Document:

Stockholders Agreement

 Exhibit 10.2 
  
  
 STOCKHOLDERS AGREEMENT 
 by and among 
 STREAM GLOBAL SERVICES, INC., 
 ARES CORPORATE OPPORTUNITIES FUND II, L.P., 
 EGS DUTCHCO, B.V., 

 NEWBRIDGE INTERNATIONAL INVESTMENT LTD., 
 MR. R. SCOTT MURRAY 
 and 
 TRILLIUM CAPITAL LLC 
 Dated as of October 1, 2009 
  
  

 TABLE OF CONTENTS 
  

							
	 	  	Page
			
	1.	  	EFFECTIVENESS; DEFINITIONS	  	2
				
		  	1.1	  	Effectiveness	  	2
		  	1.2	  	Definitions	  	2
			
	2.	  	VOTING AGREEMENT AMONG VOTING INVESTORS	  	2
				
		  	2.1	  	Board of Directors	  	2
		  	2.2	  	Irrevocable Proxy	  	7
		  	2.3	  	Nomination	  	8
		  	2.4	  	Period	  	8
			
	3.	  	TRANSFER RESTRICTIONS	  	8
				
		  	3.1	  	Transfers Prohibited	  	8
		  	3.2	  	Transferees to Become Parties	  	9
		  	3.3	  	Restrictions on Transfers to Competitors	  	10
		  	3.4	  	Other Restrictions on Transfer	  	10
		  	3.5	  	Impermissible Transfers	  	10
			
	4.	  	RIGHT OF FIRST OFFER, TAG ALONG RIGHTS, DRAG ALONG RIGHTS	  	10
				
		  	4.1	  	Right of First Offer	  	10
		  	4.2	  	Tag Along	  	13
		  	4.3	  	Sale Event Drag Along	  	15
		  	4.4	  	Miscellaneous Sale Provisions	  	16
			
	5.	  	RIGHT OF PARTICIPATION	  	19
				
		  	5.1	  	Right of Participation	  	19
		  	5.2	  	Warrant Participation Rights	  	21
		  	5.3	  	Excluded Transactions	  	22
		  	5.4	  	Other Participation Terms	  	23
			
	6.	  	APPROVAL RIGHTS	  	24
				
		  	6.1	  	Unanimous Stockholder Approval Rights	  	24
		  	6.2	  	Other Stockholder Approval Rights	  	25
		  	6.3	  	Board Approval Requirements	  	26
			
	7.	  	ADDITIONAL AGREEMENTS	  	27
				
		  	7.1	  	Inspection	  	27
		  	7.2	  	Financial Statements and Other Information	  	27
		  	7.3	  	Directors’ and Officers’ Insurance; Indemnification Agreement	  	28
		  	7.4	  	Other Business Opportunities	  	29
		  	7.5	  	Confidentiality	  	30
		  	7.6	  	Reimbursement and Obligation to Pay Fees	  	31

  

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 TABLE OF CONTENTS 
 (continue) 
  

							
	 	  	Page
			
	8.	  	REMEDIES	  	31
			
	9.	  	LEGENDS	  	31
				
		  	9.1	  	Restrictive Legend	  	31
		  	9.2	  	1933 Act Legend	  	31
		  	9.3	  	Stop Transfer Instruction	  	32
		  	9.4	  	Termination of 1933 Act Legend	  	32
		  	9.5	  	Book-Entry Shares	  	32
			
	10.	  	AMENDMENT, TERMINATION, ETC	  	32
				
		  	10.1	  	Oral Amendments	  	32
		  	10.2	  	Written Amendments	  	32
		  	10.3	  	Termination	  	33
		  	10.4	  	Effect of Termination	  	33
			
	11.	  	DEFINITIONS, ETC	  	33
				
		  	11.1	  	Certain Matters of Construction	  	33
		  	11.2	  	Definitions	  	34
			
	12.	  	MISCELLANEOUS	  	44
				
		  	12.1	  	Stock Incentive Plan	  	44
		  	12.2	  	Authority; Effect	  	44
		  	12.3	  	Notices	  	45
		  	12.4	  	Binding Effect; Etc	  	47
		  	12.5	  	Counterparts	  	48
		  	12.6	  	Severability	  	48
		  	12.7	  	No Recourse	  	48
		  	12.8	  	Reimbursement of Expenses	  	48
			
	13.	  	GOVERNING LAW	  	49
				
		  	13.1	  	Governing Law	  	49
		  	13.2	  	Consent to Jurisdiction	  	49
		  	13.3	  	WAIVER OF JURY TRIAL	  	49
		  	13.4	  	Exercise of Rights and Remedies	  	50

  

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 STOCKHOLDERS AGREEMENT 
 This Stockholders Agreement (the “Agreement”) is made as of October 1, 2009 and is by and among 
 (i) Stream Global Services, Inc., a Delaware corporation (the “Company”); 
 (ii) Ares Corporate Opportunities Fund II, L.P., a Delaware limited partnership (“Ares”; together with its Permitted
Transferees, if any, that become parties to this Agreement as “Investors” in accordance with Section 3.2, the “Ares Investors”); 
 (iii) EGS Dutchco B.V., a Netherlands corporation (“PEP”; together with its Permitted Transferees, if any, that become parties to this Agreement as “Investors” in
accordance with Section 3.2, the “PEP Investors”); 
 (iv) NewBridge International Investment Ltd., a
British Virgin Islands company (“Ayala”; together with its Permitted Transferees, if any, that become parties to this Agreement as “Investors” in accordance with Section 3.2, the “Ayala
Investors”); 
 (v) Mr. R. Scott Murray, a resident of Wellesley Massachusetts (“Mr. Murray”;
together with his Permitted Transferees, if any, that become parties to this Agreement as “Investors” in accordance with Section 3.2, the “Murray Investors”); and 
 (vi) Trillium Capital LLC, a Delaware limited liability company (“Trillium”; together with its Permitted Transferees, if
any, that become parties to this Agreement as “Investors” in accordance with Section 3.2, the “Trillium Investors”). 
 RECITALS 
 1. The Company is party to the Share Exchange Agreement, dated
as of August 14, 2009 (the “Exchange Agreement”), by and among the Company, EGS Corp., Ayala and PEP, pursuant to which the Company has agreed to acquire (the “Transaction”) all of the issued and outstanding
shares of EGS Corp. (the “EGS Corp. Shares”). 
 2. In connection with the closing of the Transaction (the
“Closing”), (a) the Company will issue shares of Common Stock and/or Non-Voting Common Stock to Ayala and PEP in exchange for all of the EGS Corp. Shares and (b) the Company will issue shares of Common Stock to Ares upon
conversion of all of the issued and outstanding shares of preferred stock of the Company and in exchange for warrants to purchase 7,500,000 shares of Common Stock held by Ares. 
 3. The parties are party to a Stockholders Agreement dated as of August 14, 2009 and desire to amend and restate such agreement in
order to set forth in this Agreement their agreements on certain matters. 

 AGREEMENT 
 Therefore, the parties hereto hereby agree that the Stockholders Agreement dated as of August 14, 2009 by and among the Company, Ares, PEP, Ayala, Mr. Murray and Trillium is hereby amended and
restated in its entirety to read as follows: 
 1. EFFECTIVENESS; DEFINITIONS. 
 1.1 Effectiveness. This Agreement is being entered into before, but will not become effective until, the consummation of the
Transaction. If the Exchange Agreement is terminated prior to the consummation of the Transaction, then this Agreement will automatically terminate. Upon the effectiveness of this Agreement, the Stockholder’s Agreement dated as of
August 7, 2008 by and between the Company and Ares shall terminate and be of no further force or effect. 
 1.2
Definitions. Certain terms are used in this Agreement as specified in Section 11.2. For purposes of this Agreement, each share of Non-Voting Common Stock shall be deemed to be the share of Common Stock issuable upon conversion of such
share of Non-Voting Common Stock, whether or not then convertible. 
 2. VOTING AGREEMENT AMONG VOTING INVESTORS. 
 2.1 Board of Directors. 
 2.1.1 Board Size. Each Voting Investor hereby agrees to take all necessary actions to cause the size of the board of directors of the Company (the “Board”) to be fixed at the
number of directors elected in accordance with Section 2.1.2, which number shall initially be eleven (11). 
 2.1.2
Designation of Directors. Each Voting Investor hereby agrees to cast all votes to which such Voting Investor is entitled in respect of the Shares, whether at any annual or special meeting, by written consent or otherwise, so as to elect as
the members of the Board: 
 (a) (i) a total of three (3) directors designated by the Ares Significant Investor for
so long as such Ares Significant Investor, together with its Affiliates, continues to own Shares representing (A) at least two-thirds of the total number of Shares owned by Ares and its Affiliates upon the Closing and (B) at least fifteen
percent (15%) of the then outstanding shares of Common Stock; or (ii) a total of two (2) directors designated by the Ares Significant Investor for so long as such Ares Significant Investor, together with its Affiliates, continues to
own Shares representing (A) at least fifty percent (50%) of the total number of Shares owned by Ares and its Affiliates upon the Closing and (B) at least seven and one-half percent (7.5%) of the then outstanding shares of Common
Stock; or (iii) one (1) director designated by the Ares Significant Investor for so long as the Ares Significant Investor, together with its Affiliates, continues to own Shares representing at least twenty-five percent (25%) of the
total number of Shares owned by Ares and its Affiliates upon the Closing; 
  

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 (b) (i) a total of three (3) directors designated by the Ayala Significant
Investor and the PEP Significant Investor (by action of the holders of a majority of the Shares owned by the Ayala Significant Investor and the PEP Significant Investor) for so long as such Ayala Significant Investor and such PEP Significant
Investor, together with their respective Affiliates, collectively continue to own Shares representing (A) at least two-thirds of the total number of Shares owned by Ayala, PEP and their respective Affiliates upon the Closing and (B) at
least fifteen percent (15%) of the then outstanding shares of Common Stock; or (ii) a total of two (2) directors designated by the Ayala Significant Investor and the PEP Significant Investor (by action of the holders of a majority of
the Shares owned by the Ayala Significant Investor and the PEP Significant Investor) for so long as such Ayala Significant Investor and such PEP Significant Investor, together with their respective Affiliates, collectively continue to own Shares
representing (A) at least fifty percent (50%) of the total number of Shares owned by Ayala, PEP and their respective Affiliates upon the Closing and (B) at least seven and one-half percent (7.5%) of the then outstanding shares of
Common Stock; or (iii) one (1) director designated by the Ayala Significant Investor and the PEP Significant Investor (by action of the holders of a majority of the Shares owned by the Ayala Significant Investor and the PEP Significant
Investor) for so long as such Ayala Significant Investor and such PEP Significant Investor, together with their respective Affiliates, collectively continue to own Shares representing at least twenty-five percent (25%) of the total number of
Shares owned by Ayala, PEP and their respective Affiliates upon the Closing; 
 (c) one Independent Director designated by the
Board with Requisite Board Approval; provided that such Independent Director shall be Mr. Paul Joubert until Mr. Joubert’s successor is duly elected and qualified, or until Mr. Joubert’s death, or until
Mr. Joubert’s earlier disqualification, resignation, retirement or removal; 
 (d) one Independent Director
designated (i) by the Ares Significant Investor for so long as the Ares Significant Investor, together with its Affiliates, continues to own Shares representing (A) at least one-third of the total number of Shares owned by Ares and its
Affiliates upon the Closing or (B) at least fifteen percent (15%) of the then outstanding shares of Common Stock and (ii) thereafter, by the Board with Requisite Board Approval; 
 (e) one Independent Director designated (i) by the Ayala Significant Investor and the PEP Significant Investor (by action of the
holders of a majority of the Shares owned by the Ayala Significant Investor and the PEP Significant Investor) for so long as the Ayala Significant Investor and the PEP Significant Investor, together with their respective Affiliates, collectively
continue to own Shares representing (A) at least one-third of the total number of Shares owned by Ayala, PEP and their respective Affiliates upon the Closing or (B) at least fifteen percent (15%) of the then outstanding shares of
Common Stock and (ii) thereafter, by the Board with Requisite Board Approval; 
  

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 (f) the individual who holds the position of Chief Executive Officer of the Company from
time to time; and 
 (g) one Independent Director designated by the Board with Requisite Board Approval; provided that
such Independent Director shall be Mr. G. Drew Conway until Mr. Conway’s successor is duly elected and qualified, or until Mr. Conway’s death, or until Mr. Conway’s earlier disqualification, resignation, retirement
or removal; provided further that no individual shall be designated pursuant to this clause (g) if the members of the Board designated pursuant to the other clauses of this Section 2.1.2 include the minimum number of
individuals who would satisfy the applicable director independence requirements as is necessary for the continued listing of the Common Stock on the New York Stock Exchange, American Stock Exchange or such other national securities exchange or
market on which the Common Stock is then listed, including a sufficient number of directors to comprise the requisite committees of the Board in accordance with Rule 10A-3 under the Exchange Act and any other applicable law or any rule or regulation
of any national securities exchange or market or national securities association that is then applicable to the Company. 
 Each of the members
of the Board elected pursuant to this Section 2.1.2 (other than the members of the Board elected pursuant to clauses (c), (f) or (g) hereof) is referred to herein as a “Significant Investor Director.” The PEP
Significant Investor and the Ayala Significant Investor (by action of the holders of a majority of the Shares owned by the Ayala Significant Investor and the PEP Significant Investor) shall inform the Company with respect to directors that from time
to time are designated pursuant to clauses (b) or (e) hereof whether such director shall be referred to herein as a “PEP Director” or an “Ayala Director.” Any director designated by the Ares Significant
Investor pursuant to clauses (a) or (d) hereof shall be referred to herein as an “Ares Director.” 
 2.1.3 Removal; Replacement; Vacancies. No Voting Investor shall cast any vote to which such Voting Investor is entitled in respect of the Shares, whether at any annual meeting or special meeting, by written consent or otherwise, to
remove any member of the Board elected pursuant to Section 2.1.2 (other than clause (f) thereof) except for cause or with respect to (i) any Significant Investor Director, upon the express written instructions of the Significant
Investor(s) that designated such director in accordance with Section 2.1.2 and (ii) (A) any director elected pursuant to Section 2.1.2(c) or (g) and (B) any Significant Investor Director elected by the Board with
Requisite Board Approval pursuant to Section 2.1.2(d) or (e), upon the express written instructions of the Board with Requisite Board Approval (each of the Significant Investor(s) designating a director pursuant to Section 2.1.2 and the
Board with Requisite Board Approval designating a director elected pursuant to Section 2.1.2(c) or (g) shall be referred to herein as a “Designating Party”). If, following election to the Board, any member of the Board
elected pursuant to Section 2.1.2 (other than clause (f) thereof) resigns, is removed in accordance with this Section 2.1.3, or is unable to serve for any reason prior to the expiration of his or her term as a director, then the
applicable Designating Party may designate a replacement. If the applicable Designating Party does not designate a replacement, then the Voting Investors shall cause the relevant

  

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directorship to be vacant. The Company shall take all actions as and when reasonably requested by a Designating Party, and each Voting Investor hereby agrees to cast all votes to which such
Voting Investor is entitled in respect of the Shares, whether at any annual or special meeting, by written consent or otherwise, in each case so as to (i) cause the election to the Board of any person designated as a replacement Significant
Investor Director or as a replacement to a director elected pursuant to Section 2.1.2(c) or (g) in accordance with this Section 2.1.3 and (ii) cause the removal of a Significant Investor Director or the removal of a director
elected pursuant to Section 2.1.2(c) or (g) upon the express written instructions of the applicable Designating Party to remove such Significant Investor Director or director elected pursuant to Section 2.1.2(c) or (g). No Voting
Investor shall cast any vote to which such Voting Investor is entitled in respect of the Shares, whether at any annual meeting or special meeting, by written consent or otherwise to remove the director elected pursuant to Section 2.1.2(f),
except for cause, if such director continues to serve as the Chief Executive Officer of the Company. In the event that the director elected pursuant to Section 2.1.2(f) no longer serves as the Chief Executive Officer of the Company, each Voting
Investor hereby agrees to cast all votes to which such Voting Investor is entitled in respect of the Shares, whether at any annual or special meeting, by written consent or otherwise, in each case so as to remove such person from the Board without
cause and to appoint the Chief Executive Officer of the Company as such director’s replacement. 
 2.1.4 Committees.
The Company shall, and each Voting Investor shall, take all necessary actions to, cause the Board to maintain the following committees: (a) an audit committee, (b) a compensation committee, (c) a nominating and governance committee
and (d) such other committees, if any, as the Board may determine to maintain; provided that the appointment of committee members and the delegation of the Board’s authority to a committee shall be consistent with the by-laws of the
Company; and provided, further, that, subject to any applicable law (including Rule 10A-3 under the Exchange Act) or rule or regulation of any national securities exchange or market or national securities association that is then
applicable to the Company (including applicable “director independence” requirements), the Company shall, and each Voting Investor shall, take all necessary actions to, cause (i) for so long as the Ayala Significant Investor and the
PEP Significant Investor, together with their respective Affiliates, collectively continue to own Shares representing at least twenty-five percent (25%) of the total number of Shares owned by Ayala, PEP and their respective Affiliates upon the
Closing, except as otherwise agreed in writing by the holders of a majority of the Shares owned by the Ayala Significant Investor and the PEP Significant Investor, the composition of any committee of the Board to include a number of directors
(rounded down to the nearest whole number (but not less than one)) designated to serve on such committee by the Ayala Significant Investor and the PEP Significant Investor (by action of the holders of a majority of the Shares owned by the Ayala
Significant Investor and the PEP Significant Investor) equal to the product of (x) the result obtained by dividing (A) the number of directors then designated by the Ayala Significant Investor and the PEP Significant Investor pursuant to
Sections 2.1.2(b) and (e) by (B) the total number of directors on the Board and (y) the total number of directors on such committee, and (ii)

  

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for so long as the Ares Significant Investor, together with its Affiliates, continues to own Shares representing at least twenty-five percent (25%) of the total number of Shares owned by
Ares and its Affiliates upon the Closing, except as otherwise agreed in writing by the Ares Significant Investor, the composition of any committee of the Board to include a number of directors (rounded down to the nearest whole number (but not less
than one)) designated to serve on such committee by the Ares Significant Investor equal to the product of (x) the result obtained by dividing (A) the number of directors then designated by the Ares Significant Investor pursuant to Sections
2.1.2(a) and (d) by (B) the total number of directors on the Board and (y) the total number of directors on such committee. Notwithstanding anything to the contrary herein, no director designated by a Significant Investor pursuant to
Section 2.1.2 shall serve as a member of any committee established by the Board to consider any transaction as to which such Significant Investor may have a conflict of interest, as reasonably determined by a majority of the non-interested
directors serving on the Board. 
 2.1.5 Chairman of the Board; Vice Chairman of the Board; Officers. The Company shall,
and each Voting Investor shall, take all necessary actions to, cause the Board (a) to elect the individual serving as the Company’s Chief Executive Officer as the Chairman of the Board for so long as he serves as Chief Executive Officer
and (b) for so long as Mr. Fred Ayala is a member of the Board designated by the Ayala Significant Investor and the PEP Significant Investor pursuant to Section 2.1.2(b), to elect Mr. Ayala as the Vice Chairman of the Board and
as the non-executive chairman of the boards of directors of the Company’s subsidiaries, EGS Corp., EGS Acquisition Corp. and eTelecare Global Solutions, Inc. The Company and each Significant Investor agree that, upon the Closing, subject to the
Board’s and the Significant Investors’ ability to remove such persons from such positions after the Closing, (i) Mr. R. Scott Murray shall serve as the Company’s Chief Executive Officer and Chairman of the Board and
(ii) Mr. Paul Joubert shall serve as a member of the Board and the Chairman of the audit committee of the Board. 
 2.1.6 Independent Directors. Each Significant Investor agrees to reasonably cooperate with each other Significant Investor to designate as directors pursuant to Sections 2.1.2(a) and (b) such number of individuals who would
satisfy the applicable director independence requirements as is necessary for the continued listing of the Common Stock on the New York Stock Exchange, American Stock Exchange or such other national securities exchange or market on which the Common
Stock is then listed (assuming the Board makes such affirmative determination of independence as is required by the applicable rules or regulations of such exchange). In the event that, after taking into account the director designees of the
Significant Investors pursuant to Sections 2.1.2(a) and (b), the Board would not satisfy the independence requirements necessary for the continued listing of the Common Stock on the New York Stock Exchange, American Stock Exchange or such other
national securities exchange or market on which the Common Stock is then listed, the Significant Investors agree to negotiate in good faith to replace their designated directors, to the extent necessary, in order to satisfy the applicable director
independence requirements necessary for the

  

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continued listing of the Common Stock on the New York Stock Exchange, American Stock Exchange or such other national securities exchange or market on which the Common Stock is then listed.

 2.1.7 Subsidiaries. The board of directors (and any committees thereof) of all Subsidiaries of the Company will
consist of such persons as the Company shall designate, subject to applicable laws; provided that if a representative of a Significant Investor is appointed to the board of directors (or any committee thereof) of a Subsidiary of the Company
(other than EGS Corp., EGS Acquisition Corp. or eTelecare Global Solutions, Inc.), then each of the Ares Significant Investor, on the one hand, and the Ayala Significant Investor and the PEP Significant Investor (by action of the holders of a
majority of the Shares owned by the Ayala Significant Investor and the PEP Significant Investor), on the other hand, shall have the right to appoint members to such board of directors (or committees) in the same manner as provided for committees of
the Board in Section 2.1.4. 
 2.1.8 Quorum of the Board. The greater of (a) a majority of the directors at any
time in office and (b) one-third of the number of directors established by the Board of Directors pursuant to Section 2.2 of the Company’s By-laws shall constitute a quorum of the Board; provided, that so long as an Ares
Director, a PEP Director or an Ayala Director serves on the Board, the presence of an Ares Director, a PEP Director and an Ayala Director, as the case may be, shall also be required to constitute a quorum of the Board; provided, however,
that, if an Ares Director, a PEP Director or an Ayala Director is not present at any two consecutive meetings of the Board, then the presence of an Ares Director, a PEP Director or an Ayala Director, as the case may be, shall not be required to
constitute a quorum of the Board for the following meeting of the Board. If at any meeting of the Board there shall be less than such a quorum, a majority of the directors present may adjourn the meeting from time to time without further notice
other than announcement at the meeting, until a quorum shall be present. 
 2.1.9 Quorum of a Committee of the Board. A
majority of the members of any committee of the Board shall constitute a quorum of such committee; provided, that, so long as an Ares Director, a PEP Director or an Ayala Director serves on any committee of the Board, the presence of such
Ares Director, PEP Director and Ayala Director, as the case may be, shall also be required to constitute a quorum of such committee of the Board; provided, that, if an Ares Director, a PEP Director or an Ayala Director that is a member of a
committee is not present at any two consecutive meetings of such committee of the Board, then the presence of such Ares Director, PEP Director or Ayala Director, as the case may be, shall not be required to constitute a quorum of such committee for
the following meeting of the committee. If at any meeting of a committee of the Board there shall be less than such a quorum, a majority of the members of such committee present may adjourn the meeting from time to time without further notice other
than announcement at the meeting, until a quorum shall be present. 
 2.2 Irrevocable Proxy. Each Voting Investor shall,
at any time it is then entitled to vote for the election of directors to the Board, vote all of the Shares that it is

  

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entitled to vote, or execute proxies or written consents, as the case may be, and take all other necessary action (including causing the Company to call a special meeting of stockholders) in
order to ensure that the composition of the Board is as set forth in Section 2.1.2. Solely with respect to the matters contemplated in this Section 2, each Voting Investor hereby grants to each other Voting Investor an irrevocable proxy
coupled with an interest to vote, including in any action by written consent, all of the Shares that it is entitled to vote in accordance with such Voting Investor’s agreements contained in this Section 2. 
 2.3 Nomination. The Company shall cause each individual designated to serve as a director pursuant to Section 2.1.2 to be
nominated to serve as a director on the Board, and to take all other necessary actions (including calling a special meeting of the Board and/or stockholders) to ensure that the composition of the Board is as set forth in Sections 2.1.2. 

2.4 Period. The foregoing provisions of this Section 2 shall terminate, with respect to any particular provision, on the last
date permitted by applicable law (including the rules of the Commission or any national securities exchange or market or national securities association upon which equity securities of the Company are listed) for such provision to remain in effect.
For the avoidance of doubt, none of the Murray Investors, including Mr. Murray, nor any of the Trillium Investors, including Trillium, shall be considered an Investor for purposes of this Section 2 nor shall be bound by the terms of this
Section 2. 
 3. TRANSFER RESTRICTIONS. 
 3.1 Transfers Prohibited. Except as otherwise set forth in Section 3.1.1 or 4.3, no Investor shall Transfer any of such Investor’s Shares or any interest therein to any other Person on or
prior to the second anniversary of the date of the Exchange Agreement, without the prior written consent of each Significant Investor. No Investor shall Transfer any of their respective Public Warrants or any interest therein to any other Person
(other than to the Company), without the prior written consent of each Significant Investor. If an Investor proposes a Transfer of a type permitted by more than one subsection of this Section 3.1, then such Investor shall designate, by written
notice to the Company, the specific subsection pursuant to which such Investor intends to make such Transfer, which will be treated for all purposes under this Agreement as the subsection under which such Transfer is made. 
 3.1.1 Permissible Transfers. The following Transfers (each a “Permissible Transfer”) shall not be subject to the
provisions of Section 3.1, 3.1.2, 4.1 or 4.2. 
 (a) Prior to the exercise of the “drag along right” contained
in Section 4.3, any Significant Investor may Transfer any or all of such Significant Investor’s Shares to any of such Significant Investor’s Equity Holders; provided, that such Transfer is consummated as a distribution-in-kind
to each of such Significant

  

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Investor’s Equity Holders on a pro rata basis. Subject to Section 3.2, any such Equity Holder shall not be entitled to any rights under, nor be bound by the terms of, this Agreement.
Any Shares so Transferred shall conclusively be deemed thereafter not to be Shares under this Agreement. 
 (b) Subject to
Section 3.2, any Investor may Transfer any or all of such Investor’s Shares to any of such Investor’s Permitted Transferees, so long as such Permitted Transferee agrees to be bound by the terms of this Agreement in accordance with
Section 3.2 (if not already bound hereby). Any Shares so Transferred shall conclusively be deemed thereafter to be Shares under this Agreement. In the event that a Permitted Transferee holding any Shares ceases to qualify, or expects to cease
to qualify, as a Permitted Transferee in relation to the initial transferring Investor from whom or which such Permitted Transferee or any previous Permitted Transferee of such initial transferring Investor received such Shares (an
“Unwinding Event”), prior to such Unwinding Event, such initial transferring Investor shall take all actions necessary to effect a Transfer of all the Shares held by the relevant Permitted Transferee either back to such Investor or,
pursuant to this Section 3.1.1, to another Person that qualifies as a Permitted Transferee of such initial transferring Investor. 
 (c) Transfers by a Participating Seller pursuant to Section 4.2 or 4.3, as applicable. 
 (d) Transfers pursuant to a tender offer subject to Section 14(d)(1) of the Exchange Act (other than a tender offer made by an Investor). 
 (e) Transfers pursuant to Rule 144 or an effective registration statement under the Securities Act. 
 3.1.2 Post Second Anniversary Transfers. After the second anniversary of the date of the Exchange Agreement, each Investor shall have
the right to Transfer any or all of such Investor’s Shares or any interest therein to any other Person, subject to the “right of first offer” provisions contained in Section 4.1 and the “tag along” provisions contained
in Section 4.2; provided, that any Permissible Transfer shall not be subject to the “right of first offer” provisions contained in Section 4.1 or the “tag along” provisions contained in Section 4.2.

 3.2 Transferees to Become Parties. Any transferee receiving Shares in a Transfer pursuant to Section 3.1.1 or
3.1.2 (other than in an Exempt Transfer) shall become an Investor party to this Agreement and be subject to the terms and conditions of, and be entitled to enforce, this Agreement, to the same extent, and in the same capacity, as the Investor that
Transfers such Shares to such transferor. Prior to the Transfer of any Shares to any transferee pursuant to Section 3.1.1 or 3.1.2 (other than an Exempt Transfer), and as a condition thereto, the Investor effecting such Transfer shall cause
such transferee to deliver to the Company and the other Investors a written agreement substantially in the form of Exhibit A (or in form and substance that is otherwise reasonably satisfactory to the Company and a Requisite Majority), to be
bound by the terms and conditions of this Agreement, to the extent described in the preceding sentence. 
  

