Document:

Form of Indenture between the Issuing Entity and the Indenture Trustee

 EXHIBIT 4.1 
  
  
  
 CITIZENS AUTO LOAN TRUST 20[__]-[__] 
 Class A-1 [            ]% Auto Loan Asset Backed Notes 
 Class A-2 [            ]% Auto Loan Asset Backed Notes 
 Class A-3 [            ]% Auto Loan Asset Backed Notes 
 Class A-4 [LIBOR +][                ]% Auto Loan Asset Backed Notes 
  
  
 FORM OF 
 INDENTURE 
 Dated as of [                    ] 

 
  
 [                        ], 
 as the Indenture Trustee 
  
  
  
  

					
		 		  	20[    ]-[    ] Indenture

 CROSS REFERENCE TABLE1 
  

					
	 TIA
 Section
	  	 	  	Indenture
Section
	 310
	  	(a) (1)	  	6.11
		  	(a) (2)	  	6.11
		  	(a) (3)	  	6.10; 6.11
		  	(a) (4)	  	N.A.2
		  	(a) (5)	  	6.11
		  	(b)	  	6.8; 6.11
		  	(c)	  	N.A.
	 311
	  	(a)	  	6.12
		  	(b)	  	6.12
		  	(c)	  	N.A.
	 312
	  	(a)	  	7.1
		  	(b)	  	7.2
		  	(c)	  	7.2
	 313
	  	(a)	  	7.3
		  	(b) (1)	  	7.3
		  	(b) (2)	  	7.3
		  	(c)	  	7.3
		  	(d)	  	7.3
	 314
	  	(a)	  	3.9
		  	(b)	  	3.6; 11.15
		  	(c) (1)	  	11.15
		  	(c) (2)	  	11.1
		  	(c) (3)	  	11.1
		  	(d)	  	11.1
		  	(e)	  	11.1
		  	(f)	  	N.A.
	 315
	  	(a)	  	6.1(b)
		  	(b)	  	6.5
		  	(c)	  	6.1(a)
		  	(d)	  	6.1(c)
		  	(e)	  	5.13
	 316
	  	(a) (1) (A)	  	5.11
		  	(a) (1) (B)	  	5.12
		  	(a) (2)	  	N.A.
		  	(b)	  	5.7
		  	(c)	  	5.6(b)
	 317
	  	(a) (1)	  	5.3(b)
		  	(a) (2)	  	5.3(d)
		  	(b)	  	3.3(c)
	 318
	  	(a)	  	11.7

  

	 1
	 Note: This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture.

  

	 2
	 N.A. means Not Applicable. 

  

					
		 		  	20[    ]-[    ] Indenture

 TABLE OF CONTENTS 
  

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

  

					
		 	i	  	20[    ]-[    ] Indenture

 TABLE OF CONTENTS 
 (Continued) 
  

					
	 	 	 	  	Page
	 SECTION 5.1
	 	Events of Default	  	18
	 SECTION 5.2
	 	Acceleration of Maturity; Waiver of Event of Default	  	19
	 SECTION 5.3
	 	Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee	  	20
	 SECTION 5.4
	 	Remedies; Priorities	  	22
	 SECTION 5.5
	 	Optional Preservation of the Collateral	  	24
	 SECTION 5.6
	 	Limitation of Suits	  	24
	 SECTION 5.7
	 	Unconditional Rights of Noteholders to Receive Principal and Interest	  	25
	 SECTION 5.8
	 	Restoration of Rights and Remedies	  	25
	 SECTION 5.9
	 	Rights and Remedies Cumulative	  	25
	 SECTION 5.10
	 	Delay or Omission Not a Waiver	  	26
	 SECTION 5.11
	 	Control by Noteholders	  	26
	 SECTION 5.12
	 	Waiver of Past Defaults	  	26
	 SECTION 5.13
	 	Undertaking for Costs	  	27
	 SECTION 5.14
	 	Waiver of Stay or Extension Laws	  	27
	 SECTION 5.15
	 	Action on Notes	  	27
	 SECTION 5.16
	 	Performance and Enforcement of Certain Obligations	  	27
	 SECTION 5.17
	 	Sale of Collateral	  	28
			
	 ARTICLE VI
	 	THE INDENTURE TRUSTEE	  	28
			
	 SECTION 6.1
	 	Duties of the Indenture Trustee	  	28
	 SECTION 6.2
	 	Rights of the Indenture Trustee	  	30
	 SECTION 6.3
	 	Individual Rights of the Indenture Trustee	  	31
	 SECTION 6.4
	 	The Indenture Trustee’s Disclaimer	  	31
	 SECTION 6.5
	 	Notice of Defaults	  	31
	 SECTION 6.6
	 	Reports by the Indenture Trustee to Noteholders	  	31
	 SECTION 6.7
	 	Compensation and Indemnity	  	31
	 SECTION 6.8
	 	Removal, Resignation and Replacement of the Indenture Trustee	  	32
	 SECTION 6.9
	 	Successor Indenture Trustee by Merger	  	33
	 SECTION 6.10
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	33
	 SECTION 6.11
	 	Eligibility; Disqualification	  	34
	 SECTION 6.12
	 	Preferential Collection of Claims Against the Issuer	  	35
	 SECTION 6.13
	 	Representations and Warranties	  	35
			
	 ARTICLE VII
	 	NOTEHOLDERS’ LISTS AND REPORTS	  	35
			
	 SECTION 7.1
	 	The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders	  	35
	 SECTION 7.2
	 	Preservation of Information; Communications to Noteholders	  	35
	 SECTION 7.3
	 	Reports by the Indenture Trustee	  	36
			
	 ARTICLE VIII
	 	ACCOUNTS, DISBURSEMENTS AND RELEASES	  	36

  

					
		 	ii	  	20[    ]-[    ] Indenture

 TABLE OF CONTENTS 
 (Continued) 
  

					
	 	 	 	  	Page
	 SECTION 8.1
	 	Collection of Money	  	36
	 SECTION 8.2
	 	Trust Accounts	  	36
	 SECTION 8.3
	 	General Provisions Regarding Accounts	  	37
	 SECTION 8.4
	 	Release of Collateral	  	37
	 SECTION 8.5
	 	Opinion of Counsel	  	38
			
	 ARTICLE IX
	 	SUPPLEMENTAL INDENTURES	  	38
			
	 SECTION 9.1
	 	Supplemental Indentures Without Consent of Noteholders	  	38
	 SECTION 9.2
	 	Supplemental Indentures with Consent of Noteholders	  	40
	 SECTION 9.3
	 	Execution of Supplemental Indentures	  	42
	 SECTION 9.4
	 	Effect of Supplemental Indenture	  	42
	 SECTION 9.5
	 	Conformity With Trust Indenture Act	  	42
	 SECTION 9.6
	 	Reference in Notes to Supplemental Indentures	  	42
			
	 ARTICLE X
	 	REDEMPTION OF NOTES	  	43
			
	 SECTION 10.1
	 	Redemption	  	43
	 SECTION 10.2
	 	Form of Redemption Notice	  	43
	 SECTION 10.3
	 	Notes Payable on Redemption Date	  	44
			
	 ARTICLE XI
	 	MISCELLANEOUS	  	44
			
	 SECTION 11.1
	 	Compliance Certificates and Opinions, etc.	  	44
	 SECTION 11.2
	 	Form of Documents Delivered to the Indenture Trustee	  	46
	 SECTION 11.3
	 	Acts of Noteholders	  	46
	 SECTION 11.4
	 	Notices	  	47
	 SECTION 11.5
	 	Notices to Noteholders; Waiver	  	47
	 SECTION 11.6
	 	Alternate Payment and Notice Provisions	  	48
	 SECTION 11.7
	 	Conflict with Trust Indenture Act	  	48
	 SECTION 11.8
	 	Effect of Headings and Table of Contents	  	48
	 SECTION 11.9
	 	Successors and Assigns	  	48
	 SECTION 11.10
	 	Severability	  	48
	 SECTION 11.11
	 	Benefits of Indenture	  	48
	 SECTION 11.12
	 	Legal Holidays	  	48
	 SECTION 11.13
	 	Governing Law	  	48
	 SECTION 11.14
	 	Counterparts	  	49
	 SECTION 11.15
	 	Recording of Indenture	  	49
	 SECTION 11.16
	 	Trust Obligation	  	49
	 SECTION 11.17
	 	No Petition	  	49
	 SECTION 11.18
	 	Intent	  	50
	 SECTION 11.19
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	50
	 SECTION 11.20
	 	Subordination of Claims	  	50
	 SECTION 11.21
	 	Limitation of Liability of Owner Trustee	  	51
	 SECTION 11.22
	 	Information Requests	  	51
	 SECTION 11.23
	 	[Limitation of Rights]	  	51

  

					
		 	iii	  	20[    ]-[    ] Indenture

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

  

					
		 	iv	  	20[    ]-[    ] Indenture

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

					
		 		  	20[    ]-[    ] Indenture

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

					
		 	2	  	20[    ]-[    ] Indenture

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

  

					
		 	3	  	20[    ]-[    ] Indenture

 
deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of
which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 
 If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive
Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.2, without charge to the Holder. Upon surrender
for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee upon Issuer Order shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations.
Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 
 SECTION 2.4 Registration of Transfer and Exchange. The Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for
the registration of Notes and the registration of transfers of Notes. The Indenture Trustee shall initially be “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any
Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar. 
 If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the
location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to
conclusively rely upon a certificate executed on behalf of the Note Registrar by a Responsible Officer thereof as to the names and addresses of the Noteholders and the principal amounts and number of such Notes. 
 Upon surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.2, if
the requirements of Section 8-401 of the UCC are met, the Issuer shall execute and upon its written request the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated
transferee or transferees, one or more new Notes, in any authorized denominations, of the same Class and a like aggregate outstanding principal amount. 
 At the option of the related Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same Class and a like aggregate outstanding principal amount, upon surrender of the Notes to be
exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401 of the UCC are met the Issuer shall execute and, upon Issuer Request, the Indenture Trustee shall authenticate and the
related Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive. 
  

					
		 	4	  	20[    ]-[    ] Indenture

 All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of
the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 
 Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by, a written instrument of transfer in form and substance satisfactory to the Issuer
and the Indenture Trustee duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing, with such signature guaranteed by an “eligible grantor institution” meeting the requirements of the Note Registrar which
requirements include membership or participation in a Securities Transfer Agents Medallion Program (“Stamp”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in
substitution for, Stamp, all in accordance with the Exchange Act and (ii) accompanied by such other documents as the Indenture Trustee may require. 
 No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or Section 9.6 not involving any transfer. 
 The preceding provisions of this Section notwithstanding, the Issuer shall not be required to make and the Note Registrar need not register transfers or
exchanges of any Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with respect to such Note. 
 By acquiring a Note, each purchaser and transferee shall be deemed to represent and warrant that either (a) it is not acquiring such Note with the plan assets of (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) the acquisition, holding and disposition of such Note will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a nonexempt violation of any Similar Law. 
 The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction,
loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note
Registrar or the 

  

					
		 	5	  	20[    ]-[    ] Indenture

 
Indenture Trustee that such Note has been acquired by a “protected purchaser” (as contemplated by Article 8 of the UCC), and provided, that
the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its written request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note,
a replacement Note; provided, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement
Note, the Issuer may upon delivery of the security or indemnity herein required pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof. If, after the delivery of such replacement Note or
payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a “protected purchaser” (as contemplated by Article 8 of the UCC) of the original Note in lieu of which such replacement Note was issued
presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person
to whom such replacement Note was delivered or any assignee of such Person, except a “protected purchaser” (as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security or indemnity provided therefor to
the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 
 Upon the issuance
of any replacement Note under this Section 2.5, the Issuer or the Indenture Trustee may require the payment by the Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and
any other reasonable expenses (including the fees and expenses of the Indenture Trustee or the Note Registrar) connected therewith. 
 Every
replacement Note issued pursuant to this Section 2.5 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, and shall be entitled to all the benefits
of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this
Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 2.6 Persons Deemed Owners. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any
agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such
Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary. 
 SECTION 2.7 Payment of Principal and Interest; Defaulted Interest. (a) Each Note shall accrue interest at its respective Interest Rate, and
such interest shall be payable on each Payment Date as specified therein, subject to Sections 3.1 and 8.2. Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for 

  

					
		 	6	  	20[    ]-[    ] Indenture

 
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 Outstanding Note Balance, have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 and (ii) with respect to any Class of Notes, on the Final
Scheduled Payment Date for that Class. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered at the
close of business on the Record Date preceding the Payment Date on which Indenture Trustee expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be transmitted prior to such final Payment Date
and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with
redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2. 
 (c) If the Issuer defaults 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 applicable Interest Rate for such Class of Notes), which shall be due and payable on the Payment Date
following such default. The Issuer shall pay such defaulted interest to the Persons who are Noteholders on the Record Date for such following Payment Date. 
 SECTION 2.8 Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture
Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any
manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this
Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or
returned to it; provided, that such Issuer Order is timely and that such Notes have not been previously disposed of by the Indenture Trustee. 
  

