Document:

Form of Executive Severance Agreement

 Exhibit 10.2 
 EXECUTIVE SEVERANCE AGREEMENT 
  

					
	 PARTIES:
	  	Planar Systems, Inc.	  	(“Company”)
		  	1195 NW Compton Drive	  	
		  	Beaverton, Oregon 97006	  	
			
		  	Scott Hildebrandt	  	(“Executive”)
		  	3656 NW Bluegrass Place	  	
		  	Portland Oregon 97229	  	
			
	 DATE:
	  	June 25, 2007	  	(“Effective Date”)

 RECITAL: 
 The Board of Directors of the Company considers the maintenance of sound and vital management to be essential to protecting and enhancing the best interests of the Company and its shareholders. In this connection, and
in order to induce Executive to remain employed by the Company in the face of longer-term uncertainties including a potential change of control of the Company and the potential impact of such uncertainties on Executive’s position with the
Company, this Agreement, which has been approved by the Company’s Board of Directors, sets forth the severance benefits that the Company will provide to Executive in the event Executive’s employment with the Company is terminated under the
circumstances described in this Agreement. 
 AGREEMENT: 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 1.1 “Board” shall mean the Board of Directors of the Company. 
 1.2 “Cause” shall mean any of the following: 
 (i) Executive’s fraud or misrepresentation; 
 (ii) Executive’s theft or embezzlement of Company
assets; 
 (iii) Executive’s commission of a felony involving moral turpitude; 
 (iv) Executive’s continued failure to satisfactorily perform the duties reasonably assigned to Executive (including observing all applicable Company
employment polices), for a period of thirty (30) days after a written demand for such satisfactory performance that specifically and with reasonable detail identifies the manner in which it is alleged that Executive has not satisfactorily
performed such duties; or 
  

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 (v) Executive’s material breach of this Agreement that, if curable, has not been cured within thirty
(30) days after written notice to Executive of such breach. 
 1.3 “Change in Control” shall mean the occurrence
of any of the following events: 
 (i) The approval by the Company’s shareholders of a merger, statutory plan of exchange or
consolidation to which the Company is a party, if the individuals and entities who were shareholders of the Company immediately prior to the effective date of such merger, plan of exchange or consolidation would have beneficial ownership (as defined
in Rule 13d-3 under the Securities Exchange Act of 1934) of less than fifty percent (50%) of the total combined voting power for election of directors of the surviving corporation immediately following the effective date of such merger or
consolidation; 
 (ii) The acquisition (other than directly from the Company) by any person or entity, or group of associated persons or
entities acting in concert, of direct or indirect beneficial ownership (as defined in Rule 13d-3 under the Securities Exchange Act of 1934) of securities of the Company representing twenty-five percent (25%) or more of the total combined voting
power of the Company’s then issued and outstanding securities; 
 (iii) The approval by the Company’s shareholders of the sale,
lease, exchange or other transfer (in one or a series of related transactions) of all or substantially all of the assets of the Company to any person or entity that is not a wholly owned subsidiary of the Company; 
 (iv) The approval by the Company’s shareholders of any plan or proposal for the liquidation or dissolution of the Company; or 
 (v) A change in the Board with the result that the members of the Board on the Effective Date hereof (the “Incumbent Directors”) no longer
constitute a majority of such Board, provided that any person becoming a director whose election or nomination for election was supported by a majority of the Incumbent Directors shall be considered an Incumbent Director for purposes hereof.

 1.4 “Company” shall mean Planar Systems, Inc. and any successor in interest by way of consolidation, operation of
law, merger or otherwise. 
 1.5 “Disability” shall mean the inability of Executive to perform, with reasonable
accommodation, if necessary, any essential functions of his or her position under this Agreement because of physical or mental incapacity for a period of one hundred twenty (120) days in the aggregate during any twelve (12)-month period.

 1.6 “Good Reason” shall mean that any one or more of the following events occurs or condition exists, without
Executive’s express written consent; provided, however, that Executive shall have given written notice to Company of such event or condition alleged to comprise “Good Reason” and thirty (30) days shall have passed with no cure
having been made: 
 (i) A reduction by the Company in Executive’s Base Salary or any failure to pay Executive, when due, any
compensation or benefits to which Executive is entitled; 
  

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 (ii) A significant reduction by the Company in the total benefits available to Executive under cash
incentive, stock incentive or other employee benefit plans after a Change of Control as compared to the total package of such benefits as in effect prior to the Change of Control; 
 (iii) A requirement by the Company that Executive be based anywhere other than within 25 miles of Beaverton, Oregon; 
 (iv) The Company’s failure to obtain an agreement, reasonably satisfactory to Executive, from any successor or assign of the Company to assume and
agree to perform the Company’s obligations under this Agreement; 
 (v) Reassignment of Executive to a different title, job or
responsibilities that result in a significant decrease in the level of responsibility of Executive after a Change of Control as compared with Executive’s level of responsibility for the Company’s operations prior to the Change of Control;
provided that Good Reason shall not exist if Executive continues to have substantially the same or greater responsibilities for the former Company operations after the Change of Control as Executive had prior to the Change of Control even if the
former Company operations are a subsidiary or division of the surviving company; or 
 (vi) Any material breach of this Agreement by the
Company. 
 ARTICLE 2 
 EMPLOYMENT 
 2.1 Employment. Executive is currently employed by the Company as Vice President and Chief Financial
Officer. The Company and Executive acknowledge that either party may terminate this employment relationship at any time for any or no reason, subject to the obligation of the Company to provide the severance benefits set forth in this
Agreement in accordance with the terms hereof. 
 2.2 Duties. Executive shall devote his full-time and best efforts to the Company and
to fulfilling the duties of his position. Executive shall comply with the Company’s policies and procedures to the extent that they are not inconsistent with this Agreement, in which case the provisions of this Agreement shall prevail.

 2.3 Term. The term of this Agreement (the “Term”) shall begin on the Effective Date hereof and remain in effect until the
earlier of: (i) termination pursuant to Article 4 of this Agreement or (ii) October 1, 2008; provided, however, that commencing on October 1, 2008 and each anniversary thereafter, the Term shall automatically be extended for one
additional year unless at least 90 days prior to such anniversary, Executive or the Company shall have given written notice to the other that the Term shall not be extended; provided further, however, that if a Change in Control shall have occurred,
the Agreement shall remain in effect until the earlier of: (i) termination pursuant to Article 4 of this Agreement or (ii) twenty-four (24) months following the Change in Control. 
  

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 ARTICLE 3 
 TERMINATION 
 3.1 Termination. This Agreement may be terminated by either party by providing
the other party with written notice that indicates the specific termination provision in this Agreement relied upon and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so
indicated (a “Notice of Termination”). For purposes of Section 3, if Executive is assigned additional or different titles, tasks or responsibilities from those currently held or assigned, consistent with Executive’s general areas
of professional expertise and with no decrease in annual base compensation, whether with the Company or any subsidiary of the Company, such circumstances shall not constitute termination of Executive’s Employment or this Agreement. 

3.2 Executive’s Resignation. Executive may terminate this Agreement and Executive’s employment upon thirty (30) days’
advance Notice of Termination. Upon termination by Executive pursuant to this Section 3.2, Company shall pay Executive: 
 (i) Base
Salary and Annual Bonus, if any, earned and payable through the effective date of such termination, together with any other compensation or benefits that have been earned or become payable as of the date of termination but have not yet been paid to
Executive; 
 (ii) Pay-out of accrued paid time off in accordance with Company policies; and 
 (iii) Reimbursement of business expenses incurred through the effective date of such termination (items 3.2 (i), (ii) and (iii) shall be
referred to collectively as the “Accrued Obligations”). 
 3.3 Termination by the Company for Cause. Company may terminate
this Agreement and Executive’s employment immediately for Cause upon Notice of Termination. Upon termination by Company for Cause pursuant to this Section 3.3, Executive shall be paid the Accrued Obligations. 
 3.4 Termination by the Company Without Cause. The Company may terminate this Agreement and Executive’s employment without Cause upon thirty
(30) days’ advance Notice of Termination; provided, however, that the Company may in its sole discretion make termination of the Agreement and Executive’s employment effective immediately upon Notice of Termination, in which case, in
addition to the payments otherwise required by this Section 3.4, Executive shall be paid his Base Salary through a notice period of thirty (30) days. The Company’s failure to at any time renew the term of this Agreement under
Section 2.3 shall be deemed a termination of this Agreement and Executive’s employment without Cause. If the Company terminates Executive’s employment without Cause pursuant to this Section 3.4, Executive shall be entitled to
receive the Accrued Obligations and, subject to satisfaction of the Release of Claims requirement specified in Section 3.13 below, shall be entitled to the benefits specified under either subparagraph (i) or subparagraph (ii) below:

  

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 (i) No Change in Control Has Occurred. If there has been no Change in Control within twenty-four
(24) months prior to Executive’s termination pursuant to this Section 3.4 or within ninety (90) days following Executive’s termination pursuant to this Section 3.4: 
 A. For a period of eighteen (18) months following the effective date of Executive’s termination, the Company shall continue to
pay Executive his/ her Base Salary at the rate in effect just prior to the time a Notice of Termination is delivered, payable according to the Company’s normal payroll practices; 
 B. If Executive elects to continue his Company-provided group health benefits at the level in effect as of the date of termination under
the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company shall pay the premiums for Executive’s COBRA continuation coverage (for Executive and Executive’s dependents, if applicable) for a period of up to
eighteen (18) months; 
 C. Company shall make available to Executive for a period of twelve (12) months after
termination, outplacement services provided that (i) the outplacement program and the provider of which shall be selected by Company and (ii) the outplacement services are performed within such 12-month period; and 
 D. Subject to (i) the Company’s ability to obtain such coverage under its group health plans and (ii) the Executive’s
eligibility under the Company’s group health plans, as such plans may be modified from time-to-time, and following exhaustion of any applicable COBRA continuation periods, Executive may continue Executive’s group health plan (medical,
dental and vision) coverage for Executive only, at Executive’s expense, from the date Executive would otherwise lose coverage until Executive reaches age 65. Executive’s failure to timely pay premiums for such coverage shall result in loss
of coverage. 
 (ii) Change in Control Has Occurred. If Executive’s termination pursuant to this Section 3.4 occurs within
twenty-four (24) months following a Change in Control or if Executive is terminated pursuant to this Section 3.4 and a Change in Control occurs within ninety (90) days following Executive’s termination: 
 A. Each month for a period of eighteen (18) months following the effective date of Executive’s termination, the Company shall
continue to pay Executive: (i) Executive’s Base Salary at the rate in effect just prior to the time a Notice of Termination is delivered plus (ii) one-twelfth of 100% of Executive’s targeted annual bonus (or other variable
compensation program) for the year in which Notice of termination is delivered. Payments shall be made according to the Company’s normal payroll practices; 
  

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 B. If Executive elects to continue his Company-provided group health benefits at the
level in effect as of the date of termination under COBRA, the Company shall pay the premiums for Executive’s COBRA continuation coverage (for Executive and Executive’s dependents, if applicable) for a period of up to eighteen
(18) months; 
 C. Company shall make available to Executive for a period of twelve (12) months after termination,
outplacement services provided that (i) the outplacement program and the provider of which shall be selected by Company and (ii) the outplacement services are performed within such 12-month period; 
 D. All outstanding options to purchase stock of the Company (or any successor) held by Executive that are subject to time-based vesting
and all grants of restricted Company stock held by Executive that are subject to time-based vesting shall become fully vested as of the effective date of Executive’s termination. In the event that there is a Change in Control within
90 days after Executive’s employment was terminated by the Company pursuant to this Section 3.4 and stock options or stock grants were terminated or forfeited to the Company upon Executive’s employment termination pursuant to
their terms (because the Change in Control had not occurred at the time of employment termination), the Company shall pay Executive the value of the terminated or forfeited options or shares based upon the per-share proceeds payable to the
shareholders of the Company upon such Change of Control; and 
 E. Subject to (i) the Company’s ability to obtain
such coverage under its group health plans and (ii) the Executive’s eligibility under the Company’s group health plans, as such plans may be modified from time-to-time, and following exhaustion of any applicable COBRA continuation
periods, Executive may continue Executive’s group health plan (medical, dental and vision) coverage for Executive only, at Executive’s expense, from the date Executive would otherwise lose coverage until Executive reaches age 65.
Executive’s failure to timely pay premiums for such coverage shall result in loss of coverage. 
 3.5 Termination in the Event of
Death. This Agreement and Executive’s employment shall terminate automatically upon Executive’s death. Upon termination pursuant to this Section 3.5, Company shall: 
 (i) Pay the Accrued Obligations to Executive’s spouse or as otherwise required by state law; 
 (ii) If Executive’s qualified beneficiaries elect to continue Company group health benefits under COBRA, the Company shall pay the premiums for
Executive’s qualified beneficiaries’ COBRA continuation coverage for a period of up to eighteen (18) months; 
  

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 (iii) All outstanding restricted stock grants held by Executive upon Executive’s death that are
subject to time-based vesting that would, by their terms, vest within twelve (12) months after Executive’s death, shall become fully vested as of the date of Executive’s death; 
 (iv) All outstanding options to purchase Company stock held by Executive upon Executive’s death that are subject to time-based vesting that would,
by their terms, vest within twelve (12) months after Executive’s death, shall become fully vested as of the date of Executive’s death; and 
 (v) Executive’s estate or a person who acquired the right to exercise Executive’s Company stock options by bequest or inheritance or otherwise by reason of the death of Executive, shall have until the
earlier of (a) the option expiration date or (b) the date that is twelve (12) months after the date of Executive’s death to exercise Company stock options that are vested as of the date of Executive’s death, including
options that vest pursuant to this Section 3.5. 
 3.6 Termination in the Event of Disability. Company may terminate this
Agreement and Executive’s employment in the event of Executive’s Disability. Executive shall cooperate with the Company to provide information and submit to such examinations as the Company may find necessary to make a determination
regarding Executive’s Disability. Upon termination pursuant to this Section 3.6, Executive shall be entitled to receive the Accrued Obligations and, subject to satisfaction of the Release of Claims requirement specified in
Section 3.13 below: 
 (i) All outstanding restricted stock grants held by Executive at the effective date of Executive’s
termination that are subject to time-based vesting and that would, by their terms, vest within twelve (12) months after the effective date of Executive’s termination shall become fully vested as of the effective date of Executive’s
termination; 
 (ii) all outstanding options to purchase Company stock held by Executive at the effective date of Executive’s
termination that are subject to time-based vesting and that would, by their terms, vest within twelve (12) months after the effective date of Executive’s termination shall become fully vested as of the effective date of Executive’s
termination; 
 (iii) stock options that are vested as of the effective date of Executive’s termination including options that vest
pursuant to this Section 3.6 shall be exercised before the earlier of (a) the option expiration date or (b) the date that is twelve (12) months after the effective date of Executive’s termination; and 
 (iv) Subject to (a) the Company’s ability to obtain such coverage under its group health plans and (b) the Executive’s eligibility
under the Company’s group health plans, as such plans may be modified from time-to-time, and following exhaustion of any applicable COBRA continuation periods, Executive may continue Executive’s group health plan (medical, dental and
vision) coverage for Executive only, at Executive’s expense, from the date Executive would otherwise lose coverage until Executive reaches age 65. Executive’s failure to timely pay premiums for such coverage shall result in loss of
coverage. 
  

