Document:

Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the “Employment Agreement”) is
entered, effective March 26, 2008, (the “Effective Date”) by and between HealthExtras, Inc. (the “Company”) and Hai Tran (the “Executive”). 
 WHEREAS, the Company is engaged in business as a pharmacy benefits manager; and 
 WHEREAS, the Company seeks to employ the Executive, and the Executive seeks employment with and for the Company and to execute the duties as Chief
Financial Officer that the Chief Executive Officer of the Company (the “CEO”) or the Board of Directors of the Company (the “Board”) may from time-to-time assign; and 
 WHEREAS, Executive and the Company wish to enter into this Employment Agreement to set forth the terms for employment and compensation for the
Executive; 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable
consideration, the parties hereto hereby agree to enter into this Employment Agreement effective as of the Effective Date. 
 SECTION I

 Term of Employment; Executive Representation. 
  

	1.1	Employment Term. Executive shall be employed by the Company under the terms of this Employment Agreement for a three-year period commencing on the first day of
Executive’s active employment with the Company, which shall be anytime on or before June 1, 2008 (the “Employment Term”); however, Executive’s position as the Company’s Chief Financial Officer shall not be effective
until July 1, 2008. Notwithstanding the foregoing, the Executive’s employment with the Company may be terminated pursuant to Section VIII, on the terms and subject to the conditions set forth in this Employment Agreement. On the date the
Executive’s employment with the Company ends, the Executive shall cease to hold any position (whether as an officer, director, manager, employee, trustee, fiduciary or otherwise) with the Company or any of its subsidiaries or affiliates, unless
the Executive and the Company shall specifically agree otherwise in writing. 

  

	1.2	 Executive Representation. Executive hereby represents to the Company that the execution and delivery of this Employment Agreement by Executive and the
Company, and the performance by Executive of the Executive’s duties hereunder, shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement, other agreement, or policy (including any covenant not to compete,
solicit employees, or customers of any prior employer(s)) to which Executive is a party or otherwise bound. Executive further warrants that he has not been the subject of any criminal or civil proceeding, investigation, 

  

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or sanction by any licensing authority of any state, Federal agency, court, other public body, or of any self-regulatory organization. Executive further
represents that he is not aware of any basis that he would not be fit to transact business with an agency or instrumentality of the federal or any state government. 

 SECTION II 
 Position. 
  

	2.1	Effective July 1, 2008 and for the remainder of the Employment Term, Executive shall serve as the Company’s Chief Financial Officer and shall principally perform
Executive’s duties to the Company and its affiliates from the Company’s offices in Rockville, Maryland, subject to normal and customary travel requirements in the conduct of the Company’s business to customer locations and to its
facilities, including (but not limited to) its facilities in Florida, Louisiana, Maryland, Nevada, North Carolina, and Texas. In such position, Executive shall report to the CEO and shall have such duties which shall be those normally performed by a
Chief Financial Officer. 

  

	2.2	During the Employment Term, Executive will devote Executive’s full business time and best efforts to the performance of Executive’s duties hereunder and will not engage in
any other business, profession, or occupation for compensation or otherwise which would conflict with the rendition of such services either directly or indirectly, without the prior written consent of the CEO. 

  

	2.3	Executive has no equity interest in any company engaged in the same lines of business as the Company. Executive agrees not to acquire any interest in any such company without the
express consent of the Company. Notwithstanding the foregoing, the Executive may acquire up to a two percent interest in any publicly traded company so long as his activity with respect to such company remains a passive investment.

  

	2.4	Executive, as an obligation of employment, shall be/become familiar with requirements of law(s) applicable to the lines of business in which the Company is engaged and similarly
with respect to its legal obligations as a public company. Should any practice at the Company appear to be inconsistent with such requirements, the Executive shall report such incident or suspected activity to the CEO, or to counsel for the Company
(at the address identified in Section 11.7, below). Failure to comply with the obligations of this section is grounds for immediate dismissal. 

  

	2.5	 To the extent required by Section 304 of the Sarbanes-Oxley Act of 2002, if the Company is required to prepare an accounting restatement due to the material
noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, the Chief Financial Officer (i.e., the Executive) shall reimburse the Company for any bonus or other incentive-based or
equity-based compensation received by him from the Company during the 12-month period following the first public issuance or filing with the Securities and Exchange Commission (whichever occurs first) of the 

  

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financial document embodying such financial reporting requirement and shall reimburse the Company for any profits realized from the sale of securities of the
Company during that 12-month period. 

 SECTION III 
 Base Salary. 
  

	3.1	The Executive will be paid a base salary at regular installments in accordance with the Company’s usual payment practices. The Executive’s base salary will be paid at an
annual rate of $295,000. The Executive’s base salary, as in effect at a given time hereunder, is hereinafter referred to as the “Base Salary.” Any changes to Base Salary during the term of this Employment Agreement shall be as
authorized by the Compensation Committee of the Board. 

 SECTION IV 
 Incentive Bonus. 
  

	4.1	Executive is, and shall be, eligible to earn an incentive cash bonus award (an “Incentive Bonus”), as determined by the Board. The current Incentive Bonus range for which
the Executive is eligible, subject to determination by the Board, is set forth in Schedule 4-1. 

 SECTION V 
 Equity Arrangements. 
  

	5.1	The Executive is, and shall be, eligible to earn awards under the Company’s 2003 Equity Incentive Plan, the Company’s 2006 Stock Incentive Plan and/or such similar
programs as may be adopted from time-to-time to provide long-term incentives for executives of the Company (as applicable, the “Plan”). 

  

	5.2	The Executive shall be entitled to receive a grant of 25,000 shares of restricted Company common stock (the “Initial Restricted Stock”) at the next meeting of our Board or
the Compensation Committee of the Board following the Start Date (as defined below). The Initial Restricted Stock shall be subject to the terms and conditions of a restricted stock agreement approved by the Board and the applicable Plan, including a
four year vesting schedule. 

  

	5.3	The Executive shall be eligible to earn an annual grant of restricted Company common stock (the “Restricted Stock”), as determined by the Board. The current range for
which the Executive is eligible, subject to determination by the Board, is 10,000 to 20,000 shares of Restricted Stock per year with a target of 15,000 shares of Restricted Stock (the “Target Restricted Stock Grant”). The Restricted Stock
shall be subject to the terms and conditions of a restricted stock agreement approved by the Board and the applicable Plan. 

  

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	5.4	Subject to the Executive’s continued employment with the Company on the date of a Change in Control, the Executive shall fully vest in the Initial Restricted Stock, the
Restricted Stock and all other equity awards held by the Executive that relate to the common stock of the Company. Such vesting shall occur immediately prior to the date of the Change in Control. 

 SECTION VI 
 Employee Benefits.

  

	6.1	During the Employment Term, Executive shall be entitled to participate in the employee benefit plans of the Company maintained generally for employees (including, e.g., without
limitation, standard medical and dental benefits, and savings plan), as well as those maintained for other senior executives of the Company. In addition, Executive shall be eligible for the following benefits: 

  

	 	A.	Three weeks of paid vacation per year which may be taken at such times as approved by the CEO, which approval will not be unreasonably withheld; and 

  

	 	B.	Term life insurance as currently in effect and to be maintained in an amount equal to at least three times the Executive’s Base Salary. 

 SECTION VII 
 Business Expenses.

  

	7.1	During the Employment Term, reasonable business expenses incurred by Executive in the performance of Executive’s duties hereunder shall be reimbursed by the Company in
accordance with Company policies. 

 SECTION VIII 
 Termination. 
  

	8.1	The Employment Term and Executive’s employment hereunder may be terminated by either party at any time and for any reason in accordance with the provisions of this Section
VIII. Notwithstanding any other provision of this Employment Agreement, the provisions of this Section VIII shall exclusively govern the Executive’s rights upon termination of employment with the Company and its affiliates. The following
provisions shall apply to termination of the Executive’s employment with the Company. 

  

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	 	A.	By the Company for Cause. 

  

	 	(i)	The Employment Term and Executive’s employment hereunder may be immediately terminated by the Company for Cause (as defined below) at any time. 

  

	 	(ii)	For purposes of this Employment Agreement, “Cause” shall mean the Executive’s: (i) failure to comply with any law or regulation arising from conduct not
undertaken in good faith; (ii) commission of an act of fraud upon, or act evidencing dishonesty to, the Company; (iii) misappropriation of any funds, property, or rights of the Company; (iv) willful breach or habitual neglect of
Executive’s job duties or Executive’s failure or refusal to comply with explicit directives of the Company; (v) conviction of a felony or a misdemeanor involving moral turpitude; (vi) use or possession of illegal drugs at work or
Executive’s working under the influence of drugs at work; or (vii) Executive’s breach of the provisions of any non-competition or confidentiality agreements with, or written policies of, the Company or its affiliates to which
Executive is bound or subject. 

  

	 	(iii)	If Executive’s employment is terminated by the Company for Cause, Executive shall be entitled to receive: 

  

	 	(a)	The Base Salary through the date of termination; 

  

	 	(b)	Reimbursement for any unreimbursed business expenses properly incurred by Executive in accordance with Company policy prior to the date of the Executive’s termination; and

  

	 	(c)	Such Employee Benefits, if any, as to which Executive may be entitled under the terms of the employee benefit plans of the Company. 