					
		 	7	  	20[    ]-[    ] Indenture

 SECTION 2.9 Release of Collateral. Subject to Section 11.1, the Indenture Trustee
shall release property from the lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1)
or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the
Issuer’s obligations under TIA Sections 314(c) and 314(d)(1), subject to Section 11.1 and the terms of the Transaction Documents, the Indenture Trustee shall release property from the lien of this Indenture in accordance with the
conditions and procedures set forth in such exemptive order. 
 SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will
be issued in the form of typewritten notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, by, or on behalf of, the Issuer. One fully registered Note shall be issued with
respect to each $500 million in principal amount of each Class of Notes and any such lesser amount. Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no
Note Owner shall receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have
been issued to Note Owners pursuant to Section 2.12: 
 (a) the provisions of this Section shall be in full force and effect;

 (b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture
(including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Noteholder, and shall have no obligation to the Note Owners; 
 (c) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall control;

 (d) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and
agreements between or among such Note Owners and the Clearing Agency and/or the Clearing Agency Participants or Persons acting through Clearing Agency Participants. Pursuant to the Note Depository Agreement, unless and until Definitive Notes are
issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency
Participants; and 
 (e) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders
evidencing a specified percentage of the Outstanding Note Balance, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency
Participants or Persons acting through Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee. 
  

					
		 	8	  	20[    ]-[    ] Indenture

 SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the
Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to be
given to the Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners. 
 SECTION 2.12 Definitive Notes. If
(a) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Administrator or the Indenture Trustee is unable
to locate a qualified successor, (b) the Administrator at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence of an Event of Default,
Note Owners representing beneficial interests aggregating at least a majority of the Outstanding Note Balance, voting together as a single Class, advise the Indenture Trustee through the Clearing Agency or its successor in writing that the
continuation of a book-entry system through the Clearing Agency or its successor is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such
event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration
instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for
any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as
Noteholders. 
 The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods
(with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
 SECTION 2.13 Authenticating Agents. (a) Upon the request of the Issuer, the Indenture Trustee shall, and if the Indenture Trustee so chooses, the Indenture Trustee may appoint one or more Persons (each, an
“Authenticating Agent”) with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.2, 2.3, 2.4, 2.5
and 9.6, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by those Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an
Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes “by the Indenture Trustee.” The Indenture Trustee shall be the Authenticating Agent in the absence of any appointment thereof. 
 (b) Any corporation into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any 

  

					
		 	9	  	20[    ]-[    ] Indenture

 
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 owed 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 owed 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 Available Funds for such Payment Date, Advances made on such Payment Date pursuant to Section 4.3(c) of the Sale and Servicing Agreement and the
Reserve Account Draw Amount for such Payment Date received by the Servicer during the preceding Collection Period. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be
considered to have been paid by the Issuer to such Noteholder for all purposes of this Indenture. Interest accrued on the Notes shall be due and payable on each Payment Date. The final interest payment on each Class of Notes is due on the earlier of
(a) the Payment Date (including any Redemption Date) on which the principal amount of that Class of Notes is reduced to zero or (b) the applicable Final Scheduled Payment Date for that Class of Notes. 
 SECTION 3.2 Maintenance of Office or Agency. As long as any of the Notes remain outstanding, the Issuer shall maintain in the Borough of
Manhattan, the City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer
hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer shall give prompt written notice to the Indenture Trustee of the 

  

					
		 	10	  	20[    ]-[    ] Indenture

 
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; 
 (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 

  

					
		 	11	  	20[    ]-[    ] Indenture

 
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. 
 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; 
  

					
		 	12	  	20[    ]-[    ] Indenture

 (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 April 30th of each calendar year, beginning with April 30,
[            ], the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion of such counsel, either (i) such action has been taken
with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the filing of any financing statements and continuation statements as are
necessary to maintain the lien and security interest created by this Indenture, and reciting the details of such actions or (ii) no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also
describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the filing of any financing statements and continuation statements that will, in the opinion of
such counsel, be required to maintain the lien and security interest of this Indenture until April 30 in the following calendar year. 
 SECTION 3.7 Performance of Obligations; Servicing of Receivables. (a) The Issuer shall not take any action and shall use its reasonable efforts not to permit any action to be taken by others, including the Administrator, that
would release any Person from any of such 

  

					
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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; 
 (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 

  

					
		 	14	  	20[    ]-[    ] Indenture

 
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 April 30th of each calendar year beginning with April 30, [            ], 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 the case of the first such Officer’s Certificate) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and

 (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); 
 (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 

  

					
		 	15	  	20[    ]-[    ] Indenture

 
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 the Servicer, the Administrator, the Owner Trustee, the
Indenture Trustee, the Noteholders[, the Swap Counterparty] and the Certificateholders as permitted by, and to the extent funds are available for such purpose under, this Indenture, the Sale and Servicing Agreement, the Administration Agreement or
the Trust Agreement. Other than as set forth in the preceding sentence, the Issuer will not, directly or indirectly, make distributions from the Trust Accounts. 
 SECTION 3.12 Notice of Events of Default. The Issuer shall promptly deliver to the Indenture Trustee[, the Swap Counterparty] and each Rating Agency written notice in the form of an Officer’s Certificate
of any event which with the giving of notice, the lapse of time or both would become an Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto. 
 SECTION 3.13 Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and
do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 SECTION 3.14
Compliance with Laws. The Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its
obligations under the Notes, this Indenture or any other Transaction Document. 
  

					
		 	16	  	20[    ]-[    ] Indenture

 SECTION 3.15 Perfection Representations, Warranties and Covenants. The perfection representations,
warranties and covenants attached hereto as Schedule I shall be deemed to be part of this Indenture for all purposes. 
 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 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 

  

					
		 	17	  	20[    ]-[    ] Indenture

 
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 when the same becomes due and payable, and such default shall continue for a period
of thirty-five Business Days or more; 
 (b) default in the payment of principal of any Note at the related Final Scheduled
Payment Date or the Redemption Date; 
 (c) any failure by the Issuer to duly observe or perform in any material respect any
of its material covenants or agreements made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), which failure materially and adversely
affects the interests of the Noteholders, and such failure shall continue unremedied for a period of 90 days after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or by Noteholders evidencing at
least a majority of the Outstanding Note Balance, a written notice specifying such failure and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 
  

					
		 	18	  	20[    ]-[    ] Indenture

 (d) any representation or warranty of the Issuer made in this Indenture proves to have
been incorrect in any material respect when made, which failure materially and adversely affects the interests of the Noteholders, and which failure continues unremedied for 90 days after there shall have been given, by registered or certified mail,
to the Issuer by the Indenture Trustee or by Noteholders evidencing at least a majority of the Outstanding Note Balance, a written notice specifying such failure and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; or 
 (e) a Bankruptcy Event with respect to the Issuer; 
 provided, however, that a delay in or failure of performance referred to under clauses (a), (b), (c) or (d) above for a
period of 120 days will not constitute an Event of Default if that delay or failure was caused by force majeure or other similar occurrence. 
 SECTION 5.2 Acceleration of Maturity; Waiver of Event of Default. (a) Except as set forth in the following sentence, if an Event of Default should occur and be continuing, then and in every such case the Indenture Trustee may,
or if directed by the Noteholders representing not less than a majority of the Outstanding Note Balance, shall declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee if given by
Noteholders), and upon any such declaration the unpaid Note Balance of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. If an Event of Default specified in
Section 5.1(e) occurs, all unpaid principal, together with all accrued and unpaid interest thereon, of all Notes, and all other amounts payable hereunder, shall automatically become due and payable without any declaration or other act on
the part of the Indenture Trustee or any Noteholder. 
 (b) At any time after such declaration of acceleration of maturity has been made and
before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter provided for in this Article V, the Noteholders representing a majority of the Outstanding Note Balance, by written notice to
the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if: 
 (i) the Issuer has
paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to
such acceleration had not occurred, (B) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel[, and (C) any
Net Swap Payments and any Swap Termination Payments then due and payable to the Swap Counterparty under the Interest Rate Swap Agreement]; and 
 (ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.12. 
  

					
		 	19	  	20[    ]-[    ] Indenture

 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 when the same
becomes due and payable, and such default continues for a period of thirty-five Business Days or more, or (ii) default is made in the payment of the principal of any Note at the related Final Scheduled Payment Date or the Redemption Date, the
Issuer will, upon demand of the Indenture Trustee in writing as directed by a majority of the Outstanding Note Balance, pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes
for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate and in addition thereto
such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 
 (b) In case the Issuer shall fail forthwith to pay the amounts described in clause (a) above upon such demand, the Indenture Trustee, in its
own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or other obligor
upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the monies adjudged or decreed to be payable. 
 (c) If an Event of Default shall have occurred and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.4, in
its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

 (d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an
ownership interest in the Collateral, Proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuer or other obligor upon
the Notes, or to the creditors or 

  

					
		 	20	  	20[    ]-[    ] Indenture

 
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 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. 
  

					
		 	21	  	20[    ]-[    ] Indenture

 (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 Outstanding Note Balance [and the Swap Counterparty] have consented to such liquidation, (B) the proceeds of such sale or liquidation are sufficient to pay in full the principal of and the accrued interest on
the Outstanding Notes [and all amounts due to the Swap Counterparty under the Interest Rate Swap Agreement] or (C) the default relates to the failure to pay interest or principal when due (a “Payment Default”) and the Indenture
Trustee determines (but shall have no obligation to make such determination) that the Collections on the Receivables will not be sufficient on an ongoing basis to make all payments on the Notes as they would have become due if the Notes had not been
declared due and payable, and the Indenture Trustee obtains the consent of the Holders of 66-2/3% of the Outstanding Note Balance [and the Swap Counterparty]. In determining such sufficiency or insufficiency with respect to clauses
(B) and (C) of the preceding sentence, the 

  

					
		 	22	  	20[    ]-[    ] Indenture

 
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 $[100,000] per annum in the aggregate; 

(ii) second, to the Servicer (or any predecessor Servicer, if applicable), for reimbursement of all outstanding Advances;

 (iii) third, to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior Collection
Periods; 
 (iv) [fourth, to the Swap Counterparty, any due and unpaid Net Swap Payments;] 
 (v) fifth, pro rata, [(A) to the Swap Counterparty for any due and unpaid Senior Swap Termination Payments and (B)] to the
Noteholders, for payment to each respective Class of Noteholders, the Accrued Note Interest; provided, that if there are not sufficient funds available to pay the entire amount of the Accrued Note Interest, the amount available shall be
applied to the payment of such interest on each Class of Notes on a pro rata basis based on the amount of interest payable to each Class of Notes; 
 (vi) sixth, to the Holders of the Class A-1 Notes in respect of principal thereof until the Class A-1 Notes have been paid in full; 
 (vii) seventh, to the Holders of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, in respect of principal
thereof, on a pro rata basis (based on the Note Balance of each Class on such Payment Date), until all Classes of the Notes have been paid in full; 
 (viii) [eighth, to the Swap Counterparty, any due and unpaid Subordinated Swap Termination Payments;] 
  

					
		 	23	  	20[    ]-[    ] Indenture

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

 Prior to an acceleration of the Notes after an Event of Default, if the Indenture Trustee collects any money or property pursuant to this
Article V, such amounts shall be deposited into the Collection Account and distributed in accordance with Section 4.4 of the Sale and Servicing Agreement and Section 8.2 hereof. 
 SECTION 5.5 Optional Preservation of the Collateral. If the Notes have been declared or are automatically due and payable under
Section 5.2 following an Event of Default and such declaration or automatic occurrence and its consequences have not been rescinded and annulled, if permitted hereunder, the Indenture Trustee may, but need not, elect to maintain
possession of the Trust Estate and continue to apply the proceeds thereof in accordance with Section 5.4(b). It is the intent of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of
principal of and interest on the Notes [and amounts due to the Swap Counterparty] under the Transaction Documents, and the Indenture Trustee shall take such intent into account when determining whether or not to maintain possession of the
Collateral. In determining whether to maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose. 
 SECTION 5.6 Limitation of Suits.
(a) No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (i) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 
 (ii) the Holders of not less than 25% of the Outstanding Note Balance have made written request to the Indenture Trustee to institute such
Proceeding in respect of such Event of Default in its own name as the Indenture Trustee hereunder; 
 (iii) such Holder or
Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request; 
 (iv) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such
Proceedings; and 
  

					
		 	24	  	20[    ]-[    ] Indenture

 (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 Outstanding Note Balance, the Indenture Trustee in its sole discretion may determine what
action, if any, shall be taken, notwithstanding any other provisions of this Indenture. 
 (b) No Noteholder shall have any right to vote
except as provided pursuant to this Indenture and the Notes, nor any right in any manner to otherwise control the operation and management of the Issuer. However, in connection with any action as to which Noteholders are entitled to vote or consent
under this Indenture and the Notes, the Issuer may set a record date for purposes of determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c). 
 SECTION 5.7 Unconditional Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the
Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case
of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment and such right shall not be impaired without the consent of such Noteholder. 
 SECTION 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or
remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the
Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as
though no such Proceeding had been instituted. 
 SECTION 5.9 Rights and Remedies Cumulative. No right or remedy herein conferred upon
or reserved to the Indenture Trustee[, the Swap Counterparty] or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy. 
  

					
		 	25	  	20[    ]-[    ] Indenture

 SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any
Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy
given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
 SECTION 5.11 Control by Noteholders. Subject to the provisions of Sections 5.4, 5.6, 6.2(d) and 6.2(e), Noteholders
holding not less than a majority of the Outstanding Note Balance, shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or with respect to
the exercise of any trust or power conferred on the Indenture Trustee; provided, that 
 (a) such direction shall not
be in conflict with any rule of law or with this Indenture; 
 (b) subject to the express terms of the proviso and the last
sentence of Section 5.4(a), any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by the Holders of Notes representing not less than 100% of the Outstanding Note Balance unless the proceeds of such sale
are sufficient to pay in full the principal of and accrued interest on the Outstanding Notes; 
 (c) if the conditions set
forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding
Note Balance to sell or liquidate the Trust Estate shall be of no force and effect; 
 (d) the Indenture Trustee may take any
other action deemed proper by the Indenture Trustee that is not inconsistent with such direction, applicable law and the terms of this Indenture; and 
 (e) such direction shall be in writing; 
 provided, further, that, subject to Section 6.1, the Indenture
Trustee need not take any action that it determines might expose it to personal liability or might materially adversely affect or unduly prejudice the rights of any Noteholders not consenting to such action. 
 SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.2, the Holders of Notes of not less than a majority of the Outstanding Note Balance, may waive any past Default or Event of Default and its consequences except a Default (a) in payment of principal of or interest on any of
the Notes, (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Noteholder or (c) arising from a Bankruptcy Event with respect to the Issuer. In the case of any such waiver, the
Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent
thereto. 
  