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 3.7 Termination by Executive for Good Reason Following Change in Control. Within twenty-four
(24) months following a Change in Control or within ninety (90) days prior to a Change in Control, Executive may terminate this Agreement and his employment with Company for Good Reason upon Notice of Termination. Upon Executive’s
termination for Good Reason pursuant to this Section 3.7, Executive shall be entitled to receive the Accrued Obligations and, subject to satisfaction of the Release of Claims requirement specified in Section 3.13 below: 
 (i) Each month for a period of eighteen (18) months following the effective date of Executive’s termination, the Company shall continue to pay
Executive: (i) Executive’s Base Salary at the rate in effect just prior to the time a Notice of Termination is delivered plus (ii) one-twelfth of 100% of Executive’s targeted annual bonus (or other variable compensation program)
for the year in which Notice of termination is delivered. Payments shall be made according to the Company’s normal payroll practices; 
 (ii) If Executive elects to continue his Company-provided group health benefits at the level in effect as of the date of termination under COBRA, the Company shall pay the premiums for Executive’s COBRA continuation coverage (for
himself and his dependents, if applicable) for a period of up to eighteen (18) months; 
 (iii) Company shall make available to
Executive for a period of twelve (12) months after termination, outplacement services provided that (i) the outplacement program and the provider of which shall be selected by Company and (ii) the outplacement services are performed
within such 12-month period; 
 (iv) All outstanding options to purchase stock of the Company (or any successor) held by Executive as of the
effective date of Executive’s termination that are subject to time-based vesting, and all grants of restricted Company stock held by Executive as of the effective date of Executive’s termination that are subject to time-based vesting,
shall become fully vested as of the effective date of Executive’s termination. In the event that there was a Change in Control within 90 days after Executive terminates employment pursuant to this Section 3.7 and stock options or stock
grants were terminated or forfeited to the Company upon Executive’s employment termination pursuant to their terms (because the Change in Control had not occurred at the time of employment termination), the Company shall pay Executive the value
of the terminated or forfeited options or shares based on the per-share proceeds payable to the shareholders of the Company upon such Change of Control.; and 
 (v) Subject to (a) the Company’s ability to obtain such coverage under its group health plans and (b) the Executive’s eligibility under the Company’s group health plans, as such plans may be
modified from time-to-time, and following exhaustion of any applicable COBRA continuation periods, Executive may continue Executive’s group health plan (medical, dental and vision) coverage for Executive only, at Executive’s expense, from
the date Executive would otherwise lose coverage until Executive reaches age 65. Executive’s failure to timely pay premiums for such coverage shall result in loss of coverage. 
 3.8 Options and Restricted Stock. Any options or restricted stock awarded to Executive shall, in the event of a termination of Executive’s
employment and except as 

  

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otherwise provided in this Article 3, be governed by the provisions of the applicable award agreement; provided that the accelerated vesting and stock
option exercise provisions of this Article 3 shall, if triggered, control in the event of any inconsistency with any such agreement and the stock option or stock restriction plan and all related agreements. Notwithstanding anything herein to
the contrary, upon the occurrence of a Change of Control all unvested restricted shares of Company stock held by Executive subject to performance-based vesting provisions shall hereby be amended to eliminate such performance-based vesting provisions
and substitute time-based vesting provisions on the basis that such unvested shares shall vest ratably over the period commencing on the date of the Change of Control and ending on the last day of the measuring period to be used for determining
whether the performance criteria would have been satisfied. 
 3.9 No Obligation of Executive to Mitigate. The amount of any payment
provided for in this Article 3 shall not be reduced, offset or subject to recovery by the Company by reason of any compensation earned by Executive as the result of employment by another employer after the date of termination, or otherwise.

 3.10 Entire Termination Payment. The compensation provided for in this Article 3 shall constitute Executive’s sole remedy
for termination or breach of this Agreement. Under no circumstances shall Executive be entitled to severance pay and related benefits under more than one section of this Agreement. 
 3.11 Resignation from the Board. Upon termination of Executive’s employment with the Company for any reason, Executive shall offer his
resignation as an officer or director of the Company and any subsidiary or affiliate of the Company in which he holds such positions. 
 3.12 Section 280G Provision. 
 (i) Notwithstanding anything contained in this Agreement to the contrary, to the extent
that any payment, distribution, transfer, benefit or other event with respect to the Company or a successor or direct or indirect subsidiary or affiliate of the Company (or any successor or affiliate of any of them, and including any benefit plan of
any of them), arising in connection with an event described in Section 280G(b)(2)(A)(i) of the Internal Revenue Code (the “Code”), occurring after the Effective Date, to or for the benefit of Executive or Executive’s dependents,
heirs or beneficiaries (whether such payment, distribution, transfer, benefit or other event occurs pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Article 3)
(each a “Payment” and collectively the “Payments”) is, was or will be subject to the excise tax imposed by Section 4999 of the Code and any successor provision or any comparable provision of state or local income tax law
(collectively “Section 4999”), then Executive may elect to have the Company reduce the Payments (but not below zero) so that the maximum amount of the Payments shall be One Dollar ($1) less than the amount that would cause
the Payments to be subject to the excise tax imposed by Section 4999. If a reduction of Payments is elected by Executive pursuant to the foregoing, then unless Executive shall have given prior written notice to the Company to effectuate a
reduction in the Payments in a different manner, the Company shall reduce or eliminate the Payments by first reducing or eliminating any cash severance benefits, then reducing or eliminating any accelerated vesting of stock options, then reducing or
eliminating 

  

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any accelerated vesting of restricted stock, then reducing or eliminating any other remaining Payments. The preceding provisions of this Section 3.12
shall take precedence over the provisions of any other plan, arrangement or agreement governing Executive’s rights and entitlements to any benefits or compensation. 
 (ii) The determination that a Payment is subject to an excise tax (and the amount of such tax) or a determination of the amount by which the Payments must be reduced to reduce the amount of Payments to One Dollar ($1)
less than the amount that would cause the Payments to be subject to the excise tax imposed by Section 4999 (the “Reduction Amount”) shall be made in writing by a certified public accounting firm selected by the Company. 
 3.13 Release of Claims Requirement. As a condition of receiving severance pay and benefits pursuant to this Article 3, at the time of
termination and within twenty-one (21) days of Company delivering the release of claims to Executive, Executive shall enter into and not revoke a release of all claims against the Company substantially in the form attached hereto as
Exhibit A updated to reflect such changes in the law as Company may deem necessary or advisable. 
 3.14
Non-disparagement. Neither party will make any malicious, disparaging or false remarks about the other or their respective officers, directors, employees, heirs or assigns. The parties further agree to refrain from making any
negative statements regarding the other to any third parties or any statements which could be construed as having or causing a diminishing effect on the other’s reputation, goodwill or business. 
 ARTICLE 4 
 CONFIDENTIALITY/PROPRIETARY RIGHTS 
 Executive acknowledges that the Confidentiality and Proprietary Rights Agreement
Executive entered into with Planar dated November 22, 2005, a copy of which is attached hereto as Exhibit B, remains in full force and effect. 
 ARTICLE 5 
 GENERAL PROVISIONS 
 5.1 Notices. All notices, requests and demands given to or made pursuant hereto shall, except as otherwise specified herein, be in writing and
shall be deemed to have been duly given to any party when delivered personally (by courier service or otherwise), when delivered by facsimile and confirmed, or three (3) days after being mailed by first-class mail, postage prepaid and return
receipt requested in each case to the applicable address as set forth at the beginning of this Agreement. Either party may change its address, by notice to the other party given in the manner set forth in this Section 5.1. 
 5.2 Caption. The various headings or captions in this Agreement are for convenience only and shall not affect the meaning or interpretation of
this Agreement. 
 5.3 Governing Law/Forum. The validity, construction and performance of this Agreement shall be governed by the laws
of the state of Oregon. The exclusive forum for any disputes arising under this Agreement that are not subject to arbitration shall be the appropriate state or federal court located in Portland, Oregon. 
  

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 5.4 Mediation. In case of any dispute arising under this Agreement that cannot be settled within
60 days after either party has notified the other party of the existence of a dispute by reasonable discussion, the parties agree that, prior to commencing any arbitration proceeding as contemplated by Section 5.5 below, they will first engage
the services of a professional mediator agreed upon by the parties and attempt in good faith to resolve the dispute through confidential nonbinding mediation. Each party shall bear one-half (1/2) of the mediator’s fees and expenses and
shall pay all of its own attorneys’ fees and expenses related to the mediation. 
 5.5 Arbitration. Any dispute concerning the
interpretation, construction, breach or enforcement of this Agreement or arising in any way from Executive’s employment with the Company or termination of employment shall be submitted to final and binding arbitration. The arbitration is to be
conducted before a single arbitrator in Portland, Oregon. The arbitration shall be conducted pursuant to the rules of the American Arbitration Association. Executive and the Company agree that, except for the Company’s right to ask a court for
injunctive relief to enforce the Confidentiality and Proprietary Rights Agreement, the procedures outlined in Section 5.4 and this Section 5.5 are the exclusive method of dispute resolution. 
 5.6 Attorneys’ Fees. If any action at law or in equity is taken to enforce or interpret the terms of this Agreement, the prevailing party
shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled, including fees and expenses on appeal. In any dispute resolved through arbitration under
Section 5.5, the arbitrator shall have sole discretion to determine whether or not fees, costs or disbursements shall be awarded to a party. 
 5.7 Construction. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid
under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Agreement. The severance benefits provided herein
are in lieu of any other severance plan or provision offered by the Company. 
 5.8 Waivers. No failure on the part of either party to
exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any
other right or remedy granted hereby or by any related document or by law. 
 5.9 Successors and Assigns. This Agreement shall be
binding on and inure to the benefit of the Company and its successors and assigns, and shall be binding on Executive, his administrators, executors, legatees and heirs. In that this Agreement is a personal services contract, it shall not be assigned
by Executive. 
 5.10 Modification. This Agreement may not be and shall not be modified or amended except by written instrument signed
by the parties hereto. 
 5.11 Entire Agreement. Except as expressly stated in this Agreement, this Agreement constitutes the entire
agreement and understanding between the parties hereto in reference to all the matters herein agreed on. This Agreement replaces and supersedes all prior agreements or understandings of the parties hereto with respect to the subject matter hereof.

  

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

									
	EXECUTIVE	 		  	PLANAR SYSTEMS, INC.	 	
					
	  
	 		  	By:	 	  
	 	
	Scott Hildebrandt	 		  		 	Gerry Perkel	 	
		 		  		 	President & CEO	 	

  

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 EXHIBIT A 
 RELEASE OF CLAIMS 
 This Document Affects Important Legal Rights You May Have

 Please Read It Carefully Before Signing 
 For and in consideration of the severance benefits described in the Executive Employment Agreement dated as of         , 200   between Planar Systems,
Inc. (the “Company”), and                      (the “Executive”), and for other good and valuable consideration, Executive
hereby releases the Company, its divisions, affiliates, subsidiaries, parents, branches, predecessors, successors, assigns, officers, directors, trustees, employees, agents, shareholders, administrators, representatives, attorneys, insurers and
fiduciaries, past, present and future (the “Released Parties”) from any and all claims of any kind, whether in tort, contract, or under local, state or federal statute, which Executive now has or may have against the Released Parties,
whether known or unknown to Executive, by reason of facts which have occurred on or prior to the date Executive signs this Release of Claims (“Release”). Executive understands and acknowledges that this Release includes, but is not limited
to, any claim for reinstatement, re-employment, attorneys’ fees or wages, stock or stock options, or additional compensation in any form, and any claim, including but not limited to claims for breach of contract, defamation, promissory
estoppel, wrongful termination, whistleblower or other retaliation claims, and discrimination and/or harassment based on age, sex, race, religion, color, creed, disability, citizenship, national origin, military service, ancestry, sexual orientation
or any other factor protected by federal, state or local law (such as claims arising Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Civil Rights Act of 1991, the Post Civil War Civil Rights Act, the
Equal Pay Act, the Americans with Disabilities Act, the Fair Labor Standards Act, the Family Medical Leave Act of 1993, the Worker Adjustment Retraining and Notification Act (WARN); Uniformed Services Employment and Re-employment Rights Act,
Executive Order 11246, the Sarbanes-Oxley Act, all as amended) relating to Executive’s employment or association with the Company or the termination of that employment and association. 
 [* * * To be completed if Executive is over age 40 on date of termination.] In accordance with the Age Discrimination in Employment Act and
Older Workers’ Benefit Protection Act (collectively, the “Act”), Executive acknowledges that (1) he has been, and hereby is, advised in writing to consult with an attorney prior to executing this Release; (2) he is aware of
certain rights to which he may be entitled under the Act; (3) as consideration for executing this Release, Executive has received additional benefits and compensation of value to which he would otherwise not be entitled; (4) by signing
this Release, he will not waive rights or claims under the Act which may arise after the execution of this Release; (5) Executive has been given a period of at least 21 days to consider this offer; (6) in the event Executive has not
executed this Release on or before                     , the offer shall expire; (7) in the event Executive signs the Release prior to 21
days, he does so voluntarily; (8) any changes to the terms of the Agreement, whether material or immaterial shall not re-start the 21-day consideration period; (9) Executive has a period of seven days from the date of execution in which to
revoke this Release by written notice to                     ; (10) in the event Executive does not exercise his right to revoke this
Release, the Release shall become effective on the date (the “Effective Date”) immediately following the seven-day waiting period described above. 
  

 EXHIBIT A TO EXECUTIVE SEVERANCE
AGREEMENT (Release of Claims) 
     Scott Hildebrandt 

 Executive understands that by signing below he is voluntarily giving up any right that Executive may have
to sue or bring other claims against the Released Parties. Finally, Executive has not been forced or pressured in any manner whatsoever to sign this Release, and Executive agrees to all of its terms voluntarily. 
 This Release is final and binding and may not be changed or modified except in a writing signed by an authorized representative of the parties.

 The severance check(s) will be mailed to Executive’s last address on file with Company. 
  

							
	 Signature:
	 	  
	  	Date:	  	  

				
	 [Printed name]
	 	  
	  		  	

  

 EXHIBIT A TO EXECUTIVE SEVERANCE
AGREEMENT (Release of Claims) 
     Scott HildebrandtForm of Indenture

 Exhibit 4.1 
  

 FIFTH THIRD AUTO TRUST 20[    ]-[    ] 

 Class A-1 [                ]% Auto Loan Asset
Backed Notes 
 Class A-2 [        ]% Auto Loan Asset Backed Notes 
 Class A-3 [        ]% Auto Loan Asset Backed Notes 
 Class A-4 [LIBOR +][                    ]%
Auto Loan Asset Backed Notes 
  

 FORM OF 
 INDENTURE 
 Dated as of [                    ] 
  

 [                    ], 
 as the
Indenture Trustee 
  

 20[    ]-[    ] Indenture 

 CROSS REFERENCE TABLE1 
  

					
	 TIA
 Section
	  	 	  	 Indenture
 Section

	 310
	  	 (a) (1)
	  	 6.11

		  	 (a) (2)
	  	 6.11

		  	 (a) (3)
	  	 6.10; 6.11

		  	 (a) (4)
	  	 N.A.2

		  	 (a) (5)
	  	 6.11

		  	 (b)
	  	 6.8; 6.11

		  	 (c)
	  	 N.A.