  

	 	B.	By the Company Without Cause or by the Executive with Good Reason (Including Death or Permanent Disability). 

  

	 	(i)	The Employment Term and Executive’s employment hereunder may be terminated by the Company at any time without Cause. 

  

	 	(ii)	If Executive’s employment is terminated by the Company without Cause, upon the death, or permanent disability of the Executive, or by the Executive for Good Reason, then
Executive shall be entitled to receive: 

  

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	 	(a)	Two times the Executive’s Base Salary payable in the form of salary continuation over the twelve month period following the termination date in accordance with the
Company’s normal payroll practices as in effect on the date of termination of Executive’s employment, except that any payments that would otherwise have been made before the first normal payroll payment date falling on or after the
sixtieth (60th) day after the date of termination of Executive’s employment (the “First Payment Date”) shall be made on the First Payment Date; 

  

	 	(b)	Continuation of healthcare benefits at the Company’s expense for a period of twelve months following the termination date provided, however, that the amount of healthcare
benefits reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year; 

  

	 	(c)	The Initial Restricted Stock, the Restricted Stock and all other equity awards held by the Executive that relate to the common stock of the Company, in each case, that would have
vested in the twelve (12) month period following the Executive’s date of termination had the Executive remained employed by the Company during such twelve (12) month period shall be immediately vested on the date of termination;

  

	 	(d)	Any Incentive Bonus earned for the performance period that has ended prior to the date of termination that remains unpaid as of the date of termination; 

  

	 	(e)	Reimbursement for any unreimbursed business expenses properly incurred by Executive in accordance with Company policy prior to the date of Executive’s termination; and

  

	 	(f)	Such Employee Benefits, if any, as to which Executive may be entitled to under the terms of the employee benefit plans of the Company. 

  

	 	(iii)	Executive shall have the right, upon not less than 30 days’ advance written notice to the Company, to terminate his employment hereunder for “Good Reason” (as
hereinafter defined) if the Company fails to substantially cure the action set forth as grounds for Good Reason. Any such notice of termination of employment by Executive for Good Reason must be given in writing to the CEO, within four calendar
months after the occurrence of the event constituting Good Reason. 

  

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	 	(a)	“Good Reason” means (i) the assignment to Executive of any duties inconsistent in any material respect with Executive’s position (including status, offices,
titles, and reporting relationships), authority, duties, or responsibilities as of the Effective Date; and (ii) the Company’s failure to honor all of the terms of this Employment Agreement, excluding for such purpose any isolated,
insubstantial, and inadvertent action not taken in bad-faith and which is remedied by the Company promptly after receipt of written notice thereof from the Executive. 

  

	 	(iv)	Permanent disability shall be determined based upon the ability of the Executive to perform the functions of Chief Financial Officer. The determination that the Executive is
permanently disabled for purposes of any Company paid disability policy with respect to the Executive shall be proof that the Executive is permanently disabled. 

  

	 	(v)	Notwithstanding any provision to the contrary in this Employment Agreement, the Executive shall not be eligible to receive the payments and benefits set forth in
Section 8.1(B)(ii)(a), (b) and (c) unless (x) on or prior to the 50th day following the date of his termination, the Executive executes and delivers to the Company a waiver and release of claims agreement, in the form attached
hereto as Appendix C (the “Release”), which Release may be amended by the Company to reflect changes in applicable laws and regulations, and (y) such Release shall not have been revoked by the Executive on or prior to the 60th day
following the date of his termination. The salary continuation payments payable hereunder are intended to constitute separate payments for purposes of Section 1.409A- 2(b)(2) of the Treasury Regulations. 

  

	 	C.	By the Company Without Cause During the First Nine Months Following the Start Date. 

  

	 	(i)	Notwithstanding the provisions set forth in Section 8.1(B)(ii), if Executive’s employment is terminated by the Company without Cause during the first nine (9) months
following the Start Date, the Executive shall only be entitled to receive: 

  

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	 	(a)	Tweleve (12) months of the Executive’s Base Salary payable in the form of salary continuation over the twelve month period following the termination date in accordance
with the Company’s normal payroll practices as in effect on the date of termination of Executive’s employment, except that any payments that would otherwise have been made before the first normal payroll payment date falling on or after
the sixtieth (60th) day after the date of termination of Executive’s employment (the “First Payment Date”) shall be made on the First Payment Date; 

  

	 	(b)	Twenty-five (25) percent of Executive’s Initial Stock Grant shall become immediately vested; 

  

	 	(c)	Continuation of healthcare benefits at the Company’s expense for a period of twelve months following the termination date provided, however, that the amount of healthcare
benefits reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year; 

  

	 	(d)	Reimbursement for any unreimbursed business expenses properly incurred by Executive in accordance with Company policy prior to the date of Executive’s termination; and

  

	 	(e)	Such Employee Benefits, if any, as to which Executive may be entitled to under the terms of the employee benefit plans of the Company. 

  

	 	(ii)	Except as provided in Section 8.1(c)(i), if Executive’s employment is terminated by the Company without Cause during the first nine (9) months following the Start
Date, the Initial Restricted Stock, the Restricted Stock and all other equity awards held by the Executive on the date of termination that relate to the common stock of the Company, shall not vest and instead shall be forfeited.

  

	 	(iii)	If the Executive’s employment is terminated by the Company without Cause during the first nine (9) months following the Start Date, but after (x) there is a Change in
Control or (y) David Blair is no longer CEO of the Company, the provisions set forth in this Section VIII, paragraph C shall not apply. 

  

	 	(iv)	The Executive shall not be entitled to receive any payments or benefits pursuant to Section 8.1(B)(ii) in the event he is entitled to payments and benefits under this
Section 8.1(C). 

  

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	 	(v)	Notwithstanding any provision to the contrary in this Employment Agreement, the Executive shall not be eligible to receive the payments and benefits set forth in
Section 8.1(C)(i)(a), (b) and (c) unless (x) on or prior to the 50th day following the date of his termination, the Executive executes and delivers to the Company a waiver and release of claims agreement, in the form attached
hereto as Appendix C (the “Release”), which Release may be amended by the Company to reflect changes in applicable laws and regulations, and (y) such Release shall not have been revoked by the Executive on or prior to the 60th day
following the date of his termination. The salary continuation payments payable hereunder are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 

  

	 	(vi)	For purposes of this Section VIII, paragraph C: 

  

	 	(a)	“Change in Control” shall have the meaning ascribed to such term in Appendix B. 

  

	 	(b)	“Start Date” means the date Executive becomes actively employed by the Company but in any event, no later than June 1, 2008. 

  

	 	D.	By the Executive without Good Reason. 

  

	 	(i)	The Employment Term and Executive’s employment hereunder may be terminated by the Executive without Good Reason upon not less than 90 days’ advance written notice to the
Company. 

  

	 	(ii)	If Executive’s employment is terminated by the Executive without Good Reason, then Executive shall be entitled to receive: 

  

	 	(a)	The Base Salary through the date of termination; 

  

	 	(b)	Reimbursement for any unreimbursed business expenses properly incurred by Executive in accordance with Company policy prior to the date of Executive’s termination; and

  

	 	(c)	Such Employee Benefits, if any, as to which Executive may be entitled under the terms of the employee benefit plans of the Company. 

  

	 	E.	Termination Within 12 Months After Change in Control 

  

	 	(i)	 In the event that Executive’s employment is terminated within twelve months after a Change in Control by the Company without Cause or by Executive for Good
Reason, Executive shall be entitled to the same rights, 

  

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payments and benefits as provided in paragraph B of this Section VIII, except the amount provided in Section 8.1(B)(ii)(a) shall be paid in a lump sum
within thirty (30) days following the effective date of the Release if the Change in Control constitutes a “change in control event” (as set forth in Section 409A). In addition, the Executive shall be entitled to receive a lump
sum payment equal to two times his Target Bonus (without regard to any reduction in Base Salary after the Change in Control). Notwithstanding the foregoing, if as provided in Appendix A Executive would otherwise be subject to the excise tax imposed
by Section 4999 of the Internal Revenue Code, the amounts payable under this Employment Agreement shall be reduced as provided in Appendix A. 

  

	 	(ii)	If any contest or dispute shall arise under this Employment Agreement involving termination of Executive’s employment with the Company within twelve months after a Change in
Control, the Company shall reimburse Executive for all reasonable legal fees and related expenses, if any, incurred by Executive in connection with such contest or dispute if a court of competent jurisdiction or an arbitration panel substantially
upholds Executive’s position, provided, that the Company shall make any such reimbursement to Executive as soon as practicable after such reimbursement becomes due, but in no event later than December 31st of the year following the
year in which the applicable fees and related expenses were incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year. 

  

	 	(iii)	For purposes of this Section VIII, paragraph E: 

  

	 	(a)	“Cause” shall have the meaning given to such term in Section 8.1A(ii). 

