaser represents and warrants, solely as to itself, that it is duly authorized and possesses the requisite corporate power to enter into this Agreement. 
  
 (d) Each Initial Purchaser represents and warrants, solely as to itself, that
there is no action, suit or proceeding pending against or, to the knowledge of such Initial Purchaser, threatened against or affecting, such Initial Purchaser before any court or arbitrator or any government body, agency, or official which could
materially adversely affect the ability of such Initial Purchaser to perform its obligations under this Agreement. 
  

 (e) Each Initial Purchaser represents and agrees, solely as to itself, that all offers and sales of the
Offered Notes by it to non-United States persons, prior to the expiration of the Distribution Compliance Period, will be made only in accordance with the provisions of Rule 903 of Regulation S (except to the extent of any beneficial owners thereof
who acquired an interest therein pursuant to another exemption from registration under the Securities Act and who will take delivery of a beneficial ownership interest in a Global Note, as contemplated in the Indenture) and only upon the receipt of
the certification of beneficial ownership of the securities by a non-United States person in the form provided in the Indenture. For this purpose, the terms “Distribution Compliance Period” and “United States person” are defined
as such terms are defined for purposes of Treas. Reg. § 1.163-5(c)(2)(i)(D). 
  
 (f) Each Initial Purchaser represents and warrants, solely as to itself, that (i) it has not offered or sold and, until six months after the Closing Date, will not offer or sell any Offered Notes to Persons in the
United Kingdom except to Persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses or otherwise in circumstances which have not resulted
and will not result in an offer to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995, as amended; (ii) it has complied, and will comply, with all applicable provisions of the Financial Services
and Markets Act 2000 and the Public Offers of Securities Regulations 1995, as amended, with respect to anything done by such Initial Purchaser in relation to the Offered Notes in, from or otherwise involving the United Kingdom; (iii) it has only
issued or passed on, and will only issue or pass on, in the United Kingdom any document received by such Initial Purchaser in connection with the proposed issue of the Offered Notes to a Person who is of a kind described in Article 11(3) of the
Financial and Market Services Act 2000 (Investment Advertisements) (Exemptions), as amended, or a Person to whom the document may otherwise lawfully be issued or passed on. 
  
 (g) Each Initial Purchaser represents and agrees, solely as to itself, that no offer has or will be made by it to the public
in the Cayman Islands to subscribe for the Offered Notes, whether directly or indirectly. 
  
 Section 6. Certain Agreements of the Company. 
  
 The Company covenants and agrees with the Initial Purchasers as follows: 
  
 (a) If, at any time prior to the earlier of (i) completion of the distribution of the Offered Notes by the Initial Purchasers, or (ii) the 90th day
following the Closing Date, any event involving the Company shall occur as a result of which the Final Memorandum (as then amended or supplemented) would include an untrue statement of a material fact or omit to state any material fact necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading, the Company promptly will notify the Lead Manager and prepare and furnish to the Initial Purchasers an amendment or supplement to the Final
Memorandum that will correct such statement or omission. The Company will not at any time amend or supplement the Final Memorandum (i) prior to having furnished the Lead Manager with a copy of the proposed form of the amendment or supplement and
giving the Initial 

  

 
Purchasers a reasonable opportunity to review the same or (ii) in a manner to which the Initial Purchasers or counsel to the Initial Purchasers shall
reasonably object. 
  
 (b) During the period referred to in
Section 6(a), the Company will furnish to the Initial Purchasers, without charge, copies of the Final Memorandum (including all exhibits and documents incorporated by reference therein), the Transaction Documents, and all amendments or
supplements to such documents, in each case as soon as reasonably available and in such quantities as the Initial Purchasers may reasonably request. 
  