	 311
	  	 (a)
	  	 6.12

		  	 (b)
	  	 6.12

		  	 (c)
	  	 N.A.

	 312
	  	 (a)
	  	 7.1

		  	 (b)
	  	 7.2

		  	 (c)
	  	 7.2

	 313
	  	 (a)
	  	 7.3

		  	 (b) (1)
	  	 7.3

		  	 (b) (2)
	  	 7.3

		  	 (c)
	  	 7.3

		  	 (d)
	  	 7.3

	 314
	  	 (a)
	  	 3.9

		  	 (b)
	  	 3.6; 11.15

		  	 (c) (1)
	  	 11.15

		  	 (c) (2)
	  	 11.1

		  	 (c) (3)
	  	 11.1

		  	 (d)
	  	 11.1

		  	 (e)
	  	 11.1

		  	 (f)
	  	 N.A.

	 315
	  	 (a)
	  	 6.1(b)

		  	 (b)
	  	 6.5

		  	 (c)
	  	 6.1(a)

		  	 (d)
	  	 6.1(c)

		  	 (e)
	  	 5.13

	 316
	  	 (a) (1) (A)
	  	 5.11

		  	 (a) (1) (B)
	  	 5.12

		  	 (a) (2)
	  	 N.A.

		  	 (b)
	  	 5.7

		  	 (c)
	  	 5.6(b)

	 317
	  	 (a) (1)
	  	 5.3(b)

		  	 (a) (2)
	  	 5.3(d)

		  	 (b)
	  	 3.3(c)

	 318
	  	 (a)
	  	 11.7

	 1

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

	 2

	 N.A. means Not Applicable. 

 20[    ]-[    ] Indenture 

 TABLE OF CONTENTS 
  

							
	 	    	 	  	 	  	Page
	 ARTICLE I        DEFINITIONS AND INCORPORATION BY
REFERENCE
	  	2
				
		    	 SECTION 1.1
	  	 Definitions
	  	2
		    	 SECTION 1.2
	  	 Incorporation by Reference of Trust Indenture Act
	  	2
		    	 SECTION 1.3
	  	 Other Interpretive Provisions
	  	2
		
	 ARTICLE II        THE NOTES
	  	3
				
		    	 SECTION 2.1
	  	 Form
	  	3
		    	 SECTION 2.2
	  	 Execution, Authentication and Delivery
	  	3
		    	 SECTION 2.3
	  	 Temporary Notes
	  	3
		    	 SECTION 2.4
	  	 Registration of Transfer and Exchange
	  	4
		    	 SECTION 2.5
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	5
		    	 SECTION 2.6
	  	 Persons Deemed Owners
	  	6
		    	 SECTION 2.7
	  	 Payment of Principal and Interest; Defaulted Interest
	  	6
		    	 SECTION 2.8
	  	 Cancellation
	  	7
		    	 SECTION 2.9
	  	 Release of Collateral
	  	8
		    	 SECTION 2.10
	  	 Book-Entry Notes
	  	8
		    	 SECTION 2.11
	  	 Notices to Clearing Agency
	  	9
		    	 SECTION 2.12
	  	 Definitive Notes
	  	9
		    	 SECTION 2.13
	  	 Authenticating Agents
	  	9
		    	 SECTION 2.14
	  	 Tax Treatment
	  	10
		
	 ARTICLE III        COVENANTS
	  	10
				
		    	 SECTION 3.1
	  	 Payment of Principal and Interest
	  	10
		    	 SECTION 3.2
	  	 Maintenance of Office or Agency
	  	10
		    	 SECTION 3.3
	  	 Money for Payments To Be Held in Trust
	  	11
		    	 SECTION 3.4
	  	 Existence
	  	12
		    	 SECTION 3.5
	  	 Protection of Collateral
	  	12
		    	 SECTION 3.6
	  	 Opinions as to Collateral
	  	13
		    	 SECTION 3.7
	  	 Performance of Obligations; Servicing of Receivables
	  	13
		    	 SECTION 3.8
	  	 Negative Covenants
	  	14
		    	 SECTION 3.9
	  	 Annual Compliance Statement
	  	15
		    	 SECTION 3.10
	  	 Restrictions on Certain Other Activities
	  	16
		    	 SECTION 3.11
	  	 Restricted Payments
	  	16
		    	 SECTION 3.12
	  	 Notice of Events of Default
	  	16
		    	 SECTION 3.13
	  	 Further Instruments and Acts
	  	16
		    	 SECTION 3.14
	  	 Compliance with Laws
	  	16
		    	 SECTION 3.15
	  	 Perfection Representations, Warranties and Covenants
	  	17
		
	 ARTICLE IV        SATISFACTION AND DISCHARGE
	  	17
				
		    	 SECTION 4.1
	  	 Satisfaction and Discharge of Indenture
	  	17
		    	 SECTION 4.2
	  	 Application of Trust Money
	  	18
		    	 SECTION 4.3
	  	 Repayment of Monies Held by Paying Agent
	  	18
		
	 ARTICLE V        REMEDIES
	  	18
				
		    	 SECTION 5.1
	  	 Events of Default
	  	18

					
		  	i	  	20[    ]-[    ] Indenture

 TABLE OF CONTENTS 
 (Continued) 
  

							
	 	    	 	  	 	  	Page
		    	 SECTION 5.2
	  	 Acceleration of Maturity; Waiver of Event of Default
	  	19
		    	 SECTION 5.3
	  	 Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee
	  	20
		    	 SECTION 5.4
	  	 Remedies; Priorities
	  	22
		    	 SECTION 5.5
	  	 Optional Preservation of the Collateral
	  	24
		    	 SECTION 5.6
	  	 Limitation of Suits
	  	24
		    	 SECTION 5.7
	  	 Unconditional Rights of Noteholders to Receive Principal and Interest
	  	25
		    	 SECTION 5.8
	  	 Restoration of Rights and Remedies
	  	25
		    	 SECTION 5.9
	  	 Rights and Remedies Cumulative
	  	25
		    	 SECTION 5.10
	  	 Delay or Omission Not a Waiver
	  	25
		    	 SECTION 5.11
	  	 Control by Noteholders
	  	25
		    	 SECTION 5.12
	  	 Waiver of Past Defaults
	  	26
		    	 SECTION 5.13
	  	 Undertaking for Costs
	  	26
		    	 SECTION 5.14
	  	 Waiver of Stay or Extension Laws
	  	27
		    	 SECTION 5.15
	  	 Action on Notes
	  	27
		    	 SECTION 5.16
	  	 Performance and Enforcement of Certain Obligations
	  	27
		    	 SECTION 5.17
	  	 Sale of Collateral
	  	28
		
	 ARTICLE VI        THE INDENTURE TRUSTEE
	  	28
				
		    	 SECTION 6.1
	  	 Duties of the Indenture Trustee
	  	28
		    	 SECTION 6.2
	  	 Rights of the Indenture Trustee
	  	29
		    	 SECTION 6.3
	  	 Individual Rights of the Indenture Trustee
	  	30
		    	 SECTION 6.4
	  	 The Indenture Trustee’s Disclaimer
	  	31
		    	 SECTION 6.5
	  	 Notice of Defaults
	  	31
		    	 SECTION 6.6
	  	 Reports by the Indenture Trustee to Noteholders
	  	31
		    	 SECTION 6.7
	  	 Compensation and Indemnity
	  	31
		    	 SECTION 6.8
	  	 Removal, Resignation and Replacement of the Indenture Trustee
	  	32
		    	 SECTION 6.9
	  	 Successor Indenture Trustee by Merger
	  	33
		    	 SECTION 6.10
	  	 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	  	33
		    	 SECTION 6.11
	  	 Eligibility; Disqualification
	  	34
		    	 SECTION 6.12
	  	 Preferential Collection of Claims Against the Issuer
	  	34
		    	 SECTION 6.13
	  	 Representations and Warranties
	  	35
		
	 ARTICLE VII        NOTEHOLDERS’ LISTS AND REPORTS
	  	35
				
		    	 SECTION 7.1
	  	 The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders
	  	35
		    	 SECTION 7.2
	  	 Preservation of Information; Communications to Noteholders
	  	35
		    	 SECTION 7.3
	  	 Reports by the Indenture Trustee
	  	36
		
	 ARTICLE VIII        ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	36
				
		    	 SECTION 8.1
	  	 Collection of Money
	  	36

					
		  	ii	  	20[    ]-[    ] Indenture

 TABLE OF CONTENTS 
 (Continued) 
  

							
	 	    	 	  	 	  	Page
		    	 SECTION 8.2
	  	 Trust Accounts
	  	36
		    	 SECTION 8.3
	  	 General Provisions Regarding Accounts
	  	37
		    	 SECTION 8.4
	  	 Release of Collateral
	  	37
		    	 SECTION 8.5
	  	 Opinion of Counsel
	  	38
		
	 ARTICLE IX        SUPPLEMENTAL INDENTURES
	  	38
				
		    	 SECTION 9.1
	  	 Supplemental Indentures Without Consent of Noteholders
	  	38
		    	 SECTION 9.2
	  	 Supplemental Indentures with Consent of Noteholders
	  	40
		    	 SECTION 9.3
	  	 Execution of Supplemental Indentures
	  	41
		    	 SECTION 9.4
	  	 Effect of Supplemental Indenture
	  	42
		    	 SECTION 9.5
	  	 Conformity With Trust Indenture Act
	  	42
		    	 SECTION 9.6
	  	 Reference in Notes to Supplemental Indentures
	  	42
		
	 ARTICLE X        REDEMPTION OF NOTES
	  	42
				
		    	 SECTION 10.1
	  	 Redemption
	  	42
		    	 SECTION 10.2
	  	 Form of Redemption Notice
	  	43
		    	 SECTION 10.3
	  	 Notes Payable on Redemption Date
	  	43
		
	 ARTICLE XI        MISCELLANEOUS
	  	43
				
		    	 SECTION 11.1
	  	 Compliance Certificates and Opinions, etc
	  	43
		    	 SECTION 11.2
	  	 Form of Documents Delivered to the Indenture Trustee
	  	45
		    	 SECTION 11.3
	  	 Acts of Noteholders
	  	46
		    	 SECTION 11.4
	  	 Notices
	  	46
		    	 SECTION 11.5
	  	 Notices to Noteholders; Waiver
	  	46
		    	 SECTION 11.6
	  	 Alternate Payment and Notice Provisions
	  	47
		    	 SECTION 11.7
	  	 Conflict with Trust Indenture Act
	  	47
		    	 SECTION 11.8
	  	 Effect of Headings and Table of Contents
	  	47
		    	 SECTION 11.9
	  	 Successors and Assigns
	  	47
		    	 SECTION 11.10
	  	 Severability
	  	48
		    	 SECTION 11.11
	  	 Benefits of Indenture
	  	48
		    	 SECTION 11.12
	  	 Legal Holidays
	  	48
		    	 SECTION 11.13
	  	 Governing Law
	  	48
		    	 SECTION 11.14
	  	 Counterparts
	  	48
		    	 SECTION 11.15
	  	 Recording of Indenture
	  	48
		    	 SECTION 11.16
	  	 Trust Obligation
	  	48
		    	 SECTION 11.17
	  	 No Petition
	  	49
		    	 SECTION 11.18
	  	 Intent
	  	49
		    	 SECTION 11.19
	  	 Submission to Jurisdiction; Waiver of Jury Trial
	  	49
		    	 SECTION 11.20
	  	 Subordination of Claims
	  	50
		    	 SECTION 11.21
	  	 Limitation of Liability of Owner Trustee
	  	51
		    	 SECTION 11.22
	  	 Information Requests
	  	51
		    	 SECTION 11.23
	  	 [Limitation of Rights]
	  	51

					
		  	iii	  	20[    ]-[    ] Indenture

			
	 Schedule I
	  	 Perfection Representations, Warranties and Covenants

	 Exhibit A
	  	 Forms of Notes

					
		  	iv	  	20[    ]-[    ] Indenture

 This INDENTURE, dated as of
[                    ] (as amended, modified or supplemented from time to time, this “Indenture”), is between FIFTH THIRD
AUTO TRUST 20[    ]-[    ], a Delaware statutory trust (the “Issuer”), and [                ], a
[                            ], solely as trustee and not in its individual capacity (the
“Indenture Trustee”). 
 Each party agrees as follows for the benefit of the other party and the equal and
ratable benefit of the Holders of the Issuer’s Class A-1 [            ]% Auto Loan Asset Backed Notes (the “Class A-1 Notes”), Class A-2
[            ]% Auto Loan Asset Backed Notes (the “Class A-2 Notes”), Class A-3 [            ]% Auto
Loan Asset Backed Notes (the “Class A-3 Notes”) and Class A-4 [LIBOR +] [                    ]% Auto Loan 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, to secure the payment of principal
of and interest on, and any other amounts owing in respect of, the Notes [and amounts payable by the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement], equally and ratably without prejudice, priority or distinction except as
set forth herein, and to secure compliance with the provisions of this Indenture, hereby Grants in trust to the Indenture Trustee on the Closing Date, as trustee for the benefit of the Noteholders [and the Swap Counterparty], all of the
Issuer’s right, title and interest, whether now owned or hereafter acquired, in and to (i) the Trust Estate and (ii) all present and future claims, demands, causes and choses in action in respect of any or all of the Trust Estate and
all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the Trust Estate, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds,
accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments,
securities, financial assets and other property which at any time constitute all or part of or are included in the proceeds of any of the Trust Estate (collectively, the “Collateral”). 
 The Indenture Trustee, on behalf of the Noteholders [and the Swap Counterparty], acknowledges the foregoing Grant, accepts the trusts
under this Indenture and agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture. 
 The foregoing Grant is made in trust to secure (i) 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 set forth herein[, (ii) the payment of all amounts payable by the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement] and (iii) compliance with the provisions of this Indenture, all as provided in this
Indenture. 
 Without limiting the foregoing Grant, any Receivable purchased by (a) the Seller or the Servicer pursuant
to Section 2.3 or Section 3.6, respectively, of the Sale and Servicing Agreement, (b) by FTH LLC pursuant to Section 3.3 of the Purchase Agreement, or (c) by Ohio Bank or Michigan Bank pursuant to
Section 3.3 of the applicable Sale Agreement shall be deemed to be automatically released from the lien of this Indenture without any action being 

					
		  		  	20[    ]-[    ] Indenture

 
taken by the Indenture Trustee upon payment by the Seller or the Servicer, as applicable, of the related Repurchase Price for such Repurchased Receivable.