					
		 	26	  	20[    ]-[    ] Indenture

 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 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 

  

					
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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, or (ii) by the Seller or CAF, as applicable, of each of their obligations under or in connection with the Purchase Agreement, in each case, in accordance with the terms thereof, and to exercise any and all rights, remedies,
powers and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement and the Purchase Agreement, 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 CAF 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 CAF, as applicable, of each of their obligations under or in connection with the Purchase Agreement. 
 (b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the direction (which direction shall be in writing) of the
Holders of a majority of the Outstanding Note Balance shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement or against the
Seller or CAF 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 CAF of each of their obligations to the Issuer thereunder and to give any
consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement or the Purchase Agreement, as applicable, and any right of the Issuer to take such action shall be suspended. 
 SECTION 5.17 Sale of Collateral. If the Indenture Trustee acts to sell the Collateral or any part thereof, pursuant to Section 5.4(a),
the Indenture Trustee shall publish a notice in an Authorized Newspaper stating that the Indenture Trustee intends to effect such a sale in a commercially reasonable manner and on commercially reasonable terms, which shall include the
solicitation of competitive bids. Following such publication, the Indenture Trustee shall, unless otherwise prohibited by applicable law from any such action, sell the Collateral or any part thereof, in such manner and on such terms as provided
above to the highest bidder, provided, however, that the Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale. The Indenture Trustee shall give notice to the Seller
and the Servicer of any proposed sale, and the Seller, the Servicer or any Affiliate thereof shall be permitted to bid for the Collateral at any such sale. The Indenture Trustee may obtain a prior determination from a conservator, receiver or
trustee in bankruptcy of the Issuer that the terms and manner of any proposed sale are commercially reasonable. The power to effect any sale of any portion of the Collateral pursuant to Section 5.4 and this Section 5.17 shall
not be exhausted by any one or more sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until the entire Collateral shall have been sold or all amounts payable on the Notes shall have been paid. 
 ARTICLE VI THE INDENTURE TRUSTEE 
 SECTION 6.1 Duties of the Indenture Trustee. (a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and shall use the same degree of
care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 
  

					
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 (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. 
 (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. 
  

					
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 (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 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 

  

					
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unless written notice of any event which is in fact such a default is received by the Indenture Trustee at the Corporate Trust Office of the Indenture
Trustee, and such notice references the Notes and this Indenture. 
 SECTION 6.3 Individual Rights of the Indenture Trustee. Subject
to Section 310 of the TIA, the Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Seller, the Owner Trustee, the Administrator and their respective Affiliates with
the same rights it would have if it were not the Indenture 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. 
 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 

  

					
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Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer
shall not relieve the Issuer or the Servicer of its obligations hereunder. The Issuer shall, or shall cause the Servicer to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Servicer
to, pay the fees and expenses of such counsel. The Indenture Trustee shall not be indemnified by the Administrator, the Issuer, the Seller or the Servicer against any loss, liability or expense incurred by it or arising from
(i) [            ]’s own willful misconduct, negligence or bad faith, (ii) the inaccuracy of any representation or warranty expressly made by
[            ] in its individual capacity or any representation or warranty made by [            ] in accordance with Sections
9.20, 9.21 or 9.22 of the Sale and Servicing Agreement or (iii) taxes, fees or other charges on, based on or measured by any fees, commissions, or compensation received by the Indenture Trustee. 
 The compensation and indemnity obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture. When the
Indenture Trustee incurs expenses after the occurrence of an Event of Default set forth in Section 5.1(e) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other
applicable federal or state bankruptcy, insolvency or similar law. 
 SECTION 6.8 Removal, Resignation and Replacement of the Indenture
Trustee. The Indenture Trustee may resign at any time by so notifying the Issuer, [the Swap Counterparty,] the Administrator, the Servicer and each Rating Agency. The Holders of a majority of the Outstanding Note Balance may remove the Indenture
Trustee without cause by so notifying the Indenture Trustee and the Issuer, and following that removal may appoint a successor to the Indenture Trustee. The Issuer shall remove the Indenture Trustee if: 
 (a) the Indenture Trustee fails to comply with Section 6.11; 
 (b) a Bankruptcy Event occurs with respect to the Indenture Trustee; 
 (c) a receiver or other public officer takes charge of the Indenture Trustee or its property; or 
 (d) the Indenture Trustee otherwise becomes incapable of acting. 
 If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in
such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee which satisfies the requirements set forth in Section 6.11. 
 A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee[, the Swap Counterparty] and to the
Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee, without any further act, deed or conveyance, shall have all the rights, powers and duties of the Indenture
Trustee under this Indenture subject to satisfaction of the Rating Agency Condition. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it
as the Indenture Trustee to the successor Indenture Trustee. 
  

					
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 If a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee
resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority of the Outstanding Note Balance may petition any court of competent jurisdiction, at the expense of the Issuer, for the appointment of a successor
Indenture Trustee. 
 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, 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. 
  

					
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 (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. 
 (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. 
  

					
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 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
[                    ] duly organized, validly existing and in good standing under the laws of
[                    ]; and 
 (ii) the Indenture Trustee has full power, authority and legal right to execute, deliver, and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture.

 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS 
 SECTION 7.1 The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders. The Issuer shall furnish or cause to be furnished to the Indenture Trustee (a) not more than five days after each
Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date, and (b) at such other times as the Indenture Trustee may request in writing, within 30 days
after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten days prior to the time such list is furnished; provided, however, that so long as (i) the Indenture Trustee is the Note
Registrar, or (ii) the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished to the Indenture Trustee. 
 SECTION 7.2 Preservation of Information; Communications to Noteholders. (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders contained in the
most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as the Note Registrar. The Indenture Trustee may destroy any list
furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such
list shall be required to be preserved or maintained. 
 (b) The Noteholders may communicate pursuant to TIA Section 312(b) with other
Noteholders with respect to their rights under this Indenture or under the Notes. Upon receipt by the Indenture Trustee of any request by three or more Noteholders or by one or more Noteholders of Notes evidencing not less than 25% of the
Outstanding Note Balance to receive a copy of the current list of Noteholders (whether or not made pursuant to TIA Section 312(b)), the Indenture Trustee shall promptly notify the Administrator thereof by providing to the Administrator a copy
of such request and a copy of the list of Noteholders produced in response thereto. 
  

					
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 (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, 20[ ], the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as of such date that complies with TIA Section 313(a). The Indenture
Trustee also shall comply with TIA Section 313(b). A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The
Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 
 ARTICLE VIII ACCOUNTS, DISBURSEMENTS
AND RELEASES 
 SECTION 8.1 Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand
payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this
Indenture and the Sale and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise expressly provided in this Indenture, if any
default occurs in the making of any payment or performance under any agreement or instrument that is part of the Collateral, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the
institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V.

 SECTION 8.2 Trust Accounts. (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish, in the name
of Indenture Trustee, the Trust Accounts as provided in Section 4.1 of the Sale and Servicing Agreement. 
 (b) On or before each
Payment Date, the Issuer shall cause (i) the Servicer to deposit all Collections and Advances and (ii) the Servicer, the Seller or CAF, 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; 
  

					
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 (ii) second, to the Holders of the Class A-2 Notes, until the Class A-2
Notes are paid in full; 
 (iii) third, to the Holders of the Class A-3 Notes, until the Class A-3 Notes are
paid in full; and 
 (iv) fourth, to the Holders of the Class A-4 Notes, until the Class A-4 Notes are paid
in full. 
 SECTION 8.3 General Provisions Regarding Accounts. (a) The funds in the Trust Accounts shall be invested in Permitted
Investments in accordance with and subject to Section 4.1(b) of the Sale and Servicing Agreement and all interest and investment income (net of losses and investment expenses) on funds on deposit (i) in the Collection Account shall
be distributed in accordance with the provisions of Section 3.7 of the Sale and Servicing Agreement and (ii) in the Reserve Account shall be distributed in accordance with the provisions of Sections 4.3(b) and
(d) of the Sale and Servicing Agreement. The Indenture Trustee shall not be directed to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in
such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person. 
 (b) Subject to Section 6.1(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Permitted Investment
included therein, except for losses attributable to the Indenture Trustee’s failure to make payments on any such Permitted Investments issued by the Indenture Trustee in its commercial capacity as principal obligor and not as trustee, in
accordance with their terms. 
 (c) If (i) investment directions shall not have been given in writing by the Servicer in accordance with
Section 4.1(b) of the Sale and Servicing Agreement for any funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Servicer and the Indenture Trustee),
on any Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.2 or (iii) if the Notes
shall have been declared due and payable following an Event of Default and amounts collected or received from the Trust Estate are being applied in accordance with Section 5.4 as if there had not been such a declaration, then the
Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in one or more Permitted Investments in accordance with the standing instructions most recently given by the Servicer. 
 SECTION 8.4 Release of Collateral. (a) The Indenture Trustee may if permitted by and in accordance with the terms hereof, and when required
by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the
provisions of this Indenture or such other document. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the
satisfaction of any conditions precedent or see to the application of any monies. 
  

					
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 (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. 
 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 and (iii) CAF in accordance with Section 3.3 of the Purchase
Agreement. 
 SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least five days’ notice (or such shorter
notice acceptable to the Indenture Trustee) when requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee may also require as a condition to such
action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of
such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, that such Opinion of
Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, as to factual matters, without independent investigation, on the accuracy and validity of any certificate or
other instrument delivered to the Indenture Trustee in connection with any such action. 
 ARTICLE IX SUPPLEMENTAL INDENTURES

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

					
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 (ii) to evidence the succession, in compliance with the applicable provisions hereof, of
another Person to the Issuer, and the assumption by any such successor of the covenants of the Issuer contained herein and in the Notes; 
 (iii) to add to the covenants of the Issuer, for the benefit of the Noteholders [and the Swap Counterparty], or to surrender any right or power herein conferred upon the Issuer; 
 (iv) to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 
 (v) to cure any ambiguity, to correct or to supplement any provision herein or in any supplemental indenture which may be inconsistent
with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture; provided, that such action shall not
materially and adversely affect the interests of the Noteholders; 
 (vi) to evidence and provide for the acceptance of the
appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant
to the requirements of Article VI; 
 (vii) to modify, eliminate or add to the provisions of this Indenture to such
extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA; or

 (viii) to add, modify or eliminate such provisions as may be necessary or advisable in order to enable (a) the
transfer to the Issuer of all or any portion of the Receivables to be derecognized under GAAP by the Seller to the Issuer, (b) the Issuer to avoid becoming a member of the Seller’s consolidated group under GAAP or (c) the Seller or
any of its Affiliates to otherwise comply with or obtain more favorable treatment under any law or regulation or any accounting rule or principle (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, CAF or any other Person subject to Section 9.1(d) and satisfaction of the following conditions: 
 (i) the Issuer delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely
affect the interests of the Noteholders; 
  

					
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 (ii) the Issuer delivers an Officer’s Certificate of the Seller or Servicer,
respectively, to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 
 (iii) the Issuer delivers to the Indenture Trustee written confirmation from each Rating Agency that such amendment will not cause it to downgrade, qualify or withdraw its rating assigned to any of the Notes.