 (c) At all times during the course of the private placement contemplated hereby and prior to the Closing Date, (i) the Company will make available to each
offeree the Additional Offering Documents and information concerning any other relevant matters, as they or any of their affiliates possess or can acquire without unreasonable effort or expense, as determined in good faith by them, (ii) the Company
will provide each offeree the opportunity to ask questions of, and receive answers from, it concerning the terms and conditions of the offering and to obtain any additional information, to the extent they or any of their affiliates possess such
information or can acquire it without unreasonable effort or expense (as determined in good faith by them), necessary to verify the accuracy of the information furnished to the offeree, (iii) the Company will not publish or disseminate any material
in connection with the offering of the Offered Notes except as contemplated herein or as consented to by the Initial Purchasers, (v) the Company will advise the Lead Manager promptly of the receipt by the Company of any communication from the SEC or
any state securities authority concerning the offering or sale of the Offered Notes, (vi) the Company will advise the Lead Manager promptly upon its receipt of notice of the commencement of any lawsuit or proceeding to which the Company is a party
relating to the offering or sale of the Offered Notes, and (vii) the Company will advise the Lead Manager upon its receipt of notice of the suspension of the qualification of the Offered Notes for offering or sale in any jurisdiction, or the
initiation or threat of any procedure for any such purpose. 
  
 (d) The Company will furnish, upon the written request of any Noteholder or of any owner of a beneficial interest therein, such information as is specified in paragraph (d)(4) of Rule 144A under the Securities Act (i) to such Noteholder or
beneficial owner, (ii) to a prospective purchaser of such Note or interest therein who is a QIB and a Qualified Purchaser designated by such Noteholder or beneficial owner, or (iii) to the Indenture Trustee for delivery to such Noteholder,
beneficial owner or prospective purchaser, in order to permit compliance by such Noteholder or beneficial owner with Rule 144A in connection with the resale of such Note or beneficial interest therein by such holder or beneficial owner in reliance
on Rule 144A unless, at the time of such request, the Trust is subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 or is exempt from such reporting requirements pursuant to and in compliance with Rule
12g3-2(b). 
  
 (e) Except as otherwise provided in the Indenture,
each Offered Note will contain a legend to the effect set forth in the form of Notice to Investors attached as Exhibit A hereto. 
  

 Section 7. Conditions of the Initial Purchasers’ Obligations. 
  
 The obligations of the Initial Purchasers to purchase the Offered Notes on
the Closing Date will be subject to the accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the following additional conditions precedent: 
  
 (a) The Notes shall have been duly authorized, executed, authenticated,
delivered and issued, the Transaction Documents shall have been duly authorized, executed and delivered by the respective parties thereto and shall be in full force and effect, and the Business Loans and related Loan Files transferred on the Closing
Date shall have been delivered to the Indenture Trustee pursuant to the Transfer and Servicing Agreement. 
  
 (b) The Initial Purchasers shall have received a certificate, dated the Closing Date, of the President, Chief Executive Officer, Chief Financial Officer
or any Executive or Senior Vice President of the Company to the effect that such officer has carefully examined this Agreement, the Final Memorandum and the Transaction Documents and that, to the best of such officer’s knowledge (i) since the
date information is given in the Final Memorandum, there has not been any material adverse change in the condition, financial or otherwise, or in the earnings, results of operations, business affairs or business prospects of the Company, whether or
not arising in the ordinary course of business, or the ability of the Company to perform its obligations hereunder or under the Transaction Documents or in the characteristics of the Business Loans except as contemplated by the Final Memorandum or
as described in such certificates, (ii) the representations and warranties of the Company set forth herein are true and correct as of the Closing Date, (iii) the Company has complied with all agreements and satisfied all conditions on its part to be
performed or satisfied hereunder and under the Transaction Documents, at or prior to the Closing Date, (iv) the representations and warranties of the Company and the Trust Depositor in the Transaction Documents are true and correct, as of the
Closing Date, as though such representations and warranties had been made on and as of such date, and (v) nothing has come to the attention of such officer that would lead such officer to believe that the Final Memorandum, and any amendment thereof
or supplement thereto, as of its date and as of the Closing Date, or any Additional Offering Document contains an untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading. 
  