 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.1 Definitions. Capitalized terms are used in this Indenture as defined in Appendix A to the Sale and Servicing Agreement, dated as of
[                    ] (as amended, modified or supplemented from time to time, the “Sale and Servicing Agreement”), among
Fifth Third Holding Funding, LLC, as Seller, the Issuer, Fifth Third Bank, an Ohio banking corporation (the “Ohio Bank”), as Servicer, and the Indenture Trustee. 
 SECTION 1.2 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “Commission” means the Securities and Exchange Commission. 
 “indenture securities” means the Notes. 
 “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 by the TIA, defined by TIA reference to another statute or defined by
Commission rule have the meaning assigned to them by such definitions. 
 SECTION 1.3 Other Interpretive Provisions.
All terms defined in this Indenture shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Indenture and all such certificates and other
documents, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Indenture, and accounting terms partly defined in this Indenture to the extent not defined, shall have the respective meanings given to them
under GAAP (provided, that, to the extent that the definitions in this Indenture and GAAP conflict, the definitions in this Indenture shall control); (b) the words “hereof,” “herein” and “hereunder” and
words of similar import refer to this Indenture as a whole and not to any particular provision of this Indenture; (c) references to any Article, Section, Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or to
this Indenture and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (d) the term
“including” and all variations thereof means “including without limitation”; (e) except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time

					
		  	2	  	20[    ]-[    ] Indenture

 
and include any successor law or regulation; and (f) references to any Person include that Person’s successors and assigns. 
 ARTICLE II THE NOTES 
 SECTION 2.1 Form. The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, in each case together with the Indenture Trustee’s certificate of authentication, shall be in substantially the
form set forth in Exhibit A hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing the Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with
an appropriate reference thereto on the face of the Note. 
 Each Note shall be dated the date of its authentication. The
terms of the Notes set forth in Exhibit A hereto are part of the terms of this Indenture. 
 SECTION 2.2 Execution,
Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
 Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the
Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 
 The Indenture Trustee shall, upon Issuer Order, authenticate and deliver Class A-1 Notes for original issue in an Initial Note
Balance of $[                    ], Class A-2 Notes for original issue in an Initial Note Balance of
$[                    ], Class A-3 Notes for original issue in an Initial Note Balance of
$[                    ] and Class A-4 Notes for original issue in an Initial Note Balance of
$[                    ]. The Note Balance 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 amounts except as provided in Section 2.5. 
 Each Note shall be
dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $100,000 and in integral multiples of $1,000 in excess thereof (except for one Note of each Class which may be issued in a
denomination other than an integral multiple of $1,000). 
 No Note shall be entitled to any benefit under this Indenture or
be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories,
and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
 SECTION 2.3 Temporary Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order, the Indenture Trustee shall authenticate and 

					
		  	3	  	20[    ]-[    ] Indenture

 
deliver, temporary Notes which 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. 
 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 3.2, without charge to the Holder.
Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee upon Issuer Order shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized
denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 
 SECTION 2.4 Registration of Transfer and Exchange. The Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the
Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The Indenture Trustee shall initially be “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. 
 If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall 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 conclusively rely upon a certificate executed on behalf of the Note Registrar by a Responsible Officer thereof as to the names and addresses of the Noteholders and the principal amounts and number of such Notes. 
 Upon surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in
Section 3.2, if the requirements of Section 8-401 of the UCC are met, the Issuer shall execute and upon its written request the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the
name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same Class and a like aggregate outstanding principal amount. 
 At the option of the related Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same Class and a like aggregate outstanding principal amount, upon
surrender of the Notes to be exchanged 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 Issuer shall execute and, upon Issuer Request, the Indenture
Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive. 

					
		  	4	  	20[    ]-[    ] Indenture

 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. 
 Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, 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, with such signature guaranteed by an “eligible
grantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in a Securities Transfer Agents Medallion Program (“Stamp”) or such other “signature guarantee
program” as may be determined by the Note Registrar in addition to, or in substitution for, Stamp, all in accordance with the Exchange Act and (ii) accompanied by such other documents as the Indenture Trustee may require. 
 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 with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or Section 9.6 not
involving any transfer. 
 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 Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with respect to such Note. 
 By acquiring a Note, each purchaser and transferee shall be deemed to represent and warrant that either (a) it is not acquiring such
Note with the plan assets of an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, a “plan” as defined in Section 4975 of the Code, an entity deemed to hold the plan
assets of any of the foregoing or any other employee benefit plan or retirement arrangement that is subject to a law that is similar to Section 406 of ERISA or Section 4975 of the Code; or (b) the acquisition, holding and disposition
of such Note will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a nonexempt violation of any similar applicable law. 
 The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so
if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of
notice to the Issuer, the Note Registrar or the 

					
		  	5	  	20[    ]-[    ] Indenture

 
Indenture Trustee that such Note has been acquired by a “protected purchaser” (as contemplated by Article 8 of the UCC), and provided, that
the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its written request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note,
a replacement Note; provided, 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 upon delivery of the security or indemnity herein required 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” (as contemplated by Article 8 of the UCC) of the original Note in lieu of which such replacement Note was issued
presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person
to whom such replacement Note was delivered or any assignee of such Person, except a “protected purchaser” (as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security or indemnity provided therefor to
the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 
 Upon the issuance of any replacement Note under this Section 2.5, the Issuer or the Indenture Trustee may require the payment by the Noteholder 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 or the Note Registrar) connected therewith. 
 Every replacement Note issued pursuant to this Section 2.5 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual
obligation of the Issuer, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes. 
 SECTION 2.6 Persons Deemed Owners. Prior to due presentment for registration of
transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may 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 neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee
shall be affected by notice to the contrary. 
 SECTION 2.7 Payment of Principal and Interest; Defaulted Interest.
(a) Each Note shall accrue interest at its respective Interest Rate, and such interest shall be payable on each Payment Date as specified therein, subject to Sections 3.1 and 8.2. Any installment of interest or principal, if
any, payable on any Note which is punctually paid or duly provided for by the Issuer 

					
		  	6	  	20[    ]-[    ] Indenture

 
on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date, by
check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date, except that, unless 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 will be made by wire transfer in immediately available funds to the account designated by such nominee and
except for the final installment of principal payable with respect to such Note on a Payment Date or on the Final Scheduled Payment Date for such Class (and except for the Redemption Price for any Note called for redemption pursuant to
Section 10.1) which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3. 
 (b) The principal of each Note shall be payable in installments on each Payment Date as provided in Section 8.2.
Notwithstanding the foregoing, the entire unpaid Note Balance and all accrued interest thereon shall be due and payable, if not previously paid, on the earlier of (i) the date on which an Event of Default shall have occurred and be continuing,
if the Indenture Trustee or the Holders of a majority of the Outstanding Note Balance, have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 and (ii) with respect to any Class of Notes, on
the Final Scheduled Payment Date for that Class. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered
at the close of business on the Record Date preceding the Payment Date on which Indenture Trustee expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be transmitted prior to such final Payment
Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection
with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2. 
 (c) If the Issuer
defaults in a payment of interest on any Class of Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful at the applicable Interest Rate for such Class of Notes), which shall be due and payable
on the Payment Date following such default. The Issuer shall pay such defaulted interest to the Persons who are Noteholders on the Record Date for such following Payment Date. 
 SECTION 2.8 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 that such Notes have not been previously disposed of by the Indenture Trustee. 

					
		  	7	  	20[    ]-[    ] Indenture

 SECTION 2.9 Release of Collateral. Subject to Section 11.1, 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 Independent Certificates in accordance with TIA
Sections 314(c) and 314(d)(1) 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 Issuer’s obligations under TIA Sections 314(c) and 314(d)(1), subject to Section 11.1 and the terms of the Transaction Documents, 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 2.10 Book-Entry
Notes. The Notes, upon original issuance, will be issued in the form of typewritten notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, by, or on behalf of, the
Issuer. One fully registered Note shall be issued with respect to each $500 million in principal amount of each Class of Notes and any such lesser amount. Such Notes shall initially be registered on the Note Register in the name of Cede &
Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until definitive, fully
registered Notes (the “Definitive Notes”) have been issued to Note Owners pursuant to Section 2.12: 
 (a) the provisions of this Section shall be in full force and effect; 
 (b) the Note Registrar and the Indenture
Trustee 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 Noteholder, and shall
have no obligation to the Note Owners; 
 (c) to the extent that the provisions of this Section conflict with any other
provisions of this Indenture, the provisions of this Section shall control; 
 (d) 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 or among such Note Owners and the Clearing Agency and/or the Clearing Agency Participants or Persons acting through Clearing Agency
Participants. Pursuant to the Note Depository Agreement, unless and until Definitive Notes are issued pursuant to Section 2.12, the initial 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 
 (e) whenever
this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders evidencing a specified percentage of the Outstanding 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 or Persons acting through Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial
interest in the Notes and has delivered such instructions to the Indenture Trustee. 

					
		  	8	  	20[    ]-[    ] Indenture

 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 the Note Owners. 
 SECTION 2.12
Definitive Notes. If (a) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Administrator or the
Indenture Trustee is unable to locate a qualified successor, (b) the Administrator at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (c) after the
occurrence of an Event of Default, Note Owners representing beneficial interests aggregating at least a majority of the Outstanding Note Balance, voting together as a single Class, advise the Indenture Trustee through the Clearing Agency or its
successor in writing that the continuation of a book-entry system through the Clearing Agency or its successor is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of
the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency,
accompanied by registration instructions, the Issuer shall execute 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, the Indenture Trustee shall recognize the Holders of
the Definitive Notes as Noteholders. 
 The Definitive 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 officers executing such Notes, as evidenced by their execution of such Notes. 
 SECTION 2.13 Authenticating Agents. (a) Upon the request of the Issuer, the Indenture Trustee shall, and if the Indenture
Trustee so chooses, the Indenture Trustee may appoint one or more Persons (each, an “Authenticating Agent”) 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 2.2, 2.3, 2.4, 2.5 and 9.6, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by those 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.” The Indenture Trustee shall be the
Authenticating Agent in the absence of any appointment thereof. 
 (b) Any corporation into which any Authenticating Agent
may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation 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 

					
		  	9	  	20[    ]-[    ] Indenture

 
the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. 
 (c) Any Authenticating Agent may at any time resign by giving written notice of resignation to the Indenture Trustee and the Issuer. The
Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon receiving such notice of resignation or upon such termination, the Indenture
Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Issuer. 
 (d) The provisions of Section 6.4 shall be applicable to any Authenticating Agent. 
 SECTION 2.14
Tax Treatment. The Issuer has entered into this Indenture, and the Notes shall be issued, with the intention that, solely for federal, state and local income and franchise tax purposes, the Notes shall qualify as indebtedness secured by the
Collateral. 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 for federal, state and local
income and franchise tax purposes as indebtedness. 
 ARTICLE III COVENANTS 
 SECTION 3.1 Payment of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest on the Notes
in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing and subject to Section 8.2, on each Payment Date the Issuer shall cause to be paid all amounts on deposit in the Collection Account which
represent Available Funds for such Payment Date, Advances made on such Payment Date pursuant to Section 4.3(c) of the Sale and Servicing Agreement and the Reserve Account Draw Amount for such Payment Date received by the Servicer during
the preceding Collection Period. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered to have been paid by the Issuer to such Noteholder for all purposes of this
Indenture. Interest accrued on the Notes shall be due and payable on each Payment Date. The final interest payment on each Class of Notes is due on the earlier of (a) the Payment Date (including any Redemption Date) on which the principal
amount of that Class of Notes is reduced to zero or (b) the applicable Final Scheduled Payment Date for that Class of Notes. 
 SECTION 3.2 Maintenance of Office or Agency. As long as any of the Notes remain outstanding, the Issuer shall 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 shall 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. 

					
		  	10	  	20[    ]-[    ] Indenture

 SECTION 3.3 Money for Payments To Be Held in Trust. (a) As provided in
Sections 8.2 and 5.4, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by another
Paying Agent, and no amounts so withdrawn therefrom for payments on the Notes shall be paid over to the Issuer except as provided in this Section and Section 4.4 of the Sale and Servicing Agreement. 
 (b) On or prior to each Payment Date and Redemption Date, the Issuer shall deposit or cause to be deposited into the Collection Account
an aggregate sum sufficient to pay the amounts then becoming due under the Notes, and the Paying Agent shall hold such sum to be held in trust for the benefit of the Persons entitled thereto pursuant to the Transaction Documents and (unless the
Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act. 
 (c) The Issuer shall cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts
as Paying Agent, it hereby so agrees to the extent relevant), subject to the provisions of this Section, that such Paying Agent shall: 
 (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 provided in the Transaction Documents; 
 (ii) give the
Indenture Trustee written 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) promptly resign as a
Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of 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 
 (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. 
 (d) 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 such sums were held by such 

					
		  	11	  	20[    ]-[    ] Indenture

 
Paying Agent; and upon such a payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with
respect to such money. 
 (e) Subject to applicable laws with respect to the 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 distributed by the
Indenture Trustee to the Issuer upon receipt of an Issuer Request and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof and all liability of the Indenture Trustee or such Paying
Agent with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such payment, shall at the reasonable expense of the Issuer cause to be published
once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which date shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining
shall be paid to the Issuer. The Indenture Trustee may also adopt and employ, at the written direction of and at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice
of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or 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 Noteholder). 
 SECTION 3.4 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 of
America, in which case the Issuer shall keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and shall 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. 
 SECTION 3.5 Protection of Collateral. The Issuer intends the security interest Granted pursuant to this Indenture in favor of the
Indenture Trustee on behalf of the Noteholders [and the Swap Counterparty] to be prior to all other Liens in respect of the Collateral, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee
on behalf of the Noteholders [and the Swap Counterparty], a first lien on and a first priority, perfected security interest in the Collateral. The Issuer shall from time to time execute and deliver all such supplements and amendments hereto, shall
file or authorize the filing of all such financing statements, continuation statements, instruments of further assurance and other instruments, all as prepared by the Administrator and delivered to the Issuer, and shall take such other action
necessary or advisable to: 
 (a) Grant more effectively all or any portion of the Collateral; 
 (b) maintain or preserve the lien and security interest (and the priority thereof) created by this Indenture or carry out more
effectively the purposes hereof; 

					
		  	12	  	20[    ]-[    ] Indenture

 (c) perfect, publish notice of or protect the validity of any Grant made or to be made by
this Indenture; 
 (d) enforce any of the Collateral; or 
 (e) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the Collateral against the
claims of all Persons. 
 The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact and hereby
authorizes the Indenture Trustee to file all financing statements, continuation statements or other instruments required to be executed (if any) pursuant to this Section; provided, however, the Indenture Trustee shall have no
duty and shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest.
Notwithstanding any statement to the contrary contained herein or in any other Transaction Document, the Issuer shall not be required to notify any Dealer or any insurer with respect to any Insurance Policy about any aspect of the transactions
contemplated by the Transaction Documents. 
 SECTION 3.6 Opinions as to Collateral. (a) On the Closing
Date, the Issuer shall furnish or cause to be furnished to the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion of such counsel, either (i) such action has been taken with respect to the recording and filing of this
Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the filing of any financing statements and continuation statements as are necessary to perfect and make effective the first priority lien and
security interest of this Indenture, and reciting the details of such action, or (ii) no such action is necessary to make such lien and security interest effective. 
 (b) On or before April 30th
 of each calendar year, beginning with April 30, [        ], the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that,
in the opinion of such counsel, either (i) 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 filing of any financing statements and continuation statements as are necessary to maintain the lien and security interest created by this Indenture, and reciting the details of such actions or (ii) no such action is necessary to maintain
such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the filing of any financing
statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until April 30 in the following calendar year. 
 SECTION 3.7 Performance of Obligations; Servicing of Receivables. (a) The Issuer shall not take any action and shall use its
reasonable efforts not to permit any action to be taken by others, including the Administrator, that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the
Collateral or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by 