  

	 	(b)	“Good Reason” shall have the meaning set forth in paragraph 8.1B(iii)(a) of Section VIII and shall also include (i) any requirement of the Company that Executive
(a) be based anywhere more than fifty (50) miles from Executive’s primary office location and more than fifty (50) miles from Executive’s principal residence at the time of the Change in Control or (b) travel on Company
business to an extent substantially greater than the travel obligations of Executive immediately prior to such Change in Control; and (ii) the Company’s failure to continue to provide Executive with benefits in the aggregate substantially
equivalent to the benefits Executive was entitled to under the employee benefit plans of the Company in which Executive was participating immediately prior to such Change in Control, at a substantially equivalent cost. 

  

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	 	(c)	“Change in Control” shall have the meaning ascribed to such term in Appendix B. 

  

	 	F.	Notwithstanding anything to the contrary in this Section 8.1, the Executive shall not be entitled to any severance payments or benefits pursuant to this Section 8.1 that
provide for deferral of compensation covered by Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) unless the Executive’s termination of employment constitutes a “separation from service”
within the meaning of Treasury Regulation Section 1.409A-1(h). If, at the time the Executive experiences a “separation from service,” the Company determines that the Executive is a “specified employee,” as defined in
Section 409A (and the regulations promulgated thereunder), then notwithstanding anything to the contrary in this Employment Agreement, any and all amounts payable under this Section VIII that would constitute deferred compensation subject to
Section 409A, as determined by the Company in its sole discretion, and that would (but for this sentence) be payable within the six (6) month period following such separation from service, shall instead be paid on the thirtieth day
following the expiration of the six (6) month period following the separation from service, in cash and in the form of a lump sum. 

 SECTION IX 
 Notice of Termination. 
  

	9.1	Any purported termination of employment by the Company or by Executive (other than due to Executive’s death) shall be communicated by written Notice of Termination to the other
party hereto in accordance with Section 11.7 hereof. For purposes of this Employment Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Employment Agreement relied
upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of employment under the provision so indicated. 

 SECTION X 
 Confidentiality. 
  

	10.1	Executive acknowledges and agrees to the provisions of the Confidentiality and Non-Competition Addendum set forth fully in Schedule 10-1 to this Employment Agreement, made a part
hereof, and acknowledged by the signatures of the Executive and Company (or their respective representatives). 

  

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 SECTION XI 
 Miscellaneous. 
  

	11.1	Governing Law. This Employment Agreement, except as otherwise expressly provided, shall be governed by and construed in accordance with the laws of the State of Maryland,
without regard to conflicts of laws principles thereof. 

  

	11.2	Entire Agreement/Amendments. This Employment Agreement (together with its Schedules, appendices and the Confidentiality and Non-Competition Addendum) contains the entire
understanding of the parties with respect to the employment of Executive by the Company and supersedes in their entirety the Prior Employment Agreement. There are no restrictions, agreements, promises, warranties, covenants, or undertakings between
the parties with respect to the subject matter herein other than those expressly set forth herein. This Employment Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto.

  

	11.3	No Waiver. The failure of a party to insist upon strict adherence to any term of this Employment Agreement on any occasion shall not be considered a waiver of such
party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Employment Agreement. 

  

	11.4	Severability. In the event that any one or more of the provisions of this Employment Agreement shall be or become invalid, illegal, or unenforceable in any respect, the
validity, legality, and enforceability of the remaining provisions of this Employment Agreement shall not be affected thereby. 

  

	11.5	Assignment. This Employment Agreement shall not be assignable by Executive. This Employment Agreement may be assigned by the Company to a company which is a successor in
interest to substantially all of the business operations of the Company. Such assignment shall become effective when the Company notifies the Executive of such assignment or at such later date as may be specified in such notice. Upon such
assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such successor company, provided that any assignee expressly assumes the obligations, rights, and privileges of this Employment
Agreement. 

  

	11.6	Successors; Binding Agreement. This Employment Agreement shall inure to the benefit of and be binding upon the personal or legal representatives, executors, administrators,
successors, heirs, distributees, devises, and legatees of the respective parties to this Employment Agreement. 

  

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	11.7	Notice. For the purposes of this Employment Agreement, notices and all other communications provided for in the Employment Agreement shall be in writing and shall be deemed
to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, and addressed to the respective addresses set forth below or to such other address as either party may have furnished to
the other in writing in accordance herewith. Notice of change of address shall be effective only upon receipt. 

  

			
	If to the Company:	  	HealthExtras, Inc.
		  	800 King Farm Boulevard, 4th Floor
		  	Rockville, MD 20850
		  	Attn: Thomas Farah, Esq.
		  	           General Counsel
		
	If to Executive:	  	To the most recent address of Executive set forth in the personnel records of the Company.

  

	11.8	Withholding Taxes. The Company may withhold from any amounts payable under this Employment Agreement such federal, state, and local taxes as may be required to be withheld
pursuant to any applicable law or regulation. 

  

	11.9	Counterparts. This Employment Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were
upon the same instrument. 

 [The remainder of this page intentionally left blank. Signature page follows.] 
  

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

									
	HealthExtras, Inc.	 		 	Executive
				
	BY:	 	 /s/ David T. Blair
	 		 	 /s/ Hai Tran

		 	David T. Blair	 		 	Hai Tran
	TITLE:	 	Chief Executive Officer	 		 		 	

  

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 SCHEDULES TO THE EMPLOYMENT AGREEMENT OF MARCH 26, 2008 
 BETWEEN HEALTHEXTRAS, INC. AND HAI TRAN 
 Schedule 4-1
(Incentive Bonus) 
 The Executive participates in the Executives and Senior Management bonus pool, tier 1, targeting a bonus ranging between
0 percent and 100 percent of Base Salary, with a target bonus of 50 percent of Base Salary (the “Target Bonus”). 
 Schedule 10-1 (See the
Confidentiality and Non-Competition Addendum annexed to and made a part of the Employment Agreement) 
  

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 CONFIDENTIALITY AND NON-COMPETITION ADDENDUM TO THE 
 EMPLOYMENT AGREEMENT OF MARCH 26, 2008 
 BETWEEN HEALTHEXTRAS, INC. AND HAI TRAN 
 WHEREAS, HealthExtras, Inc. (“Company”) has and intends to
devote large amounts of time, effort, and expense in developing, acquiring, and using technical and non-technical information (“Confidential Information,” “Written Material,” and “Inventions” as more specifically
defined below and referred to collectively as “Proprietary Information”) in the healthcare delivery industry and human resource management industry and may, both on its behalf and on behalf of customers of the Company, develop, or
participate in the development of additional Proprietary Information 
 WHEREAS, during the employment of Hai Tran (the
“Executive”) with the Company, the Company anticipates the development of additional Proprietary Information; and 
 WHEREAS, in the course of performance of Executive’s duties for the Company, Executive will be given or have access to the Company’s Proprietary Information which is vital to the success of the Company’s business and
the Company must be protected from the substantial injury and loss that it would suffer as a result of violations of this Confidentiality and Non-Competition Addendum (“Confidentiality Addendum”); and 
 WHEREAS, the Company is desirous of balancing its interests in protecting its Proprietary Information with Executive’s right to be free from
unreasonable restraints of trade; 
 NOW THEREFORE, in consideration of good and valuable consideration, including but not limited to
the employment or continued employment of Executive, the Company and Executive mutually agree as follows: 
 SECTION I 
 Confidential Information. 
  

	1.1	Non-Disclosure, Use and Return of Confidential Information. Executive agrees that at all times (both during his/her employment with the Company and after his/her separation
from the Company): (i) not to disclose Confidential Information to unauthorized persons, (ii) not to copy or use Confidential Information for unauthorized purposes, and (iii) to comply with any procedures that the Company may adopt to
preserve the confidentiality of Confidential Information. Upon termination of employment with the Company, Executive agrees to deliver to the Company all Confidential Information in his/her possession, including files stored in electronic or other
media, and agrees not to retain copies of any Confidential Information. If Executive has some question as to whether certain information falls within the scope of Confidential Information, he/she agrees to treat such information as Confidential
Information until told otherwise in writing by the Company. The Company further agrees to respond promptly when questioned about whether something is Confidential Information. 

  

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	1.2	Definitions. For purposes of this Confidentiality Addendum, the term Confidential Information means any information, whether or not reduced to writing: (i) that is not
generally known in the Company’s trade or industry, (ii) that the Company or its customers and clients treat, or is obligated to treat, as confidential, and (iii) that Executive may create or have access to as a result of his/her
employment with the Company. Confidential Information includes, but is not limited to, trade secrets, and other information concerning the Company’s products and services, business procedures, marketing, customers (including their identities,
services acquired from the Company, pricing, and contact list), and software. 

 SECTION II 
 Intellectual Property. 
  

	2.1	If during Executive’s employment with the Company, the Executive accomplishes or conceives any invention, creation, works, or intellectual property in any other forms, as a
result of or relating to the employment of Executive with the Company, the proprietary rights to such intellectual property, including but not limited to patent, copyright, trade secrets, and other related rights, shall be vested in the Company.

  

	2.2	Executive shall promptly give the Company full details of any invention or improvement which he/she may from time-to-time make or discover in the course of his/her duties, and to
further the interests of the Company’s undertaking with regard thereto. Any such invention or improvement shall be the property of the Company without any additional compensation to Executive, and Executive shall take all steps, and execute
such documents as may be necessary and reasonably required by the Company, at the expense of the Company, to procure and ensure that the Company obtains and retains complete and exclusive legal title to any such invention or improvement.