 (c) The Class A Notes shall have been rated no less than “Aaa” by Moody’s, “AAA” by S&P, and “AAA” by Fitch, the Class B Notes shall have been rated no less than “Aa2” by Moody’s,
“AA” by S&P, and “AA” by Fitch and the Class C Notes shall have been rated no less than “A2” by Moody’s, “A” by S&P and “A” by Fitch, such ratings shall not have been rescinded, and no
public announcement shall have been made by the respective rating agencies that the rating of the Offered Notes have been placed under review. 
  
 (d) On the date of the Final Memorandum, Ernst & Young shall have furnished to the Initial Purchasers an “agreed upon procedures” letter,
dated the Closing Date, in form and 

  

 
substance satisfactory to the Initial Purchasers, with respect to certain financial and statistical information contained in the Final Memorandum.

  
 (e) Initial Purchasers shall have received an opinion, dated
the Closing Date, of James G. Ray, in-house counsel to the Indenture Trustee, in form and substance reasonably satisfactory to the Initial Purchasers. 
  
 (f) Initial Purchasers shall have received an opinion of Arnold & Porter LLP, counsel to the Company, (i) with respect to certain corporate matters
and (ii) with respect to there being no consents required to transfer the Loans, in each case in form and substance reasonably satisfactory to the Initial Purchasers. 
  
 (g) The Initial Purchasers shall have received opinions of Winston & Strawn LLP, counsel to the Company, the Trust
Depositor and the Trust, (i) with respect to certain corporate, federal tax, securities law and investment company matters, in form and substance reasonably satisfactory to the Initial Purchasers and (ii) with respect to certain “true
sale,” “non-consolidation” issues and “perfection” issues, in each case in form and substance reasonably satisfactory to the Initial Purchasers. 
  
 (h) The Initial Purchasers shall have received opinions of Richards, Layton & Finger, counsel to the Owner Trustee and
the Trust, with respect to certain “trust issues” and with respect to certain “perfection issues,” in form and substance reasonably satisfactory to the Initial Purchasers. 
  
 (i) The Initial Purchasers shall have received from the Indenture Trustee a
certificate signed by one or more duly authorized officers of the Indenture Trustee, dated the Closing Date, in customary form. 
  
 (j) The Initial Purchasers shall have received from the Owner Trustee, a certificate signed by one or more duly authorized officers of the Owner Trustee,
dated the Closing Date, in customary form. 
  
 (k) The Company
shall have furnished to the Initial Purchasers and their counsel such further information, certificates and documents as the Initial Purchasers and their counsel may reasonably have requested, and all proceedings in connection with the transactions
contemplated by this Agreement and all documents incident hereto shall be in all material respects reasonably satisfactory in form and substance to the Initial Purchasers and their counsel. 
  
 (l) All documents incident hereto and to the Transaction Documents shall be
reasonably satisfactory in form and substance to the Initial Purchasers and their counsel, and the Initial Purchasers and their counsel shall have received such information, certificates and documents as they may reasonably request. 
  
 If any of the conditions specified in this Section 7 shall not have been
fulfilled in all material respects when and as provided in this Agreement, or if any of the opinions and 

  

 
certificates mentioned above shall not be reasonably satisfactory in form and substance to the Initial Purchasers, this Agreement and all of the Initial
Purchasers’ obligations hereunder may be canceled by the Initial Purchasers at or prior to delivery of and payment for the Offered Notes. Notice of such cancellation shall be given to the Company in writing, or by telephone or facsimile
confirmed in writing. 
  
 Section 8. Indemnification and
Contribution. 
  