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 3.3 Restrictions on Transfers to Competitors. Notwithstanding anything in this
Agreement to the contrary, except (i) in connection with a “drag-along sale” pursuant to Section 4.3, (ii) a Change of Control transaction, or (iii) a Transfer unanimously approved by all of the Significant Investors
and Mr. Murray (for so long as he is the Chief Executive Officer of the Company), no Investor shall Transfer any of such Investor’s Shares to a Company Competitor. 
 3.4 Other Restrictions on Transfer. The restrictions on transfer contained in this Agreement are in addition to any other
restrictions on transfer to which an Investor may be subject, including any restrictions on transfer contained in the Company’s certificate of incorporation, stock option or warrant agreement, stock purchase agreement or other agreement to
which such Investor is a party or by which such Investor is bound or any applicable lock up rules and regulations of any national securities exchange or market or national securities association. 
 3.5 Impermissible Transfers. Any Transfer of Shares not made in compliance with the terms of this Section 3 shall be null and
void ab initio, and the Company shall not in any way give effect to any such Transfer. 
 4. RIGHT OF FIRST OFFER, TAG ALONG RIGHTS
AND DRAG ALONG RIGHTS. 
 4.1 Right of First Offer. If an Investor or group of Investors (collectively, the
“Prospective Selling Investor”) desires to Transfer any Shares (the “Offered Shares”), other than in a Permissible Transfer, then the provisions of this Section 4.1 will apply to such Transfer. 
 4.1.1 Notice. The Prospective Selling Investor shall, prior to any such proposed Transfer, furnish a written notice of its desire to
do so (the “Transfer Notice”) to the Company and each of the Significant Investors. The Transfer Notice shall include the number of Offered Shares. 
 4.1.2 Company’s Option to Purchase. Subject to Section 4.2, except in the event of a proposed Transfer that would result in a Change of Control (in which case only the Significant
Investors shall have the right to purchase the Offered Shares), the Company shall have the first option to offer to purchase, for cash payable at the closing of such Transfer, all or any part of the Offered Shares. The Company may exercise such
option, subject to approval by a majority of the disinterested members of the Board, no later than ten (10) days after such Transfer Notice is delivered, by delivering a written notice to the Prospective Selling Investor setting forth the
Company’s offer to purchase the Offered Shares, including (i) the cash price per Share at which the Company is willing to purchase the Offered Shares and (ii) the maximum number of Offered Shares the Company is willing to purchase
(the “Company Exercise Notice”). In the event the

  

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Company does not exercise its option within such 10-day period with respect to all of the Offered Shares, the Company shall, by the last day of such period, give written notice of that fact to
the Significant Investors (the “Investor Notice”). The Investor Notice shall specify the number of Offered Shares that the Company has not offered to purchase (the “Remaining Shares”). 
 4.1.3 Investors’ Option to Purchase. Subject to Section 4.2, each other Significant Investor shall have an option,
exercisable for a period of ten (10) days from the date of delivery of the Investor Notice, to offer to purchase, for cash payable at the closing of such Transfer, all or any portion of the Remaining Shares. Such option shall be exercised by
delivery by such Significant Investor of written notice to the Prospective Selling Investor and the Company setting forth the principal terms and conditions of the Significant Investor’s offer to purchase the Offered Shares, including
(i) the cash price per Share at which such Significant Investor is willing to purchase the Offered Shares and (ii) the maximum number of Offered Shares such Significant Investor is willing to purchase (the “Investor Exercise
Notice”). If the number of Offered Shares so specified by all other Significant Investors exceeds the total number of Remaining Shares, the Remaining Shares available for purchase by each such Significant Investor shall be allocated to such
Significant Investor on a pro rata basis according to the number of Shares then owned by each such Significant Investor. The option to offer to purchase (and all related rights) under this Section 4.1 shall terminate with respect to a
Significant Investor on the first date on which such Significant Investor no longer owns Shares representing at least seven and one-half percent (7.5%) of the then outstanding shares of Common Stock. 
 4.1.4 Acceptance or Rejection of Exercise Notice. 
 (a) The Prospective Selling Investor shall have (i) ten (10) days from the date of delivery of the Company Exercise Notice or (ii) if an Investor Notice is delivered, ten (10) days
from the date of delivery of the Investor Exercise Notice(s), to accept or reject in writing any offer by the Company or any Significant Investor (the “Acceptance Period”); provided, that if the accepted offers specify a number of
shares in excess of the number of Offered Shares, the Offered Shares available for purchase by each offeror shall be allocated in the manner that will provide the maximum aggregate purchase price. If more than one allocation provides the maximum
aggregate purchase price, the Offered Shares shall be allocated (i) first, to the Company, if the Company’s offer has been accepted and such allocation does not reduce the aggregate offering price and (ii) thereafter to each other
Significant Investor whose offer has been accepted, first based on highest offer price, and thereafter on a pro rata basis according to the number of Shares then owned by each such Significant Investor. Subject to the foregoing, if the Prospective
Selling Investor accepts an offer, the Prospective Selling Investor shall be bound and obligated to Transfer, and the applicable offeror shall be bound and obligated to purchase, the Offered Shares for a purchase price equal to the offer price,
payable in cash. 
  

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 (b) If (i) the Prospective Selling Investor rejects the offer by the Company and/or
the Significant Investor(s) or (ii) the Company and/or the Significant Investor(s) do not submit a Company Exercise Notice or an Investor Exercise Notice, as applicable, within the requisite time period, then the Prospective Selling Investor
may Transfer all of the Offered Shares to any other Person or Persons, subject to Section 4.2; provided, that 
 (i) if the Company and/or any Significant Investor(s) offered to purchase all of the Offered Shares, no such Transfer may be made for a per Share price lower than or equal to the highest weighted average price per Share pursuant to such
offer that would have resulted in all of the Offered Shares being purchased (it being understood that (x) if any portion of the consideration to be paid by a transferee is in a form other than cash, the value thereof shall be conclusively
determined in good faith by the Prospective Selling Investor and (y) in determining the value of the consideration received from the transferee, the Prospective Selling Investor may include its good faith determination of the value of all other
potential benefits, including tax benefits, earn-outs and similar items, and other terms and conditions) and 
 (ii) if such
Transfer is not completed by the end of the 270th day after the last day of the Acceptance Period (provided, that, if such Transfer is subject to any regulatory approval, such 270 day period shall be extended until the expiration of five
(5) business days after all such approvals have been received, but in no event later than three hundred (300) days following the last day of the Acceptance Period), the Transfer Notice shall be null and void, and it shall be necessary for
a separate Transfer Notice to be furnished, and the terms and provisions of this Section 4.1 separately complied with, in order to consummate such a subsequent Transfer pursuant to this Section 4.1. 
 (c) If the Prospective Selling Investor accepts the offer contained in the Company Exercise Notice and/or the Investor Exercise Notice(s),
as applicable, subject to Section 4.4, the closing of such Transfer shall take place at the offices of the Company within ten (10) days after the last day of the Acceptance Period (provided, that, if such Transfer is subject to any
regulatory approval, such ten (10) day period shall be extended until the expiration of five (5) business days after all such approvals have been received, but in no event later than sixty (60) days following the last day of the
Acceptance Period). The Prospective Selling Investor’s obligation to make representations and warranties to the Company or a Significant Investor shall be limited in each case to representations and warranties to (i) the unencumbered title
to the Offered Shares, (ii) the power, authority and legal right to Transfer such Offered Shares and (iii) the absence of any Adverse Claim with respect to such Offered Shares. 
 4.1.5 Indirect Transfers. No Investor shall permit a direct or indirect equity holder to Transfer any direct or indirect equity
interests in such Investor (other than Transfers of equity interests of (i) Ares Corporate Opportunities Fund II, L.P. or any of its affiliated investment funds (or the general partners thereof), (ii) Providence Equity Partners VI
International, L.P. or any of its affiliated investment funds (or the

  

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general partners thereof), or (iii) Ayala Corporation) in a Transfer of a type that would be subject to this Section 4.1 if such Transfer involved a Transfer of Shares by such Investor
(any such Transfer of any such equity interests, an “Indirect Transfer”), unless such Investor causes to be provided to each other Investor “rights of first offer” and “tag along” rights with respect to such
Indirect Transfer that are substantially equivalent to the “rights of first offer” and “tag along” rights set forth in this Section 4.1 and Section 4.2 and subject to obligations and other terms and conditions that are
substantially equivalent to those set forth in this Section 4.1 and Section 4.2. 
 4.2 Tag Along. If the
Company and the Significant Investors do not purchase all of the Offered Shares specified in a Transfer Notice in accordance with the provisions set forth in Section 4.1 and the Prospective Selling Investor proposes a Transfer with a Third
Party, the Prospective Selling Investor shall, to the extent such Transfer is subject to this Section 4.2, by written notice (the “Tag Along Notice”) to each of the other Investors (the “Tag Along Offerees”),
first offer the Tag Along Offerees the opportunity to participate in such Transfer in accordance with this Section 4.2 (a “Tag Along Sale”). 
 4.2.1 The Tag Along Notice shall identify (i) the class and number of shares of Offered Shares proposed to be sold by the Prospective Selling Investor, (ii) the fraction expressed as a
percentage, determined by dividing the number of Shares to be purchased from the Prospective Selling Investor in such Tag Along Sale by the number of Shares held by such Prospective Selling Investor (the “Tag Along Sale Percentage”)
(it being understood that the Company shall reasonably cooperate with the Prospective Selling Investor in respect of the determination of the Tag Along Sale Percentage), (iii) the consideration for which the Transfer is proposed to be made,
(iv) the name and address of each proposed Third Party transferee, (v) the proposed Transfer date and (vi) all other material terms and conditions of the Tag Along Offer, including the form of the proposed agreement, if any, and a
firm offer by each proposed Third Party transferee to purchase the Offered Shares. 
 4.2.2 Exercise. Within seven
(7) business days after the date of delivery of the Tag Along Notice by the Prospective Selling Investor to each Tag Along Offeree, each Tag Along Offeree desiring to make an offer to include Shares in the proposed Transfer (each a
“Participating Seller” and, together with the Prospective Selling Investor, collectively, the “Tag Along Sellers”) shall furnish a written notice (the “Tag Along Offer”) to the Prospective Selling
Investor indicating the number of Shares which such Participating Seller desires to have included in the proposed Transfer (not in any event to exceed the Tag Along Sale Percentage of the total number of Shares held by such Tag Along Offeree). Each
Tag Along Offeree who does not make a Tag Along Offer in compliance with the above requirements, including the time period, shall have waived and be deemed to have waived all of such holder’s rights with respect to such Transfer, and, the Tag
Along Sellers shall thereafter be free to Transfer to the Prospective Buyer, at a per Share price no greater than the per Share price set forth in the Tag Along Notice and on other terms and conditions that are, in all material respects, the same as
those set forth in the Tag Along Notice, without any further obligation to such non-accepting Tag Along Offeree pursuant to this Section 4.2. The

  

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Prospective Selling Investor shall use its commercially reasonable efforts to interest the Prospective Buyer in purchasing, in addition to the Offered Shares, at the same price per Share and on
the terms and conditions set forth in the Transfer Notice, all of the Shares the Participating Sellers wish to sell. If the Prospective Buyer does not wish to purchase all of the Shares made available by the Tag Along Sellers, then each Tag Along
Seller shall be entitled to sell, at the same price per Share and on the terms and conditions set forth in the Transfer Notice, a portion of the Shares being sold to the Prospective Buyer, in the same proportion as such Tag Along Seller’s
ownership of Shares bears to the aggregate number of Shares owned by all of the Tag Along Sellers. If the Participating Sellers do not elect to sell the full number of Shares which they are entitled to sell pursuant to this Section 4.2.2, the
Prospective Selling Investor shall be entitled to sell to the Prospective Buyer, according to the terms and conditions of the Transfer Notice, that number of its own Shares which equals the difference between the number of Shares desired to be
purchased by the Prospective Buyer and the number of Shares the Participating Sellers sell pursuant to this Section 4.2.2. 
 4.2.3 Irrevocable Offer. Subject to Section 4.2.4, the offer of each Investor pursuant to Section 4.2.2 to sell Shares under this Section 4.2 on the terms and conditions set forth in the Tag Along Notice shall be
irrevocable, and such Participating Seller shall be bound and obligated to Transfer in the proposed Transfer, on the terms and conditions set forth in the Tag Along Notice, such number of Shares as was specified in such Participating Seller’s
Tag Along Offer pursuant to Section 4.2.2. 
 4.2.4 Additional Compliance. If, prior to consummation, the terms of
the proposed Transfer shall change with the result that the per Share price to be paid in such proposed Transfer shall be lower than the offer price set forth in the Tag Along Notice, the number of Shares to be purchased by the Prospective Buyer
shall be different than the number of Offered Shares specified in the Tag Along Notice or the other terms or conditions of such proposed Transfer shall be different than those set forth in the Tag Along Notice (other than (i) an increase in the
number of Offered Shares to include all of the Shares the Participating Sellers wish to sell or (ii) a change in the form of consideration where the per Share price to be paid is with Marketable Securities with a value equal to or greater than
the offer price), then, in any such case, the Tag Along Notice shall be null and void, and it shall be necessary for a separate Tag Along Notice to be furnished, and the terms and provisions of Section 4.1 and this Section 4.2 separately
complied with, in order to consummate such proposed Transfer pursuant to this Section 4. In addition, if the Prospective Selling Investor has not completed the proposed Transfer upon the terms set forth in the Tag Along Notice by the end of the
90th day after the date of delivery of the Tag Along Notice to the Company and each of the other Investors, each Participating Seller shall be released from such Participating Seller’s obligations under Section 4.2, the Transfer Notice
shall be null and void, and it shall be necessary for a separate Transfer Notice to be furnished, and the terms and provisions of Section 4.1 and this Section 4.2 separately complied with, in order to consummate such proposed Transfer
pursuant to Section 4.1 and this Section 4.2. 
  

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 4.3 Sale Event Drag Along. Subject to compliance with Section 6.1(a), 6.2(a) or
6.2(b), as applicable, if one or more Significant Investors (such Significant Investors, the “Dragging Investors”) propose to Transfer any Shares (or to cause the Transfer of all or substantially all of the assets of the Company) to
a Prospective Buyer that is not an Affiliate of any such Dragging Investor in a transaction, including a merger, or a series of related transactions that, after giving effect to the provisions of this Section 4.3, would constitute a Change of
Control, then subject to compliance with Section 4.1, the provisions of this Section 4.3 will apply to such Transfer and each Investor agrees to Transfer to such Prospective Buyer in connection with such transaction or transactions, as the
case may be, a percentage of the Shares owned by such Investor that is equal to the percentage of the aggregate number of Shares then owned by all of the Dragging Investors that are proposed to be Transferred to such Prospective Buyer (the
“Drag Along Sale Percentage”). For the avoidance of doubt, none of the Murray Investors, including Mr. Murray, nor any of the Trillium Investors, including Trillium, shall be considered an Investor for purposes of this
Section 4.3 nor shall be bound by the terms of this Section 4.3. 
 4.3.1 Exercise. The Dragging Investors
shall furnish a written notice (the “Drag Along Sale Notice”) to the Company at least ten (10) business days prior to the consummation of such proposed Transfer, and the Company shall promptly furnish any such Drag Along Sale
Notice to each Investor other than the Dragging Investors. The Drag Along Sale Notice shall set forth the principal terms and conditions of the proposed Transfer insofar is it relates to the Shares, including (a) the number of Shares to be
acquired from the Dragging Investor, (b) the Drag Along Sale Percentage, (c) the per Share consideration to be received in the proposed Transfer, including the form of consideration (if other than cash), (d) the name and address of
the Prospective Buyer and (e) if known, the proposed closing date. If the Dragging Investor consummates the proposed Transfer to which reference is made in the Drag Along Sale Notice, each other Investor (each, a “Participating
Seller,” and together with the Dragging Investors, the “Drag Along Sellers”) shall be bound and obligated to Transfer the Drag Along Sale Percentage of such Investor’s Shares in the proposed Transfer on the same terms
and conditions as the Dragging Investor with respect to each Share Transferred (subject to the limitations set forth in the proviso to the first sentence of Section 4.4.2). If, at the end of the 270th day after the date of delivery of the Drag
Along Sale Notice, the Dragging Investor has not completed the proposed Transfer, the Drag Along Sale Notice shall be null and void, each Participating Seller shall be released from its obligation under the Drag Along Sale Notice and it shall be
necessary for a separate Drag Along Sale Notice to be furnished and the terms and provisions of this Section 4.3 separately complied with, in order to consummate such proposed Transfer pursuant to this Section 4.3. 
 4.3.2 Waiver of Appraisal Rights. Each Investor agrees not to demand or exercise, and to the fullest extent permitted by applicable
law hereby waives, appraisal rights under Section 262 of the DGCL or otherwise with respect to any transaction subject to this Section 4.3, whether or not such appraisal rights are otherwise available. 
  

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 4.3.3 Drag Along Sale Transactions. If a vote of holders of shares of capital stock
of the Company (or any class or series of shares of capital stock of the Company) is required under any applicable law or rule or regulation of any national securities exchange or market or national securities association applicable to the Company,
in each case in connection with a transaction being implemented pursuant to this Section 4.3 or is determined to be otherwise desirable by the Dragging Investors, each other Investor agrees to cast all votes to which such Investor is entitled
in respect of the Shares, whether at any annual or special meeting, by written consent or otherwise, in such manner as such Dragging Investors may instruct by written notice, to approve any sale, merger, consolidation, reorganization or any other
transaction involving the Company or any of its Subsidiaries (or all or any portion of their respective assets) in connection with, or in furtherance of, the exercise by such Dragging Investors of its rights under this Section 4.3 and in all
cases consistent with the provisions thereof. The Company shall take all actions reasonably requested by the Dragging Investors in connection with a transaction contemplated by this Section 4.3. 
 4.4 Miscellaneous Sale Provisions. Notwithstanding anything to the contrary herein, the provisions of Section 4.4 shall apply to
any Transfer to which Section 4.1, 4.2 or 4.3 applies. 
 4.4.1 Certain Legal Requirements. If the consideration to
be paid for Shares in a Transfer pursuant to Section 4.3 includes any securities, and the receipt thereof by a Participating Seller would require under applicable law (a) the registration or qualification of such securities or of any
Person as a broker or dealer or agent with respect to such securities where such registration or qualification would not otherwise be required for the Transfer by the Prospective Selling Investor or (b) the provision to any Drag Along Seller of
any specified information regarding the Company or any of its Subsidiaries, such securities or the issuer thereof, in each case that is not otherwise required to be provided for the Transfer by the Prospective Selling Investor, then such
Participating Seller shall not have the right to Transfer Shares in such Transfer. In such event, the Prospective Selling Investor will have the right, but not the obligation, to cause to be paid to such Participating Seller in lieu of such
securities, against surrender of the Shares (in accordance with Section 4.4.5 hereof) that would have otherwise been Transferred by such Participating Seller to the Prospective Buyer in the Transfer, an amount in cash equal to the fair market
value of such Shares as of the date such securities would have been delivered in exchange for such Shares, as determined in good faith by the Board, and thereupon such Drag Along Seller shall be obligated to Transfer Shares in such Transfer in
accordance with Section 4.3. 
 4.4.2 Further Assurances. The Company and each Participating Seller whether in such
Participating Seller’s capacity as a stockholder, director or officer of the Company or otherwise, shall use its reasonable best efforts to take or cause to be taken all such actions as may be necessary or reasonably desirable in order
expeditiously to

  

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consummate each Transfer pursuant to Section 4.1, 4.2 or 4.3 and any related transactions, including executing, acknowledging and delivering consents, assignments, waivers and other
documents or instruments; furnishing information and copies of documents; filing applications, reports, returns, filings and other documents or instruments with governmental authorities; and otherwise cooperating with the Prospective Selling
Investor and the Prospective Buyer; provided, however, that Participating Sellers shall be obligated to become liable in respect of any representations, warranties, covenants, indemnities or otherwise to the Prospective Buyer in
connection with such Transfer solely to the extent provided in the immediately following sentence. Without limiting the generality of the foregoing, each Participating Seller agrees to execute and deliver such agreements as may be reasonably
specified by the Prospective Selling Investor to which such Prospective Selling Investor will also be party, including agreements to (a)(i) make individual representations, warranties, covenants and other agreements, in each case as to the
unencumbered title to its Shares and the power, authority and legal right to Transfer such Shares and the absence of any Adverse Claim with respect to such Shares and (ii) be liable as to such representations, warranties, covenants and other
agreements, in each case to the same extent as the Prospective Selling Investor is liable for the comparable representations, warranties, covenants and agreements made by it or on its behalf (with any limit on liability applied based on the relative
value of their respective Shares), and (b) be liable (whether by purchase price adjustment, indemnity payments or otherwise, including pro rata participation in any escrow or holdback applicable to the sellers) in respect of representations,
warranties, covenants and agreements in respect of the Company and its Subsidiaries in connection with such Transfer; provided, however, that the aggregate amount of liability described in this clause (b) shall not exceed the
lesser of (x) such Participating Seller’s pro rata share of any such liability, to be determined in accordance with such Participating Seller’s portion of the aggregate proceeds to all Participating Sellers and Prospective Selling
Investors in connection with such Transfer and (y) the proceeds to such Participating Seller in connection with such Transfer. In connection with any governmental or regulatory approval required for any Transfer pursuant to Section 4.1,
4.2 or 4.3, including any such required approval of the DOJ or FTC, the Company shall file such applications and other materials as are necessary or desirable to file in order to obtain such governmental or regulatory approval, and each Investor
shall cooperate with the Company and promptly provide it with any and all information, certifications and other materials necessary or otherwise reasonably requested by the Company to complete the filing of such applications and materials and to
obtain such governmental or regulatory approval. Without limitation to the foregoing sentence, the Company shall use its reasonable best efforts to obtain such governmental or regulatory approval as promptly as practicable, including
(a) diligently prosecuting any such applications and other filings and, when applicable, opposing any petitions to deny, or any other objections filed with respect to, any such applications or other filings, and (b) promptly taking all
other actions reasonably requested by the Prospective Selling Investor as necessary or desirable to facilitate obtaining such governmental or regulatory approval. 
  

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 4.4.3 Sale Process. The Prospective Selling Investor shall, in its sole discretion,
decide whether or not to pursue, consummate, postpone or abandon any proposed Transfer and the terms and conditions thereof, except as provided in Section 4.1. No Investor or Affiliate of any Investor will have any liability to any other
Investor or the Company arising from, relating to or in connection with the pursuit, consummation, postponement, abandonment or terms and conditions of any proposed Transfer, except to the extent contemplated herein or arising from a failure to
comply with the provisions of this Section 4. 
 4.4.4 Treatment of Convertible Securities. If any Participating
Seller Transfers Convertible Securities in any Transfer pursuant to Section 4.2 or 4.3, such Participating Seller shall receive, in exchange for each such Convertible Security that it Transfers, consideration equal to the amount (if greater
than zero) determined by multiplying (a) the purchase price per Share received by the Prospective Selling Investors in such Transfer less the exercise price, if any, per Share of such Convertible Security times (b) the number of Shares
that would be issued upon exercise, conversion or exchange of such Convertible Security (in all cases to the extent vested and exercisable or convertible or exchangeable at the time of such Transfer), subject to reduction for any taxes required to
be withheld in respect of such Transfer under applicable law. 
 4.4.5 Closing. Subject to the provisions of
Section 4.1.4 (in the case of a Transfer to which Section 4.1 applies), Section 4.2.2 (in the case of a Transfer to which Section 4.2 applies), Section 4.3.1 (in the case of a Transfer to which Section 4.3 applies), in
each case that relate to the timing of the completion of a proposed Transfer to which such Section applies, the closing of a Transfer to which Section 4.1, 4.2 or 4.3 applies shall take place (a) (i) on the proposed closing date, if
any, specified in the Transfer Notice or Drag Along Sale Notice, as applicable; provided that the consummation of any such Transfer may be extended beyond such date at the election of the Prospective Selling Investor, in the case of a
Transfer to which Section 4.1 or Section 4.2 applies, or the Dragging Investors, in the case of a Transfer to which Section 4.3 applies, in each case to the extent necessary to obtain any applicable governmental or regulatory approval
or other required approval or to satisfy other conditions, or (ii) if no proposed closing date was required to be specified in the applicable notice, at such time as the Prospective Selling Investor shall specify by notice to each Participating
Seller and (b) at such place as the Prospective Selling Investor shall specify by notice to each Participating Seller. At the closing of such Transfer, each Participating Seller shall deliver, against delivery of the applicable consideration
therefor, (x) the certificates evidencing the Shares to be Transferred by such Participating Seller, duly endorsed, or with stock (or equivalent) powers duly endorsed, for Transfer with signature guaranteed, free and clear of any liens or
encumbrances, with any stock (or equivalent) transfer tax stamps affixed and (y) any comparable transfer materials for any Convertible Securities to be Transferred. 
  

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 5. RIGHT OF PARTICIPATION. 
 Subject to Section 5.3, the Company shall not, and shall not permit any of its Subsidiaries to, issue or sell any shares of any of its
capital stock or issue or sell any securities convertible into or exchangeable for any shares of its capital stock, issue or grant any options or warrants for the purchase of, or enter into any agreements providing for the issuance (contingent or
otherwise) of, any of its shares of capital stock or securities convertible into or exchangeable for any shares of its capital stock (each an “Issuance” of “Subject Securities”), except in compliance with
(i) the provisions of Section 5.1 or Section 5.2 and (ii) the applicable provisions of Section 6.2. 
 5.1 Right of Participation. 
 5.1.1 Offer. Not fewer than ten (10) business days prior to the
consummation of an Issuance, a notice (the “Participation Notice”) shall be furnished by the Company or any of its Subsidiaries proposing to issue such Subject Securities (the “Issuer”) to each Investor. The
Participation Notice shall include: 
 (a) the principal terms and conditions of the proposed Issuance, including (i) the
amount, kind and terms of the Subject Securities to be included in the Issuance, (ii) the number of Equivalent Shares represented by such Subject Securities (if applicable), (iii) such Investor’s Participation Percentage,
(iv) the maximum and minimum price (including if applicable, the maximum and minimum Price Per Equivalent Share) per unit of the Subject Securities, (v) if known to the Issuer, the name of each Person to which the Subject Securities would
be issued (the “Prospective Subscriber”) and (vi) if known to the Issuer, the proposed issuance date; and 
 (b) an offer by the Issuer to issue, at the option of each Investor that is an accredited investor within the meaning of Rule 501 under the Securities Act, to such Investor such portion of the Subject Securities to be included in the
Issuance as may be requested by such Investor (not to exceed such Investor’s Participation Percentage of the total amount of Subject Securities to be included in the Issuance), on the same terms and conditions, with respect to each unit of
Subject Securities issued to the Investors, as each of the Prospective Subscribers shall be issued units of Subject Securities. 
 5.1.2 Exercise. 
 (a) General. Each Investor desiring to accept the offer contained in the
Participation Notice shall accept such offer by furnishing a written notice of such acceptance to the Issuer within ten (10) business days after the date of delivery of the Participation Notice (i) specifying the amount of Subject
Securities (not in any event to exceed such Investor’s Participation Percentage of the total amount of Subject Securities to be included in the Issuance) which such Investor desires to be issued to it and (ii) providing the Investment
Certifications (each Investor accepting such offer and providing the Investment Certifications, a “Participating Buyer”). Each Investor who does not so accept such offer in compliance with the above requirements, including the

  

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applicable time periods, shall be deemed to have waived all rights to participate in such Issuance, and the Issuer shall thereafter be free to issue Subject Securities in such Issuance to the
Prospective Subscriber and the Participating Buyers, at a price no less than the minimum price set forth in the Participation Notice and on other principal terms not more favorable to the Prospective Subscriber than those set forth in the
Participation Notice, without any further obligation to such non-accepting Investors pursuant to this Section 5. If, prior to consummation, the terms of such proposed Issuance change with the result that the price shall be less than the minimum
price set forth in the Participation Notice or the other principal terms shall be more favorable to the Prospective Subscriber than those set forth in the Participation Notice, it shall be necessary for a separate Participation Notice to be
furnished, and the terms and provisions of this Section 5.1 separately complied with, in order to consummate such Issuance pursuant to this Section 5.1. 
 (b) Irrevocable Acceptance. The acceptance of each Participating Buyer shall be irrevocable except as hereinafter provided in Section 5.1.2(c), and each such Participating Buyer shall be bound
and obligated to acquire in the Issuance on the same terms and conditions as the Prospective Subscriber, with respect to each unit of Subject Securities issued, such amount of Subject Securities as such Participating Buyer has specified in such
Participating Buyer’s written notice of acceptance. 
 (c) Time Limitation. If, at the end of the 90th day
following the date of the delivery of the Participation Notice, the Issuer has not completed the Issuance, each Participating Buyer shall be released from all obligations under its written notice of acceptance, the Participation Notice shall be null
and void, and it shall be necessary for a separate Participation Notice to be furnished, and the terms and provisions of this Section 5.1 separately complied with, in order to consummate such Issuance pursuant to this Section 5.1, unless
the failure to complete such Issuance involves a failure by any governmental or regulatory authority, including the DOJ or FTC, or by the Company’s stockholders in accordance with the listing standards of the New York Stock Exchange, American
Stock Exchange or such other national securities exchange or market on which the Common Stock is then listed, to approve such Issuance, in which case the Issuer will have one hundred eighty (180) days beyond such 90th day in which to obtain any
such approval and complete the Issuance before the Participation Notice becomes null and void. 
 (d) Other Securities.
The Issuer may condition the participation of the Investors in an Issuance upon the purchase by such Investors of any securities (including debt securities) other than Subject Securities (“Other Securities”) if and to the extent
that the Prospective Subscribers’ participation in such Issuance is so conditioned. In such case, each Participating Buyer shall acquire in the Issuance, together with the Subject Securities to be acquired by it, Other Securities in the same
proportion to the Subject Securities to be acquired by it as the proportion of Other Securities to Subject Securities being acquired by the Prospective Subscriber in the Issuance, on the same terms and conditions, as to each unit of Subject
Securities and Other Securities issued to the Participating Buyers, as the Prospective Subscriber shall be issued units of Subject Securities and Other Securities. 
  