  

	2.3	The Executive shall assist the Company in obtaining, securing, and enforcing the abovementioned intellectual property rights as is required by the Company. 

SECTION III 
 Return of Company Property.

  

	3.1	Executive shall promptly, whenever requested by the Company, and in any event upon the termination of his/her employment with the Company, deliver to the Company all lists of
clients or customers, correspondence, and all other documents, papers, records, and any other properties which may have been prepared by him/her or have come into his/her possession in the course of his/her employment with the Company. Executive
shall not be entitled to, and shall not retain, any copies thereof. Title and copyright thereto shall be vested in the Company. 

  

 17 

 SECTION IV 
 Non-Competition and Non-Solicitation. 
  

	4.1	Non-Competition. 

  

	 	A.	In consideration of the remuneration and benefits given by the Company hereunder and in view of Executive’s position in the Company that would enable him/her to get access to
trade secrets and other Confidential Information, Executive hereby explicitly agrees and commits for the period of his employment with the Company and for a period of twelve months following his termination of employment with the Company, as
follows: 

  

	 	(i)	That he/she shall not attempt in any manner to solicit from any of the Company’s clients business of the type performed by the Company, or to persuade any clients to cease
business, to reduce the amount of business which a client has customarily done or contemplates doing with the Company, or any of its subsidiary companies, whether or not the relationship with the Company and such client was originally established in
whole or in part through Executive’s efforts; 

  

	 	(ii)	That he/she shall not attempt to employ or assist anyone else to employ, any person who is/has been employed by the Company (or any of its affiliates and subsidiary companies)
within the six months period prior to the Executive’s separation from service with the Company; 

  

	 	(iii)	That he/she shall not at any time disclose to anyone any Confidential Information or trade secrets of the Company, or any client of the Company, or utilize such Confidential
Information or trade secrets for Executive’s own benefit, or for the benefit of any third parties; 

  

	 	(iv)	That he/she shall not remove from the Company, or make copies of, any memoranda, notes, records, computer diskettes/files, or other documents concerning the business of the Company
and/or its clients, compiled by the Executive, or made available to the Executive, during the employment period. 

  

	 	B.	 The Executive shall not, at any time during the period of his employment with the Company and for a period of twelve months following his termination of employment
with the Company, directly or indirectly engage in, have any equity interest in, interview for a potential employment or consulting relationship with or manage or operate any person, firm, corporation, partnership or business (whether as director,
officer, employee, agent, representative, partner, security holder, consultant or otherwise) that engages in any business which competes with any portion of the Business (as defined below) of the Company anywhere in the world. Notwithstanding the
previous sentence, the twelve month period in the previous 

  

 18 

	 	 
sentence shall be substituted with a twenty four month period in the event the Executive’s employment with the Company ends within the twelve month
period following a Change in Control. Nothing herein shall prohibit the Executive from being a passive owner of not more than 2% of the outstanding equity interest in any entity that is publicly traded, so long as the Executive has no active
participation in the business of such entity. As used in this Section 4.1, (i) the term “Company” shall include the Company and its subsidiaries, and (ii) the term “Business” shall mean the business of the Company,
as such business may be expanded or altered by the Company during the period of the Executive’s employment with the Company. 

  

	 	C.	Executive agrees that should he/she violate these covenants, damages to the Company will be difficult to enforce. In recognition of the loss that a breach would cause, Executive
agrees that the applicable restrictive period shall be extended so that the Company enjoys a complete, contiguous restrictive period during which Executive has honored this Confidentiality Addendum. 

  

	4.2	Reasonableness of Restrictions. Executive acknowledges: (i) that the restrictions in Section IV are reasonable in terms of scope: duration, geographically, and
otherwise, (ii) that the protection afforded to the Company hereunder is necessary to protect its legitimate business interests, and (iii) that the agreement to observe such restrictions form a material part of the consideration for the
Employment Agreement, including this Confidentiality Addendum, and his/her employment by the Company. 

  

	4.3	Enforceability. In the event that, notwithstanding the foregoing, any of the provisions of Section IV shall be held to be invalid or unenforceable, Executive agrees that the
remaining provisions hereof shall nevertheless continue to be valid and enforceable as though the invalid or unenforceable parts had not been included therein. In the event that any provision of Section IV, relating to the time period and/or the
areas of restriction and/or any related aspects, shall be declared by a court of competent jurisdiction to exceed the maximum restrictions such court deems reasonable and enforceable, the time period and/or areas of restriction and/or related
aspects deemed reasonable and enforceable by the court shall become, and thereafter be, the maximum restriction in such regard, and the restriction shall remain enforceable to the fullest extent deemed reasonable by such court.

  

	4.4	Injunctive Relief. Executive understands that his/her failure to comply with the obligations under this Confidentiality Addendum and in particular the restrictions contained
in Section IV of this Confidentiality Addendum will cause the Company to suffer irreparable injury and harm, the full extent of which will, or may, be impossible to ascertain, and for which monetary damages will not be a complete remedy.
Accordingly, Executive agrees that the Company will, in addition to any other remedies available to it at law or in equity, be entitled to preliminary and permanent injunctive relief to enforce, or to prevent a breach of, the terms of this
Confidentiality Addendum. 

  

 19 

 SECTION V 
 Miscellaneous. 
  

	5.1	Assignability. This Confidentiality Addendum may be assigned only as part of, and consistent with the assignment provisions of Section 11.5 of the Employment Agreement
of which it is a part. 

  

	5.2	Former Employers. The Executive represents that the Executive’s employment by the Company does not and will not breach any agreement with any former employer, including
any non-compete agreement or any agreement to keep in confidence or refrain from using information acquired by the Executive prior to the Executive’s employment by the Company. During the Term of Employment, the Executive agrees that the
Executive will not violate any non-solicitation agreements the Executive entered into with any former employer or improperly make use of, or disclose, any information or trade secrets of any former employer or third party, nor will the Executive
bring onto the premises of the Company or use any unpublished documents or any property belonging to any former employer or other third party, in violation of any lawful agreement with that former employer or third party. 

 

	5.3	Successors; Binding Agreement. This Confidentiality Addendum (along with the entire Employment Agreement) shall inure to the benefit of and be binding upon the personal or
legal representatives, executors, administrators, successors, heirs, distributees, devises and legatees of the respective parties to the Employment Agreement (which includes this Confidentiality Addendum). 

  

	5.4	Governing Law. This Confidentiality Addendum will be deemed signed in Maryland, and will be governed by and construed in accordance with the laws of the State of Maryland,
without regard to conflict of laws. 

  

	5.5	Surviving Obligations. The terms of this Confidentiality Addendum shall survive the expiration of the other provisions of the Employment Agreement. 

IN WITNESS WHEREOF, the parties to the Employment Agreement have duly executed, and thereby expressly acknowledged and agreed to this Confidentiality
Addendum to the Employment Agreement. 
 [The remainder of this page intentionally left blank. Signature page follows.] 
  

 20 

							
	HealthExtras, Inc.	 		 	Executive
				
	BY:	 	 /s/ David T. Blair
	 		 	 /s/ Hai Tran

		 	David T. Blair	 		 	Hai Tran
	TITLE:	 	Chief Executive Officer	 		 	

  

 21 

 APPENDIX A TO THE EMPLOYMENT AGREEMENT OF MARCH 26, 2008 
 BETWEEN HEALTHEXTRAS, INC. AND HAI TRAN 
 Cut-back to Safe Harbor Cap on Payments 
 (a) Notwithstanding anything in this Employment Agreement to the contrary, in the
event it shall be determined that any payment, award, benefit or distribution (or any acceleration of any payment, award, benefit or distribution) by the Company (or any of its affiliated entities) or any entity which effectuates a Change in Control
(or any of its affiliated entities) to or for the benefit of Executive, whether pursuant to the terms of this Employment Agreement or otherwise (the “Payments”), would be subject to the excise tax (the “Excise Tax”) imposed by
Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), then the amounts payable to Executive under this Employment Agreement shall be reduced (reducing first the payments under paragraph 8.1E of Section VIII
of the Employment Agreement, unless an alternative method of reduction is elected by Executive) to the maximum amount necessary to result in no portion of the Payments being subject to such excise tax (the “Safe Harbor Cap”). For purposes
of reducing the Payments to the Safe Harbor Cap, only amounts payable to Executive under this Employment Agreement (and no other Payments) shall be reduced, unless consented to by Executive. 
 (b) All determinations required to be made under this Appendix A shall be made by the public accounting firm that is retained by the Company as of the
date immediately prior to the Change in Control (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and Executive within ten (10) business days of the receipt of notice from the Company or
Executive that there has been a Payment, or such earlier time as is requested by the Company. Notwithstanding the foregoing, in the event (i) the Board shall determine prior to the Change in Control that the Accounting Firm is precluded from
performing such services under applicable auditor independence rules or (ii) the Audit Committee of the Board determines that it does not want the Accounting Firm to perform such services because of auditor independence concerns or
(iii) the Accounting Firm is serving as accountant or auditor for the person(s) effecting the Change in Control, the Board shall appoint another nationally recognized public accounting firm to make the determinations required hereunder (which
accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses (including, but not limited to, the costs of retaining experts) of the Accounting Firm shall be borne solely by the Company and the Company shall
enter into any agreement requested by the Accounting Firm in connection with the performance of the services hereunder. 
 If the Accounting
Firm determines that payments shall be reduced to the Safe Harbor Cap, it shall furnish Executive with a written opinion to that effect, and to the effect that Executive is not required to report any Excise Tax on Executive’s federal income tax
return. If the Accounting Firm determines that no Excise Tax would otherwise be payable by Executive, it shall furnish Executive with a written opinion to such effect, and to the effect that Executive is not required to report any Excise Tax on
Executive’s federal income tax return. The determination by the Accounting Firm shall be binding upon the Company and Executive (except as provided in paragraph (c) below). 
  

