Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
  

 
  

NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST II 

as Issuing Entity 
 and

 CITIBANK, N.A. 

as Indenture Trustee 

SERIES 2015-1 INDENTURE SUPPLEMENT 

dated as of July 24, 2015 

to 
 INDENTURE 

dated as of November 2, 2011 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I Definitions and Other Provisions of General Application
	  	 	1	  
	 Section 1.01
	  	 Definitions
	  	 	1	  
		
	 ARTICLE II The Notes
	  	 	19	  
	 Section 2.01
	  	 Creation and Designation
	  	 	19	  
	 Section 2.02
	  	 Form of Delivery; Depository; Denominations
	  	 	19	  
	 Section 2.03
	  	 Delivery and Payment
	  	 	20	  
	 Section 2.04
	  	 Reopening
	  	 	20	  
	 Section 2.05
	  	 Tax Treatment
	  	 	20	  
		
	 ARTICLE III Allocations, Deposits and Payments
	  	 	21	  
	 Section 3.01
	  	 Series 2015-1 Available Interest Amounts
	  	 	21	  
	 Section 3.02
	  	 Series 2015-1 Available Principal Amounts
	  	 	24	  
	 Section 3.03
	  	 Reductions and Reinstatements
	  	 	26	  
	 Section 3.04
	  	 Payment on the Series 2015-1 Notes.
	  	 	28	  
	 Section 3.05
	  	 Accumulation Period Length and Accumulation Period Commencement Date
	  	 	30	  
	 Section 3.06
	  	 Final Payment of the Series 2015-1 Notes
	  	 	30	  
	 Section 3.07
	  	 Netting of Deposits and Payments
	  	 	31	  
	 Section 3.08
	  	 Calculation Agent; Determination of LIBOR
	  	 	31	  
	 Section 3.09
	  	 Computation of Interest
	  	 	31	  
	 Section 3.10
	  	 Accounts
	  	 	31	  
	 Section 3.11
	  	 Spread Account.
	  	 	32	  
	 Section 3.12
	  	 Negative Carry Account
	  	 	33	  
	 Section 3.13
	  	 Principal Funding Account
	  	 	33	  
	 Section 3.14
	  	 Reports and Statements to Series 2015-1 Noteholders.
	  	 	34	  
		
	 ARTICLE IV MISCELLANEOUS PROVISIONS
	  	 	34	  
	 Section 4.01
	  	 Ratification of Indenture
	  	 	34	  
	 Section 4.02
	  	 Counterparts
	  	 	34	  
	 Section 4.03
	  	 Governing Law
	  	 	34	  
	 Section 4.04
	  	 Limitation of Owner Trustee Liability
	  	 	35	  
	 Section 4.05
	  	 No Registration of the Offered Notes under the Securities Act
	  	 	35	  
	 Section 4.06
	  	 Retained Notes
	  	 	40	  
	 Section 4.07
	  	 Consent to Amendments in Backup Servicing Agreement
	  	 	42	  
	 Section 4.08
	  	 Amendments
	  	 	42	  

  
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 EXHIBITS 
  

			
	 EXHIBIT A-1
	  	 FORM OF SERIES 2015-1 NOTE, CLASS A

		
	 EXHIBIT A-2
	  	 FORM OF SERIES 2015-1 NOTE, CLASS B

		
	 EXHIBIT A-3
	  	 FORM OF SERIES 2015-1 NOTE, CLASS C

		
	 EXHIBIT A-4
	  	 FORM OF SERIES 2015-1 NOTE, CLASS D

		
	 EXHIBIT B
	  	 FORM OF MONTHLY SERVICER AND SETTLEMENT CERTIFICATE

  
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 This SERIES 2015-1 INDENTURE SUPPLEMENT (this “Indenture Supplement”), by and
between NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST II, a statutory trust created under the laws of the State of Delaware (the “Issuing Entity”), and CITIBANK, N.A., a national banking association, as Indenture Trustee, is
made and entered into as of July 24, 2015. 
 Pursuant to this Indenture Supplement, the Issuing Entity shall create a new Series of
Notes and shall specify the principal terms thereof. 
 ARTICLE I 

Definitions and Other Provisions of General Application 

Section 1.01 Definitions. For all purposes of this Indenture Supplement, except as otherwise expressly provided or unless the
context otherwise requires: 
 (1) the capitalized terms used in this Indenture Supplement shall have the meanings assigned to them in this
Article, and include the plural as well as the singular; 
 (2) all other capitalized terms used but not defined herein which are defined in
Part I of Appendix A to the Pooling and Servicing Agreement, either directly or by reference therein, have the meanings assigned to them therein; 

(3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally
accepted in the United States of America at the date of such computation; 
 (4) all references in this Indenture Supplement to designated
“Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Indenture Supplement. The words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Indenture Supplement as a whole and not to any particular Article, Section or other subdivision; 

(5) in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in
the Indenture, the terms and provisions of this Indenture Supplement shall be controlling; 
 (6) except as expressly provided herein, each
capitalized term defined herein shall relate only to the Series 2015-1 Notes and no other Series of Notes issued by the Issuing Entity; and 

(7) “including” and words of similar import shall be deemed to be followed by “without limitation.” 

“Accumulation Period” means the period from and including the Accumulation Period Commencement Date to but excluding the
earlier of (i) the beginning of an Early Redemption Period or (ii) the Series 2015-1 Termination Date. 

 “Accumulation Period Commencement Date” means the date determined by the
Servicer pursuant to Section 3.05; provided, however, that, if on the Specified Accumulation Period Commencement Date or on any date after the Specified Accumulation Period Commencement Date any other outstanding series of
notes issued pursuant to the Indenture shall have entered into an early redemption period as defined for such other series of notes and the Accumulation Period Commencement Date has not occurred, the Accumulation Period Commencement Date shall be
the date that such other outstanding series of notes shall have entered into an early redemption period. 
 “Accumulation Period
Length” means the number of Due Periods (rounded up to the nearest whole number) from the Accumulation Period Commencement Date to the last day of the Due Period immediately preceding the Expected Principal Distribution Date. 

“Aggregate Receivables Balance” means, as of any date of determination, the aggregate principal amount of the Dealer Notes
held by the Issuing Entity as of such date. 
 “Aggregate Trust Balance” means, as of any date of determination, the sum of
the Aggregate Receivables Balance plus the amount on deposit in the Excess Funding Account as of such date. 
 “Calculation
Agent” is defined in Section 3.08. 
 “Cash Collateral Percentage” means, with respect to any Transfer
Date, the percentage equivalent of a fraction equal to (a) the sum of the amount on deposit in the Excess Funding Account and in each of the principal funding accounts with respect to each series of notes issued pursuant to the Indenture over
(b) the sum of (i) the Outstanding Principal Amount of the Series 2015-1 Notes and the outstanding principal amount of each other series of notes issued pursuant to the Indenture, (ii) the Series 2015-1 Target Overcollateralization
Amount and the target overcollateralization amount specified for each other series of notes issued under the Indenture, and (iii) the Series 2015-1 Required Excess Seller’s Interest and the required excess seller’s interest for each
other series of notes issued under the Indenture. 
 “Class A Interest Rate” means, with respect to any Interest Period, a
rate per annum equal to LIBOR, as determined by the Calculation Agent on the LIBOR Determination Date with respect to such Interest Period, plus 1.40%. 

“Class A Monthly Interest” is defined in Section 3.01. 

“Class A Nominal Liquidation Amount” means, at any time, an amount equal to: 

 

	 	(i)	the Class A Outstanding Principal Amount; 

  

	 	(ii)	minus the reductions to the Class A Nominal Liquidation Amount pursuant to Section 3.03(b) on or prior to such date of determination; 

 

	 	(iii)	plus the reinstatements of the Class A Nominal Liquidation Amount pursuant to Section 3.03(d) on or prior to such date of determination; 

  
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	 	(iv)	minus the amount (other than investment earnings) then on deposit in the Series 2015-1 Principal Funding Account (after giving effect to any deposits, allocations, reallocations or withdrawals to be made on that
day) up to the amount that would reduce the Class A Nominal Liquidation Amount to zero; 

 provided, however, the
Class A Nominal Liquidation Amount may never be greater than the Class A Outstanding Principal Amount or less than zero. 

“Class A Notes” means the $211,330,000 Class A Floating Rate Dealer Note Asset Backed Notes, Series 2015-1. 

“Class A Outstanding Principal Amount” equals the aggregate initial outstanding principal amount of the Class A Notes,
minus any principal payments made to holders of the Class A Notes. 
 “Class B Interest Rate” means, with
respect to any Interest Period, a rate per annum equal to LIBOR, as determined by the Calculation Agent on the LIBOR Determination Date with respect to such Interest Period, plus 1.70%. 

“Class B Monthly Interest” is defined in Section 3.01. 

“Class B Nominal Liquidation Amount” means, at any time, an amount equal to: 

 

	 	(i)	the Class B Outstanding Principal Amount; 

  

	 	(ii)	minus the reductions to the Class B Nominal Liquidation Amount pursuant to Section 3.03(b) on or prior to such date of determination; 

 

	 	(iii)	plus the reinstatements of the Class B Nominal Liquidation Amount pursuant to Section 3.03(d) on or prior to such date of determination; 

 

	 	(iv)	minus the amount (other than investment earnings) then on deposit in the Series 2015-1 Principal Funding Account (after giving effect to any deposits, allocations, reallocations or withdrawals to be made on that
day) in excess of the amount allocated to the Class A Nominal Liquidation Amount up to the amount that would reduce the Class B Nominal Liquidation Amount to zero; 

provided, however, the Class B Nominal Liquidation Amount may never be greater than the Class B Outstanding Principal Amount or less than zero.

 “Class B Notes” means the $13,120,000 Class B Floating Rate Dealer Note Asset Backed Notes, Series 2015-1. 

“Class B Outstanding Principal Amount” equals the aggregate initial outstanding principal amount of the Class B Notes,
minus any principal payments made to holders of the Class B Notes. 

  
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 “Class C Interest Rate” means, with respect to any Interest Period, a rate per
annum equal to LIBOR, as determined by the Calculation Agent on the LIBOR Determination Date with respect to such Interest Period, plus 2.15%. 

“Class C Monthly Interest” is defined in Section 3.01. 

“Class C Nominal Liquidation Amount” means, at any time, an amount equal to: 

 

	 	(i)	the Class C Outstanding Principal Amount, 

  

	 	(ii)	minus the reductions to the Class C Nominal Liquidation Amount pursuant to Section 3.03(b) on or prior to such date of determination; 

 

	 	(iii)	plus the reinstatements of the Class C Nominal Liquidation Amount pursuant to Section 3.03(d) on or prior to such date of determination; 

 

	 	(iv)	minus the amount (other than investment earnings) then on deposit in the Series 2015-1 Principal Funding Account (after giving effect to any deposits, allocations, reallocations or withdrawals to be made on that
day) in excess of the amount allocated to the Class A Nominal Liquidation Amount and the Class B Nominal Liquidation Amount up to the amount that would reduce the Class C Nominal Liquidation Amount to zero; 

provided, however, the Class C Nominal Liquidation Amount may never be greater than the Class C Outstanding Principal Amount or less than zero.

 “Class C Notes” means the $11,740,000 Class C Floating Rate Dealer Note Asset Backed Notes, Series 2015-1. 

“Class C Outstanding Principal Amount” equals the aggregate initial outstanding principal amount of the Class C Notes,
minus any principal payments made to holders of the Class C Notes. 
 “Class D Interest Rate” means, with respect to
any Interest Period, a rate per annum equal to LIBOR, as determined by the Calculation Agent on the LIBOR Determination Date with respect to such Interest Period, plus 3.15%. 

“Class D Monthly Interest” is defined in Section 3.01. 

“Class D Nominal Liquidation Amount” means, at any time, an amount equal to: 

 

	 	(i)	the Class D Outstanding Principal Amount, 

  

	 	(ii)	minus the reductions to the Class D Nominal Liquidation Amount pursuant to Section 3.03(b) on or prior to such date of determination; 

 

	 	(iii)	plus the reinstatements of the Class D Nominal Liquidation Amount pursuant to Section 3.03(d) on or prior to such date of determination; 

  
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	 	(iv)	minus the amount (other than investment earnings) then on deposit in the Series 2015-1 Principal Funding Account (after giving effect to any deposits, allocations, reallocations or withdrawals to be made on that
day) in excess of the amount allocated to the Class A Nominal Liquidation Amount, the Class B Nominal Liquidation Amount and the Class C Nominal Liquidation Amount up to the amount that would reduce the Class D Nominal Liquidation Amount to
zero; 

 provided, however, the Class D Nominal Liquidation Amount may never be greater than the Class D Outstanding Principal
Amount or less than zero. 
 “Class D Notes” means the $13,810,000 Class D Floating Rate Dealer Note Asset Backed Notes,
Series 2015-1. 
 “Class D Outstanding Principal Amount” equals the aggregate initial outstanding principal amount of the
Class D Notes, minus any principal payments made to holders of the Class D Notes. 
 “Collateral Amount” means, with
respect to the Series 2015-1 Notes, the Series 2015-1 Collateral Amount. 
 “Controlling Class” means, with respect to the
Series 2015-1 Notes, the Series 2015-1 Controlling Class. 
 “Distribution Date” means the 25th day of each calendar month or, if such day is not a Business Day, the next succeeding Business Day commencing August 25, 2015. 

“Early Redemption Events” means, with respect to the Series 2015-1 Notes, each of the following: 

 

	 	(A)	failure on the part of the Depositor (i) to make any payment, distribution or deposit required under the Pooling and Servicing Agreement within five Business Days after the date due or (ii) to observe or
perform in any material respect any other material covenants or agreements of the Depositor therein, which failure has a material adverse effect on the Series 2015-1 Noteholders and which continues unremedied for a period of 60 days after written
notice of such failure shall have been given to the Depositor by the Indenture Trustee or to the Depositor and the Indenture Trustee by any Holder of the Series 2015-1 Notes; 

 

	 	(B)	 any representation or warranty made by the Depositor pursuant to the Pooling and Servicing Agreement or any information contained in the schedule of
Dealer Notes delivered thereunder shall prove to have been incorrect in any material respect when made or when delivered, which representation, warranty or schedule, or the circumstances or condition that caused such representation, warranty or
schedule to be incorrect, continues to be incorrect or uncured in any material respect for a period of 60 days after written notice of such incorrectness shall have been given to the Depositor by the Indenture Trustee or to the Depositor and the
Indenture Trustee by any Holder of the Series 2015-1 Notes and as a result of which the interests of the Series 2015-1 Noteholders are 

  
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materially and adversely affected; provided, however, that an Early Redemption Event shall not be deemed to occur if the Depositor has repurchased the related Dealer Notes or all
such Dealer Notes, if applicable, during such period in accordance with the provisions of the Pooling and Servicing Agreement; 

  

	 	(C)	any of the Depositor, Navistar, NIC or NFC shall file a petition commencing a voluntary case under any chapter of the federal bankruptcy laws; or the Depositor, Navistar, NIC or NFC shall file a petition or answer or
consent seeking reorganization, arrangement, adjustment or composition under any other similar applicable federal law, or shall consent to the filing of any such petition, answer or consent; or the Depositor, Navistar, NIC or NFC shall appoint, or
consent to the appointment of, a custodian, receiver, liquidator, trustee, assignee, sequestrator or other similar official in bankruptcy or insolvency of it or of any substantial part of its property; or the Depositor, Navistar, NIC or NFC shall
make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due; 

  

	 	(D)	any order for relief against any of the Depositor, Navistar, NIC or NFC shall have been entered by a court having jurisdiction in the premises under any chapter of the federal bankruptcy laws, and such order shall have
continued undischarged or unstayed for a period of 120 days; or a decree or order by a court having jurisdiction in the premises shall have been entered approving as properly filed a petition seeking reorganization, arrangement, adjustment, or
composition of the Depositor, Navistar, NIC or NFC under any other similar applicable federal law, and such decree or order shall have continued undischarged or unstayed for a period of 120 days; or a decree or order of a court having jurisdiction
in the premises for the appointment of a custodian, receiver, liquidator, trustee, assignee, sequestrator or other similar official in bankruptcy or insolvency of the Depositor, Navistar, NIC or NFC of any substantial part of their property, or for
the winding up or liquidation of their affairs, shall have been entered, and such decree or order shall have remained in force undischarged or unstayed for a period of 120 days; 

 

	 	(E)	the Depositor shall become legally unable for any reason to transfer Dealer Notes to the Issuing Entity in accordance with the provisions of the Pooling and Servicing Agreement; 

 

	 	(F)	on any Transfer Date, after giving effect to allocations to be made on that Transfer Date (including payments to be made on the related Distribution Date), the Series 2015-1 Target Overcollateralization Amount exceeds
the Series 2015-1 Overcollateralization Amount; provided, however, that if such shortfall was caused by an increase in the Series 2015-1 Target Overcollateralization Amount as a result of the occurrence of an Excess Cash Collateral
Event, there shall be a six month grace period to increase the Series 2015-1 Overcollateralization Amount to the required level; 

  
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	 	(G)	any Servicer Termination Event shall occur (i) which would have a material adverse effect on the Series 2015-1 Noteholders and (ii) for which the Servicer has received a notice of termination;

  

	 	(H)	the average Monthly Payment Rate for any three consecutive Due Periods is less than Monthly Payment Rate Trigger; 

  

	 	(I)	the Series 2015-1 Outstanding Principal Amount is not repaid by the Expected Principal Distribution Date; 

  

	 	(J)	the Issuing Entity becomes an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and is not exempt from compliance with that Act; 

 

	 	(K)	the occurrence of an Event of Default under the Indenture; 

  

	 	(L)	the delivery by the Depositor to the Issuing Entity of a notice stating that the Depositor shall no longer continue to sell Dealer Notes to the Issuing Entity pursuant to the Pooling and Servicing Agreement commencing
on the date specified in such notice; 

  

	 	(M)	at the end of any Due Period, the Seller’s Interest is reduced to an amount less than the Minimum Seller’s Interest and the Depositor has failed to assign additional Dealer Notes to the Issuing Entity or
deposit cash into the Excess Funding Account, the Series 2015-1 Principal Funding Account or any other principal funding account with respect to any other series of notes issued pursuant to the Indenture in the amount of such deficiency within ten
Business Days following the end of such Due Period; provided, however, that if such deficiency was caused by an increase in the Minimum Seller’s Interest as a result of the occurrence of an Excess Cash Collateral Event or an
excess cash collateral event for any other series of notes issued under the Indenture, there shall be a six month grace period to increase the Seller’s Interest to the required level; 

 

	 	(N)	on any Determination Date, the quotient of (a) the sum of Dealer Note Losses for the related Due Period and the five immediately preceding Due Periods and (b) the sum of Principal Collections for the related
Due Period and the five immediately preceding Due Periods, is greater than or equal to one and a half percent (1.5%); 

  

	 	(O)	failure on the part of Navistar to make a deposit in the Interest Deposit Account required by the terms of the Interest Deposit Agreement on or before the date occurring five Business Days after the date such deposit is
required by the Interest Deposit Agreement to be made; and 

  

	 	(P)	upon an increase in the Spread Account Required Amount as a result of the average Monthly Payment Rate for any three consecutive Due Periods being less than the Monthly Payment Rate Enhancement Trigger, the amount on
deposit in the Series 2015-1 Spread Account is less than the Spread Account Required Amount for five (5) consecutive Business Days. 

  
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 In the case of any event described in clauses (A), (B) or
(G) above, an Early Redemption Event with respect to Series 2015-1 Notes shall be deemed to have occurred only if, after the applicable grace period described in those clauses, if any, either the Indenture Trustee or Series 2015-1
Noteholders holding Series 2015-1 Notes evidencing more than 50% of the Series 2015-1 Outstanding Principal Amount by written notice to the Depositor, the Servicer, the Issuing Entity and, if given by Series 2015-1 Noteholders, the Indenture
Trustee, declare that an Early Redemption Event has occurred as of the date of that notice. In the case of any Early Redemption Event other than clauses (A), (B) or (G) described above, an Early Redemption Event with
respect to the Series 2015-1 Notes shall be deemed to have occurred without any notice or other action on the part of the Indenture Trustee or the Series 2015-1 Noteholders immediately upon the occurrence of that event. 

“Early Redemption Period” means the period from and including the date on which an Early Redemption Event occurs to but
excluding the Series 2015-1 Termination Date. 
 “Excess Available Interest Amounts” means, with respect to any Due Period,
either (i) the portion of Series 2015-1 Available Interest Amounts, if any, available after application pursuant to Section 3.01(a)(i) through (xii) or (ii) the amounts available to the Series 2015-1 Notes from the
Notes of other Series in Excess Interest Sharing Group One that the applicable Indenture Supplements specify are to be treated as “Excess Available Interest Amounts.” 

“Excess Available Principal Amounts” means, with respect to any Business Day, either (i) the sum of (A) the portion
of Series 2015-1 Available Principal Amounts, if any, available after application pursuant to Section 3.02(a)(i) through (vi), plus (B) the amounts withdrawn from the Series 2015-1 Principal Funding Account pursuant to
Section 3.13 and treated as “Excess Available Principal Amounts,” or (ii) the amounts available to the Series 2015-1 Notes from the Notes of other Series in Principal Sharing Group One that the applicable Indenture
Supplements specify are to be treated as “Excess Available Principal Amounts” on the related Business Day. 
 “Excess Cash
Collateral Event” shall be deemed to have occurred and be continuing if for any 18 consecutive Transfer Dates the Cash Collateral Percentage has exceeded the Excess Cash Collateral Trigger; provided, however, that an Excess
Cash Collateral Event shall be deemed to have been cured if subsequent to the occurrence of the Excess Cash Collateral Event the Cash Collateral Percentage is less than Excess Cash Collateral Trigger for six consecutive Transfer Dates. 

“Excess Cash Collateral Trigger” means 50%. 

“Excess Interest Sharing Group One” means Series 2015-1 and each other Series of Notes specified in the related Indenture
Supplement as being included in Excess Interest Sharing Group One. 
 “Expected Principal Distribution Date” means
June 26, 2017. 

  
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 “FATCA” means Sections 1471 through 1474 of the Code, commonly referred to as
the Foreign Account Tax Compliance Act. 
 “FATCA Withholding Tax” means any withholding or deduction pursuant to an
agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations or agreements thereunder or official interpretations thereof or any intergovernmental agreement
between the United States and another jurisdiction facilitating the implantation thereof (or any law implementing such an intergovernmental agreement). 

“Interest Period” means, with respect to any Distribution Date, the period from and including the preceding Distribution Date
to but excluding that Distribution Date, or, in the case of the first Distribution Date, from and including the Issuance Date to but excluding such first Distribution Date. 

“Issuance Date” means July 24, 2015. 

“Legal Final Maturity Date” means June 25, 2020. 

“LIBOR” means the interest rate determined by the Calculation Agent in accordance with the following provisions: 

 

	 	(1)	On each LIBOR Determination Date, LIBOR shall be determined on the basis of the offered rates for deposits in United States Dollars having a one month maturity, which appear on the LIBOR 01 Page as of 11:00 A.M., London
time, on that LIBOR Determination Date. These posted offered rates are for value on the second Business Day after which dealings in deposits in United States Dollars are transacted in the London interbank market. If at least two of these offered
rates appear on the LIBOR 01 Page, the rate for that LIBOR Determination Date shall be the arithmetic mean (rounded, if necessary, to the nearest one hundred-thousandth of a percent) of these offered rates as determined by the Calculation Agent. If
fewer than two offered rates appear, LIBOR for that LIBOR Determination Date shall be determined as if the parties had specified the rate described in (2) below. 