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 (e) Closing. Subject to the provisions of Section 5.1.2 that relate to the
timing of the completion of a proposed Issuance and subject to obtaining any required stockholder, governmental or regulatory approval therefor, the closing of an Issuance pursuant to Section 5.1 shall take place (a) (i) on the
proposed date of Issuance, if any, set forth in the Participation Notice; provided that consummation of any Issuance may be extended beyond such date at the election of a Requisite Majority and the Company to the extent necessary to obtain
any applicable stockholder, governmental or regulatory approval or other required approval or to satisfy other conditions, or (ii) if no proposed Transfer date was required to be specified in the Participation Notice, at such time as the Issuer
shall specify by notice to each Participating Buyer; provided that, as to any Participating Buyer, such closing shall not be prior to the date that is ten (10) business days after the Issuer furnishes the applicable Participation Notice
without the consent of such Participating Buyer, and (b) at such place as the Issuer shall specify by notice to each Participating Buyer. At the closing of any Issuance under this Section 5.1.2, each Participating Buyer shall be delivered
the notes, certificates or other instruments evidencing the Subject Securities (and, if applicable, Other Securities) to be issued to such Participating Buyer, registered in the name of such Participating Buyer or such Participating Buyer’s
designated nominee, with any transfer tax stamps affixed, against delivery by such Participating Buyer of the applicable consideration. 
 5.1.3 Period. The foregoing provisions of this Section 5.1 shall terminate with respect to all Investors upon the date of a Qualified Public Offering. 
 5.2 Warrant Participation Rights. Notwithstanding the requirements of Section 5.1, the Company may proceed with any Issuance of
Common Stock upon exercise of Public Warrants (a “Warrant Issuance”) without complying with the provisions of Section 5.1; provided that the Company shall: 
 (a) within fifteen (15) business days after such Warrant Issuance, provide each Significant Investor with written notice of such
Warrant Issuance setting forth (i) the number of shares of Common Stock included in such Warrant Issuance (the “Exercise Shares”), (ii) the purchase price for the Common Stock included in such Warrant Issuance (the
“Purchase Price”) and (iii) the date of such Warrant Issuance; 
 (b) offer to issue to each Significant
Investor that is an accredited investor within the meaning of Rule 501 under the Securities Act, at a per share purchase price equal to the Purchase Price, up to such number of the shares of Common Stock as is equal to such Significant
Investor’s Public Warrant Percentage multiplied by the product of (i) 2.4364 and (ii) the total number of Exercise Shares included in such Warrant Issuance; 
  

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 (c) keep such offer open for a period of at least fifteen (15) business days, during
which period, each Significant Investor may accept such offer by sending a written acceptance to the Company (which acceptance shall include the Investment Certifications) (each Significant Investor accepting such offer and providing the Investment
Certifications, a “Participating Warrant Buyer”) committing to purchase a number of shares of Common Stock (not in any event to exceed the maximum number of shares allocable to such Investor pursuant to Section 5.2(b) above);
and 
 (d) at the closing of any Issuance under this Section 5.2, which, shall not be earlier than twenty
(20) business days or later than thirty (30) business days after the acceptance of such offer pursuant to Section 5.2(c) above (provided, that, (i) if such Issuance is subject to any stockholder, governmental or regulatory
approval, such period shall be extended until the later of (A) the expiration of five (5) business days after all such governmental or regulatory approvals have been received by the Company, but in no event later than ninety (90) days
following the date of acceptance of such offer pursuant to Section 5.2(c), and (B) the expiration of five (5) business days after the date upon which all such stockholder approvals have been received by the Company), deliver the
certificates or other instruments evidencing the shares of Common Stock to be issued to the Participating Warrant Buyer that accepts such offer, registered in the name of such Participating Warrant Buyer or such Participating Warrant Buyer’s
designated nominee against delivery by such Participating Warrant Buyer of the applicable consideration. Each Significant Investor agrees to cast all votes to which such Significant Investor is entitled in respect of the Shares, whether at any
annual or special meeting, by written consent or otherwise, to approve each Issuance under this Section 5.2 that is subject to stockholder approval. 
 5.3 Excluded Transactions. The provisions of this Section 5 shall not apply to any of the following types of Issuances by the Company or any Subsidiary of the Company: 
 (a) any Issuance of shares of Common Stock (i) upon the exercise or conversion of any Convertible Securities (A) outstanding as
of the Closing Date (other than Issuances of Common Stock upon exercise of Public Warrants not held by an Investor) or (B) issued in compliance with this Section 5 and (ii) pursuant to Section 5; 
 (b) any Issuance of shares of Common Stock upon the conversion of any shares of Non-Voting Common Stock; 
 (c) any Issuance of shares of Common Stock pursuant to a Public Offering or any Issuance pursuant to Rule 144A under the Securities Act;

 (d) any Issuance of Subject Securities in connection with the Closing or the indemnification obligations of the Company
under Article VIII of the Exchange Agreement; 
  

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 (e) any Issuance of Subject Securities in connection with any stock split or stock dividend
or upon any subdivision or combination that is approved by the Board; 
 (f) any Issuance of Subject Securities representing in
the aggregate (on an as-converted basis) less than five percent (5%) of the then outstanding shares of Common Stock of the Company to one or more bona fide lenders that are not Affiliates of an Investor in connection with any present or future
borrowing, line of credit, guarantee, leasing or similar financing arrangement approved by the Board; 
 (g) subject to any
required approval of the Requisite Majority under Section 6.2, any Issuance of Subject Securities relating to any acquisition or merger after the Closing Date involving the Company or any of its Subsidiaries that is approved by the Board;

 (h) subject to any required approval of the Requisite Majority under Section 6.2, any Issuance of any shares of Common
Stock (or Options) to employees, directors or officers of, or consultants to, the Company or any Subsidiary of the Company pursuant to any plan, agreement or arrangement approved by the Board; and 
 (i) any Issuance of Subject Securities to the Company or any direct or indirect wholly-owned (for this purpose, disregarding any director
qualifying or similar shares) Subsidiary of the Company. 
 5.4 Other Participation Terms. 
 5.4.1 Certain Legal Requirements. If the participation in any Issuance of Subject Securities by an Investor as a Participating Buyer
or Participating Warrant Buyer would require under applicable law (a) the registration or qualification of such securities or (b) the provision to any participant in the Issuance of any information (other than information required to be
provided pursuant to Section 5) regarding the Company or any of its Subsidiaries or such securities that is not otherwise required to be provided for the Issuance, such Investor shall not have the right to participate in the Issuance. Without
limiting the generality of the foregoing, it is understood and agreed that neither the Company nor the Issuer shall be under any obligation to effect a registration of such securities under the Securities Act or similar state statutes. 

5.4.2 Further Assurances. The Company and each Participating Buyer and Participating Warrant Buyer, whether in such Participating
Buyer’s capacity as a stockholder, officer or director of the Company or otherwise, shall use its reasonable best efforts to take or cause to be taken all such reasonable actions as may be necessary or reasonably desirable to expeditiously
consummate each Issuance pursuant to this Section 5 and any related transactions, including executing, acknowledging and delivering consents, assignments, waivers and other documents or instruments; filing applications, reports, returns,
filings and other documents or instruments with governmental

  

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authorities; and otherwise cooperating with the Issuer and the Prospective Buyer or the Participating Warrant Buyer, as the case may be. Without limiting the generality of the foregoing, each
such Participating Buyer and Participating Warrant Buyer agrees to execute and deliver such subscription and other agreements specified by the Issuer to which the Prospective Buyer or Participating Warrant Buyer, as the case may be, will be party.
In connection with any governmental or regulatory approval required for any Issuance, including any such required approval of the DOJ or FTC, the Company shall file such applications and other materials as are necessary or desirable to file in order
to obtain such governmental or regulatory approval, and each Investor shall cooperate with the Company and promptly provide it with any and all information, certifications and other materials necessary or otherwise reasonably requested by the
Company to complete the filing of such applications and materials and to obtain such governmental or regulatory approval. Without limitation to the foregoing sentence, the Company shall use its reasonable best efforts to obtain such governmental or
regulatory approval as promptly as practicable, including (a) diligently prosecuting any such applications and other filings and, when applicable, opposing any petitions to deny, or any other objections filed with respect to, any such
applications or other filings, and (b) promptly taking all other actions reasonably requested by a Requisite Majority as necessary or desirable to facilitate obtaining such governmental or regulatory approval. 
 5.4.3 Expenses. All costs and expenses incurred by the Issuer in connection with any proposed Issuance of Subject Securities pursuant
to this Section 5 (whether or not consummated), including all attorney’s fees and expenses, all accounting fees and expenses and all finders, brokerage or investment banking fees, charges or commissions, shall be paid by the Company or the
Issuer. All costs or expenses incurred by or on behalf of any Investor in connection with any such proposed Issuance (whether or not consummated) shall be borne by such Investor. 
 6. APPROVAL RIGHTS. 
 6.1 Unanimous Stockholder Approval Rights.
Other than as expressly contemplated by the Exchange Agreement or this Agreement, without the prior written consent of the Unanimous Significant Investors, the Company shall not: 
 (a) up to and including the fourth anniversary of the date of the Exchange Agreement, consummate, or permit any Subsidiary of the Company
to consummate, a Change of Control where the consideration to be paid in respect of each outstanding share of Common Stock in such transaction is less than $12.00 per Equivalent Share (subject to appropriate adjustment for stock splits, stock
dividends, combinations and other similar recapitalizations affecting shares of Common Stock); 
 (b) incur, and shall not
permit any of its Subsidiaries to incur, any indebtedness for borrowed money in an aggregate principal amount (excluding obligations with respect to capital leases) on a consolidated basis that would exceed four and one-half (4.5) times the
Adjusted EBITDA for the immediately preceding twelve-month period; 
  

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 (c) sell or otherwise dispose of (by sale of assets or stock, merger or otherwise) any of
its properties or assets, or permit any of its Subsidiaries to sell or otherwise dispose of (by sale of assets or stock, merger or otherwise) any of its properties or assets, for a sale price in excess of $50 million in a single transaction or a
series of related transactions; 
 (d) enter into, or permit any of its Subsidiaries to enter into, any transaction with an
Affiliate of the Company, other than on an arm’s length basis; 
 (e) amend, alter or repeal any provision of the
Certificate of Incorporation or By-laws of the Company; 
 (f) change the domicile of the Company from the United States of
America; 
 (g) make any material change in the accounting policies of the Company (to the extent such change would require the
approval of the Board); 
 (h) repurchase or redeem (or permit any Subsidiary of the Company to purchase) any shares of capital
stock (or securities convertible into, or exchangeable or exercisable for capital stock) held by an Investor, other than in connection with a repurchase or redemption of shares held by all of the Investors on a pro rata basis according to the number
of Shares owned by each Investor; 
 (i) amend or modify the terms of the Tranche A Loan, Tranche C Loan or Tranche D Loan; or

 (j) enter into an agreement, or permit any Subsidiary of the Company to enter into an agreement, to do any of the foregoing.

 6.2 Other Stockholder Approval Rights. Other than as expressly contemplated by the Exchange Agreement or this
Agreement, without the prior written consent of a Requisite Majority, the Company shall not: 
 (a) up to and including the
fourth anniversary of the date of the Exchange Agreement, consummate, or permit any Subsidiary to consummate, a Change of Control where the consideration to be paid in respect of each outstanding share of Common Stock in such transaction is greater
than or equal to $12.00 per Equivalent Share (subject to appropriate adjustment for stock splits, stock dividends, combinations and other similar recapitalizations affecting shares of Common Stock); 
 (b) following the fourth anniversary of the date of the Exchange Agreement, consummate a Change of Control; 
 (c) make any investment or enter into, and shall not permit any of its Subsidiaries to make any investment or enter into, any joint
venture, strategic alliance or similar transaction, providing for payments (whether in cash, property or securities) by the Company and its Subsidiaries of more than $50 million in the aggregate in or to any such investment, joint venture, strategic
alliance or transaction; 
  

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 (d) issue, repurchase or redeem, or permit its Subsidiaries to issue, repurchase or redeem,
any shares of capital stock (or securities convertible into, or exchangeable or exercisable for capital stock), other than (i) issuances pursuant to the Company’s 2008 Stock Incentive Plan, as amended as of the Closing, (ii) issuances
upon exercise of the Public Warrants or (iii) issuances pursuant to Section 5, or (iv) repurchases from former employees, officers, directors, consultants or other persons who performed services for the Company or any Subsidiary in
connection with the cessation of such employment or service; 
 (e) declare or pay any dividend or make any distribution on any
shares of capital stock of the Company (other than dividends on Common Stock payable solely in Common Stock); 
 (f) guarantee,
assume, incur or refinance, or permit any of its Subsidiaries to guarantee, assume, incur or refinance, any indebtedness for borrowed money (excluding obligations with respect to capital leases in an aggregate annual amount less than $25 million),
other than outstanding indebtedness incurred from time to time pursuant to credit agreements of the Company or any of its Subsidiaries in effect upon the Closing, provided that the consent of a Requisite Majority shall be required for any
amendment, modification or extension of such credit agreements; 
 (g) enter into, amend, modify or terminate any agreement
with the Chairman and/or Chief Executive Officer of the Company; 
 (h) enter into any settlement agreement relating to a legal
proceeding (including an investigation) or series of related proceedings, providing for a payment by the Company and its Subsidiaries of more than $15 million; 
 (i) establish, adopt, enter into, amend or modify or terminate any employee or director stock incentive plan for the Company and its Subsidiaries; 
 (j) enter into, or permit any of its Subsidiaries to enter into, any transaction or series of related transactions with an Affiliate of the
Company providing for payments by the Company and its Subsidiaries in excess of $1 million; or 
 (k) enter into an agreement,
or permit any Subsidiary of the Company to enter into an agreement, to do any of the foregoing. 
 6.3 Board Approval
Requirements. Without the prior approval of the Board, including (i) one Ares Director designated to the Board by the Ares Significant Investor pursuant to Section 2.1.2(a), if any, and (ii) one director designated to the Board by
the PEP Significant Investor and the Ayala Significant Investor pursuant to Section 2.1.2(b), if any, the Company shall not: 
 (a) commence any liquidation, dissolution or voluntary bankruptcy, administration, recapitalization or reorganization of the Company; or 
  

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 (b) approve a budget for any fiscal year of the Company or a material deviation from an
approved budget for any fiscal year of the Company. 
 7. ADDITIONAL AGREEMENTS. 
 7.1 Inspection. The Company shall permit any authorized representative of each Significant Investor that, together with its
Affiliates, owns Shares representing at least seven and one-half percent (7.5%) of the then outstanding shares of Common Stock to visit and inspect the properties of the Company, including its corporate and financial records, and to discuss its
business and finances with officers of the Company, during normal business hours following reasonable notice and as often as may be reasonably requested. 
 7.2 Financial Statements and Other Information. 
 7.2.1 At any time in
which the Company is not required to file annual, quarterly and periodic reports with the Commission pursuant to Sections 13 or 15(d) of the Exchange Act, the Company shall deliver to each Significant Investor that, together with its Affiliates,
owns Shares representing at least seven and one-half percent (7.5%) of the then outstanding shares of Common Stock: 
 (a)
as soon as available after the end of each fiscal year of the Company, and in any event within ninety (90) days after the end of each fiscal year of the Company (unless the Company has reasonably requested an extension not exceeding thirty
(30) days), an audited consolidated balance sheet of the Company and its Subsidiaries as at the end of such year and audited consolidated statements of income, retained earnings and cash flows of the Company and its Subsidiaries for such year,
certified by certified public accountants of established national reputation selected by the Company, and prepared in accordance with U.S. generally accepted accounting principles consistently applied; and 
 (b) as soon as available after the end of each fiscal quarter of the Company (other than the fourth quarter), and in any event within
forty-five (45) days after the end of each fiscal quarter of the Company (other than the fourth quarter) (unless the Company has reasonably requested an extension not exceeding thirty (30) days), an unaudited consolidated balance sheet of
the Company and its Subsidiaries as at the end of such quarter, and unaudited consolidated statements of income, retained earnings and cash flows of the Company and its Subsidiaries for such fiscal quarter and for the current fiscal year to the end
of such fiscal quarter, prepared in accordance with U.S. generally accepted accounting principles (subject to normal year-end audit adjustments and the absence of notes thereto). 
  

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 7.2.2 Until the date of a Qualified Public Offering, the Company shall deliver to each
Significant Investor that, together with its Affiliates, owns Shares representing at least seven and one-half percent (7.5%) of the then outstanding shares of Common Stock: 
 (a) as soon as available after the end of each calendar month and in any event within twenty (20) days thereafter, a summary of the
Company’s financial performance not to exceed one page in length in a form to be mutually agreed upon by the Company and the Significant Investors promptly following execution of this Agreement; 
 (b) as soon as available prior to or after the end of each fiscal year and in any event within three (3) days following approval by
the Board, the approved budget and annual business plan of the Company and its Subsidiaries for the subsequent fiscal year; 
 (c) such other notices, information and data with respect to the Company as the Company delivers to the holders of its capital stock at the same time it delivers such items to such holders; and 
 (d) any information necessary to assist such Significant Investor in preparing its tax filings with respect to the Company and each of its
Subsidiaries as from time to time may be reasonably requested by such Significant Investor. 
 7.3 Directors’ and
Officers’ Insurance; Indemnification Agreement. 
 7.3.1 The Company shall, if not already in place, purchase, within a
reasonable period following the Closing Date, and maintain for such periods as the Board shall in good faith determine, at its expense, insurance in an amount determined in good faith by the Board to be appropriate, on behalf of any person who after
the Closing Date is or was a director or officer of the Company or any Subsidiary, or is or was serving at the request of the Company or any Subsidiary as a director, officer, employee or agent of another limited company, corporation, partnership,
joint venture, trust or other enterprise, including any Subsidiary of the Company, against any expense, liability or loss asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as
such, subject to customary exclusions. The provisions of this Section 7.3.1 shall survive any termination of this Agreement. 
 7.3.2 The Company shall enter into an indemnification agreement with each Significant Investor Director consistent with the form of indemnification agreement filed as Exhibit 10.1 to the Company’s current report on Form 8-K filed with
the Commission on August 12, 2008 or in such other form as shall be acceptable to such Significant Investor Director. 
  

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 7.4 Other Business Opportunities. In recognition that certain of the Significant
Investors currently have, and will in the future have or will consider acquiring, investments in numerous companies with respect to which such Significant Investor may serve as an advisor, a director or in some other capacity, and in recognition
that such Significant Investor may have a myriad of duties to various investors and partners, and in anticipation that the Company, on the one hand, and such Significant Investor (or one or more affiliates, associated investment funds or portfolio
companies), on the other hand, may engage in the same or similar activities or lines of business and have an interest in the same areas of corporate opportunities, and in recognition of the benefits to be derived by the Company hereunder and in
recognition of the difficulties which may confront any Significant Investor who desires and endeavors fully to satisfy such Significant Investor’s duties, in determining the full scope of such duties in any particular situation, the provisions
of this Section 7.4 are set forth to regulate, define and guide the conduct of certain affairs of the Company as they may involve such Significant Investor. 
 7.4.1 Such Significant Investor and Significant Investor Director shall have the right: 
 (a) to directly or indirectly engage in or invest in any business (including any business activities or lines of business that are the same as or similar to those pursued by, or competitive with, the Company and its Subsidiaries);
provided, that no person serving as a Significant Investor Director shall also serve as a director or in a similar capacity for such other business, 
 (b) to directly or indirectly do business with any client or customer of the Company and its Subsidiaries, 
 (c) to take any other action that such Significant Investor believes in good faith is necessary to or appropriate to fulfill its obligations as described in the first sentence of this Section 7.4,
and 
 (d) not to present potential transactions, matters or business opportunities to the Company or any of its Subsidiaries,
and to pursue, directly or indirectly, any such opportunity for itself or himself, as the case may be, and to direct any such opportunity to another Person. 
 7.4.2 Such Significant Investor and its Affiliates shall have no duty (contractual or otherwise) to communicate or present any corporate opportunities to the Company or any of its Affiliates or to refrain
from any actions specified in Section 7.4.1, and the Company, on its own behalf and on behalf of its Affiliates, hereby renounces and waives any right to require such Significant Investor or its Affiliates to act in a manner inconsistent with
the provisions of this Section 7.4. 
 7.4.3 Such Significant Investor and its Affiliates shall not be liable to the
Company or any of its Affiliates for breach of any duty (contractual or otherwise) by reason of any activities or omissions of the types referred to in this Section 7.4 or such Significant Investor’s or its Affiliates’ participation
therein. 
  

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 7.5 Confidentiality. 
 7.5.1 Each Investor agrees that it shall (and shall cause its officers, directors, employees and Affiliates that are provided with
Confidential Information and the officers, directors and employees of its Affiliates that are provided with Confidential Information, and shall use commercially reasonable efforts to cause its partners, legal counsel, agents and representatives that
are provided with Confidential Information and the partners, legal counsel, agents and representatives of its Affiliates that are provided with Confidential Information (collectively, the “Confidentiality Affiliates”), to)
(i) hold confidential and not disclose (other than by an Investor to its Confidentiality Affiliates in connection with a permitted purpose hereunder), without the prior written consent of the Company, all confidential or proprietary written,
recorded or oral information or data (including research, developmental, engineering, manufacturing, technical, marketing, sales, financial, operating, performance, cost, business and process information or data, know how and computer programming
and other software techniques) provided or developed by the Company and any of its Subsidiaries, another Investor or its Confidentiality Affiliates in connection herewith (including all information provided by the Company pursuant to
Section 7.2.2), whether such confidentiality or proprietary status is indicated orally or in writing or in a context in which the Company and any of its Subsidiaries or the disclosing Investor or any of their Confidentiality Affiliates
reasonably communicated, or the receiving Investor or its Confidentiality Affiliates should reasonably have understood, that the information should be treated as confidential, whether or not the specific words “confidential” or
“proprietary” are used (“Confidential Information”) and (ii) use such Confidential Information only for the purposes of performing its obligations hereunder or under any other agreement with the Company to which it is
a party, carrying on the business of the Company and monitoring its investment in the Company. Notwithstanding the foregoing, each Significant Investor may disclose any such Confidential Information on a confidential basis (a) to current and
prospective lenders in connection with a loan or prospective loan to such Significant Investor, to any other Investor and to prospective purchasers of Shares from a Significant Investor, as well as to their legal counsel, auditors, agents and
representatives, (b) to partners, members or prospective partners or members of, or investors in, an Investor or its Confidentiality Affiliates or (c) as a Dragging Investor in connection with the exercise of its rights under
Section 4.3. 
 7.5.2 The obligations contained in Section 7.5.1 shall not apply, or shall cease to apply, to
Confidential Information if or when, and to the extent that, such Confidential Information (i) was, or becomes through no breach of the receiving Investor’s obligations hereunder, known to the public, (ii) becomes known to the
receiving Investor or its Confidentiality Affiliates from other sources under circumstances not involving any breach of any confidentiality obligation by such source, (iii) is independently developed by the receiving Investor or its
Confidentiality Affiliates, or (iv) is required to be disclosed by law, governmental regulation or applicable legal process (including any laws, rules or regulations applicable to Ayala Corporation in its capacity as a public company in the
Philippines). 
  

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 7.6 Reimbursement; No Obligation to Pay Fees. The Company shall pay or cause to be
paid directly, or reimburse each Significant Investor Director for such Significant Investor Director’s reasonable out-of-pocket expenses incurred in connection with the performance of such Significant Investor Director’s responsibilities
set forth herein. Without prior written consent of the Chief Executive Officer of the Company and the Board with Requisite Board Approval, the Company shall not be obligated to pay any fees (including director fees or similar compensation paid by
portfolio companies to private equity firms) or similar remuneration to the Significant Investors or the Significant Investor Directors, or any of their respective Affiliates. 
 8. REMEDIES. 
 Each party to this Agreement has all remedies available at
law, in equity or otherwise against any other party in the event of any breach or violation of this Agreement or any default hereunder by such other party. The parties acknowledge and agree that in the event of any breach of this Agreement, in
addition to any other remedies that may be available against the breaching party, each of the parties hereto shall be entitled to specific performance of the obligations of the breaching party and, in addition, to such other equitable remedies
against the breaching party (including preliminary or temporary relief) as may be appropriate in the circumstances. 
 9. LEGENDS.

 9.1 Restrictive Legend. Each certificate representing Shares shall have a legend in substantially the following form
endorsed conspicuously thereupon: 
 The voting of the shares of stock evidenced by this certificate and the sale, encumbrance,
transfer or other disposition thereof are subject to the provisions of the Corporation’s Certificate of Incorporation, By-laws and a Stockholders Agreement to which the Corporation and certain of its stockholders are party, a copy of which may
be inspected at the principal office of the Corporation or obtained from the Corporation without charge. 
 In the event of a Transfer of Shares
permitted by this Agreement in which the transferee thereof is not required pursuant to this Agreement to become bound by, or become a party to, this Agreement with respect to such Shares, such transferee will have the right to have the foregoing
legend removed at the Company’s expense from any certificates representing such Shares (insofar as such legend references the provisions of this Agreement) by the delivery of substitute certificates to evidence such Shares that do not reference
this Agreement. 
 9.2 1933 Act Legend. Each certificate representing Shares shall also have a legend in substantially
the following form endorsed conspicuously thereupon: 
 The securities evidenced by this certificate were issued without
registration under the Securities Act of 1933, as amended (the “Act”), and may not be sold, assigned, pledged or otherwise transferred in the absence of an effective registration statement under the Act covering the transfer thereof
or an opinion of counsel, satisfactory to Stream Global Services, Inc. (the “Corporation”), that registration under the Act is not required. 
  