 22 

 (c) If it is established pursuant to a final
determination of a court or the Internal Revenue Service (the “IRS”) proceeding which has been finally and conclusively resolved, that Payments have been made to, or provided for the benefit of, Executive by the Company, which are in
excess of the limitations provided in paragraph (a) to this Appendix A (hereinafter referred to as an “Excess Payment”), Executive shall repay the Excess Payment to the Company on demand, together with interest on the Excess Payment
at the applicable federal rate (as defined in Section 1274(d) of the Code) from the date of Executive’s receipt of such Excess Payment until the date of such repayment. As a result of the uncertainty in the application of Section 4999
of the Code at the time of the determination, it is possible that Payments which will not have been made by the Company should have been made (an “Underpayment”), consistent with the calculations required to be made under this Appendix A.
In the event that it is determined (i) by the Accounting Firm, the Company (which shall include the position taken by the Company, or together with its consolidated group, on its federal income tax return) or the IRS or (ii) pursuant to a
determination by a court, that an Underpayment has occurred, the Company shall pay an amount equal to such Underpayment to Executive within ten (10) days of such determination together with interest on such amount at the applicable federal rate
from the date such amount would have been paid to Executive until the date of payment. Executive shall cooperate; to the extent Executive’s expenses are reimbursed by the Company, with any reasonable requests by the Company in connection with
any contests or disputes with the IRS in connection with the Excise Tax or the determination of the Excess Payment. Notwithstanding the foregoing, in the event that amounts payable under this Employment Agreement were reduced pursuant to paragraph
(a) of this Appendix A and the value is stock options is subsequently redetermined by the Accounting Firm (as defined below) within the context of Treasury Regulation §1.280G-1 Q/A 33 that reduces the value of the Payments attributable to
such options, the Company shall promptly pay to Executive any amounts payable under this Employment Agreement that were not previously paid solely as a result of paragraph (a) up to the Safe Harbor Cap. To the extent Executive’s expenses
are reimbursed by the Company pursuant to this paragraph, the Company shall make any such reimbursement to Executive as soon as practicable after such reimbursement becomes due, but in no event later than December 31st of the year following the year in which the applicable fees and related expenses were incurred. The amount of expenses reimbursed in one year shall not affect
the amount eligible for reimbursement in any subsequent year. 
  

 23 

 APPENDIX B TO THE EMPLOYMENT AGREEMENT OF MARCH 26, 2008 
 BETWEEN HEALTHEXTRAS, INC. AND HAI TRAN 
 Definition of Change in Control 
 For purposes of this Employment Agreement, “Change in Control” means the occurrence of any one
of the following events: 
 (i) individuals who, on March 26, 2008, constitute the Board (the “Incumbent
Directors”) cease for any reason within any twenty-four (24) month period to constitute at least a majority of the Board (or the board of directors of any successor to the Company), provided that any person becoming a director subsequent
to such date whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is
named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual
or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board (including by reason of any agreement intended to avoid or settle
such election contest or solicitation of proxies) shall be deemed to be an Incumbent Director until twenty-four (24) months after such election; 
 (ii) any “person” (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and as used in Sections 13(d)(3) and 14(d)(2) of the
Exchange Act) is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 35% or more of the combined voting power of the Company’s then
outstanding securities eligible to vote for the election of the Board (the “Company Voting Securities”); provided, however, that the event described in this paragraph (ii) shall not be deemed to be a Change in Control by
virtue of any of the following acquisitions: (A) by the Company or any Subsidiary, (B) by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, (C) by any underwriter temporarily
holding securities pursuant to an offering of such securities, (D) pursuant to a Non-Qualifying Transaction, as defined in paragraph (iii), or (E) by any person of Company Voting Securities from the Company, if a majority of the Incumbent
Board approves in advance the acquisition of beneficial ownership of 35% or more of Company Voting Securities by such person; 
 (iii) the consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or any of its Subsidiaries that requires the approval of the Company’s stockholders, whether for
such transaction or the issuance of securities in the transaction (a “Business Combination”), unless immediately following such Business Combination: (A) more than 50% of the total voting power of (x) the corporation resulting
from such Business 

  

 24 

 
Combination (the “Surviving Corporation”), or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial
ownership of at least 90% of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent Corporation”), is represented by Company Voting Securities that were outstanding immediately prior to such Business
Combination (or, if applicable, is represented by shares into which such Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the
voting power of such Company Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation
or the Parent Corporation), is or becomes the beneficial owner, directly or indirectly, of 35% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent
Corporation, the Surviving Corporation) and (C) at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Business
Combination were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination (any Business Combination which satisfies all of the criteria specified in (A),
(B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”); 
 (iv) the consummation
of a sale of all or substantially all of the Company’s assets; or 
 (v) the occurrence of any other event that the Board
determines by a duly approved resolution constitutes a Change in Control. 
 Notwithstanding the foregoing, a Change in Control of the Company shall not be
deemed to occur solely because any person acquires beneficial ownership of more than 35% of the Company Voting Securities as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting
Securities outstanding; provided, that if after such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities
beneficially owned by such person, a Change in Control of the Company shall then occur. 
  

 25 

 APPENDIX C TO THE EMPLOYMENT AGREEMENT OF MARCH 26, 2008 
 BETWEEN HEALTHEXTRAS, INC. AND HAI TRAN 
 Release of Claims 
 FOR AND IN CONSIDERATION OF the benefits to be provided me in connection with my Separation from
Service (as such term is defined in the Employment Agreement), as such benefits are set forth in the Employment Agreement between me and HealthExtras, Inc. (the “Company”), dated as of March 26, 2008 (the “Employment
Agreement”), my receipt of which is conditioned on my signing this Release of Claims and to which I am not otherwise entitled, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, I, on
my own behalf and on behalf of my spouse, child or children, heirs, executors, administrators, beneficiaries, devisees, representatives, attorneys, successors, and assigns, and all others claiming through me, hereby release, forever discharge, and
covenant not to sue the Company, its subsidiaries, its other affiliates, and all of their respective past, present and future officers, directors, trustees, fiduciaries, shareholders, employees, agents, administrators, general and limited partners,
members, managers, joint venturers, representatives, successors and assigns, and all others connected with any of them (all of the foregoing, the “Released”), both individually and in their official capacities, from any and all
causes of action, rights and claims of any type or description, known or unknown, which I have had in the past, now have, or might now have, through the date of my signing of this Release of Claims, including, without limitation, any and all causes
of action, rights or claims in any way resulting from, arising out of or connected with my employment by the Company or any of its subsidiaries or other affiliates or my Separation from Service (as such term is defined in the Employment Agreement)
or pursuant to any federal, state or local law, regulation or other requirement (including, without limitation, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Fair Labor
Standards Act, and the laws addressing fair employment practice of the state or states in which I have been employed by the Company or any of its subsidiaries or other affiliates, as each may be amended from time to time). Capitalized terms used in
this Release of Claims which are defined in the Employment Agreement are used herein with the meanings so defined. 
 In signing this Release
of Claims, I acknowledge my understanding that I may not sign this Release of Claims prior to my Separation from Service (as such term is defined in the Employment Agreement), but that I may consider the terms of this Release of Claims for up to
fifty (50) days from the Separation Date (as such term is defined in the Employment Agreement). I also acknowledge that I am advised by the Company and its subsidiaries and other affiliates to seek the advice of an attorney prior to signing
this Release of Claims; that I have had sufficient time to consider this Release of Claims and to consult with an attorney, had I wished to do so, or to consult with any other person of my choosing before signing; and that I am signing this Release
of Claims voluntarily and with a full understanding of its terms. I further acknowledge that, in signing this Release of Claims, I have not relied on any promises or representations, express or implied, that are not set forth expressly in the
Employment Agreement. I understand that I may revoke 

  

 26 

 
this Release of Claims at any time within ten (10) days of the date that I signed this Release of Claims by giving written notice to the Chairman of the
Board of Directors of the Company and that this Release of Claims will take effect only upon the expiration of such ten-day revocation period and only if I have not timely revoked it. I also understand that, if I do revoke this Release of Claims in
a timely manner, the Company (including its subsidiaries and affiliates) will be relieved of all further obligations to me under the Employment Agreement. 
 The Release shall be subject to Sections 11.1, 11.5 and 11.6 of the Employment Agreement to the same extent as such sections apply to the Employment Agreement. This Release is final and binding and may not be
changed or modified except in a writing signed by me and the Company. 
 Intending to be legally bound, I have signed this Release of Claims
under seal as of the date written below. 
  