 

	 	(2)	 On any LIBOR Determination Date on which fewer than two offered rates appear on the LIBOR 01 Page as specified in (1) above, LIBOR shall be
determined on the basis of the rates at which deposits in United States Dollars are offered by the Reference Banks at approximately 11:00 A.M., London time, on that LIBOR Determination Date to prime banks in the London interbank market, having a one
month maturity, those deposits commencing on the second London Business Day immediately following that LIBOR Determination Date and in a principal amount of not less than U.S. $1,000,000 that is representative for a single transaction in that market
at that time. The Calculation Agent shall request the principal London office of each of those Reference Banks to provide a quotation of its rate. If at least two of those quotations are provided, LIBOR for that LIBOR Determination Date shall be the
arithmetic mean (rounded, if necessary, to the nearest one 

  
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hundred-thousandth of a percent) of those quotations. If fewer than two quotations are provided, LIBOR for that LIBOR Determination Date shall be the arithmetic mean (rounded, if necessary, to
the nearest one hundred-thousandth of a percent) of the rates quoted by three major banks in the City of New York selected by the Calculation Agent at approximately 11:00 A.M., New York City time, on that LIBOR Determination Date for loans in United
States Dollars to leading European banks, having a one month maturity, those loans commencing on the second London Business Day immediately following that LIBOR Determination Date and in a principal amount of not less than U.S. $1,000,000 that is
representative for a single transaction in that market at that time, provided, however, that if the banks in the City of New York selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, LIBOR with
respect to that LIBOR Determination Date shall be LIBOR in effect immediately prior to that LIBOR Determination Date. 

“LIBOR Determination Date” means, for any Interest Period, the date which is two London Business Days prior to the start of
that Interest Period. 
 “London Business Day” means a day that is both a Business Day and a day on which banking
institutions in the City of London, England are not required or authorized by law to be closed. 
 “Mismatch Rate” means
1.90%. 
 “Monthly Payment Rate” means, on any Determination Date, the quotient of (1) the sum of Dealer Note
Collections for the related Due Period and (2) the daily average Aggregate Receivables Balance during the related Due Period. 

“Monthly Payment Rate Enhancement Trigger” means 20%. 

“Monthly Payment Rate Trigger” means 16%. 

“Nominal Liquidation Amount” means, with respect to the Series 2015-1 Notes, the Series 2015-1 Nominal Liquidation Amount.

 “Nominal Liquidation Amount Deficit” means, with respect to the Series 2015-1 Notes as of any Transfer Date, the excess
of the aggregate of the reallocations and reductions made pursuant to Section 3.03 on or prior to such Transfer Date, over the aggregate amount of all reinstatements pursuant to Section 3.03 on or prior to such Transfer Date.

 “Noteholder FATCA Information” means, with respect to any Series 2015-1 Noteholder or Note Owner of a Series 2015-1
Note, information sufficient to eliminate the imposition of, or determine the amount of, FATCA Withholding Tax. 
 “Noteholder Tax
Identification Information” means, with respect to any Noteholder or Note Owner, properly completed and signed tax certifications (generally, in the case of U.S. Federal Income Tax, IRS Form W-9 (or applicable successor form) in the case of
a person that is a “United States Person” within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a “United States Person”
within the meaning of Section 7701(a)(30) of the Code). 

  
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 “Offered Notes” shall mean the Class A Notes, the Class B Notes, the Class
C Notes and the Class D Notes, but excluding any Retained Notes. 
 “Overcollateralization Amount” means, with respect to
the Series 2015-1 Notes, the Series 2015-1 Overcollateralization Amount. 
 “Overcollateralization Amount Deficit” means,
with respect to the Series 2015-1 Notes as of any Transfer Date, the excess of the Series 2015-1 Target Overcollateralization Amount as of such Transfer Date over the Series 2015-1 Overcollateralization Amount as of such Transfer Date. 

“Pooling and Servicing Agreement” means the Pooling and Servicing Agreement, dated as of November 2, 2011, among the
Depositor, the Servicer and the Issuing Entity, as amended and supplemented from time to time. 
 “Principal Sharing Group
One” means Series 2015-1 and each other Series specified in the related Indenture Supplement as being included in Principal Sharing Group One. 

“Qualified Institutional Buyer” is defined in Section 4.05(b)(i). 

“Rating Agency Condition” means, with respect to the Series 2015-1, the Series 2015-1 Rating Agency Condition. 

“Reference Banks” means the principal London offices of Bank of America, N.A. and Credit Suisse AG, London Branch. 

“Reinstatement Amount” is defined in Section 3.01(a)(viii). 

“Required Negative Carry Account Balance” means (a) for any date during the Revolving Period when funds are on deposit
or to be deposited into the Series 2015-1 Principal Funding Account, the greater of (i) the product of (A) the amount on deposit in the Series 2015-1 Principal Funding Account (after giving effect to any deposits or withdrawals to be made
on such date), (B) the Mismatch Rate, and (C) 1/12 times the number of full months until the Expected Principal Distribution Date and (ii) 0.75% of the amount on deposit in the Series 2015-1 Principal Funding Account (after giving
effect to any deposits or withdrawals to be made on such date) and (b) at all other times, zero. 
 “Required Seller’s
Percentage” means 0%. 
 “Retained Note” shall mean any Series 2015-1 Note held by the Issuing Entity or a Person
that is considered the same Person as the Issuing Entity for Federal income tax purposes until such time as such Series 2015-1 Note is transferred, for Federal income tax purposes, to a Person that is not the Issuing Entity or a Person that is
considered the same Person as the Issuing Entity for Federal income tax purposes in the form of a Global Note in compliance with the provisions of this Indenture Supplement and the Indenture. For the avoidance of doubt, the Depositor has retained
$9,810,000 aggregate outstanding principal amount of Class D Notes as of the Issuance Date. 

  
 11 

 “Revolving Period” means the period beginning on the Issuance Date and ending
when an Accumulation Period or Early Redemption Period begins. 
 “Series 2015-1” is defined in Section 2.01.

 “Series 2015-1 Accounts” is defined in Section 3.10(a). 

“Series 2015-1 Allocated Dealer Note Losses” means, with respect to any Due Period and the related Transfer Date, the product
of the Series 2015-1 Variable Allocation Percentage for such Due Period and Dealer Note Losses for such Due Period. 
 “Series
2015-1 Allocated Interest Amounts” means, with respect to any Due Period and the related Transfer Date, the product of the Series 2015-1 Variable Allocation Percentage for such Due Period and Finance Charge Collections for such Due Period.

 “Series 2015-1 Allocated Principal Amounts” means, with respect to any Business Day, the product of the Series 2015-1
Fixed Allocation Percentage for such Business Day and Principal Collections for such Business Day. 
 “Series 2015-1 Available
Interest Amounts” means, with respect to any Due Period and the related Transfer Date, an amount equal to: 
  

	 	(i)	the Series 2015-1 Allocated Interest Amounts for such Due Period; 

  

	 	(ii)	plus any net investment earnings for such Due Period on funds in the Series 2015-1 Interest Funding Account, the Series 2015-1 Principal Funding Account, the Series 2015-1 Negative Carry Account and the Series
2015-1 Spread Account; 

  

	 	(iii)	plus the Series 2015-1 Investment Income; 

  

	 	(iv)	plus if the amount of interest at the Weighted Average Note Rate on funds in the Series 2015-1 Principal Funding Account exceeds the sum of the net investment earnings described in clause (ii) above
and the Series 2015-1 Investment Income described in clause (iii) above, the amount of this excess shall be withdrawn from the Series 2015-1 Negative Carry Account to the extent of funds on deposit in the Series 2015-1 Negative Carry
Account and applied pursuant to the terms of this Indenture Supplement; 

  

	 	(v)	plus any Excess Available Interest Amounts allocated to Series 2015-1 for such Due Period pursuant to Section 3.01(b); 

 

	 	(vi)	plus any amount treated as Series 2015-1 Available Interest Amounts pursuant to Sections 3.01(c)(i) and (ii). 

  
 12 

 “Series 2015-1 Available Principal Amounts” means, with respect to any Business
Day, an amount equal to: 
  

	 	(i)	the Series 2015-1 Allocated Principal Amounts for such Business Day; 

  

	 	(ii)	plus, if such Business Day is a Transfer Date, any Series 2015-1 Available Interest Amounts used to fund the Series 2015-1 Noteholder Allocated Dealer Note Losses for
the related Due Period pursuant to Section 3.01(a)(vii); 

  

	 	(iii)	plus, if such Business Day is a Transfer Date, any Series 2015-1 Available Interest Amounts used to reinstate any reduction in the Series 2015-1 Collateral Amount for the related Due Period pursuant to
Sections 3.01(a)(viii) and 3.03(c); 

  

	 	(iv)	plus any Excess Available Principal Amounts allocated to Series 2015-1 for such Business Day pursuant to Section 3.02(b); 	 

  

	 	(v)	plus, if such Business Day is a Transfer Date, during the occurrence of an Excess Cash Collateral Event, any Series 2015-1 Available Interest Amounts which are treated as Series 2015-1 Available Principal Amounts
pursuant to Section 3.01(a)(viii); 	 

  

	 	(vi)	plus, if such Business Day is a Transfer Date, any funds from the Series 2015-1 Negative Carry Account used to reinstate any reduction in the Series 2015-1 Collateral Amount on that Transfer Date pursuant to
Section 3.12(b); 

  

	 	(vii)	plus, if such Business Day is a Transfer Date and if the Series 2015-1 Notes are in an Early Redemption Period, any Series 2015-1 Available Interest Amounts treated as Series 2015-1 Available Principal Amounts
pursuant to Section 3.01(a)(xii). 

 “Series 2015-1 Backup Servicing Expenses” means, with
respect to any Transfer Date, the product of (a) the Backup Servicing Expenses, multiplied by (b) a fraction (i) the numerator of which is the daily average Series 2015-1 Nominal Liquidation Amount for each day of the related Due
Period and (ii) the denominator of which is the daily average Aggregate Trust Balance for each day of the related Due Period. 

“Series 2015-1 Backup Servicing Fee” means, with respect to any Transfer Date, the product of (a) 1/12 of the Base
Backup Servicing Fee, multiplied by (b) a fraction (i) the numerator of which is the daily average Series 2015-1 Nominal Liquidation Amount for each day of the related Due Period and (ii) the denominator of which is the daily average
Aggregate Trust Balance for each day of the related Due Period. 
 “Series 2015-1 Collateral Amount” equals the sum of the
Series 2015-1 Nominal Liquidation Amount and the Series 2015-1 Overcollateralization Amount; provided, that for purposes of calculating the Series 2015-1 Fixed Allocation Percentage and the Series 2015-1 Variable Allocation Percentage and
other allocation percentages related to Series 2015-1, Series 2015-1 shall be deemed to have been outstanding from July 1, 2015 to the Issuance Date, with respect to the allocation of Principal Collections and Finance Charge Collections and
related concepts, with a Series 2015-1 Collateral Amount of $276,243,093.92. 

  
 13 

 “Series 2015-1 Controlled Accumulation Amount” is equal to (a) the Series
2015-1 Outstanding Principal Amount as of the last day of the Due Period immediately preceding the Accumulation Period Commencement Date, minus the amount on deposit in the Series 2015-1 Principal Funding Account as of the last day of the Due
Period immediately preceding the Accumulation Period Commencement Date, divided by (b) the Accumulation Period Length. 

“Series 2015-1 Controlled Deposit Amount” for any Due Period occurring during the Accumulation Period means the excess, if
any, of: 
  

	 	(i)	the sum of (x) product of (A) the Series 2015-1 Controlled Accumulation Amount and (B) the number of Due Periods that have occurred with respect to the Accumulation Period through and including that Due
Period (but not in excess of the Accumulation Period Length) and (y) the amount on deposit in the Series 2015-1 Principal Funding Account as of the last day of the Due Period immediately preceding the Accumulation Period Commencement Date, over

  

	 	(ii)	the amount on deposit in the Series 2015-1 Principal Funding Account as of the last day of the immediately preceding Due Period; 

provided that notwithstanding the foregoing, the Depositor may, in its sole discretion, increase the Series 2015-1 Controlled Deposit Amount at any
time and from time to time. 
 “Series 2015-1 Controlling Class” means the Class A Notes or, if no Class A Notes
are outstanding, the Class B Notes or, if no Class A Notes or Class B Notes are Outstanding, the Class C Notes or, if no Class A Notes, Class B Notes or Class C Notes are Outstanding, the Class D Notes. 

“Series 2015-1 Fixed Allocation Percentage” means the percentage equivalent of a fraction never greater than 100% or less
than 0% equal to: 
  

	 	(i)	the numerator of which is the Series 2015-1 Collateral Amount as of such day or, if the Accumulation Period or an Early Redemption Period has commenced, as of the day prior to the commencement of the Accumulation Period
or the Early Redemption Period, as applicable; and 

  

	 	(ii)	the denominator of which is the greater of (A) the sum of the Collateral Amounts for each Series of Notes used to calculate the applicable fixed allocation percentage of such Series as of such day and (B) the
Aggregate Trust Balance as of last day of the preceding Due Period. 

 “Series 2015-1 Interest Funding
Account” means the account designated as such and established pursuant to Section 3.10(a). 

  
 14 

 “Series 2015-1 Investment Income” means with respect to any Due Period and the
Series 2015-1 Notes, the product of the Series 2015-1 Variable Allocation Percentage for such Due Period and Investment Income for such Due Period. 

“Series 2015-1 Monthly Interest” means the sum of Class A Monthly Interest, Class B Monthly Interest, Class C Monthly
Interest and Class D Monthly Interest. 
 “Series 2015-1 Negative Carry Account” means the account designated as such and
established pursuant to Section 3.10(a). 
 “Series 2015-1 Nominal Liquidation Amount” means, with respect to
any Transfer Date, the sum of the Class A Nominal Liquidation Amount, the Class B Nominal Liquidation Amount, the Class C Nominal Liquidation Amount and the Class D Nominal Liquidation Amount, each as of such Transfer Date; provided,
that for purposes of calculating the Series 2015-1 Fixed Allocation Percentage and the Series 2015-1 Variable Allocation Percentage and other allocation percentages related to Series 2015-1, Series 2015-1 shall be deemed to have been outstanding
from July 1, 2015 to the Issuance Date, with respect to the allocation of Principal Collections and Finance Charge Collections and related concepts, with a Series 2015-1 Nominal Liquidation Amount of $250,000,000.00. 

“Series 2015-1 Noteholder” means a Person in whose name a Series 2015-1 Note is registered in the Note Register. 

“Series 2015-1 Noteholder Allocated Dealer Note Losses” means, with respect to any Due Period, the product of (a) Series
2015-1 Allocated Dealer Note Losses for such Due Period and (b) the quotient of (i) the Series 2015-1 Nominal Liquidation Amount as of the preceding Transfer Date, divided by (ii) the Series 2015-1 Collateral Amount as of the
preceding Transfer Date. 
 “Series 2015-1 Notes” is defined in Section 2.01. 

“Series 2015-1 Outstanding Principal Amount” means, the sum of the Class A Outstanding Principal Amount, the Class B
Outstanding Principal Amount, the Class C Outstanding Principal Amount and the Class D Outstanding Principal Amount. 
 “Series
2015-1 Overcollateralization Amount” means as of any Transfer Date, an amount equal to: 
  

	 	(i)	the Series 2015-1 Target Overcollateralization Amount as of such Transfer Date 

  

	 	(ii)	minus the reductions to the Series 2015-1 Overcollateralization Amount pursuant to Section 3.03(b) on or prior to such date of determination; 

 

	 	(iii)	plus the reinstatements of the Series 2015-1 Overcollateralization Amount pursuant to Section 3.03(d) on or prior to such date of determination; 

provided, however, the Series 2015-1 Overcollateralization Amount may never be less than zero or be greater than the Series 2015-1 Target
Overcollateralization Amount; provided that the 

  
 15 

 
Depositor may in its discretion at any time and from time to time increase the Series 2015-1 Overcollateralization Amount (together with any discretionary amounts added to the Spread Account) by
up to 5.0% in the aggregate of the initial Series 2015-1 Nominal Liquidation Amount by allocating a portion of the Seller’s Interest thereto, but only to the extent that it will not result in the Seller’s Interest being less than the
Minimum Seller’s Interest; provided, further, that for purposes of calculating the Series 2015-1 Fixed Allocation Percentage and the Series 2015-1 Variable Allocation Percentage and other allocation percentages related to Series
2015-1, Series 2015-1 shall be deemed to have been outstanding from July 1, 2015 to the Issuance Date, with respect to the allocation of Principal Collections and Finance Charge Collections and related concepts, with a Series 2015-1
Overcollateralization Amount of $26,243,093.92; provided, further, that if the Series 2015-1 Target Overcollateralization Amount has increased as a result of an Excess Cash Collateral Event, the Series 2015-1 Overcollateralization
Amount will be proportionately increased only to the extent that it will not result in the Seller’s Interest being less than the Minimum Seller’s Interest, and if other series of notes issued pursuant to the Indenture require similar
increases, each such series, including Series 2015-1, shall receive only its pro rata share of any such increase available based on the aggregate amount of such series’ shortfall. 

“Series 2015-1 Overcollateralization Factor” means 9.50%. 

“Series 2015-1 Overcollateralization Percentage” means the percentage equivalent of a fraction, the numerator of which is the
Series 2015-1 Overcollateralization Factor and the denominator of which is 1.00 minus the Series 2015-1 Overcollateralization Factor. 

“Series 2015-1 Principal Funding Account” means the trust account designated as such and established pursuant
to Section 3.10(a). 
 “Series 2015-1 Rating Agencies” means Moody’s Investors Service Inc. or its
successor and DBRS Inc. or its successor. 
 “Series 2015-1 Rating Agency Condition” means, with respect to any action, the
condition that each Series 2015-1 Rating Agency shall have been given at least 10 days (or such shorter period as is acceptable to such Series 2015-1 Rating Agency) prior notice thereof and each Series 2015-1 Rating Agency shall have notified the
Servicer (and, if NFC is not the Servicer, NFC) in writing that such action shall not result in a downgrade or withdrawal of the then-current rating of any rated Class of Notes (other than a Class of the Series 2015-1 Notes held only by the
Depositor and its Affiliates). 
 “Series 2015-1 Required Excess Seller’s Interest” equals, for the Series 2015-1
Notes, with respect to any Business Day, the Required Seller’s Percentage times the Series 2015-1 Nominal Liquidation Amount as of that day. 

“Series 2015-1 Servicing Fee” means, with respect to any Transfer Date, the product of (a) the product of (i) 1/12,
(ii) 1.0%, and (iii) the Aggregate Receivables Balance as of the last day of the related Due Period, multiplied by (b) a fraction (i) the numerator of which is the daily average Series 2015-1 Nominal Liquidation Amount for each
day of the related Due Period and (ii) the denominator of which is the daily average Aggregate Trust Balance for each day of the related Due Period. 

  
 16 

 “Series 2015-1 Spread Account” means the account designated as such and
established pursuant to Section 3.10(a). 
 “Series 2015-1 Target Overcollateralization Amount” means, with
respect to any Transfer Date, the product of the Series 2015-1 Overcollateralization Percentage and the Series 2015-1 Nominal Liquidation Amount as of such Transfer Date; provided, however, that if an Early Redemption Period has
commenced, the Series 2015-1 Nominal Liquidation Amount for the purpose of calculating the Series 2015-1 Target Overcollateralization Amount shall be the Series 2015-1 Nominal Liquidation Amount as of the last day of the Revolving Period;
provided, further, that if an Excess Cash Collateral Event occurs and is continuing, the Series 2015-1 Nominal Liquidation Amount for purposes of calculating the Series 2015-1 Target Overcollateralization Amount, the Spread Account
Required Amount and the Series Required Seller’s Interest shall be the Series 2015-1 Nominal Liquidation Amount without subtracting the amount on deposit in the Series 2015-1 Principal Funding Account in respect of the Series 2015-1 Notes. 

“Series 2015-1 Termination Date” means the earliest to occur of (a) the Distribution Date on which the Series 2015-1
Outstanding Principal Amount is reduced to zero, (b) the Legal Final Maturity Date and (c) the date on which the Series 2015-1 Collateral Amount is reduced to zero. 

“Series 2015-1 Unreimbursed Amount” means, as of any Transfer Date, the sum of the Nominal Liquidation Amount Deficit and the
Overcollateralization Amount Deficit both as of such Transfer Date. 
 “Series 2015-1 Variable Allocation Percentage” means
the percentage equivalent of a fraction never greater than 100% or less than 0% to: 
  

	 	(i)	the numerator of which is the daily average of the Series 2015-1 Collateral Amount for each day during such Due Period; and 

  

	 	(ii)	the denominator of which is the greater of (A) the sum of the daily average Collateral Amounts used to calculate the applicable variable allocation percentage for each Series of Notes for such Due Period and
(b) the daily average Aggregate Trust Balance during such Due Period. 

 “Series Available Interest Amounts
Shortfall” means, with respect to any Transfer Date and the Series 2015-1 Notes, the excess, if any, of (a) the aggregate amount required to be applied pursuant to Sections 3.01(a)(i) through (ix) for such Transfer
Date over (b) the Series 2015-1 Available Interest Amount (excluding amounts to be treated as part of the Series 2015-1 Available Interest Amount pursuant to clause (v) of the definition thereof) for such Transfer Date. 

“Series Available Principal Amounts Shortfall” means, with respect to any Business Day and the Series 2015-1 Notes, an amount
equal to, the amount, if any, by which (i) the sum of all payments and other applications of Series 2015-1 Available Principal Amounts (other than as 

  
 17 

 
Excess Available Principal Amounts) required to be made under Section 3.02 on such Business Day exceeds (ii) the related Series 2015-1 Available Principal Amounts (excluding
amounts to be treated as part of Series 2015-1 Available Principal Amounts pursuant to clause (iv) of the definition thereof) on such Business Day. 

“Series Reassignment Amount” means, with respect to the Series 2015-1 Notes and a Transfer Date, the sum of (a) the
Series 2015-1 Nominal Liquidation Amount and (b) all accrued and unpaid interest on the Series 2015-1 Notes, in each case as of that Transfer Date. 

“Series Required Seller’s Interest” means, for the Series 2015-1 Notes, with respect to any Business Day, the sum of
(a) the Series 2015-1 Overcollateralization Amount as of that Business Day and (b) Series 2015-1 Required Excess Seller’s Interest as of that Business Day. 

“Servicer Certificate” is defined in Section 3.14(a). 

“Specified Accumulation Period Commencement Date” means October 1, 2016. 

“Spread Account Deposit Amount” means, with respect to any Transfer Date prior to the earlier of (a) the payment in full
of the outstanding principal amount of the Series 2015-1 Notes and (b) the Legal Final Maturity Date, the amount, if any, by which the Spread Account Required Amount for that Transfer Date exceeds the amount of funds on deposit in the Series
2015-1 Spread Account. 
 “Spread Account Initial Deposit” means $4,143,646.41. 

“Spread Account Required Amount” means, with respect to any Transfer Date, an amount equal to the product of the Spread
Account Percentage and the Series 2015-1 Collateral Amount as of the Closing Date. 
 “Spread Account Percentage” means, as
of any Transfer Date, 1.50%; provided, that, if as of any Transfer Date, the average Monthly Payment Rate for the three preceding Due Periods is less than the Monthly Payment Rate Enhancement Trigger, then the Spread Account Percentage
shall be 3.00%. 
 “Stated Principal Amount” with respect to any Note, means the amount that is stated on the face of the
Note to be payable to its holders. 
 “Weighted Average Note Rate” means, for any Transfer Date, the sum of: 

 

	 	(i)	the Class A Interest Rate, multiplied by a fraction, the numerator of which is the Class A Outstanding Principal Amount and the denominator of which is the Series 2015-1 Outstanding Principal Amount;

  

	 	(ii)	the Class B Interest Rate, multiplied by a fraction, the numerator of which is the Class B Outstanding Principal Amount and the denominator of which is the Series 2015-1 Outstanding Principal Amount; 

  
 18 

	 	(iii)	the Class C Interest Rate, multiplied by a fraction, the numerator of which is the Class C Outstanding Principal Amount and the denominator of which is the Series 2015-1 Outstanding Principal Amount; and

  

	 	(iv)	the Class D Interest Rate, multiplied by a fraction, the numerator of which is the Class D Outstanding Principal Amount and the denominator of which is the Series 2015-1 Outstanding Principal Amount. 

ARTICLE II 
 The Notes 

Section 2.01 Creation and Designation. 