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 9.3 Stop Transfer Instruction. The Company will instruct any transfer agent not to
register the Transfer of any Shares unless the conditions specified in the foregoing legends and this Agreement are satisfied. 
 9.4 Termination of 1933 Act Legend. The requirement imposed by Section 9.2 shall cease and terminate as to any particular Shares (i) when, in the opinion of counsel reasonably acceptable to the Company, such legend is no
longer required in order to assure compliance by the Company with the Securities Act or (ii) when such Shares have been effectively registered under the Securities Act or transferred pursuant to Rule 144. Wherever such requirement shall cease
and terminate as to any Shares, then the holder thereof shall be entitled to receive from the Company, as the case may be, without expense, new certificates not bearing the legend set forth in Section 9.2. 
 9.5 Book-Entry Shares. The provisions of this Section 9 and the share legends required hereunder shall apply to Shares that are
represented by book entry (as opposed to certificates) to the same extent as if such Shares were represented by certificates. 
 10.
AMENDMENT, TERMINATION, ETC. 
 10.1 Oral Amendments. This Agreement may not be orally amended, modified, extended
or terminated, nor shall any purported oral waiver of any of its terms be effective. 
 10.2 Written Amendments. This
Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, but only by an agreement in writing signed by the Company and either (i) the Requisite Majority or (ii) if none of the Significant
Investors, together with its Affiliates, own Shares representing at least seven and one-half percent (7.5%) of the then outstanding shares of Common Stock, the Investors owning a majority of the Shares then owned by the Investors;
provided that: 
 (a) the consent of each of the Significant Investors also shall be required if the amendment,
modification, extension or termination (i) relates to this Section 10.2 or (ii) does not apply to all of the Significant Investors in the same fashion; 
 (b) the consent of a Significant Investor also shall be required so long as such Significant Investor, together with its Affiliates, owns more than five percent (5%) of the then outstanding shares of
Common Stock; 
  

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 (c) the consent of each of Mr. Murray and Trillium also shall be required for any
amendment, modification, extension or termination of Section 2.1.2(f) (for so long as Mr. Murray is the Chief Executive Officer of the Company), Section 3 (for so long as any of the Murray Investors or Trillium Investors is bound by
Section 3), Sections 4.1, 4.2 or 4.4 (for so long as any of the Murray Investors or Trillium Investors is bound by Sections 4.1 or 4.2), Section 7.6 (for so long as Mr. Murray is the Chief Executive Officer of the Company),
Section 10.2 (for so long as Mr. Murray is the Chief Executive Officer of the Company or any of the Murray Investors or Trillium Investors is bound by any provision of this Agreement), Section 10.3 (for so long as Mr. Murray is
the Chief Executive Officer or any of the Murray Investors or Trillium Investors is bound by any provision of this Agreement), or any of the defined terms used in Sections 2.1.2(f), 3, 4.1, 4.2, 4.4, 7.6, 10.2 or 10.3 (for so long as Mr. Murray
is the Chief Executive Officer of the Company or any of the Murray Investors or Trillium Investors is bound by any provision of this Agreement); and 
 (d) the consent of any Investor also shall be required if such amendment, modification, extension or termination would adversely and disproportionately affect the rights and/or obligations of such
Investor. 
 10.3 Termination. This Agreement shall terminate on the earlier of (i) the first date on which the
Significant Investors, together with their respective Affiliates, collectively own Shares representing less than ten percent (10%) of the then outstanding shares of Common Stock and (ii) the consummation of a Sale of the Company.

 10.4 Effect of Termination. No termination (in whole or in part) of this Agreement shall relieve any Person of
liability for any breach by it prior to such termination. 
 11. DEFINITIONS, ETC. 
 11.1 Certain Matters of Construction. In this Agreement, unless specified otherwise: 
 (a) references to Sections, Exhibits or Schedules are to Sections of, or Exhibits or Schedules to, this Agreement; 
 (b) all Exhibits and Schedules to this Agreement are hereby incorporated in and made a part of this Agreement as if set forth in full
herein, and any capitalized terms used but not otherwise defined in any such Exhibit or Schedule shall have the meanings given to those terms in this Agreement; 
 (c) the captions and headings in this Agreement are provided for convenience and do not affect its meaning; 
 (d) the words “hereof”, “herein”, “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular Section or
provision of this Agreement, and reference to a particular Section of this Agreement will be deemed to include all subsections thereof; 
  

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 (e) the word “including” means “including, without
limitation”; 
 (f) definitions are equally applicable to both nouns and verbs and the singular and plural forms of
the terms defined; 
 (g) the masculine, feminine and neuter genders each include the others; 
 (h) any reference to an agreement or organizational document, such as a certificate of incorporation, means that agreement or
organizational document as amended or supplemented from time to time, subject to any restrictions on amendment contained in such agreement or organizational document, and any reference to a statute, rule or regulation means that statute, rule or
regulation as amended or supplemented from time to time and any corresponding provisions of any successor statute, rule or regulation; 
 (i) if any date specified in this Agreement as a date for taking action falls on a day that is not a business day, then that action may be taken on the next business day; and 
 (j) the word “party” refers only to a party to this Agreement. 
 11.2 Definitions. The following terms have the following meanings: 
 “Acceptance Period” has the meaning set forth in Section 4.1.4. 
 “Adjusted EBITDA” has the meaning set forth in the Company’s then existing credit agreement, or, alternatively if no
such credit agreement exists or such term is not defined in the then existing credit agreement, the Company’s consolidated earnings before interest, taxes, depreciation and amortization, as adjusted for (i) the pro forma impact of
acquisitions and divestitures, (ii) non-recurring gains and charges, such as transaction-related costs, gains on the sales of assets, asset impairments and restructuring charges, (iii) non-cash income, gains, expenses or charges that do
not relate to expected cash inflows or outflows in future periods, (iv) non-cash foreign currency gains and losses, (v) stock compensation charges and (vi) other similar items. 
 “Adverse Claim” has the meaning set forth in Section 8-102 of the applicable Uniform Commercial Code. 
 “Affiliate” means, with respect to any specified Person, (a) any other Person that directly or indirectly through one
or more intermediaries controls, or is controlled by, or is under common control with, such specified Person, or (b) if such specified Person is a natural person, any Member of the Immediate Family of such specified Person. For the

  

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purposes of this Agreement, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common
control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise. For purposes of this Agreement, no Investor shall be deemed an Affiliate of any other Investor by virtue of its ownership interest in the Company. 
 “Agreement” has the meaning set forth in the Preamble. 
 “Ares” has the meaning set forth in the Preamble. 
 “Ares Director” has the meaning set forth in Section 2.1.2. 
 “Ares Investors” has the meaning set forth in the Preamble. 
 “Ares Significant Investor” means initially Ares, and thereafter, any single transferee of at least one-half of the Shares
owned by Ares and its Affiliates upon the Closing that is designated in writing to the Company and each other Significant Investor as the “Ares Significant Investor” by the transferor prior to the Transfer of at least one-half of
the Shares owned by Ares and its Affiliates upon the Closing; provided, that if a transferee is so designated the “Ares Significant Investor”, then the transferor shall no longer be the “Ares Significant
Investor.” In no event shall there be more than one Ares Significant Investor at any time. 
 “Ayala”
has the meaning set forth in the Preamble. 
 “Ayala Director” has the meaning set forth in Section 2.1.2.

 “Ayala Investors” has the meaning set forth in the Preamble. 
 “Ayala Significant Investor” means initially Ayala, and thereafter, any single transferee of at least one-half of the
Shares owned by Ayala and its Affiliates upon the Closing that is designated in writing to the Company and each other Significant Investor as the “Ayala Significant Investor” by the transferor prior to the Transfer of at least
one-half of the Shares owned by Ayala and its Affiliates upon the Closing; provided, that if a transferee is so designated the “Ayala Significant Investor”, then the transferor shall no longer be the “Ayala
Significant Investor.” In no event shall there be more than one Ayala Significant Investor at any time. 
 “Board” has the meaning set forth in Section 2.1.1. 
 “business day” means any
day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in the City of New York. 
 “Change of Control” means: (a) any transaction or series of related transactions, whether or not the Company is a party thereto, in which, after giving effect to such

  

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transaction or transactions, the Investors as of immediately prior to such transaction cease to own equity securities representing a majority of the voting or economic power of the Company or
other surviving entity immediately following such transaction or (b) a sale, lease or other disposition of all or substantially all of the assets of the Company and its Subsidiaries on a consolidated basis (including securities of the
Subsidiaries of the Company), other than to (i) a wholly-owned Subsidiary of the Company or (ii) any other Person of which the Investors as of immediately prior to such transaction own a majority of the voting and economic power.

 “Closing” has the meaning set forth in the Recitals. 
 “Closing Date” means the date on which the Closing occurs. 
 “Commission” means the U.S. Securities and Exchange Commission or any successor entity. 
 “Common Stock” means the common stock, $0.001 par value per share, of the Company. If there shall occur any capital
reorganization or reclassification or any consolidation or merger of the Company with or into another corporation, whether or not the Company is the surviving corporation, then, as part of any such reorganization, reclassification, consolidation or
merger, as the case may be, Common Stock shall mean the stock or other securities equivalent thereto following such occurrence and references to Common Stock herein shall be deemed thereafter to refer to such stock or other securities. 

“Company” has the meaning set forth in the Preamble. 
 “Company Competitor” means any Person listed on Schedule 11.2 attached hereto, as such schedule may amended from time to
time with (a) the consent of the Board with Requisite Board Approval and (b) the prior written consent of Mr. Murray (for so long as any of the Murray Investors or Trillium Investors are subject to Section 3.3). 
 “Company Exercise Notice” has the meaning set forth in Section 4.1.2. 
 “Confidential Information” has the meaning set forth in Section 7.5.1. 
 “Confidentiality Affiliates” has the meaning set forth in Section 7.5.1. 
 “Convertible Securities” means any evidence of indebtedness, shares of stock (other than Common Stock), options, warrants
or other securities, including Options and Warrants, that are directly or indirectly convertible into, or exchangeable or exercisable for, shares of Common Stock. 
 “Designating Party” has the meaning set forth in Section 2.1.3. 
  

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 “DGCL” means the General Corporation Law of the State of Delaware, as
amended. 
 “DOJ” means the U.S. Department of Justice or any successor entity. 
 “Drag Along Sale Notice” has the meaning set forth in Section 4.3.1. 
 “Drag Along Sale Percentage” has the meaning set forth in Section 4.3. 
 “Drag Along Sellers” has the meaning set forth in Section 4.3.1. 
 “Dragging Investors” has the meaning set forth in Section 4.3. 
 “EGS Corp. Shares” has the meaning set forth in the Preamble. 
 “Equity Holder” means, (i) with respect to Ares, the limited partners of Ares Corporate Opportunities Fund II, L.P.
(or its affiliated investment funds), (ii) with respect to PEP, the limited partners of Providence Equity Partners VI International, L.P. (or its affiliated investment funds), or (iii) with respect to Ayala, the shareholders of Ayala
Corporation. 
 “Equivalent Shares” means, at any given time, (a) as to any number of outstanding shares
of Common Stock that constitute Shares, such number of shares of Common Stock and (b) as to any outstanding Convertible Securities that constitute Shares, the maximum number of shares of Common Stock for which or into which such Convertible
Securities may at the time be exercised, converted or exchanged (or which will become exercisable, convertible or exchangeable on or prior to, or by reason of, the transaction or circumstance in connection with which the number of Equivalent Shares
is to be determined). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations thereunder. 
 “Exercise Shares” has the meaning set forth in Section 5.2. 
 “Exchange Agreement” has the meaning set forth in the Recitals. 
 “Exempt Transfer” means a Transfer (a) pursuant to Rule 144, (b) pursuant to an effective registration statement
under the Securities Act, (c) pursuant to a tender offer subject to Section 14(d)(1) of the Exchange Act (other than a tender offer made by an Investor), (d) to an Equity Holder pursuant to Section 3.1.1(a), other than an Equity
Holder that, together with its Affiliates, after the consummation of the Transfer would own more than five percent (5%) of the then outstanding shares of Common Stock, or (e) pursuant to Section 4.3. 
 “FTC” means the Federal Trade Commission or any successor entity. 
  

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 “Fully Diluted Shares” means, at any given time, the total number of
outstanding shares of Common Stock (assuming the full conversion, exercise and/or exchange of all outstanding Convertible Securities other than the Public Warrants not held by an Investor). 
 “Independent Director” means a natural person who would satisfy the applicable director independence requirements under the
rules of the New York Stock Exchange, American Stock Exchange or such other national securities exchange or market on which the Common Stock is then listed. 
 “Indirect Transfer” has the meaning set forth in Section 4.1.5. 
 “Investment Certifications” means a certification, representation and warranty that such Investor: (A) is an accredited investor within the meaning of Rule 501 under the Securities Act; (B) is acquiring the
Subject Securities (and any securities it may acquire upon exercise or conversion of the Subject Securities) for its own account for investment and not with a view to, or for sale in connection with, any distribution thereof, nor with any present
intention of distributing or selling the same; (C) has no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness or commitment providing for the disposition of the Subject Securities (or any securities it may
acquire upon exercise or conversion of the Subject Securities); (D) has made such inquiry concerning the Company and its business and personnel as it has deemed appropriate; and (E) has sufficient knowledge and experience in finance and
business that it is capable of evaluating the risks and merits of its investment in the Company. 
 “Investor Exercise
Notice” has the meaning set forth in Section 4.1.3. 
 “Investor Notice” has the meaning set
forth in Section 4.1.2. 
 “Investors” means each Person executing this Agreement and such other Persons,
if any, that from time to time become party to this Agreement as transferees of Shares (other than transferees receiving Shares pursuant to (i) a Transfer in accordance with Rule 144, (ii) a Transfer under an effective registration
statement under the Securities Act or (iii) a tender offer subject to Section 14(d)(1) of the Exchange Act (other than a tender offer made by an Investor)); provided, that, solely for purposes of Sections 3, 4.1, 4.2 and 10.2 (and,
solely for purposes of such sections, the defined terms used therein), each of Trillium and Mr. Murray shall be considered an “Investor.” Notwithstanding the foregoing, none of the Murray Investors, including Mr. Murray,
nor any of the Trillium Investors, including Trillium, shall be considered an “Investor” under this Agreement, including Sections 3, 4.1 and 4.2, if the employment of Mr. Murray with the Company is terminated without Cause (as
such term is defined in the Murray Employment Agreement) pursuant to Section 4.5 of the Murray Employment Agreement, or by reason of Mr. Murray’s death or disability, or if Mr. Murray terminates his employment with the Company
for Good Reason (as such term is defined in the Murray Employment Agreement) pursuant to Section 4.3 of the Murray Employment Agreement (and in such event, none of the Murray Investors, including Mr. Murray, nor any of the Trillium
Investors, including Trillium, shall be entitled to any rights under, nor be bound by the terms of, this Agreement). 
  

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 “Issuance” has the meaning set forth in Section 5. 
 “Issuer” has the meaning set forth in Section 5.1.1. 
 “Marketable Securities” means securities that are traded on an established United States or foreign securities exchange or
market and not subject to restrictions on transfer as a result of any applicable contractual provisions or the provisions of the Securities Act. 
 “Mr. Murray” has the meaning set forth in the preamble. 
 “Member of the Immediate Family” means, with respect to any individual, each spouse, domestic partner, child, parent, uncle, aunt, nephew, niece, first cousin, sibling, grandchild or other descendant of such individual,
each trust created solely for the benefit of one or more of the aforementioned Persons and their spouses and each custodian or guardian of any property of one or more of the aforementioned Persons in his or her capacity as such custodian or
guardian, and each other relative of such individual approved by the Board. 
 “Murray Employment Agreement”
means that certain Employment Agreement, dated as of July 15, 2008, by and between the Company and R. Scott Murray (as such agreement may be amended, modified or supplemented from time to time). 
 “Murray Investors” has the meaning set forth in the Preamble. 
 “Non-Voting Common Stock” means the shares of non-voting common stock, par value $0.001 per share, of the Company issued
pursuant to the Exchange Agreement, if any. 
 “Offered Shares” has the meaning set forth in Section 4.1.

 “Optional Conversion Date” means the earliest to occur of (i) the first anniversary of the Closing
Date, (ii) the termination of the Company’s existing credit agreement as of August 14, 2009 and (iii) the consummation of a Change of Control. 
 “Options” means any options to subscribe for, purchase or otherwise directly acquire shares of Common Stock from the Company (including restricted stock units and similar securities),
other than any right to purchase shares pursuant to this Agreement. 
 “Other Securities” has the meaning set
forth in Section 5.1.2. 
 “Participating Buyer” has the meaning set forth in Section 5.1.2.

  

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 “Participating Seller” (a) in relation to a Transfer subject to
Section 4.2, has the meaning set forth in Section 4.2.2, and (b) in relation to a Transfer subject to Section 4.3, has the meaning set forth in Section 4.3.1. 
 “Participating Warrant Buyer” has the meaning set forth in Section 5.2(c). 
 “Participation Notice” has the meaning set forth in Section 5.1.1. 
 “Participation Percentage” means, as to any Investor with respect to a given Issuance, a fraction, expressed as a
percentage, the numerator of which is the number of Shares owned by such Investor immediately prior to such Issuance and the denominator of which is the number of Fully Diluted Shares as of immediately prior to such Issuance. 
 “PEP” has the meaning set forth in the Preamble. 
 “PEP Director” has the meaning set forth in Section 2.1.2. 
 “PEP Investors” has the meaning set forth in the Preamble. 
 “PEP Significant Investor” means initially PEP, and thereafter, any single transferee of at least one-half of the Shares
owned by PEP and its Affiliates upon the Closing that is designated in writing to the Company and each other Significant Investor as the “PEP Significant Investor” by the transferor prior to the Transfer of at least one-half of the
Shares owned by PEP and its Affiliates upon the Closing; provided, that if a transferee is so designated the “PEP Significant Investor”, then the transferor shall no longer be the “PEP Significant Investor.”
In no event shall there be more than one PEP Significant Investor at any time. 
 “Permissible Transfer” has
the meaning set forth in Section 3.1.1. 
 “Permitted Transferee” means (a) with respect to any
Investor, any Affiliate of such Investor, (b) with respect to any Investor who is a natural person, upon the death of such Investor, such Investor’s estate, executors, administrators, personal representatives, heirs, legatees or
distributees in each case acquiring the Shares in question pursuant to the will or other instrument taking effect at death of such Investor or by applicable laws of descent and distribution and (c) with respect to any Murray Investor or
Trillium Investor, a trust, private foundation or other Person formed for estate planning purposes for the benefit of a Murray Investor, Trillium Investor or Member of the Immediate Family of a Murray Investor or Trillium Investor. In addition,
without limiting the foregoing, with respect to any Murray Investor or Trillium Investor, any Investor shall be a Permitted Transferee of such Investor’s Permitted Transferees. 
 “Person” means any natural person or individual, partnership, corporation, company, association, trust, joint venture,
limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 
  

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 “Price Per Equivalent Share” means the Board’s good faith
determination of the price per Equivalent Share of any Convertible Securities that are the subject of an Issuance pursuant to Section 5 hereof. 
 “Prospective Buyer” means any Person or Persons (including the Company or any of its Subsidiaries or any Investor) to whom a Prospective Selling Investor may Transfer Shares. 

“Prospective Selling Investor” (a) in relation to a Transfer under Section 4.1, has the meaning set forth
therein and (b) in relation to a Transfer under Section 4.3, means the Dragging Investors. 
 “Prospective
Subscriber” has the meaning set forth in Section 5.1.1. 
 “Public Offering” means a public
offering and sale of shares of Common Stock for cash pursuant to an effective registration statement under the Securities Act. 
 “Public Warrant Percentage” means, as to any Significant Investor with respect to a given Issuance pursuant to Section 5.2, a fraction expressed as a percentage, the numerator of which is the number of Shares owned by
such Significant Investor upon the Closing and the denominator of which is the total number of Shares owned by all Significant Investors upon the Closing; provided that, solely for purposes of the calculation of each Significant
Investor’s Public Warrant Percentage, until an aggregate of 1,000,000 shares of Common Stock (subject to appropriate adjustment in the event of any stock split, stock dividend or other similar event affecting such shares) have been offered to
the Ayala Significant Investor pursuant to Section 5.2, the Ayala Significant Investor’s Public Warrant Percentage shall be one hundred percent (100%) and each of the Ares Significant Investor’s and the PEP Significant
Investor’s Public Warrant Percentage shall be zero percent (0.0%). 
 “Public Warrants” means the Warrants
outstanding upon the Closing. 
 “Purchase Price” has the meaning set forth in Section 5.2. 
 “Qualified Public Offering” means the first underwritten public offering and sale of shares of Common Stock after the date
of this Agreement pursuant to an effective registration statement under the Securities Act (other than on Form S-8 or a comparable form), after which, but not necessarily as a result of which, the shares of Common Stock then outstanding that will
have been issued in a transaction registered pursuant to a registration statement under the Securities Act (other than shares of Common Stock (i) held by an Affiliate or executive officer of the Company or (ii) issued pursuant to a
registration statement on Form S-8 or a comparable form) shall represent at least 20% of the shares of Common Stock then outstanding. 
 “Remaining Shares” has the meaning set forth in Section 4.1.2. 
  

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 “Registration Rights Agreement” means the Amended and Restated Registration
Rights Agreement dated as of August 14, 2009 among the Company, the Investors and the other stockholders of the Company named therein. 
 “Requisite Board Approval” means the approval of a majority of the members of the Board (which majority must include, to the extent such a director serves on the Board, one
(1) director designated by the Ares Significant Investor pursuant to Section 2.1.2(a) and one (1) director designated by the Ayala Significant Investor and the PEP Significant Investor pursuant to Section 2.1.2(b)). 

“Requisite Majority” means any two of the Significant Investors, provided that the Ares Significant
Investor must be one of the two Significant Investors in favor of the matter in question. The foregoing proviso shall terminate on the first date on which the Ares Significant Investor, together with its Affiliates, no longer owns (a) at least
two-thirds ( 2/3) of the shares of Common Stock
owned by Ares and its Affiliates upon the Closing and (b) a greater number of shares of Common Stock than each of the PEP Significant Investor, together with its Affiliates, and the Ayala Significant Investor, together with its Affiliates. In
addition, if any of the Significant Investors, together with its Affiliates, no longer owns at least seven and one-half percent (7.5%) of the then outstanding shares of Common Stock, then the vote or consent of such Significant Investor will no
longer be required for a Requisite Majority. 
 “Rule 144” means Rule 144 under the Securities Act or
any successor provision. 
 “Sale of the Company” means: (a) any transaction or series of related
transactions, whether or not the Company is a party thereto, in which, after giving effect to such transaction or transactions, equity securities representing in excess of fifty percent (50%) of the voting or economic power of the Company or
other surviving entity immediately following such transaction are owned directly, or indirectly through one or more entities, by any “person” or “group” (as such terms are used in Section 13(d) of the Exchange
Act) of Persons, other than the Significant Investors and their respective Affiliates, or (b) a sale, lease or other disposition of all or substantially all of the assets of the Company and its Subsidiaries on a consolidated basis (including
securities of the Subsidiaries of the Company), other than to a wholly-owned Subsidiary of the Company). 
 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder. 
 “Shares” means with respect to an Investor, (a) all shares of Common Stock owned by an Investor upon the Closing, (b) all shares of Common Stock actually issued upon the exercise, conversion or exchange of any
Public Warrants owned by an Investor upon the Closing, (c) all shares of Common Stock and Convertible Securities acquired by an Investor pursuant to Sections 3, 4 or 5 and (d) all shares of Common Stock or Convertible Securities acquired
by an Investor in connection with any stock split, stock dividend, subdivision or combination of shares under (a), (b) or (c). For purposes of this definition, Convertible Securities shall be treated as a number of Shares equal to the

  

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number of Equivalent Shares represented by such Convertible Securities (other than the Public Warrants) for all purposes of this Agreement, except as otherwise specifically set forth herein.

 “Significant Investors” means the Ares Significant Investor, the Ayala Significant Investor and the PEP
Significant Investor. 
 “Significant Investor Director” has the meaning set forth in Section 2.1.2.

 “Subject Securities” has the meaning set forth in Section 5. 
 “Subsidiary” means, with respect to any specified Person, any other Person in which such specified Person, directly or
indirectly through one or more Affiliates or otherwise, beneficially owns a majority of either the ownership interest (determined by equity or economic interests) in, or the voting control of, such other Person. For purposes of this Agreement,
director’s qualifying shares or other similar equity interests of any Subsidiary of the Company shall be deemed to be owned by the Company. 
 “Tag Along Notice” has the meaning set forth in Section 4.2. 
 “Tag Along Offer” has the meaning set forth in Section 4.2.2. 
 “Tag Along
Offerees” has the meaning set forth in Section 4.2. 
 “Tag Along Sale Percentage” has the
meaning set forth in Section 4.2.1. 
 “Tag Along Sale” has the meaning set forth in Section 4.2.

 “Tag Along Sellers” has the meaning set forth in Section 4.2. 
 “Tranche A Loan” means the fifty-five million dollar ($55,000,000) Tranche A Loan made by AYC Holdings Ltd. to EGS
Acquisition Corp. pursuant to the resolution of the Board of Directors of EGS Acquisition Corp. dated December 18, 2008. 
 “Tranche C Loan” means collectively (i) the nine million dollar ($9,000,000) Tranche C-1 Loan made by PEP to EGS Corp. pursuant to the resolution of the Board of Directors of EGS Corp. dated December 18, 2008 and
(ii) the nine million dollar ($9,000,000) Tranche C-2 Loan made by AYC Holdings Ltd. to EGS Corp. pursuant to the resolution of the Board of Directors of EGS Corp. dated December 18, 2008. 
 “Tranche D Loan” means collectively (i) the five million dollar ($5,000,000) Tranche D-1 Loan made by PEP to EGS
Acquisition Corp. pursuant to the resolution of the Board of Directors of EGS Acquisition Corp. dated December 18, 2008 and (ii) the five million dollar ($5,000,000) Tranche D-2 Loan made by AYC Holdings Ltd. to EGS Acquisition Corp.
pursuant to the resolution of the Board of Directors of EGS Acquisition Corp. dated December 18, 2008. 
  

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 “Third Party” means a prospective purchaser (other than a Permitted
Transferee of the prospective selling Investor) of Shares in a bona fide arm’s-length transaction. 
 “Transaction” has the meaning set forth in the Recitals. 
 “Transfer” means any
sale, pledge, assignment, encumbrance, distribution or other transfer or disposition of Shares or other property to any other Person, whether directly, indirectly, voluntarily, involuntarily, by operation of law (including by merger), pursuant to
judicial process or otherwise. 
 “Transfer Notice” has the meaning set forth in Section 4.1.1.

 “Trillium” has the meaning set forth in the Preamble. 
 “Trillium Investors” has the meaning set forth in the Preamble. 
 “Unanimous Significant Investors” means (i) the Ares Significant Investor, for so long as the Ares
Significant Investor, together with its Affiliates, owns Shares representing at least one-third ( 1/3) of the Shares owned by Ares and its Affiliates upon the Closing, (ii) the PEP Significant Investor, for so long as the PEP Significant Investor, together with its
Affiliates, owns Shares representing at least fifty percent (50%) of the Shares owned by PEP and its Affiliates upon the Closing, and (iii) the Ayala Significant Investor, for so long as the Ayala Significant Investor, together with its
Affiliates, owns Shares representing at least fifty percent (50%) of the Shares owned by Ayala and its Affiliates upon the Closing. 
 “Unwinding Event” has the meaning set forth in Section 3.1.1. 
 “Voting Investor” means any Investor that, together with its Affiliates, owns Shares representing at least five (5%) of the then outstanding shares of Common Stock. 
 “Warrants” means any warrants to subscribe for, purchase or otherwise directly acquire shares of Common Stock. 