 (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 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 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 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 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 such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such consent);] 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, voting together as a single Class, by Act of such Holders
delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Noteholders under this Indenture; provided, [that no such supplemental indenture shall materially and adversely affect the rights or 

  

					
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obligations of the Swap Counterparty under this Indenture unless the Swap Counterparty shall have consented in writing to such supplemental indenture (and
such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such consent); provided, further,] that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 
 (i) change the Final
Scheduled Payment Date of any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto, change the provision of this Indenture relating to the application of collections on, or the proceeds
of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the
enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case
of redemption, on or after the Redemption Date); 
 (ii) reduce the percentage of the Outstanding Note Balance, the consent of
the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences
provided for in this Indenture; 
 (iii) modify or alter the provisions of the proviso to the definition of the term
“Outstanding”; 
 (iv) reduce the percentage of the Outstanding Note Balance required to direct the Indenture
Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the Outstanding Note Balance plus accrued but unpaid interest on the Notes; 

(v) modify any provision of this Section in any respect adverse to the interests of the Noteholders except to increase any percentage
specified herein or to provide that certain additional provisions of this Indenture or the Transaction Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; 
 (vi) modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest
or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders to the benefit of any provisions for the mandatory redemption of the
Notes contained herein; 
 (vii) permit the creation of any Lien ranking prior to or on a parity with the lien of this
Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in the Transaction Documents, terminate the lien of this Indenture on any property at any time subject hereto or deprive any
Noteholder of the security provided by the lien of this Indenture; or 
  

					
		 	41	  	20[    ]-[    ] Indenture

 (viii) impair the right to institute suit for the enforcement of payment as provided in
Section 5.7. 
 Any such supplemental indenture shall be executed only upon delivery of an Opinion of Counsel to the same effect
as in Section 9.1(b)(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 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 

  

					
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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 CAF, as Servicer,
pursuant to Section 8.1 of the Sale and Servicing Agreement, on any Payment Date on which CAF exercises its option to purchase the Trust Estate (other than the Reserve Account) pursuant to said Section 8.1, for a purchase
price equal to the Optional Purchase Price, which amount shall be deposited by the Servicer into the Collection Account on the Redemption Date. 
 (b) Each of the Notes is subject to redemption in whole, but not in part, on any Payment Date on which the sum of the amounts in the Reserve Account and the remaining Available Funds after the payments under [clauses first through
fifth] of Section 4.4(a) of the Sale and Servicing Agreement would be sufficient to pay in full the aggregate unpaid Note Balance of all of the Outstanding Notes as determined by the Servicer. On such Payment Date, (i) the
Indenture Trustee upon written direction from the Servicer shall transfer all amounts on deposit in the Reserve Account to the Collection Account and (ii) the Outstanding Notes shall be redeemed in whole, but not in part. 
 (c) If the Notes are to be redeemed pursuant to Sections 10.1(a) or 10.1(b), the Administrator or the Issuer shall provide at least 20
days’ prior notice of the redemption of the Notes to the Indenture Trustee and the Owner Trustee[, the Swap Counterparty] and the Indenture Trustee shall provide prompt (but not later than 10 days prior to the applicable Redemption Date) notice
thereof to the Noteholders. 
 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 
  

					
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 (v) the CUSIP numbers (if applicable) for such Notes. 
 Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. In addition, the Issuer shall
notify each Rating Agency upon redemption of the Notes. Failure to give notice of redemption, or any defect therein, to any Noteholder shall not impair or affect the validity of the redemption of any Note. 
 SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption as required by
Section 10.2 (in the case of redemption pursuant to Section 10.1), on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest
shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 
 ARTICLE XI MISCELLANEOUS 
 SECTION 11.1 Compliance Certificates and Opinions, etc.
(a) Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with that satisfies TIA Section 314(c)(1), (ii) an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with that satisfies TIA Section 314(c)(2) and (iii) if required by the TIA in the case of condition precedent compliance with which is subject to verification by accountants, a certificate
or opinion of an accountant that satisfies TIA Section 314(c)(3), except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no
additional certificate or opinion need be furnished. 
 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. 
  

					
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 (b) (i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee
that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value in accordance with TIA Section 314(d) (within 90 days of such deposit) to the Issuer of the
Collateral or other property or securities to be so deposited. 
 (ii) Whenever the Issuer is required to furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as
to the same matters, if the fair value in accordance with TIA Section 314(d) to the Issuer of the property or securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement
of the then-current fiscal year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) and this clause (ii), is 10% or more of the Note Balance of the Outstanding Notes, but such a certificate need not be
furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the Note Balance of the Outstanding Notes.

 (iii) Other than as contemplated by Section 11.1(b)(v), whenever any property or securities are to be released
from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within 90 days of such release) of
the property or securities proposed to be released and stating that in the opinion of such Person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 
 (iv) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion
of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and of all
other property other than Purchased Receivables, or securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates required by clause (iii) above and this
clause (iv), equals 10% or more of the Note Balance of the Outstanding Notes, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s
Certificate is less than $25,000 or less than one percent of the then Note Balance of the Outstanding Notes. 
 (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. 
  

					
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 SECTION 11.2 Form of Documents Delivered to the Indenture Trustee. In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several
documents. 
 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate
or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the
Servicer, the Seller, the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Administrator or the Issuer, unless such counsel knows, or in the exercise
of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any
Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall
deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such 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. 
  

					
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 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved in
any manner that the Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by any Noteholder shall bind the Holder of every Note issued
upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon
such Note. 
 SECTION 11.4 Notices. All demands, notices and communications hereunder shall be in writing and shall be delivered or
mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile, and addressed in each case as specified on Schedule II to the Sale and Servicing Agreement or at such
other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to
receive such notices located at the address of such recipient for notices hereunder. 
 SECTION 11.5 Notices to Noteholders; Waiver.
Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure
to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of 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. 
  

					
		 	47	  	20[    ]-[    ] Indenture

 SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding any provision of this
Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Noteholder, that is different from the
methods provided for in this Indenture for such payments or notices, provided, that such methods are reasonable and consented to by the Indenture Trustee (which consent shall not be unreasonably withheld). The Issuer will furnish to the
Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 
 SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of
the Trust Indenture Act, such required provision shall control. 
 The provisions of TIA Sections 310 through 317 that impose duties on
any Person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 
 SECTION 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof. 
 SECTION 11.9 Successors and Assigns. All covenants and agreements in this Indenture
and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors. 
 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 

  

					
		 	48	  	20[    ]-[    ] Indenture

 
5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 
 SECTION 11.14 Counterparts. This Indenture may be executed in any number of counterparts, each of which
so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel to
the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 
 SECTION 11.16 Trust Obligation. Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner or a beneficial interest
in a Note, by accepting the benefits of this Indenture, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this
Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in their respective individual capacities, (ii) any Certificateholder or any other owner of
a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or the Seller or (iv) any partner, owner, beneficiary, agent, officer, director, employee, successor or assign of any Person described in clauses (i),
(ii) and (iii) above, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided 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. 
  

					
		 	49	  	20[    ]-[    ] Indenture

 SECTION 11.18 Intent. (a) It is the intent of the Issuer that the Notes constitute
indebtedness for all financial accounting purposes and the Issuer agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed, to treat the Notes as indebtedness for all
financial accounting purposes. 
 (b) It is the intent of the Issuer that the Notes constitute indebtedness of the Issuer for all tax
purposes and the Issuer agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed to treat the Notes as indebtedness for all federal, state and local income and franchise
tax purposes. 
 SECTION 11.19 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and
unconditionally: 
 (a) submits for itself and its property in any legal action or Proceeding relating to this Indenture or any documents
executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the
Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such action or Proceeding may be brought in
such courts and waives any objection that it may now or hereafter have to the venue of such action or Proceeding in any such court or that such action or Proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

 (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 

  

					
		 	50	  	20[    ]-[    ] Indenture

 
Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, pursuant
to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further acknowledges and
agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under the terms of the relevant documents relating to the securitization or conveyance of such
Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or
application under applicable law, including insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a
subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Indenture Trustee (in its individual capacity and as the Indenture Trustee), by entering into or accepting this Indenture, the Certificateholder,
by accepting the Certificate, and the Owner Trustee, and each Noteholder or Note Owner, by accepting the benefits of this Indenture, hereby further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section and the
terms of this Section may be enforced by an action for specific performance. The provisions of this Section will be for the third party benefit of those entitled to rely thereon and will survive the termination of this Indenture. 
 SECTION 11.21 Limitation of Liability of Owner Trustee. It is expressly understood and agreed by and between the parties hereto that (i) this
Indenture is executed and delivered by [            ], not in its individual capacity but solely as Owner Trustee of the Issuer in the exercise of the power and authority conferred and
vested in it as such Owner Trustee, (ii) each of the representations, undertakings and agreements made herein by the Issuer are not personal representations, undertakings and agreements of
[            ], but are binding only on the Issuer, (iii) nothing contained herein shall be construed as creating any liability on
[            ] individually or personally, to perform any covenant of the Issuer, either expressed or implied, contained herein, all such liability, if any, being expressly waived by the
parties hereto and by any Person claiming by, through or under any such party, and (iv) under no circumstances shall [            ] be personally liable for the payment of any
indebtedness or expense of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture. 
 SECTION 11.22 Information Requests. The parties hereto shall provide any information reasonably requested by the Servicer, the Issuer, the Seller
or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle. 
 SECTION 11.23 [Limitation of Rights]. [All of the rights of the Swap Counterparty in, to and under this Indenture or any other Transaction Document (including, but not limited to, all of the Swap
Counterparty’s rights as a third-party beneficiary of this Indenture and all of the Swap Counterparty’s rights to receive notice of any action hereunder or under any other Transaction Document and to give or withhold consent to any action
hereunder or under any other Transaction Document) shall terminate upon the termination of the Interest Rate Swap 

  

					
		 	51	  	20[    ]-[    ] Indenture

 
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] 
  

					
		 	52	  	20[    ]-[    ] Indenture

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

			
	CITIZENS AUTO LOAN TRUST 20[__]-[__]
	
	By: [            ], not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	Name:	 	
	Title:	 	

  

					
		 	S-1	  	20[    ]-[    ] Indenture

			
	[            ], not in its individual capacity but solely as Indenture Trustee
		
	By:	 	 
	Name:	 	
	Title:	 	

  

					
		 	S-2	  	20[    ]-[    ] Indenture

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

					
		 	I - 1	  	20[    ]-[    ] Indenture

 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 the Receivables by CAF to the Seller under the Purchase Agreement, (ii) relating to the
conveyance of the Receivables by the Seller to the Issuer under the Sale and Servicing Agreement, (iii) relating to the security interest granted to the Indenture Trustee under the Indenture or (iv) that has been terminated. 
 11. The Issuer is not aware of any material judgment, ERISA or tax lien filings against the Issuer. 
  

					
		 	I - 2	  	20[    ]-[    ] Indenture

 12. Neither the Issuer nor a custodian holding any Receivable that is electronic chattel paper has
communicated an authoritative copy of any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer. 
 13. None of the instruments, 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	  	20[    ]-[    ] Indenture

 Exhibit A 
 FORMS OF NOTES 
  

					
		 		  	20[    ]-[    ] Indenture

 FORM OF CLASS A-1 NOTE 
  

			
	 REGISTERED
	  	$___________________1 ____
	 No. R-                
	  	CUSIP NO. _______________
		  	ISIN. ____________________

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 BY ACQUIRING THIS NOTE, EACH PURCHASER OR TRANSFEREE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING AND WILL NOT HOLD THE NOTES WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN”
AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A “PLAN” AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING OR ANY OTHER EMPLOYEE BENEFIT PLAN OR RETIREMENT ARRANGEMENT THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A NONEXEMPT VIOLATION OF ANY SIMILAR APPLICABLE LAW.

 CITIZENS AUTO LOAN TRUST 20[__]-[__] 
 CLASS A-1 [                ]% 
 AUTO LOAN ASSET BACKED NOTES 
 Citizens Auto Loan Trust 20[ ]-[ ], a statutory trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to [            ], or registered assigns, the principal sum of
[            ] DOLLARS 
  

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

  

					
		 	A-1-1	  	20[    ]-[    ] Indenture

 ($[        ]), in monthly installments on the [    ] of each
month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on [                    ], 20[ ] (each, a
“Payment Date”) until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class A-1 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 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. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States as
at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest on this Note as provided above and then to the unpaid principal of this
Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee the
name of which appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually, by its Authorized Officer. 
 Dated: [                        ], 20[__]

  

					
		 	A-1-2	  	20[    ]-[    ] Indenture

			
	CITIZENS AUTO LOAN TRUST 20[ ]-[ ]
	
	By: [            ], not in its individual capacity but
solely as Owner Trustee
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

					
		 	A-1-3	  	20[    ]-[    ] Indenture

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

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

		
	By:	 	 
		 	Authorized Signatory

  

					
		 	A-1-4	  	20[    ]-[    ] Indenture

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-1 [            ]% Auto Loan Asset-Backed Notes
(herein called the “Class A-1 Notes” or the “Notes”), all issued under an Indenture dated as of
[                    ], 20[ ] (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the
Issuer and [                ], a [                ], not in its individual
capacity but solely as trustee (the “Indenture Trustee”), which term includes any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are not
otherwise defined herein and that are defined in the Indenture or the Sale and Servicing Agreement shall have the meanings assigned to them in the Indenture or in Appendix A of the Sale and Servicing Agreement. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture. All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Holders of the Notes. 
 Principal payable on the Notes will be paid on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing Agreement. As
described above, the entire Class A-1 Note Balance shall be due and payable on the earliest of (i) [            ], 20[ ] (the “Final Scheduled Payment
Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. All
principal payments on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled thereto. 
 Payments of
principal of and interest on this Note made on each Payment Date, Redemption Date or upon acceleration shall be made by check mailed to the Person whose name appears as the registered Holder of this Note (or one or more Predecessor Notes) on the
Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of DTC (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Holder hereof as of the
Record Date preceding such Payment Date or Redemption Date by notice mailed prior to such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust
Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such purposes located in The City of New York. 
  

					
		 	A-1-5	  	20[    ]-[    ] Indenture

 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture
or any certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer,
the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly
agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 It is the intent of the Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of federal, state and local income and franchise tax the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes will qualify as indebtedness of the Issuer. The Noteholders, by acceptance of a Note, agree to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness of the Issuer.

 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any
Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial
part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in any involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for
the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person in commencing any Proceeding against such
Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 
 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. 
  

					
		 	A-1-6	  	20[    ]-[    ] Indenture

 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-1-7	  	20[    ]-[    ] Indenture

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

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

  

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

  

					
		 	A-1-8	  	20[    ]-[    ] Indenture

 FORM OF CLASS A-2 NOTE 
  

			
	 REGISTERED
	  	$___________________1____
	 No.
R-                    
	  	CUSIP NO. _______________
		  	ISIN. ____________________

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 BY ACQUIRING THIS NOTE, EACH PURCHASER OR TRANSFEREE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING AND WILL NOT HOLD THE NOTES WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN”
AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A “PLAN” AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING OR ANY OTHER EMPLOYEE BENEFIT PLAN OR RETIREMENT ARRANGEMENT THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A NONEXEMPT VIOLATION OF ANY SIMILAR APPLICABLE LAW.