 (a) The Company shall indemnify and hold
harmless each Initial Purchaser and each person, if any, who controls any Initial Purchaser within the meaning of either the Securities Act or the Exchange Act from and against any loss, claim, damage or liability, joint or several, and any action
in respect thereof, to which any Initial Purchaser or such controlling person may become subject, under the Securities Act or Exchange Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any
untrue statement or alleged untrue statement of a material fact contained in either Memorandum or any Additional Offering Document or arises out of, or is based upon, the omission or alleged omission to state in either Memorandum or any Additional
Offering Document a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and shall reimburse each Initial Purchaser and such controlling
person for any legal and other expenses reasonably incurred by such Initial Purchaser or such controlling person in investigating or defending or preparing to defend against any such loss, claim, damage, liability or action; provided,
however, that the Company shall not be liable in any such case to any Initial Purchaser to the extent that any such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue
statement or omission or alleged omission made in either Memorandum or any Additional Offering Document in reliance upon and in conformity with written information furnished to the Company by such Initial Purchaser or on behalf of such Initial
Purchaser specifically for inclusion therein, provided, further, that, the foregoing indemnity shall not inure to the benefit of any Initial Purchaser (or any person that controls any Initial Purchaser) from
whom the person asserting any such loss, claim, damage or liability purchased the Offered Notes which are the subject thereof if the Company shall sustain the burden of proving that the such Initial Purchaser sold Offered Notes to the Person
alleging such loss, claim, damage or liability without sending or giving a copy of the Final Memorandum (including any amendments or supplements), at or prior to the confirmation of the sale of the Offered Notes, if the Company had previously
furnished copies thereof to such Initial Purchaser, and the loss, claim, damage or liability of such person results from an untrue statement or omission of a material fact contained in any Preliminary Memorandum which was corrected in the Final
Memorandum. The foregoing indemnity is in addition to any liability that the Company may otherwise have to any Initial Purchaser or any person or entity controlling any Initial Purchaser. The Company acknowledges that the only written information
furnished to the Company by any Initial Purchaser or on behalf of any Initial Purchaser specifically for inclusion in each Memorandum or any Additional Offering Document is, with respect to such Initial Purchaser as provided in clauses (x)
and (y) below, the statements set forth in each Memorandum (x) under the captions: (i) “Plan of Distribution” (but solely the second sentence of the first paragraph under such caption, and the third, fifth, sixth, eighth, thirteenth
and eighteenth 

  

 
paragraphs under such caption) and “Market Stabilization,” with respect to each Initial Purchaser; (ii) “Special Disclosure of Lending
Relationship with Variable Funding Capital Corporation, Wachovia Capital Markets, LLC, Citigroup Global Markets Realty Corp. and JPMorgan Chase Bank,” with respect to Wachovia Capital Markets, LLC, Citigroup Global Markets Inc. and J.P. Morgan
Securities Inc., respectively, each solely as to the information related to it or any of its Affiliates set forth under such caption; (iii) “Special Disclosure of Lending Relationship with Fairway Finance Company and Harris Nesbitt Corp.,”
with respect to Harris Nesbitt Corp.; and (iv) “Special Disclosure of Lending Relationship with Branch Banking & Trust Company,” with respect to BB&T Capital Markets, a division of Scott & Stringfellow, Inc.; and (y) relating
to Wachovia Securities in the second and twentieth paragraphs under the caption “Plan of Distribution” and in the third paragraph of page i of each Memorandum, as to Wachovia Capital Markets, LLC. 
  
 (b) Each Initial Purchaser, severally and not jointly, shall indemnify and
hold harmless the Company, any person who controls the Company within the meaning of either the Securities Act or the Exchange Act and their respective officers, directors, employees and agent from and against any loss, claim, damage or liability,
joint or several, and any action in respect thereof, to which the Company or any such controlling person may become subject, under the Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any
untrue statement or alleged untrue statement of a material fact contained in either Memorandum or any Additional Offering Document or arises out of, or is based upon, the omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, but in each case only to the extent that the untrue statement or alleged untrue statement or omission or alleged
omission was made in reliance upon and in conformity with written information furnished to the Company by such Initial Purchaser or on behalf of such Initial Purchaser specifically for inclusion therein, and shall reimburse the Company for any legal
and other expenses reasonably incurred by the Company, any such controlling person investigating or defending or preparing to defend against any such loss, claim, damage, liability or action. The foregoing indemnity agreement is in addition to any
liability that any Initial Purchaser may otherwise have to the Company or any of its controlling persons. 
  