					
		  	13	  	20[    ]-[    ] Indenture

 
any bankruptcy or other court or as expressly provided in this Indenture, the Transaction 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 Administrator, and the Administrator has agreed, to
assist the Issuer in performing its duties under this Indenture. 
 (c) The Issuer shall, and shall cause the Administrator
and the Servicer to, punctually perform and observe all of its respective obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included in the Collateral, including but not
limited to preparing (or causing to prepared) and 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 Transaction Documents in accordance with and
within the time periods provided for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Transaction Document or any provision thereof other than in accordance
with the amendment provisions set forth in such Transaction Document. 
 SECTION 3.8 Negative Covenants. So long as
any Notes are Outstanding, the Issuer shall not: 
 (a) engage in any activities other than financing, acquiring, owning,
pledging and managing the Receivables and the other Collateral as contemplated by this Indenture and the other Transaction Documents; 
 (b) except as expressly permitted by this Indenture or in the other Transaction Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer; 
 (c) claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts
properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; 
 (d) dissolve or liquidate in whole or in part; 
 (e) (i) 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, (ii) permit any Lien (other than Permitted Liens) to be created on or extend to or
otherwise arise upon or burden the assets of the Issuer or any part thereof or any interest therein or the proceeds thereof or (iii) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any
Permitted Lien) security interest in the Collateral; 

					
		  	14	  	20[    ]-[    ] Indenture

 (f) incur, assume or guarantee any indebtedness other than indebtedness incurred in
accordance with the Transaction Documents; or 
 (g) merge or consolidate with, or transfer substantially all of its assets
to, any other Person. 
 SECTION 3.9 Annual Compliance Statement. 
 (a) The Issuer shall deliver to the Indenture Trustee on or before [March 30th] of each calendar year beginning with [March 30th],
[        ], an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 
 (i) a review of the activities of the Issuer during such year and of its performance under this Indenture has been made
under such Authorized Officer’s supervision; and 
 (ii) to the best of such Authorized Officer’s
knowledge, based on such review, the Issuer has complied in all material respects with all conditions and covenants under this Indenture throughout such year, or, if there has been a default in the compliance of any such condition or covenant,
specifying each such default known to such Authorized Officer and the nature and status thereof. 
 (b) The Issuer shall:

 (i) file with the Indenture Trustee, within 15 days after the Issuer is required (if at all) to file the
same with the Commission, copies of the annual reports and such other information, documents and reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) as the Issuer
may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or such other reports required pursuant to TIA Section 314(a)(1); 
 (ii) file with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to
time by the Commission such other information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 
 (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders as required by
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 3.9(b) as may be required pursuant to rules and
regulations prescribed from time to time by the Commission. 
 (c) Delivery of such reports, information and documents to the
Indenture Trustee is for informational purposes only and the Indenture Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Issuer’s compliance with any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely exclusively on Officer’s Certificates). 

					
		  	15	  	20[    ]-[    ] Indenture

 (d) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall be the
same as the fiscal year of the Servicer. 
 SECTION 3.10 Restrictions on Certain Other Activities. The Issuer shall
not: (i) engage in any activities other than financing, acquiring, owning, pledging and managing the Trust Estate and the other Collateral in the manner contemplated by the Transaction Documents; (ii) issue, incur, assume, guarantee or
otherwise become liable, directly or indirectly, for any indebtedness other than the Notes; (iii) make any loan, advance or credit to, 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, 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; or (iv) make any expenditure (by long-term or operating lease or otherwise) for
capital assets (either realty or personalty). 
 SECTION 3.11 Restricted Payments. The Issuer shall not, directly or
indirectly, (a) 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 or the Administrator, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or
(c) set aside or otherwise segregate any amounts for any such purpose; provided, that the Issuer may cause to be made distributions to FTH LLC, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, the Noteholders[,
the Swap Counterparty] and the Certificateholders as permitted by, and to the extent funds are available for such purpose under, this Indenture, the Sale and Servicing Agreement, the Administration Agreement or the Trust Agreement. Other than as set
forth in the preceding sentence, the Issuer will not, directly or indirectly, make distributions from the Trust Accounts. 
 SECTION 3.12 Notice of Events of Default. The Issuer shall promptly deliver to the Indenture Trustee[, the Swap Counterparty] and each Rating Agency 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, its status and what action the Issuer is taking or proposes to take with respect thereto. 
 SECTION 3.13 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 3.14 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 Transaction Document. 

					
		  	16	  	20[    ]-[    ] Indenture

 SECTION 3.15 Perfection Representations, Warranties and Covenants. The perfection
representations, warranties and covenants attached hereto as Schedule I shall be deemed to be part of this Indenture for all purposes. 
 ARTICLE IV SATISFACTION AND DISCHARGE 
 SECTION 4.1 Satisfaction and Discharge of Indenture. This
Indenture shall cease to be of further effect with respect to the Notes except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to
receive payments of principal thereof and interest thereon, (d) Sections 3.3, 3.4, 3.5, 3.8, 3.10 and 3.11, (e) the rights, obligations and immunities of the Indenture Trustee hereunder and
(f) 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: 
 (a) either
(i) all Notes theretofore authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (2) Notes for which 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 3.3) have been delivered to the Indenture Trustee for
cancellation or (ii) 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 Final Scheduled Payment Date within one year, or (3) are
to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of
clauses (1), (2) or (3), 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 Final Scheduled
Payment Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.1), as the case may be; 
 (b) the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer[, including, without limitation, all amounts owed to the Swap Counterparty, including all Swap Termination Payments]; and

 (c) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if
required by the TIA or the Indenture Trustee), a certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 11.1(a) and, subject to Section 11.2, each stating that all
conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with (and, in the case of an Officer’s Certificate, stating that the Rating Agency Condition has been satisfied
(provided, that such Officer’s Certificate need not state that the Rating Agency Condition has been satisfied if all amounts owing on each Class of Notes have been paid or will be paid in full on the date of delivery of such
Officer’s Certificate)). 

					
		  	17	  	20[    ]-[    ] Indenture

 SECTION 4.2 Application of Trust Money. All monies deposited with the Indenture
Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes, this Indenture and Article IV of the Sale and Servicing Agreement. Such monies need not be segregated from
other funds except to the extent required herein, in the Sale and Servicing Agreement or by law. 
 SECTION 4.3 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 3.3 and thereupon such Paying Agent shall be released from all further liability with respect to such
monies. 
 ARTICLE V REMEDIES 
 SECTION 5.1 Events of Default. The occurrence and continuation of 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) shall constitute a default under this Indenture (each, an “Event of
Default”): 
 (a) default in the payment of any interest on any Note when the same becomes due and
payable, and such default shall continue for a period of five Business Days or more; 
 (b) default in the
payment of principal of any Note at the related Final Scheduled Payment Date or the Redemption Date; 
 (c)
any failure by the Issuer to duly observe or perform in any material respect any of its material covenants or agreements made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in
this Section specifically dealt with), which failure materially and adversely affects the interests of the Noteholders, and such failure shall continue unremedied for a period of 90 days after there shall have been given, by registered or certified
mail, to the Issuer by the Indenture Trustee or by Noteholders evidencing at least a majority of the Outstanding Note Balance, a written notice specifying such failure and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder; 
 (d) any representation or warranty of the Issuer made in this Indenture
proves to have been incorrect in any material respect when made, which failure materially and adversely affects the interests of the Noteholders, and which failure continues unremedied for 90 days after there shall have been given, by registered or
certified mail, to the Issuer by the Indenture Trustee or by Noteholders evidencing at least a majority of the Outstanding Note Balance, a written notice specifying such failure and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder; or 

					
		  	18	  	20[    ]-[    ] Indenture

 (e) a Bankruptcy Event with respect to the Issuer; 
 provided, however, that a delay in or failure of performance referred to under clauses (a), (b), (c) or
(d) above for a period of 120 days will not constitute an Event of Default if that delay or failure was caused by force majeure or other similar occurrence. 
 SECTION 5.2 Acceleration of Maturity; Waiver of Event of Default. (a) Except as set forth in the following sentence, if an Event of Default should occur and be continuing, then and in
every such case the Indenture Trustee may, or if directed by the Noteholders representing not less than a majority of the Outstanding Note Balance, shall declare all 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), and upon any such declaration the unpaid Note Balance of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and
payable. If an Event of Default specified in Section 5.1(e) occurs, all unpaid principal, together with all accrued and unpaid interest thereon, of all Notes, and all other amounts payable hereunder, shall automatically become due and
payable without any declaration or other act on the part of the Indenture Trustee or any Noteholder. 
 (b) At any time after
such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter provided for in this Article V, the Noteholders representing a
majority of the Outstanding Note Balance, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration 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 all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred, (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) any Net Swap Payments and any Swap Termination Payments then due and payable to the Swap Counterparty under the
Interest Rate Swap Agreement]; 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. 
 If the Notes have
been declared due and payable or have automatically become due and payable following an Event of Default, the Indenture Trustee may institute Proceedings to collect amounts due, exercise remedies as a secured party (including foreclosure or sale of
the Collateral) or elect to maintain the Collateral and continue to apply the proceeds from the Collateral as if there had been no declaration of acceleration. Any sale of the Collateral by the Indenture Trustee will be subject to the terms and
conditions of Section 5.4. 

					
		  	19	  	20[    ]-[    ] Indenture

 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by the Indenture
Trustee. (a) The Issuer covenants that if (i) default is made in the payment of any interest on any Note when the same becomes due and payable, and such default continues for a period of five Business Days or more, or (ii) default
is made in the payment of the principal of any Note at the related Final Scheduled Payment Date or the Redemption Date, the Issuer will, upon demand of the Indenture Trustee in writing as directed by a majority of the Outstanding Note Balance, pay
to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of 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 the amounts described in clause (a) above upon such 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 shall have
occurred and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.4, 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 any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other
proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law. 
 (d) 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 Collateral, Proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy,
insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other
obligor or Person, or in case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether
the principal 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 

					
		  	20	  	20[    ]-[    ] Indenture

 
each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and
all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such Proceedings; 
 (ii) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of Notes 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 judicial Proceedings relative to the Issuer, its creditors and its property; 
 and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each Noteholder 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,
attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence, bad faith or willful misconduct, and any other amounts
due the Indenture Trustee under Section 6.7. 
 (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 Holders of the Notes [and the Swap Counterparty], to the extent set forth in Section 5.4(b). 
 (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 

					
		  	21	  	20[    ]-[    ] Indenture

 
shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any
such Proceedings. 
 SECTION 5.4 Remedies; Priorities. (a) If an Event of Default shall have occurred and be
continuing, the Indenture Trustee may do one or more of the following (subject to Sections 5.2 and 5.5): 
 (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 such Notes monies adjudged due; 
 (ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Collateral; 
 (iii) exercise any other 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) subject to
Section 5.17, after an acceleration of the maturity of the Notes pursuant to Section 5.2, sell the Collateral or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted
in any manner permitted by law; 
 provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Collateral following
an Event of Default unless (A) the holders of 100% of the Outstanding Note Balance [and the Swap Counterparty] have consented to such liquidation, (B) the proceeds of such sale or liquidation are sufficient to pay in full the principal of
and the accrued interest on the Outstanding Notes [and all amounts due to the Swap Counterparty under the Interest Rate Swap Agreement] or (C) the default relates to the failure to pay interest or principal when due (a “Payment
Default”) and the Indenture Trustee determines (but shall have no obligation to make such determination) that the Collections on the Receivables will not be sufficient on an ongoing basis to make all payments on the Notes as they would have
become due if the Notes had not been declared due and payable, and the Indenture Trustee obtains the consent of the holders of 66-2/3% of the Outstanding Note Balance [and the Swap Counterparty]. In determining such sufficiency or insufficiency with
respect to clauses (B) and (C) of the preceding sentence, 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. Notwithstanding anything herein to the contrary, if the Event of Default does not relate to a Payment Default or Bankruptcy Event with respect to the
Issuer, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate unless the Holders of all Outstanding Notes consent to such sale or the proceeds of such sale are sufficient to pay in full the principal of and accrued interest on
the Outstanding Notes. 
 (b) Notwithstanding the provisions of Section 8.2 of this Indenture or Section 4.4
of the Sale and Servicing Agreement, if the Indenture Trustee collects any money or property pursuant 

					
		  	22	  	20[    ]-[    ] Indenture

 
to this Article V and the Notes have been accelerated, it shall pay out such money or property (and other amounts, including all amounts held on
deposit in the Reserve Account) held as Collateral for the benefit of the Noteholders (net of liquidation costs associated with the sale of the Trust Estate) in the following order of priority: 
 (i) first, to the Indenture Trustee and the Owner Trustee, any accrued and unpaid fees, indemnity payments and
reasonable expenses permitted under the Transaction Documents; provided, that aggregate expenses payable to the Indenture Trustee and the Owner Trustee pursuant to this clause (i) shall be limited to $[100,000] per annum in the
aggregate; 
 (ii) second, to the Servicer (or any predecessor Servicer, if applicable), for
reimbursement of all outstanding Advances; 
 (iii) third, to the Servicer, the Servicing Fee and all
unpaid Servicing Fees with respect to prior Collection Periods; 
 (iv) [fourth, to the Swap
Counterparty, any due and unpaid Net Swap Payments;] 
 (v) fifth, pro rata, (A) to the Swap
Counterparty for any due and unpaid Senior Swap Termination Payments and (B) to the Noteholders, for payment to each respective Class of Noteholders, the Accrued Note Interest; provided, that if there are not sufficient funds available
to pay the entire amount of the Accrued Note Interest, the amount available shall be applied to the payment of such interest on each Class of Notes on a pro rata basis based on the amount of interest payable to each Class of Notes; 
 (vi) sixth, to the Holders of the Class A-1 Notes in respect of principal thereof until the Class A-1
Notes have been paid in full; 
 (vii) seventh, to the Holders of the Class A-2 Notes,
Class A-3 Notes and Class A-4 Notes, in respect of principal thereon, on a pro rata basis (based on the Note Balance of each Class on such Payment Date), until all Classes of the Notes have been paid in full; 
 (viii) [eighth, to the Swap Counterparty, any due and unpaid Subordinated Swap Termination Payments;] 

(ix) ninth, to the Indenture Trustee and the Owner Trustee, any accrued and unpaid fees, reasonable expenses and
indemnity payments which have not previously been paid; and 
 (x) tenth, any remaining funds shall be
distributed to or at the direction of the Certificateholder. 
 The Indenture Trustee may fix a record date and payment date
for any payment to Noteholders pursuant to this Section. At least 15 days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid.