“Warrant Issuance” has the meaning set forth in Section 5.2. 
 12. MISCELLANEOUS. 
 12.1
Stock Incentive Plan. The Company shall, upon the Closing, amend its 2008 Stock Incentive Plan to increase the number of shares of Common Stock covered thereby to 10,000,000 shares of Common Stock. 
 12.2 Authority; Effect. Each party hereto represents and warrants to each other party that this Agreement is a valid and binding
obligation of such party, enforceable against it in accordance with its terms, and that the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and
do not violate any agreement or other

  

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instrument applicable to such party or by which its assets are bound. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties
hereto, or to constitute any of such parties as members of a joint venture or other association. 
 12.3 Notices. All
notices, requests, demands, claims and other communications required or permitted in this Agreement shall be effective if in writing and (a) delivered personally, (b) sent by facsimile, or (c) sent by overnight courier, in each case,
addressed as follows: 
 If to the Company, to: 
 Stream Global Services, Inc. 
 20 William Street, Suite 310 
 Wellesley, Massachusetts 02481 
 Telephone: (781) 304-1810 
 Facsimile: (781) 304-1702 
 Attention: Chief Executive Officer 
 and 
 Stream Global Services, Inc. 
 20 William Street, Suite 310 
 Wellesley, Massachusetts 02481 
 Telephone: (781) 304-1810 
 Facsimile: (781) 304-1702 
 Attention: Chief Legal and Administrative Officer 
 with copies (which shall not
constitute notice) to: 
 Wilmer Cutler Pickering Hale and Dorr LLP 
 60 State Street 
 Boston, Massachusetts 02109 
 Telephone: (617) 526-6000 
 Facsimile: (617) 526-5000 
 Attention: Mark G. Borden and Peter N. Handrinos 
  

 - 45 - 

 If to any of the Ares Investors, to: 
 Ares Corporate Opportunities Fund II, L.P. 
 c/o Ares Management, Inc. 
 2000 Avenue of the Stars 
 12th Floor 
 Los Angeles, CA 90067 
 Telephone: (310) 201-4100 
 Facsimile: (310) 201-4157 
 Attention: David Kaplan and Jeff Schwartz 
 with a copy (which shall not
constitute notice) to: 
 Proskauer Rose LLP 
 2049 Century Park East, Suite 3200 
 Los Angeles, CA 90067-3206 
 Telephone: (310) 284-4550 
 Facsimile: (310) 557-2193 
 Attention: Michael Woronoff 
 If to any of the PEP Investors, to: 
 Providence Equity Partners 
 Lever House 
 390 Park Avenue, 4th Floor 
 New York, NY 10022 
 Telephone: (212) 644-1200 
 Facsimile: (212) 521-0845 
 Attention: Julie Richardson 
 with a copy (which shall not constitute notice) to:

 Weil, Gotshal & Manges LLP 
 767 Fifth Avenue 
 New York, NY 10153 
 Telephone: (212) 310-8000 
 Facsimile: (212) 310-8007 
 Attention: Michael Weisser 
  

 - 46 - 

 If to any of the Ayala Investors, to: 
 Ayala Corporation 
 Tower One Ayala Triangle 
 Ayala Avenue 
 Makati City 1226 
 Philippines 
 Telephone: 63 (2) 848-5643 
 Facsimile: 63 (2) 848-5846 
 Attention: Alfredo I. Ayala 
 with a copy (which shall not constitute notice) to: 
 Weil, Gotshal & Manges LLP 
 767 Fifth Avenue 
 New York, NY 10153 
 Telephone: (212) 310-8000 
 Facsimile: (212) 310-8007 
 Attention: Michael Weisser 
 If to any of the Trillium Investors or Murray Investors to: 
 Stream Global Services, Inc. 
 20 William Street, Suite 310 
 Wellesley, Massachusetts 02481 
 Telephone: (781) 304-1810 
 Facsimile: (781) 304-1702 
 Attention: R. Scott Murray 
 with copies (which shall not constitute notice) to:

 Wilmer Cutler Pickering Hale and Dorr LLP 
 60 State Street 
 Boston, Massachusetts 02109 
 Telephone: (617) 526-6000 
 Facsimile: (617) 526-5000 
 Attention: Mark G. Borden and Peter N. Handrinos

 Unless otherwise specified herein, such notices or other communications shall be deemed effective (a) on the date
received, if personally delivered, (b) on the date received if delivered by facsimile on a business day, or if not delivered on a business day, on the first business day thereafter and (c) two business days after being sent by overnight
courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 
 12.4 Binding Effect; Etc. This Agreement and the other agreements referred to herein constitute the entire agreement of the parties with respect to the subject matter hereof, supersede all prior or
contemporaneous oral or written agreements or discussions

  

 - 47 - 

 
among the parties and their respective Affiliates with respect to such subject matter, and shall be binding upon and inure to the benefit of the parties hereto and their respective heirs,
representatives, successors and permitted assigns. Except as otherwise expressly provided herein, no Investor may assign any of his, her or its respective rights or delegate any of his, her or its respective obligations under this Agreement without
the prior written consent of the Company and a Requisite Majority, and any attempted assignment or delegation in violation of the foregoing shall be null and void. No provision in this Agreement will give, or be construed to give, any legal or
equitable rights hereunder to any Person other than the parties hereto and their respective heirs, representatives, successors and permitted assigns. 
 12.5 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one instrument. 

12.6 Severability. In the event that any provision hereof would, under applicable law, be invalid or unenforceable in any respect,
such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions hereof are severable, and in the event any provision hereof
should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 
 12.7 No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, the Company and each Investor covenant, agree and acknowledge that no recourse under this Agreement or
any documents or instruments delivered in connection with this Agreement shall be had against any current or future director, officer, employee, general or limited partner, manager or member of any Investor or of any Affiliate or assignee thereof,
as such, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall
attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Investor or any current or future member of any Investor or any current or future director, officer, employee, partner, manager or member of
any Investor or of any Affiliate or assignee thereof, as such, for any obligation of any Investor under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of
such obligations or their creation. 
 12.8 Reimbursement of Expenses. The Company agrees to pay or reimburse each
Significant Investor (i) for all reasonable costs and expenses (including reasonable attorneys fees, charges, disbursement and expenses) incurred in connection with any amendment, supplement, modification or waiver of or to any of the terms or
provisions of this Agreement, provided the Company is provided with estimates of such costs and expenses in advance and given the opportunity to review and approve (such approval not to be unreasonably withheld) such costs and expenses prior to
receiving a final bill and

  

 - 48 - 

 
(ii) for all reasonable costs and expenses of such Significant Investor (including reasonable attorneys fees, charges, disbursement and expenses), provided that the Company is provided with
estimates of such costs and expenses in advance and given the opportunity to review and approve (such approval not to be unreasonably withheld) such costs and expenses prior to receiving a final bill, incurred in connection with (a) the consent
to any departure by the Company or any of its Subsidiaries from the terms of any provision of this Agreement and (b) the enforcement by such Significant Investor of any right granted to it or provided for hereunder. 
 13. GOVERNING LAW. 
 13.1
Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter hereof shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to
any choice or conflict of laws provision or rule that would cause the application of the laws of any other jurisdiction. 
 13.2
Consent to Jurisdiction. Each party to this Agreement, by its execution hereof, (a) hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of Delaware for the purpose of any action,
claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by
applicable law, and agrees not to assert, and agrees not to allow any of its Subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named
courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by
such court and (c) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the
subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract,
tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, any party to this Agreement may commence and
maintain an action to enforce a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by Delaware law, and agrees that
service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 12.3 is reasonably calculated to give actual notice. 
 13.3 WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND
COVENANTS THAT IT WILL NOT ASSERT (WHETHER

  

 - 49 - 

 
AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY,
PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 13.3 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY
FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 13.3 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 13.4 Exercise of Rights and Remedies. No delay of or omission in the exercise of any right, power or remedy accruing to any party as
a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default
occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 
 [Signature pages follow] 
  

 - 50 - 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or
caused this Agreement to be executed on its behalf by a duly authorized officer or representative) as of the date first above written. 
  

					
	COMPANY	 	STREAM GLOBAL SERVICES, INC.
			
		 	By:	 	 /s/ R. Scott Murray

		 	Name:	 	R. Scott Murray
		 	Title:	 	Chairman and Chief Executive Officer
		
	INVESTORS	 	ARES CORPORATE OPPORTUNITIES FUND II, L.P.
			
		 	By:	 	 /s/ Jeffrey B. Schwartz

		 	Name:	 	Jeffrey B. Schwartz
		 	Title:	 	Vice President
		
		 	EGS DUTCHCO, B.V.
			
		 	By:	 	 /s/ R. Davis Noell

		 	Name:	 	R. Davis Noell
		 	Title:	 	Vice President
		
		 	NEWBRIDGE INTERNATIONAL INVESTMENT LTD.
			
		 	By:	 	 /s/ Alfredo I. Ayala

		 	Name:	 	Alfredo I. Ayala
		 	Title:	 	
		
		 	TRILLIUM CAPITAL LLC
			
		 	By:	 	 /s/ R. Scott Murray

		 	Name:	 	R. Scott Murray
		 	Title:	 	President
		
		 	 /s/ R. Scott Murray

		 	Mr. R. Scott Murray (personally)

  

 - 51 - 

 EXHIBIT A 
 ADOPTION AGREEMENT 
 This Adoption Agreement
(“Adoption Agreement”) is executed on                  , 20    , by the undersigned (“Holder”)
pursuant to the terms of that certain Stockholders Agreement dated as of October 1, 2009 (the “Agreement”), by and among Stream Global Services, Inc. and certain of its stockholders, as such Agreement may be amended or
amended and restated. Capitalized terms used but not defined in this Adoption Agreement shall have the respective meanings ascribed to such terms in the Agreement. By the execution of this Adoption Agreement, Holder agrees as follows. 
 1.1 Acknowledgement. Holder acknowledges that Holder is acquiring certain Shares as a Permitted Transferee from a party in such
party’s capacity as an “Investor” [and “Significant Investor”] bound by the Agreement, and after such transfer, Holder shall be considered an “Investor” [and “Significant
Investor”] for all purposes of the Agreement. 
 1.2 Agreement. Holder hereby (a) agrees that the Shares so
acquired shall be bound by and subject to the terms of the Agreement and (b) adopts the Agreement with the same force and effect as if Holder were originally a party thereto. 
 1.3 Notice. Any notice required or permitted by the Agreement shall be given to Holder at the address listed below Holder’s
signature hereto. 
  

									
	HOLDER:	 	  
	 		 	ACCEPTED AND AGREED:
				
	By:	 	  
	 		 	STREAM GLOBAL SERVICES, INC.
	Name:	 	  
	 		 		 	
	Title:	 	  
	 		 		 	
					
	Address:	 		 		 		 	
	  
	 		 	By:	 	  

	  
	 		 	Name:	 	  

	  
	 		 	Title:	 	  

	Telephone:	 	  
	 		 		 	
	Facsimile	 	  
	 		 		 	
	Attention:Indenture

 Exhibit 4.1 
 $1,081,570,000 
 Asset Backed Notes 
 MERCEDES-BENZ AUTO RECEIVABLES TRUST 2009-1, 
 as Issuer, 
 and 
 U.S. BANK NATIONAL ASSOCIATION, 
 as Indenture Trustee

  
  
 INDENTURE 
 Dated as
of October 1, 2009 
  
  
  
  

 CROSS REFERENCE TABLE* 
  

					
	 TIA Section
	  	Indenture
Section
	310	 	(a)(1)	  	6.11
		 	(a)(2)	  	6.11
		 	(a)(3)	  	6.10; 6.11
		 	(a)(4)	  	N.A.**
		 	(a)(5)	  	6.11
		 	(b)	  	6.08; 6.11
		 	(c)	  	N.A.
	311	 	(a)	  	6.12
		 	(b)	  	6.12
		 	(c)	  	N.A.
	312	 	(a)	  	7.01
		 	(b)	  	7.02
		 	(c)	  	7.02
	313	 	(a)	  	7.04
		 	(b)(1)	  	7.04
		 	(b)(2)	  	7.04
		 	(c)	  	7.04; 11.05
		 	(d)	  	7.04
	314	 	(a)	  	3.09; 7.03
		 	(b)	  	3.06; 11.15
		 	(c)(1)	  	11.01
		 	(c)(2)	  	11.01
		 	(c)(3)	  	11.01
		 	(d)	  	11.01
		 	(e)	  	11.01
		 	(f)	  	11.01
	315	 	(a)	  	6.01
		 	(b)	  	6.05; 11.01
		 	(c)	  	6.01
		 	(d)	  	6.01
		 	(e)	  	5.13
	316	 	(a)	  	1.01
		 	(a)(1)(A)	  	5.11
		 	(a)(1)(B)	  	5.12
		 	(a)(2)	  	N.A.
		 	(b)	  	5.07
		 	(c)	  	N.A.
	317	 	(a)(1)	  	5.03
		 	(a)(2)	  	5.03
		 	(b)	  	3.03
	318	 	(a)	  	11.07

  

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

	**	N.A. means Not Applicable. 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		  	ARTICLE ONE	  	
			
		  	DEFINITIONS AND INCORPORATION BY REFERENCE	  	
			
	Section 1.01.	  	Capitalized Terms; Rules of Usage	  	2
	Section 1.02.	  	Incorporation by Reference of Trust Indenture Act	  	2
			
		  	ARTICLE TWO	  	
			
		  	THE NOTES	  	
			
	Section 2.01.	  	Form	  	3
	Section 2.02.	  	Execution, Authentication and Delivery	  	3
	Section 2.03.	  	Temporary Notes	  	4
	Section 2.04.	  	Tax Treatment	  	4
	Section 2.05.	  	Registration; Registration of Transfer and Exchange	  	4
	Section 2.06.	  	Mutilated, Destroyed, Lost or Stolen Notes	  	6
	Section 2.07.	  	Persons Deemed Owner	  	7
	Section 2.08.	  	Payment of Principal and Interest	  	7
	Section 2.09.	  	Cancellation	  	10
	Section 2.10.	  	Book-Entry Notes	  	10
	Section 2.11.	  	Notices to Clearing Agency	  	11
	Section 2.12.	  	Definitive Notes	  	11
	Section 2.13.	  	Release of Collateral	  	12
	Section 2.14.	  	Employee Benefit Plans	  	12
	Section 2.15.	  	Authenticating Agents	  	12
			
		  	ARTICLE THREE	  	
			
		  	COVENANTS	  	
			
	Section 3.01.	  	Payment of Principal and Interest	  	14
	Section 3.02.	  	Maintenance of Office or Agency	  	14
	Section 3.03.	  	Money for Payments to be Held in Trust	  	14
	Section 3.04.	  	Existence	  	15
	Section 3.05.	  	Protection of Trust Estate	  	16
	Section 3.06.	  	Opinions as to Trust Estate	  	16
	Section 3.07.	  	Performance of Obligations; Servicing of Receivables	  	17
	Section 3.08.	  	Negative Covenants	  	18
	Section 3.09.	  	Annual Statement as to Compliance	  	19
	Section 3.10.	  	Issuer May Consolidate, etc., Only on Certain Terms	  	19
	Section 3.11.	  	Successor or Transferee	  	21
	Section 3.12.	  	Servicer’s Obligations	  	21

  

 i 

					
	 	  	 	  	Page
			
	Section 3.13.	  	Guarantees, Loans, Advances and Other Liabilities	  	21
	Section 3.14.	  	Capital Expenditures	  	21
	Section 3.15.	  	Removal of Administrator	  	21
	Section 3.16.	  	Restricted Payments	  	21
	Section 3.17.	  	Notice of Events of Default	  	22
	Section 3.18.	  	Further Instruments and Acts	  	22
	Section 3.19.	  	Compliance with Laws	  	22
	Section 3.20.	  	Amendments of Sale and Servicing Agreement and Trust Agreement	  	22
			
		  	ARTICLE FOUR	  	
			
		  	SATISFACTION AND DISCHARGE	  	
			
	Section 4.01.	  	Satisfaction and Discharge of Indenture	  	23
	Section 4.02.	  	Satisfaction, Discharge and Defeasance of the Notes	  	24
	Section 4.03.	  	Application of Trust Money	  	25
	Section 4.04.	  	Repayment of Monies Held by Paying Agent	  	25
			
		  	ARTICLE FIVE	  	
			
		  	EVENTS OF DEFAULT; REMEDIES	  	
			
	Section 5.01.	  	Events of Default	  	26
	Section 5.02.	  	Acceleration of Maturity; Rescission and Annulment	  	27
	Section 5.03.	  	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	28
	Section 5.04.	  	Remedies	  	30
	Section 5.05.	  	Optional Preservation of the Trust Estate	  	31
	Section 5.06.	  	Limitation of Suits	  	31
	Section 5.07.	  	Unconditional Rights of Noteholders to Receive Principal and Interest	  	31
	Section 5.08.	  	Restoration of Rights and Remedies	  	32
	Section 5.09.	  	Rights and Remedies Cumulative	  	32
	Section 5.10.	  	Delay or Omission Not a Waiver	  	32
	Section 5.11.	  	Control by Noteholders of the Controlling Class	  	32
	Section 5.12.	  	Waiver of Past Defaults	  	33
	Section 5.13.	  	Undertaking for Costs	  	33
	Section 5.14.	  	Waiver of Stay or Extension Laws	  	33
	Section 5.15.	  	Action on Notes	  	33
	Section 5.16.	  	Performance and Enforcement of Certain Obligations	  	34

  

 ii 

					
	 	  	 	  	Page
			
		  	ARTICLE SIX	  	
			
		  	THE INDENTURE TRUSTEE	  	
			
	Section 6.01.	  	Duties of Indenture Trustee	  	35
	Section 6.02.	  	Rights of Indenture Trustee	  	36
	Section 6.03.	  	Individual Rights of Indenture Trustee	  	37
	Section 6.04.	  	Indenture Trustee’s Disclaimer	  	37
	Section 6.05.	  	Notice of Defaults	  	37
	Section 6.06.	  	Reports and Documents by Indenture Trustee to Noteholders	  	37
	Section 6.07.	  	Compensation and Indemnity	  	37
	Section 6.08.	  	Replacement of Indenture Trustee	  	38
	Section 6.09.	  	Successor Indenture Trustee by Merger	  	39
	Section 6.10.	  	Appointment of Co-Trustee or Separate Trustee	  	40
	Section 6.11.	  	Eligibility; Disqualification	  	41
	Section 6.12.	  	Preferential Collection of Claims Against Issuer	  	41
	Section 6.13.	  	Representations and Warranties of Indenture Trustee	  	41
	Section 6.14.	  	Furnishing of Documents	  	41
	Section 6.15.	  	Encryption	  	41
			
		  	ARTICLE SEVEN	  	
			
		  	NOTEHOLDERS’ LISTS AND REPORTS	  	
			
	Section 7.01.	  	Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders	  	42
	Section 7.02.	  	Preservation of Information; Communications, Reports and Certain Documents to Noteholders	  	42
	Section 7.03.	  	Reports by Issuer	  	42
	Section 7.04.	  	Reports by Indenture Trustee	  	43
			
		  	ARTICLE EIGHT	  	
			
		  	ACCOUNTS, DISBURSEMENTS AND RELEASES	  	
			
	Section 8.01.	  	Collection of Money	  	44
	Section 8.02.	  	Accounts	  	44
	Section 8.03.	  	General Provisions Regarding Accounts	  	45
	Section 8.04.	  	Release of Trust Estate	  	45
	Section 8.05.	  	Opinion of Counsel	  	46

  

 iii 

					
	 	  	 	  	Page
			
		  	ARTICLE NINE	  	
			
		  	SUPPLEMENTAL INDENTURES	  	
			
	Section 9.01.	  	Supplemental Indentures Without Consent of Noteholders	  	47
	Section 9.02.	  	Supplemental Indentures with Consent of Noteholders	  	48
	Section 9.03.	  	Execution of Supplemental Indentures	  	50
	Section 9.04.	  	Effect of Supplemental Indenture	  	50
	Section 9.05.	  	Conformity with Trust Indenture Act	  	50
	Section 9.06.	  	Reference in Notes to Supplemental Indentures	  	50
			
		  	ARTICLE TEN	  	
			
		  	REDEMPTION OF NOTES	  	
			
	Section 10.01.	  	Redemption	  	51
	Section 10.02.	  	Form of Redemption Notice	  	51
	Section 10.03.	  	Notes Payable on Redemption Date	  	51
			
		  	ARTICLE ELEVEN	  	
			
		  	MISCELLANEOUS	  	
			
	Section 11.01.	  	Compliance Certificates and Opinions, etc.	  	53
	Section 11.02.	  	Form of Documents Delivered to Indenture Trustee	  	54
	Section 11.03.	  	Acts of Noteholders	  	55
	Section 11.04.	  	Notices, etc., to Indenture Trustee, Issuer, Depositor and Rating Agencies	  	56
	Section 11.05.	  	Notices to Noteholders; Waiver	  	56
	Section 11.06.	  	Alternate Payment and Notice Provisions	  	57
	Section 11.07.	  	Conflict with Trust Indenture Act	  	57
	Section 11.08.	  	Effect of Headings and Table of Contents	  	57
	Section 11.09.	  	Successors and Assigns	  	57
	Section 11.10.	  	Severability	  	57
	Section 11.11.	  	Benefits of Indenture; Third Party Beneficiaries	  	57
	Section 11.12.	  	Legal Holidays	  	58
	Section 11.13.	  	GOVERNING LAW	  	58
	Section 11.14.	  	Counterparts	  	58
	Section 11.15.	  	Recording of Indenture	  	58
	Section 11.16.	  	Trust Obligation	  	58
	Section 11.17.	  	No Petition	  	58
	Section 11.18.	  	No Recourse	  	59
	Section 11.19.	  	Inspection	  	59
	Section 11.20.	  	Subordination Agreement	  	59
	Section 11.21.	  	Security Interest Matters	  	60

  

 iv 

					
	  	  	 	  	Page
			
	Section 11.22.	  	Representations and Warranties as to Security Interests	  	60
			
		  	EXHIBITS	  	
		
	Exhibit A – Form of Notes	  	A-1

  

 v 

 This INDENTURE, dated as of October 1, 2009 (this “Indenture”), is between
MERCEDES-BENZ AUTO RECEIVABLES TRUST 2009-1, a Delaware statutory trust (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as trustee (the “Indenture
Trustee”). 
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the
holders of the Issuer’s 0.26670% Class A-1 Asset Backed Notes (the “Class A-1 Notes”), 0.83% Class A-2 Asset Backed Notes (the “Class A-2 Notes”), 1.67% Class A-3 Asset Backed Notes (the
“Class A-3 Notes”) and 2.43% Class A-4 Asset Backed Notes (the “Class A-4 Notes” and, together with the Class A-1 Notes, the Class A-2 Notes, and the Class A-3 Notes, the “Notes”):

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

 The Indenture Trustee, as trustee on behalf of the Noteholders, acknowledges such Grant,
accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties as required in this Indenture in accordance with the terms hereof. 
 ARTICLE ONE 
 DEFINITIONS AND INCORPORATION BY REFERENCE

 Section 1.01. Capitalized Terms; Rules of Usage. Capitalized terms used herein that are not otherwise defined
shall have the meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, dated as of October 1, 2009, among the Issuer, Daimler Retail Receivables LLC, as depositor, and DCFS USA LLC, as seller and servicer, which
Appendix is hereby incorporated into and made a part of this Indenture. Appendix A also contains rules as to usage applicable to this Indenture. 
 Section 1.02. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, that provision is incorporated by reference in and made a part of
this Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “indenture
securities” means the Notes. 
 “indenture security holder” means a Noteholder. 
 “indenture to be qualified” means this Indenture. 
 “indenture trustee” or “institutional trustee” means the Indenture Trustee. 
 “obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities. 
 All other TIA terms used in this Indenture that are defined in the TIA, defined by TIA reference to another statute or defined by Commission
rule have the meaning assigned to them by such definitions. 
  

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 ARTICLE TWO 
 THE NOTES 
 Section 2.01. Form. 
 (a) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, in each case together with the
Indenture Trustee’s certificate of authentication, shall be issued in definitive form in substantially the form set forth in Exhibit A, with such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the Authorized Officer of the Issuer executing such
Notes, as evidenced by his or her execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. Except as provided in Section 2.12, owners of
beneficial interests in Book-Entry Notes will not be entitled to receive physical delivery of Definitive Notes. 
 (b) The Notes
shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the Authorized Officers executing such Notes, as evidenced by their execution of
such Notes. 
 The terms of the Notes as set forth in Exhibit A are part of the terms of this Indenture. 
 Section 2.02. Execution, Authentication and Delivery. 
 (a) The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on
the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Notes or did not hold such offices on the date of such Notes. 
 (b) The Indenture Trustee shall, upon Issuer Order, authenticate and deliver for original issue the following aggregate principal amounts of Notes: (i) $312,000,000 of Class A-1 Notes, (ii) $279,000,000 of Class A-2
Notes, (iii) $445,000,000 of Class A-3 Notes and (iv) $45,570,000 of Class A-4 Notes. The aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes Outstanding at any
time may not exceed such respective amounts except as provided in Section 2.06. 
 (c) Each Note shall be dated the date of
its authentication. The Notes shall be issuable as registered Notes in minimum denominations of $1,000 and in integral multiples of $1,000 in excess thereof. 
 (d) No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form
provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated
and delivered hereunder. 
  

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 Section 2.03. Temporary Notes. 
 (a) Pending the preparation of Definitive Notes pursuant to Section 2.12, the Issuer may execute, and upon receipt of an Issuer Order
the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not
inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 
 (b) If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable
for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.02, without charge to the related Noteholder. Upon surrender for cancellation of any one or more
temporary Notes, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver in exchange therefor, a like tenor and principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes
shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 
 Section 2.04. Tax
Treatment. The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for all purposes including federal, State and local income, single business and franchise tax purposes, the Notes will qualify as
indebtedness of the Issuer secured by the Trust Estate. The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to
treat the Notes as indebtedness of the Issuer for all purposes, including federal, State and local income, single business and franchise tax purposes. 
 Section 2.05. Registration; Registration of Transfer and Exchange. 
 (a) The Issuer shall cause to be kept a register (the “Note Register”) in which the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The Indenture Trustee initially shall be the
registrar (the “Note Registrar”) for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an
appointment, assume the duties of Note Registrar. 
 (b) If a Person other than the Indenture Trustee is appointed by the Issuer
as Note Registrar, the Issuer will give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right
to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and
addresses of the Holders of the Notes and the principal amounts and number of such Notes. 
  

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 (c) Upon surrender for registration of transfer of any Note at the office or agency of the
Issuer to be maintained as provided in Section 3.02, if the requirements of Section 8-401 of the UCC are met, the Owner Trustee shall execute, on behalf of the Issuer, and the Indenture Trustee shall authenticate and deliver to the
Noteholder making such surrender and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes of the same Class in any authorized denomination and a like aggregate
principal amount. 
 (d) At the option of the related Noteholder, Notes may be exchanged for other Notes in any authorized
denominations, of a like aggregate principal amount, upon surrender of such Notes at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401 of the UCC are met, the Owner Trustee shall
execute, on behalf of the Issuer, the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee the Notes that the Noteholder making such exchange is entitled to receive. 
 Every Note presented or surrendered for registration of transfer or exchange shall (if so required by the Issuer or the Indenture Trustee)
be duly endorsed, or be accompanied by a written instrument of transfer in form and substance satisfactory to the Issuer and the Indenture Trustee, duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing.

 All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer,
evidencing the same debt and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 
 No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection therewith, other than exchanges pursuant to Sections 2.03 or 9.06 not involving any transfer. 
 (e) The preceding provisions of this Section notwithstanding, the Issuer shall not be required to make, and the Note Registrar need not register, transfers or exchanges of any Note selected for redemption. 
 (f) Each Person to whom a Note is transferred will be required to represent, in the case of a Definitive Note, or deemed to represent, in
the case of a Book-Entry Note, that (i) such Person is not a Benefit Plan and is not investing on behalf of or with plan assets of a Benefit Plan or (ii) such Person is acquiring a Note and the Person’s acquisition, holding and
disposition of the Note are and will be eligible for relief under PTCE 84-14, 90-1, 91-38, 95-60, 96-23 or the Statutory Exemption. 
 (g) The Indenture Trustee shall not be responsible for ascertaining whether any transfer complies with, or for otherwise monitoring or determining compliance with, the requirements or terms of the
Securities Act, applicable state securities laws, ERISA or the Code; except that if a certificate is specifically required by the terms of this Section to be provided to the Indenture Trustee by a prospective transferor or transferee, the Indenture
Trustee shall be under a duty to receive and examine the same to determine whether it conforms substantially on its face to the applicable requirements of this Section. 
  