 (c) Promptly after receipt by an indemnified party under this Section 8 of notice of any claim or the commencement of any action, the indemnified
party shall, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party in writing of the claim or commencement of that action; provided, that,
the failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under this Section 8, except to the extent that the indemnifying party has been materially prejudiced
thereby. If any such claim or action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with
any other similarly notified indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to the indemnified party. After notice from the indemnifying party to the indemnified party of its election to assume the defense of
such claim or action, the indemnifying 

  

 
party shall not be liable to the indemnified party under this Section 8 for any legal or other expenses subsequently incurred by the indemnified party
in connection with the defense thereof; provided, that, the indemnified party shall have the right to employ counsel to represent such indemnified party and any controlling persons who may be subject to liability arising
out of any claim or action in respect of which indemnity may be sought by an indemnified party against the Company under this Section 8, if (i) in the reasonable judgment of the indemnified party, there may be legal defenses available to such
indemnified party and those controlling persons, different from or in addition to those available to the Company, or there is a conflict of interest between the indemnified party and those controlling persons, on one hand, and the Company, on the
other hand, or (ii) the Company shall fail to select counsel reasonably satisfactory to the indemnified party or parties, and in such event the fees and expenses of such separate counsel shall be paid by the Company. In no event shall the Company be
liable for the fees and expenses of more than one separate firm of attorneys for the indemnified party and its related controlling persons in connection with any other action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances. 
  
 (d) If the indemnification provided for in Section 8 shall for any reason be unavailable to an indemnified party under Section 8(a) or 8(b) hereof in respect of any loss, claim, damage or liability, or any action in
respect thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or
action in respect thereof, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Initial Purchasers on the other from the offering of the Offered Notes or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on
the one hand and the Initial Purchasers on the other with respect to the statements or omissions that resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The
relative benefits received by the Company on the one hand and the Initial Purchasers on the other with respect to such offering shall be deemed to be in the same proportion as the total net proceeds from the offering of the Offered Notes (before
deducting expenses) received by the Company bear to the total fees and/or discounts actually received by each Initial Purchaser with respect to such offering pursuant to Section 2 of this Agreement. The relative fault shall be determined by
reference to whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or the Initial Purchasers, the intent of the parties and their
relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Initial Purchasers agree that it would not be just and equitable if contributions pursuant to this Section 8(d)
were to be determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation that does not take into account the equitable considerations referred to herein. The
amount paid or payable by an indemnified party as a result of the loss, claim, damage or liability, or action in respect thereof, referred to above in this Section 8(e) shall be deemed to include, for purposes of this Section 8(d), any legal
or other expenses reasonably incurred by such 

  

 
indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8(d), in no
event shall any Initial Purchaser be required to contribute any amount in excess of the amount by which the aggregate fee and/or discount actually paid to such Initial Purchaser pursuant to Section 2 of this Agreement exceeds the amount of
any damages that such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alledged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
  
 (e) The indemnity agreements contained in this Section 8 shall survive the delivery of the Offered Notes, and the provisions of this Section
8 shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party. 
  
 Section 9. Termination. 
  
 This Agreement shall be subject to termination in the absolute discretion of the Initial Purchasers, by notice given to the
Company prior to delivery of and payment for the Offered Notes, if prior to such time (i) trading in securities generally in the New York Stock Exchange shall have been suspended or materially limited or any setting of minimum prices for trading on
such exchange has occurred, (ii) there has been, since the respective dates as of which information is given in the Final Memorandum, any material adverse change in the condition, financial or otherwise, or in the properties (including, without
limitation, the Business Loans) or the earnings, business affairs or business prospects of the Company considered as one enterprise, whether or not arising in the ordinary course of business; (iii) a general moratorium on commercial banking
activities in New York shall have been declared by either federal or New York State authorities, or (iv) there shall have occurred any material outbreak or escalation of hostilities or other calamity or crises the effect of which on the financial
markets of the United States is such as to make it, in the reasonable judgment of the Lead Manager, impracticable or inadvisable to market the Offered Notes on the terms and in the manner contemplated by the Final Memorandum as amended or
supplemented. 
  