					
		  	 23
	  	20[    ]-[    ] Indenture

 Prior to an acceleration of the Notes after an Event of Default, if the Indenture Trustee
collects any money or property pursuant to this Article V, such amounts shall be deposited into the Collection Account and distributed in accordance with Section 4.4 of the Sale and Servicing Agreement and Section 8.2
hereof. 
 SECTION 5.5 Optional Preservation of the Collateral. If the Notes have been declared or are automatically
due and payable under Section 5.2 following an Event of Default and such declaration or automatic occurrence and its consequences have not been rescinded and annulled, if permitted hereunder, the Indenture Trustee may, but need not,
elect to maintain possession of the Trust Estate and continue to apply the proceeds thereof in accordance with Section 5.4(b). It is the intent 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 amounts due to the Swap Counterparty] under the Transaction Documents, and the Indenture Trustee shall take such intent into account when determining whether or not to maintain possession of the
Collateral. In determining whether to maintain possession of the Collateral, 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 Collateral for such purpose. 
 SECTION 5.6
Limitation of Suits. (a) 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 not less than 25% of the Outstanding Note Balance have made written request
to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as the Indenture Trustee hereunder; 
 (iii) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it 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 a majority of the Outstanding Note Balance. 
 No
Noteholder or group of 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 each case, to the extent and in the manner herein provided. 

					
		  	24	  	20[    ]-[    ] Indenture

 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and
indemnity from two or more groups of Noteholders, each representing less than a majority of the Outstanding Note Balance, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other
provisions of this Indenture. 
 (b) No Noteholder shall have any right to vote except as provided pursuant to this Indenture
and the Notes, nor any right in any manner to otherwise control the operation and management of the Issuer. However, in connection with any action as to which Noteholders are entitled to vote or consent under this Indenture and the Notes, the Issuer
may set a record date for purposes of determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c). 
 SECTION 5.7 Unconditional Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provisions in 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 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 Noteholder. 
 SECTION 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for
any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the 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 5.9 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee[, the
Swap Counterparty] or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now
or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise
any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article V
or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
 SECTION 5.11 Control by Noteholders. Subject to the provisions of Sections 5.4, 5.6, 6.2(d) and
6.2(e), Noteholders holding not less than a majority of the Outstanding Note Balance, 

					
		  	25	  	20[    ]-[    ] Indenture

 
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 with respect to the exercise of any trust or power conferred on the Indenture Trustee; provided, that 
 (a) such direction shall not be in conflict with any rule of law or with this Indenture; 
 (b)
subject to the express terms of the proviso and the last sentence of Section 5.4(a), any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by the Holders of Notes representing not less than 100% of the
Outstanding Note Balance unless the proceeds of such sale are sufficient to pay in full the principal of and accrued interest on the Outstanding Notes; 
 (c) if the conditions set forth in Section 5.5 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 Holders of Notes representing less than 100% of the Outstanding Note Balance to sell or liquidate the Trust Estate shall be of no force and effect; 
 (d) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with
such direction, applicable law and the terms of this Indenture; and 
 (e) such direction shall be in writing;

 provided, further, that, subject to Section 6.1, the Indenture Trustee need not take any action that it determines
might expose it to personal liability or might materially adversely affect or unduly prejudice the rights of any Noteholders not consenting to such action. 
 SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2, the Holders of Notes of not less than a
majority of the Outstanding Note Balance, may waive any past Default or Event of Default and its consequences except a Default (a) in payment of principal of or interest on any of the Notes, (b) in respect of a covenant or provision hereof
which cannot be modified or amended without the consent of each Noteholder or (c) arising from a Bankruptcy Event with respect to the Issuer. In the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be
restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other 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 prior, 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
Noteholder by such Noteholder’s acceptance thereof shall be deemed to have agreed, that any 

					
		  	26	  	20[    ]-[    ] Indenture

 
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 the Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to
(a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Note Balance or (c) any suit instituted by
any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 

SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will not
at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 SECTION 5.15
Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture.
Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such
judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b), if the maturity of the Notes has been
accelerated pursuant to Section 5.2, or Section 4.4 of the Sale and Servicing Agreement and Section 8.2 of this Indenture, if the maturity of the Notes has not been accelerated. 
 SECTION 5.16 Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee
to do so, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance (i) by the Seller and the Servicer, as applicable, of each of their obligations to the Issuer under
or in connection with the Sale and Servicing Agreement, (ii) by the Seller or FTH LLC, as applicable, of each of their obligations under or in connection with the Purchase Agreement or (iii) by FTH LLC, the Ohio Bank or the Michigan Bank,
as applicable, of each of their obligations under or in connection with the applicable Sale 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, the Purchase Agreement and the Sale Agreements, as the case may be, to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of
default on the part of the Seller, the Servicer or FTH LLC thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the Seller or the 

					
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	  	20[    ]-[    ] Indenture

 
Servicer of each of their obligations under the Sale and Servicing Agreement or by the Seller or FTH LLC of each of their obligations under or in connection
with the Purchase Agreement or FTH LLC and the Michigan Bank or the Ohio Bank of each of their obligations under or in connection with the applicable Sale 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) of the Holders of a majority of the Outstanding
Note Balance shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement or against the Seller or FTH LLC under the Purchase
Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller, the Servicer or FTH LLC of each of their 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 Purchase Agreement, as applicable, and any right of the Issuer to take such action shall be suspended. 
 SECTION 5.17 Sale of Collateral. If the Indenture Trustee acts to sell the Collateral or any part thereof, pursuant to
Section 5.4(a), the Indenture Trustee shall publish a notice in an Authorized Newspaper stating that the Indenture Trustee intends to effect such a sale in a commercially reasonable manner and on commercially reasonable terms, which
shall include the solicitation of competitive bids. Following such publication, the Indenture Trustee shall, unless otherwise prohibited by applicable law from any such action, sell the Collateral or any part thereof, in such manner and on such
terms as provided above to the highest bidder, provided, however, that the Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale. The Indenture Trustee shall give
notice to the Seller and the Servicer of any proposed sale, and the Seller, the Servicer or any Affiliate thereof shall be permitted to bid for the Collateral at any such sale. The Indenture Trustee may obtain a prior determination from a
conservator, receiver or trustee in bankruptcy of the Issuer that the terms and manner of any proposed sale are commercially reasonable. The power to effect any sale of any portion of the Collateral pursuant to Section 5.4 and this
Section 5.17 shall not be exhausted by any one or more sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until the entire Collateral shall have been sold or all amounts payable on the Notes shall
have been paid. 
 ARTICLE VI THE INDENTURE TRUSTEE 
 SECTION 6.1 Duties of the 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 shall use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 
 (b) Prior to the occurrence 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 the other Transaction Documents to which it is a party and no implied covenants or obligations shall be read into this Indenture or the other Transaction Documents against the Indenture Trustee; and 

					
		  	28	  	20[    ]-[    ] Indenture

 (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; but in the case of any
such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (c) The Indenture Trustee shall 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
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 Sale and Servicing Agreement. 
 (g) No provision of this Indenture or any other Transaction Document 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 thereunder 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 indemnity satisfactory to it against such risk or liability is not
reasonably assured to it. 
 (h) Every provision of this Indenture and each other Transaction Document relating to the
conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 
 (i) The Indenture Trustee shall take all actions required to be taken by the Indenture Trustee under the Sale and Servicing Agreement. 
 SECTION 6.2 Rights of the Indenture Trustee. Subject to the provisions of Section 6.1: 

					
		  	29	  	20[    ]-[    ] Indenture

 (a) The Indenture Trustee may conclusively rely on any document believed by it to be
genuine and to have been signed or presented by the proper Person. The Indenture Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel, as applicable. The Indenture Trustee shall not be liable for any action it takes,
suffers or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. 
 (c) The
Indenture Trustee may execute any of the trusts or powers hereunder or under any of the Transaction Documents to which the Indenture Trustee is a party or perform any duties hereunder or under any of the Transaction Documents to which the Indenture
Trustee is a party 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, the Administrator, any
co-trustee or separate trustee appointed in accordance with the provisions of Section 6.9, or any other 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 reasonably believes to be
authorized or within discretion or rights or powers conferred upon it by this Indenture; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 
 (e) The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this
Indenture, the Notes and any Transaction Documents to which the Indenture Trustee is a party 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 or to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture or to honor the request or direction of any of the Noteholders pursuant to
this Indenture unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity satisfactory to the Indenture Trustee against the reasonable costs, expenses, disbursements, advances and liabilities that might be
incurred by it, its agents and its counsel in compliance with such request or direction. 
 (g) The Indenture Trustee shall
not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Indenture Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Indenture
Trustee at the Corporate Trust Office of the Indenture Trustee, and such notice references the Notes and this Indenture. 
 SECTION 6.3 Individual Rights of the Indenture Trustee. Subject to Section 310 of the TIA, the Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the
Seller, the Owner Trustee, the Administrator and their respective Affiliates with the same rights it would have if it were not the Indenture 

					
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	  	20[    ]-[    ] Indenture

 
Trustee, and the Seller, the Owner Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking and investment banking
relationships with the Indenture Trustee and its Affiliates. Any Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or separate trustee may do the same with like rights. However, the Indenture Trustee must comply with
Section 6.10. 
 SECTION 6.4 The Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, shall not be accountable for the Issuer’s use of the proceeds from the Notes, and shall not be responsible for any statement of the
Issuer in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes, all of which shall be taken as the statements of the Issuer, other than the Indenture Trustee’s certificate of authentication.

 SECTION 6.5 Notice of Defaults. If a Default occurs and is continuing and if it is either actually known by a
Responsible Officer of the Indenture Trustee or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder and the Rating Agencies notice of the
Default within 90 days after such knowledge or notice occurs. Except in the case of a Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory 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 6.6 Reports by the Indenture Trustee to Noteholders. The Indenture Trustee, at the expense of the Issuer, shall deliver to each Noteholder, not later than the latest date permitted
by law, such information as may be required by law to enable such Holder to prepare its federal and state income tax returns. 
 SECTION 6.7 Compensation and Indemnity. The Issuer shall cause the Servicer to agree (i) to pay to the Indenture Trustee from time to time such compensation as the Servicer and the Indenture Trustee shall from time to time agree
in writing for services rendered by the Indenture Trustee hereunder in accordance with a fee letter between the Servicer and the Indenture Trustee, (ii) to reimburse the Indenture Trustee for all reasonable expenses, advances and disbursements
reasonably incurred by it in connection with the performance of its duties as Indenture Trustee and (iii) to indemnify the Indenture Trustee for, and hold it harmless against, any and all loss, liability or expense (including reasonable
attorneys’ fees) incurred by it in connection with the administration of the trust or trusts hereunder or the performance of its duties as Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall not
relieve the Issuer or the Servicer of its obligations hereunder. The Issuer shall, or shall cause the Servicer to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Servicer to, pay
the fees and expenses of such counsel. The Indenture Trustee shall not be indemnified by the Administrator, the Issuer, the Seller or the Servicer against any loss, liability or expense incurred by it or arising from
(i) [            ]’s own willful misconduct, negligence or bad faith, (ii) the inaccuracy of any representation or warranty expressly made by
[            ] in its 

					
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	  	20[    ]-[    ] Indenture

 
individual capacity or any representation or warranty made by [            ] in accordance with
Sections 9.20, 9.21 or 9.22 of the Sale and Servicing Agreement or (iii) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Indenture Trustee. 
 The compensation and indemnity 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 an Event of Default set forth in Section 5.1(e) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy
Code or any other applicable federal or state bankruptcy, insolvency or similar law. 
 SECTION 6.8 Removal, Resignation
and Replacement of the Indenture Trustee. The Indenture Trustee may resign at any time by so notifying the Issuer, [the Swap Counterparty,] the Administrator, the Servicer and each Rating Agency. The Holders of a majority of the Outstanding Note
Balance may remove the Indenture Trustee without cause by so notifying the Indenture Trustee and the Issuer, and following that removal may appoint a successor to the Indenture Trustee. The Issuer shall remove the Indenture Trustee if: 

(a) the Indenture Trustee fails to comply with Section 6.11; 
 (b) a Bankruptcy Event occurs with respect to the Indenture Trustee; 
 (c) a receiver or other public officer takes charge of the Indenture Trustee or its property; or 
 (d) the Indenture Trustee otherwise becomes incapable of acting. 
 If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the
Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee which satisfies the requirements set forth in Section 6.11 
 A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee[, the Swap
Counterparty] and to the Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee, without any further act, deed or conveyance, shall have all the rights, powers and
duties of the Indenture Trustee under this Indenture subject to satisfaction of the Rating Agency Condition. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer
all property held by it as the Indenture Trustee to the successor Indenture Trustee. 
 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 a majority of the Outstanding Note Balance may petition any court of competent jurisdiction, at
the expense of the Issuer, for the appointment of a successor Indenture Trustee. 

					
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	  	20[    ]-[    ] Indenture

 If the Indenture Trustee fails to comply with Section 6.11 any Noteholder may
petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
 Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the
successor Indenture Trustee pursuant to this Section 6.8 and payment of all fees and expenses owed to the outgoing Indenture Trustee. 
 The Indenture Trustee shall not be liable for the acts or omissions of any successor Indenture Trustee. 
 SECTION 6.9 Successor Indenture Trustee by Merger. Subject to Section 6.11, 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 without any further act shall be the successor Indenture Trustee, provided, that such corporation or banking
association shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide each Rating Agency and the Administrator prior written notice of any such transaction. 
 In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the
trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor 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. 
 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee.
(a) Notwithstanding any other provisions of this Indenture, at any time, after delivering written notice to the Administrator, 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 and the Administrator acting jointly shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate
trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this
Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee and the Administrator may consider necessary or desirable. 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 6.8. 
 (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 

					
		  	33	  	20[    ]-[    ] Indenture

 
Indenture Trustee and such separate trustee or co-trustee jointly (it being intended that such separate trustee or co-trustee is not authorized to act
separately without the Indenture Trustee joining in such act), except to the extent that under any law 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 Collateral 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 separate trustee or co-trustee
hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and 
 (iii) the Indenture Trustee and the Administrator may at any time accept the resignation of or, acting jointly, 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 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 VI.
Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided
therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall
be filed with the Indenture Trustee and a copy thereof given to the Administrator. 
 (d) Any separate trustee or co-trustee
may at any time constitute the Indenture Trustee its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any
separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without
the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Indenture, the appointment of any separate trustee or co-trustee shall not relieve the Indenture Trustee of its obligations and duties under this
Indenture. 
 SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the
requirements of TIA Section 310(a) and, in addition, 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 investment
grade or better by each Rating Agency or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall also satisfy the requirements of TIA Section 310(b). Neither the Issuer nor any Affiliate of the Issuer may serve as
Indenture Trustee. 
 SECTION 6.12 Preferential Collection of Claims Against the Issuer. The Indenture Trustee shall
comply with TIA Section 311(a), excluding any creditor relationship listed in TIA 

					
		  	34	  	20[    ]-[    ] Indenture

 
Section 311(b). Any 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. 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 [national banking
association] duly organized, validly existing and in good standing under the laws of [the United States of America]; and 
 (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. 
 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS 
 SECTION 7.1 The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders. The Issuer shall furnish or cause to
be furnished to the Indenture Trustee (a) 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
(b) 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 (i) the Indenture Trustee is the Note Registrar, or (ii) the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished to the Indenture Trustee. 
 SECTION 7.2 Preservation of Information; Communications 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 7.1 and the names and addresses of Noteholders received
by the Indenture Trustee in its capacity as the Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so 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 preserved or maintained. 
 (b) The Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. Upon receipt by the Indenture
Trustee of any request by three or more Noteholders or by one or more Noteholders of Notes evidencing not less than 25% of the Outstanding Note Balance to receive a copy of the current list of Noteholders (whether or not made pursuant to TIA
Section 312(b)), the Indenture Trustee shall promptly notify the Administrator thereof by providing to the Administrator a copy of such request and a copy of the list of Noteholders produced in response thereto. 
 (c) The Issuer, the Indenture Trustee and Note Registrar shall have the protection of TIA Section 312(c). 