(a) There is hereby created and designated a Series (“Series 2015-1”) of Notes to be issued pursuant to the Indenture and this
Indenture Supplement to be known as “Navistar Financial Dealer Note Master Owner Trust II Floating Rate Dealer Note Asset Backed Notes, Series 2015-1” or the “Series 2015-1 Notes.” The Series 2015-1 Notes shall be
issued in four Classes, Class A, Class B, Class C and Class D, executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A-1,
Exhibit A-2, Exhibit A-3 and Exhibit A-4, respectively. 

(b) Series 2015-1 shall be in Excess Interest Sharing Group One and in Principal Sharing Group One. Series 2015-1 shall not be a Shared
Enhancement Series or in an Interest Reallocation Group. Series 2015-1 shall not be subordinated to any other Series. The Class B Notes shall be subordinate to the Class A Notes to the extent provided in this Indenture Supplement, the Class C
Notes shall be subordinate to the Class A Notes and the Class B Notes to the extent provided in this Indenture Supplement, and the Class D Notes shall be subordinate to the Class A Notes, the Class B Notes and the Class C Notes to the
extent provided in this Indenture Supplement. 
 Section 2.02 Form of Delivery; Depository; Denominations. 

(a) The Series 2015-1 Notes shall be delivered in the form of global Registered Notes as provided in Sections 2.02, 2.04 and
3.01 of the Indenture. Notwithstanding anything to the contrary in the Indenture or this Indenture Supplement, upon original issuance the Retained Notes shall be delivered in the form of Definitive Notes as provided in Sections 2.02
and 3.01 of the Indenture. 
 (b) The Depository for the Offered Notes shall be The Depository Trust Company, and the Offered Notes
shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Foreign Depositories for the Offered Notes shall
be Clearstream Banking, Société Anonyme and Euroclear Bank S.A./N.V., as the operator of the Euroclear System. 
 (d) The
Series 2015-1 Notes shall be issued in minimum denominations of $1,000 and integral multiples of $1,000. 

  
 19 

 Section 2.03 Delivery and Payment. The Issuing Entity shall execute and deliver the
Series 2015-1 Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Series 2015-1 Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 

Section 2.04 Reopening. The Depositor may from time to time, upon satisfaction of the Series 2015-1 Rating Agency Condition, but
without notice to or the consent from any Securityholders, create and issue additional Series 2015-1 Notes equal in rank to any Class of Series 2015-1 Notes previously offered in all respects or in all respects except there will not be any payment
of interest accruing prior to the issuance date of such additional Series 2015-1 Notes in a Class of Series 2015-1 Notes or except for the first date of payment of interest following the Issuance Date of such additional Series 2015-1 Notes in a
Class of Series 2015-1 Notes. When issued, the additional Series 2015-1 Notes of a Class shall be equally and ratably entitled to the benefits of the Indenture and this Indenture Supplement applicable to those Series 2015-1 Notes with the other
Outstanding Notes of that Class without preference, priority or distinction. These additional Series 2015-1 Notes may be consolidated and form a single Class with the previously issued Series 2015-1 Notes of such Class and shall have the same terms
as to status, redemption or otherwise as the previously issued Series 2015-1 Notes. 
 Section 2.05 Tax Treatment. 

(a) The Issuing Entity has entered into this Indenture Supplement and the Series 2015-1 Notes have been issued with the intention that the
Series 2015-1 Notes (other than any Retained Notes) will qualify under applicable tax law as indebtedness of the Issuing Entity secured by the Issuing Entity assets attributable to the Series 2015-1 Notes. The Issuing Entity, each Beneficiary and
each Series 2015-1 Noteholder and Note Owner, by the acceptance of its Series 2015-1 Note (or beneficial interest therein) agrees to treat the Series 2015-1 Notes (other than any Retained Notes) as indebtedness of the Issuing Entity secured by the
Issuing Entity assets attributable to the Series 2015-1 Notes, for Federal income taxes, state and local income, franchise, single business taxes and/or value added taxes and any other taxes imposed on or measured by income in whole or in part. 

(b) Each Series 2015-1 Noteholder or Note Owner of a Series 2015-1 Note, by its acceptance of a Series 2015-1 Note or, in the case of a Note
Owner of a Series 2015-1 Note, a beneficial interest in a Series 2015-1 Note, agrees to provide to the Person from whom it receives payments on the Series 2015-1 Notes (including the Paying Agent) the Noteholder Tax Identification Information and,
upon request, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. 
 (c) Each Series 2015-1 Noteholder or
Note Owner of a Series 2015-1 Note, by its acceptance of a Series 2015-1 Note or, in the case of a Note Owner of a Series 2015-1 Note, a beneficial interest in a Series 2015-1 Note, agrees that the Indenture Trustee has the right to
withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a Series 2015-1 Noteholder or holder of an interest in a Series 2015-1 Note that fails to comply with the requirements of
Section 2.05(b). 

  
 20 

 ARTICLE III 

Allocations, Deposits and Payments 

Section 3.01 Series 2015-1 Available Interest Amounts. 

(a) Allocation of Series 2015-1 Available Interest Amounts. On each Transfer Date, the Indenture Trustee, at the written direction of
the Servicer, shall apply Series 2015-1 Available Interest Amounts as follows: 
  

	 	(i)	first, on a pro rata basis (a) to the Servicer, the Series 2015-1 Servicing Fee due on such Transfer Date (to the extent it has not been deferred by the Servicer for such Transfer Date, and if the Servicer shall
defer any Series 2015-1 Servicing Fee, the Servicer shall give notice of such deferral to each of the Series 2015-1 Rating Agencies) and (b) to the Backup Servicer, the Series 2015-1 Backup Servicing Fee due on such Transfer Date;

  

	 	(ii)	second, any remaining Series 2015-1 Available Interest Amounts shall be deposited into the Series 2015-1 Interest Funding Account in an amount equal to the product of (A) a fraction, the numerator of which is the
actual number of days in the related Interest Period and the denominator of which is 360, (B) the Class A Interest Rate applicable to the related Interest Period, and (C) the Class A Outstanding Principal Amount, determined as of
the Distribution Date preceding the related Distribution Date (or with respect to the first Distribution Date, as of the Issuance Date) (the “Class A Monthly Interest”), plus an amount equal to the excess, if any, of the aggregate
amount accrued pursuant to this Section 3.01(a)(ii) as of prior Interest Periods over the aggregate amount of interest paid to the Class A Noteholders pursuant to this Section 3.01(a)(ii) in respect of such prior
Interest Periods, together with interest at the Class A Interest Rate on such delinquent amount, to the extent permitted by applicable law; 

  

	 	(iii)	third, any remaining Series 2015-1 Available Interest Amounts shall be deposited into the Series 2015-1 Interest Funding Account in an amount equal to the product of (A) a fraction, the numerator of which is the
actual number of days in the related Interest Period and the denominator of which is 360, (B) the Class B Interest Rate applicable to the related Interest Period, and (C) the Class B Outstanding Principal Amount, determined as of the
Distribution Date preceding the related Distribution Date (or with respect to the first Distribution Date, as of the Issuance Date) (the “Class B Monthly Interest”), plus an amount equal to the excess, if any, of the aggregate
amount accrued pursuant to this Section 3.01(a)(iii) as of prior Interest Periods over the aggregate amount of interest paid to the Class B Noteholders pursuant to this Section 3.01(a)(iii) in respect of such prior Interest
Periods, together with interest at the Class B Interest Rate on such delinquent amount, to the extent permitted by applicable law; 

  
 21 

	 	(iv)	fourth, any remaining Series 2015-1 Available Interest Amounts shall be deposited into the Series 2015-1 Interest Funding Account in an amount equal to the product of (A) a fraction, the numerator of which is the
actual number of days in the related Interest Period and the denominator of which is 360, (B) the Class C Interest Rate applicable to the related Interest Period, and (C) the Class C Outstanding Principal Amount, determined as of the
Distribution Date preceding the related Distribution Date (or with respect to the first Distribution Date, as of the Issuance Date) (the “Class C Monthly Interest”), plus an amount equal to the excess, if any, of the aggregate
amount accrued pursuant to this Section 3.01(a)(iv) as of prior Interest Periods over the aggregate amount of interest paid to the Class C Noteholders pursuant to this Section 3.01(a)(iv) in respect of such prior Interest
Periods, together with interest at the Class C Interest Rate on such delinquent amount, to the extent permitted by applicable law; 

  

	 	(v)	fifth, any remaining Series 2015-1 Available Interest Amounts shall be deposited into the Series 2015-1 Interest Funding Account in an amount equal to the product of (A) a fraction, the numerator of which is the
actual number of days in the related Interest Period and the denominator of which is 360, (B) the Class D Interest Rate applicable to the related Interest Period, and (C) the Class D Outstanding Principal Amount, determined as of the
Distribution Date preceding the related Distribution Date (or with respect to the first Distribution Date, as of the Issuance Date) (the “Class D Monthly Interest”), plus an amount equal to the excess, if any, of the aggregate
amount accrued pursuant to this Section 3.01(a)(v) as of prior Interest Periods over the aggregate amount of interest paid to the Class D Noteholders pursuant to this Section 3.01(a)(v) in respect of such prior Interest
Periods, together with interest at the Class D Interest Rate on such delinquent amount, to the extent permitted by applicable law; 

  

	 	(vi)	sixth, any remaining Series 2015-1 Available Interest Amounts shall be deposited into the Series 2015-1 Spread Account to the extent of any Spread Account Deposit Amount; 

 

	 	(vii)	seventh, any remaining Series 2015-1 Available Interest Amounts shall be treated as Series 2015-1 Available Principal Amounts to the extent of the amount of Series 2015-1 Noteholder Allocated Dealer Note Losses for the
related Due Period; 

  

	 	(viii)	 eighth, any remaining Series 2015-1 Available Interest Amounts shall be treated as Series 2015-1 Available Principal Amounts for the reinstatement of
the Series 2015-1 Collateral Amount to the extent of the 

  
 22 

	 	
Series 2015-1 Unreimbursed Amount (the amount being reinstated is referred to as the “Reinstatement Amount”), and then, to the extent that the Series 2015-1 Overcollateralization
Amount is less than the Series 2015-1 Target Overcollateralization Amount as a result of an Excess Cash Collateral Event, an amount up to such shortfall shall be treated as Series 2015-1 Available Principal Amounts, and the Series 2015-1
Overcollateralization Amount shall be increased by the same amount; 

  

	 	(ix)	ninth, any remaining Series 2015-1 Available Interest Amounts will be deposited into the Series 2015-1 Negative Carry Account until the amount on deposit therein equals the Required Negative Carry Account Balance;

  

	 	(x)	tenth, any remaining Series 2015-1 Available Interest Amounts shall be paid to the Servicer to the extent any Series 2015-1 Servicing Fee which had been previously deferred unless that amount has been deferred again;

  

	 	(xi)	eleventh, to the Backup Servicer, the Series 2015-1 Backup Servicing Expenses due on such Transfer Date; 

  

	 	(xii)	twelfth, if the Series 2015-1 Notes are in an Early Redemption Period, any remaining Series 2015-1 Available Interest Amounts shall be treated as Series 2015-1 Available Principal Amounts to the extent of the Series
2015-1 Nominal Liquidation Amount (after taking into account any reductions due to Series 2015-1 Noteholder Allocated Dealer Note Losses or otherwise or reinstatements of the Series 2015-1 Nominal Liquidation Amount pursuant to
Section 3.01(a)(viii) on such Transfer Date due to recoveries) for payment to the Series 2015-1 Noteholders; and 

  

	 	(xiii)	thirteenth, any remaining Series 2015-1 Available Interest Amounts shall be treated as Excess Available Interest Amounts and allocated pursuant to Section 5.02 of the Indenture. 

(b) Excess Available Interest Amounts. On each Transfer Date, commencing with the initial Transfer Date, if Series 2015-1 Available
Interest Amounts are insufficient to make the allocations provided in Sections 3.01(a)(i) through (ix) above, the Servicer shall allocate Excess Available Interest Amounts, if any, allocated to Series 2015-1 pursuant to
Section 5.02 of the Indenture to cover the Series Available Interest Amounts Shortfall. 
 (c) Spread Account Draws. 

 

	 	(i)	At the written direction of the Servicer and to the extent that Series 2015-1 Available Interest Amounts (without giving effect to clause (vi) of the definition thereof) are insufficient to pay in full the
amounts set forth in Sections 3.01(a)(ii), (iii), (iv) and (v), the Indenture Trustee shall withdraw funds from the Series 2015-1 Spread Account in an amount equal to the lesser of (A) the amount
of such shortfall and (B) the amount on deposit in the Series 2015-1 Spread Account (after giving effect to any withdrawals from the Series 2015-1 Spread Account on such Transfer Date other than a withdrawal pursuant to Sections
3.01(c)(i), (ii) and (iii) on such date), and treat such funds as “Series 2015-1 Available Interest Amounts.” 

  
 23 

	 	(ii)	At the written direction of the Servicer and to the extent that Series 2015-1 Available Interest Amounts (without giving effect to clause (vi) of the definition thereof (except for the application of funds
on deposit in the Spread Account pursuant to Section 3.01(c)(i))) are insufficient to pay in full the amount described in Section 3.01(a)(vii) and Series 2015-1 is in the Early Redemption Period, the Indenture Trustee shall withdraw
funds from the Series 2015-1 Spread Account in an amount equal to the lesser of (A) the amount of such shortfall and (B) the amount on deposit in the Series 2015-1 Spread Account (after giving effect to any withdrawals from the Series
2015-1 Spread Account on such Transfer Date) and treat such funds as “Series 2015-1 Available Interest Amounts.” 

  

	 	(iii)	In addition, after applying funds on deposit in the Spread Account pursuant to Sections 3.01(c)(i) and (ii), on the Legal Final Maturity Date, if the Outstanding Principal Amount of any Series 2015-1 Notes
remains greater than zero, the Indenture Trustee shall, at the written direction of the Servicer, apply funds from the Spread Account to repay the Outstanding Principal Amount of such Series 2015-1 Notes in full, first, to the Class A
Noteholders (up to a maximum of the Class A Outstanding Principal Amount on such Distribution Date), second, to the Class B Noteholders (up to a maximum of the Class B Outstanding Principal Amount on such Distribution Date),
third, to the Class C Noteholders (up to a maximum of the Class C Outstanding Principal Amount on such Distribution Date), and fourth, to the Class D Noteholders (up to a maximum of the Class D Outstanding Principal Amount on such
Distribution Date). 

 Section 3.02 Series 2015-1 Available Principal Amounts. 

(a) Allocation of Series 2015-1 Available Principal Amounts. On each Business Day, the Indenture Trustee, at the written direction of
the Servicer, shall apply Series 2015-1 Available Principal Amounts as follows: 
  

	 	(i)	 first, if the Series 2015-1 Available Interest Amounts are insufficient to make the payments on the Series 2015-1 Notes pursuant to Sections
3.01(a)(ii), (iii), (iv) and (v), to the Series 2015-1 Interest Funding Account, an amount equal to the lesser of (i) the amount of that shortfall and (ii) the Series 2015-1 Collateral Amount (after taking
into account any reinstatements pursuant to Section 3.03(d) and reductions due to Section 3.03(a)(ii)); provided, however, the Series 2015-1 Available Principal Amounts shall not be applied to pay Class B
Monthly Interest, Class C Monthly Interest or Class D Monthly Interest if, as a result of such application, the Class A Nominal Liquidation Amount would be reduced, the Series 2015-1 Available Principal Amounts shall not be applied to pay

  
 24 

	 	
Class C Monthly Interest or Class D Monthly Interest if, as a result of such application, the Class B Nominal Liquidation Amount would be reduced, and the Series 2015-1 Available Principal
Amounts shall not be applied to pay Class D Monthly Interest if, as a result of such application, the Class C Nominal Liquidation Amount would be reduced; 

  

	 	(ii)	second, if the Series 2015-1 Notes are in an Accumulation Period, to the Series 2015-1 Principal Funding Account, the Series 2015-1 Controlled Deposit Amount to the extent of the Series 2015-1 Nominal Liquidation Amount
(computed before giving effect to such deposit but after giving effect to any reinstatements pursuant to Sections 3.03(d)(i), (ii), (iii) and (iv) and reductions pursuant to Sections 3.03(a)(i) and
(ii)); 

  

	 	(iii)	third, if the Series 2015-1 Notes are in an Early Redemption Period, to the Series 2015-1 Principal Funding Account any remaining Series 2015-1 Available Principal Amounts to the extent of the Series 2015-1 Nominal
Liquidation Amount (computed before giving effect to such deposit but after giving effect to any reinstatements pursuant to Sections 3.03(d)(i), (ii), (iii) and (iv) and reductions pursuant to Sections
3.03(a)(i) and (ii)) for payment to the Series 2015-1 Noteholders; 

  

	 	(iv)	fourth, if the Series 2015-1 Notes are not in an Early Redemption Period, to the extent that the Spread Account Deposit Amount is greater than zero (after giving effect to any other deposits to or withdrawals from the
Series 2015-1 Spread Account on such Transfer Date, reductions to the Series 2015-1 Nominal Liquidation Amount in accordance with Sections 3.03(a)(i) and (ii) and reinstatements pursuant to Sections 3.03(d)(i), (ii),
(iii) and (iv)), to the Series 2015-1 Spread Account an amount equal to such Spread Account Deposit Amount (not taking into account any increase in the Spread Account Required Amount as described in the proviso to the definition
thereof); 

  

	 	(v)	fifth, if the Series 2015-1 Notes are in a Revolving Period, at the Servicer’s discretion and subject to the requirement that after giving effect to clause (vi) below the balance in the Series 2015-1
Negative Carry Account is at least equal to the Required Negative Carry Account Balance, to the Series 2015-1 Principal Funding Account any amounts that would be required to be on deposit in the Excess Funding Account up to the amount that would
reduce the Series 2015-1 Nominal Liquidation Amount to zero; provided, however, the Servicer shall not be permitted to make any such deposit into the Series 2015-1 Principal Funding Account if, after giving effect to the deposits
pursuant to this Section 3.02(a), the Series 2015-1 Overcollateralization Amount would be less than the Series 2015-1 Target Overcollateralization Amount; 

 

	 	(vi)	 sixth, if the Series 2015-1 Notes are not in an Accumulation Period or an Early Redemption Period, if the amount on deposit in the Series 2015-1

  
 25 

	 	
Negative Carry Account is less than the Required Negative Carry Account Balance, to the Series 2015-1 Negative Carry Account until the amount on deposit therein equals the Required Negative Carry
Account Balance; and 

  

	 	(vii)	seventh, any remaining Series 2015-1 Available Principal Amounts shall be treated as Excess Available Principal Amounts and allocated pursuant to Section 5.02 of the Indenture. 

(b) Excess Available Principal Amounts. On each Business Day, commencing after the Issuance Date, if Series 2015-1 Available Principal
Amounts are insufficient to make the allocations provided in Sections 3.02(a)(i) through (vi) above, the Indenture Trustee shall allocate Excess Available Principal Amounts, if any, allocated to Series 2015-1 pursuant to
Section 5.02 of the Indenture to cover the Series Available Principal Amounts Shortfall. 
 Section 3.03 Reductions and
Reinstatements. The Series 2015-1 Collateral Amount, Series 2015-1 Overcollateralization Amount and Series 2015-1 Nominal Liquidation Amount shall be calculated on each Transfer Date and shall be reduced and reinstated as described below. The
Servicer (and not the Indenture Trustee) shall solely be responsible for making the calculations pursuant to this Section 3.03, and the Indenture Trustee may rely upon the information with respect thereto set forth in the applicable
Servicer Certificate. 
 (a) Reductions. The Series 2015-1 Nominal Liquidation Amount and the Series 2015-1 Overcollateralization
Amount shall be reduced in the order described in Section 3.03(b) below by the following amounts allocated with respect to that Transfer Date: 
  

	 	(i)	the amount, if any, of the Series 2015-1 Available Principal Amounts used to pay interest on the Series 2015-1 Notes as described in Section 3.02(a)(i); 

 

	 	(ii)	the amount of Series 2015-1 Noteholder Allocated Dealer Note Losses for such Due Period to the extent that they are not covered by Series 2015-1 Available Interest Amounts as described in
Section 3.01(a)(vii); 

  

	 	(iii)	the amount, if any, of the Series 2015-1 Available Principal Amounts deposited into the Series 2015-1 Spread Account in accordance with Section 3.02(a)(iv); and 

 

	 	(iv)	the amount, if any, of the Series 2015-1 Available Principal Amounts deposited into the Series 2015-1 Negative Carry Account pursuant to Section 3.02(a)(vi). 

(b) Allocation of Reductions. On each Transfer Date, the amount of any reduction in the Series 2015-1 Collateral Amount due to
Sections 3.03(a)(i), (ii), (iii) or (iv) above shall be allocated as follows: 
  

	 	(i)	first, the Series 2015-1 Overcollateralization Amount (computed without giving effect to any reductions due to Sections 3.03(a)(i) through (iv) on such date) shall be reduced by the amount of such
reduction until the Series 2015-1 Overcollateralization Amount is reduced to zero; 

  
 26 

	 	(ii)	second, the Class D Nominal Liquidation Amount (computed without giving effect to any reductions due to Sections 3.03(a)(i) through (iv) on such date) shall be reduced by any remaining amount
until the Class D Nominal Liquidation Amount is reduced to zero; 

  

	 	(iii)	third, the Class C Nominal Liquidation Amount (computed without giving effect to any reductions due to Sections 3.03(a)(i) through (iv) on such date) shall be reduced by any remaining amount
until the Class C Nominal Liquidation Amount is reduced to zero; provided, however, that the Class C Nominal Liquidation Amount shall not be reduced by using the Series 2015-1 Available Principal Amounts to pay Class D Monthly
Interest; 

  

	 	(iv)	fourth, the Class B Nominal Liquidation Amount (computed without giving effect to any reductions due to Sections 3.03(a)(i) through (iv) on such date) shall be reduced by any remaining amount
until the Class B Nominal Liquidation Amount is reduced to zero; provided, however, that the Class B Nominal Liquidation Amount shall not be reduced by using the Series 2015-1 Available Principal Amounts to pay Class C Monthly Interest
or Class D Monthly Interest; and 

  

	 	(v)	fifth, the Class A Nominal Liquidation Amount (computed without giving effect to any reductions due to Sections 3.03(a)(i) through (iv) on such date) shall be reduced by any remaining amount
until the Class A Nominal Liquidation Amount is reduced to zero; provided, however, that the Class A Nominal Liquidation Amount shall not be reduced by using the Series 2015-1 Available Principal Amounts to pay Class B
Monthly Interest, Class C Monthly Interest or Class D Monthly Interest. 

 In addition, the Series 2015-1 Nominal Liquidation
Amount will be reduced in the reverse order specified above by the amount of any funds (other than investment earnings) deposited into the Series 2015-1 Principal Funding Account since the prior date on which the Series 2015-1 Collateral Amount was
calculated. 
 (c) Reinstatements. The Series 2015-1 Nominal Liquidation Amount and the Series 2015-1 Overcollateralization Amount
shall be reinstated on any Transfer Date by the amount of the Series 2015-1 Available Interest Amounts that are applied to cover the Reinstatement Amount for that Transfer Date pursuant to Section 3.01(a)(viii) and by the amount of funds
released from the Series 2015-1 Negative Carry Account that are applied to cover any Series 2015-1 Unreimbursed Amount for that Transfer Date pursuant to Section 3.12(b). 