 CITIZENS AUTO LOAN TRUST 20[ ]-[ ] 
 CLASS A-2 [                ]% 
 AUTO LOAN ASSET BACKED NOTES 
 Citizens Auto Loan Trust 20[ ]-[ ], a statutory trust organized and existing under the laws of the
State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to [                ], or registered
assigns, the principal sum of [            ] DOLLARS 
  

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

  

					
		 	A-2-1	  	20[    ]-[    ] Indenture

 
($[        ]), in monthly installments on the [        ] of each
month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on [                    ], 20[ ] (each, a
“Payment Date”) until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class A-2 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-2 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 a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be
paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the
United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest on this Note as provided above and then to the unpaid
principal of this Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the
same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the
Indenture Trustee the name of which appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually, by its Authorized Officer. 
 Dated: [                        ], 20[__]

  

					
		 	A-2-2	  	20[    ]-[    ] Indenture

			
	CITIZENS AUTO LOAN TRUST 20[  ]-[  ]
	
	By: [                ], not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

					
		 	A-2-3	  	20[    ]-[    ] Indenture

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

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

		
	By:	 	 
		 	Authorized Signatory

  

					
		 	A-2-4	  	20[    ]-[    ] Indenture

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-2 [            ]% Auto Loan Asset-Backed Notes
(herein called the “Class A-2 Notes” or the “Notes”), all issued under an Indenture dated as of
[                    ], 20[    ] (such Indenture, as supplemented or amended, is herein called the
“Indenture”), between the Issuer and [                ], a
[                    ], not in its individual capacity but solely as trustee (the “Indenture Trustee”), which term includes
any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture or the Sale and Servicing Agreement shall
have the meanings assigned to them in the Indenture or in Appendix A of the Sale and Servicing Agreement. 
 The Class A-1 Notes,
the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. All covenants and agreements made by the Issuer
in the Indenture are for the benefit of the Holders of the Notes. 
 Principal payable on the Notes will be paid on each Payment Date in the
amount specified in the Indenture and in the Sale and Servicing Agreement. As described above, the entire Class A-2 Note Balance shall be due and payable on the earliest of
(i) [            ], 20[ ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and
(iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. All principal payments on the Class A-2 Notes shall be made pro rata to the Class A-2 Noteholders entitled
thereto. 
 Payments of principal of and interest on this Note made on each Payment Date, Redemption Date or upon acceleration shall be made
by check mailed to the Person whose name appears as the registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on
the Record Date in the name of the nominee of DTC (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to
the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note
(or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed prior to such Payment Date or Redemption Date and
the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such purposes located in
The City of New York. 
  

					
		 	A-2-5	  	20[    ]-[    ] Indenture

 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture
or any certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer,
the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly
agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 It is the intent of the Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of federal, state and local income and franchise tax the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes will qualify as indebtedness of the Issuer. The Noteholders, by acceptance of a Note, agree to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness of the Issuer.

 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any
Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial
part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in any involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for
the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person in commencing any Proceeding against such
Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 
 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. 
  

					
		 	A-2-6	  	20[    ]-[    ] Indenture

 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-2-7	  	20[    ]-[    ] Indenture

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

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

  

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

  

					
		 	A-2-8	  	20[    ]-[    ] Indenture

 FORM OF CLASS A-3 NOTE 
  

					
	 REGISTERED
	  		  	$___________________1_____
	 No. R-            
	  		  	CUSIP NO. ________________
		  		  	ISIN. _____________________

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 BY ACQUIRING THIS NOTE, EACH PURCHASER OR TRANSFEREE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING AND WILL NOT HOLD THE NOTES WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN”
AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A “PLAN” AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING OR ANY OTHER EMPLOYEE BENEFIT PLAN OR RETIREMENT ARRANGEMENT THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A NONEXEMPT VIOLATION OF ANY SIMILAR APPLICABLE LAW.

 CITIZENS AUTO LOAN TRUST 20[ ]-[ ] 
 CLASS A-3 [            ]% 
 AUTO LOAN ASSET
BACKED NOTES 
 Citizens Auto Loan Trust 20[ ]-[ ], a statutory trust organized and existing under the laws of the State of Delaware
(including any successor, the “Issuer”), for value received, hereby 
  

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

  

					
		 	A-3-1	  	 20[    ]-[    ] Indenture

 promises to pay to [            ], or registered
assigns, the principal sum of [            ] DOLLARS ($[            ]), in monthly installments on the
[            ] of each month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on
[                    ], 20[    ] (each, a “Payment Date”) until the principal of this Note is paid or
made available for payment, and to pay interest on each Payment Date on the Class A-3 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-3 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 a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest on this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee the name of which
appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually, by its Authorized Officer. 
 Dated: [                    ],
20[    ] 
  

					
		 	A-3-2	  	20[    ]-[    ] Indenture

			
	CITIZENS AUTO LOAN TRUST 20[ ]-[ ]
	
	By: [            ], not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

					
		 	A-3-3	  	20[    ]-[    ] Indenture

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

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

		
	By:	 	 
		 	Authorized Signatory

  

					
		 	A-3-4	  	20[    ]-[    ] Indenture

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-3 [            ]% Auto Loan Asset-Backed Notes
(herein called the “Class A-3 Notes” or the “Notes”), all issued under an Indenture dated as of
[                    ], 20[    ] (such Indenture, as supplemented or amended, is herein called the
“Indenture”), between the Issuer and [            ], a [            ], not in its individual capacity but solely
as trustee (the “Indenture Trustee”), which term includes any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are not otherwise defined herein
and that are defined in the Indenture or the Sale and Servicing Agreement shall have the meanings assigned to them in the Indenture or in Appendix A of the Sale and Servicing Agreement. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are and will be equally and ratably secured by
the collateral pledged as security therefor as provided in the Indenture. All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Holders of the Notes. 
 Principal payable on the Notes will be paid on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing Agreement. As
described above, the entire Class A-3 Note Balance shall be due and payable on the earliest of (i) [        ], 20[    ] (the “Final Scheduled Payment
Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. All
principal payments on the Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled thereto. 
 Payments of
principal of and interest on this Note made on each Payment Date, Redemption Date or upon acceleration shall be made by check mailed to the Person whose name appears as the registered Holder of this Note (or one or more Predecessor Notes) on the
Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of DTC (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Holder hereof as of the
Record Date preceding such Payment Date or Redemption Date by notice mailed prior to such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust
Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such purposes located in The City of New York. 
  

					
		 	A-3-5	  	20[    ]-[    ] Indenture

 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture
or any certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer,
the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly
agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 It is the intent of the Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of federal, state and local income and franchise tax the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes will qualify as indebtedness of the Issuer. The Noteholders, by acceptance of a Note, agree to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness of the Issuer.

 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any
Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial
part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in any involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for
the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person in commencing any Proceeding against such
Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 
  

					
		 	A-3-6	  	20[    ]-[    ] Indenture

 This Note and the Indenture shall be construed in accordance with the laws of the State of New York,
without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
  

					
		 	A-3-7	  	20[    ]-[    ] Indenture

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee_________________________________________________ 
 ___________________________________________________________________________________________________________ 
 FOR VALUE RECEIVED, the undersigned
hereby sells, 
 assigns and transfers unto______________________________________________________________________________________ 

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

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

  

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

  

					
		 	A-3-8	  	20[    ]-[    ] Indenture

 FORM OF CLASS A-4 NOTE 
  

					
	 REGISTERED
	  		  	$___________________1 ____
	 No. R-            
	  		  	CUSIP NO. ________________
		  		  	ISIN. _____________________

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 BY ACQUIRING THIS NOTE, EACH PURCHASER OR TRANSFEREE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING AND WILL NOT HOLD THE NOTES WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN”
AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A “PLAN” AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), AN ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING OR ANY OTHER EMPLOYEE BENEFIT PLAN OR RETIREMENT ARRANGEMENT THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A NONEXEMPT VIOLATION OF ANY SIMILAR APPLICABLE LAW.

 CITIZENS AUTO LOAN TRUST 20[ ]-[ ] 
 CLASS A-4 [            ]% 
 AUTO LOAN ASSET
BACKED NOTES 
 Citizens Auto Loan Trust 20[ ]-[ ], a statutory trust organized and existing under the laws of the State of Delaware
(including any successor, the “Issuer”), for value received, hereby 
  

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

  

					
		 	A-4-1	  	20[    ]-[    ] Indenture

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

  

					
		 	A-4-2	  	20[    ]-[    ] Indenture

			
	CITIZENS AUTO LOAN TRUST 20[ ]-[ ]
	
	By: [            ], not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

					
		 	A-4-3	  	20[    ]-[    ] Indenture

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

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

		
	By:	 	 
		 	Authorized Signatory

  

					
		 	A-4-4	  	20[    ]-[    ] Indenture

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-4 [            ]% Auto Loan Asset-Backed Notes
(herein called the “Class A-4 Notes” or the “Notes”), all issued under an Indenture dated as of
[                    ], 20[ ] (such Indenture, as supplemented or amended, is herein called the “Indenture”), between the
Issuer and [            ], a [            ], not in its individual capacity but solely as trustee (the “Indenture
Trustee”), which term includes any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of
the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture
or the Sale and Servicing Agreement shall have the meanings assigned to them in the Indenture or in Appendix A of the Sale and Servicing Agreement. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Holders of the Notes. 
 Principal
payable on the Notes will be paid on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing Agreement. As described above, the entire Class A-4 Note Balance shall be due and payable on the earliest of
(i) [        ], 20[    ] (the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and
(iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the Indenture. All principal payments on the Class A-4 Notes shall be made pro rata to the Class A-4 Noteholders entitled
thereto. 
 Payments of principal of and interest on this Note made on each Payment Date, Redemption Date or upon acceleration shall be made
by check mailed to the Person whose name appears as the registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on
the Record Date in the name of the nominee of DTC (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to
the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note
(or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed prior to such Payment Date or Redemption Date and
the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such purposes located in
The City of New York. 
  

					
		 	A-4-5	  	20[    ]-[    ] Indenture

 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture
or any certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer,
the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly
agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 It is the intent of the Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of federal, state and local income and franchise tax the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes will qualify as indebtedness of the Issuer. The Noteholders, by acceptance of a Note, agree to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness of the Issuer.

 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any
Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial
part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in any involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for
the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person in commencing any Proceeding against such
Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 
  

					
		 	A-4-6	  	20[    ]-[    ] Indenture

 This Note and the Indenture shall be construed in accordance with the laws of the State of New York,
without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
  

					
		 	A-4-7	  	20[    ]-[    ] Indenture

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee_________________________________________________ 
 ___________________________________________________________________________________________________________ 
 FOR VALUE RECEIVED, the undersigned
hereby sells, 
 assigns and transfers unto______________________________________________________________________________________ 

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

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

  

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

  

					
		 	A-4-8	  	20[    ]-[    ] IndentureForm of Pooling and Servicing Agreement among CAR

 EXHIBIT 4.2 
 Citizens Auto Receivables, LLC 
 Seller, 
 Citizens Automobile Finance, Inc. 
 Servicer 
 and 
  
  
 Trustee 
 on behalf of the Holders 
 FORM OF POOLING AND
SERVICING AGREEMENT 
 Dated as of ________ __, 20__ 
 CITIZENS AUTO LOAN TRUST 20[    ]-[    ] 
 ____% Asset Backed
Certificates, Class A 
 ____% Asset Backed Certificates, Class B 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
			
	 ARTICLE I
	  	DEFINITIONS	  	1
			
	 Section 1.1
	  	 Definitions
	  	1
			
	 Section 1.2
	  	 Other Interpretative Provisions
	  	19
			
	 Section 1.3
	  	 Calculations
	  	19
			
	 Section 1.4
	  	 References
	  	19
			
	 Section 1.5
	  	 Action by or Consent of Holders
	  	19
			
	 ARTICLE II
	  	THE TRUST PROPERTY	  	19
			
	 Section 2.1
	  	 Conveyance of Trust Property
	  	19
			
	 Section 2.2
	  	 Representations and Warranties as to Each Receivable
	  	20
			
	 Section 2.3
	  	 Representations and Warranties as to the Receivables in the Aggregate
	  	22
			
	 Section 2.4
	  	 Repurchase upon Breach
	  	23
			
	 Section 2.5
	  	 Custodian of Receivable Files
	  	23
			
	 ARTICLE III
	  	ADMINISTRATION AND SERVICING OF TRUST PROPERTY	  	26
			
	 Section 3.1
	  	 Duties of Servicer
	  	26
			
	 Section 3.2
	  	 Collection of Receivable Payments
	  	27
			
	 Section 3.3
	  	 Realization upon Receivables
	  	28
			
	 Section 3.4
	  	 Physical Damage Insurance
	  	28
			
	 Section 3.5
	  	 Maintenance of Security Interests in Financed Vehicles
	  	28
			
	 Section 3.6
	  	 Covenants of Servicer
	  	29
			
	 Section 3.7
	  	 Purchase by Servicer upon Breach
	  	29
			
	 Section 3.8
	  	 Servicing Compensation
	  	30
			
	 Section 3.9
	  	 Servicer’s Report
	  	30
			
	 Section 3.10
	  	 Annual Statement as to Compliance
	  	31
			
	 Section 3.11
	  	 Annual Registered Public Accounting Firm Attestation Report
	  	31
			
	 Section 3.12
	  	 Access to Certain Documentation and Information Regarding Receivables
	  	31
			
	 Section 3.13
	  	 Reports to the Commission
	  	32
			
	 Section 3.14
	  	 Reports to the Rating Agency
	  	32
			
	 Section 3.15
	  	 Servicer Expenses
	  	32

  

 -i- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	 ARTICLE IV
	  	DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO HOLDERS	  	32
			