					
		  	35	  	20[    ]-[    ] Indenture

 SECTION 7.3 Reports by the Indenture Trustee. If required by TIA
Section 313(a), within 60 days after each March 31, beginning with March 31, 20[ ], 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 also shall comply with TIA Section 313(b). A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange,
if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 
 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES 
 SECTION 8.1 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 Collateral, the Indenture Trustee may take such action as may be
appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any
right to proceed thereafter as provided in Article V. 
 SECTION 8.2 Trust Accounts. (a) On or prior to
the Closing Date, the Issuer shall cause the Servicer to establish, in the name of Indenture Trustee, the Trust Accounts as provided in Section 4.1 of the Sale and Servicing Agreement. 
 (b) On or before each Payment Date, the Issuer shall cause (i) the Servicer to deposit all Collections and Advances and
(ii) the Servicer, the Seller, FTH LLC, the Ohio Bank or the Michigan Bank as applicable, to deposit all Repurchase Prices with respect to the Collection Period preceding such Payment Date in the Collection Account as provided in the Sale and
Servicing Agreement. On or before each Payment Date, all amounts required to be withdrawn from the Reserve Account and deposited in the Collection Account pursuant to Section 4.3 of the Sale and Servicing Agreement shall be withdrawn by
the Indenture Trustee from the Reserve Account and deposited to the Collection Account. 
 (c) Prior to the acceleration of
the Notes pursuant to Section 5.2 of this Indenture, on each Payment Date and the Redemption Date, the Indenture Trustee shall distribute all amounts on deposit in the Principal Distribution Account to Noteholders in respect of principal
of the Notes to the extent of the funds therein in the following order of priority: 
 (i) first, to
the Holders of the Class A-1 Notes, until the Class A-1 Notes are paid in full; 
 (ii)
second, to the Holders of the Class A-2 Notes, until the Class A-2 Notes are paid in full; 

					
		  	36	  	20[    ]-[    ] Indenture

 (iii) third, to the Holders of the Class A-3 Notes, until the
Class A-3 Notes are paid in full; and 
 (iv) fourth, to the Holders of the Class A-4 Notes,
until the Class A-4 Notes are paid in full. 
 SECTION 8.3 General Provisions Regarding Accounts. (a) The
funds in the Trust Accounts shall be invested in Permitted Investments in accordance with and subject to Section 4.1(b) of the Sale and Servicing Agreement and all interest and investment income (net of losses and investment expenses) on
funds on deposit (i) in the Collection Account and the Principal Distribution Account shall be distributed in accordance with the provisions of Section 3.7 of the Sale and Servicing Agreement and (ii) in the Reserve Account
shall be distributed in accordance with the provisions of Sections 4.3(b) and (d) of the Sale and Servicing Agreement. The Indenture Trustee shall not be directed to make any investment of any funds or to sell any investment held
in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person. 
 (b) Subject to Section 6.1(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in
any of the Trust Accounts resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee’s failure to make payments on any such Permitted Investments issued by the Indenture Trustee
in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
 (c) If
(i) investment directions shall not have been given in writing by the Servicer in accordance with Section 4.1(b) of the Sale and Servicing Agreement for any funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00
a.m., New York City time (or such other time as may be agreed by the Servicer and the Indenture Trustee), on any Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes
shall not have been declared due and payable pursuant to Section 5.2 or (iii) if the Notes shall have been declared due and payable following an Event of Default and amounts collected or received from the Trust Estate are being
applied in accordance with Section 5.4 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in one or more Permitted Investments
in accordance with the standing instructions most recently given by the Servicer. 
 SECTION 8.4 Release of
Collateral. (a) The Indenture Trustee may if permitted by and in accordance with the terms hereof, 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 or such other document. No party relying upon an instrument executed by the Indenture
Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 
 (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding [and all amounts due to the Swap Counterparty under the
Transaction Documents] have been paid (as 

					
		  	37	  	20[    ]-[    ] Indenture

 
certified by an Authorized Officer of the Issuer in an Officer’s Certificate delivered to the Indenture Trustee), release any remaining portion of the
Collateral 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 Trust Accounts. Such release shall include release of the lien of this Indenture and
transfer of dominion and control over the Trust Accounts to the Issuer or its designee. 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, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. 
 Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges
that from time to time the Indenture Trustee shall release the lien of this Indenture (or shall be deemed to automatically release the lien of this Indenture without any further action) on any Receivable to be sold to (i) the Seller in
accordance with Section 2.3 of the Sale and Servicing Agreement, (ii) the Servicer in accordance with Section 3.6 of the Sale and Servicing Agreement, (iii) FTH LLC in accordance with Section 3.3 of the
Purchase Agreement and (iv) the Michigan Bank or the Ohio Bank pursuant to Section 3.3 of the applicable Sale Agreement. 
 SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least five days’ notice (or such shorter notice acceptable to the Indenture Trustee) when requested by the Issuer to take any action
pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee may also require as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee,
stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely
impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, 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, as to factual matters, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action.

 ARTICLE IX SUPPLEMENTAL INDENTURES 
 SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. (a) Without the consent of the Noteholders or any other Person but with prior notice to each Rating Agency, the Issuer and the Indenture
Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution
thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 
 (i) to correct
or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to
subject additional property to the lien of this Indenture; 

					
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 (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 contained herein and in the Notes; 
 (iii) to add to the covenants of the Issuer, for the benefit of the Noteholders [and the Swap Counterparty], 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 to supplement any provision herein or in any supplemental indenture which may be
inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture; provided, that such action shall not
materially and adversely affect the interests of the Noteholders; 
 (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 VI; 
 (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 
 (viii) to add, modify or eliminate such provisions as may be necessary or
advisable in order to enable (a) the transfer to the Issuer of all or any portion of the Receivables to be derecognized under GAAP by the Seller to the Issuer, (b) the Issuer to avoid becoming a member of the Seller’s consolidated
group under GAAP or (c) the Seller or any of its Affiliates to otherwise comply with or obtain more favorable treatment under any law or regulation or any accounting rule or principle; it being a condition to any such amendment that the Rating
Agency Condition be satisfied. 
 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)
The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also without the consent of any Noteholder, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any
manner or eliminating any of the provisions of, this Indenture or of modifying in any manner (other than the modifications set forth in Section 9.2, which require consent of each Noteholder affected thereby) the rights of the Noteholders
under this Indenture; provided, (i) that the Rating Agency Condition shall have been satisfied with respect to such action, and (ii) that such action shall not, as evidenced by an Opinion of Counsel, (A) materially and adversely
affect the interests of any Noteholder, (B)

					
		  	39	  	20[    ]-[    ] Indenture

 
affect the treatment of the Notes as debt for federal income tax purposes, or (C) be deemed to cause a taxable exchange of the Notes for federal income
tax purposes. 
 (c) [Notwithstanding the foregoing, no amendment under this Section 9.1 shall materially and
adversely affect the rights or obligations of the Swap Counterparty under this Indenture unless the Swap Counterparty shall have consented in writing to such action (and such consent shall be deemed to have been given if the Swap Counterparty does
not object in writing within ten (10) Business Days after receipt of a written request for such consent).] 
 SECTION
9.2 Supplemental Indentures with Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating Agencies and with the consent of the Holders of not less than a
majority of the Outstanding Note Balance, voting together as a single Class, by Act of such Holders delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions
to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided, [that no such supplemental indenture shall materially and adversely
affect the rights or obligations of the Swap Counterparty under this Indenture unless the Swap Counterparty shall have consented in writing to such supplemental indenture (and such consent shall be deemed to have been given if the Swap Counterparty
does not object in writing within ten (10) Business Days after receipt of a written request for such consent); provided, further,] that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note
affected thereby: 
 (i) change the Final Scheduled Payment Date of any Note, or reduce the principal amount
thereof, the interest rate thereon or the Redemption Price with respect thereto, change the provision 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 V, 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 Outstanding Note Balance, the consent of the Holders of which is required for any
such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture; 

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

(iv) reduce the percentage of the Outstanding Note Balance required to direct the Indenture Trustee to direct the
Issuer to sell or liquidate the Trust Estate pursuant to 

					
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	  	20[    ]-[    ] Indenture

 
Section 5.4 if the proceeds of such sale would be insufficient to pay the Outstanding Note Balance plus accrued but unpaid interest on the Notes;

 (v) modify any provision of this Section in any respect adverse to the interests of the Noteholders except
to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the Transaction Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby;

 (vi) modify any of the provisions of this Indenture in such manner as to affect the calculation of the
amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders to the benefit of any provisions for
the mandatory redemption of the Notes contained herein; 
 (vii) 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 or in the Transaction Documents, terminate the lien of this Indenture on any property at any time
subject hereto or deprive any Noteholder of the security provided by the lien of this Indenture; or 
 (viii)
impair the right to institute suit for the enforcement of payment as provided in Section 5.7. 
 Any such
supplemental indenture shall be executed only upon delivery of an Opinion of Counsel to the same effect as in Section 9.1(b)(ii). 
 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 amendment or supplemental indenture relates a notice (to be provided by the Issuer and at the Issuer’s expense) 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. 
 SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.1 and 6.2, 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. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that
affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

					
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 SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the 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 9.5 Conformity With Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed
pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 
 SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article IX 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. 
 ARTICLE X REDEMPTION OF NOTES 
 SECTION 10.1 Redemption. (a) Each of the Notes is subject to redemption in whole, but not in part, at the direction of the
Ohio Bank, as Servicer, pursuant to Section 8.1 of the Sale and Servicing Agreement, on any Payment Date on which the Ohio Bank exercises its option to purchase the Trust Estate (other than the Reserve Account) pursuant to said
Section 8.1, for a purchase price equal to the Optional Purchase Price, which amount shall be deposited by the Servicer into the Collection Account on the Redemption Date. 
 (b) Each of the Notes is subject to redemption in whole, but not in part, on any Payment Date on which the sum of the amounts in the
Reserve Account and the remaining Available Funds after the payments under [clauses first through fifth] of Section 4.4(a) of the Sale and Servicing Agreement would be sufficient to pay in full the aggregate unpaid Note
Balance of all of the Outstanding Notes as determined by the Servicer. On such Payment Date, (i) the Indenture Trustee upon written direction from the Servicer shall transfer all amounts on deposit in the Reserve Account to the Collection
Account and (ii) the Outstanding Notes shall be redeemed in whole, but not in part. 
 (c) If the Notes are to be
redeemed pursuant to Sections 10.1(a) or 10.1(b), the Administrator or the Issuer shall provide at least 20 days’ prior notice of the redemption of the Notes to the Indenture Trustee and the Owner Trustee[, the Swap Counterparty]
and the Indenture Trustee shall provide prompt (but not later than 10 days prior to the applicable Redemption Date) notice thereof to the Noteholders. 

					
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 SECTION 10.2 Form of Redemption Notice. Notice of redemption under
Section 10.1 shall be given by the Indenture Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes as of the close of business on the Record
Date preceding the applicable Redemption Date, at such Holder’s address appearing in the Note Register. 
 All notices
of redemption shall state: 
 (i) the Redemption Date; 
 (ii) the Redemption Price; 
 (iii) that the Record Date otherwise applicable to such Redemption Date is not applicable and that payments shall be made only upon presentation and surrender of such Notes, and the place where
such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.2); 
 (iv) that interest on the Notes shall cease to accrue on the Redemption Date; and 
 (v) the CUSIP numbers (if applicable) for such Notes. 
 Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. In addition, the
Issuer shall notify each Rating Agency upon redemption of the Notes. 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 Note. 
 SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption as required by
Section 10.2 (in the case of redemption pursuant to Section 10.1), on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest
shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 
 ARTICLE XI MISCELLANEOUS 
 SECTION 11.1 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 that satisfies TIA Section 314(c)(1), (ii) an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with that satisfies TIA Section 314(c)(2) and (iii) if required by the TIA in the case of condition precedent compliance with which is subject to verification by accountants, a certificate
or opinion of an accountant that satisfies TIA Section 314(c)(3), 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. 

					
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 Every certificate or opinion in accordance with TIA Section 314(e) with respect to
compliance with a condition or covenant provided for in this Indenture shall include: 
 (i) a statement that
each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 
 (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (iii) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation
as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (iv) a statement as to whether, in the opinion of each such signatory such condition or covenant has been complied with. 
 (b) (i) Prior to the deposit of any 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 11.1(a) or elsewhere in this Indenture, 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 in accordance with TIA Section 314(d) (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 deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value in accordance with TIA
Section 314(d) to the Issuer of the property or securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth
in the certificates delivered pursuant to clause (i) and this clause (ii), is 10% or more of the Note Balance, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to
the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Note Balance. 
 (iii) Other than as contemplated by Section 11.1(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 

					
		  	44	  	20[    ]-[    ] Indenture

 
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 Purchased Receivables, or securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the
certificates required by clause (iii) above and this clause (iv), equals 10% or more of the 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 one percent of the then Note Balance. 
 (v) Notwithstanding Section 2.9 or any other provision of this Section, the Issuer may (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent
permitted or required by the Transaction Documents, including without limitation pursuant to Section 10.1 of this Indenture, and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the
Transaction Documents. 
 SECTION 11.2 Form of Documents Delivered to the Indenture Trustee. In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several
documents. 
 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or
her certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Servicer, the Seller, the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Administrator or the Issuer, unless such counsel knows, or
in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated
and form one instrument. 
 Whenever in this Indenture, in connection with any application or certificate or report to the
Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the
time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have
such 

					
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application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture
Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 
 SECTION 11.3 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 6.1) 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 any Noteholder shall bind
the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation
of such action is made upon such Note. 
 SECTION 11.4 Notices. All demands, notices and communications hereunder
shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile, and addressed in each case as specified on Schedule II
to the Sale and Servicing Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication
by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 
 SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case
where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of 

					
		  	46	  	20[    ]-[    ] Indenture

 
such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly
given. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled
to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such a waiver. 
 In case, by reason of the suspension of regular mail service
as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such
notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where
this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or an Event of Default. 

SECTION 11.6 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, provided, that such methods are reasonable and consented to by the Indenture Trustee (which consent shall not be unreasonably withheld). 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 11.7 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 11.8 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 11.9 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. 