			
	Signature:	 	  

	
	Name (please print): [                    ]
		
	Date Signed:	 	  

  

 27Indenture, dated as of March 31, 2008

 Exhibit 4.1 
  
  
  
 FIFTH THIRD AUTO TRUST 2008-1 
 Class A-1 2.73023% Auto Loan Asset Backed Notes 
 Class A-2-A 3.58% Auto Loan Asset Backed Notes 
 Class A-2-B LIBOR + 1.25% Auto Loan Asset Backed Notes 
 Class A-3-A 4.07% Auto Loan Asset Backed Notes 
 Class A-3-B 0.00% Auto Loan Asset Backed Notes

 Class A-4-A 4.81% Auto Loan Asset Backed Notes 
 Class A-4-B LIBOR + 2.00% Auto Loan Asset Backed Notes 
 Class B 5.51% Auto Loan Asset Backed Notes

 Class C 6.08% Auto Loan Asset Backed Notes 
 Class D 6.66% Auto Loan Asset Backed Notes 
  
  
 INDENTURE 
 Dated as of March 31, 2008 
  
  
 THE BANK OF NEW YORK, 

 as the Indenture Trustee 
  
  
  

 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. 

 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
	  	4
	 SECTION 2.4
	  	 Registration of Transfer and Exchange
	  	4
	 SECTION 2.5
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	6
	 SECTION 2.6
	  	 Persons Deemed Owners
	  	7
	 SECTION 2.7
	  	 Payment of Principal and Interest; Defaulted Interest
	  	7
	 SECTION 2.8
	  	 Cancellation
	  	8
	 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
	  	10
	 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
	  	11
	 SECTION 3.3
	  	 Money for Payments To Be Held in Trust
	  	11
	 SECTION 3.4
	  	 Existence
	  	12
	 SECTION 3.5
	  	 Protection of Collateral
	  	13
	 SECTION 3.6
	  	 Opinions as to Collateral
	  	13
	 SECTION 3.7
	  	 Performance of Obligations; Servicing of Receivables
	  	14
	 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
	  	17
	 SECTION 3.13
	  	 Further Instruments and Acts
	  	17
	 SECTION 3.14
	  	 Compliance with Laws
	  	17
	 SECTION 3.15
	  	 Perfection Representations, Warranties and Covenants
	  	17
	 SECTION 3.16
	  	 Investment Company Act Representation
	  	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 

 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
	  	25
	 SECTION 5.6
	  	 Limitation of Suits
	  	25
	 SECTION 5.7
	  	 Unconditional Rights of Noteholders to Receive Principal and Interest
	  	26
	 SECTION 5.8
	  	 Restoration of Rights and Remedies
	  	26
	 SECTION 5.9
	  	 Rights and Remedies Cumulative
	  	27
	 SECTION 5.10
	  	 Delay or Omission Not a Waiver
	  	27
	 SECTION 5.11
	  	 Control by Noteholders
	  	27
	 SECTION 5.12
	  	 Waiver of Past Defaults
	  	28
	 SECTION 5.13
	  	 Undertaking for Costs
	  	28
	 SECTION 5.14
	  	 Waiver of Stay or Extension Laws
	  	28
	 SECTION 5.15
	  	 Action on Notes
	  	28
	 SECTION 5.16
	  	 Performance and Enforcement of Certain Obligations
	  	29
	 SECTION 5.17
	  	 Sale of Collateral
	  	29
		
	 ARTICLE VI     THE INDENTURE TRUSTEE
	  	30
			
	 SECTION 6.1
	  	 Duties of the Indenture Trustee
	  	30
	 SECTION 6.2
	  	 Rights of the Indenture Trustee
	  	31
	 SECTION 6.3
	  	 Individual Rights of the Indenture Trustee
	  	32
	 SECTION 6.4
	  	 The Indenture Trustee’s Disclaimer
	  	32
	 SECTION 6.5
	  	 Notice of Defaults
	  	33
	 SECTION 6.6
	  	 Reports by the Indenture Trustee to Noteholders
	  	33
	 SECTION 6.7
	  	 Compensation and Indemnity
	  	33
	 SECTION 6.8
	  	 Removal, Resignation and Replacement of the Indenture Trustee
	  	33
	 SECTION 6.9
	  	 Successor Indenture Trustee by Merger
	  	34
	 SECTION 6.10
	  	 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	  	35
	 SECTION 6.11
	  	 Eligibility; Disqualification
	  	36
	 SECTION 6.12
	  	 Preferential Collection of Claims Against the Issuer
	  	36
	 SECTION 6.13
	  	 Representations and Warranties
	  	36
		
	 ARTICLE VII     NOTEHOLDERS’ LISTS AND REPORTS
	  	36
			
	 SECTION 7.1
	  	 The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders
	  	36
	 SECTION 7.2
	  	 Preservation of Information; Communications to Noteholders
	  	37
	 SECTION 7.3
	  	 Reports by the Indenture Trustee
	  	37
		
	 ARTICLE VIII     ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	37
			
	 SECTION 8.1
	  	 Collection of Money
	  	37
	 SECTION 8.2
	  	 Trust Accounts
	  	38
	 SECTION 8.3
	  	 General Provisions Regarding Accounts
	  	38
	 SECTION 8.4
	  	 Release of Collateral
	  	39

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	Page
	 SECTION 8.5
	  	 Opinion of Counsel
	  	40
		
	 ARTICLE IX     SUPPLEMENTAL INDENTURES
	  	40
			
	 SECTION 9.1
	  	 Supplemental Indentures Without Consent of Noteholders
	  	40
	 SECTION 9.2
	  	 Supplemental Indentures with Consent of Noteholders
	  	42
	 SECTION 9.3
	  	 Execution of Supplemental Indentures
	  	43
	 SECTION 9.4
	  	 Effect of Supplemental Indenture
	  	44
	 SECTION 9.5
	  	 Conformity With Trust Indenture Act
	  	44
	 SECTION 9.6
	  	 Reference in Notes to Supplemental Indentures
	  	44
		
	 ARTICLE X     REDEMPTION OF NOTES
	  	44
			
	 SECTION 10.1
	  	 Redemption
	  	44
	 SECTION 10.2
	  	 Form of Redemption Notice
	  	45
	 SECTION 10.3
	  	 Notes Payable on Redemption Date
	  	45
		
	 ARTICLE XI     MISCELLANEOUS
	  	45
			
	 SECTION 11.1
	  	 Compliance Certificates and Opinions, etc
	  	45
	 SECTION 11.2
	  	 Form of Documents Delivered to the Indenture Trustee
	  	47
	 SECTION 11.3
	  	 Acts of Noteholders
	  	48
	 SECTION 11.4
	  	 Notices
	  	48
	 SECTION 11.5
	  	 Notices to Noteholders; Waiver
	  	48
	 SECTION 11.6
	  	 Alternate Payment and Notice Provisions
	  	49
	 SECTION 11.7
	  	 Conflict with Trust Indenture Act
	  	49
	 SECTION 11.8
	  	 Effect of Headings and Table of Contents
	  	49
	 SECTION 11.9
	  	 Successors and Assigns
	  	50
	 SECTION 11.10
	  	 Severability
	  	50
	 SECTION 11.11
	  	 Benefits of Indenture
	  	50
	 SECTION 11.12
	  	 Legal Holidays
	  	50
	 SECTION 11.13
	  	 Governing Law
	  	50
	 SECTION 11.14
	  	 Counterparts
	  	50
	 SECTION 11.15
	  	 Recording of Indenture
	  	50
	 SECTION 11.16
	  	 Trust Obligation
	  	50
	 SECTION 11.17
	  	 No Petition
	  	51
	 SECTION 11.18
	  	 Intent
	  	51
	 SECTION 11.19
	  	 Submission to Jurisdiction; Waiver of Jury Trial
	  	51
	 SECTION 11.20
	  	 Subordination of Claims
	  	52
	 SECTION 11.21
	  	 Limitation of Liability of Owner Trustee
	  	53
	 SECTION 11.22
	  	 Information Requests
	  	53
	 SECTION 11.23
	  	 Limitation of Rights
	  	53

  

 iii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 Schedule I
	  	 Perfection Representations, Warranties and Covenants
	  	