 Section 10. Severability Clause.

  
 Any part, provision, representation, or warranty of this
Agreement which is prohibited or is held to be void 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.

  
 Section 11. Notices. 
  
 All demands, notices and communications hereunder shall be in writing and
shall be deemed to have been duly given if personally delivered at or mailed by overnight mail, certified mail or registered mail, postage prepaid and effective only upon receipt and if sent to the Initial 

  

 
Purchasers, will be delivered to Wachovia Capital Markets, LLC, One Wachovia Center, 301 South College Street, Charlotte, North Carolina 28288, Attention:
General Counsel (with a copy to the Asset-Backed Finance Group); or if sent to the Company, the Trust Depositor or the Trust will be delivered to American Capital Strategies, Ltd., 2 Bethesda Metro Center, 14th Floor, Bethesda, Maryland 20814, Attention: Thomas McHale. 
  

Section 12. Representations and Indemnities to Survive. 
  
 The respective agreements, representations, warranties, indemnities and other statements of the Company and its officers,
and of the Initial Purchasers set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Initial Purchasers, the Company or any of the controlling persons
referred to in Section 8 of this Agreement, and will survive delivery of and payment for the Offered Notes. 
  
 Section 13. Successors. 
  
 This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers, directors and
controlling persons referred to in Section 8 of this Agreement and their respective successors and assigns, and, except as specifically set forth herein, no other person will have any right or obligation hereunder. 
  
 Section 14. Applicable Law. 
  
 (a) THIS AGREEMENT, INCLUDING THE RIGHTS, DUTIES AND REMEDIES OF THE PARTIES
HERETO, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW
PRINCIPLES). 
  
 (b) EACH PARTY HERETO HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO (I) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (11) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 14(b). 
  
 (c) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK,
AND BY EXECUTION AND DELIVERY OF 

  

 
THIS AGREEMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH SUCH PARTY
IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS
AGREEMENT OR ANY DOCUMENT RELATED HERETO. 
  
 Section 15.
Counterparts, Etc. 
  
 This Agreement supersedes all
prior or contemporaneous agreements and understandings relating to the subject matter hereof. Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated except by a writing signed by the party against whom
enforcement of such change, waiver, discharge or termination is sought. This Agreement may be signed in any number of counterparts each of which shall be deemed an original, which taken together shall constitute one and the same instrument.

  
 Section 16. Limitation of Liability. 

 
 Notwithstanding any other provision herein or elsewhere, this Agreement
has been executed and delivered on behalf of the Trust by Wachovia Bank of Delaware, National Association, not in its individual capacity, but solely in its capacity as Owner Trustee of the Trust, in no event shall Wachovia Bank of Delaware,
National Association, or the Owner Trustee have any liability in respect of the representations, warranties, or obligations of the Trust hereunder or under any other document, as to all of which recourse shall be had solely to the assets of the
Trust, and for all purposes of this Agreement and each other document, the Owner Trustee and Wachovia Bank of Delaware, National Association, shall be entitled to the benefits of the Trust Agreement. 
  
 Section 17. No Petition. 
  
 Each Initial Purchaser covenants and agrees that, prior to the date that is
one year and one day after the payment in full of each Class of Notes rated by any Rating Agency, it will not institute against the Trust or join any other Person in instituting against the Trust any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or other similar proceedings under the laws of the United States or any state of the United States. This Section 17 will survive the termination of this Agreement. 
  
 [REST OF PAGE INTENTIONALLY LEFT BLANK] 
  

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to the
undersigned a counterpart hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company, the Trust Depositor, the Trust and the Initial Purchaser. 
  

			
	 Very truly yours,

	
	AMERICAN CAPITAL STRATEGIES, LTD.
		