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 (h) Any purported transfer of a Note not in accordance with this Section shall be null and
void and shall not be given effect for any purpose whatsoever. 
 Section 2.06. Mutilated, Destroyed, Lost or Stolen
Notes. 
 (a) If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives
evidence to its satisfaction of the destruction, loss or theft of any Note, (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless and
(iii) the requirements of Section 8-405 of the UCC are met, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a Protected Purchaser, the Issuer shall execute, and
upon receipt of an Issuer Request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of like tenor and principal amount; provided, however, that
if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may pay such
destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding
sentence, a Protected Purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment)
from the Person to whom such replacement Note was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a Protected Purchaser, and shall be entitled
to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 
 (b) Upon the issuance of any replacement Note under this Section, the Issuer may require the payment by the Holder of such Note of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee) connected therewith. 
 (c) Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute
an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder. 
 (d) The provisions of this Section are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
  

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 Section 2.07. Persons Deemed Owner. Prior to due presentment for registration of
transfer of any Note, the Issuer and any agent of the Issuer or the Indenture Trustee will treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of
principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be affected by notice
to the contrary. 
 Section 2.08. Payment of Principal and Interest. 
 (a) On each Distribution Date, prior to the acceleration of the maturity of the Notes following the occurrence of an Event of Default, upon
receipt of written instructions from the Servicer pursuant to Section 4.08(b) of the Sale and Servicing Agreement, the Indenture Trustee shall apply Available Funds on deposit in the Collection Account to make the following payments and
deposits in the following order of priority: 
 (i) to the Servicer, the Total Servicing Fee and any
Nonrecoverable Advances for the related Collection Period; 
 (ii) to the Trustees, pro rata, to the extent not
previously paid pursuant to Section 1.02(b)(i) of the Administration Agreement, Section 8.02 of the Trust Agreement, Section 6.02 of the Sale and Servicing Agreement or Section 6.07, the Total Trustee Fees for the related
Collection Period, plus any overdue Total Trustee Fees for one or more prior Collection Periods; provided, however, that such Total Trustee Fees may not exceed, in the aggregate, $100,000 in any calendar year; 
 (iii) to the Note Payment Account, for payment to the Class A Notes, the Interest Distributable Amount, ratably, for
each Class of Class A Notes; 
 (iv) to the Note Payment Account, for payment of principal on the Notes in
the priority set forth in Section 2.08(b), the Priority Principal Distributable Amount, if any; 
 (v) to
the Reserve Fund, the Reserve Fund Deficiency for such Distribution Date, if any; 
 (vi) to the Note Payment
Account, for payment of principal on the Notes in the priority set forth in Section 2.08(b), the Regular Principal Distributable Amount, if any; 
 (vii) if a Successor Servicer has been appointed pursuant to Section 7.02 of the Sale and Servicing Agreement, to such Successor Servicer, any Transition Costs due in connection with such transfer of
servicing and not paid pursuant to Section 7.01 of the Sale and Servicing Agreement, plus the Additional Servicing Fee, if any, for the related Collection Period; 
 (viii) to the Trustees, pro rata, the Total Trustee Fees, to the extent that they have not previously been paid as described
under clause (ii) above; and 
 (ix) to the Certificateholders, any Excess Collections. 
  

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 Notwithstanding the foregoing, following the occurrence and during the continuation of an
Event of Default which has resulted in an acceleration of the Notes, all Available Funds shall be deposited into the Note Payment Account and applied in accordance with Section 2.08(f). Any distributions to be made by the Indenture Trustee
under the Basic Documents may be made by the Paying Agent. 
 The Reserve Fund Draw Amount shall be used to make the payments
described in Section 4.02 of the Sale and Servicing Agreement. 
 If the amount on deposit in the Note Payment Account
(including any portion of the Reserve Fund Draw Amount) on any Distribution Date is less than the amount described in clause (iii) above for such Distribution Date, the Indenture Trustee, either directly or through the Paying Agent, shall pay
the available amount to the Noteholders of each Class of Class A Notes pro rata based on the Interest Distributable Amount payable to such Class on such Distribution Date. 
 If on any Distribution Date, the aggregate amount on deposit in the Collection Account and the Reserve Fund equals or exceeds the Note
Balance of all Notes Outstanding as of the last day of the related Collection Period, the accrued and unpaid interest thereon and all amounts due to the Servicer and the Trustees, the Servicer shall provide written notification thereof to the
Indenture Trustee and shall direct the Indenture Trustee to apply all such amounts to retire the Notes and to pay all such amounts due to the Servicer and the Trustees in accordance with the provisions of this Section. 
 (b) The principal of each Note shall be payable in installments on each Distribution Date in an aggregate amount (unless the Notes have been
declared immediately due and payable following an Event of Default) for all Classes of Notes equal to the Aggregate Principal Distributable Amount. On each Distribution Date, upon receipt of instructions from the Servicer pursuant to
Section 4.08(b) of the Sale and Servicing Agreement and subject to Section 2.08(f), the Indenture Trustee shall either directly or through a Paying Agent apply or cause to be applied the amount on deposit in the Note Payment Account on
such Distribution Date in respect of the Aggregate Principal Distributable Amount, to make the following payments in the following order of priority: 
 (i) to the Class A-1 Notes, until the principal amount of the Class A-1 Notes has been paid in full; 
 (ii) to the Class A-2 Notes until the principal amounts of the Class A-2 Notes have been paid in full; 
 (iii) to the Class A-3 Notes until the principal amounts of the Class A-3 Notes have been paid in full; and

 (iv) to the Class A-4 Notes until the principal amounts of the Class A-4 Notes have been paid in
full. 
 (c) The unpaid principal amount, to the extent not previously paid, of the (i) Class A-1 Notes shall be due
and payable on the Class A-1 Final Scheduled Distribution Date,

  

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(ii) Class A-2 Notes shall be due and payable on the Class A-2 Final Scheduled Distribution Date, (iii) Class A-3 Notes shall be due and payable on the Class A-3
Final Scheduled Distribution Date and (iv) Class A-4 Notes shall be due and payable on the Class A-4 Final Scheduled Distribution Date. 
 (d) Each Class of Notes shall accrue interest during each Interest Period at the related Interest Rate, and such interest shall be due and payable on each Distribution Date. Interest on the Class A-1
Notes shall be calculated on the basis of the actual number of days elapsed and a 360-day year. Interest on the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes shall be calculated on the basis of a 360-day year of twelve
30-day months. Notwithstanding any other provision hereof, no Interest Rate may exceed the maximum rate permitted by law. Subject to Section 3.01, any installment of interest or principal, if any, payable on any Note that is punctually
paid or duly provided for on the applicable Distribution Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the related Record Date by check mailed first-class postage prepaid to such
Person’s address as it appears on the Note Register on such Record Date; provided, however, that, unless Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes registered on the Record Date in the name of the
nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment shall be made by wire transfer in immediately available funds to the account designated by such nominee, and except for the final installment of principal
payable with respect to such Note on a Distribution Date or on the related Final Scheduled Distribution Date (and except for the Redemption Price for any Note called for redemption in whole pursuant to Section 10.01), which shall be payable as
provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. 
 (e) All principal and interest payments on a Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto. Except as otherwise provided herein, the Indenture Trustee shall, before the Distribution Date on which
the Issuer expects to pay the final installment of principal of and interest on any Note, notify the Holder of such Note as of the related Record Date of such final installment. Such notice shall be mailed or transmitted by facsimile prior to such
final Distribution Date and shall specify that such final installment shall be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment.
Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.02. 
 (f)
Notwithstanding the foregoing, the unpaid principal amount of the Notes shall be due and payable, to the extent not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the
Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.02(a). On each Distribution Date following acceleration of
the Notes, upon receipt of instructions from the Servicer pursuant to Section 3.10 of the Sale and Servicing Agreement, the Indenture Trustee or the Paying Agent shall deposit all Available Funds into the Note Payment Account and shall apply or
cause to be applied all such amounts to make the following payments and deposits in the following order of priority: 
 (i) to the Servicer, the Total Servicing Fee and any Nonrecoverable Advances for the related Collection Period; 
  

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 (ii) to the Trustees, pro rata, the Total Trustee Fees, without limitation;

 (iii) to the Class A Noteholders, the Interest Distributable Amount for each Class of Class A Notes;

 (iv) to the Class A-1 Noteholders, payments of principal until the principal amount of the Class A-1
Notes has been paid in full; and 
 (v) to the Holders of each Class of remaining Class A Notes, pro rata
based on the outstanding principal amount of each such Class of Class A Notes as of such Distribution Date, payments of principal until the principal amount of each such Class of remaining Class A Notes has been paid in full; 

(vi) if a Successor Servicer has been appointed pursuant to Section 7.02 of the Sale and Servicing Agreement, to such
Successor Servicer, any Transition Costs due in connection with such transfer of servicing and not paid pursuant to Section 7.01 of the Sale and Servicing Agreement plus the Additional Servicing Fee, if any, for the related Collection Period;
and 
 (vii) to the Certificateholders, any Excess Collections. 
 Section 2.09. Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if
surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange
for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect
at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it; provided, that such Issuer Order is timely and the Notes have not been previously disposed of by the Indenture Trustee. 
 Section 2.10. Book-Entry Notes. Except as provided in Section 2.12, the Notes, upon original issuance, will be issued in
the form of a typewritten Note or Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. The Book-Entry Notes shall be registered initially on the Note
Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a definitive Note representing such Note Owner’s interest in such Book Entry Note, except as provided in Section 2.12.
Unless and until Definitive Notes have been issued to Note Owners pursuant to Section 2.12: 
 (i) the
provisions of this Section shall be in full force and effect; 
  

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

 (iii) to the extent that the provisions of this Section conflict with any other provisions of this Indenture,
the provisions of this Section shall control; 
 (iv) the rights of Note Owners shall be exercised only through
the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency or the Clearing Agency Participants; pursuant to the Note Depository Agreement, unless and until Definitive Notes
are issued pursuant to Section 2.12, the Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; and

 (v) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of
the Holders of Notes (or Holders of Notes of any Class, including the Controlling Class) evidencing a specified percentage of the Note Balance, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received
instructions to such effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes or such Class of Notes and has delivered such instructions to the
Indenture Trustee. 
 Section 2.11. Notices to Clearing Agency. Whenever a notice or other communication to the
Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to be given to
the Noteholders to the Clearing Agency, and shall have no obligation to such Note Owners. 
 Section 2.12. Definitive
Notes. Definitive Notes will be issued only if 
 (i) (A) the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Book-Entry Notes and (B) the Indenture Trustee is not able to locate a qualified successor; or 
 (ii) after the occurrence of an Event of Default, owners of Book-Entry Notes representing beneficial interests aggregating
not less than 51% of the principal amount of a Class of Notes advise the Indenture Trustee and the Clearing Agency Participant through the Clearing Agency, in writing that the continuation of a book-entry system through the Clearing Agency is no
longer in the best interests of such Note Owners. 
 In each case, the Indenture Trustee shall then notify Note Owners of the
related Class of Notes through the Clearing Agency of the occurrence of any such event and of the availability of Definitive Notes of the related Class of Notes to Note Owners requesting the same. 
  

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 Upon surrender to the Indenture Trustee of the Note or Notes representing the Book-Entry
Notes by the Clearing Agency, accompanied by registration instructions, the Issuer at its own expense shall execute and deliver the Definitive Notes to the Indenture Trustee and the Indenture Trustee shall authenticate the Definitive Notes in
accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying
on, such instructions. Upon the issuance of Definitive Notes of a Class, the Indenture Trustee shall recognize the Noteholders of the Definitive Notes as Noteholders hereunder. 
 Section 2.13. Release of Collateral. Subject to Section 11.01 and the terms of the other Basic Documents, the Indenture
Trustee shall release property from the Lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and, if required by Section 11.01, Independent Certificates in accordance
with Sections 314(c) and 314(d)(1) of the TIA or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates. If the Commission shall issue an exemptive order under TIA
Section 304(d) modifying the Indenture Trustee’s obligations under TIA Sections 314(c) and 314(d)(1), the Indenture Trustee shall release property from the Lien of this Indenture in accordance with the conditions and procedures set forth
in such exemptive order. 
 Section 2.14. Employee Benefit Plans. The Class A Notes may, in general, be
purchased by, or on behalf of, or with “plan assets” of a Benefit Plan. A fiduciary of a Benefit Plan purchasing the Class A Notes or a beneficial interest in such Notes, with the assets of a Benefit Plan is deemed to represent that
the purchase of one or more such Notes or a beneficial interest therein is consistent with its fiduciary duties under ERISA and does not result in a nonexempt prohibited transaction as defined in Section 406 of ERISA or Section 4975 of the
Code. If the Depositor, the Seller, the Servicer, either Trustee or any of their respective Affiliates (i) has investment or administrative discretion with respect to the assets of a Benefit Plan, (ii) has authority or responsibility to
give, or regularly gives, investment advice with respect to such Benefit Plan assets, for a fee and pursuant to an agreement or understanding that such advice will (a) serve as a primary basis for investment decisions with respect to such
Benefit Plan assets and (b) be based on the particular investment needs for such Benefit Plan or (iii) is an employer maintaining or contributing to such Benefit Plan, then a purchase of the Class A Notes by such a Benefit Plan may
represent a conflict of interest or act of self-dealing by the fiduciary. 
 Section 2.15. Authenticating Agents.
Upon the request of the Issuer, the Indenture Trustee may appoint one or more Authenticating Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges
under Sections 2.02, 2.03, 2.05 and 2.06, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the
authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes “by the Indenture Trustee”. 
 Any entity into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, consolidation or

  

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conversion to which any Authenticating Agent shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of any Authenticating Agent, shall be the
successor of such Authenticating Agent hereunder, without the execution or filing of any document or any further act on the part of the parties hereto or such Authenticating Agent or such successor entity. 
  

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 ARTICLE THREE 
 COVENANTS 
 Section 3.01. Payment of Principal and Interest. The
Issuer will duly and punctually pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest
and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture. 
 Section 3.02. Maintenance of Office or Agency. The Issuer will maintain in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange, and
where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt
written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with
the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 
 Section 3.03. Money for Payments to be Held in Trust. As provided in Section 8.02, all payments of amounts due and payable
with respect to any Notes that are to be made from amounts withdrawn from the Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by a Paying Agent, and no amounts so withdrawn from the Accounts for payments of Notes shall be
paid over to the Issuer except as provided in this Section. 
 The Issuer will cause each Paying Agent other than the Indenture
Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this
Section, that such Paying Agent will: 
 (i) hold all sums held by it for the payment of amounts due with respect
to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 
 (ii) give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it has
actual knowledge in the making of any payment required to be made with respect to the Notes; 
 (iii) at any time
during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 
 (iv) immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the
payment of the Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and 
  

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 (v) comply with all requirements of the Code with respect to the withholding
from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
 The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by
Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which sums were held by such Paying Agent; and upon
such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
 Subject to Applicable Laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining
unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the
Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, however, that the Indenture
Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense and direction of the Issuer cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense and
direction of the Issuer, any other reasonable means of notification of such repayment (including mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in
monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder). 
 Section 3.04. Existence. The Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the
laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States, in which case the Issuer will keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this
Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate, including all licenses required under (i) the Maryland Vehicle Sales Finance Act or (ii) the Pennsylvania Motor Vehicle Sales Finance
Act in connection with this Indenture and the other Basic Documents and the transactions contemplated hereby and thereby until such time as the Issuer shall terminate in accordance with the terms hereof. 
  

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 Section 3.05. Protection of Trust Estate. The Issuer intends the security
interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Noteholders to be prior to all other Liens in respect of the Trust Estate, and the Issuer shall take all actions necessary to obtain and maintain, for the
benefit of the Indenture Trustee on behalf of the Noteholders, a first Lien on and a first priority, perfected security interest in the Trust Estate. The Issuer will from time to time authorize, execute and deliver all such supplements and
amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments and will take such other action necessary or advisable to: 
 (i) Grant more effectively any portion of the Trust Estate; 
 (ii) maintain or preserve the Lien and security interest (and the priority thereof) of this Indenture or carry out more
effectively the purposes hereof; 
 (iii) perfect, publish notice of or protect the validity of any Grant made or
to be made by this Indenture; 
 (iv) enforce any of the Trust Estate; 
 (v) preserve and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust
Estate against the claims of all Persons; or 
 (vi) pay all taxes or assessments levied or assessed upon the
Trust Estate when due. 
 The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute any financing statement,
continuation statement or other instrument required to be executed pursuant to this Section. 
 Section 3.06. Opinions
as to Trust Estate. 
 (a) On the Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to
the effect that, in the opinion of such counsel, either (i) all financing statements and continuation statements have been executed and filed that are necessary to create and continue the first priority perfected security interest of the
Indenture Trustee in the Collateral for the benefit of the Noteholders, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given or (ii) no such action shall be necessary to perfect such
security interest. 
 (b) Within 90 days after the beginning of each fiscal year of the Issuer beginning with the first
fiscal year beginning more than three months after the Cutoff Date, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the
recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the authorization and filing of any financing statements and continuation statements as is
necessary to maintain the Lien and security interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such Lien an security interest. Such
Opinion of Counsel shall also describe the

  

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recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the authorization and filing of any financing statements
and continuation statements that shall, in the opinion of such counsel, be required to maintain the Lien and security interest of this Indenture until March 31 in the following calendar year. 
 Section 3.07. Performance of Obligations; Servicing of Receivables. 
 (a) The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release any
Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture and the other Basic Documents or such other instrument or agreement. 
 (b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such
duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer
in performing its duties under this Indenture. 
 (c) The Issuer will punctually perform and observe all of its obligations and
agreements contained in this Indenture, the other Basic Documents and in the instruments and agreements included in the Trust Estate, including filing or causing to be filed all UCC financing statements and continuation statements required to be
filed by the terms of this Indenture and the other Basic Documents in accordance with and within the time periods provided for herein and therein. 
 (d) If the Issuer shall have knowledge of the occurrence of a Servicer Termination Event, the Issuer shall promptly notify the Depositor, the Indenture Trustee and each Rating Agency, and shall specify in
such notice the action, if any, the Issuer is taking with respect to such default. If a Servicer Termination Event shall arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with
respect to the Receivables, the Issuer shall take all reasonable steps available to it to remedy such failure. 
 (e) As
promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant to Section 7.01 of the Sale and Servicing Agreement, the Indenture Trustee without further action shall be the
successor to the Servicer in all respects in accordance with Section 7.02 of the Sale and Servicing Agreement. The Indenture Trustee may resign as the Successor Servicer by giving written notice of such resignation to the Depositor and the
Trustees and in such event will be released from such duties and obligations, such release not to be effective until the date a new Servicer assumes the obligations under the Sale and Servicing Agreement as provided below. Upon delivery of any such
notice, the Indenture Trustee shall appoint, or petition a court of competent jurisdiction to appoint, a new Servicer as the Successor Servicer. In the case of either the appointment of the Indenture Trustee (or any Affiliate as provided below) as
Successor Servicer, or resignation of the Indenture Trustee as Servicer, the Indenture Trustee shall provide to the Depositor, in writing, such information as reasonably requested by the Depositor to comply with its reporting obligation

  

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under the Exchange Act with respect to a Successor Servicer or the resignation of the Servicer. Any Successor Servicer other than the Indenture Trustee shall be an Eligible Servicer. In
connection with any appointment by the Indenture Trustee of a Successor Servicer, the Indenture Trustee may make such arrangements for the compensation of such successor as it and such successor shall agree with, subject to the limitations set forth
below and in the Sale and Servicing Agreement, and in accordance with Section 7.02 of the Sale and Servicing Agreement, the Successor Servicer shall assume the obligations and duties of the terminated Servicer under the Sale and Servicing
Agreement. If the Indenture Trustee shall succeed to the duties of the Servicer as provided herein, it shall do so in its individual capacity and not in its capacity as Indenture Trustee and, accordingly, except as otherwise provided in the proviso
to Section 6.01(a), the provisions of Article Six shall be inapplicable to the Indenture Trustee in its duties as the successor to the Servicer and the servicing of the Receivables. In case the Indenture Trustee shall become successor to
the Servicer under the Sale and Servicing Agreement, the Indenture Trustee shall be entitled to appoint as Servicer any one of its Affiliates or agents; provided that the Indenture Trustee, in its capacity as Servicer, shall be fully liable for the
actions and omissions of such Affiliate or agent in such capacity as Successor Servicer. Notwithstanding any other provisions of this Indenture to the contrary, in no event shall the Indenture Trustee be liable for any servicing fee or for any
differential in the amount of the servicing fee paid under the Sale and Servicing Agreement and the amount necessary to induce any Successor Servicer to act as Successor Servicer under the Sale and Servicing Agreement. 
 (f) The Issuer shall promptly notify the Depositor, the Trustees and the Rating Agencies in writing of (i) any termination of the
Servicer pursuant to the Sale and Servicing Agreement and (ii) the appointment of each Successor Servicer, including its name and address. 
 (g) The Issuer shall not waive timely performance or observance by the Depositor, the Servicer or the Seller of their respective duties or obligations under the Basic Documents if such waiver would
reasonably be expected to materially adversely affect the Noteholders. 
 Section 3.08. Negative Covenants. So long
as any Notes are Outstanding, the Issuer shall not: 
 (i) engage in any business or activities other than those
permitted by Section 2.03 of the Trust Agreement and financing, purchasing, acquiring, owning, pledging and managing the Receivables as contemplated by the Basic Documents and activities incidental to such activities; 
 (ii) except as expressly permitted by this Indenture or the other Basic Documents, sell, transfer, exchange or otherwise
dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless directed to do so in writing by the Indenture Trustee; 
 (iii) claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than
amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; 
  

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 (iv) dissolve or liquidate in whole or in part; 
 (v) (A) permit the validity or effectiveness of this Indenture to be impaired, or permit the Lien of this Indenture to
be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (B) permit any
Lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the Permitted Liens and the Lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any
interest therein or the proceeds thereof (other than tax Liens, mechanics’ Liens and other Liens that arise by operation of law, in each case on any of the Financed Vehicles and arising solely as a result of an action or omission of the related
Obligor) or (C) permit the Lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other Lien) security interest in the Trust Estate; or 
 (vi) incur, assume or guarantee any indebtedness other than the indebtedness evidenced by the Notes or indebtedness otherwise
permitted by the Basic Documents. 
 Section 3.09. Annual Statement as to Compliance. The Issuer will deliver to the
Depositor and the Indenture Trustee, on or before June 30 of each year (commencing with the June 30 that is at least six months after the Closing Date), an Officer’s Certificate stating, as to the Authorized Officer signing such
Officer’s Certificate, that: 
 (a) a review of the activities of the Issuer during the preceding year (or
such shorter period in the case of the first such Officer’s Certificate) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 
 (b) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all
conditions and covenants under this Indenture throughout the preceding year (or such shorter period in the case of the first such Officer’s Certificate) or, if there has been a default in its compliance with any such condition or covenant,
specifying each such default known to such Authorized Officer and the nature and status thereof. 
 Section 3.10. Issuer
May Consolidate, etc., Only on Certain Terms. 
 (a) The Issuer shall not consolidate or merge with or into any other Person,
unless: 
 (i) the Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be
a Person organized and existing under the laws of the United States or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Depositor and the
Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed; 
 (ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be
continuing; 
  

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 (iii) the Rating Agency Condition shall have been satisfied with respect to
such transaction; 
 (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies
thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse federal income tax consequence to the Issuer, or any Securityholder; 
 (v) any action that is necessary to maintain the Lien of this Indenture shall have been taken; and 
 (vi) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each
stating that such consolidation or merger and such supplemental indenture comply with this Article and that all conditions precedent herein relating to such transaction have been complied with (including any filing required by the Exchange
Act). 
 (b) Other than as specifically contemplated by the Basic Documents, the Issuer shall not convey or transfer all or
substantially all of its properties or assets, including those included in the Trust Estate, to any other Person, unless: 
 (i) the Person that acquires by conveyance or transfer the properties or assets of the Issuer shall (A) be a United States citizen or a Person organized and existing under the laws of the United
States or any State, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all
Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right,
title and interest so conveyed or transferred shall be subject and subordinate to the rights of Noteholders and (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuer
against and from any loss, liability or expense arising under or related to this Indenture and the Notes; 
 (ii)
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction; 
 (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse federal
income tax consequence to the Issuer or any Securityholder; 
 (v) any action that is necessary to maintain the
Lien created by this Indenture shall have been taken; and 
  

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 (vi) the Issuer shall have delivered to the Indenture Trustee an
Officer’s Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have
been complied with (including any filing required by the Exchange Act). 
 Section 3.11. Successor or Transferee.

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

 (b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to Section 3.10(b), the Issuer
will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee stating that the Issuer is
to be so released. 
 Section 3.12. Servicer’s Obligations. The Issuer shall cause the Servicer to comply with
the Sale and Servicing Agreement. 
 Section 3.13. Guarantees, Loans, Advances and Other Liabilities. Except as
otherwise contemplated by the Basic Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation
or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so)
any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 
 Section 3.14. Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 
 Section 3.15. Removal of Administrator. So long as any Notes are Outstanding, the Issuer shall not remove the Administrator
without cause without providing prior written notice to the Rating Agencies. 
 Section 3.16. Restricted Payments.
Except as otherwise permitted by the Issuer Basic Documents, the Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a
combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or
otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, (a) distributions
as contemplated by, and to the extent funds are available for such purpose under, the Sale and

  

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Servicing Agreement or the Trust Agreement and (b) payments to the Indenture Trustee pursuant to Section 1.02(b)(ii) of the Administration Agreement. The Issuer will not, directly or
indirectly, make payments to or distributions from the Collection Account, the Note Payment Account or the Reserve Fund, except in accordance with this Indenture and the other Issuer Basic Documents. 
 Section 3.17. Notice of Events of Default. The Issuer shall give each Rating Agency and the Indenture Trustee prompt written
notice of each Event of Default hereunder, each default on the part of the Seller, the Servicer or the Depositor of their respective obligations under the Sale and Servicing Agreement and each default on the part of the Seller or the Purchaser of
its obligations under the Receivables Purchase Agreement. 
 Section 3.18. Further Instruments and Acts. Upon
request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 Section 3.19. Compliance with Laws. The Issuer shall comply with the requirements of all Applicable Laws, the non-compliance
with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Issuer Basic Document. 
 Section 3.20. Amendments of Sale and Servicing Agreement and Trust Agreement. The Issuer shall not agree to any amendment to
Section 9.01 of the Sale and Servicing Agreement or Section 11.01 of the Trust Agreement to eliminate the requirements thereunder that the Indenture Trustee or the Noteholders consent to amendments thereto as provided therein. 

 

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 ARTICLE FOUR 
 SATISFACTION AND DISCHARGE 
 Section 4.01. Satisfaction and Discharge of
Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes,
(iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.05, 3.08, 3.11, 3.13, 3.14, 3.15, 3.16 and 3.17, (v) the rights, obligations and immunities of the Indenture
Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Section 4.02) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the
property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture
with respect to the Notes, when: 
 (i) either: (A) all Notes theretofore authenticated and delivered (other
than Notes (1) that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.06 and (2) for whose payment money has theretofore been deposited in trust or segregated and held in trust by the
Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation; or (B) all Notes not theretofore delivered to the Indenture Trustee for
cancellation: (1) have become due and payable, (2) will become due and payable at the Class A-4 Final Scheduled Distribution Date within one year or (3) are to be called for redemption within one year under arrangements
satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of clauses (1), (2) or (3) above, has irrevocably
deposited or caused to be irrevocably deposited with the Indenture Trustee, cash or direct obligations of or obligations guaranteed by the United States (which will mature prior to the date such amounts are payable), in trust for such purpose, in an
amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due to the related Final Scheduled Distribution Date or Redemption Date (if Notes shall have been
called for redemption pursuant to Section 10.01), as the case may be; 
 (ii) the Issuer has paid or caused
to be paid all other sums payable by the Issuer hereunder; 
 (iii) the Issuer has delivered to the Depositor and
the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA or Section 11.01) an Independent Certificate, each meeting the applicable requirements of Section 11.01(a) and, subject to
Section 11.02, each stating that all conditions precedent provided for in this Indenture relating to the satisfaction and discharge of this Indenture have been complied with; and 
 (iv) the Issuer has delivered to the Depositor and the Indenture Trustee an Opinion of Counsel to the effect that the
satisfaction and discharge of this Indenture pursuant to this Section will not cause any Noteholder to be treated as having sold or exchanged any of its Notes for purposes of Section 1001 of the Code. 
  

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

(a) Upon satisfaction of the conditions set forth in Section 4.02(b), the Issuer shall be deemed to have paid and discharged the
entire indebtedness on all the Notes Outstanding, and the provisions of this Indenture, as it relates to such Notes, shall no longer be in effect (and the Indenture Trustee, at the expense of the Issuer, shall execute proper instruments
acknowledging the same), except as to: 
 (i) the rights of the Noteholders to receive, from the trust funds
described in Section 4.02(b)(i), payment of the principal of and interest on the Notes Outstanding at maturity of such principal or interest; 
 (ii) the obligations of the Issuer with respect to the Notes under Sections 2.05, 2.06, 3.02 and 3.03; 
 (iii) the obligations of the Administrator to the Indenture Trustee under Section 6.07; and 
 (iv) the rights, powers, trusts and immunities of the Indenture Trustee hereunder and the duties of the Indenture Trustee hereunder. 
 (b) The satisfaction, discharge and defeasance of the Notes pursuant to Section 4.02(a) is subject to the satisfaction of all of the
following conditions: 
 (i) the Issuer has deposited or caused to be deposited irrevocably (except as provided
in Section 4.04) with the Indenture Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Noteholders, which, through the payment of interest and principal in respect thereof in
accordance with their terms will provide, not later than one day prior to the due date of any payment referred to below, money in an amount sufficient, in the opinion of a nationally recognized firm of Independent Accountants expressed in a written
certification thereof delivered to the Indenture Trustee, to pay and discharge the entire indebtedness on the Notes Outstanding, for principal thereof and interest thereon to the date of such deposit (in the case of Notes that have become due and
payable) or to the maturity of such principal and interest, as the case may be; 
 (ii) such deposit will not
result in a breach or violation of, or constitute an event of default under, any Issuer Basic Document or other agreement or instrument to which the Issuer is bound; 
 (iii) no Event of Default has occurred and is continuing on the date of such deposit or on the 91st day after such date; and

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

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 Section 4.03. Application of Trust Money. All monies deposited with the
Indenture Trustee pursuant to this Article shall be held in trust and applied by the Indenture Trustee, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent, to the
Holders of the Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest, but such monies need not be segregated from other funds
except to the extent required herein or in the Sale and Servicing Agreement or required by law. 
 Section 4.04.
Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this
Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.03 and thereupon such Paying Agent shall be released from all further liability with respect
to such monies. 
  