(d) Allocation of Reinstatements. The Reinstatement Amount for any Transfer Date specified in Section 3.03(c) shall be
applied as follows: 
  

	 	(i)	 first, if the Class A Nominal Liquidation Amount has been reduced as described in Section 3.03(b) above and is not fully reinstated,
to the Class 

  
 27 

	 	
A Nominal Liquidation Amount until the Class A Nominal Liquidation Amount equals the excess of (A) the Class A Outstanding Principal Amount, over (B) the amount on deposit
(other than investment earnings) in the Series 2015-1 Principal Funding Account on that Transfer Date allocable to the Class A Notes; 

  

	 	(ii)	second, if the Class B Nominal Liquidation Amount has been reduced as described in Section 3.03(b) above and is not fully reinstated, to the Class B Nominal Liquidation Amount until the Class B Nominal
Liquidation Amount equals the excess of (A) the Class B Outstanding Principal Amount, over (B) the amount on deposit (other than investment earnings) in the Series 2015-1 Principal Funding Account on that Transfer Date allocable to the
Class B Notes; 

  

	 	(iii)	third, if the Class C Nominal Liquidation Amount has been reduced as described in Section 3.03(b) above and is not fully reinstated, to the Class C Nominal Liquidation Amount until the Class C Nominal
Liquidation Amount equals the excess of (A) the Class C Outstanding Principal Amount, over (B) the amount on deposit (other than investment earnings) in the Series 2015-1 Principal Funding Account on that Transfer Date allocable to the
Class C Notes; 

  

	 	(iv)	fourth, if the Class D Nominal Liquidation Amount has been reduced as described in Section 3.03(b) above and is not fully reinstated, to the Class D Nominal Liquidation Amount until the Class D Nominal
Liquidation Amount equals the excess of (A) the Class D Outstanding Principal Amount, over (B) the amount on deposit (other than investment earnings) in the Series 2015-1 Principal Funding Account on that Transfer Date allocable to the
Class D Notes; and 

  

	 	(v)	fifth, to the Series 2015-1 Overcollateralization Amount until the Series 2015-1 Overcollateralization Amount equals the Series 2015-1 Target Overcollateralization Amount. 

In addition, the Series 2015-1 Nominal Liquidation Amount will be increased in the reverse order in which it was reduced by deposits into the
Series 2015-1 Principal Funding Account by the amount of funds withdrawn from the Series 2015-1 Principal Funding Account and deemed to be Excess Available Principal Amounts since the prior date in which the Series 2015-1 Collateral Amount was
calculated. 
 Section 3.04 Payment on the Series 2015-1 Notes. On each Transfer Date, the Indenture Trustee, acting in
accordance with written instructions from the Servicer, shall transfer to the Series 2015-1 Principal Funding Account and Series 2015-1 Interest Funding Account funds on deposit in the Collections Account. On each Distribution Date, after all
allocations and reallocations pursuant to Sections 3.01 and 3.02, the Indenture Trustee shall make or cause to be 

  
 28 

 
made, without duplication, the following distributions to the extent of available funds from the Series 2015-1 Principal Funding Account and the Series 2015-1 Interest Funding Account: 

(a) Interest Distributions. On each Distribution Date (including the Expected Principal Distribution Date), amounts on deposit in the
Series 2015-1 Interest Funding Account shall be distributed in the following manner, first, to the Class A Noteholders, accrued and unpaid interest on the Class A Notes for that Distribution Date, second, to the Class B
Noteholders, accrued and unpaid interest on the Class B Notes for that Distribution Date, third, to the Class C Noteholders, accrued and unpaid interest on the Class C Notes for that Distribution Date, and fourth, to the Class D
Noteholders, accrued and unpaid interest on the Class D Notes for that Distribution Date, in each case, pro rata based on the amounts owing to them. If there is a shortfall in the amounts required to be distributed pursuant to the preceding
clauses first, second, third or fourth, then the amounts actually distributed pursuant to any such clause shall be shared among the Persons entitled thereto in proportion to the amounts owing such Persons. 

(b) Expected Principal Distribution Date. On the Expected Principal Distribution Date, amounts on deposit in the Series 2015-1
Principal Funding Account shall be distributed as principal first, to the Class A Noteholders (up to a maximum of the Class A Outstanding Principal Amount on such Distribution Date), second, to the Class B Noteholders (up to
a maximum of the Class B Outstanding Principal Amount on such Distribution Date), third, to the Class C Noteholders (up to a maximum of the Class C Outstanding Principal Amount on such Distribution Date), and fourth, to the Class D
Noteholders (up to a maximum of the Class D Outstanding Principal Amount on such Distribution Date), in each case, pro rata based on the amounts owing to them. If there is a shortfall in the amounts required to be distributed pursuant to the
preceding clauses first, second, third or fourth, then the amounts actually distributed pursuant to any such clause shall be shared among the Persons entitled thereto in proportion to the amounts owing such Persons. 

(c) Early Redemption Period. On each Distribution Date during an Early Redemption Period, amounts on deposit in the Series 2015-1
Principal Funding Account shall be distributed as principal first, to the Class A Noteholders (up to a maximum of the Class A Outstanding Principal Amount on such Distribution Date), second, to the Class B Noteholders (up to
a maximum of the Class B Outstanding Principal Amount on such Distribution Date), third, to the Class C Noteholders (up to a maximum of the Class C Outstanding Principal Amount on such Distribution Date), and fourth, to the Class D
Noteholders (up to a maximum of the Class D Outstanding Principal Amount on such Distribution Date), in each case, pro rata based on the amounts owing to them. If there is a shortfall in the amounts required to be distributed pursuant to the
preceding clauses first, second, third or fourth, then the amounts actually distributed pursuant to any such clause shall be shared among the Persons entitled thereto in proportion to the amounts owing such Persons. 

(d) Any installment of interest or principal, if any, payable on any Series 2015-1 Note which is punctually paid or duly provided for by the
Issuing Entity and the Indenture Trustee on the applicable Distribution Date shall be paid by the Paying Agent to the Person in whose name such Series 2015-1 Note (or one or more predecessor Notes) is registered on the Note Record Date, by wire
transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of
payment or, if no such account has been so designated, by check mailed first-class, postage 

  
 29 

 
prepaid to such Person’s address as it appears on the Note Register on such Note Record Date, except that with respect to Notes registered on the Note Record Date in the name of the nominee
of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 

(e) The right of the Series 2015-1 Noteholders to receive payments from the Issuing Entity shall terminate on the first Business Day following
the Series 2015-1 Termination Date. 
 Section 3.05 Accumulation Period Length and Accumulation Period Commencement Date. On or
prior to the Distribution Date which is ten months prior to the Expected Principal Distribution Date and on or prior to each subsequent Distribution Date until the Accumulation Period has commenced, the Servicer shall determine in its sole
discretion whether the Accumulation Period Commencement Date shall occur on the first day of the succeeding Due Period and, if the Servicer determines that the Accumulation Period Commencement Date shall be occurring on the first day of the
succeeding Due Period, the Servicer shall promptly notify the Indenture Trustee and the Series 2015-1 Rating Agencies in writing of such determination. 

Section 3.06 Final Payment of the Series 2015-1 Notes 

(a) Series 2015-1 Noteholders shall be entitled to payment of principal in an amount equal to the Series 2015-1 Outstanding Principal Amount.
However, Series 2015-1 Available Principal Amounts shall be available to pay principal on the Series 2015-1 Notes only up to the Series 2015-1 Nominal Liquidation Amount (for the purposes of this provision, without giving effect to reductions
pursuant to clause (iv) of the definitions of Class A Nominal Liquidation Amount, Class B Nominal Liquidation Amount, Class C Nominal Liquidation Amount and Class D Nominal Liquidation Amount). 

(b) The Series 2015-1 Notes shall be considered to be paid in full, the holders of the Series 2015-1 Notes shall have no further right or
claim, and the Issuing Entity shall have no further obligation or liability for principal or interest, on the earlier to occur of: 
  

	 	(i)	the date on which the Series 2015-1 Outstanding Principal Amount is reduced to zero and all accrued interest on the Series 2015-1 Notes is paid in full; or 

 

	 	(ii)	the Legal Final Maturity Date of the Series 2015-1 Notes, after giving effect to all deposits, allocations, reallocations, sales of Dealer Notes and payments to be made on that date. 

(c) In no event shall the Issuing Entity repay, redeem, repurchase or otherwise acquire for value the Class B Notes unless and until the
Class A Notes have been paid in full. In no event shall the Issuing Entity repay, redeem, repurchase or otherwise acquire for value the Class C Notes unless and until the Class A Notes and the Class B Notes have been paid in full. In no
event shall the Issuing Entity repay, redeem, repurchase or otherwise acquire for value the Class D Notes unless and until the Class A Notes, the Class B Notes and the Class C Notes have been paid in full. 

  
 30 

 Section 3.07 Netting of Deposits and Payments. The Issuing Entity, in its sole
discretion, may make all deposits to the Series 2015-1 Interest Funding Account and the Series 2015-1 Principal Funding Account with respect to any Distribution Date net of, and after giving effect to, all reallocations to be made pursuant to
Article III. 
 Section 3.08 Calculation Agent; Determination of LIBOR. 

(a) The Issuing Entity hereby agrees that for so long as any Series 2015-1 Notes are Outstanding, there shall at all times be an agent
appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuing Entity hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes of determining LIBOR for each Interest Period.
The Calculation Agent may be removed by the Issuing Entity at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuing Entity, or if the Calculation Agent fails to determine LIBOR for an Interest Period,
the Issuing Entity shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuing Entity or its Affiliates. The Calculation Agent may not resign its duties, and the
Issuing Entity may not remove the Calculation Agent, without a successor having been duly appointed, provided that if a successor is not appointed within 30 days, the Calculation Agent may petition a court of competent jurisdiction to make such
appointment. 
 (b) The Class A Interest Rate, Class B Interest Rate, the Class C Interest Rate and the Class D Interest Rate,
applicable to the then current and the immediately preceding Interest Periods, may be obtained by contacting the Indenture Trustee at its Corporate Trust Office at www.sf.citidirect.com or (888) 855-9695
or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time. 

(c) On each LIBOR Determination Date, the Calculation Agent shall send to the Servicer and the Indenture Trustee (if the Indenture Trustee is
not the Calculation Agent), by electronic mail or facsimile transmission, notification of LIBOR, the Class A Interest Rate, the Class B Interest Rate, the Class C Interest Rate, the Class D Interest Rate, the Class A Monthly Interest, the
Class B Monthly Interest, the Class C Monthly Interest and the Class D Monthly Interest for the following Interest Period. 

Section 3.09 Computation of Interest. Unless otherwise specified in this Indenture Supplement, interest for any period shall be
calculated from and including the first day of such period, to but excluding the last day of such period. 
 Section 3.10
Accounts. 
 (a) Accounts; Deposits to and Distributions from Accounts. The Indenture Trustee shall cause to be established on
or before the Issuance Date and maintain four Eligible Accounts denominated as follows: the “Series 2015-1 Interest Funding Account,” the “Series 2015-1 Principal Funding Account,” the “Series 2015-1
Negative Carry Account” and the “Series 2015-1 Spread Account” (collectively, the “Series 2015-1 Accounts”) in the name of the Indenture Trustee, bearing a designation clearly indicating that the funds
deposited therein are 

  
 31 

 
held for the benefit of the Series 2015-1 Noteholders. The Indenture Trustee shall possess all right, title and interest to all funds on deposit from time to time in each of the Series 2015-1
Accounts and in all proceeds therefrom, for the benefit of the Secured Parties. The Series 2015-1 Accounts constitute Supplemental Accounts and shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Series
2015-1 Noteholders. If, at any time, the institution holding any Series 2015-1 Account ceases to be an Eligible Institution, the Issuing Entity shall within 15 Business Days (or such longer period, not to exceed 30 calendar days, as to which each
Series 2015-1 Rating Agency may consent) establish a new applicable Series 2015-1 Account, that is an Eligible Account and shall transfer any cash and/or investments to such new Series 2015-1 Account. From the date such new Series 2015-1 Account is
established, it shall be a Series 2015-1 Account, bearing the name of the Series 2015-1 Account it has replaced. The Indenture Trustee shall not be responsible for protecting or maintaining any security interest in the Series 2015-1 Accounts. 

(b) All payments to be made from time to time by the Indenture Trustee to Series 2015-1 Noteholders out of funds in the Series 2015-1 Accounts
pursuant to this Indenture Supplement shall be made by the Indenture Trustee to the Paying Agent not later than 12:00 noon on the applicable Distribution Date but only to the extent of funds in the applicable Series 2015-1 Account or as otherwise
provided in Article III. 
 Section 3.11 Spread Account. 

(a) On the Closing Date, the Depositor shall deposit into the Series 2015-1 Spread Account an amount equal to the Spread Account Initial
Deposit. 
 (b) Funds on deposit in the Series 2015-1 Spread Account overnight or for a longer period shall at all times be invested in
Eligible Investments at the written direction of the Servicer or its agent, subject to the restrictions set forth in the Indenture and subject to the requirement that each such Eligible Investment shall have a stated maturity on or prior to the
following Transfer Date. Net interest and earnings (less investment expenses) on funds on deposit in the Series 2015-1 Spread Account, if any, shall constitute Series 2015-1 Available Interest Amounts. 

(c) On any Transfer Date on which the amount of funds on deposit in the Series 2015-1 Spread Account is greater than the Spread Account
Required Amount on such Transfer Date, unless otherwise instructed by the Depositor, the Servicer shall withdraw the amount of such excess from the Series 2015-1 Spread Account and allocate and pay such excess to the holders of the Certificates.

 (d) Upon payment in full of the Outstanding Principal Amount of the Series 2015-1 Notes, any funds remaining on deposit in the Series
2015-1 Spread Account shall be distributed to the holders of the Certificates. 
 (e) If the Spread Account Required Amount increases as a
result of an increase in the Spread Account Percentage, to the extent that Series 2015-1 Available Interest Amounts are insufficient to make the deposit described in Section 3.01(a)(vi), the Depositor may, in its sole discretion, deposit
the amount of such shortfall into the Spread Account. In 

  
 32 

 
addition, the Depositor may, in its discretion, at any time and from time to time, deposit additional amounts into the Spread Account (together with any discretionary increases in the Series
2015-1 Overcollateralization Amount) up to 5.0% of the initial Series 2015-1 Nominal Liquidation Amount. 
 Section 3.12 Negative
Carry Account. 
 (a) During the Revolving Period, if funds are deposited into the Series 2015-1 Principal Funding Account from the
Excess Funding Account, then concurrent with such deposit, funds will be deposited into the Series 2015-1 Negative Carry Account to bring the balance in the Series 2015-1 Negative Carry Account up to the Required Negative Carry Account Balance. 

(b) If on any Transfer Date, the amount on deposit in the Series 2015-1 Negative Carry Account exceeds the Required Negative Carry Account
Balance on such Transfer Date, the Servicer shall withdraw such excess from the Series 2015-1 Negative Carry Account and pay such excess to the holders of the Certificates; provided, however, that if funds are released from the Series
2015-1 Principal Funding Account and concurrently with such release funds are required to be deposited into the Series 2015-1 Spread Account to maintain the Spread Account Required Amount, such funds in an amount up to the Spread Account Deposit
Amount shall be withdrawn from the Series 2015-1 Negative Carry Account and deposited into the Series 2015-1 Spread Account; provided, further, that in the event Series 2015-1 Available Principal Amounts have been used to make deposits
into the Series 2015-1 Negative Carry Account and there remains any Series 2015-1 Unreimbursed Amount, such funds in an amount up to the amount of Series 2015-1 Available Principal Amounts so used
and not previously reimbursed shall be treated as Series 2015-1 Available Principal Amounts for the reinstatement of the Series 2015-1 Collateral Amount. 

(c) Funds on deposit in the Series 2015-1 Negative Carry Account overnight or for a longer period shall at all times be invested in Eligible
Investments at the written direction of the Servicer or its agent, subject to the restrictions set forth in the Indenture and subject to the requirement that each such Eligible Investment shall have a stated maturity on or prior to the following
Transfer Date. Net interest and earnings (less investment expenses) on funds on deposit in the Series 2015-1 Negative Carry Account, if any, shall constitute Series 2015-1 Available Interest Amounts. 

(d) Upon payment in full of the Outstanding Principal Amount of the Series 2015-1 Notes, any funds remaining on deposit in the Series 2015-1
Negative Carry Account shall be distributed to the holders of the Certificates. 
 Section 3.13 Principal Funding Account. If on
any day during the Revolving Period the amounts on deposit in the Series 2015-1 Principal Funding Account exceed the amount required to maintain the Seller’s Interest at the Minimum Seller’s Interest, the Issuing Entity may withdraw such
excess from the Series 2015-1 Principal Funding Account and treat such amount as “Excess Available Principal Amounts;”provided, however, that such excess shall only be released if after after giving effect to such withdrawal
and application and all other deposits, withdrawals and applications to be made on such date, the Seller’s Interest shall not be less than the Minimum Seller’s Interest, the funds on deposit in the Series 2015-1 Spread Account shall

  
 33 

 
not be less than the Spread Account Required Amount, the funds on deposit in the Series 2015-1 Negative Carry Account shall not be less than the Required Negative Carry Account Balance, and there
is no writedown of the Series 2015-1 Overcollateralization Amount, the Series 2015-1 Collateral Amount or the Outstanding Principal Amount of any Series 2015-1 Notes, in each case, after giving effect to such deposits, withdrawals and applications.

 Section 3.14 Reports and Statements to Series 2015-1 Noteholders. 

(a) On each Distribution Date, the Indenture Trustee shall post to the following website, www.sf.citidirect.com, for viewing by each Series
2015-1 Noteholder, a statement substantially in the form of Exhibit B (the “Servicer Certificate”) prepared and supplied to the Indenture Trustee by the Servicer. 

(b) Not later than the Transfer Date, the Servicer shall deliver to the Owner Trustee, each Series 2015-1 Rating Agency and the Indenture
Trustee the Servicer Certificate. 
 (c) On or before January 31 of each calendar year, beginning with January 31, 2015, the
Indenture Trustee shall furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series 2015-1 Noteholder, a statement prepared by the Servicer containing the information which is required to be
contained in the statement to Series 2015-1 Noteholders, as set forth in paragraph (a) above, aggregated for such calendar year or the applicable portion thereof during which such Person was a Series 2015-1 Noteholder, together with other
information as is required to be provided by an issuer of indebtedness under the Internal Revenue Code. Such obligation of the Indenture Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be
provided by the Servicer pursuant to any requirements of the Internal Revenue Code as from time to time in effect. 
 (d) Unless the
Indenture Trustee receives written notice of an error or omission related to disbursements provided to Series 2015-1 Noteholders within ninety (90) days of the Series 2015-1 Noteholders’ receipt of the same, the Indenture Trustee shall
have no liability in connection with such and, absent direction by the requisite percentage of the Series 2015-1 Noteholders entitled to direct the Indenture Trustee, no further obligations in connection thereof. 

ARTICLE IV 
 MISCELLANEOUS
PROVISIONS 
 Section 4.01 Ratification of Indenture. As supplemented by this Indenture Supplement, the Indenture is in all
respects ratified and confirmed and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument. 

Section 4.02 Counterparts. This Indenture Supplement may be executed in two or more counterparts (and by different parties on
separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. 

Section 4.03 Governing Law. This Indenture Supplement shall be governed by and construed in accordance with the internal laws of
the State of New York, without reference to the conflict of law provisions thereof or any other jurisdiction, other than Section 5-1401 and Section 5-1402 of the New York General Obligations Law, and the obligations, rights and remedies of
the parties hereunder shall be determined in accordance with such laws. 

  
 34 

 Section 4.04 Limitation of Owner Trustee Liability. Notwithstanding anything to the
contrary, this Indenture Supplement has been countersigned by Deutsche Bank Trust Company Delaware, not in its individual capacity but solely in its capacity as Owner Trustee. In no event shall Deutsche Bank Trust Company Delaware in its individual
capacity or, except as expressly provided in the Trust Agreement, as Owner Trustee have any liability for the representations, warranties, covenants, agreement or other obligations of Issuing Entity hereunder or in any certificates, notices or
agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of Issuing Entity. For all purposes of this Indenture Supplement, in the performance of its duties or obligations hereunder or in the performance of
any duties or obligations of Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

Section 4.05 No Registration of the Offered Notes under the Securities Act. 

(a) The Offered Notes have not been registered and will not be registered under the Securities Act, or any state securities laws and may only
be offered, resold, pledged or otherwise transferred only in accordance with the Indenture and this Indenture Supplement and only (i) so long as such Offered Notes are eligible for resale pursuant to Rule 144A, to a person whom the seller
reasonably believes is a “qualified institutional buyer” as defined in Rule 144A under the Securities Act (a “Qualified Institutional Buyer”) acquiring the Offered Notes for its own account or as a fiduciary
or agent for others (which others must also be Qualified Institutional Buyers) to whom notice is given that the resale or other transfer is being made in reliance on Rule 144A, (ii) pursuant to an effective registration statement under the
Securities Act (however, there is no undertaking to register the Offered Notes under any United States federal or state securities laws or any securities laws of any other jurisdiction on any future date), or (iii) if the Offered Notes are not
eligible for resale pursuant to Rule 144A, pursuant to an exemption from registration under the Securities Act other than Rule 144A, and, in each case, in accordance with applicable United States federal or state securities laws or any securities
laws of any other applicable jurisdiction. 
 (b) Each purchaser and any transferor, as applicable, of an Offered Note will be deemed to
represent and agree that: 
 (i) (x) the purchaser (i) is a Qualified Institutional Buyer, (ii) is aware that the sale to it is
being made in reliance on the exemption from registration provided by Rule 144A under the Securities Act and if it is acquiring any such Series 2015-1 Notes or any interest or participation therein for the account of any other Qualified
Institutional Buyer, that other Qualified Institutional Buyer is aware that the sale is being made in reliance on Rule 144A, and (iii) is acquiring the Series 2015-1 Notes or any interest or participation therein for its own account or for one
or more accounts, each of which is a Qualified Institutional Buyer, and as to each of which the purchaser exercises sole investment discretion, and in a principal amount of not less than the minimum denomination of such Series 2015-1 Note for the
purchaser and for each such account; 

  
 35 

 (ii) the purchaser and any transferee understand that the Series 2015-1 Notes are being offered
only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, the Series 2015-1 Notes have not been and will not be registered under the Securities Act or any state or other applicable
securities laws, and, if in the future the purchaser or any transferee decides to offer, resell, pledge or otherwise transfer the Series 2015-1 Notes, such Series 2015-1 Notes may be offered, resold, pledged or otherwise transferred only in
accordance with the Indenture and this Indenture Supplement and only (a) so long as such Series 2015-1 Notes are eligible for resale pursuant to Rule 144A, to a person whom the seller reasonably believes is a Qualified Institutional Buyer
acquiring the Series 2015-1 Notes for its own account or as a fiduciary or agent for others (which others must also be Qualified Institutional Buyers) to whom notice is given that the resale or other transfer is being made in reliance on Rule 144A,
(b) pursuant to an effective registration statement under the Securities Act (however, there is no undertaking to register the Series 2015-1 Notes under any United States federal or state securities laws or any securities laws of any other
jurisdiction on any future date), or (c) if the Series 2015-1 Notes are not eligible for resale pursuant to Rule 144A, pursuant to an exemption from registration under the Securities Act other than Rule 144A, and, in each case, in accordance
with applicable United States federal or state securities laws or any securities laws of any other applicable jurisdiction. The purchaser and any transferee acknowledge that no representation is made by the Issuing Entity or any initial purchasers,
as the case may be, as to the availability of any exemption under the Securities Act or any applicable state securities laws for resale of the Series 2015-1 Notes; 

(iii) unless the relevant legend set out below has been removed from the relevant Series 2015-1 Notes, the purchaser shall notify each
transferee of the Series 2015-1 Notes that (a) such Series 2015-1 Notes have not been registered under the Securities Act, (b) the holder of such Series 2015-1 Notes is subject to the restrictions on the resale or other transfer thereof
described in paragraph (ii) above, (c) such transferee shall be deemed to have represented (1) either (A) if the Series 2015-1 Notes are eligible for resale pursuant to Rule 144A, such transferee is a Qualified Institutional
Buyer acquiring the Series 2015-1 Notes for its own account or as a fiduciary for others (which are Qualified Institutional Buyers), or (B) if the Series 2015-1 Notes are not eligible for resale pursuant to Rule 144A, that such transferee is
acquiring such Series 2015-1 Notes in reliance on an exemption under the Securities Act other than Rule 144A, and (2) that such transferee shall notify its subsequent transferees as to the foregoing; 

  
 36 

 (iv) the purchaser and any transferee understand that an investment in the Series 2015-1 Notes
involves certain risks, including the risk of loss of all or a substantial part of its investment. The purchaser and any transferee have had access to such financial and other information concerning the Issuing Entity and the Series 2015-1 Notes as
it deemed necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Series 2015-1 Notes, including an opportunity to ask questions of and request information from the Servicer and the Issuing
Entity. The purchaser and any transferee have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Series 2015-1 Notes, and the purchaser and any transferee and
any accounts for which it is acting are each able to bear the economic risk of its investment for an indefinite period of time; 
 (v) in
connection with the purchase of the Series 2015-1 Notes (a) none of the Issuing Entity, any initial purchasers, the Servicer, NFC, the Depositor or the Indenture Trustee is acting as a fiduciary or financial or investment adviser for the
purchaser or any transferee; (b) the purchaser or any transferee is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of the Issuing Entity, any
initial purchasers, the Servicer, NFC, the Depositor or the Indenture Trustee other than in a current confidential offering memorandum supplement or the confidential offering memorandum for such Series 2015-1 Notes and any representations expressly
set forth in a written agreement with such party; (c) none of the Issuing Entity, any initial purchasers, the Servicer, NFC, the Depositor or the Indenture Trustee has given to the purchaser or any transferee (directly or indirectly through any
other person) any assurance, guarantee, or representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect, consequence, or benefit (including legal, regulatory, tax, financial, accounting, or
otherwise) of its purchase or the documentation for the Series 2015-1 Notes, (d) the purchaser or any transferee has consulted with its own legal, regulatory, tax, business, investment, financial, and accounting advisers to the extent it has
deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to the Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary
and not upon any view expressed by the Issuing Entity, any initial purchasers, the Servicer, NFC, the Depositor or the Indenture Trustee, (e) the purchaser or any transferee has determined that the rates, prices or amounts and other terms of
the purchase and sale of the Series 2015-1 Notes reflect those in the relevant market for similar transactions, (f) the purchaser or any transferee is purchasing the Series 2015-1 Notes with a full understanding of all of the terms, conditions
and risks thereof (economic and otherwise), and is capable of assuming and willing to assume (financially and otherwise) 

  
 37 

 
these risks, and (g) the purchaser or any transferee is a sophisticated investor familiar with transactions similar to its investment in the Series 2015-1 Notes; 

(vi) the purchaser and each transferee acknowledge that each Series 2015-1 Note will bear a legend to the following effect unless determined
otherwise by the Issuing Entity: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL
AMOUNT OF NOT LESS THAN $1,000 AND IN INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF, FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE
144A, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE AND THE INDENTURE SUPPLEMENT, (2) IF THIS NOTE IS NOT ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT OTHER THAN RULE 144A IN A PRINCIPAL AMOUNT OF NOT LESS THAN $1,000 AND IN INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE AND THE INDENTURE SUPPLEMENT, OR
(3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT (HOWEVER, THERE IS NO UNDERTAKING TO REGISTER THE NOTES UNDER ANY UNITED STATES FEDERAL OR STATE SECURITIES LAWS OR ANY SECURITIES LAWS OF ANY OTHER JURISDICTION ON
ANY FUTURE DATE), AND (B) IN ACCORDANCE WITH THE SECURITIES ACT AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER AND TRANSFEREE

  
 38 

 
WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE INDENTURE AND THE INDENTURE SUPPLEMENT. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND
EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE ISSUING ENTITY, THE INDENTURE TRUSTEE OR ANY INTERMEDIARY. 