	By:	 	 /s/ John Erickson

	 Name:
	 	 John Erickson

	 Title:
	 	Executive Vice President, Chief Financial Officer and Secretary

  

			
	ACAS BUSINESS LOAN LLC, 2004-1
		
	By:	 	 /s/ John Erickson

	 Name:
	 	 John Erickson

	 Title:
	 	 Vice President

  

			
	ACAS BUSINESS LOAN TRUST 2004-1
		
	By:	 	WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
		
	By:	 	 /s/ Steve A. Finklea

	 Name:
	 	 Steve A. Finklea, CCTS

	 Title:
	 	 Vice President

  

 The foregoing Agreement is hereby confirmed and accepted as of the date first above written. 
  

			
	WACHOVIA CAPITAL MARKETS, LLC
		
	By:	 	 /s/ Raj Shah

	 Name:
	 	 Raj Shah

	 Title:
	 	 Director

  

			
	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	 /s/ Christian Anderson

	 Name:
	 	 Christian Anderson

	 Title:
	 	 Vice President

  

			
	J.P. MORGAN SECURITIES INC.
		
	By:	 	 /s/ Yoshiaki Sasamura

	 Name:
	 	 Yoshiaki Sasamura

	 Title:
	 	 Vice President

  

			
	HARRIS NESBITT CORP.
		
	By:	 	 /s/ Thomas L. Gervian

	 Name:
	 	 Thomas L. Gervian

	 Title:
	 	 Managing Director

  

			
	 BB&T CAPITAL MARKETS,
 a division
of Scott & Stringfellow, Inc.

		
	By:	 	 /s/ Richard G. Backus

	 Name:
	 	 Richard G. Backus

	 Title:
	 	 Managing Director

  

  
 Schedule I

  
 Initial Purchaser Allocation of Offered Notes

  

										
	 Initial Purchaser

	  	Class A Notes

	  	Class B Notes

	  	Class C Notes

	 Wachovia Capital Markets, LLC
	  	$	302,500,000	  	$	33,750,000	  	$	73,750,000
	 Citigroup Global Markets Inc.
	  	 	-0-	  	 	-0-	  	 	-0-
	 J.P. Morgan Securities Inc.
	  	 	-0-	  	 	-0-	  	 	-0-
	 Harris Nesbitt Corp.
	  	 	-0-	  	 	-0-	  	 	-0-
	 BB&T Capital Markets
	  	 	-0-	  	 	-0-	  	 	-0-

  

  
 EXHIBIT A

  
 FORM OF NOTICE TO INVESTORS 
  
 Because of the following restrictions, investors are advised to consult
legal counsel prior to making any offer, resale, pledge or other transfer of the Offered Notes. 
  
 Each purchaser of the Offered Notes offered hereby will be deemed to have represented and/or agreed as follows (terms used in this “Notice to
Investors” section that are defined in Rule 144A under the Securities Act (“Rule 144A”) or in Regulation D under the Securities Act (“Regulation D”) are used herein as defined therein): 
  
 (1) The purchaser (A) is a “qualified institutional
buyer” (a “Qualified Institutional Buyer”) within the meaning of Rule 144A who is a “qualified purchaser” for purposes of Section 3(c)(7) of the 1940 Act (a “Qualified Purchaser”) or an institutional
“Accredited Investor” (an “Institutional Accredited Investor”) (within the meaning of Rule 501(a)(l)-(3) or (7) under the Securities Act) who is a Qualified Purchaser, (B) is acquiring the Offered Notes for its own account
or for the account of such a Qualified Institutional Buyer who is a Qualified Purchaser or an Institutional Accredited Investor who is a Qualified Purchaser purchasing for investment and not for distribution in violation of the Securities Act, (C)
if such person is such a Qualified Institutional Buyer who is a Qualified Purchaser, is aware that the sale of the Offered Notes to it is being made in reliance on Rule 144A, (D) if such person is an Institutional Accredited Investor who is a
Qualified Purchaser, will deliver a certificate in the form attached to the Indenture prior to receipt of Offered Notes or (E) is acquiring the Offered Notes in an offshore transaction in accordance with Rule 903 or Rule 904 of Regulation S.