	 Exhibit A
	  	 Forms of Notes
	  	

  

 iv 

 This INDENTURE, dated as of March 31, 2008 (as amended, modified or supplemented
from time to time, this “Indenture”), is between FIFTH THIRD AUTO TRUST 2008-1, a Delaware statutory trust (the “Issuer”), and THE BANK OF NEW YORK, a New York banking corporation 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 2.73023% Auto Loan Asset Backed Notes (the “Class A-1 Notes”), Class A-2-A 3.58% Auto Loan Asset Backed Notes (the “Class A-2-A
Notes”), Class A-2-B LIBOR + 1.25% Auto Loan Asset Backed Notes (the “Class A-2-B Notes”), Class A-3-A 4.07% Auto Loan Asset Backed Notes (the “Class A-3-A Notes”), Class A-3-B 0.00% Auto
Loan Asset Backed Notes (the “Class A-3-B Notes”), Class A-4-A 4.81% Auto Loan Asset Backed Notes (the “Class A-4-A Notes”), and Class A-4-B LIBOR + 2.00% Auto Loan Asset Backed Notes (the “Class
A-4-B Notes”; and together with the Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3-A Notes, the Class A-3-B Notes and the Class A-4-A Notes the “Class A Notes”),
Class B 5.51% Auto Loan Asset Backed Notes (the “Class B Notes”), Class C 6.08% Auto Loan Asset Backed Notes (the “Class C Notes”) and Class D 6.66% Auto Loan Asset Backed Notes (the “Class D
Notes”; and together with the Class A Notes, the Class B Notes and Class C 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 taken by the Indenture Trustee upon payment by the applicable purchaser
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 March 31, 2008 (as amended, modified or supplemented from time to time, the “Sale and Servicing Agreement”), among Fifth Third Holdings 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, 

  

 2 

 
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 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-A Notes, Class A-2-B Notes, Class A-3-A Notes, Class A-3-B Notes, Class A-4-A Notes, Class A-4-B Notes, Class B Notes, Class C
Notes and Class D 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 $201,000,000, Class A-2-A Notes for original issue in an Initial Note Balance of
$102,000,000, Class A-2-B Notes for original issue in an Initial Note Balance of $143,000,000, Class A-3-A Notes for original issue in an Initial Note Balance of $157,000,000, Class A-3-B Notes for original issue in an Initial Note
Balance of $0, Class A-4-A Notes for original issue in an Initial Note Balance of $117,000,000, Class A-4-B Notes for original issue in an Initial Note Balance of $30,000,000, Class B Notes for original issue in an Initial Note Balance of
$20,925,000, Class C Notes for original issue in an Initial Note Balance of $20,514,000 and Class D Notes for original issue in an Initial Note Balance of $23,386,000. The Note Balance of Class A-1 Notes, Class A-2-A Notes,
Class A-2-B Notes, Class A-3-A Notes, Class A-3-B Notes, Class A-4-A Notes, Class A-4-B Notes, Class B Notes, Class C Notes and Class D Notes Outstanding at any time may not exceed such amounts except as provided in
Section 2.5. 
  

 3 

 Each Note shall be dated the date of its authentication. The Notes shall be issuable as
registered Notes in the minimum denomination of $1,000 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 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 

  

 4 

 
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. 
 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 Class A Note, Class B Note, Class C Note or Class D 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 (i) an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, (ii) a “plan” as
defined in Section 4975 of the Code, (iii) an entity deemed to hold the plan assets of any of the foregoing (any of (i), (ii) or (iii) a “Benefit Plan”) or any governmental plan, non-U.S. plan or church plan that
is subject to a law that is similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”); or (b) (i) such Note is rated at least “BBB-” or its equivalent by a Rating Agency at the time of
purchase or transfer and (ii) the acquisition, holding and disposition of such Note will not give 

  

 5 

 
rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a nonexempt violation of any Similar 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 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. 
  

 6 

 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 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 Note Balance of the Controlling Class, 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 on 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 

  

 7 

 
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. 
 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; 
  

 8 

 (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. 
 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. 
  

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 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 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, franchise and/or value added tax purposes, the Notes shall qualify as indebtedness secured by the Collateral (except Notes when owned by the same person which concurrently owns all of the Certificates).
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, if applicable), agree to treat such Notes for federal, state and
local income, franchise and/or value added tax purposes as indebtedness (except Notes when owned by the same person which concurrently owns all of the Certificates). 
 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 the Reserve Account Draw Amount and Available Funds 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 

  

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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. 
 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; 
  

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 (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 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. 
  

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 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; 
 (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 March 30th of each calendar year, beginning with March 30, 2009, 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 

  

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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 March 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 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; 
  

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 (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; 
 (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, 2009, 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 (or since the Closing Date, in case of the first such
Officer’s Certificate) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 
 (ii) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants under this Indenture in all material respects 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); 
  

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 (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). 
 (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. 
  

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 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. 
 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. 
 SECTION 3.16
Investment Company Act Representation. The Issuer hereby represents and warrants to the Indenture Trustee that it is not an “investment company” that is registered or required to be registered under, or otherwise subject to the
restrictions of, the Investment Company Act of 1940, as amended. 
 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 

  

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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)). 
 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 of the Controlling Class 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; 
  

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 (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 60 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 60 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

 (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 30 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 Note Balance of the Controlling Class, 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 Note Balance of the
Controlling Class, 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 

  

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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. 
 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 of the Controlling Class 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 Note Balance
of the Controlling Class, 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 

  

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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 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 

  

 21 

 
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 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 Note
Balance of the Controlling Class and the Swap Counterparty have consented to such liquidation, (B) the 

  

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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 Note Balance of the Controlling Class 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 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 $150,000 per annum in the
aggregate; 
 (ii) second, to the Servicer, the Servicing Fee and all unpaid Servicing Fees with
respect to prior Collection Periods; 
 (iii) third, to the Swap Counterparty, any due and unpaid Net
Swap Payments; 
 (iv) fourth, pro rata based on amounts due, (i) to the Swap Counterparty for any
due and unpaid Senior Swap Termination Payments and (ii) to the Class A Noteholders, for payment to each respective Class of Class A Noteholders, the Accrued Class A Note Interest; 
 (v) fifth, if an Event of Default described in Section 5.1(a), (b) or (e) has
occurred, in the following order of priority: 
 (a) to the Holders of the Class A-1 Notes in respect of
principal thereon until the Class A-1 Notes have been paid in full; 
  

 23 

 (b) to the Holders of the Class A-2-A Notes, Class A-2-B Notes,
Class A-3-A Notes, Class A-3-B Notes, Class A-4-A Notes and Class A-4-B 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
Class A Notes have been paid in full; 
 (c) to the Holders of the Class B Notes, the Accrued
Class B Note Interest; 
 (d) to the Holders of the Class B Notes in respect of principal thereon
until the Class B Notes have been paid in full; 
 (e) to the Holders of the Class C Notes, the Accrued Class
C Note Interest; 
 (f) to the Holders of the Class C Notes in respect of principal thereon until the
Class C Notes have been paid in full; 
 (g) to the Holders of the Class D Notes, the Accrued Class D Note
Interest; and 
 (h) to the Holders of the Class D Notes in respect of principal thereon until the Class
D Notes have been paid in full; 
 (vi) sixth, if an Event of Default described in
Section 5.1(c) or (d) has occurred, in the following order of priority: 
 (a) to the
Holders of the Class B Notes, the Accrued Class B Note Interest; 
 (b) to the Holders of the Class C Notes,
the Accrued Class C Note Interest; 
 (c) to the Holders of the Class D Notes, the Accrued Class D Note
Interest; 
 (d) 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; 
 (e) to the Holders of the Class A-2-A Notes,
Class A-2-B Notes, Class A-3-A Notes, Class A-3-B Notes, Class A-4-A Notes and Class A-4-B 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 Class A Notes have been paid in full; 
 (f) to the Holders of the Class B Notes in
respect of principal thereon until the Class B Notes have been paid in full; 
  

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 (g) to the Holders of the Class C Notes in respect of principal thereon
until the Class C Notes have been paid in full; and 
 (h) to the Holders of the Class D Notes in respect of
principal thereon until the Class D Notes have been paid in full; 
 (vii) seventh, to the Swap
Counterparty, any due and unpaid Subordinated Swap Termination Payments; 
 (viii) eighth, 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 
 (ix) ninth, 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. 
 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; 
  

 25 

 (ii) the Holders of not less than 25% of the Note Balance of the
Controlling Class have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as 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. 
 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 Note Balance of the Controlling Class, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding
any other provisions of this Indenture. 
 (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 

  

 26 

 
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 Note Balance of the Controlling Class, shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with
respect to the Notes or 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; 
  

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 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 Note Balance of the Controlling Class, 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 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 

  

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application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture
Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the
Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(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 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 Note Balance
of the Controlling Class 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 

  

 29 

 
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 
 (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. 
  

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 (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: 
 (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 6.10, 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 

  

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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. 
 (h) In no event shall the Indenture Trustee be
responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Indenture Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action. 
 (i) In no event shall the Indenture Trustee be responsible or liable for any
failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities; it being understood that the Indenture Trustee shall use reasonable efforts which are consistent with accepted practices in
the banking industry to resume performance as soon as practicable under the circumstances. 
 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 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 6.11. 
 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.

  

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 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) The Bank of New York’s own willful misconduct, negligence or bad faith, (ii) the inaccuracy of any representation or warranty expressly made by The Bank of New
York in its individual capacity or any representation or warranty made by The Bank of New York 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 

  

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Administrator, the Servicer and each Rating Agency. The Holders of a majority of the Note Balance of the Controlling Class 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 Note Balance of the Controlling Class may petition any court of competent
jurisdiction, at the expense of the Issuer, for the appointment of a successor Indenture Trustee. 
 If the Indenture Trustee
fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
 Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of
this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.8 and payment of all fees and expenses owed to the retiring 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, 

  

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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 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. 
  