EACH HOLDER OF A NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (i) IT IS NOT ACQUIRING THE NOTE WITH THE ASSETS OF (A) AN
“EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” DESCRIBED IN
SECTION 4975(e)(1) OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF INVESTMENT BY AN
EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR SECTION 4975 OF THE CODE OR (ii) THE ACQUISITION AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 

(vii) each of the purchaser and any transferee either (x) is not acquiring the notes with the assets of an “employee benefit
plan” as defined in Section 3(3) of ERISA that is subject to the provisions of Title I of ERISA, a “plan” described in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code, an entity whose
underlying assets include “plan assets” by reason of investment by an employee benefit plan or plan in such entity or any other plan that is subject to any law that is substantially similar to ERISA or Section 4975 of the Code, or
(y) its acquisition and holding of the Series 2015-1 Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any
substantially similar law; 

  
 39 

 (viii) the purchaser and any transferee are not purchasing the Series 2015-1 Notes with a view
to the resale, distribution or other disposition thereof in violation of the Securities Act; 
 (ix) the purchaser and any transferee will
provide notice to each person to whom it proposes to transfer any interest in the Series 2015-1 Notes of the transfer restrictions and representations set forth in the Indenture and this Indenture Supplement, including the exhibits thereto; 

(x) the purchaser or any transferee acknowledges that the Series 2015-1 Notes do not represent deposits with or other liabilities of the
Indenture Trustee, any initial purchasers, the Servicer, NFC, the Depositor or any entity related to any of them. Unless otherwise expressly provided in the Indenture or this Indenture Supplement, each of the Indenture Trustee, any initial
purchasers, the Servicer, NFC, the Depositor or any entity related to any of them shall not, in any way, be responsible for or stand behind the capital value or the performance of the Series 2015-1 Notes or the assets held by the Issuing Entity; and

 (xi) the purchaser acknowledges that the Indenture Trustee, the Issuing Entity, any initial purchasers, the Servicer, NFC, the Depositor
and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations and agreements and agrees that, if any of the acknowledgments, representations or warranties deemed to have been made by it by virtue of its purchase
of a Series 2015-1 Note (or a beneficial interest therein) is no longer accurate, then it shall promptly so notify NFC and the Depositor in writing. 

Section 4.06 Retained Notes. 

(a) As of the date of this Indenture, the Retained Notes have not been registered under the Securities Act and will not be listed on any
exchange. Unless and until such Retained Notes have been sold pursuant to a transaction registered under the Securities Act, no transfer of such a Retained Note shall be made unless such transfer is made pursuant to an effective registration
statement under the Securities Act and any applicable state securities laws or is exempt from the registration requirements under the Securities Act and such state securities laws. Any transferee, other than the Issuing Entity or a Person that is
considered the same Person as the Issuing Entity for Federal income tax purposes, acquiring a Retained Note or an interest therein shall be deemed to have made the representations set forth in Section 2.05(a). 

(b) No Retained Notes may be sold, pledged or transferred unless counsel satisfactory to the Indenture Trustee and the Depositor has rendered
an opinion to the effect that the Retained Notes to be sold, pledged, or transferred, upon transfer, will be characterized as indebtedness for Federal income tax purposes. 

  
 40 

 (c) Legends. Each Retained Note will bear a legend in substantially the following form:

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS NOTE
NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH
REGISTRATION PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. 
 NO
RETAINED NOTES MAY BE SOLD, PLEDGED OR TRANSFERRED UNLESS COUNSEL SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR HAS RENDERED AN OPINION TO THE EFFECT THAT THIS NOTE TO BE SOLD, PLEDGED, OR TRANSFERRED, UPON SUCH TRANSFER, WILL BE
CHARACTERIZED AS INDEBTEDNESS FOR FEDERAL INCOME TAX PURPOSES. 
 (d) Exchange for Global Notes. If the Series 2015-1 Noteholder of a
Retained Note wishes to transfer all or a part of its interest in such Retained Note, such holder shall, subject to the terms hereof and the rules and procedures of the Depository, transfer or cause the transfer of such interest for an equivalent
beneficial interest in a Global Note. Subject to the rules and procedures of the Depository, upon (A) receipt by the Note Registrar of such Retained Note properly endorsed for such transfer, (B) receipt by the Note Registrar of written
instructions from the Series 2015-1 Noteholder of such Retained Note designating the number, the names, and the principal amounts of Series 2015-1 Notes in the form of Global Notes into which such Retained Note is to be exchanged (the aggregate of
such principal amounts being equal to the aggregate principal amount of the Retained Notes surrendered for exchange) and (C) receipt by the Indenture Trustee and the Depositor of an opinion to the effect that the Retained Notes to be sold,
pledged, or transferred, upon transfer, will be characterized as indebtedness for Federal income tax purposes, then the Note Registrar will reduce the aggregate principal amount of such Retained Note by the aggregate principal amount of the
beneficial interest in such Retained Note to be transferred or exchanged and instruct the Depository to increase the aggregate principal amount of the Global Note specified in such instructions by an aggregate principal amount equal to such
reduction in such aggregate principal amount of the Retained Note and make the corresponding adjustments to the applicable participants’ accounts and, if a new Global Note shall be required, the Issuing Entity shall execute and the Indenture
Trustee shall authenticate and deliver Global Notes of the same Series in the form requested in clause (B), registered in the names specified in the assignment described in clause (B) above, in principal amounts designated by the transferee
(the aggregate of such amounts being equal to the interest in the Retained Notes surrendered by the transferor), which shall not be less than the minimum denomination for the Series 2015-1 Notes. For the avoidance of doubt, the Note Registrar shall
be under no obligation to request, and shall suffer no liability for the failure to receive, the instructions and certificates described in clauses (A), (B) and (C) in the immediately preceding sentence. 

  
 41 

 (e) Transfers Void. Any attempted sale, pledge or other transfer in contravention of this
Section 4.06 will be void ab initio and the purported transferor will continue to be treated as the owner of the Retained Note. 

(f) Amendments to Transfer Restrictions. In the event that the Issuing Entity or a Person that is considered the same Person as the
Issuing Entity for Federal income tax purposes holds all or a portion of any class of Series 2015-1 Notes, it shall be entitled to amend the transfer restrictions applicable to such Retained Notes without the consent of the Indenture Trustee or any
of the Series 2015-1 Noteholders, subject to the requirements of Section 10.01 of the Indenture. 
 Section 4.07 Consent to
Amendments in Backup Servicing Agreement. By its purchase and acceptance of a Series 2015-1 Note, each purchaser thereof shall be deemed to have consented to the terms, provisions and limitations specified in Exhibit A to the Backup
Servicing Agreement which will be applicable upon the appointment of the Backup Servicer as Successor Servicer under the Pooling and Servicing Agreement. 

Section 4.08 Amendments. (a) Notwithstanding anything herein or the Indenture to the contrary, the definitions of
“Excess Cash Collateral Trigger,” “Minimum Seller’s Interest,” “Mismatch Rate,” “Required Seller’s Percentage,” “Series 2015-1 Overcollateralization Factor” and “Spread Account
Percentage,” contained in this Indenture Supplement may be amended by the Issuing Entity upon satisfaction of the Series 2015-1 Rating Agency Condition with respect thereto, but without the consent of any other Person (including any
Securityholder). Notice of any such amendment shall be delivered to the Securityholders in accordance with the Indenture. 
 (b) By the
acceptance of a Series 2015-1 Note, each Series 2015-1 Noteholder hereby consents to the amendment to the definition of “Dealer Concentration Limit” (as defined in the Pooling and Servicing Agreement) as amended by Amendment No. 2 to
the Pooling and Servicing Agreement, dated as of the date hereof, among NFC, the Depositor and the Issuing Entity, and as described in the confidential offering memorandum, dated as of July 8, 2015, relating to the Series 2015-1 Notes. 

  
 42 

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

			
	NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST II
		
	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, as Owner Trustee and not in its individual capacity
		
	By:	 	 /s/ Michele HY Voon

	Name:	 	Michele HY Voon
	Title:	 	Attorney-in-fact
		
	By:	 	 /s/ Susan Barstock

	Name:	 	Susan Barstock
	Title:	 	Attorney-in-fact
	
	CITIBANK, N.A., as Indenture Trustee and not in its individual capacity
		
	By:	 	 /s/ Jacqueline Suarez

	Name:	 	Jacqueline Suarez
	Title:	 	Vice President

 EXHIBIT A-1 

FORM OF SERIES 2015-1 NOTE, CLASS A 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)
OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $1,000 AND IN
INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF, FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF
CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE AND THE INDENTURE SUPPLEMENT, (2) IF THIS NOTE IS NOT ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OTHER THAN RULE 144A IN A
PRINCIPAL AMOUNT OF NOT LESS THAN $1,000 AND IN INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE AND THE INDENTURE SUPPLEMENT, OR (3) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT (HOWEVER, THERE IS NO UNDERTAKING TO REGISTER THE NOTES UNDER ANY UNITED STATES FEDERAL OR STATE SECURITIES LAWS OR ANY SECURITIES LAWS OF ANY OTHER JURISDICTION ON ANY FUTURE DATE), AND (B) IN
ACCORDANCE WITH THE SECURITIES ACT AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER AND TRANSFEREE WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH
IN THE INDENTURE AND THE INDENTURE SUPPLEMENT. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE
CONTRARY TO THE ISSUING ENTITY, THE INDENTURE TRUSTEE OR ANY INTERMEDIARY. 
 EACH HOLDER OF THIS NOTE WILL BE DEEMED TO REPRESENT AND
WARRANT THAT EITHER (i) IT IS NOT ACQUIRING THIS NOTE WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN 

  
 Ex. A-1-1 

 
SECTION 3(3) OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN”
DESCRIBED IN SECTION 4975(e)(1) OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF
INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR SECTION 4975 OF THE CODE OR (ii) THE ACQUISITION AND HOLDING OF THIS NOTE WILL NOT
GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO 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 HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT SHALL NOT AT
ANY TIME INSTITUTE AGAINST THE ISSUING ENTITY, NAVISTAR FINANCIAL SECURITIES CORPORATION OR NAVISTAR FINANCIAL CORPORATION, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUING ENTITY, NAVISTAR FINANCIAL SECURITIES CORPORATION OR NAVISTAR FINANCIAL
CORPORATION, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES, THE INDENTURE OR THE INDENTURE SUPPLEMENT. 

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

  
 Ex. A-1-2 

					
	 A-1 REGISTERED
$            
	  	 	No.     CUSIP NO.            	  

 NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST II 

FLOATING RATE DEALER NOTE ASSET BACKED NOTES, SERIES 2015-1 

Navistar Financial Dealer Note Master Owner Trust II, a statutory trust created under the laws of the State of Delaware (herein referred to as
the “Issuing Entity”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of
                                        
payable no sooner than on the June 2017 Distribution Date (the “Expected Principal Distribution Date”), except as otherwise provided below or in the Indenture; provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the June 2020 Distribution Date (the “Legal Final Maturity Date”). Interest shall accrue on this Note from each Distribution Date (or, in the case of the first Distribution Date, from the
date of issuance of this Note) to but excluding the following Distribution Date. Interest shall be computed on the basis of a 360-day year and the actual number of days elapsed. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable
on this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note
set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the
certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid for any
purpose. 

  
 Ex. A-1-3 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in
facsimile. 
  

					
	NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST II, as Issuing Entity
		
	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Date:             , 20    

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION This is one of the Notes designated above and
referred to in the within-mentioned Indenture. 
  

			
	CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 Date:            , 20    

  
 Ex. A-1-4 

 [REVERSE OF NOTE] 

This Series 2015-1 Note, Class A is one of the Notes of a duly authorized issue of Notes of the Issuing Entity, designated as its
Floating Rate Dealer Note Asset Backed Notes, Series 2015-1 Class A (herein called the “Notes”), all issued under an Indenture dated as of November 2, 2011 (such Indenture, as supplemented or amended, is herein called the
“Indenture”), as supplemented by an Indenture Supplement dated as of July 24, 2015 (the “Indenture Supplement”), between the Issuing Entity and Citibank, N.A., as Indenture Trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and Indenture Supplement reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing
Entity, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture and the Indenture Supplement. All terms used in this Note that are defined in the Indenture or the Indenture Supplement, each as
supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture or the Indenture Supplement, as so supplemented or amended. 

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

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that by accepting the benefits of the Indenture that such Noteholder shall not at any time institute against Navistar Financial Securities Corporation, Navistar Financial Corporation or the Issuing Entity, or join in any institution against Navistar
Financial Securities Corporation, Navistar Financial Corporation or the Issuing Entity of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy
or similar law in connection with any obligations relating to the Notes, the Indenture or the Indenture Supplement. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Issuing Entity, the Indenture Trustee nor any such agent shall be affected by notice to the
contrary. 

  
 Ex. A-1-5 

 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a
beneficial interest in this Note, agrees to provide to the Person from whom it receives payments on the Notes (including the Paying Agent) the Noteholder Tax Identification Information and, upon request, to the extent FATCA Withholding Tax is
applicable, the Noteholder FATCA Information. In addition, each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold
any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

THIS NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS. 
 No reference herein to the Indenture or the Indenture Supplement and no provision of this Note or of the Indenture or the Indenture
Supplement shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

  
 Ex. A-1-6 

 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:	 	  

			
	   
	 	   

	Signature Guaranteed

  
 Ex. A-1-7 

 EXHIBIT A-2 

FORM OF SERIES 2015-1 NOTE, CLASS B 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)
OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $1,000 AND IN
INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF, FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF
CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE AND THE INDENTURE SUPPLEMENT, (2) IF THIS NOTE IS NOT ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OTHER THAN RULE 144A IN A
PRINCIPAL AMOUNT OF NOT LESS THAN $1,000 AND IN INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE AND THE INDENTURE SUPPLEMENT, OR (3) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT (HOWEVER, THERE IS NO UNDERTAKING TO REGISTER THE NOTES UNDER ANY UNITED STATES FEDERAL OR STATE SECURITIES LAWS OR ANY SECURITIES LAWS OF ANY OTHER JURISDICTION ON ANY FUTURE DATE), AND (B) IN
ACCORDANCE WITH THE SECURITIES ACT AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER AND TRANSFEREE WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH
IN THE INDENTURE AND THE INDENTURE SUPPLEMENT. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE
CONTRARY TO THE ISSUING ENTITY, THE INDENTURE TRUSTEE OR ANY INTERMEDIARY. 
 EACH HOLDER OF THIS NOTE WILL BE DEEMED TO REPRESENT AND
WARRANT THAT EITHER (i) IT IS NOT ACQUIRING THIS NOTE WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN 

  
 Ex. A-2-1 

 
SECTION 3(3) OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN”
DESCRIBED IN SECTION 4975(e)(1) OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF
INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR SECTION 4975 OF THE CODE OR (ii) THE ACQUISITION AND HOLDING OF THIS NOTE WILL NOT
GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO 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 HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT SHALL NOT AT
ANY TIME INSTITUTE AGAINST THE ISSUING ENTITY, NAVISTAR FINANCIAL SECURITIES CORPORATION OR NAVISTAR FINANCIAL CORPORATION, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUING ENTITY, NAVISTAR FINANCIAL SECURITIES CORPORATION OR NAVISTAR FINANCIAL
CORPORATION, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES, THE INDENTURE OR THE INDENTURE SUPPLEMENT. 

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

  
 Ex. A-2-2 

			
	B-1 REGISTERED $            	  	No.      CUSIP NO.             

 NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST II 

FLOATING RATE DEALER NOTE ASSET BACKED NOTES, SERIES 2015-1 

Navistar Financial Dealer Note Master Owner Trust II, a statutory trust created under the laws of the State of Delaware (herein referred to as
the “Issuing Entity”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of
                                        
payable no sooner than on the June 2017 Distribution Date (the “Expected Principal Distribution Date”), except as otherwise provided below or in the Indenture; provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the June 2020 Distribution Date (the “Legal Final Maturity Date”). Interest shall accrue on this Note from each Distribution Date (or, in the case of the first Distribution Date, from the
date of issuance of this Note) to but excluding the following Distribution Date. Interest shall be computed on the basis of a 360-day year and the actual number of days elapsed. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable
on this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note
set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the
certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid for any
purpose. 
 This Series 2015-1 Note, Class B is subordinate in the right to payment to the Series 2015-1 Notes, Class A in the manner
provided in the Indenture and the Indenture Supplement. 

  
 Ex. A-2-3 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in
facsimile. 
  

					
	NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST II, as Issuing Entity
		
	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
			
		 	 By:
	 	  

		 	Name:	 	
		 	Title:	 	
	
	Date:             , 20    

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION This is one of the Notes designated above and
referred to in the within-mentioned Indenture. 
  

			
	CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Date:             , 20    

  
 Ex. A-2-4 

 [REVERSE OF NOTE] 

This Series 2015-1 Note, Class B is one of the Notes of a duly authorized issue of Notes of the Issuing Entity, designated as its Floating
Rate Dealer Note Asset Backed Notes, Series 2015-1 Class B (herein called the “Notes”), all issued under an Indenture dated as of November 2, 2011 (such Indenture, as supplemented or amended, is herein called the
“Indenture”), as supplemented by an Indenture Supplement dated as of July 24, 2015 (the “Indenture Supplement”), between the Issuing Entity and Citibank, N.A., as Indenture Trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and Indenture Supplement reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing
Entity, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture and the Indenture Supplement. All terms used in this Note that are defined in the Indenture or the Indenture Supplement, each as
supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture or the Indenture Supplement, as so supplemented or amended. 

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

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that by accepting the benefits of the Indenture that such Noteholder shall not at any time institute against Navistar Financial Securities Corporation, Navistar Financial Corporation or the Issuing Entity, or join in any institution against Navistar
Financial Securities Corporation, Navistar Financial Corporation or the Issuing Entity of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy
or similar law in connection with any obligations relating to the Notes, the Indenture or the Indenture Supplement. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Issuing Entity, the Indenture Trustee nor any such agent shall be affected by notice to the
contrary. 

  
 Ex. A-2-5 

 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a
beneficial interest in this Note, agrees to provide to the Person from whom it receives payments on the Notes (including the Paying Agent) the Noteholder Tax Identification Information and, upon request, to the extent FATCA Withholding Tax is
applicable, the Noteholder FATCA Information. In addition, each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold
any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

THIS NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS. 
 No reference herein to the Indenture or the Indenture Supplement and no provision of this Note or of the Indenture or the Indenture
Supplement shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

  
 Ex. A-2-6 

 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:	 	  

					
		
		 	  

		 	Signature Guaranteed	 	

  
 Ex. A-2-7 

 EXHIBIT A-3 

FORM OF SERIES 2015-1 NOTE, CLASS C 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)
OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $1,000 AND IN
INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF, FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF
CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE AND THE INDENTURE SUPPLEMENT, (2) IF THIS NOTE IS NOT ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OTHER THAN RULE 144A IN A
PRINCIPAL AMOUNT OF NOT LESS THAN $1,000 AND IN INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE AND THE INDENTURE SUPPLEMENT, OR (3) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT (HOWEVER, THERE IS NO UNDERTAKING TO REGISTER THE NOTES UNDER ANY UNITED STATES FEDERAL OR STATE SECURITIES LAWS OR ANY SECURITIES LAWS OF ANY OTHER JURISDICTION ON ANY FUTURE DATE), AND (B) IN
ACCORDANCE WITH THE SECURITIES ACT AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER AND TRANSFEREE WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH
IN THE INDENTURE AND THE INDENTURE SUPPLEMENT. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE
CONTRARY TO THE ISSUING ENTITY, THE INDENTURE TRUSTEE OR ANY INTERMEDIARY. 
 EACH HOLDER OF THIS NOTE WILL BE DEEMED TO REPRESENT AND
WARRANT THAT EITHER (i) IT IS NOT ACQUIRING THIS NOTE WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN 

  
 Ex. A-3-1 

 
SECTION 3(3) OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN”
DESCRIBED IN SECTION 4975(e)(1) OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF
INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR SECTION 4975 OF THE CODE OR (ii) THE ACQUISITION AND HOLDING OF THIS NOTE WILL NOT
GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW. 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO 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 HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT SHALL NOT AT
ANY TIME INSTITUTE AGAINST THE ISSUING ENTITY, NAVISTAR FINANCIAL SECURITIES CORPORATION OR NAVISTAR FINANCIAL CORPORATION, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUING ENTITY, NAVISTAR FINANCIAL SECURITIES CORPORATION OR NAVISTAR FINANCIAL
CORPORATION, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES, THE INDENTURE OR THE INDENTURE SUPPLEMENT. 

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

  
 Ex. A-3-2 

					
	 C-1 REGISTERED
$            
	  	 	No.     CUSIP NO.            	  

 NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST II 

FLOATING RATE DEALER NOTE ASSET BACKED NOTES, SERIES 2015-1 

Navistar Financial Dealer Note Master Owner Trust II, a statutory trust created under the laws of the State of Delaware (herein referred to as
the “Issuing Entity”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of
                                        
payable no sooner than on the June 2017 Distribution Date (the “Expected Principal Distribution Date”), except as otherwise provided below or in the Indenture; provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the June 2020 Distribution Date (the “Legal Final Maturity Date”). Interest shall accrue on this Note from each Distribution Date (or, in the case of the first Distribution Date, from the
date of issuance of this Note) to but excluding the following Distribution Date. Interest shall be computed on the basis of a 360-day year and the actual number of days elapsed. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable
on this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note
set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the
certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid for any
purpose. 
 This Series 2015-1 Note, Class C is subordinate in the right to payment to the Series 2015-1 Notes, Class A and the Series 2015-1 Notes, Class B in the manner provided in the Indenture and the Indenture Supplement. 

  
 Ex. A-3-3 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in
facsimile. 
  

					
	NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST II, as Issuing Entity
		
	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
			
		 	 By:
	 	  

		 	Name:	 	
		 	Title:	 	
	
	Date:             , 20    

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION This is one of the Notes designated above and
referred to in the within-mentioned Indenture. 
  

			
	CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Date:             , 20    

  
 Ex. A-3-4 

 [REVERSE OF NOTE] 

This Series 2015-1 Note, Class C is one of the Notes of a duly authorized issue of Notes of the Issuing Entity, designated as its Floating
Rate Dealer Note Asset Backed Notes, Series 2015-1 Class C (herein called the “Notes”), all issued under an Indenture dated as of November 2, 2011 (such Indenture, as supplemented or amended, is herein called the
“Indenture”), as supplemented by an Indenture Supplement dated as of July 24, 2015 (the “Indenture Supplement”), between the Issuing Entity and Citibank, N.A., as Indenture Trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and Indenture Supplement reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing
Entity, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture and the Indenture Supplement. All terms used in this Note that are defined in the Indenture or the Indenture Supplement, each as
supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture or the Indenture Supplement, as so supplemented or amended. 

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

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that by accepting the benefits of the Indenture that such Noteholder shall not at any time institute against Navistar Financial Securities Corporation, Navistar Financial Corporation or the Issuing Entity, or join in any institution against Navistar
Financial Securities Corporation, Navistar Financial Corporation or the Issuing Entity of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy
or similar law in connection with any obligations relating to the Notes, the Indenture or the Indenture Supplement. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Issuing Entity, the Indenture Trustee nor any such agent shall be affected by notice to the
contrary. 

  
 Ex. A-3-5 

 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a
beneficial interest in this Note, agrees to provide to the Person from whom it receives payments on the Notes (including the Paying Agent) the Noteholder Tax Identification Information and, upon request, to the extent FATCA Withholding Tax is
applicable, the Noteholder FATCA Information. In addition, each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold
any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

THIS NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS. 
 No reference herein to the Indenture or the Indenture Supplement and no provision of this Note or of the Indenture or the Indenture
Supplement shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

  
 Ex. A-3-6 

 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:	 	  

			
	
	  

	Signature Guaranteed

  
 Ex. A-3-7 

 EXHIBIT A-4 

FORM OF SERIES 2015-1 NOTE, CLASS D 

[THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)
OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (A) (1) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QUALIFIED INSTITUTIONAL BUYER”) WHO IS EITHER PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A PRINCIPAL AMOUNT OF NOT LESS THAN $1,000 AND IN
INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF, FOR THE PURCHASER AND FOR EACH SUCH ACCOUNT, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, SUBJECT TO THE SATISFACTION OF
CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE AND THE INDENTURE SUPPLEMENT, (2) IF THIS NOTE IS NOT ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OTHER THAN RULE 144A IN A
PRINCIPAL AMOUNT OF NOT LESS THAN $1,000 AND IN INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF, SUBJECT TO THE SATISFACTION OF CERTAIN CONDITIONS SPECIFIED IN THE INDENTURE AND THE INDENTURE SUPPLEMENT, OR (3) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT (HOWEVER, THERE IS NO UNDERTAKING TO REGISTER THE NOTES UNDER ANY UNITED STATES FEDERAL OR STATE SECURITIES LAWS OR ANY SECURITIES LAWS OF ANY OTHER JURISDICTION ON ANY FUTURE DATE), AND (B) IN
ACCORDANCE WITH THE SECURITIES ACT AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. EACH PURCHASER AND TRANSFEREE WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS AND AGREEMENTS SET FORTH
IN THE INDENTURE AND THE INDENTURE SUPPLEMENT. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE
CONTRARY TO THE ISSUING ENTITY, THE INDENTURE TRUSTEE OR ANY INTERMEDIARY.]1 
  

 

	1 	For Series 2015-1 Notes other than Retained Notes 

  
 Ex. A-4-1 

 [THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.]2 

[EACH HOLDER OF THIS NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (i) IT IS NOT ACQUIRING THIS NOTE WITH THE ASSETS OF
(A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN”
DESCRIBED IN SECTION 4975(e)(1) OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF
INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR (D) ANY OTHER PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR SECTION 4975 OF THE CODE OR (ii) THE ACQUISITION AND HOLDING OF THIS NOTE WILL NOT
GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE
LAW.]3 
 [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO 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.]4 

 
  

	2 	For Retained Notes 

	3 	For Series 2015-1 Notes other than Retained Notes 

	4 	For Series 2015-1 Notes other than Retained Notes 

  
 Ex. A-4-2 

 [NO RETAINED NOTES MAY BE SOLD, PLEDGED OR TRANSFERRED UNLESS COUNSEL SATISFACTORY TO THE
INDENTURE TRUSTEE AND THE DEPOSITOR HAS RENDERED AN OPINION TO THE EFFECT THAT THIS NOTE TO BE SOLD, PLEDGED, OR TRANSFERRED, UPON SUCH TRANSFER, WILL BE CHARACTERIZED AS INDEBTEDNESS FOR FEDERAL INCOME TAX PURPOSES.]5 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT SHALL NOT
AT ANY TIME INSTITUTE AGAINST THE ISSUING ENTITY, NAVISTAR FINANCIAL SECURITIES CORPORATION OR NAVISTAR FINANCIAL CORPORATION, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUING ENTITY, NAVISTAR FINANCIAL SECURITIES CORPORATION OR NAVISTAR FINANCIAL
CORPORATION, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES, THE INDENTURE OR THE INDENTURE SUPPLEMENT. 

[THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY
INCOME.]6 
  

					
	 D-1 REGISTERED [Up to]7
$        
	  	 	No.     CUSIP NO.            	  

 NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST II 

FLOATING RATE DEALER NOTE ASSET BACKED NOTES, SERIES 2015-1 
  

 

	5 	For Retained Notes 

	6 	For Series 2015-1 Notes other than Retained Notes 

	7 	For Series 2015-1 Notes other than Retained Notes 

  
 Ex. A-4-3 

 Navistar Financial Dealer Note Master Owner Trust II, a statutory trust created under the laws of
the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to
                    , or registered assigns, subject to the following provisions, a principal sum of
                                        
[or such lesser amount as is set forth in Schedule I hereto]8 payable no sooner than on the June 2017 Distribution Date (the “Expected Principal Distribution Date”), except as
otherwise provided below or in the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the June 2020 Distribution Date (the “Legal Final Maturity Date”).
Interest shall accrue on this Note from each Distribution Date (or, in the case of the first Distribution Date, from the date of issuance of this Note) to but excluding the following Distribution Date. Interest shall be computed on the basis of a 360-day year and the actual number of days elapsed. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

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

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

This Series 2015-1 Note, Class D is subordinate in the right to payment to the Series 2015-1 Notes, Class A, the Series 2015-1 Notes,
Class B, and the Series 2015-1 Notes, Class C in the manner provided in the Indenture and the Indenture Supplement. 
  

 

	8 	For Series 2015-1 Notes other than Retained Notes 

  
 Ex. A-4-4 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in
facsimile. 
  

					
	NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST II, as Issuing Entity
		
	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Date:             , 20    

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION This is one of the Notes designated above and
referred to in the within-mentioned Indenture. 
  

			
	CITIBANK, N.A., not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Date:             , 20    

  
 Ex. A-4-5 

 [REVERSE OF NOTE] 

This Series 2015-1 Note, Class D is one of the Notes of a duly authorized issue of Notes of the Issuing Entity, designated as its Floating
Rate Dealer Note Asset Backed Notes, Series 2015-1 Class D (herein called the “Notes”), all issued under an Indenture dated as of November 2, 2011 (such Indenture, as supplemented or amended, is herein called the
“Indenture”), as supplemented by an Indenture Supplement dated as of July 24, 2015 (the “Indenture Supplement”), between the Issuing Entity and Citibank, N.A., as Indenture Trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under the Indenture), to which Indenture and Indenture Supplement reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing
Entity, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture and the Indenture Supplement. All terms used in this Note that are defined in the Indenture or the Indenture Supplement, each as
supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture or the Indenture Supplement, as so supplemented or amended. 

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

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that by accepting the benefits of the Indenture that such Noteholder shall not at any time institute against Navistar Financial Securities Corporation, Navistar Financial Corporation or the Issuing Entity, or join in any institution against Navistar
Financial Securities Corporation, Navistar Financial Corporation or the Issuing Entity of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy
or similar law in connection with any obligations relating to the Notes, the Indenture or the Indenture Supplement. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Issuing Entity, the Indenture Trustee nor any such agent shall be affected by notice to the
contrary. 

  
 Ex. A-4-6 

 Each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a
beneficial interest in this Note, agrees to provide to the Person from whom it receives payments on the Notes (including the Paying Agent) the Noteholder Tax Identification Information and, upon request, to the extent FATCA Withholding Tax is
applicable, the Noteholder FATCA Information. In addition, each Noteholder or Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees that the Indenture Trustee has the right to withhold
any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence. 

THIS NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS. 
 No reference herein to the Indenture or the Indenture Supplement and no provision of this Note or of the Indenture or the Indenture
Supplement shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

  
 Ex. A-4-7 

 ASSIGNMENT 

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

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

 

			
	Dated:	 	  

			
	
	  

	Signature Guaranteed

  
 Ex. A-4-8 

 SCHEDULE I – NOTE ISSUANCE 

The initial principal amount of this [Global][Definitive] Note is $        . The aggregate principal amount of this
[Global][Definitive] Note issued, cancelled or exchanged for a Definitive Note or Global Note is as follows: 
  

							
	Date	  	 Principal Amount

Issued, Cancelled or

Exchanged
	  	 Remaining Principal

Amount of this

[Global][Definitive]
 Note
	  	 Notation Made by or

on Behalf of

	
                         
           
	  	                                   
 	  	                                   
 	  	                                   
 
	
                         
           
	  	                                   
 	  	                                   
 	  	                                   
 
	
                         
           
	  	                                   
 	  	                                   
 	  	                                   
 
	
                         
           
	  	                                   
 	  	                                   
 	  	                                   
 
	
                         
           
	  	                                   
 	  	                                   
 	  	                                   
 
	
                         
           
	  	                                   
 	  	                                   
 	  	                                   
 
	
                         
           
	  	                                   
 	  	                                   
 	  	                                   
 

  
 Ex. A-4-9 

 EXHIBIT B 

FORM OF MONTHLY SERVICER AND SETTLEMENT CERTIFICATE 

NOTE STATEMENT 
 MONTHLY SERVICER
AND SETTLEMENT CERTIFICATE #          
 NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST II 

SERIES 2015-1 NOTES 
 Under the
Series 2015-1 Indenture Supplement dated as of July 24, 2015 (the “Indenture Supplement”) by and among the Navistar Financial Dealer Note Master Owner Trust II (the “Master Owner Trust II”) and the Citibank N.A. , as trustee
(the “Indenture Trustee”), the information which is required to be prepared with respect to the Distribution Date of                     ,
the Transfer Date of                      and with respect to the performance of the Master Owner Trust II during the Due Period ended on
                     and the Distribution Period ended on
                     is set forth below. Certain of the information is presented on the basis of an original principal amount of $1,000 per Note.
Certain other information is presented based on the aggregate amounts for the Master Owner Trust II as a whole. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Indenture Supplement. 

 

					
	1	  	NFC is Servicer under the Agreement.	  	
			
	2	  	The undersigned is a Servicing Officer.	  	
			
	3	  	Master Trust II Information.	  	
			
	3.1	  	The amount of the Advance, if any, for the Due Period	  	0.00
			
	3.2	  	The amount of ITEC Finance Charges for the Due Period	  	0.00
			
	3.3	  	The average daily balance of Dealer Notes outstanding during the Due Period	  	0.00
			
	3.4	  	The total amount of Advance Reimbursements for the Due Period	  	0.00
			
	3.5	  	The aggregate principal amount of Dealer Notes repaid during the Due Period	  	0.00
			
	3.6	  	The aggregate principal amount of Dealer Notes purchased by the Master Trust II during the Due Period	  	0.00
			
	3.7.1	  	The amount of the Servicing Fee for the Due Period	  	0.00
			
	3.7.2	  	The amount of the Backup Servicing Fee for the Due Period	  	0.00
			
	3.7.3	  	The amount of the Backup Servicing Expenses for the Due Period	  	0.00
			
	3.8	  	The average daily Master Trust II Seller’s Interest during the Due Period	  	0.00
			
	3.9	  	The Master Trust II Seller’s Interest as of the Distribution Date (after giving effect to the transactions set forth in Article IV of the Supplement)	  	0.00
			
	3.10	  	The aggregate amount of Collections for the Due Period	  	0.00
			
	3.11	  	The aggregate amount of Finance Charge Collections for the Due Period	  	0.00

  
 Ex. B-1 

					
	 3.12
	  	The aggregate amount of Principal Collections for the Due Period	  	0.00
			
	 3.13
	  	The amount of Dealer Note Losses/(Recoveries) for the Due Period	  	0.00
			
	 3.14
	  	The aggregate amount of Dealer Notes as of the last day of the Due Period	  	0.00
			
	 3.15
	  	The aggregate amount of funds on deposit in the Excess Funding Account as of the end of the last day of the Due Period (after giving effect to the transactions set forth in Article IV of the Supplement and Article IV of the
Agreement)	  	0.00
			
	 3.16
	  	Eligible Investments in the Excess Funding Account:	  	
			
		  	a. The aggregate amount of funds invested in Eligible Investments as of the end of the Due Period	  	0.00
			
		  	b. Description of each Eligible Investment:	  	“xxx”
			
		  	c. The rate of interest applicable to each such Eligible Investment	  	0.00
			
		  	d. The rating of each such Eligible Investment	  	AAAm/Aaa
			
	 3.17
	  	The aggregate amount of Dealer Notes issued to finance OEM Vehicles, as of the end of the Due Period	  	0.00
			
	 3.18
	  	The Dealers with the five largest aggregate outstanding principal amounts of Dealer Notes in the Master Trust II as of the end of the Due Period:	  	
			
		  	 i)         DEALER’S NAME 1
	  	
			
		  	 ii)        DEALER’S NAME 2
	  	
			
		  	 iii)       DEALER’S NAME 3
	  	
			
		  	 iv)       DEALER’S NAME 4
	  	
			
		  	 v)        DEALER’S NAME 5
	  	
			
	 3.19
	  	Aggregate amount of delinquent principal payments (past due greater than 30 days) as a percentage of the total principal amount outstanding, as of the end of the Due Period	  	0.00
			
	 3.20
	  	The aggregate amount of Dealer Notes issued to finance used vehicles, as of the end of the Due Period	  	0.00
			
	 3.21
	  	The aggregate amount of funds on deposit in the Servicer Transition Fee Account as of the end of the last day of the Due Period (after giving effect to the transactions set forth in Article IV of the Supplement)	  	0.00
			
	 3.22
	  	Eligible Investments in the Servicer Transition Fee Account:	  	
			
		  	a. The aggregate amount of funds invested in Eligible Investments	  	0.00
			
		  	 b. Description of each Eligible Investment:
	  	“xxx”
			
		  	 c. The rate of interest applicable to each such Eligible Investment
	  	0.00
			
		  	d. The rating of each such Eligible Investment	  	0.00
			
	 3.23
	  	The aggregate amount of funds on deposit in the Servicer Transition Fee Account as of the Distribution Date (after giving effect to the transactions set forth in Article IV of the Supplement and to the payments made on the
Distribution Date)	  	0.00

  
 Ex. B-2 

					
	4.0	  	[RESERVED]	  	
			
	5	  	Series 2015-1 Notes Information	  	
			
	5.1	  	Series 2015-1 Nominal Liquidation Amount as of the Transfer Date (after giving effect to the transactions set forth in Article III of the Series 2015-1 Indenture Supplement and to payments made on the Payment Date).	  	0.00
			
		  	Cumulative Reductions (Net of Reinstatements) of the Series 2015-1 Nominal Liquidation Amount, if any, as of the Transfer Date	  	0.00
			
	5.2	  	Series 2015-1 Collateral Amount as of the Transfer Date (after giving effect to the transactions set forth in Article III of the Series 2015-1 Indenture Supplement and to payments made on the Payment Date).	  	0.00
			
	5.3	  	Series 2015-1 Overcollateralization Amount as of the Transfer Date (after giving effect to the transactions set forth in Article III of the Series 2015-1 Indenture Supplement and to payments made on the Payment Date).	  	0.00
			
		  	Series 2015-1 Target Overcollateralization Amount, if any, as of the Transfer Date	  	0.00
			
		  	Cumulative Reductions (Net of Reinstatements) of the Series 2015-1 Overcollateralization Amount Deficiency, if any, as of the Transfer Date	  	0.00
			
	5.4	  	Series 2015-1 Allocated Dealer Note Losses / (Recoveries) for the Due Period	  	0.00
			
	5.5	  	Series 2015-1 Allocated Interest Amounts for the Due Period	  	0.00
			
	5.6	  	Series 2015-1 Allocated Principal Amounts for the Due Period	  	0.00
			
	5.7	  	Series 2015-1 Noteholders Allocated Dealer Note Losses / (Recoveries) for the Due Period	  	0.00
			
	5.8	  	Series 2015-1 Available Interest Amounts with respect to the Due Period	  	0.00
			
	5.9	  	Series 2015-1 Available Principal Amounts with respect to the Due Period	  	0.00
			
	5.10	  	Shortfall in Series Available Principal Amounts, if any, for the Due Period	  	0.00
			
	5.11	  	Sellers Invested Amount for the Series 2015-1 Notes for the Due Period	  	0.00
			
	5.12	  	Shortfall in Series Available Interest Amounts, if any, for the Due Period	  	0.00
			
	5.13	  	Unreimbursed reductions to the Series 2015-1 Collateral Amount, if any, for the Due Period	  	0.00
			
	5.14	  	Nominal Liquidation Amount plus Accrued and Unpaid Interest as of the Transfer Date	  	0.00
			
	5.15	  	Series 2015-1 Required Seller’s Invested Amount as of the Payment Date	  	0.00
			
	5.16	  	Series 2015-1 Controlled Accumulation Amount, if any, for the Due Period	  	0.00

  
 Ex. B-3 

							
	 5.17
	  	Series 2015-1 Controlled Deposit Amount, if any, for the Due Period	  	 	0.00	  
			
	 5.18
	  	Series Variable Allocation Percentage for the Due Period	  	 	0.00	  
			
	 5.19
	  	Series Fixed Allocation Percentage for the Due Period	  	 	0.00	  
			
	 5.20
	  	Total amount to be distributed on the Series 2015-1 Notes on the Payment Date	  	 	0.00	  
			
	 5.21
	  	Total amount, if any, to be distributed on the Series 2015-1 Notes on the Payment Date allocable to the Outstanding Principal Amount	  	 	0.00	  
			
	 5.22
	  	Total amount to be distributed on the Series 2015-1 Notes on the Payment Date allocable to interest on the Series 2015-1 Notes	  	 	0.00	  
			
	 5.23.1
	  	Series 2015-1 Servicing Fee to be paid on the Payment Date	  	 	0.00	  
			
	 5.23.2
	  	Series 2015-1 Backup Servicing Expenses to be paid on the Payment Date	  	 	0.00	  
			
	 5.23.3
	  	Series 2015-1 Backup Servicing Fee to be paid on the Payment Date	  	 	0.00	  
			
	 5.24.1
	  	Series 2015-1 Investment Income	  	 	0.00	  
			
	 5.24.2
	  	Series 2015-1 Principal Funding Account investment income	  	 	0.00	  
			
	 5.24.3
	  	Series 2015-1 Negative Carry Account investment income	  	 	0.00	  
			
	 5.24.4
	  	Series 2015-1 Interest Funding Account investment income	  	 	0.00	  
			
	 5.24.5
	  	Series 2015-1 Spread Account investment income	  	 	0.00	  
			
	 5.25
	  	Series Excess Available Interest Amounts for the Due Period	  	 	0.00	  
			
	 5.26
	  	Excess Available Interest Amounts for the Due Period allocated to other Series of Notes	  	 	0.00	  
			
	 5.27
	  	[RESERVED]	  			
			
	 5.28
	  	Excess Available Principal Collections allocated from other series of Notes to Series 2015-1 for the Due Period	  	 	0.00	  
			
	 5.29
	  	[RESERVED]	  			
			
	 5.30
	  	Amount of Excess Available Principal Collections allocated to other Series of Notes for the Due Period	  	 	0.00	  
			
	 5.31
	  	Cash Collateral Percentage as of the Transfer Date	  	 	0.00	  
			
	 5.32
	  	Mismatch Amount for the Series 2015-1 Notes for the Due Period	  	 	0.00	  
			
	 5.33
	  	Reimbursement Amount for the Series 2015-1 Notes for the Due Period	  	 	0.00	  
			
	 5.34
	  	Certain amounts and calculations referenced in the definition of Early Redemption Event	  	 	See Exhibit “A”	  

  
 Ex. B-4 

					
	6	  	Account Information	  	
			
	6.1	  	Series 2015-1 Spread Account Balance as of the Payment Date after giving effect to all withdrawals and deposits made on such Payment Date	  	0.00
			
		  	Series 2015-1 Spread Account Required Amount, if any, as of the Payment Date after giving effect to all withdrawals and deposits made on such Payment Date	  	0.00
			
	6.2	  	Series 2015-1 Principal Funding Account Balance as of the Payment Date after giving effect to all withdrawals and deposits made on such Payment Date	  	0.00
			
	6.3	  	Series 2015-1 Negative Carry Account Balance as of the Payment Date after giving effect to all withdrawals and deposits made on such Payment Date	  	0.00
			
		  	Series 2015-1 Required Negative Carry Account Balance, if any, as of the Payment Date after giving effect to all withdrawals and deposits made on such Payment Date	  	0.00
			
	6.4	  	Series 2015-1 Interest Funding Account Balance as of the Payment Date after giving effect to all withdrawals and deposits made on such Payment Date	  	0.00
			
	7	  	Class A Notes Information	  	
			
	7.1	  	Class A Outstanding Principal Amount as of the Payment Date after giving effect to the transactions made on such Payment Date	  	0.00
			
	7.2	  	Class A Nominal Liquidation Amount as of the Payment Date after giving effect to the transactions made on such Payment Date	  	0.00
			
	7.3	  	Total amount to be distributed on the Class A Notes on the Payment Date	  	0.00
			
	7.4	  	Total amount, if any, to be distributed on the Class A Notes on the Payment Date allocable to the Class A Outstanding Principal Amount	  	0.00
			
	7.5	  	Total amount to be distributed on the Class A Notes on the Payment Date allocable interest on the Class A Notes	  	0.00
			
	7.6	  	Class A Monthly Interest for the Interest Period	  	0.00
			
	8	  	Class B Notes Information	  	
			
	8.1	  	Class B Outstanding Principal Amount as of the Payment Date after giving effect to the transactions made on such Payment Date	  	0.00
			
	8.2	  	Class B Nominal Liquidation Amount as of the Payment Date after giving effect to the transactions made on such Payment Date	  	0.00
			
	8.3	  	Total amount to be distributed on the Class B Notes on the Payment Date	  	0.00
			
	8.4	  	Total amount, if any, to be distributed on the Class B Notes on the Payment Date allocable to the Class B Outstanding Principal Amount	  	0.00
			
	8.5	  	Total amount to be distributed on the Class B Notes on the Payment Date allocable interest on the Class B Notes	  	0.00

  
 Ex. B-5 

					
	8.6	  	Class B Monthly Interest for the Interest Period	  	0.00
			
	9	  	Class C Notes Information	  	
			
	9.1	  	Class C Outstanding Principal Amount as of the Payment Date after giving effect to the transactions made on such Payment Date	  	0.00
			
	9.2	  	Class C Nominal Liquidation Amount as of the Payment Date after giving effect to the transactions made on such Payment Date	  	0.00
			
	9.3	  	Total amount to be distributed on the Class C Notes on the Payment Date	  	0.00
			
	9.4	  	Total amount, if any, to be distributed on the Class C Notes on the Payment Date allocable to the Class C Outstanding Principal Amount	  	0.00
			
	9.5	  	Total amount to be distributed on the Class C Notes on the Payment Date allocable interest on the Class C Notes	  	0.00
			
	9.6	  	Class C Monthly Interest for the Interest Period	  	0.00
			
	10	  	Class D Notes Information	  	
			
	10.1	  	Class D Outstanding Principal Amount as of the Payment Date after giving effect to the transactions made on such Payment Date	  	0.00
			
	10.2	  	Class D Nominal Liquidation Amount as of the Payment Date after giving effect to the transactions made on such Payment Date	  	0.00
			
	10.3	  	Total amount to be distributed on the Class D Notes on the Payment Date	  	0.00
			
	10.4	  	Total amount, if any, to be distributed on the Class D Notes on the Payment Date allocable to the Class D Outstanding Principal Amount	  	0.00
			
	10.5	  	Total amount to be distributed on the Class D Notes on the Payment Date allocable interest on the Class D Notes	  	0.00
			
	10.6	  	Class D Monthly Interest for the Interest Period	  	0.00

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this certificate this
         day of             ,         . “xxxx” 

 

			
	NAVISTAR FINANCIAL CORPORATION, as Servicer
		
	By:	 	
	Its:	 	

  
 Ex. B-6Exhibit 10.01

 

Securities Purchase Agreement

 

This
Securities Purchase Agreement (this “Agreement”), dated as of July 24, 2015, is entered into by and between
StationDigital Corporation, a Delaware corporation (“Company”),
and St. George Investments LLC, a Utah limited liability company, its successors
and/or assigns (“Investor”).