					
		  	47	  	20[    ]-[    ] Indenture

 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 shall not in any way be affected or impaired thereby. 
 SECTION 11.11 Benefits of Indenture. [The Swap Counterparty shall be a third-party beneficiary to the provisions of this Indenture.] Nothing in this Indenture or in the Notes, express or
implied, shall give to any Person, other than the parties hereto and their successors hereunder, [the Swap Counterparty] and the Noteholders and any other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or
equitable right, remedy or claim under this Indenture. 
 SECTION 11.12 Legal Holidays. In any case where the date on
which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect
as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 
 SECTION 11.13 Governing Law. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE 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 is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel 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. Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner or a beneficial interest in a Note, by accepting the benefits of this Indenture, 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 this Indenture or any certificate or other writing delivered in connection herewith or
therewith, against (i) the Indenture Trustee or the Owner Trustee in their respective individual capacities, (ii) any Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator
or the Seller or (iv) any partner, owner, beneficiary, agent, officer, director, employee, successor or assign of any Person described in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided 

					
		  	48	  	20[    ]-[    ] Indenture

 
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 11.17 No Petition. Each of the Indenture Trustee, by entering into this Indenture, and each Noteholder and
Note Owner, by accepting a Note or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote
Party in respect of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation,
reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee,
receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an
involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and
(ii) none of the parties hereto shall commence, join or institute against, with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute
now or hereafter in effect in any jurisdiction. 
 SECTION 11.18 Intent. (a) It is the intent of the Issuer that
the Notes constitute indebtedness for all financial accounting purposes and the Issuer agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed, to treat the Notes as
indebtedness for all financial accounting purposes. 
 (b) It is the intent of the Issuer that the Notes constitute
indebtedness of the Issuer for all tax purposes and the Issuer agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed to treat the Notes as indebtedness for all federal,
state and local income and franchise tax purposes. 
 SECTION 11.19 Submission to Jurisdiction; Waiver of Jury Trial.
Each of the parties hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal
action or Proceeding relating to this Indenture or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the
State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such action or Proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such action or Proceeding in any such court or that such action
or Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

					
		  	49	  	20[    ]-[    ] Indenture

 (c) agrees that service of process in any such action or Proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11.4 of this Indenture; 
 (d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit
the right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, waives all right of
trial by jury in any action, Proceeding or counterclaim based on, or arising out of, under or in connection with this Indenture, any other Transaction Document, or any matter arising hereunder or thereunder. 
 SECTION 11.20 Subordination of Claims. The Issuer’s obligations under this Indenture are obligations solely of the Issuer and
will not constitute a claim against the Seller to the extent that the Issuer does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its individual
capacity and as the Owner Trustee), by accepting the benefits of this Indenture, the Certificateholder, by accepting the Certificate, and Indenture Trustee (in its individual capacity and as Indenture Trustee), by entering into this Indenture, and
each Noteholder, each Note Owner [and the Swap Counterparty], by accepting the benefits of this Indenture, hereby acknowledges and agrees that such Person has no right, title or interest in or to the Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding sentence, each of the Owner Trustee, the Indenture Trustee, each Noteholder or Note Owner and the Certificateholder either (i) asserts an interest or claim to, or benefit
from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of
Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be
expressly subordinated to the indefeasible payment in full, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise
secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not
asserted against the Seller), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the
Bankruptcy Code. Each of the Indenture Trustee (in its individual capacity and as the Indenture Trustee), by entering into or accepting this Indenture, the Certificateholder, by accepting the Certificate, and the Owner Trustee, and each Noteholder
or Note Owner, by accepting the benefits of this Indenture, hereby further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section and the terms of this Section may be enforced by an action for specific
performance. The provisions of this Section will be for the third party benefit of those entitled to rely thereon and will survive the termination of this Indenture. 

					
		  	50	  	20[    ]-[    ] Indenture

 SECTION 11.21 Limitation of Liability of Owner Trustee. It is expressly understood
and agreed by and between the parties hereto that (i) this Indenture is executed and delivered by [            ], not in its individual capacity but solely as Owner Trustee of the
Issuer in the exercise of the power and authority conferred and vested in it as such Owner Trustee, (ii) each of the representations, undertakings and agreements made herein by the Issuer are not personal representations, undertakings and
agreements of [            ], but are binding only on the Issuer, (iii) nothing contained herein shall be construed as creating any liability on
[            ] individually or personally, to perform any covenant of the Issuer, either expressed or implied, contained herein, all such liability, if any, being expressly waived by the
parties hereto and by any Person claiming by, through or under any such party, and (iv) under no circumstances shall [            ] be personally liable for the payment of any
indebtedness or expense of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture. 
 SECTION 11.22 Information Requests. The parties hereto shall provide any information reasonably requested by the Servicer, the
Issuer, the Seller or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle. 
 SECTION 11.23 [Limitation of Rights]. [All of the rights of the Swap Counterparty in, to and under this Indenture or any other
Transaction Document (including, but not limited to, all of the Swap Counterparty’s rights as a third-party beneficiary of this Indenture and all of the Swap Counterparty’s rights to receive notice of any action hereunder or under any
other Transaction Document and to give or withhold consent to any action hereunder or under any other Transaction Document) shall terminate upon the termination of the Interest Rate Swap Agreement in accordance with the terms thereof and the payment
in full of all amounts owing to the Swap Counterparty under such Interest Rate Swap Agreement.] 
 [Remainder of Page Intentionally Left
Blank] 

					
		  	51	  	20[    ]-[    ] Indenture

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

			
	 FIFTH THIRD AUTO TRUST 20[__]-[__]

		
	 By:
	 	 [            ], not in its individual capacity but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

					
		  	S-1	  	20[    ]-[    ] Indenture

			
	 [                    ], not in its individual capacity but
solely as Indenture Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

					
		  	S-2	  	20[    ]-[    ] Indenture

 SCHEDULE I 
 PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 
 In addition to the
representations, warranties and covenants contained in the Indenture, the Issuer hereby represents, warrants, and covenants to the Indenture Trustee as follows on the Closing Date: 
 General 
 1. The Indenture creates a valid and continuing
security interest (as defined in the applicable UCC) in the Receivables and the other Collateral 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. 
 2. The Receivables constitute “tangible chattel paper,” “accounts,”
“instruments” or “general intangibles,” within the meaning of the applicable UCC. 
 3. Each Receivable
is secured by a first priority validly perfected security interest in the related Financed Vehicle in favor of the applicable Originator, as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to
perfect a first priority security interest in the related Financed Vehicle in favor of the applicable Originator, as secured party. 
 4. Each Trust Account constitutes either a “deposit account” or a “securities account” within the meaning of the UCC. 
 Creation 
 5. Immediately prior to the sale, transfer, assignment and conveyance of a Receivable by
the Seller to the Issuer, the Seller owned and had good and marketable title to such Receivable free and clear of any Lien and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Issuer, the Issuer will have
good and marketable title to such Receivable free and clear of any Lien. 
 Perfection 
 6. The Issuer has caused or will have caused, within ten days after the effective date of the Indenture, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Receivables granted to the Indenture Trustee hereunder; and the Servicer has in its possession
the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to in this paragraph contain a statement that: “A purchase of or security interest in any
collateral described in this financing statement will violate the rights of the Secured Party”. 
 7. With respect to
Receivables that constitute instruments or tangible chattel paper, either: 

					
		  	I - 1	  	20[    ]-[    ] Indenture

 (i) all original executed copies of each such instrument or tangible chattel paper have
been delivered to the Indenture Trustee; or 
 (ii) such instruments or tangible chattel paper are in the possession of the
Servicer and the Indenture Trustee has received a written acknowledgment from the Servicer that the Servicer is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee; or 
 (iii) the Servicer received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written
acknowledgment from the Servicer that the Servicer is acting solely as agent of the Indenture Trustee. 
 8. With respect to
the Trust Accounts that constitute deposit accounts, either: 
 (i) the Issuer has delivered to the Indenture Trustee a fully
executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in such Trust Accounts without further consent by the
Issuer; or 
 (ii) the Issuer has taken all steps necessary to cause the Indenture Trustee to become the account holder of
such Trust Accounts. 
 9. With respect to the Trust Accounts that constitute securities accounts or securities entitlements,
either: 
 (i) the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities
intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to such Trust Accounts without further consent by the Issuer; or 
 (ii) the Issuer has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee as the Person having a security entitlement against the
securities intermediary in each of such Trust Accounts. 
 Priority 
 10. 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 (i) relating to the conveyance of Receivables by the Ohio Bank or the Michigan Bank under the applicable Sale Agreement, (ii) relating to the conveyance
of the Receivables by FTH LLC to the Seller under the Purchase Agreement, (iii) relating to the conveyance of the Receivables by the Seller to the Issuer under the Sale and Servicing Agreement, (iv) relating to the security interest
granted to the Indenture Trustee under the Indenture or (v) that has been terminated. 
 11. The Issuer is not aware of
any material judgment, ERISA or tax lien filings against the Issuer. 

					
		  	I - 2	  	20[    ]-[    ] Indenture

 12. Neither the Issuer nor a custodian holding any Receivable that is electronic chattel
paper has communicated an authoritative copy of any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer. 
 13. None of the instruments nor tangible chattel paper that constitutes or evidences the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person
other than the Issuer or the Indenture Trustee. 
 14. No Trust Account that constitutes a securities account or securities
entitlement is in the name of any Person other than the Issuer or the Indenture Trustee. The Issuer has not consented to the securities intermediary of any such Trust Account to comply with entitlement orders of any Person other than the Indenture
Trustee. 
 15. No Trust Account that constitutes a deposit account is in the name of any Person other than the Issuer or the
Indenture Trustee. The Issuer has not consented to the bank maintaining such Trust Account to comply with instructions of any Person other than the Indenture Trustee.
 Survival of Perfection Representations 
 16. Notwithstanding any other
provision of the Indenture or any other Transaction Document, the perfection representations, warranties and covenants contained in this Schedule I shall be continuing, and remain in full force and effect until such time as all obligations
under the Indenture have been finally and fully paid and performed. 
 No Waiver 
 17. The parties to the Indenture shall provide the Rating Agencies with prompt written notice of any material breach of the perfection
representations, warranties and covenants contained in this Schedule I, and shall not, without satisfying the Rating Agency Condition, waive a breach of any of such perfection representations, warranties or covenants. 
 Issuer to Maintain Perfection and Priority 
 18. The Issuer covenants that, in order to evidence the interests of the Indenture Trustee under this Indenture, the Issuer shall take such action, or execute and deliver such instruments as may be necessary or
advisable (including, without limitation, such actions as are requested by the Indenture Trustee) to maintain and perfect, as a first priority interest, the Indenture Trustee’s security interest in the Receivables. The Issuer shall, from time
to time and within the time limits established by law, prepare and file, all financing statements, amendments, continuations, initial financing statements in lieu of a continuation statement, terminations, partial terminations, releases or partial
releases, or any other filings necessary or advisable to continue, maintain and perfect the Indenture Trustee’s security interest in the Receivables as a first-priority interest. 

					
		  	I - 3	  	20[    ]-[    ] Indenture

 Exhibit A 
 FORMS OF NOTES 

					
		  		  	20[    ]-[    ] Indenture

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

			
	 REGISTERED
	  	 $                                    1          

	 No. R-                
	  	 CUSIP NO.
                             

		  	 ISIN.
                                        

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 BY ACQUIRING THIS NOTE, EACH PURCHASER OR TRANSFEREE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING AND
WILL NOT HOLD THE NOTES WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A “PLAN” AS DEFINED IN
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING OR ANY OTHER EMPLOYEE BENEFIT PLAN OR RETIREMENT ARRANGEMENT THAT IS SUBJECT TO A LAW
THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE OR A NONEXEMPT VIOLATION OF ANY SIMILAR APPLICABLE LAW. 
 FIFTH THIRD AUTO TRUST
20[    ]-[    ] 
 CLASS [A-1] [A-2] [A-3] [A-4]
[            ]% 
 AUTO LOAN ASSET BACKED NOTES 
 Fifth Third Auto Trust 20[ ]-[ ], a statutory trust organized and existing under the laws of the State of Delaware (including any
successor, the “Issuer”), for value received, hereby promises to pay to [            ], or registered assigns, the principal sum of
[            ] DOLLARS 

	

  

	 1
	 Denominations of $100,000 and integral multiples of $1,000 in excess thereof. 

					
		  	A-1	  	20[    ]-[    ] Indenture

 
($[            ]), in monthly installments on the [    ] of
each month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on [            ], 20[    ] (each, a
“Payment Date”) until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class [A-1] [A-2] [A-3] [A-4] Note Balance as of the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date, at the rate per annum shown above (the “Interest Rate”), in each case as and to the extent set forth
in Sections 2.7, 3.1, 5.4(b) and 8.2 of the Indenture and Section 4.4 of the Sale and Servicing Agreement; provided, however, that the entire Class [A-1] [A-2] [A-3] [A-4] Note Balance shall be
due and payable on the earliest of (i) [            ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to
Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. Interest on this Note will accrue for each Payment Date from and including
the preceding Payment Date (or, in the case of the initial Payment Date, from and including the Closing Date) to but excluding such Payment Date. Interest will be computed on the basis of [actual days elapsed and a 360-day year] [a 360-day year of
twelve 30-day months]. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States 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 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 the name of which appears below by manual
signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually, by its Authorized Officer. 
 Dated: [            ], 20[    ] 

					
		  	A-2	  	20[    ]-[    ] Indenture

			
	 FIFTH THIRD AUTO TRUST 20[    ]-[    ]

		
	 By:
	 	 [            ], not in its individual capacity but solely as Owner Trustee

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

					
		  	A-3	  	20[    ]-[    ] Indenture

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
 Dated: [            ], 20[    ] 
  

			
	 [            ],

	 a national banking association, not in its individual capacity but solely as Indenture Trustee

		
	 By:
	 	  

		 	Authorized Signatory

  

					
		  	A-4	  	20[    ]-[    ] Indenture

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1     %] [Class A-2     %] [Class A-3
    %] [Class A-4     %] Auto Loan Asset-Backed Notes (herein called the “Class [A-1] [A-2] [A-3] [A-4] Notes” or the “Notes”), all issued under an Indenture
dated as of [            ], 20[     ] (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and
[            ], a [            ], not in its individual capacity but solely as trustee (the “Indenture
Trustee”), which term includes any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of
the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture
or the Sale and Servicing Agreement shall have the meanings assigned to them in the Indenture or in Appendix A of the Sale and Servicing Agreement. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Holders of the Notes. 
 Principal payable on the Notes will be paid on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing Agreement. As described above, the entire Class [A-1] [A-2] [A-3] [A-4] Note Balance shall be due and
payable on the earliest of (i) [            ], 20[    ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any,
pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 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 of and
interest on this Note made on each Payment Date, Redemption Date or upon acceleration shall be made by check mailed to the Person whose name appears as the registered Holder of this Note (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 DTC (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) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of
the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Holder hereof as of the Record Date
preceding such Payment Date or Redemption Date by notice mailed prior to such Payment Date 

					
		  	A-5	  	20[    ]-[    ] Indenture

 
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. 
 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the
Servicer, 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 Seller, the
Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the
Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual
capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to
such entity. 
 It is the intent of the Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of
federal, state and local income and franchise tax the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes will qualify as indebtedness of the Issuer. The Noteholders, by acceptance of a Note, agree
to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness of the Issuer. 
 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that, prior to the date which is one year and one day after payment in full of all obligations of
each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding
seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an
administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession
by any such official in any involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy
Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now
or hereafter in effect in any jurisdiction. 

					
		  	A-6	  	20[    ]-[    ] Indenture

 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, 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	  	20[    ]-[    ] Indenture

 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:
	  	
			
		  		  	  

		  		  	 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include
membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended.

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

					
		  	A-8	  	20[    ]-[    ] Indenture

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