	 Section 4.1
	  	 Establishment of Accounts
	  	32
			
	 Section 4.2
	  	 Collections
	  	33
			
	 Section 4.3
	  	 [RESERVED]
	  	34
			
	 Section 4.4
	  	 Additional Deposits; Net Deposits
	  	34
			
	 Section 4.5
	  	 Distributions
	  	35
			
	 Section 4.6
	  	 Reserve Account
	  	37
			
	 Section 4.7
	  	 Statements to Holders
	  	39
			
	 ARTICLE V
	  	THE CERTIFICATES	  	40
			
	 Section 5.1
	  	 The Certificates
	  	40
			
	 Section 5.2
	  	 Authentication of Certificates
	  	40
			
	 Section 5.3
	  	 Registration of Transfer and Exchange of Certificates
	  	40
			
	 Section 5.4
	  	 Mutilated, Destroyed, Lost or Stolen Certificates
	  	41
			
	 Section 5.5
	  	 Persons Deemed Owners
	  	41
			
	 Section 5.6
	  	 Access to List of Holders’ Names and Addresses
	  	41
			
	 Section 5.7
	  	 Maintenance of Office or Agency
	  	42
			
	 Section 5.8
	  	 Book Entry Certificates
	  	42
			
	 Section 5.9
	  	 Notices to Clearing Agency
	  	43
			
	 Section 5.10
	  	 Definitive Certificates
	  	43
			
	 ARTICLE VI
	  	SELLER	  	44
			
	 Section 6.1
	  	 Representations and Warranties of Seller
	  	44
			
	 Section 6.2
	  	 Merger or Consolidation of, or Assumption of the Obligations of, Seller
	  	45
			
	 Section 6.3
	  	 Limitation on Liability of Seller and Others
	  	46
			
	 ARTICLE VII
	  	SERVICER	  	46
			
	 Section 7.1
	  	 Representations and Warranties of Servicer
	  	46
			
	 Section 7.2
	  	 Indemnities of Servicer
	  	47
			
	 Section 7.3
	  	 Merger or Consolidation of or Assumption of the Obligations of Servicer
	  	48
			
	 Section 7.4
	  	 Limitation on Liability of Servicer and Others
	  	49

  

 -ii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	 Section 7.5
	  	 CAF Not To Resign as Servicer
	  	49
			
	 Section 7.6
	  	 Servicer May Own Certificates
	  	49
			
	 Section 7.7
	  	 Existence
	  	50
			
	 ARTICLE VIII
	  	SERVICING TERMINATION	  	50
			
	 Section 8.1
	  	 Servicer Termination Events
	  	50
			
	 Section 8.2
	  	 Trustee to Act; Appointment of Successor Servicer
	  	52
			
	 Section 8.3
	  	 Effect of Servicing Transfer
	  	52
			
	 Section 8.4
	  	 Notification to Holders
	  	53
			
	 Section 8.5
	  	 Waiver of Past Servicer Termination Events
	  	53
			
	 Section 8.6
	  	 Transfer of Accounts
	  	53
			
	 ARTICLE IX
	  	TRUSTEE	  	54
			
	 Section 9.1
	  	 Acceptance by Trustee
	  	54
			
	 Section 9.2
	  	 Duties of Trustee
	  	54
			
	 Section 9.3
	  	 Trustee’s Certificate
	  	55
			
	 Section 9.4
	  	 Trustee’s Assignment of Purchased Receivables
	  	55
			
	 Section 9.5
	  	 Certain Matters Affecting Trustee
	  	56
			
	 Section 9.6
	  	 Trustee Not Liable for Certificates or Receivables
	  	58
			
	 Section 9.7
	  	 Trustee May Own Certificates
	  	59
			
	 Section 9.8
	  	 Trustee’s Fees and Expenses
	  	59
			
	 Section 9.9
	  	 Eligibility Requirements for Trustee
	  	59
			
	 Section 9.10
	  	 Resignation or Removal of Trustee
	  	59
			
	 Section 9.11
	  	 Successor Trustee
	  	60
			
	 Section 9.12
	  	 Merger or Consolidation of or Assumption of Obligations of Trustee
	  	61
			
	 Section 9.13
	  	 Appointment of Co-Trustee or Separate Trustee
	  	61
			
	 Section 9.14
	  	 Representations and Warranties of Trustee
	  	62
			
	 Section 9.15
	  	 Reports by Trustee
	  	63
			
	 Section 9.16
	  	 Tax Returns
	  	63
			
	 Section 9.17
	  	 Trustee May Enforce Claims Without Possession of Certificates
	  	63

  

 -iii- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	 ARTICLE X
	  	TERMINATION	  	64
			
	 Section 10.1
	  	 Termination of the Trust
	  	64
			
	 Section 10.2
	  	 Optional Purchase of All Receivables
	  	65
			
	 ARTICLE XI
	  	MISCELLANEOUS PROVISIONS	  	65
			
	 Section 11.1
	  	 Amendment
	  	65
			
	 Section 11.2
	  	 Protection of Title to Trust Property
	  	66
			
	 Section 11.3
	  	 Limitation on Rights of Holders
	  	68
			
	 Section 11.4
	  	 Governing Law
	  	69
			
	 Section 11.5
	  	 Notices
	  	69
			
	 Section 11.6
	  	 Severability of Provisions
	  	69
			
	 Section 11.7
	  	 Assignment
	  	69
			
	 Section 11.8
	  	 Certificates Nonassessable and Fully Paid
	  	69
			
	 Section 11.9
	  	 Intention of Parties
	  	70
			
	 Section 11.10
	  	 Counterparts
	  	70
			
	 Section 11.11
	  	 Further Assurances
	  	70
			
	 Section 11.12
	  	 No Waiver; Cumulative Remedies
	  	70
			
	 Section 11.13
	  	 Regulation AB
	  	70
			
	 Section 11.14
	  	 Information to Be Provided by Trustee
	  	71
			
	 Section 11.15
	  	 Form 8-K Filings
	  	72
			
	 Section 11.16
	  	 Indemnification
	  	72

  

 -iv- 

 SCHEDULE 
  

					
	 SCHEDULE A
	  	LOCATION OF RECEIVABLE FILES	  	S-1
	
	EXHIBITS
			
	 EXHIBIT A
	  	FORM OF CLASS A CERTIFICATE	  	A-1
	 EXHIBIT B
	  	FORM OF CLASS B CERTIFICATE	  	B-1
	 EXHIBIT C
	  	FORM OF SERVICER’S REPORT	  	C-1
	 EXHIBIT D
	  	SERVICING CRITERIA	  	D-1
	 EXHIBIT E
	  	FORM OF TRUSTEE’S ANNUAL CERTIFICATION	  	E-1
	 EXHIBIT F
	  	 FORM OF TRUSTEE’S ANNUAL CERTIFICATION
 REGARDING
ITEM 1117 AND ITEM 1119 OF
 REGULATION AB
	  	F-1

 POOLING AND SERVICING AGREEMENT dated as of ____________, 20__, between Citizens Auto Receivables, LLC, a
Delaware limited liability company, as Seller, Citizens Automobile Finance, Inc. (“CAF”), a Rhode Island corporation, as Servicer, and __________, a ______________________, as trustee hereunder. 
 In consideration of the premises and of the mutual agreements herein contained, and other good and valuable consideration, the receipt of which is
acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Definitions.
Whenever used in this Agreement, the following capitalized words and phrases, unless the context otherwise requires, have the following meanings: 
 “Accounts” means collectively the Collection Account, the Class A Distribution Account, the Class B Distribution Account and the Payahead Account. 
 “Account Property” means all amounts and investments held from time to time in any Account or the Reserve Account, as the case may be
(whether in the form of deposit accounts, instruments, certificated securities, book entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing. 
 “Actuarial Receivable” means a Receivable that provides for (i) amortization of the loan over a series of fixed level payment
monthly installments and (ii) each monthly installment, including the monthly installment representing the final payment on the Receivable, to consist of an amount of interest equal to 1/12 of the Contract Rate of the loan multiplied by the
unpaid principal balance of the loan, and an amount of principal equal to the remainder of the monthly installment. 
 “Acquired
Receivable” means a Receivable acquired by Transferor through a bulk purchase of Receivables or the acquisition of a financial institution that owned the Receivable. 
 “Additional Servicing” means, for each Distribution Date, an amount equal to the lesser of (i) the amount by which (A) the
aggregate amount of the Servicing Fee for such Distribution Date and all prior Distribution Dates exceeds (B) the aggregate amount of Additional Servicing paid to Servicer on all prior Distribution Dates and (ii) the amount, if any, by
which (A) the sum of Available Interest and Available Principal for such Distribution Date exceed (B) the sum, without duplication of (x) the Servicing Fee paid on such Distribution Date with respect to the related Collection Period
and any accrued and unpaid Servicing Fee for prior Collection Periods, (y) all amounts required to be distributed to the Holders on such Distribution Date and (z) the amount, if any, deposited in the Reserve Account on such Distribution
Date. 
 “Administration Agreement” means the Administration Agreement dated as of _______, 20__ by and among the Trust, the
Administrator and the Indenture Trustee as amended, restated and otherwise modified from time to time 

 “Administrator” means CAF in its capacity as administrator of the Trust under the
Administration Agreement, and any successor thereto. 
 “Affiliate” means, with respect to any specified Person, any other
Person controlling, controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. A Person shall not be
deemed to be an Affiliate of any specified Person solely because such other Person has the contractual right or obligation to manage such specified Person or act as servicer with respect to the financial assets of such specified Person unless such
other Person controls the specified Person through equity ownership or otherwise. 
 “Agreement” means this Pooling and
Servicing Agreement, including its schedules and exhibits, as amended, modified or supplemented from time to time. 
 “Authorized
Officer” means any officer within the Corporate Trust Office of Trustee, including any vice president, assistant vice president, secretary, assistant secretary or any other officer of Trustee customarily performing functions similar to
those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

 “Available Interest” means, for any Distribution Date, the sum of the following amounts for the related Collection
Period: (a) that portion of the Collections on the Receivables received during the such Collection Period that is allocable to interest in accordance with Servicer’s customary servicing procedures, (b) all Liquidation Proceeds
received during the related Collection Period and (c) the Purchase Amounts, to the extent allocable to accrued interest, of all Receivables that are purchased by Servicer as of the last day of the related Collection Period. “Available
Interest” for any Distribution Date shall exclude all payments and proceeds of any Receivables the Purchase Amount of which has been distributed on a prior Distribution Date. 
 “Available Principal” means, for any Distribution Date the sum of the following amounts with respect to the related Collection Period:
(a) that portion of all Collections on the Receivables received during such Collection Period that is allocable to principal in accordance with Servicer’s customary servicing procedures; and (b) the Purchase Amounts, to the extent
attributable to principal, of all Receivables purchased by Servicer as of the last day of the related Collection Period. “Available Principal” on any Distribution Date shall exclude all payments and proceeds of any Receivables the Purchase
Amount of which has been distributed on a prior Distribution Date. 
 “Available Reserve Amount” is defined in
Section 4.6. 
  

 2 

 “Book Entry Certificate” means beneficial interests in the definitive Certificates
described in Section 5.8, the ownership of which shall be evidenced, and transfers of which shall be made, through book entries by a Clearing Agency as described in Section 5.8. 
 “Business Day” means a day that is not a Saturday or a Sunday and that in the States of New York, Illinois, Rhode Island and the State
in which the Corporate Trust Office is located is neither a legal holiday nor a day on which banking institutions are authorized by law, regulation or executive order to be closed. 
 “Certificate” means any Class A Certificate or Class B Certificate. 
 “Certificate Owner” means, with respect to a Book Entry Certificate, the Person who is the owner of such Book Entry Certificate, as
reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly or as an indirect participant, in accordance with the rules, regulations and procedures of such Clearing Agency).

 “Certificate Register” means the register maintained by Trustee for the registration of Certificates and of transfers and
exchanges of Certificates as provided in Section 5.3. 
 “Class A Certificate” means a certificate executed by
Trustee on behalf of the Trust and authenticated by Trustee substantially in the form of Exhibit A. 
 “Class A Certificate
Balance” means, at any time, the original Class A Certificate Balance, as reduced by all amounts allocable to principal on the Class A Certificates distributed to Class A Holders prior to such time. 
 “Class A Certificate Rate” means ____% per annum, calculated on the basis of a 360-day year consisting of twelve 30-day months.

 “Class A Distribution Account” means the account established, maintained and designated as the “Class A Distribution
Account” pursuant to Section 4.1. 
 “Class A Holder” means the Person in whose name a Class A
Certificate is registered in the Certificate Register, except that, solely for the purpose of giving any consent, request or waiver pursuant to this Agreement, the interest evidenced by any Class A Certificate registered in the name of the
Transferor, Servicer, or any Person actually known to an Authorized Officer of Trustee to be an Affiliate, the Transferor, or Servicer, shall not be taken into account in determining whether the requisite percentage necessary to effect any such
consent, request or waiver shall have been obtained. 
 “Class A Interest Carryover Shortfall” means, (a) with respect
to the initial Distribution Date, zero, and (b) with respect to any other Distribution Date, the excess of Class A Monthly Interest for the preceding Distribution Date and any outstanding Class A Interest Carryover Shortfall on such
preceding Distribution Date, over the amount in respect of interest that is actually deposited in the Class A Distribution Account on such preceding Distribution Date, plus 30 days of interest on such excess, to the extent permitted by law, in
an amount equal to the product of one-twelfth multiplied by the Class A Certificate Rate multiplied by the amount of such excess. 
  