 

A.            Company
and Investor are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by
the rules and regulations promulgated by the United States Securities and Exchange Commission (the “SEC”) under
the Securities Act of 1933, as amended (the “1933 Act”).

 

B.            Investor
desires to purchase and Company desires to issue and sell, upon the terms and conditions set forth in this Agreement (i) a Convertible
Promissory Note, in the form attached hereto as Exhibit A, in the original principal amount of $57,500.00 (the “Note”),
convertible into shares of common stock, $0.0001 par value per share, of Company (the “Common Stock”), upon
the terms and subject to the limitations and conditions set forth in such Note, and (ii) a Warrant to Purchase Shares of Common
Stock, substantially in the form attached hereto as Exhibit B (the “Warrant”).

 

C.            This
Agreement, the Note, the Warrant, and all other certificates, documents, agreements, resolutions and instruments delivered to any
party under or in connection with this Agreement, as the same may be amended from time to time, are collectively referred to herein
as the “Transaction Documents”.

 

D.            For
purposes of this Agreement: “Conversion Shares” means all shares of Common Stock issuable upon conversion of
all or any portion of the Note; “Warrant Shares” means all shares of Common Stock issuable upon the exercise
of or pursuant to the Warrant; and “Securities” means the Note, the Conversion Shares, the Warrant and the Warrant
Shares.

 

NOW, THEREFORE,
in consideration of the above recitals and other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, Company and Investor hereby agree as follows:

 

1.             Purchase
and Sale of Securities.

 

1.1.          Purchase
of Securities. Company shall issue and sell to Investor and Investor agrees to purchase from Company the Note and the Warrant.
In consideration thereof, Investor shall pay the Purchase Price (as defined below) to Company.

 

1.2.          Form
of Payment. On the Closing Date, Investor shall pay the Purchase Price to Company via wire transfer of immediately available
funds against delivery of the Note and the Warrant.

 

1.3.          Closing
Date. Subject to the satisfaction (or written waiver) of the conditions set forth in Section 5 and Section 6 below, the date
and time of the issuance and sale of the Securities pursuant to this Agreement (the “Closing Date”) shall be
5:00 p.m., Eastern Time on or about July 24, 2015, or such other mutually agreed upon time. The closing of the transactions contemplated
by this Agreement (the “Closing”) shall occur on the Closing Date by means of the exchange by express courier
and email of .pdf documents, but shall be deemed to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi,
Utah.

 

1.4.          Collateral
for the Note. The Note shall not be secured.

 

    	1

    	 

    

 

1.5.          Original
Issue Discount; Transaction Expenses. The Note carries an original issue discount of $5,000.00 (the “OID”).
In addition, Company agrees to pay $2,500.00 to Investor to cover Investor’s legal fees, accounting costs, due diligence,
monitoring and other transaction costs incurred in connection with the purchase and sale of the Securities (the “Transaction
Expense Amount”), all of which amount is included in the initial principal balance of the Note. The “Purchase
Price”, therefore, shall be $50,000.00, computed as follows: $57,500.00 original principal balance, less the OID, less
the Transaction Expense Amount.

 

2.             Investor’s
Representations and Warranties. Investor represents and warrants to Company that: (i) this Agreement has been duly and validly
authorized; (ii) this Agreement constitutes a valid and binding agreement of Investor enforceable in accordance with its terms;
and (iii) Investor is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D of the 1933 Act.

 

3.             Company’s
Representations and Warranties. Company represents and warrants to Investor that: (i) Company is a corporation duly organized,
validly existing and in good standing under the laws of its state of incorporation and has the requisite corporate power to own
its properties and to carry on its business as now being conducted; (ii) Company is duly qualified as a foreign corporation to
do business and is in good standing in each jurisdiction where the nature of the business conducted or property owned by it makes
such qualification necessary; (iii) Company has registered its Common Stock under Section 15(d) of the Securities Exchange
Act of 1934, as amended (the “1934 Act”), and is obligated to file reports pursuant to Section 13 or Section 15(d)
of the 1934 Act; (iv) each of the Transaction Documents and the transactions contemplated hereby and thereby, have been duly and
validly authorized by Company; (v) this Agreement, the Note, the Warrant, and the other Transaction Documents have been duly executed
and delivered by Company and constitute the valid and binding obligations of Company enforceable in accordance with their terms,
subject as to enforceability only to general principles of equity and to bankruptcy, insolvency, moratorium, and other similar
laws affecting the enforcement of creditors’ rights generally; (vi) the execution and delivery of the Transaction Documents
by Company, the issuance of Securities in accordance with the terms hereof, and the consummation by Company of the other transactions
contemplated by the Transaction Documents do not and will not conflict with or result in a breach by Company of any of the terms
or provisions of, or constitute a default under (a) Company’s formation documents or bylaws, each as currently in effect,
(b) any indenture, mortgage, deed of trust, or other material agreement or instrument to which Company is a party or by which it
or any of its properties or assets are bound, including any listing agreement for the Common Stock, or (c) any existing applicable
law, rule, or regulation or any applicable decree, judgment, or order of any court, United States federal or state regulatory body,
administrative agency, or other governmental body having jurisdiction over Company or any of Company’s properties or assets;
(vii) no further authorization, approval or consent of any court, governmental body, regulatory agency, self-regulatory organization,
or stock exchange or market or the stockholders or any lender of Company is required to be obtained by Company for the issuance
of the Securities to Investor; (viii) none of Company’s filings with the SEC contained, at the time they were filed, any
untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the
statements made therein, in light of the circumstances under which they were made, not misleading; (ix) Company has filed all reports,
schedules, forms, statements and other documents required to be filed by Company with the SEC under the 1934 Act on a timely basis
or has received a valid extension of such time of filing and has filed any such report, schedule, form, statement or other document
prior to the expiration of any such extension; (x) Company has not consummated any financing transaction that has not been disclosed
in a periodic filing with the SEC under the 1934 Act; (xi) Company is not a “Shell Company,” as such type of “issuer”
is described in Rule 144(i)(1) under the 1933 Act and is in compliance with Rule 144(i)(2) under the 1933 Act; (xii) with respect
to any commissions, placement agent or finder’s fees or similar payments that will or would become due and owing by Company
to any person or entity as a result of this Agreement or the transactions contemplated hereby (“Broker Fees”),
any such Broker Fees will be made in full compliance with all applicable laws and regulations and only to a person or entity that
is a registered investment adviser or registered broker-dealer; (xiii) Investor shall have no obligation with respect to any Broker
Fees or with respect to any claims made by or on behalf of other persons for fees of a type contemplated in this subsection that
may be due in connection with the transactions contemplated hereby and Company shall indemnify and hold harmless each of Investor,
Investor’s employees, officers, directors, stockholders, members, managers, agents, and partners, and their respective affiliates,
from and against all claims, losses, damages, costs (including the costs of preparation and attorneys’ fees) and expenses
suffered in respect of any such claimed or existing Broker Fees; (xiv) when issued, the Conversion Shares and the Warrant Shares
will be duly authorized, validly issued, fully paid for and non-assessable, free and clear of all liens, claims, charges and encumbrances;
(xv) neither Investor nor any of its officers, directors, stockholders, members, managers, employees, agents or representatives
has made any representations or warranties to Company or any of its officers, directors, employees, agents or representatives except
as expressly set forth in the Transaction Documents and, in making its decision to enter into the transactions contemplated by
the Transaction Documents, Company is not relying on any representation, warranty, covenant or promise of Investor or its officers,
directors, members, managers, employees, agents or representatives other than as set forth in the Transaction Documents; and (xvi)
Company has performed due diligence and background research on Investor and its affiliates including, without limitation, John
M. Fife, and, to its satisfaction, has made inquiries with respect to all matters Company may consider relevant to the undertakings
and relationships contemplated by the Transaction Documents including, among other things, the following: http://investing.businessweek.com/research/stocks/people/person.asp?personId=7505107&ticker=UAHC;SEC
Civil Case No. 07-C-0347 (N.D. Ill.); SEC Civil Action No. 07-CV-347 (N.D. Ill.); and FINRA Case #2011029203701. Company, being
aware of the matters described in subsection (xvi) above, acknowledges and agrees that such matters, or any similar matters, have
no bearing on the transactions contemplated by the Transaction Documents and covenants and agrees it will not use any such information
as a defense to performance of its obligations under the Transaction Documents or in any attempt to avoid, modify or reduce such
obligations.

 

    	2

    	 

    

 

4.             Company
Covenants. Until all of Company’s obligations under all of the Transaction Documents are paid and performed in full,
or within the timeframes otherwise specifically set forth below, Company shall comply with the following covenants: (i) so long
as Investor beneficially owns any of the Securities and for at least twenty (20) Trading Days (as defined in the Note) thereafter,
Company shall timely file on the applicable deadline all reports required to be filed with the SEC pursuant to Sections 13
or 15(d) of the 1934 Act, and shall take all reasonable action under its control to ensure that adequate current public information
with respect to Company, as required in accordance with Rule 144 of the 1933 Act, is publicly available, and shall not terminate
its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules and regulations thereunder
would permit such termination; (ii) the Common Stock shall be listed or quoted for trading on any of (a) NYSE, (b) NASDAQ, (c)
OTCQX, or (d) OTCQB; (iii) when issued, the Conversion Shares and the Warrant Shares will be duly authorized, validly issued, fully
paid for and non-assessable, free and clear of all liens, claims, charges and encumbrances; (iv) trading in Company’s Common
Stock shall not be suspended, halted, chilled, frozen, reach zero bid or otherwise cease on the Company’s principal trading
market; and (v) Company shall not have at any given time more than three (3) Variable Security Holders (as defined below), excluding
Investor, without Investor’s prior written consent. For purposes hereof, the term “Variable Security Holder”
means any holder of any Company securities that are convertible into Common Stock (including without limitation convertible debt,
warrants or convertible preferred stock) with a conversion price that varies with the market price of the Common Stock.

 

5.             Conditions
to Company’s Obligation to Sell. The obligation of Company hereunder to issue and sell the Securities to Investor at
the Closing is subject to the satisfaction, at or before the Closing Date, of each of the following conditions:

 

5.1.          Investor
shall have executed this Agreement and delivered the same to Company.

 

    	3

    	 

    

 

5.2.          Investor
shall have delivered the Purchase Price to Company in accordance with Section 1.2 above.

 

6.             Conditions
to Investor’s Obligation to Purchase. The obligation of Investor hereunder to purchase the Securities at the Closing
is subject to the satisfaction, at or before the Closing Date, of each of the following conditions, provided that these conditions
are for Investor’s sole benefit and may be waived by Investor at any time in its sole discretion:

 

6.1.          Company
shall have executed this Agreement and delivered the same to Investor.

 

6.2.          Company
shall have delivered to Investor the duly executed Note and Warrant in accordance with Section 1.2 above.

 

6.3.          Company
shall have delivered to Investor a fully executed Irrevocable Letter of Instructions to Transfer Agent substantially in the form
attached hereto as Exhibit C acknowledged and agreed to in writing by Company’s transfer agent (the “Transfer
Agent”).

 

6.4.          Company
shall have delivered to Investor a fully executed Secretary’s Certificate substantially in the form attached hereto as Exhibit
D evidencing Company’s approval of the Transaction Documents.

 

6.5.          Company
shall have delivered to Investor a fully executed Share Issuance Resolution substantially in the form attached hereto as Exhibit
E to be delivered to the Transfer Agent.

 

6.6.          Company
shall have delivered to Investor fully executed copies of all other Transaction Documents required to be executed by Company herein
or therein.

 

7.            Reservation
of Shares. At all times during which the Note is convertible or the Warrant is exercisable, Company will reserve from its authorized
and unissued Common Stock to provide for the issuance of Common Stock upon the full conversion of the Note and full exercise of
the Warrant at least (i) three (3) times the quotient obtained by dividing the Outstanding Balance (as defined in the Note) by
the Installment Conversion Price (as defined in the Note), plus (ii) three (3) times the number of Warrant Shares (as determined
pursuant to the Warrant) deliverable upon full exercise of the Warrant (the “Share Reserve”), but in any event
not less than 1,500,000 shares of Common Stock shall be reserved at all times for such purpose (the “Transfer Agent Reserve”).
Company further agrees that it will cause the Transfer Agent to immediately add shares of Common Stock to the Transfer Agent Reserve
in increments of 250,000 shares as and when requested by Investor in writing from time to time, provided that such incremental
increases do not cause the Transfer Agent Reserve to exceed the Share Reserve. In furtherance thereof, from and after the date
hereof and until such time that the Note has been paid in full and the Warrant exercised in full, Company shall require the Transfer
Agent to reserve for the purpose of issuance of Conversion Shares under the Note and Warrant Shares under the Warrant, a number
of shares of Common Stock equal to the Transfer Agent Reserve. Company shall further require the Transfer Agent to hold such shares
of Common Stock exclusively for the benefit of Investor and to issue such shares to Investor promptly upon Investor’s delivery
of a conversion notice under the Note or a notice of exercise under the Warrant. Finally, Company shall require the Transfer Agent
to issue shares of Common Stock pursuant to the Note and the Warrant to Investor out of its authorized and unissued shares, and
not the Transfer Agent Reserve, to the extent shares of Common Stock have been authorized, but not issued, and are not included
in the Transfer Agent Reserve. The Transfer Agent shall only issue shares out of the Transfer Agent Reserve to the extent there
are no other authorized shares available for issuance and then only with Investor’s written consent.

 

8.             Miscellaneous.
The provisions set forth in this Section 8 shall apply to this Agreement, as well as all other Transaction Documents as if these
terms were fully set forth therein.

 

    	4

    	 

    

 

8.1.          Original
Signature Pages. Each party agrees to deliver its original signature pages to the Transaction Documents to the other party
within five (5) Trading Days of the date hereof. Notwithstanding the foregoing, the Transaction Documents shall be fully effective
upon exchange of electronic signature pages by the parties and payment of the Purchase Price by Investor. For the avoidance of
doubt, the failure by either party to deliver its original signature pages to the other party shall not affect in any way the validity
or effectiveness of any of the Transaction Documents, provided that such failure to deliver original signatures shall be a breach
of the party’s obligations hereunder.

 

8.2.          Arbitration
of Claims. The parties shall submit all Claims (as defined in Exhibit F) arising under this Agreement or any other Transaction
Document or any other agreement between the parties and their affiliates to binding arbitration pursuant to the arbitration provisions
set forth in Exhibit F attached hereto (the “Arbitration Provisions”). The parties hereby acknowledge
and agree that the Arbitration Provisions are unconditionally binding on the parties hereto and are severable from all other provisions
of this Agreement. By executing this Agreement, Company represents, warrants and covenants that Company has reviewed the Arbitration
Provisions carefully, consulted with legal counsel about such provisions (or waived its right to do so), understands that the Arbitration
Provisions are intended to allow for the expeditious and efficient resolution of any dispute hereunder, agrees to the terms and
limitations set forth in the Arbitration Provisions, and that Company will not take a position contrary to the foregoing representations.
Company acknowledges and agrees that Investor may rely upon the foregoing representations and covenants of Company regarding the
Arbitration Provisions.

 

8.3.          Governing
Law; Venue. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Utah for contracts
to be wholly performed in such state and without giving effect to the principles thereof regarding the conflict of laws. Each party
consents to and expressly agrees that exclusive venue for arbitration of any dispute arising out of or relating to any Transaction
Document or the relationship of the parties or their affiliates shall be in Salt Lake County or Utah County, Utah. Without modifying
the parties obligations to resolve disputes hereunder pursuant to the Arbitration Provisions, for any litigation arising in connection
with any of the Transaction Documents, each party hereto hereby (i) consents to and expressly submits to the exclusive personal
jurisdiction of any state or federal court sitting in Salt Lake County, Utah, (ii) expressly submits to the exclusive venue of
any such court for the purposes hereof, and (iii) waives any claim of improper venue and any claim or objection that such courts
are an inconvenient forum or any other claim or objection to the bringing of any such proceeding in such jurisdictions or to any
claim that such venue of the suit, action or proceeding is improper.

 

8.4.          Calculation
Disputes. Notwithstanding the Arbitration Provisions, in the case of a dispute as to any determination or arithmetic calculation
under the Transaction Documents, including without limitation, calculating the Outstanding Balance, Warrant Shares, Exercise Shares
(as defined in the Warrant), Delivery Shares (as defined in the Warrant), Lender Conversion Price (as defined in the Note), Lender
Conversion Shares (as defined in the Note), Installment Conversion Price, Installment Conversion Shares (as defined in the Note),
Conversion Factor (as defined in the Note), Market Price (as defined in the Note), or VWAP (as defined in the Note) (each, a “Calculation”),
Company or Investor (as the case may be) shall submit any disputed Calculation via email or facsimile with confirmation of receipt
(i) within two (2) Trading Days after receipt of the applicable notice giving rise to such dispute to Company or Investor (as the
case may be) or (ii) if no notice gave rise to such dispute, at any time after Investor learned of the circumstances giving rise
to such dispute. If Investor and Company are unable to agree upon such Calculation within two (2) Trading Days of such disputed
Calculation being submitted to Company or Investor (as the case may be), then Investor shall, within two (2) Trading Days, submit
via email or facsimile the disputed Calculation to Unkar Systems Inc. (“Unkar Systems”). Company shall cause
Unkar Systems to perform the Calculation and notify Company and Investor of the results no later than ten (10) Trading Days from
the time it receives such disputed Calculation. Unkar Systems’ determination of the disputed Calculation shall be binding
upon all parties absent demonstrable error. Unkar Systems’ fee for performing such Calculation shall be paid by the incorrect
party, or if both parties are incorrect, by the party whose Calculation is furthest from the correct Calculation as determined
by Unkar Systems. In the event Company is the losing party, no extension of the Delivery Date (as defined in the Note) shall be
granted and Company shall incur all effects for failing to deliver the applicable shares in a timely manner as set forth in the
Transaction Documents. Notwithstanding the foregoing, Investor may, in its sole discretion, designate an independent, reputable
investment bank or accounting firm other than Unkar Systems to resolve any such dispute and in such event, all references to “Unkar
Systems” herein will be replaced with references to such independent, reputable investment bank or accounting firm so designated
by Investor.

 

    	5

    	 

    

 

8.5.          Counterparts.
Each Transaction Document may be executed in any number of counterparts, each of which shall be deemed an original, but all of
which together shall constitute one instrument. The parties hereto confirm that any electronic copy of another party’s executed
counterpart of a Transaction Document (or such party’s signature page thereof) will be deemed to be an executed original
thereof.

 

8.6.          Headings.
The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation of,
this Agreement.

 

8.7.          Severability.
In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then
such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
to such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect the
validity or enforceability of any other provision hereof.

 

8.8.          Entire
Agreement. This Agreement, together with the other Transaction Documents, contains the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither Company
nor Investor makes any representation, warranty, covenant or undertaking with respect to such matters.

 

8.9.          No
Reliance. Company acknowledges and agrees that neither Investor nor any of its officers, directors, members, managers, representatives
or agents has made any representations or warranties to Company or any of its officers, directors, representatives, agents or employees
except as expressly set forth in the Transaction Documents and, in making its decision to enter into the transactions contemplated
by the Transaction Documents, Company is not relying on any representation, warranty, covenant or promise of Investor or its officers,
directors, members, managers, agents or representatives other than as set forth in the Transaction Documents.

 

8.10.         Amendments.
No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the parties hereto.

 

8.11.         Notices.
Any notice required or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall be deemed effectively
given on the earliest of: (i) the date delivered, if delivered by personal delivery as against written receipt therefor or by email
to an executive officer, or by facsimile (with successful transmission confirmation), (ii) the earlier of the date delivered or
the third Trading Day after deposit, postage prepaid, in the United States Postal Service by certified mail, or (iii) the earlier
of the date delivered or the third Trading Day after mailing by express courier, with delivery costs and fees prepaid, in each
case, addressed to each of the other parties thereunto entitled at the following addresses (or at such other addresses as such
party may designate by five (5) calendar days’ advance written notice similarly given to each of the other parties hereto):

 

    	6

    	 

    

 

	 	If to Company:	 
	 	 	 
	 	StationDigital Corporation	 
	 	Attn: Louis R. Rossi	 
	 	Highlands Park Two, 5700 Oakland Ave, #200	 
	 	St. Louis, Missouri 63110	 
	 	 	 
	 	If to Investor:	 
	 	 	 
	 	St. George Investments LLC	 
	 	Attn: John Fife	 
	 	303 East Wacker Drive, Suite 1040	 
	 	Chicago, Illinois 60601	 
	 	 	 
	 	With a copy to (which copy shall not constitute notice):	 
	 	 	 
	 	Hansen Black Anderson Ashcraft PLLC	 
	 	Attn: Jonathan Hansen	 
	 	3051 West Maple Loop Drive, Suite 325	 
	 	Lehi, Utah 84043	 

 

8.12.         Successors
and Assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed by
Investor hereunder may be assigned by Investor to a third party, including its financing sources, in whole or in part, without
the need to obtain Company’s consent thereto. Company may not assign its rights or obligations under this Agreement or delegate
its duties hereunder without the prior written consent of Investor.