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 ARTICLE FIVE 
 EVENTS OF DEFAULT; REMEDIES 
 Section 5.01. Events of Default.
“Event of Default”, whenever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (i)
default in the payment of any interest on any Note of the Controlling Class when the same becomes due and payable, and such default shall continue for a period of five days; 
 (ii) default in the payment of the principal of any Note on its Final Scheduled Distribution Date; 
 (iii) default in the observance or performance of any material covenant or agreement of the Issuer made in this Indenture
(other than a covenant or agreement, a default in the observance or performance of which is specifically dealt with elsewhere in this Section) and such default shall continue or not be cured for a period of 60 days after there shall have been
given, by registered or certified mail, to the Issuer by the Depositor or the Indenture Trustee or to the Issuer, the Depositor and the Indenture Trustee, by the Holders of Notes evidencing not less than 25% of the Note Balance of the Controlling
Class, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 
 (iv) any representation or warranty of the Issuer made in this Indenture or in any certificate or other writing delivered pursuant hereto or in connection herewith proving to have been incorrect in any
material respect as of the time when the same shall have been made, and the circumstance or condition in respect of which such representation or warranty was incorrect shall not have been eliminated or otherwise cured for a period of 30 days
after there shall have been given, by registered or certified mail, to the Issuer by the Depositor or the Indenture Trustee or to the Issuer, the Depositor and the Indenture Trustee by the Holders of Notes evidencing not less than 25% of the Note
Balance of the Controlling Class, a written notice specifying such incorrect representation or warranty and requiring it to be remedied and stating that such notice is a notice of Default hereunder; 
 (v) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any
substantial part of the Trust Estate in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any
substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 
  

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 (vi) the commencement by the Issuer of a voluntary case under any applicable
Insolvency Law now or hereafter in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case under any such Insolvency Law, or the consent by the Issuer to the appointment or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or the making by the Issuer of any general assignment for the benefit of creditors, or the failure by the
Issuer generally to pay its debts as such debts become due, or the taking of any action by the Issuer in furtherance of any of the foregoing. 
 The Issuer shall deliver to the Depositor and the Indenture Trustee, within five days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the
giving of notice, the lapse of time or both would become an Event of Default under clause (iii) or (iv) above, its status and what action the Issuer is taking or proposes to take with respect thereto. 
 Section 5.02. Acceleration of Maturity; Rescission and Annulment. 
 (a) If an Event of Default shall have occurred and be continuing, the Indenture Trustee or the Holders of Notes evidencing not less than 51%
of the Note Balance of the Controlling Class may, upon prior written notice to each Rating Agency, declare the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee if given by Noteholders),
the Depositor and the Servicer, and upon any such declaration the unpaid principal amount of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 
 (b) If the Notes have been declared immediately due and payable following an Event of Default, before a judgment or decree for payment of
the amount due has been obtained by the Indenture Trustee as hereinafter provided in this Article, the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class, by written notice to the Issuer, the Depositor and the
Indenture Trustee, may rescind and annul such declaration of acceleration and its consequences if: 
 (i) the
Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all payments of principal of and interest on the Notes, (B) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee and its agents and counsel and (C) all other amounts that would then be due hereunder or upon the Notes if the Event of Default giving rise to such acceleration had not occurred; and

 (ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely
by such acceleration, have been cured or waived as provided in Section 5.12. 
 No such rescission shall affect any
subsequent default or impair any right consequent thereto. 
  

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 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture
Trustee. 
 (a) The Issuer covenants that if (i) there is a default relating to the payment of (i) any interest on
any Note of the Controlling Class when the same becomes due and payable, and such default continues for a period of five days, or (ii) the principal of any Note on the related Final Scheduled Distribution Date, the Issuer will, upon demand of
the Indenture Trustee, pay to it, for the benefit of the Noteholders, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal at the applicable Interest Rate and, to the extent payment
at such rate of interest shall be legally enforceable, upon overdue installments of interest at the applicable Interest Rate and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 
 (b) In case the Issuer shall fail forthwith to pay amounts described in Section 5.03(a) upon demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums
so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other
obligor upon such Notes, wherever situated, the monies adjudged or decreed to be payable. 
 (c) If an Event of Default occurs
and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.04, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Indenture Trustee
shall deem most effective to protect and enforce such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal
or equitable right vested in the Indenture Trustee by this Indenture or by law. 
 (d) In case there shall be pending, relative
to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable Insolvency Law, or if a receiver,
assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable
judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or
otherwise: 
 (i) to file and prove a claim or claims for the whole amount of principal and interest owing and
unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and

  

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each predecessor Indenture Trustee), and their respective agents and counsel and for all expenses and other amounts due and owing to the Indenture Trustee pursuant to Section 6.07 and of the
Noteholders allowed in such Proceedings; 
 (ii) unless prohibited by Applicable Law, to vote on behalf of the
Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 
 (iii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the
Indenture Trustee on their behalf; and 
 (iv) to file such proofs of claim and other papers or documents as may
be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any Proceedings relative to the Issuer, its creditors and its property; 
 and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the
event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents and counsel, and all other expenses and amounts due and owing to the Indenture Trustee pursuant to Section 6.07. 
 (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such Proceeding except, as aforesaid, to vote for the
election of a trustee in bankruptcy or similar Person. 
 (f) All rights of action and of asserting claims under this Indenture,
or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the
Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents and attorneys, shall be for the ratable benefit of the Noteholders. 
 (g) In any Proceedings brought by
the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not
be necessary to make any Noteholder a party to any such Proceedings. 
  

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 Section 5.04. Remedies. 
 (a) If the Notes have been declared to be immediately due and payable following an Event of Default, the Indenture Trustee may, or at the
written direction of the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class shall, take one or more of the following actions as so directed (subject to Sections 5.02 and 5.05): 
 (i) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable
on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuer and any other obligor upon the Notes monies adjudged due; 
 (ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the
Trust Estate; 
 (iii) exercise any remedies of a secured party under the UCC and take any other appropriate
action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 
 (iv)
sell or otherwise liquidate the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; 
 provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate at the direction of the Noteholders
following an Event of Default, other than an Event of Default described in Section 5.01(i) or (ii), unless: (A)(1) the Holders of Notes evidencing 100% of the Note Balance consent thereto, (2) the proceeds of such sale or liquidation
will be sufficient to pay in full the Note Balance and all accrued but unpaid interest on the Outstanding Notes or (3) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of
principal of and interest on the Notes as they would have become due if the Notes had not been declared immediately due and payable, and the Indenture Trustee obtains the consent of the Holders of Notes evidencing not less than 66 2/3% of the Note Balance of the Controlling Class. In determining such
sufficiency or insufficiency with respect to clauses (A)(2) and (A)(3), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of
such proposed action and as to the sufficiency of the Trust Estate for such purpose. 
 (b) If the Indenture Trustee
collects any money or property pursuant to this Article as a result of selling or liquidating the Trust Estate, it shall pay out such money or property (together with all Available Collections and all amounts on deposit in the Accounts) on the
related Distribution Date or other date fixed pursuant to Section 5.04(c) in the order of priority set forth in Section 2.08(f). 
 (c) If the Indenture Trustee collects any money or property pursuant to this Section, the Indenture Trustee may fix a record date and distribution date for any payment to Noteholders pursuant to this
Section. At least five days before such record date, the Indenture Trustee shall mail to each Noteholder and the Servicer a notice that states the record date, the distribution date and the amount to be paid. 
  

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 Section 5.05. Optional Preservation of the Trust Estate. If the Notes have been
declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Trust
Estate and continue to apply the proceeds thereof as if there had been no declaration of acceleration; provided however, that the Available Funds shall be applied in accordance with such declaration of acceleration in the manner specified in
Section 2.08(f). It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account
when determining whether or not to maintain possession of the Trust Estate. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 
 Section 5.06. Limitation of Suits. No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless: (i) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default; (ii) the Holders of Notes evidencing not less than 25% of the
Note Balance of the Controlling Class have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; (iii) such Holder or Holders have
offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with such request; (iv) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute such Proceedings; and (v) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of Notes evidencing not less than 51% of the Note
Balance of the Controlling Class. 
 It is understood and intended that no one or more Noteholders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce
any right under this Indenture, except in the manner herein provided. 
 In the event the Indenture Trustee shall receive
conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less than 51% of the Note Balance of the Controlling Class, the Indenture Trustee in its sole discretion may determine what action, if
any, shall be taken, notwithstanding any other provisions of this Indenture. 
 Section 5.07. Unconditional Rights of
Noteholders to Receive Principal and Interest. Notwithstanding any other provisions of this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any,
on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Holder. 
  

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 Section 5.08. Restoration of Rights and Remedies. If the Indenture Trustee or
any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or such Noteholder, then
and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies
of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 Section 5.09. Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 5.10. Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Noteholder to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or
constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Indenture Trustee or the Noteholders may be exercised from time to time, and as often as may
be deemed expedient, by the Indenture Trustee or the Noteholders, as the case may be. 
 Section 5.11. Control by
Noteholders of the Controlling Class. The Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available
to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided, that: 
 (i) such direction shall not be in conflict with any rule of law or with this Indenture; 
 (ii) subject to the terms of Section 5.04, any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by Holders of Notes evidencing not less than 100% of the Note Balance;

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

 (iv) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not
inconsistent with such direction. 
 Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.01, the
Indenture Trustee need not take any action that it determines might involve it in liability for which it will not be adequately indemnified or might materially adversely affect the rights of any Noteholders not consenting to such action. 

 

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 Section 5.12. Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.02, the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class may, on behalf of all Noteholders, waive any past Default or Event of
Default and its consequences except a Default or Event of Default (i) in payment of principal of or interest on any of the Notes or (ii) in respect of a covenant or provision hereof which cannot be modified or amended without the consent
of the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other
Default or Event of Default or impair any right consequent thereto. 
 Upon any such waiver, such Default or Event of Default
shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture, but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 
 Section 5.13.
Undertaking for Costs. All parties to this Indenture agree, and each Holder of Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any
right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit,
and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party
litigant; provided, however, that the provisions of this Section shall not apply to any suit instituted by (i) the Indenture Trustee, (ii) any Noteholder, or group of Noteholders, in each case holding Notes evidencing in the aggregate more
than 10% of the Note Balance (or, in the case of any suit which is instituted by the Controlling Class, more than 10% of the Note Balance of the Controlling Class) or (iii) any Noteholder for the enforcement of the payment of principal of or
interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 
 Section 5.14. Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do
so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted. 
 Section 5.15. Action on Notes. The Indenture Trustee’s right
to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or

  

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application of any other relief under or with respect to this Indenture. Neither the Lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be
impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property collected by
the Indenture Trustee shall be applied in accordance with Section 5.04(b). 
 Section 5.16. Performance and
Enforcement of Certain Obligations. 
 (a) Promptly following a request from the Indenture Trustee to do so and at the
Administrator’s expense, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Depositor, the Seller and the Servicer of their respective obligations to the
Issuer under or in connection with the Sale and Servicing Agreement or by the Seller of its obligations under or in connection with the Receivables Purchase Agreement, in each case in accordance with the terms thereof, and to exercise any and all
rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement or the Receivables Purchase Agreement to the extent and in the manner directed by the Indenture Trustee, including
the transmission of notices of default on the part of the Depositor, the Seller or the Servicer thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the Depositor, the Seller and the
Servicer of their respective obligations under the Sale and Servicing Agreement or the Seller of its obligations under the Receivables Purchase Agreement. 
 (b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which
direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of Holders of Notes evidencing not less than 66 2/3% of the Note Balance of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Depositor, the
Seller or the Servicer under or in connection with the Sale and Servicing Agreement or against the Seller under or in connection with the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance
or observance by the Depositor, the Seller or the Servicer, as the case may be, of its obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement or
the Receivables Purchase Agreement, as the case may be, and any right of the Issuer to take such action shall be suspended. 
 (c) If an Event of Default shall have occurred and be continuing, the Indenture Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly
thereafter)) of the Holders of Notes evidencing not less than 66 2/3% of the Note Balance of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Depositor against the Seller under or in connection with the Receivables Purchase
Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller of its obligations to the Depositor thereunder and to give any consent, request, notice, direction, approval, extension or waiver
under the Receivables Purchase Agreement, and any right of the Depositor to take such action shall be suspended. 
  

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 ARTICLE SIX 
 THE INDENTURE TRUSTEE 
 Section 6.01. Duties of Indenture Trustee.

 (a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested
in it by this Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and 
 (ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture
Trustee and conforming to the requirements of this Indenture; however, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
 (c) The Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this
Section; 
 (ii) the Indenture Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer of the Indenture Trustee unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.11. 

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

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 (g) No provision of this Indenture shall require the Indenture Trustee to expend or risk its
own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it. 
 (h) Every provision of this Indenture relating to the conduct
or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 
 Section 6.02. Rights of Indenture Trustee. 
 (a) Except as provided by
the second succeeding sentence, the Indenture Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Indenture Trustee need not investigate any fact or matter stated in the
document. Notwithstanding the foregoing, the Indenture Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that shall be specifically
required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they comply as to form to the requirements of this Indenture. 
 (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 
 (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the
Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder. 
 (d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or
within its rights or powers; provided, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 
 (e) The Indenture Trustee may consult with counsel, and the written advice of such counsel or Opinion of Counsel with respect to legal matters relating to this Indenture and the Notes shall be full and
complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 (f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it
in compliance with such request or direction. 
  

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 Section 6.03. Individual Rights of Indenture Trustee. The Indenture Trustee in
its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar,
co-registrar or co-paying agent may do the same with like rights. However, the Indenture Trustee must comply with Section 6.11. 
 Section 6.04. Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be (i) responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, (ii) accountable for
the Issuer’s use of the proceeds from the Notes and (iii) responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture
Trustee’s certificate of authentication. 
 Section 6.05. Notice of Defaults. If a Default occurs and is
continuing and if it is known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder notice of such Default within 30 days after it occurs. Except in the case of a Default in payment of principal
of or interest on any Note (including payments pursuant to the redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the
notice is in the interests of Noteholders. 
 Section 6.06. Reports and Documents by Indenture Trustee to
Noteholders. On or prior to each Distribution Date, the Indenture Trustee shall deliver or make available on its website (www.usbank.com/abs) to each Noteholder a copy of each Investor Report delivered to it pursuant to Section 3.10
of the Sale and Servicing Agreement. The Indenture Trustee shall make available electronically, within a reasonable period of time after the end of each calendar year, to each Person who at any time during such calendar year was a Noteholder, such
information furnished to the Indenture Trustee as may be required to enable such Person to prepare its federal and State income tax returns. The Indenture Trustee shall provide to each Noteholder upon request, copies of the Basic Documents, the
report regarding the Servicer’s compliance and the accountants’ attestation delivered pursuant to Section 3.12 of the Sale and Servicing Agreement. 
 Section 6.07. Compensation and Indemnity. 
 (a) The Issuer shall, or
shall cause the Administrator to, pay to the Indenture Trustee from time to time reasonable compensation for its services pursuant to a fee agreement between the Administrator and the Indenture Trustee. The Indenture Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall, or shall cause the Administrator to, reimburse the Indenture Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred
or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel,
accountants and experts. The Issuer shall, or shall cause the Administrator to, indemnify and hold harmless the Indenture Trustee and its officers, directors, employees, representatives and agents against any and all loss, liability, tax (other than
taxes based on the income of the Indenture Trustee) or expense (including attorneys’ fees) of whatever kind or nature regardless of their merit directly or indirectly incurred by it or them without willful

  

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misconduct, negligence or bad faith on their part, arising out of or in connection with the acceptance or administration of the transactions contemplated by this Indenture, including the
reasonable costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties under this Indenture or under any of the other Basic Documents. The Indenture
Trustee shall notify the Issuer and the Administrator promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Administrator shall not relieve the Issuer or the Administrator of its
obligations hereunder. The Issuer shall cause the Administrator to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Administrator to, pay the fees and expenses of such counsel.
Neither the Issuer nor the Administrator need reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith.

 (b) The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of
this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.01(iv) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code
or any other applicable Insolvency Law. 
 Section 6.08. Replacement of Indenture Trustee. 
 (a) No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the
acceptance of appointment by the successor Indenture Trustee pursuant to this Section. The Indenture Trustee may resign at any time by so notifying the Issuer, the Depositor and the Noteholders, and will provide all information reasonably requested
by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K under the Exchange Act, with respect to the resignation of the Indenture Trustee. The Holders of Notes evidencing not less than 51% of the Note
Balance of the Notes may remove the Indenture Trustee without cause by notifying the Indenture Trustee (with a copy to the Issuer, the Depositor and the Rating Agencies) of such removal and, following such removal, may appoint a successor
Indenture Trustee. The Issuer shall remove the Indenture Trustee if (i) the Indenture Trustee fails to comply with Section 6.11, (ii) the Indenture Trustee is adjudged to be bankrupt or insolvent, (iii) a receiver or other public
officer takes charge of the Indenture Trustee or its property or (iv) the Indenture Trustee otherwise becomes incapable of acting. 
 (b) The Depositor may remove the Indenture Trustee if the Indenture Trustee fails to comply with Section 3.07(e), 6.08 or 6.09 with respect to notice to or providing information to the Depositor, or
with Article Nine of the Sale and Servicing Agreement, in each case if such failure continues for the lesser of ten days or such period in which the applicable Exchange Act Report can be timely filed (without taking into account any extensions).

 (c) If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any
reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Administrator shall promptly appoint a successor Indenture Trustee and notify the Depositor of such appointment. Any successor Indenture

  

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Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee, the Issuer and the Depositor and shall also provide all information reasonably requested by the
Depositor in order to comply with its reporting obligation under the Exchange Act with respect to the replacement Indenture Trustee. Upon delivery of such written acceptance, the resignation or removal of the retiring Indenture Trustee shall become
effective, and the successor Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The retiring
Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee. 
 (d) If a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of Notes evidencing not less than 51% of the
Note Balance of the Controlling Class may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court
of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
 (e)
Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee
pursuant to this Section and payment of all fees and expenses owed to the outgoing Indenture Trustee. Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s and the Administrator’s obligations under
Section 6.07 shall continue for the benefit of the retiring Indenture Trustee. 
 Section 6.09. Successor Indenture
Trustee by Merger. 
 (a) If the Indenture Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association, without any further act, shall be the successor Indenture Trustee;
provided, that such corporation or banking association must be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Depositor, the Servicer and the Rating Agencies prior written notice of any such
transaction. 
 (b) In case at the time such successor or successors by merger, conversion or consolidation to the Indenture
Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee and
deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of
the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have. 
  

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 Section 6.10. Appointment of Co-Trustee or Separate Trustee. 
 (a) Notwithstanding any other provision of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction
in which any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver an instrument to appoint one or more Persons to act as a co-trustee or co-trustees, jointly with the Indenture
Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate or any part thereof, and,
subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08. 
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions
and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Indenture
Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee shall not be authorized to act separately
without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or
acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but
solely at the direction of the Indenture Trustee; 
 (ii) no trustee hereunder shall be personally liable by
reason of any act or omission of any other trustee hereunder; and 
 (iii) the Indenture Trustee may at any time
accept the resignation of or remove any separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the
Indenture Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and
the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or
separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture
Trustee. Every such instrument shall be filed with the Indenture Trustee and a copy thereof given to the Administrator. 
  

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

Section 6.11. Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA
Section 310(a). The Indenture Trustee or its parent shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long term debt rating of “A”
or better by Standard & Poor’s and “A3” or better by Moody’s or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall comply with TIA Section 310(b). 
 Section 6.12. Preferential Collection of Claims Against Issuer. The Indenture Trustee shall comply with TIA
Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 
 Section 6.13. Representations and Warranties of Indenture Trustee. The Indenture Trustee hereby makes the following
representations and warranties on which the Issuer and the Noteholders shall rely: 
 (i) the Indenture Trustee
is a banking association duly organized, validly existing and in good standing under the laws of the United States; 
 (ii) the Indenture Trustee has full power, authority and legal right to execute, deliver and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture; and

 (iii) this Indenture is an enforceable obligation of the Indenture Trustee. 
 Section 6.14. Furnishing of Documents. The Indenture Trustee shall furnish to any Noteholder promptly upon receipt of a written
request by such Noteholder therefor (at the expense of the related Noteholder), copies of the Basic Documents. 
 Section 6.15. Encryption. Notwithstanding anything to the contrary herein, any and all communications (both text and attachments) by or from the Indenture Trustee that the Indenture Trustee in its sole discretion deems to
contain confidential, proprietary, and/or sensitive information may be encrypted or made available at the Indenture Trustee’s website at www.usbank.com/abs on a password protected basis. 
  

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 ARTICLE SEVEN 
 NOTEHOLDERS’ LISTS AND REPORTS 
 Section 7.01. Issuer to Furnish
Indenture Trustee Names and Addresses of Noteholders. The Issuer shall furnish or cause to be furnished to the Indenture Trustee (i) not more than five days after each Record Date, a list, in such form as the Indenture Trustee may
reasonably require, of the names and addresses of the Noteholders as of such Record Date and (ii) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list
of similar form and content as of a date not more than ten days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list
shall be required to be furnished. 
 Section 7.02. Preservation of Information; Communications, Reports and Certain
Documents to Noteholders. 
 (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the
names and addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as Note
Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished. 
 (b) Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. 
 (c) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c). 
 Section 7.03. Reports by Issuer. 
 (a) The Issuer shall: 
 (i) file with the Indenture Trustee, within
15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time
by rules and regulations prescribe) that the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
 (ii) file with the Indenture Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with
respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 
  

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 (iii) supply to the Indenture Trustee (and the Indenture Trustee shall mail
to all Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.03(a) and by the rules and
regulations prescribed from time to time by the Commission. 
 (b) Unless the Issuer otherwise determines, the fiscal year of
the Issuer shall end on December 31 of each year. 
 Section 7.04. Reports by Indenture Trustee. 
 (a) If required by TIA Section 313(a), within 60 days after (i) June 30, 2010 and (ii) each December 15 beginning
with December 15, 2010, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee shall also comply with
TIA Section 313(b). 
 (b) The Indenture Trustee shall provide to the Administrator and the Servicer, to be filed by the
Administrator or the Servicer with the Commission and each stock exchange, if any, on which the Notes are listed, a copy of each report mailed to Noteholders pursuant to this Indenture. The Issuer shall notify the Indenture Trustee if and when the
Notes are listed on any stock exchange. 
  

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 ARTICLE EIGHT 
 ACCOUNTS, DISBURSEMENTS AND RELEASES 
 Section 8.01. Collection of
Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money
and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture and the Sale and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture and the Sale and
Servicing Agreement. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such
action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this
Indenture and any right to proceed thereafter as provided in Article Five. 
 Section 8.02. Accounts.

 (a) On or before the Closing Date, the Issuer shall cause the Servicer to establish and maintain, at an Eligible Institution,
which shall initially be the Indenture Trustee, in the name of the Indenture Trustee, for the benefit of the Securityholders, the Collection Account as provided in Section 4.01(a) of the Sale and Servicing Agreement. On or before each
Distribution Date, the Servicer shall deposit in the Collection Account all amounts required to be deposited therein with respect to the preceding Collection Period as provided in Sections 4.04 and 4.07 of the Sale and Servicing Agreement. On
each Distribution Date, the Indenture Trustee shall apply or cause to be applied the amount on deposit in the Collection Account on such Distribution Date in accordance with Section 2.08(a) (or following the acceleration of the Notes after the
occurrence of an Event of Default, in accordance with Section 2.08(f)). 
 (b) On or before the Closing Date, the Issuer
shall cause the Servicer to establish and maintain, at an Eligible Institution, which shall initially be the Indenture Trustee, in the name of the Indenture Trustee, for the benefit of the Securityholders, the Reserve Fund as provided in Sections
4.01 and 4.02 of the Sale and Servicing Agreement. On or before each Distribution Date, upon receipt of instructions from the Servicer pursuant to Section 4.08(c) of the Sale and Servicing Agreement, the Indenture Trustee, directly or through
the Paying Agent, shall withdraw or cause to be withdrawn from the Reserve Fund and deposit in the Collection Account, the Reserve Fund Draw Amount, if any, for such Distribution Date. 
 (c) On or before the Closing Date, the Issuer shall cause the Servicer to establish and maintain, at an Eligible Institution, which shall
initially be the Indenture Trustee, in the name of the Indenture Trustee, for the benefit of the Noteholders, the Note Payment Account as provided in Section 4.01(a) of the Sale and Servicing Agreement. On each Distribution Date, the Indenture
Trustee shall, directly or through the Paying Agent, apply or cause to be applied the amount on deposit in the Note Payment Account on such Distribution Date in accordance with Section 2.08. 
  

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 Section 8.03. General Provisions Regarding Accounts. 
 (a) For so long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Accounts shall
be invested by the Servicer or the Indenture Trustee at the written direction of the Servicer, as applicable, in Eligible Investments as provided in Sections 4.01 of the Sale and Servicing Agreement. All income or other gain (net of losses and
investment expenses) from investments of monies deposited in the Accounts shall be withdrawn (or caused to be withdrawn) by the Indenture Trustee, from such accounts and distributed (but only under the circumstances set forth in the Sale and
Servicing Agreement) as provided in Sections 4.01, 4.02, 4.05, 4.06, 4.07 and 4.08 of the Sale and Servicing Agreement. The Servicer shall not and shall not direct the Indenture Trustee to make any investment of any funds or to sell any
investment held in any of the Accounts unless the security interest granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in
connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such
effect. 
 (b) Subject to Section 6.01(c), the Indenture Trustee will not be liable by reason of any insufficiency in any
of the Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its
commercial capacity as principal obligor and not as trustee. 
 (c) If the Indenture Trustee is the entity maintaining the
Accounts and (i) the Servicer shall have failed to give investment directions for any funds on deposit in the Accounts to the Indenture Trustee by 2:00 p.m., New York City time (or such other time as may be agreed upon by the Issuer and the
Indenture Trustee), on the Business Day preceding the day such investment will be made or (ii) to the knowledge of an Authorized Officer of the Indenture Trustee, a Default or Event of Default shall have occurred and be continuing but the
Notes shall not have been declared due and payable pursuant to Section 5.02 or (iii) if the Notes shall have been declared due and payable following an Event of Default but amounts collected or receivable from the Trust Estate are being
applied in accordance with Section 5.05 as if there had not been such a declaration, then the Indenture Trustee upon actual knowledge by a Responsible Officer of the Indenture Trustee of such event shall, to the fullest extent practicable,
invest and reinvest funds in the Accounts in the one or more investments described in clause (vii) of the definition of the term “Eligible Investments”. 
 Section 8.04. Release of Trust Estate. 
 (a) Subject to the payment of
its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the Lien of this Indenture, or convey the Indenture
Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article shall be
bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 
  

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 (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums
due to the Indenture Trustee pursuant to Section 6.07 have been paid in full, release any remaining portion of the Trust Estate that secured the Notes from the Lien of this Indenture and release to the Issuer or any other Person entitled
thereto any funds then on deposit in the Accounts. The Indenture Trustee shall release property from the Lien of this Indenture pursuant to this Section only upon receipt of an Issuer Request accompanied by an Officer’s Certificate and an
Opinion of Counsel and, if required by the TIA or Section 11.01, Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1), and otherwise in accordance with the applicable requirements of Section 11.01. 
 Section 8.05. Opinion of Counsel. The Indenture Trustee shall receive at least seven days’ notice when requested by the
Issuer to take any action pursuant to Section 8.04(a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also require, except in connection with any action contemplated by Section 8.04(b), as a condition to
such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete such action, and concluding that all conditions precedent to the
taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however, that such
Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other
instrument delivered to the Indenture Trustee in connection with any such action. 
  