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 (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 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 New York banking
corporation duly organized, validly existing and in good standing under the laws of the State of New York; 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 

  

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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). 
 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, 2009, 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 

  

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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-A Notes and the Class A-2-B
Notes, ratably, until the Class A-2-A Notes and the Class A-2-B Notes are paid in full; 
 (iii)
third, to the Holders of the Class A-3-A Notes and the Class A-3-B Notes, ratably, until the Class A-3-A Notes and the Class A-3-B Notes are paid in full; 
 (iv) fourth, to the Holders of the Class A-4-A Notes and the Class A-4-B Notes, ratably, until the
Class A-4-A Notes and the Class A-4-B Notes are paid in full; 
 (v) fifth, to the Holders of
the Class B Notes, until the Class B Notes are paid in full; 
 (vi) sixth, to the Holders of the Class
C Notes, until the Class C Notes are paid in full; and 
 (vii) seventh, to the Holders of the Class D
Notes, until the Class D Notes are paid in full. 
 SECTION 8.3 General Provisions Regarding Accounts. (a) The funds
(i) 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 

  

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and investment expenses) on funds on deposit in the Collection 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 (c) 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 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. 
  

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 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
subject to Section 9.1(e) 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; 
 (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; 
  

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 (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 (whether now or in the future in effect); 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) Any term or provision of this Indenture may be amended by the Issuer and the Indenture Trustee, when
authorized by an Issuer Order, without the consent of any Noteholder (other than the modifications set forth in Section 9.2, which require consent of each Noteholder affected thereby), the Swap Counterparty, the Owner Trustee, the
Servicer, FTH LLC or any other Person subject to Section 9.1(e) and satisfaction of the following conditions: 
 (i) the Rating Agency Condition shall have been satisfied; or 
 (ii) that
such action shall not, as evidenced by an Opinion of Counsel, (A) materially and adversely affect the interests of any Noteholder, (B) affect the treatment of the Notes as debt for federal income tax purposes, and (C) be deemed to
cause a taxable exchange of the Notes for federal income tax purposes. 
 (c) Prior to the execution of any amendment to this
Indenture, the Indenture Trustee, at the direction of the Issuer, shall provide written notification of the substance of such amendment 

  

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to each Rating Agency; and promptly after the execution of any such amendment or consent, the Indenture Trustee shall furnish a copy of such amendment or
consent to each Rating Agency. 
 (d) Prior to the execution of any amendment to this Indenture, the Indenture Trustee and
the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery
of such amendment have been satisfied. The Indenture Trustee and the Owner Trustee may, but shall not be obligated to, enter into or execute on behalf of the Issuer any such amendment which materially and adversely affects the Indenture
Trustee’s or the Owner Trustee’s, as applicable, own rights, privileges, indemnities, duties or obligations under this Agreement, the Transaction Documents or otherwise. 
 (e) Notwithstanding anything to the contrary herein, (i) this Agreement may not be amended in any way that would materially and
adversely affect the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, privileges, indemnities, duties or obligations under this Agreement, the Transaction Documents or otherwise without the prior written consent of
such Person; (ii) this Agreement may not be amended in any way that would materially and adversely affect the rights or obligations of the Swap Counterparty unless the Swap Counterparty shall have consented in writing to such amendment; and
(iii) this Indenture may not be amended in any way that would significantly change the permitted activities or powers of the Issuer even if such amendment would not have an adverse effect on the Holders of the Notes without the consent of the
Holders of at least a majority of the Outstanding Notes. 
 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, of the
Controlling 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; 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); 

 

 42 

 (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 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; or 
 (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. 
 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)(iv). 
 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 

  

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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. 
 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 tenth, twelfth and thirteenth 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. 
  

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 (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. 
 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 

  

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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. 
 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 Outstanding 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 Outstanding 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 
  

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property or securities proposed to be released and stating that in the opinion of such Person the proposed release will not impair the security under this
Indenture in contravention of the provisions hereof. 
 (iv) Whenever the Issuer is required to furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate
as to the same matters if the fair value of the property or securities and of all other property other than 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 Outstanding 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 Outstanding 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. 
  

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 Whenever in this Indenture, in connection with any application or certificate or report
to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy,
at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to
have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained
in any such document as provided in Article 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 

  

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herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on
the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in
any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given.

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

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 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. 
 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 
  

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(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 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 

  

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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; 
 (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. 

  

 52 

 
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.

 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 Wilmington Trust Company, 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 Wilmington Trust Company, but are binding only on the Issuer,
(iii) nothing contained herein shall be construed as creating any liability on Wilmington Trust Company 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 Wilmington Trust Company 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] 
  

 53 

 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 2008-1
		
	By:	 	Wilmington Trust Company,
not in its individual capacity
but solely as Owner Trustee
		
	By:	 	/s/ Erik E. Overcash
	Name:	 	Erik E. Overcash
	Title:	 	Financial Services Officer

  

 S-1 

			
	THE BANK OF NEW YORK,
not in its individual capacity
but solely as Indenture Trustee
		
	By:	 	/s/ Jacqueline Kuhn
	Name:	 	Jacqueline Kuhn
	Title:	 	Assistant Treasurer

  

 S-2 

 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 “chattel paper” (including “electronic chattel
paper” or “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 and enforceable 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, subject, as to enforcement,
to applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable principles relating to or affecting the enforcement of creditors’ rights generally. 
 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”. 
  

 I-1 

 7. With respect to Receivables that constitute instruments or tangible chattel paper,
either: 
 (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. 
  

 I-2 

 11. The Issuer is not aware of any material judgment, ERISA or tax lien filings against
the Issuer. 
 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, tangible chattel paper or electronic chattel paper that constitute or evidence 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 

 Exhibit A 
 FORMS OF NOTES 

 FORM OF CLASS [A-1] [A-2-A] [A-2-B] [A-3-A] [A-3-B] [A-4-A] [A-4-B] [B] [C] [D] 
 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) (A) THIS NOTE IS RATED AT LEAST “BBB-” OR ITS EQUIVALENT BY A RATING AGENCY AT THE TIME OF PURCHASE OR TRANSFER AND (B) 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. 
  

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

  

 A-1 

 FIFTH THIRD AUTO TRUST 2008-1 
 CLASS [A-1] [A-2-A] [A-2-B ONE-MONTH LIBOR +] [A-3-A] [A-3-B] [A-4-A] [A-4-B 
 ONE-MONTH
LIBOR +] [B] [C] [D] [            ]% 
 AUTO LOAN ASSET BACKED NOTES

 Fifth Third Auto Trust 2008-1, 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 ($[        ]), in monthly installments on the 15th
 of each month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on April 15, 2008, (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] [A-2-B] [A-3-A] [A-3-B] [A-4-A] [A-4-B] [B] [C] [D] 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] [A-2-B] [A-3-A] [A-3-B] [A-4-A] [A-4-B] [B] [C]
[D] 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. 
  

 A-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually, by its
Authorized Officer. 
 Dated: [            ], 2008 
  

			
	FIFTH THIRD AUTO TRUST 2008-1
	
	By: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 A-3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
 Dated: [            ], 2008 
  

			
	THE BANK OF NEW YORK,
a New York banking corporation, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	 
		 	Authorized Signatory

  

 A-4 

 [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-A __%] [Class A-2-B LIBOR + __%] [Class A-3-A __%] [Class A-3-B __%] [Class A-4-A
__%] [Class A-4-B LIBOR + __%] [Class B __%] [Class C     %] [Class D     %] Auto Loan Asset-Backed Notes (herein called the “Class [A-1] [A-2-A] [A-2-B] [A-3-A] [A-3-B] [A-4-A] [A-4-B]
[B] [C] [D] Notes” or the “Notes”), all issued under an Indenture dated as of March 31, 2008 (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and The
Bank of New York, a New York banking corporation 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-A Notes, the Class A-2-B Notes, the
Class A-3-A Notes, the Class A-3-B Notes, the Class A-4-A Notes and the Class A-4-B Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. The Class B Notes
are subordinated to the Class A Notes and are secured by the collateral pledged as security therefor on a subordinated basis as provided in the Indenture. The Class C Notes are subordinated to the Class A Notes and Class B Notes and are
secured by the collateral pledged as security therefor on a subordinated basis as provided in the Indenture. The Class D Notes are subordinated to the Class A Notes, Class B Notes and Class C Notes and are secured by the collateral pledged as
security therefor on a subordinated basis 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 Class A Notes, Class B Notes, Class C Notes and Class D 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] [A-2-B] [A-3-A] [A-3-B] [A-4-A] [A-4-B] [B] [C] [D] Note Balance shall be due and payable on the earliest of
(i) [        ], 2008 (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] [A-2-B] [A-3-A] [A-3-B] [A-4-A] [A-4-B] [B] [C] [D] [E] Notes shall be made pro rata to the Class
[A-1] [A-2-A] [A-2-B] [A-3-A] [A-3-B] [A-4-A] [A-4-B] [B] [C] [D] 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 

  

 A-5 

 
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 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-A Notes, the Class A-2-B Notes, the Class A-3-A Notes, the Class A-3-B Notes, the Class A-4-A Notes and the Class A-4-B Notes, the Class B Notes, the Class C
Notes and the Class D 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 

  

 A-6 

 
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. 
 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 

 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

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