 3 

 “Class A Interest Distributable Amount” means, with respect to any Distribution Date,
the sum of (a) the Class A Monthly Interest for such Distribution Date and (b) the Class A Interest Carryover Shortfall for such Distribution Date. 
 “Class A Monthly Interest” means, for any Distribution Date, an amount equal to one-twelfth (or the actual number of days from and including the Closing Date to but excluding _____________, 20__
divided by 360, for the initial Distribution Date) of the Class A Certificate Rate multiplied by the Class A Certificate Balance as of the close of business on the immediately preceding Distribution Date, after giving effect to all
payments of principal to the Class A Certificates on or prior to such Distribution Date (or, in the case of the first Distribution Date, the Original Class A Certificate Balance). 
 “Class A Monthly Principal” means, with respect to any Distribution Date, the Class A Percentage of Available Principal for such
Distribution Date plus the Class A Percentage of Realized Losses with respect to the related Collection Period. 
 “Class A
Percentage” means _____%. 
 “Class A Pool Factor” means, with respect to any Distribution Date, the Class A
Certificate Balance as of the close of business on such Distribution Date (after giving effect to any payments to be made on such Distribution Date) divided by the Original Class A Certificate Balance, expressed as a seven-digit decimal.

 “Class A Principal Carryover Shortfall” means, as of the close of business on any Distribution Date, the excess of
Class A Monthly Principal for such Distribution Date and any outstanding Class A Principal Carryover Shortfall from the preceding Distribution Date over the amount in respect of principal that is actually deposited in the Class A
Distribution Account on such Distribution Date. 
 “Class A Principal Distributable Amount” means, with respect to any
Distribution Date, the sum of Class A Monthly Principal for such Distribution Date and, in the case of any Distribution Date other than the initial Distribution Date, the Class A Principal Carryover Shortfall as of the close of business on
the preceding Distribution Date; provided that the Class A Principal Distributable Amount shall not exceed the Class A Certificate Balance prior to such Distribution Date. In addition, on the Final Scheduled Distribution Date, the
Class A Principal Distributable Amount shall include, to the extent not included under the preceding sentence, the amount that is necessary (after giving effect to the other amounts to be deposited in the Class A Distribution Account on
such Distribution Date and allocable to principal) to reduce the Class A Certificate Balance to zero. 
 “Class B
Certificate” means a certificate executed by Trustee on behalf of the Trust and authenticated by Trustee substantially in the form of Exhibit B. 
  

 4 

 “Class B Certificate Balance” means, at any time, the Original Class B Certificate
Balance, as reduced by all amounts allocable to principal on the Class B Certificates distributed to Class B Holders prior to such time. 
 “Class B Certificate Owner” means, with respect to a Book Entry Certificate representing a beneficial interest in the Class B Certificates, the Person who is the owner of such Book Entry Certificate, as reflected on the
books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly or as an indirect participant in accordance with the rules, regulations and procedures of such Clearing Agency). 
 “Class B Certificate Rate” means ____% per annum, calculated on the basis of a 360-day year consisting of twelve 30-day months.

 “Class B Distribution Account” means the account established, maintained and designated as the “Class B Distribution
Account” pursuant to Section 4.1. 
 “Class B Holder” means the Person in whose name a Class B Certificate
is registered in the Certificate Register, except that, solely for the purpose of giving any consent, request or waiver pursuant to this Agreement, the interest evidenced by any Class B Certificate registered in the name of the Transferor, Servicer,
or any Person actually known to an Authorized Officer of Trustee to be an Affiliate of the Transferor or Servicer, shall not be taken into account in determining whether the requisite percentage necessary to effect any such consent, request or
waiver shall have been obtained. 
 “Class B Interest Carryover Shortfall” means, (a) with respect to the initial
Distribution Date, zero, and (b) with respect to any other Distribution Date, the excess of Class B Monthly Interest for the preceding Distribution Date and any outstanding Class B Interest Carryover Shortfall on such preceding Distribution
Date, over the amount in respect of interest that is actually deposited in the Class B Distribution Account on such preceding Distribution Date, plus 30 days of interest on such excess, to the extent permitted by law, in an amount equal to the
product of one-twelfth multiplied by the Class B Certificate Rate multiplied by the amount of such excess. 
 “Class B Interest
Distributable Amount” means, with respect to any Distribution Date, the sum of (a) the Class B Monthly Interest for such Distribution Date and (b) the Class B Interest Carryover Shortfall for such Distribution Date. 
 “Class B Monthly Interest” means, for any Distribution Date, an amount equal to one-twelfth (or the actual number of days from and
including the Closing Date to but excluding __________, 20__ divided by 360, for the initial Distribution Date) of the Class B Certificate Rate multiplied by the Class B Certificate Balance as of the close of business on the immediately preceding
Distribution Date, after giving effect to all payments of principal to the Class B Certificates on or prior to such Distribution Date (or, in the case of the first Distribution Date, the Certificate Balance on the Closing Date). 
 “Class B Monthly Principal” means, with respect to any Distribution Date, the Class B Percentage of Available Principal for such
Distribution Date plus the Class B Percentage of Realized Losses with respect to the related Collection Period. 
  

 5 

 “Class B Percentage” means         %.

 “Class B Pool Factor” means, with respect to any Distribution Date, the Class B Certificate Balance as of the close of
business on such Distribution Date (after giving effect to any payments to be made on such Distribution Date) divided by the Original Class B Certificate Balance, expressed as a seven-digit decimal. 
 “Class B Principal Carryover Shortfall” means, as of the close of business on any Distribution Date, the excess of Class B Monthly
Principal for such Distribution Date and any outstanding Class B Principal Carryover Shortfall from the preceding Distribution Date over the amount in respect of principal that is actually deposited in the Class B Distribution Account on such
Distribution Date. 
 “Class B Principal Distributable Amount” means, with respect to any Distribution Date, the sum of
Class B Monthly Principal for such Distribution Date and, in the case of any Distribution Date other than the initial Distribution Date, the Class B Principal Carryover Shortfall as of the close of business on the preceding Distribution Date;
provided that the Class B Principal Distributable Amount shall not exceed the Class B Certificate Balance prior to such Distribution Date. In addition, on the Final Scheduled Distribution Date, the Class B Principal Distributable Amount shall
include, to the extent not included under the preceding sentence, the amount that is necessary (after giving effect to the other amounts to be deposited in the Class B Distribution Account on such Distribution Date and allocable to principal) to
reduce the Class B Certificate Balance to zero. 
 “Clearing Agency” means an organization registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act, as amended. 
 “Clearing Agency Participant” means a broker,
dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers of securities deposited with the Clearing Agency. 
 “Closing Date” means the date of the initial issuance of the Certificates hereunder. 
 “Code” means the Internal Revenue Code of 1986, as amended, modified or supplemented from time to time, and any successor law thereto,
and the Treasury Regulations promulgated thereunder. 
 “Collection Account” means the segregated account or accounts
established, maintained and designated as the “Collection Account” pursuant to Section 4.1. 
 “Collection
Period” means, (a) in the case of the initial Collection Period, the period from [but not including] the Cutoff Date to and including ___________ __, 20__ and (b) thereafter, each calendar month during the term of this Pooling and
Servicing Agreement. With respect to any Determination Date, Deposit Date or Distribution Date, the “related Collection Period” means the Collection Period preceding the month in which such Determination Date, Deposit Date or Distribution
Date occurs. 
  

 6 

 “Collections” means all collections on the Receivables and any proceeds from Insurance
Policies and lender’s single interest insurance policies. 
 “Commission” means the Securities and Exchange Commission.

 “Contract Rate” means, with respect to a Receivable, the rate per annum of interest charged on the outstanding principal
balance of such Receivable. 
 “Corporate Trust Office” means the principal office of Trustee at which at any particular
time its corporate trust business shall be administered, which office at date of execution of this Agreement is located at ____________, Attention: ______________, Telephone: _______________, Facsimile: ________________ or at such other address as
Trustee may designate from time to time by notice to the Holders, the Transferor, Seller and Servicer, or the principal corporate trust office of any successor Trustee (the address of which the successor Trustee will notify the Holders, the
Transferor, Seller and Servicer). 
 “Custodian” means Servicer in its capacity as agent of the Trustee, as custodian of the
Receivable Files and the Transferor acting as agent for Servicer for the purpose of maintaining custody of the Receivables Files. 
 “Cutoff Date” means the [opening] of business on ___________ __, 20___. 
 “Cutoff Date Principal
Balance” means, with respect to any Receivable, the Initial Principal Balance of such Receivable minus the sum of the portion of all payments received under such Receivable from or on behalf of the related Obligor on or prior to the Cutoff
Date and allocable to principal in accordance with the terms of the Receivable. 
 “Dealer” means, with respect to any
Receivable, the seller of the related Financed Vehicle. 
 “Dealer Agreement” means an agreement between an Originator and a
Dealer pursuant to which such Originator acquires Motor Vehicle Loans from the Dealer or gives such Dealer the right to induce persons to apply to such Originator for loans in connection with the retail sale of Motor Vehicles by such Dealer.

 “Dealer Recourse” means, with respect to any Dealer, any rights and remedies against such Dealer under the related Dealer
Agreement (other than with respect to any breach of representation or warranty thereunder) with respect to credit losses on a Receivable secured by a Financed Vehicle sold by such Dealer. 
 “Defaulted Receivable” means, with respect to any Collection Period, a Receivable (other than a Purchased Receivable) which Servicer has
determined to charge off during such Collection Period in accordance with its customary servicing practices; provided that any Receivable which Servicer is obligated to repurchase or purchase shall be deemed to have become a Defaulted
Receivable during a Collection Period if Servicer fails to deposit the related Purchase Amount on the related Deposit Date when due. 
 “Definitive Certificates” is defined in Section 5.8. 
  

 7 

 “Delivery” when used with respect to Account Property means: 
 (A) with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute
“instruments” within the meaning of Section 9-102(47) of the UCC and are susceptible of physical delivery, transfer thereof to Trustee or its nominee or custodian by physical delivery to Trustee or its nominee or custodian endorsed
to, or registered in the name of, Trustee or its nominee or custodian or endorsed in blank, and, with respect to a “certificated security” (as defined in Section 8-102 of the UCC) transfer thereof (i) by delivery of such
certificated security endorsed to, or registered in the name of, Trustee or its nominee or custodian or endorsed in blank to a “financial intermediary” (as defined in Section 8-313 of the UCC) and the making by such financial
intermediary of entries on its books and records identifying such certificated securities as belonging to Trustee or its nominee or custodian and the sending by such financial intermediary of a confirmation of the purchase of such certificated
security by Trustee or its nominee or custodian, or (ii) by delivery thereof to a “clearing corporation” (as defined in Section 8-102(3) of the UCC) and the making by such clearing corporation of appropriate entries on its books
reducing the appropriate securities account of the transferor and increasing the appropriate securities account of a financial intermediary by the amount of such certificated security, the identification by the clearing corporation of the
certificated securities for the sole and exclusive account of the financial intermediary, the maintenance of such certificated securities by such clearing corporation or a “custodian bank” (as defined in Section 8-102(4) of the UCC)
or the nominee of either subject to the clearing corporation’s exclusive control, the sending of a confirmation by the financial intermediary of the purchase by Trustee or its nominee or custodian of such securities and the making by such
financial intermediary of entries on its books and records identifying such certificated securities as belonging to Trustee or its nominee or custodian (all of the foregoing, “Physical Property”), and, in any event, any such Physical
Property in registered form shall be in the name of Trustee or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Account Property to
Trustee or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; 
 (B) with respect to any securities issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage Association that is a book-entry security held through the Federal Reserve System pursuant to
Federal book-entry regulations, the following procedures, all in accordance with applicable law, including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such Account Property to an appropriate book-entry
account maintained with a Federal Reserve Bank by a financial intermediary which is also a “depository” pursuant to applicable Federal regulations and issuance by such financial intermediary of a deposit advice or other written
confirmation of such book-entry registration to Trustee or its nominee or custodian of the purchase by Trustee or its nominee or custodian of 

  

 8 

 
such book-entry securities; the making by such financial intermediary of entries in its books and records identifying such book entry security held through
the Federal Reserve System pursuant to Federal book-entry regulations as belonging to Trustee or its nominee or custodian and indicating that such custodian holds such Account Property solely as agent for Trustee or its nominee or custodian; and
such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Account Property to Trustee or its nominee or custodian, consistent with changes in applicable law or regulations or
the interpretation thereof; and 
 (C) with respect to any item of Account Property that is an uncertificated security under
Article 8 of the UCC and that is not governed by clause (b) above, registration on the books and records of the issuer thereof in the name of the financial intermediary, the sending of a confirmation by the financial intermediary of the
purchase by Trustee or its nominee or custodian of such uncertificated security, the making by such financial intermediary of entries on its books and records identifying such uncertificated certificates as belonging to Trustee or its nominee or
custodian. 
 “Deposit Date” means, with respect to any Collection Period, the Business Day preceding the related
Distribution Date. 
 “Depository Agreement” means the agreement among Seller, Servicer, Trustee and the initial Clearing
Agency, dated the Closing Date. 
 “Determination Date” with respect to any Collection Period, means the tenth day of the
calendar month following such Collection Period (or, if the tenth day is not a Business Day, the next succeeding Business Day). 
 “Direct Loan” means motor vehicle promissory notes and security agreements executed by an Obligor in favor of a motor vehicle lender. 
 “Distribution Date” means the _____ day of each month (or, if the ___ day is not a Business Day, the next succeeding Business Day), commencing _______ __, 20__. 
 “Dollar” and the sign “$” mean lawful money of the United States. 
 “Eligible Deposit Account” means either (a) a segregated account with an Eligible Institution or (b) a segregated trust
account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having
corporate trust powers and acting as trustee for funds deposited in such account, so long as the long-term unsecured debt of such depository institution shall have a credit rating from each Rating Agency in one of its generic rating categories which
signifies investment grade. Any such accounts (other than the Reserve Account) may be maintained with ______________, or any of its Affiliates, if such accounts meet the requirements described in clause (a) of the preceding sentence.