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 ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
 Section 9.01. Supplemental Indentures Without
Consent of Noteholders. 
 (a) The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, without the
consent of any Holders of any Notes but with prior written notice to the Rating Agencies, at any time and from time to time, enter into one or more indentures supplemental hereto, in form satisfactory to the Indenture Trustee, for any of the
following purposes: 
 (i) to correct or amplify the description of any property at any time subject to the Lien
of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture, or to subject to the Lien of this Indenture additional property; 
 (ii) to evidence the succession, in compliance with the applicable provisions hereof, of another Person to the Issuer, and
the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained; 
 (iii)
to add to the covenants of the Issuer, for the benefit of the Noteholders, or to surrender any right or power herein conferred upon the Issuer; 
 (iv) to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 
 (v) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with any other provision herein or in any supplemental indenture or in
any (i) offering document used in connection with the initial offer and sale of the Notes or to add any provisions to or change in any manner or eliminate any of the provisions of this Indenture which will not be inconsistent with other
provisions of this Indenture or (ii) other Basic Document with respect to matters or questions arising under this Indenture or in any supplemental indenture; 
 (vi) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes
and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article Six; or 
 (vii) to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the
qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA or the rules and regulations of the Commission.

 provided, however, that no such supplemental indenture (i) may materially adversely affect the interests of any Noteholder and
(ii) will be permitted unless an Opinion of Counsel is delivered to the Indenture Trustee to the effect that such supplemental indenture will not cause the Issuer to

  

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be characterized for federal income tax purposes as an association or publicly traded partnership taxable as a corporation or otherwise have any material adverse impact on the federal income
taxation of any Notes Outstanding or any Noteholder. The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein
contained. 
 (b) A supplemental indenture shall be deemed not to materially adversely affect the interests of any Noteholder if
the Person requesting such supplemental indenture (i) has delivered no fewer than ten days’ prior written notice of such supplemental indenture to each Rating Agency and (ii) obtains and delivers to the Indenture Trustee an Opinion of
Counsel to the effect that the supplemental indenture would not materially adversely affect the interests of any Noteholder. 
 Section 9.02. Supplemental Indentures with Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, with the consent of the Holders of Notes evidencing not less than 51% of the Note
Balance of the Controlling Class and with prior written notice to the Rating Agencies, by Act of such Holders delivered to the Issuer and the Indenture Trustee, at any time and from time to time enter into one or more indentures supplemental hereto
for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that
(i) the Rating Agency Condition shall have been satisfied with respect such action and (ii) no such supplemental indenture will be permitted unless an Opinion of Counsel is delivered to the Indenture Trustee to the effect that such
supplemental indenture will not cause the Issuer to be characterized for federal income tax purposes as an association or publicly traded partnership taxable as a corporation or otherwise have any material adverse impact on the federal income
taxation of any Notes Outstanding or any Noteholder; and, provided further, that no such supplemental indenture may, without the consent of the Holder of each Outstanding Note, to the extent any such Person is materially and adversely affected by
such supplemental indenture: 
 (i) change any Final Scheduled Distribution Date or the date of payment of any
installment of principal of or interest on any Note, or reduce the principal amount thereof, the Interest Rate applicable thereto or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application of
collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the
right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article Five, to the payment of any such amount due on the Notes on or after the respective
due dates thereof (or, in the case of redemption, on or after the Redemption Date); 
 (ii) reduce the
percentage of the Note Balance or the Note Balance of the Controlling Class, the consent of the Holders of Notes of which is required for any such supplemental indenture, or the consent of the Holders of Notes of which is required for any waiver of
compliance with certain provisions of hereunder or certain defaults and their consequences provided for in this Indenture; 
  

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 (iii) modify or alter (A) the provisions of the proviso to the
definition of the term “Outstanding”, (B) the definition of the term “Note Balance” or (C) the definition of the term “Controlling Class”; 
 (iv) reduce the percentage of the Note Balance required to direct the Indenture Trustee to sell or liquidate the Trust Estate
pursuant to Section 5.04 if the proceeds of such sale or liquidation would be insufficient to pay in full the principal amount of and accrued but unpaid interest on the Notes; 
 (v) reduce the percentage of the Note Balance of the Controlling Class the consent of the Holders of Notes of which is
required for any such supplemental indenture amending the provisions of this Indenture which specify the applicable percentage of the Note Balance of the Controlling Class the consent of which is required for such supplemental indenture or the
amendment of any other Basic Document; 
 (vi) modify any provision of this Section except to increase any
percentage specified herein or to provide that certain additional provisions of this Indenture or the other Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; 
 (vii) modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment
of interest or principal due on any Note on any Distribution Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Holders of Notes to the benefit of any provisions for the mandatory
redemption of the Notes contained herein; 
 (viii) permit the creation of any Lien ranking prior to or on a
parity with the Lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein, terminate the Lien of this Indenture on any property at any time subject hereto or deprive the Noteholders
of the security provided by the Lien of this Indenture; or 
 (ix) impair the right to institute suit for the
enforcement of payment as provided in Section 5.07. 
 The Indenture Trustee may in its discretion determine whether or not
any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be
liable for any such determination made in good faith. 
 It shall not be necessary for any Act of Noteholders under this Section
to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders to which such supplemental
indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of
any such supplemental indenture. 
  

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 Section 9.03. Execution of Supplemental Indentures. In executing, or permitting
the additional trusts created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.01
and 6.02, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent in this Indenture to the execution and
delivery of such supplemental indenture have been satisfied. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s rights, duties, liabilities or immunities
under this Indenture or otherwise. Any supplemental indenture that affects the Owner Trustee’s rights, duties, liabilities or immunities under this Indenture or otherwise shall require the written consent of the Owner Trustee. 
 Section 9.04. Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions
hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities
under this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 Section 9.05. Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article shall conform to the requirements of the TIA as then in effect so long
as this Indenture shall then be qualified under the TIA. 
 Section 9.06. Reference in Notes to Supplemental
Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to
any matter provided for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be
prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
  

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 ARTICLE TEN 
 REDEMPTION OF NOTES 
 Section 10.01. Redemption. The Notes are subject
to redemption in whole, but not in part, at the direction of the Servicer pursuant to Section 8.01 of the Sale and Servicing Agreement, on any Distribution Date on which the Servicer exercises its option to purchase the assets of the Issuer
pursuant to said Section, and the amount paid by the Servicer shall be treated as collections in respect of the Receivables and applied to pay all amounts due to the Servicer under the Sale and Servicing Agreement, the Total Trustee Fees and the
unpaid principal amount of the Notes plus accrued and unpaid interest thereon. The Servicer or the Issuer shall furnish each Rating Agency notice of such redemption. If the Notes are to be redeemed pursuant to this Section, the Servicer shall
furnish notice of such redemption to the Indenture Trustee, the Depositor and the Rating Agencies, not fewer than ten nor more than 30 days prior to the Redemption Date and the Issuer will, or will cause the Servicer to, irrevocably deposit, by 2:00
p.m., New York City time, on the Business Day prior to the Redemption Date, with the Indenture Trustee in the Collection Account the Redemption Price of the Notes to be redeemed (all or a portion of which deposit may be made from Available Funds),
whereupon all such Notes shall be due and payable on the Redemption Date upon the furnishing of a notice complying with Section 10.02 to each Noteholder. 
 Section 10.02. Form of Redemption Notice. Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile and mailed
or transmitted not later than 10 days prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Noteholder’s address or facsimile number
appearing in the Note Register. 
 All notices of redemption shall state: 
 (i) the Redemption Date; 
 (ii) the Redemption Price; 
 (iii) the place where such Notes are
to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.02); and 
 (iv) that on the Redemption Date, the Redemption Price will become due and payable upon each Note and that interest thereon
shall cease to accrue from and after the Redemption Date. 
 Notice of redemption of the Notes shall be given by the Indenture
Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Noteholder shall not impair or affect the validity of the redemption of any other Note. 
 Section 10.03. Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption as required by
Section 10.02, on the Redemption Date become

  

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

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

 (i) a statement that each signatory of such certificate or opinion has read or has caused to be read such
covenant or condition and the definitions herein relating thereto; 
 (ii) a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (iii) a statement that, in the opinion of each signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or
not such covenant or condition has been complied with; and 
 (iv) a statement as to whether, in the opinion of
each signatory, such condition or covenant has been complied with. 
 (b) (i) Prior to the deposit of any Collateral or other
property or securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the Lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.01(a) or
elsewhere in this Indenture, deliver to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each individual signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the
Collateral or other property or securities to be so deposited. 
 (ii) Whenever the Issuer is required to furnish
to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also furnish to the Indenture Trustee an Independent
Certificate as to the same matters, if the fair value to the Issuer of the property or securities to be so deposited and of all other such securities made the basis of

  

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any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates furnished pursuant to clause (i) above and this
clause (ii), is 10% or more of the Note Balance, but such a certificate need not be furnished with respect to any property or securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s
Certificate is less than $25,000 or less than 1% of the Note Balance. 
 (iii) Other than with respect to any
release described in clause (A) or (B) of Section 11.01(b)(v), whenever any property or securities are to be released from the Lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such
person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 
 (iv) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in
clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property (other than property described in
clauses (A) or (B) of Section 11.01(b)(v)) released from the Lien of this Indenture since the commencement of the then-current calendar year, as set forth in the certificates required by clause (iii) above and this
clause (iv), equals 10% or more of the Note Balance, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than
$25,000 or less than 1% of the Note Balance at the time of such release. 
 (v) Notwithstanding Section 2.13
or any other provision of this Section, the Issuer may, without compliance with the requirements of the other provisions of this Section, (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the
extent permitted or required by the Basic Documents and (B) make cash payments out of the Accounts as and to the extent permitted or required by the Basic Documents. 
 Section 11.02. Form of Documents Delivered to Indenture Trustee. 
 (a)
In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters
in one or several documents. 
 (b) Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as
it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the
matters upon which such Officer’s

  

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Certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Seller, the Servicer, the Depositor, the Issuer or the Administrator, stating that the information with respect to such factual matters is in the possession of the Seller, the
Servicer, the Depositor, the Issuer or the Administrator, unless such Authorized Officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are
erroneous. 
 (c) Where any Person is required to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 (d) Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the
granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as
the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not,
however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article Six. 
 Section 11.03. Acts of Noteholders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are
delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the
Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of
the Indenture Trustee and the Issuer, if made in the manner provided in this Section. 
 (b) The fact and date of the execution
by any Person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient. 
 (c)
The ownership of Notes shall be proved by the Note Register. 
 (d) Any request, demand, authorization, direction, notice,
consent, waiver or other action by the Holder of any Note shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the
Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
  

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 Section 11.04. Notices, etc., to Indenture Trustee, Issuer,
Depositor and Rating Agencies. Unless otherwise specified in this Indenture, all notices, requests, demands, consents, waivers, Act of Noteholders or other communications to or from the parties to this Indenture will be in writing. Notices,
requests, demands, consents and other communications will be deemed to have been given and made, (i) upon delivery or, in the case of a letter mailed via registered first class mail, postage prepaid, three days after deposit in the mail and
(ii) in the case of (a) a facsimile, when receipt is confirmed by telephone or by reply e-mail or reply facsimile from the recipient, (b) an e-mail, when receipt is confirmed by telephone or by reply e-mail from the recipient and
(c) an electronic posting to a password-protected website, upon printed confirmation of the recipient’s access to such password-protected website, or when notification of such electronic posting is confirmed in accordance with clauses
(ii)(b) through (ii)(c) above. Unless otherwise specified in this Indenture, any such notice, request, demand, consent or other communication will be delivered or addressed, in the case of (i) the Indenture Trustee by any Noteholder
or by the Issuer at the Corporate Trust Office (e-mail: melissa.rosal@usbank.com, telecopier: (312) 325-8905), (ii) the Issuer by the Indenture Trustee or by any Noteholder at Mercedes-Benz Auto Receivables Trust 2009-1, c/o
Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890 (telecopier no. (302) 636-4140), Attention: Corporate Trust Administration, with a copy to the Administrator at DCFS USA LLC, 35455 Corporate
Drive, Farmington Hills, Michigan 48331 (telecopier no. (248) 991-6962), Attention: Steven C. Poling, (iii) the Representative by the Issuer or by the Indenture Trustee at the address of the Representative set forth in the Underwriting
Agreement, (iv) to each Rating Agency, as applicable, by the Issuer, the Indenture Trustee or the Owner Trustee, in the case of (a) Moody’s, at Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center, 25
th Floor, 250 Greenwich Street, New York, New York 10007
(e-mail: ServicerReports@Moodys.com) and (b) Standard & Poor’s, at Standard & Poor’s Ratings Services, a Division of The McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041,
Attention: Asset Backed Surveillance Department (e-mail: Servicer_Reports@sandp.com) and (v) as to each of the foregoing, at such other address as shall be designated by written notice to the other parties. 
 Section 11.05. Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice
shall be sufficiently given (unless otherwise herein expressly provided) if in writing and sent by first-class mail, postage prepaid to each Noteholder affected by such event, at such Noteholder’s address as it appears on the Note Register, not
later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to
any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver. 
  

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 In case, by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to
the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this Indenture provides for notice to
any Rating Agency, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 
 Section 11.06. Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to
the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Noteholder, that is different from the methods provided for in this Indenture
for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 
 Section 11.07. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision
hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 
 The provisions of TIA Sections 310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of
and govern this Indenture, whether or not physically contained herein. 
 Section 11.08. Effect of Headings and Table of
Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 Section 11.09. Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All
agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents. 
 Section 11.10.
Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Indenture and the Notes shall not in any way be
affected or impaired thereby. 
 Section 11.11. Benefits of Indenture; Third Party Beneficiaries. Nothing in this
Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Owner Trustee, the Noteholders (and, with respect to Sections 5.04 and 2.08, the Certificateholders), any
other party secured hereunder and any other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  

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 Section 11.12. Legal Holidays. In any case where the date on which any payment
is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the
date on which nominally due, and except as otherwise provided in the Basic Documents, no interest shall accrue for the period from and after any such nominal date. 
 Section 11.13. GOVERNING LAW. THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES
OF CONFLICT OF LAWS (OTHER THAN 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. 
 Section 11.14. Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 Section 11.15. Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording shall be effected by the Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or
for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 
 Section 11.16.
Trust Obligation. Except as otherwise provided in Section 3.07(e), no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this
Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture
Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee, except as otherwise provided in
Section 3.07(e), and the Owner Trustee have no such obligations in their individual capacities) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by Applicable Law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject
to, and entitled to the benefits of, the terms and provisions of Articles Six, Seven and Eight of the Trust Agreement. 
 Section 11.17. No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder or Note Owner, by accepting a Note or a beneficial interest therein, as the case

  

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may be, hereby covenant and agree that they will not at any time institute against the Issuer or the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation Proceedings, or other Proceedings under any Insolvency Law in connection with any obligations relating to the Notes or any Basic Document and agrees that it will not cooperate with or encourage
others to file a bankruptcy petition against the Issuer or the Depositor during the same period. 
 Section 11.18. No
Recourse. The Notes represent obligations of the Issuer only and do not represent an interest in or obligations of the Servicer, the Depositor or any of their respective Affiliates, and no recourse may be had against such parties or their
assets, except as may be set forth in this Indenture and the other Basic Documents. Each Noteholder, by acceptance of a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer,
the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against (i) either Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of either Trustee in its individual capacity or any holder of a beneficial interest in the Issuer, either Trustee or of any successor or
assign of either Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 Section 11.19. Inspection. The Issuer shall, with reasonable prior notice, permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine the books of account, records, reports and
other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers,
employees, and Independent certified public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to
the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its
obligations hereunder. 
 Section 11.20. Subordination Agreement. Each Noteholder, by accepting a Note or a
beneficial interest therein, hereby covenants and agrees that, to the extent it is deemed to have any interest in any assets of the Depositor, or a securitization vehicle (other than the Issuer) related to the Depositor, dedicated to other debt
obligations of the Depositor or debt obligations of any other securitization vehicle (other than the Issuer) related to the Depositor, its interest in those assets is subordinate to claims or rights of such other debtholders to those other assets.
Furthermore, each Noteholder, by accepting a Note, hereby covenants and agrees that such agreement constitutes a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code. 
  

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 Section 11.21. Security Interest Matters. 
 (a) This Indenture creates a valid and continuing “security interest” (as defined in the UCC) in the Receivables in favor of the
Indenture Trustee, which security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Issuer. With respect to each Receivable, the Issuer has taken all steps necessary to perfect its
security interest against the related Obligor in the related Financed Vehicle. 
 (b) The Receivables constitute “tangible
chattel paper” (as defined in the UCC). The Issuer has caused or will cause on or prior to the Closing Date the filing of all appropriate financing statements in the proper filing offices in the appropriate jurisdictions under Applicable Law
necessary to perfect the security interest in the Receivables granted to the Indenture Trustee hereunder. Other than the security interest granted to the Indenture Trustee hereunder, the Issuer has not pledged, assigned, sold, granted a security
interest in or otherwise conveyed any of the Receivables. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering the Receivables other than any
financing statement relating to the security interest granted to the Indenture Trustee hereunder or that has been terminated. The motor vehicle installment sales contracts and installment loans that constitute or evidence the Receivables do not have
any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Depositor, the Issuer or the Indenture Trustee. The Issuer is not aware of any judgment or tax Lien filings against the
Issuer. 
 (c) All financing statements filed or to be filed against the Issuer in favor of the Indenture Trustee contain a
statement substantially to the following effect: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Indenture Trustee”. 
 Section 11.22. Representations and Warranties as to Security Interests. The Issuer represents and warrants to the Indenture
Trustee as of the Closing Date: 
 (a) This Agreement creates a valid and continuing security interest (as
defined in the applicable UCC) in the Receivables in favor of the Indenture Trustee, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Issuer. 
 (b) The Issuer has taken all steps necessary to perfect its security interest against the Obligor in the Financed Vehicles.

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

 (d) The Issuer owns and has good and marketable title to the Receivables free and clear of any Lien, claim or
encumbrance of any Person. 
 (e) All original executed copies of each loan agreement and installment sales
contract that constitute or evidence the Receivables have been delivered to the Servicer, as custodian for the Indenture Trustee. 
  

 60 

 (f) The Issuer has received a written acknowledgment from the Servicer that
the Servicer is holding the loan agreements and installment sales contracts that constitute or evidence the Receivables solely on behalf and for the benefit of the Indenture Trustee. 
 (g) Other than the security interest granted to the Indenture Trustee pursuant to this Indenture, the Issuer has not pledged,
assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Issuer has not authorized the filing of and is not aware of any financing statements against the Indenture Trustee that include a description of
collateral covering the Receivables other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or that has been terminated. The Issuer is not aware of any judgment or tax lien filings against the
Issuer. 
 (h) None of the loan agreements or installment sales contracts that constitute or evidence the
Receivables has any marks or notations indicating that it has been pledged, assigned, or otherwise conveyed to any Person other than the Indenture Trustee. 
 Notwithstanding the foregoing, the representations and warranties set forth in this Section may not be waived. The representations and warranties set forth in this Section will survive until this
Indenture has been discharged. 
  

 61 

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

			
	MERCEDES-BENZ AUTO RECEIVABLES TRUST 2009-1,
		
	By:	 	 WILMINGTON TRUST COMPANY,
 not in its individual capacity but solely as Owner Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 U.S. BANK NATIONAL ASSOCIATION,
 not in its individual capacity but solely as Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 Indenture 

 EXHIBIT A 
 FORM OF CLASS [A-1] [A-2] [A-3] [A-4] NOTE 
 THE ACQUISITION OF THE
NOTES BY, OR ON BEHALF OF, OR WITH THE ASSETS OF ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR ANY “PLAN”
SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “INTERNAL REVENUE CODE”), OR ANY ENTITY PART OR ALL OF THE ASSETS OF WHICH CONSTITUTE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN BY REASON OF DEPARTMENT OF
LABOR REGULATION SECTION 2510.3-101 OR OTHERWISE IS PROHIBITED UNLESS SUCH PURCHASE, HOLDING AND SUBSEQUENT DISPOSITION OF THE NOTES WOULD NOT RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR UNDER SECTION 4975 OF THE
INTERNAL REVENUE CODE. EACH BENEFICIAL OWNER OF THIS NOTE WILL BE DEEMED TO HAVE MADE THE REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE INDENTURE. 
 A FIDUCIARY OF A BENEFIT PLAN PURCHASING THE CLASS [A-1] [A-2] [A-3] [A-4] NOTES WITH THE ASSETS OF A BENEFIT PLAN IS DEEMED TO REPRESENT THAT THE PURCHASE OF ONE OR MORE NOTES IS CONSISTENT WITH ITS
FIDUCIARY DUTIES UNDER ERISA AND DOES NOT RESULT IN A NONEXEMPT PROHIBITED TRANSACTION AS DEFINED IN SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE. 
 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE 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 IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO.). 
 TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY

  

 A-1 

 
TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE INDENTURE TRUSTEE. 
 THE FAILURE TO PROVIDE THE ISSUING ENTITY AND THE INDENTURE TRUSTEE WITH THE APPLICABLE U.S. FEDERAL INCOME TAX CERTIFICATIONS (GENERALLY,
AN INTERNAL REVENUE SERVICE FORM W-9 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE INTERNAL REVENUE CODE, OR AN APPROPRIATE INTERNAL REVENUE SERVICE
FORM W-8 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS NOT A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE INTERNAL REVENUE CODE) MAY RESULT IN THE IMPOSITION OF U.S. FEDERAL BACK-UP WITHHOLDING
UPON PAYMENTS TO THE HOLDER IN RESPECT OF THIS` NOTE. 
 [FOR CLASS A-2, A-3 AND A-4 NOTES] THIS NOTE IS SUBORDINATED IN
RIGHT OF PAYMENT TO THE CLASS A-1 NOTES [THE CLASS A-2 NOTES, THE CLASS A-3 NOTES] AS DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.] 
  

							
	REGISTERED	  		 	$	 	  

	No. R-            	  		 	CUSIP NO.	 	                      

		  		 	ISIN NO.	 	                      

 MERCEDES-BENZ AUTO RECEIVABLES TRUST 2009-1
             % CLASS A-1 [A-2] [A-3] [A-4] ASSET BACKED NOTE

 Mercedes-Benz Auto Receivables Trust 2009-1, a statutory trust organized and existing under the laws of the State of Delaware
(including any permitted successors and assigns, the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of
                    DOLLARS ($            ), payable on each Payment Date in an amount
equal to the result obtained by multiplying (i) a fraction the numerator of which is $            and the denominator of which is
$            by (ii) the aggregate amount, if any, payable to the extent described in the Indenture referred to on the reverse hereof on each Distribution Date; provided, however, that
the entire unpaid principal amount of this Note shall be payable on the earlier of             , 200    (the “Class A-1 [A-2] [A-3] [A-4] Final
Scheduled Distribution Date”) and the Redemption Date, if any, selected pursuant to the Indenture. Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Indenture, which also contains rules as to
construction that shall be applicable herein. 
 The Issuer will pay interest on this Note at the rate per annum shown above on
each Distribution Date (to the extent that such rate does not exceed the maximum rate permitted by Applicable Law) until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal made on such preceding Distribution Date), or on the Closing Date

  

 A-2 

 
in the case of the first Distribution Date or if no interest has yet been paid, subject to certain limitations contained in the Indenture. Interest on this Note will accrue for each Distribution
Date from, and including, [For Class [A-1 Notes: the most recent Distribution Date on which interest has been paid (or, in the case of the first Distribution Date or if no interest has yet been paid, from and including the Closing Date), to but
excluding such current Distribution Date. Interest will be computed on the basis of the actual number of days during the related Interest Period divided by 360.] [For Class A-2, A-3 and A-4 Notes: the 15th day of the prior calendar month (or, in the case of the first
Distribution Data or if no interest has yet been paid, from and including the Closing Date), to but excluding the 15th day of the current calendar month. Interest will be computed on the basis of a 360-day year consisting of twelve
30-day months.] The Issuer shall pay interest on overdue installments of interest at the interest rate shown above to the extent lawful. Such principal and interest on this Note shall be
paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such
coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as
provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the
certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual or facsimile signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

  

 A-3 

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

							
	Date: October 9, 2009	 		 	MERCEDES-BENZ AUTO RECEIVABLES TRUST 2009-1
				
		 		 	By:	 	WILMINGTON TRUST COMPANY,
		 		 		 	not in its individual capacity but solely as Owner Trustee under the Trust Agreement
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

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

							
	Date: October 9, 2009	 		 	U.S. BANK NATIONAL ASSOCIATION,
		 		 	not in its individual capacity but solely as Indenture Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  

 A-4 

 [REVERSE OF CLASS A-1 [A-2] [A-3] [A-4] NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its
            % Class A-1 [A-2] [A-3] [A-4] Asset Backed Notes (the “Class [            ]
Notes”), all issued under the Indenture, dated as of October 1, 2009 (the “Indenture”), between the Issuer and U.S. Bank National Association, as trustee (the “Indenture Trustee”), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes (collectively, the
“Notes”) are, except as otherwise provided in the Indenture or in the Sale and Servicing Agreement, equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. 
 Principal payable on the Class [A-1] [A-2] [A-3] [A-4] Notes will be paid on each Distribution Date in the amount specified in
the Indenture and in the Sale and Servicing Agreement. As described above, the entire unpaid principal amount of this Note will be payable on the earlier of the Class [A-1] [A-2] [A-3] [A-4] Final Scheduled Distribution Date and the
Redemption Date, if any, selected pursuant to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Class [A-1] [A-2] [A-3] [A-4] Notes shall be due and payable following the
occurrence and continuance of an Event of Default, if the Indenture Trustee or the Holders of Notes evidencing not less than 51% of the Note Balance of the Controlling Class have declared the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the Class [A-1] [A-2] [A-3] [A-4] Notes shall be made pro rata to the Class [A-1] [A-2] [A-3] [A-4] Noteholders entitled thereto. 
 Payments of principal and interest on this Note due and payable on each Distribution Date or Redemption Date shall be made by check mailed
to the Person whose name appears as the registered Noteholder (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record Date in the name
of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one
or more Predecessor Notes) effected by any payments made on any Distribution Date or Redemption Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or
in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Distribution Date or Redemption Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Noteholder as of the Record Date preceding such Distribution Date or Redemption Date by notice mailed within 30 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such
purposes located in The City of New York. 
  

 A-5 

 As provided in the Indenture, the Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing Agreement. 
 As provided in the Indenture and
subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant
to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder or such Noteholder’s attorney duly authorized in writing, with such signature
guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, all in accordance with the Exchange Act, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal
amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 Each Noteholder or
Note Owner, by acceptance of a Note or a beneficial interest therein, as the case may be, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee, each in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner
Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee, each in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by Applicable Law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, as the case may be, covenants and agrees by
accepting the benefits of the Indenture and such Note that such Noteholder or Note Owner will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation Proceedings under any Insolvency Law in connection with any obligations relating to the Notes, the Certificates, the Indenture or the other Basic Documents. 
 The Issuer has entered into the Indenture and this Note is issued with the intention that, for federal, State and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness of the Issuer secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat
the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer. 
  

 A-6 

 Prior to the due presentment for registration of transfer of this Note, the Issuer, the
Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for
all purposes, whether or not this Note shall be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Noteholders under the
Indenture at any time by the Issuer with the consent of the Holders of Notes representing at least 51% of the Note Balance of the Controlling Class. The Indenture also contains provisions permitting the Noteholders representing specified percentages
of the Note Balance of the Controlling Class, on behalf of all Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Noteholder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Issuer and the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of the Noteholders. 
 The Indenture permits the Issuer, under certain circumstances, to consolidate or merge with or
into another Person, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 
 The Notes are
issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times,
place and rate, and in the coin or currency herein prescribed. 
  

 A-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee: 
  
  
 FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto: 
  
  
 (name and address of assignee) 
 the
within Note and all rights thereunder, and hereby irrevocably constitutes and appoints 
  
  
 attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises. 
  

							
	Dated:	 	  
	 		 	 *

		 		 		 	Signature Guaranteed:
				
		 		 		 	 *

  

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

  

 A-8

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