 

8.13.         Survival.
The representations and warranties of Company and the agreements and covenants set forth in this Agreement shall survive the Closing
hereunder notwithstanding any due diligence investigation conducted by or on behalf of Investor. Company agrees to indemnify and
hold harmless Investor and all its officers, directors, employees, attorneys, and agents for loss or damage arising as a result
of or related to any breach or alleged breach by Company of any of its representations, warranties and covenants set forth in this
Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

 

8.14.         Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

    	7

    	 

    

 

8.15.         Investor’s
Rights and Remedies Cumulative; Liquidated Damages. All rights, remedies, and powers conferred in this Agreement and the Transaction
Documents are cumulative and not exclusive of any other rights or remedies, and shall be in addition to every other right, power,
and remedy that Investor may have, whether specifically granted in this Agreement or any other Transaction Document, or existing
at law, in equity, or by statute, and any and all such rights and remedies may be exercised from time to time and as often and
in such order as Investor may deem expedient. The parties acknowledge and agree that upon Company’s failure to comply with
the provisions of the Transaction Documents, Investor’s damages would be uncertain and difficult (if not impossible) to accurately
estimate because of the parties’ inability to predict future interest rates and future share prices, Investor’s increased
risk, and the uncertainty of the availability of a suitable substitute investment opportunity for Investor, among other reasons.
Accordingly, any fees, charges, and default interest due under the Note, the Warrant, and the other Transaction Documents are intended
by the parties to be, and shall be deemed, liquidated damages (under Company’s and Investor’s expectations that any
such liquidated damages will tack back to the Closing Date for purposes of determining the holding period under Rule 144 under
the 1933 Act). The parties agree that such liquidated damages are a reasonable estimate of Investor’s actual damages and
not a penalty, and shall not be deemed in any way to limit any other right or remedy Investor may have hereunder, at law or in
equity. The parties acknowledge and agree that under the circumstances existing at the time this Agreement is entered into, such
liquidated damages are fair and reasonable and are not penalties. All fees, charges, and default interest provided for in the Transaction
Documents are agreed to by the parties to be based upon the obligations and the risks assumed by the parties as of the Closing
Date and are consistent with investments of this type. The liquidated damages provisions of the Transaction Documents shall not
limit or preclude a party from pursuing any other remedy available at law or in equity; provided, however, that the liquidated
damages provided for in the Transaction Documents are intended to be in lieu of actual damages.

 

8.16.         Ownership
Limitation. Notwithstanding anything to the contrary contained in this Agreement or the other Transaction Documents, if at
any time Investor shall or would be issued shares of Common Stock under any of the Transaction Documents, but such issuance would
cause Investor (together with its affiliates) to beneficially own a number of shares exceeding the Maximum Percentage (as defined
in the Note), then Company must not issue to Investor the shares that would cause Investor to exceed the Maximum Percentage. The
shares of Common Stock issuable to Investor that would cause the Maximum Percentage to be exceeded are referred to herein as the
“Ownership Limitation Shares”. Company will reserve the Ownership Limitation Shares for the exclusive benefit
of Investor. From time to time, Investor may notify Company in writing of the number of the Ownership Limitation Shares that may
be issued to Investor without causing Investor to exceed the Maximum Percentage. Upon receipt of such notice, Company shall be
unconditionally obligated to immediately issue such designated shares to Investor, with a corresponding reduction in the number
of the Ownership Limitation Shares. For purposes of this Section, beneficial ownership of Common Stock will be determined under
Section 13(d) of the 1934 Act.

 

8.17.         Attorneys’
Fees and Cost of Collection. In the event of any arbitration or action at law or in equity to enforce or interpret the terms
of this Agreement or any of the other Transaction Documents, the parties agree that the party who is awarded the most money shall
be deemed the prevailing party for all purposes and shall therefore be entitled to an additional award of the full amount of the
attorneys’ fees, deposition costs, and expenses paid by such prevailing party in connection with arbitration or litigation
without reduction or apportionment based upon the individual claims or defenses giving rise to the fees and expenses. Nothing herein
shall restrict or impair an arbitrator’s or a court’s power to award fees and expenses for frivolous or bad faith pleading.
If (i) the Note or Warrant is placed in the hands of an attorney for collection or enforcement prior to commencing arbitration
or legal proceedings, or is collected or enforced through any arbitration or legal proceeding, or Investor otherwise takes action
to collect amounts due under the Note or to enforce the provisions of the Note or the Warrant; or (ii) there occurs any bankruptcy,
reorganization, receivership of Company or other proceedings affecting Company’s creditors’ rights and involving a
claim under the Note or the Warrant; then Company shall pay the costs incurred by Investor for such collection, enforcement or
action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including, without limitation,
attorneys’ fees, expenses, deposition costs, and disbursements.

 

8.18.         Waiver.
No waiver of any provision of this Agreement shall be effective unless it is in the form of a writing signed by the party granting
the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any other provision or
consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent
or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in writing.

 

    	8

    	 

    

 

8.19.        Waiver
of Jury Trial. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS SUCH PARTY MAY HAVE TO DEMAND THAT ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT OR THE RELATIONSHIPS OF THE PARTIES HERETO BE
TRIED BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE,
LAW, RULE OR REGULATION. FURTHER, EACH PARTY HERETO ACKNOWLEDGES THAT SUCH PARTY IS KNOWINGLY AND VOLUNTARILY WAIVING SUCH PARTY’S
RIGHT TO DEMAND TRIAL BY JURY.

 

8.20.        Time
is of the Essence. Time is expressly made of the essence with respect to each and every provision of this Agreement and the
other Transaction Documents.

 

8.21.        Voluntary
Agreement. Company has carefully read this Agreement and each of the other Transaction Documents and has asked any questions
needed for Company to understand the terms, consequences and binding effect of this Agreement and each of the other Transaction
Documents and fully understand them. Company has had the opportunity to seek the advice of an attorney of Company’s choosing
and is executing this Agreement and each of the other Transaction Documents voluntarily and without any duress or undue influence
by Investor or anyone else.

 

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blank; signature page follows]

 

    	9

    	 

    

  

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

 

SUBSCRIPTION AMOUNT:

 

	Principal Amount of Note:	$57,500.00
	 	 
	Purchase Price:	$50,000.00

 

	 	INVESTOR:
	 	 
	 	St. George Investments LLC
	 	 
	 	By: Fife Trading, Inc., Manager

 

	 	By:	     /s/ John M. Fife
	 	 	John M. Fife, President

 

	 	COMPANY:
	 	 
	 	StationDigital Corporation

 

	 	By:	  /s/ Louis Rossi
	 	Printed Name:	    Louis Rossi
	 	Title:	    Chief Executive Officer

 

ATTACHED EXHIBITS:

 

	Exhibit A	Note
	Exhibit B	Warrant
	Exhibit C	Irrevocable Transfer Agent Instructions
	Exhibit D	Secretary’s Certificate
	Exhibit E	Share Issuance Resolution
	Exhibit F	Arbitration Provisions

 

[Signature Page to Securities Purchase
Agreement]

 

    	 

    	 

    

 

Exhibit
F

 

ARBITRATION PROVISIONS

 

1.          Dispute
Resolution. For purposes of this Exhibit F, the term “Claims” means any disputes, claims, demands,
causes of action, liabilities, damages, losses, or controversies whatsoever arising from related to or connected with the transactions
contemplated in the Transaction Documents and any communications between the parties related thereto, including without limitation
any claims of mutual mistake, mistake, fraud, misrepresentation, failure of formation, failure of consideration, promissory estoppel,
unconscionability, failure of condition precedent, rescission, and any statutory claims, tort claims, contract claims, or claims
to void, invalidate or terminate the Agreement or any of the other Transaction Documents. The term “Claims” specifically
excludes a dispute over Calculations. The parties hereby agree that the arbitration provisions set forth in this Exhibit F
(“Arbitration Provisions”) are binding on the parties hereto and are severable from all other provisions in
the Transaction Documents. As a result, any attempt to rescind the Agreement or declare the Agreement or any other Transaction
Document invalid or unenforceable for any reason is subject to these Arbitration Provisions. These Arbitration Provisions shall
also survive any termination or expiration of the Agreement. Any capitalized term not defined in these Arbitration Provisions shall
have the meaning set forth in the Agreement.

2.          Arbitration.
Except as otherwise provided herein, all Claims must be submitted to arbitration (“Arbitration”) to be conducted
exclusively in Salt Lake County or Utah County, Utah and pursuant to the terms set forth in these Arbitration Provisions. The parties
agree that the award of the arbitrator (the “Arbitration Award”) shall be final and binding upon the parties
(subject to the appear right set forth in Section 4 below); shall be the sole and exclusive remedy between them regarding any Claims,
counterclaims, issues, or accountings presented or pleaded to the arbitrator; and shall promptly be payable in United States dollars
free of any tax, deduction or offset (with respect to monetary awards). Any costs or fees, including without limitation attorneys’
fees, incident to enforcing the arbitrator’s award shall, to the maximum extent permitted by law, be charged against the
party resisting such enforcement. The award shall include Default Interest (as defined in the Note) both before and after the award.
Judgment upon the award of the arbitrator will be entered and enforced by a state court sitting in Salt Lake County, Utah. The
parties hereby incorporate herein the provisions and procedures set forth in the Utah Uniform Arbitration Act, U.C.A. § 78B-11-101
et seq. (as amended or superseded from time to time, the “Arbitration Act”). Pursuant to Section 105
of the Arbitration Act, in the event of conflict between the terms of these Arbitration Provisions and the provisions of the Arbitration
Act, the terms of these Arbitration Provisions shall control.

3.          Arbitration
Proceedings. Arbitration between the parties will be subject to the following procedures:

3.1           Pursuant
to Section 110 of the Arbitration Act, the parties agree that a party may initiate Arbitration by giving written notice to the
other party (“Arbitration Notice”) in the same manner that notice is permitted under Section 8.11 of the Agreement;
provided, however, that the Arbitration Notice may not be given by email or fax. Arbitration will be deemed initiated as
of the date that the Arbitration Notice is deemed delivered under Section 8.11 of the Agreement (the “Service Date”).
After the Service Date, information may be delivered, and notices may be given, by email or fax pursuant to Section 8.11 of the
Agreement or any other method permitted thereunder. The Arbitration Notice must describe the nature of the controversy, the remedies
sought, and the election to commence Arbitration proceedings. All Claims in the Arbitration Notice must be pleaded consistent with
the Utah Rules of Civil Procedure.

 

    	Arbitration Provisions, Page 1

    	 

    

 

3.2           Within
ten (10) calendar days after the Service Date, Investor shall select and submit to Company the names of three (3) arbitrators
that are designated as “neutrals” or qualified arbitrators by Utah ADR Services (http://www.utahadrservices.com)
(such three (3) designated persons hereunder are referred to herein as the “Proposed Arbitrators”). For the
avoidance of doubt, each Proposed Arbitrator must be qualified as a “neutral” with Utah ADR Services. Within ten (10)
calendar days after Investor has submitted to Company the names of the Proposed Arbitrators, Company must select, by written notice
to Investor, one (1) of the Proposed Arbitrators to act as the arbitrator for the parties under these Arbitration Provisions.
If Company fails to select one of the Proposed Arbitrators in writing within such 10-day period, then Investor may select the
arbitrator from the Proposed Arbitrators by providing written notice of such selection to Company. If Investor fails to identify
the Proposed Arbitrators within the time period required above, then Company may at any time prior to Investor designating the
Proposed Arbitrators, select the names of three (3) arbitrators that are designated as “neutrals” or qualified arbitrators
by Utah ADR Service by written notice to Investor. Investor may then, within ten (10) calendar days after Company has submitted
notice of its selected arbitrators to Investor, select, by written notice to Company, one (1) of the selected arbitrators to act
as the arbitrator for the parties under these Arbitration Provisions. If Investor fails to select in writing and within such 10-day
period one of the three (3) arbitrators selected by Company, then Company may select the arbitrator from its three (3) previously
selected arbitrators by providing written notice of such selection to Investor. Subject to Paragraph 3.12 below, the cost of the
arbitrator must be paid equally by both parties; provided, however, that if one party refuses or fails to pay its portion
of the arbitrator fee, then the other party can advance such unpaid amount (subject to the accrual of Default Interest thereupon),
with such amount added to or subtracted from, as applicable, the award granted by the arbitrator. If Utah ADR Services ceases
to exist or to provide a list of neutrals, then the arbitrator shall be selected under the then prevailing rules of the American
Arbitration Association. The date that the selected arbitrator agrees in writing to serve as the arbitrator hereunder is referred
to herein as the “Arbitration Commencement Date”.

3.3           An
answer and any counterclaims to the Arbitration Notice, which must be pleaded consistent with the Utah Rules of Civil Procedure,
shall be required to be delivered to the other party within twenty (20) calendar days after the Service Date. Upon request, the
arbitrator is hereby instructed to render a default award, consistent with the relief requested in the Arbitration Notice, against
a party that fails to submit an answer within such time period.

3.4           The
party that delivers the Arbitration Notice to the other party shall have the option to also commence concurrent legal proceedings
with any state court sitting in Salt Lake County, Utah (“Litigation Proceedings”), subject to the following:
(i) the complaint in the Litigation Proceedings is to be substantially similar to the claims set forth in the Arbitration Notice,
provided that an additional cause of action to compel arbitration will also be included therein, (ii) so long as the other party
files an answer to the complaint in the Litigation Proceedings and an answer to the Arbitration Notice, the Litigation Proceedings
will be stayed pending an Arbitration Award hereunder, (iii) if the other party fails to file an answer in the Litigation Proceedings
or an answer in the Arbitration Proceedings, then the party initiating Arbitration shall be entitled to a default judgment consistent
with the relief requested, to be entered in the Litigation Proceedings, and (iv) any legal or procedural issue arising under the
Arbitration Act that requires a decision of a court of competent jurisdiction may be determined in the Litigation Proceedings.
Any award of the arbitrator may be entered in such Litigation Proceedings pursuant to the Arbitration Act.

3.5           Pursuant
to Section 118(8) of the Arbitration Act, the parties agree that discovery shall be conducted in accordance with the Utah Rules
of Civil Procedure; provided, however, that incorporation of such rules will in no event supersede the Arbitration Provisions
set forth herein, including without limitation the time limitation set forth in Paragraph 3.9 below, and the following:

a.           Discovery
will only be allowed if the likely benefits of the proposed discovery outweigh the burden or expense, and the discovery sought
is likely to reveal information that will satisfy a specific element of a claim or defense already pleaded in the Arbitration.
The party seeking discovery shall always have the burden of showing that all of the standards and limitations set forth in these
Arbitration Provisions are satisfied. The scope of discovery in the Arbitration proceedings shall also be limited as follows:

(i)          To
facts directly connected with the transactions contemplated by the Agreement.

 

(ii)         To
facts and information that cannot be obtained from another source that is more convenient, less burdensome or less expensive.

 

b.            No party shall
be allowed (i) more than fifteen (15) interrogatories (including discrete subparts), (ii) more than fifteen (15) requests for admission
(including discrete subparts), (iii) more than ten (10) document requests (including discrete subparts), or (iv) more than three
depositions (excluding expert depositions) for a maximum of seven (7) hours per deposition.

3.6           Any
party submitting any written discovery requests, including interrogatories, requests for production, subpoenas to a party or a
third party, or requests for admissions, must prepay the estimated attorneys’ fees and costs, as determined by the arbitrator,
before the responding party has any obligation to produce or respond.

 

    	Arbitration Provisions, Page 2

    	 

    

 

(a)           All
discovery requests must be submitted in writing to the arbitrator and the other party before issuing or serving such discovery
requests. The party issuing the written discovery requests must include with such discovery requests a detailed explanation of
how the proposed discovery requests satisfy the requirements of these Arbitration Provisions and the Utah Rules of Civil Procedure.
Any party will then be allowed, within ten (10) calendar days of receiving the proposed discovery requests, to submit to the arbitrator
an estimate of the attorneys’ fees and costs associated with responding to such written discovery requests and a written
challenge to each applicable discovery request. After receipt of an estimate of attorneys’ fees and costs and/or challenge(s)
to one or more discovery requests, the arbitrator will make a finding as to the likely attorneys’ fees and costs associated
with responding to the discovery requests and issue an order that (A) requires the requesting party to prepay the attorneys’
fees and costs associated with responding to the discovery requests, and (B) requires the responding party to respond to the discovery
requests as limited by the arbitrator within a certain period of time after receiving payment from the requesting party. If a party
entitled to submit an estimate of attorneys’ fees and costs and/or a challenge to discovery requests fails to do so within
such 10-day period, the arbitrator will make a finding that (A) there are no attorneys’ fees or costs associated with responding
to such discovery requests, and (B) the responding party must respond to such discovery requests (as may be limited by the arbitrator)
within a certain period of time as determined by the arbitrator.

(b)           In
order to allow a written discovery request, the arbitrator must find that the discovery request satisfies the standards set forth
in these Arbitration Provisions and the Utah Rules of Civil Procedure. The arbitrator must strictly enforce these standards. If
a discovery request does not satisfy any of the standards set forth in these Arbitration Provisions or the Utah Rules of Civil
Procedure, the arbitrator may modify such discovery request to satisfy the applicable standards, or strike such discovery request
in whole or in part.

(c)           Discovery
deadlines will be set forth in a scheduling order issued by the arbitrator. The parties hereby authorize and direct the arbitrator
to take such actions and make such rulings as may be necessary to carry out the parties’ intent for the arbitration proceedings
to be efficient and expeditious.

3.7           Each
party may submit expert reports (and rebuttals thereto), provided that such reports must be submitted by the deadlines established
by the arbitrator. Expert reports must contain the following: (a) a complete statement of all opinions the expert will offer at
trial and the basis and reasons for them; (b) the expert’s name and qualifications, including a list of all publications
within the preceding 10 years, and a list of any other cases in which the expert has testified at trial or in a deposition or prepared
a report within the preceding 10 years; and (c) the compensation to be paid for the expert’s report and testimony. The parties
are entitled to depose any other party’s expert witness one time for no more than 4 hours. An expert may not testify in a
party’s case-in-chief concerning any matter not fairly disclosed in the expert report.

3.8           All
information disclosed by either party during the Arbitration process (including without limitation information disclosed during
the discovery process) shall be considered confidential in nature. Each party agrees not to disclose any confidential information
received from the other party during the discovery process unless (i) prior to or after the time of disclosure such information
becomes public knowledge or part of the public domain, not as a result of any inaction or action of the receiving party, (ii) such
information is required by a court order, subpoena or similar legal duress to be disclosed if such receiving party has notified
the other party thereof in writing and given it a reasonable opportunity to obtain a protective order from a court of competent
jurisdiction prior to disclosure; or (iii) disclosed to the receiving party’s agents, representatives and legal counsel on
a need to know basis who each agree in writing not to disclose such information to any third party. Pursuant to Section 118(5)
of the Arbitration Act, the arbitrator is hereby authorized and directed to issue a protective order to prevent the disclosure
of privileged information and confidential information upon the written request of either party.

3.9           The
parties hereby authorize and direct the arbitrator to take such actions and make such rulings as may be necessary to carry out
the parties’ intent for the arbitration proceedings to be efficient and expeditious. Pursuant to Section 120 of the Arbitration
Act, the parties hereby agree that an Arbitration Award must be made within 150 days after the Arbitration Commencement Date. The
arbitrator is hereby authorized and directed to hold a scheduling conference within ten (10) calendar days after the Arbitration
Commencement Date in order to establish a scheduling order with various binding deadlines for discovery, expert testimony, and
the submission of documents by the parties to enable the arbitrator to render a decision prior to the end of such 150-day period.
The Utah Rules of Evidence will apply to any final hearing before the arbitrator.

    	Arbitration Provisions, Page 3

    	 

    

 

3.10         The
arbitrator shall have the right to award or include in the Arbitration Award any relief which the arbitrator deems proper under
the circumstances, including, without limitation, specific performance and injunctive relief, provided that the arbitrator may
not award exemplary or punitive damages.

3.11         If
any part of these Arbitration Provisions is found to violate applicable law or to be illegal, then such provision shall be modified
to the minimum extent necessary to make such provision enforceable under applicable law.

3.12         The
arbitrator is hereby directed to require the losing party to (i) pay the full amount of any unpaid costs and fees of the arbitrator,
and (ii) reimburse the prevailing party the reasonable attorneys’ fees, arbitrator costs, deposition costs, and other discovery
costs incurred by the prevailing party.

4.          Appeals.

4.1           Following
the entry of the Arbitration Award, either party (the “Appellant”) shall have a period of thirty (30) days in
which to notify the other party (the “Appellee”), in writing, that it elects to appeal (the “Appeal”)
the Arbitration Award (such notice, an “Appeal Notice”). The date the Appellant delivers an Appeal Notice to
the Appellee is referred to herein as the “Appeal Date”. The Appeal Notice must be delivered to the Appellee
in accordance with the provisions of Paragraph 3.1 above with respect to delivery of an Arbitration Notice and must describe the
nature of the appeal and the remedies sought. In addition, together with its delivery of an Appeal Notice to the Appellee, the
Appellant must also pay for (and provide proof of such payment to the Appellee together with its delivery of the Appeal Notice)
a bond in the amount of 110% of the sum it owes to the Appellee as a result of the final decision made by the arbitrators that
it is appealing. In the event neither party delivers an Appeal Notice to the other within the deadline prescribed in this Paragraph
4.1, each party shall lose its right to appeal and the decision of the arbitrator shall be final.

4.2           In
the event an Appellant delivers an Appeal Notice to the Appellee in compliance with the provisions of Paragraph 4.1 above, the
following provisions shall apply with respect to the Appeal:

(a)          The
Appeal will be heard by a three (3) person arbitration panel (the “Appeal Panel”). Within ten (10) calendar
days after the Appeal Date, the Appellee shall select and submit to the Appellant the names of five (5) arbitrators that are designated
as “neutrals” or qualified arbitrators by Utah ADR Services (http://www.utahadrservices.com) (such five designated
persons hereunder are referred to herein as the “Proposed Appeal Arbitrators”). For the avoidance of doubt,
each Proposed Appeal Arbitrator must be qualified as a “neutral” with Utah ADR Services. Within ten (10) calendar
days after the Appellee has submitted to the Appellant the names of the Proposed Appeal Arbitrators, the Appellant must select,
by written notice to the Appellee, three (3) of the Proposed Appeal Arbitrators to act as the members of the Appeal Panel. If
the Appellant fails to select three (3) of the Proposed Appeal Arbitrators in writing within such 10-day period, then the Appellee
may select such three (3) arbitrators from the Proposed Appeal Arbitrators by providing written notice of such selection to the
Appellant. If the Appellee fails to identify the Proposed Appeal Arbitrators within the time period required above, then the Appellant
may at any time prior to the Appellee designating the Proposed Appeal Arbitrators, select the names of the five (5) Proposed Appeal
Arbitrators. The Appellee may then, within ten (10) calendar days after the Appellant has submitted notice of its Proposed Appeal
Arbitrators to the Appellee, select, by written notice to the Appellant, three (3) of the Proposed Appeal Arbitrators to serve
on the Appeal Panel. If the Appellee fails to select in writing and within such 10-day period the three (3) members of the Appeal
Panel, then the Appellant may select such three (3) members of the Appeal Panel by providing written notice of such selection
to the Appellee. After the three (3) members of the Appeal Panel are selected, the Appellee shall designate in writing to the
Appellant the name of one of such three (3) arbitrators to serve as the lead arbitrator. Subject to Paragraph 4.2(d) below, the
cost of the Appeal Panel must be paid entirely by the Appellant. If Utah ADR Services ceases to exist or to provide a list of
neutrals, then the arbitrators shall be selected under the then prevailing rules of the American Arbitration Association. The
date that all three (3) selected arbitrators agree in writing to serve as the arbitrators hereunder is referred to herein as the
“Appeal Commencement Date”.

(b)          Within
seven (7) days of the Appeal Commencement Date, Appellant shall deliver to the Appeal Panel and to Appellee a memorandum in support
of appeal describing in detail its basis and arguments for appealing the Arbitration Award (the “Memorandum in Support”).
Within seven (7) days of Appellant’s delivery of the Memorandum in Support, Appellee shall deliver to the Appeal Panel and
to Appellant a memorandum in opposition to the Memorandum in Support (the “Memorandum in Opposition”). Within
seven (7) days of Appellee’s delivery of the Memorandum in Opposition, Appellant shall deliver to the Appeal Panel and to
Appellee a reply memorandum to the Memorandum in Opposition.

 

    	Arbitration Provisions, Page 4

    	 

    

 

(c)          The
parties hereby agree that the Appeal must be heard by the Appeal Panel within thirty (30) calendar days of the Appeal Commencement
Date and that the Appeal Panel’s Arbitration Award must be made within thirty (30) days after the Appeal is heard, and in
any event within sixty (60) days of the Appeal Commencement Date. The Utah Rules of Evidence will apply to any final hearing before
the Appeal Panel.

(d)          The
Appeal Panel is hereby directed to require the losing party to (i) pay the full amount of any unpaid costs and fees of the Appeal
Panel, and (ii) reimburse the prevailing party the reasonable attorneys’ fees, arbitrator costs, deposition costs, and other
discovery costs incurred by the prevailing party.

  

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    	Arbitration Provisions, Page 5

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