  
 (2) The Offered Notes have not been and will
not be registered under the Securities Act, any state securities or “Blue Sky” law, and may not be reoffered, resold, pledged or otherwise transferred except (A)(i) to a person whom the seller reasonably believes is a Qualified
Institutional Buyer who is a Qualified Purchaser that purchases for its own account or the account of another Qualified Institutional Buyer who is a Qualified Purchaser to whom notice is given that the resale, pledge or transfer is being made in
reliance on Rule 144A, (ii) in certificated form to an Institutional Accredited Investor who is a Qualified Purchaser pursuant to any other exemption from the registration requirements of the Securities Act, subject to (a) the receipt by the
Indenture Trustee of a certificate in the form attached to the Indenture and (b) the receipt by the Indenture Trustee of such other evidence acceptable to the Indenture Trustee that such reoffer, resale, pledge or transfer is in compliance with the
Securities Act and other applicable laws, (iii) in an offshore transaction in accordance with Rule 903 or Rule 904 of Regulation S, (iv) pursuant to another exemption available under the Securities Act or (v) pursuant to a valid registration
statement and (B) in accordance with all applicable securities and “Blue Sky” laws of any States of the United States or any other applicable jurisdictions. 
  

 (3) The Offered Notes will bear a legend to the following effect, unless the Originator
and the Indenture Trustee determine otherwise in accordance 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 UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF ANY STATE. THE HOLDER HEREOF, BY
PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”) WHO IS A QUALIFIED PURCHASER FOR PURPOSES OF SECTION 3(C)(7) UNDER THE 1940 ACT (A
“QUALIFIED PURCHASER”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB WHO IS A QUALIFIED PURCHASER PURCHASING FOR THE ACCOUNT OF A QIB WHO IS A QUALIFIED PURCHASER, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) IN CERTIFICATED FORM TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a)(l)-(3) OR (7) UNDER THE SECURITIES ACT) WHO IS A QUALIFIED PURCHASER PURCHASING FOR
INVESTMENT AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, IN EACH CASE, SUBJECT TO (A) THE RECEIPT BY THE INDENTURE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE INDENTURE AND (B) THE RECEIPT BY THE INDENTURE TRUSTEE OF
SUCH OTHER EVIDENCE ACCEPTABLE TO THE INDENTURE TRUSTEE THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED
STATES AND SECURITIES AND BLUE SKY LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION, (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S, (4) PURSUANT TO ANOTHER EXEMPTION AVAILABLE
UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT. THE PURCHASE OF THIS NOTE WILL BE DEEMED A REPRESENTATION BY THE ACQUIRER THAT EITHER: (I) IT IS NOT, AND
IS NOT PURCHASING SUCH OFFERED NOTE FOR, ON BEHALF OF OR WITH THE ASSETS OF, AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME ACT OF 1974, AS AMENDED (“ERISA”) WHICH IS SUBJECT TO

  

 
TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE
UNDERLYING ASSETS ARE DEEMED TO INCLUDE “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY, OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR A CHURCH
PLAN (AS DEFINED IN SECTION 3(33) OF ERISA FOR WHICH NO ELECTION HAS BEEN MADE UNDER SECTION 410(d) OF THE CODE) THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE, OR (II) THE ACQUISITION AND HOLDING OF THE OFFERED NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL PLAN OR A CHURCH PLAN, ANY
SUBSTANTIALLY SIMILAR FEDERAL, STATE OR LOCAL LAW). 
  
 (4) The Offered Notes will initially be represented by beneficial interests in a single Global Note or certificated Individual Notes as the case may be. Before any interest in a Global Note may be offered, sold, pledged or otherwise
transferred to a person who takes delivery other than through a beneficial interest in that Global Note, the transferor will be required to provide the Indenture Trustee with a written certification, in the form provided in the Indenture, as to
compliance with the applicable transfer restrictions. 
  
 (5) If it is acquiring any Offered Notes as a fiduciary or agent for one or more investor accounts, it has sole investment discretion with respect to each such account and that it has full power to make the acknowledgments, representations
and agreements contained herein on behalf of such account.

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