  

 9 

 “Eligible Institution” means a depository institution (which may be Servicer or any
Affiliate of Servicer or Trustee) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), which (a) has (i) either a long-term senior
unsecured debt rating of AA or a short-term senior unsecured debt or certificate of deposit rating of A-1+ or better by S&P and (ii) (A) a short-term senior unsecured debt rating of A-1 or better by S&P and (B) a short-term
senior unsecured debt rating of P-1 or better by Moody’s, or any other long-term, short-term or certificate of deposit rating acceptable to the Rating Agencies and (b) whose deposits are insured by the Federal Deposit Insurance
Corporation. If so qualified, Servicer, any Affiliate of Servicer or Trustee may be considered an Eligible Institution. 
 “Eligible
Investments” shall mean any one or more of the following types of investments: 
 (A) direct obligations of, and
obligations fully guaranteed as to timely payment by, the United States of America; 
 (B) demand deposits, time deposits or
certificates of deposit of any depository institution (including any Affiliate of the Transferor, Seller, Trustee or any Affiliate of the Trustee) or trust company incorporated under the laws of the United States of America or any state thereof or
the District of Columbia (or any domestic branch of a foreign bank) and subject to supervision and examination by Federal or state banking or depository institution authorities (including depository receipts issued by any such institution or trust
company as custodian with respect to any obligation referred to in clause (a) above or a portion of such obligation for the benefit of the holders of such depository receipts); provided that at the time of the investment or
contractual commitment to invest therein (which shall be deemed to be made again each time funds are reinvested following each Distribution Date), the commercial paper or other short-term senior unsecured debt obligations (other than such
obligations the rating of which is based on the credit of a Person other than such depository institution or trust company) of such depository institution or trust company shall have a credit rating from S&P of A-1+ and from Moody’s of P-1;

 (C) commercial paper (including commercial paper of any Affiliate of the Transferor Seller) having, at the time of the
investment or contractual commitment to invest therein, a rating from S&P of A-1+ and from Moody’s of P-1; 
 (D)
investments in money market funds (including funds for which Trustee or any of its Affiliates or any of Seller’s or Transferor’s Affiliates is investment manager or advisor) having a rating from S&P of AAA-m or AAAm-and from
Moody’s of Aaa; 
 (E) bankers’ acceptances issued by any depository institution or trust company referred to in
clause (b) above; 
  

 10 

 (F) repurchase obligations with respect to any security that is a direct obligation of,
or fully guaranteed by, the United States of America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with a depository institution
or trust company (acting as principal) referred to in clause (b) above; and 
 (G) any other investment with
respect to which each Rating Agency has provided written notice that such investment would not cause such Rating Agency to downgrade or withdraw its then current rating on the Class A Certificates or the Class B Certificates. 
 “Eligible Servicer” means a Person which, at the time of its appointment as Servicer, (a) has a net worth of not less than
$50,000,000, (b) is servicing a portfolio of motor vehicle retail installment sales contracts and/or motor vehicle loans, (c) is legally qualified, and has the capacity, to service the Receivables, (d) has demonstrated the ability to
service a portfolio of motor vehicle loans similar to the Receivables professionally and competently in accordance with standards of skill and care that are consistent with prudent industry standards, and (e) is qualified and entitled to use
pursuant to a license or other written agreement, and agrees to maintain the confidentiality of, the software which Servicer uses in connection with performing its duties and responsibilities under this Agreement or obtains rights to use, or
develops at its own expense, software which is adequate to perform its duties and responsibilities under this Agreement. 
 “ERISA” means the Employment Retirement Income Security Act of 1974, as amended. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended. 
 “Final Scheduled Distribution Date” means the _______ __
Distribution Date. 
 “Final Scheduled Maturity Date” means the last day of the Collection Period immediately preceding the
Collection Period during which the Final Scheduled Distribution Date falls. 
 “Financed Vehicle” means, with respect to a
Receivable, the Motor Vehicle, together with all accessories and accessions thereto, securing or purporting to secure the indebtedness under such Receivable. 
 “Fitch” means Fitch, Inc., or any successor that is a nationally recognized statistical rating organization. 
 “GAAP” is defined in Section 11.1(c). 
 “Holder” means the
Person in whose name a Certificate is registered in the Certificate Register, except that, solely for the purpose of giving any consent, request or waiver pursuant to this Agreement, the interest evidenced by any Certificate registered in the name
of the Transferor, Servicer or any Person actually known to an Authorized Officer of Trustee to be 

  

 11 

 
an Affiliate of the Transferor or Servicer, shall not be taken into account in determining whether the requisite percentage necessary to effect any such
consent, request or waiver shall have been obtained. 
 “Initial Principal Balance” means, in respect of a Receivable, the
amount advanced under the Receivable toward the purchase price of the Financed Vehicle and related costs, including accessories, service and warranty contracts, insurance premiums, other items customarily financed as part of retail motor vehicle
loans and/or retail installment sales contracts and other fees charged by the Transferor or Dealer and included in the amount to be financed, the total of which is shown as the initial principal balance in the note and security agreement or retail
installment sale contract evidencing and securing such Receivable. 
 “Insurance Policies” means, all credit life and
disability insurance policies maintained by the Obligors and all Physical Damage Insurance Policies. 
 “Item 1117 Disclosure
Item” means with respect to any Person, (a) any legal proceedings pending against such Person or of which any property of such Person is then subject, or (b) any governmental proceeding known to be contemplated by governmental
authorities against such Person or of which any property of such Person would be subject, in each case that would be material to the Certificateholders. 
 “Item 1119 Party” means Seller, CAF, Servicer, Trustee, any underwriter of the Certificates and any other material transaction party identified by Seller or CAF to Trustee in writing. 
 “Lien” means a security interest, lien, charge, pledge, preference, participation interest or encumbrance of any kind, other than liens
for taxes not yet due and payable, mechanics’ or materialmen’s liens and other liens for work, labor or materials, and any other liens that may attach by operation of law. 
 “Liquidation Proceeds” means, with respect to any Receivable which has become a Defaulted Receivable, (a) insurance proceeds
received by Servicer with respect to the Insurance Policies, (b) amounts received by Servicer in connection with such Defaulted Receivable pursuant to the exercise of rights under that Receivable and (c) the monies collected by Servicer
(from whatever source, including proceeds of a sale of a Financed Vehicle or a deficiency balance recovered after the charge-off of the related Receivable or as a result of any Dealer Recourse) on such Defaulted Receivable net of any expenses
incurred by Servicer in connection therewith and any payments required by law to be remitted to the Obligor. 
 “Majority
Holders” means Holders of Certificates evidencing not less than a majority of the aggregate outstanding principal balance of the Class A Certificates and the Class B Certificates taken together as a single class. 
 “Minimum Specified Reserve Balance” with respect to any Distribution Date means the lesser of (i) $______ and (ii) the
aggregate outstanding Class A Certificate Balance and Class B Certificate Balance (after giving effect to any distributions on the Certificates on such Distribution Date). 
  

 12 

 “Moody’s” means Moody’s Investors Service, Inc., or any successor that is a
nationally recognized statistical rating organization. 
 “Motor Vehicle” means a new or used automobile or light duty
truck. 
 “Motor Vehicle Loan” means a Direct Loan or retail installment sales contract secured by a Motor Vehicle
originated by the Transferor or another financial institution. 
 “Obligor” means, with respect to a Receivable, the
borrower or co-borrowers under the related Receivable and any co-signer of the Receivable or other Person who owes or may be primarily or secondarily liable for payments under such Receivable. 
 “Officer’s Certificate” means a certificate signed by the chairman, the president, any vice president or the treasurer of the
Transferor or Servicer, as the case may be, and delivered to Trustee. 
 “Opinion of Counsel” means a written opinion of
counsel (who may be an employee of the Transferor or Servicer or any of their Affiliates) reasonably acceptable in form to Trustee. 
 “Original Certificate Balance” means the sum of the Original Class A Certificate Balance and the Original Class B Certificate Balance. 
 “Original Class A Certificate Balance” means $                    . 
 “Original Class B Certificate Balance” means
$                    . 
 “Original Pool Balance” means the Pool Balance as of the Cutoff Date. 
 “Originator” means, with
respect to any Direct Loan or retail installment sales contract, the Transferor that was the lender with respect to such Direct Loan or that acquired such Direct Loan or retail installment sales contract from a Dealer or other Person. 
 “Payahead Account” means the account designated as such, established and maintained pursuant to Section 4.1. 
 “Payaheads” means early payments by or on behalf of Obligors on Precomputed Receivables which, in accordance with Servicer’s
customary practices, do not constitute scheduled payments or full prepayments and are applied to principal and interest in a subsequent period. 
 “Person” means a legal person, including any individual, corporation, estate, partnership, limited liability company, joint venture, association, joint stock company, trust, unincorporated organization, or government or any
agency or political subdivision thereof, or any other entity of whatever nature. 
  

 13 

 “Physical Damage Insurance Policy” means a theft and physical damage insurance policy
maintained by the Obligor under a Receivable, providing coverage against loss or damage to or theft of the related Financed Vehicle. 
 “Pool Balance” means, at any time, the aggregate Principal Balance of the Receivables (excluding Defaulted Receivables) at such time. 
 “Pool Factor” means, with respect to any Collection Period, the Pool Balance as of the last day of such Collection Period divided by the Original Pool Balance, expressed as a seven-digit decimal.

 “Precomputed Receivable” means (i) an Actuarial Receivable, (ii) a Rule of 78’s Receivable or (iii) a
Sum of Periodic Balances Receivable. 
 “Principal Balance” means, as of any time, for any Receivable, the principal balance
of such Receivable under the terms of the Receivable determined in accordance with Servicer’s customary practices. 
 “Purchase
Agreement” means each Purchase Agreement dated as of ________ __, 20__ by and between the Transferor and Seller, as amended, restated or otherwise modified from time to time. 
 “Purchase Amount” of any Receivable means, with respect to any Deposit Date, an amount equal to the sum of (a) the outstanding
Principal Balance of such Receivable as of the last day of the preceding Collection Period and (b) the amount of accrued and unpaid interest on such Principal Balance at the related Contract Rate from the date a payment was last made by or on
behalf of the Obligor through and including the last day of such preceding Collection Period, in each case after giving effect to the receipt of monies collected on such Receivable in such preceding Collection Period. 
 “Purchased Receivable” means, at any time, a Motor Vehicle Loan included in the Schedule of Receivables as to which payment of the
Purchase Amount has previously been made by the Transferor or Servicer pursuant to this Agreement. 
 “Rating Agencies”
means Moody’s, S&P and Fitch. 
 “Rating Agency Condition” means, with respect to any action, that each Rating
Agency shall have been given 10 days’ prior notice thereof (or such shorter period as shall be acceptable to the Rating Agencies) and that none of the Rating Agencies shall have notified the Transferor Seller, Servicer or Trustee in writing
that such action will, in and of itself, result in a reduction or withdrawal of the then current rating on the Class A Certificates or the Class B Certificates. 
 “Realized Losses” means, for any Collection Period, the aggregate Principal Balances of any Receivables that became Defaulted Receivables during such Collection Period. 
  

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 “Receivable” means each Motor Vehicle Loan described in the Schedule of Receivables, but
excluding (i) Defaulted Receivables to the extent the Principal Balances thereof have been deposited in the Collection Account and (ii) any Purchased Receivables. 
 “Receivable File” is defined in Section 2.5. 
 “Record Date” means, subject to Section 1.4, with respect to any Distribution Date, the last day of the related Collection Period. 
 “Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.110-229.1123, as such
regulation may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506,
1,531 (January 7, 2005)) or by the staff of the Commission, or as may be provided in writing by the Commission or its staff from time to time. 
 “Related Agreements” means the Certificates, the Depository Agreement and the underwriting agreement between Seller and the underwriter(s) of the Certificates. The Related Agreements to be executed by any party are referred
to herein as “such party’s Related Agreements”, “its Related Agreements” or by a similar expression. 
 “Reportable Event” means any event required to be reported on Form 8-K, and in any event, the following: 
 (A) entry into a material definitive agreement related to the Trust or the Certificates or an amendment to a Related Agreement, even if Seller is not a party to such agreement (e.g., a servicing agreement with a servicer contemplated by
Item 1108(a)(3) of Regulation AB); 
 (B) termination of a Related Agreement (other than by expiration of the agreement
on its stated termination date or as a result of all parties completing their obligations under such agreement), even if Seller is not a party to such agreement (e.g., a servicing agreement with a servicer contemplated by Item 1108(a)(3) of
Regulation AB); 
 (C) with respect to Servicer only, the occurrence of a Servicer Termination Event; 
 (D) the resignation, removal, replacement, or substitution of Trustee; and 
 (E) with respect to Trustee only, a required distribution to Holders of the Certificates is not made as of the required Distribution Date
under this Agreement. 
 “Required Rating” means a rating with respect to short term deposit obligations of at least P-1 by
Moody’s and at least A-1 by S&P. 
  

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 “Reserve Account” means the account established, maintained and designated as the
“Reserve Account” pursuant to Section 4.6. 
 “Reserve Account Initial Deposit” means cash or Eligible
Investments having a value of at least $                    . 
 “Reserve Account Property” is defined in Section 4.6. 
 “Responsible
Officer” means, with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other
officer of the Trustee who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of
and familiarity with the particular subject and who, in each case, shall have direct responsibility for the administration of the Agreement. 
 “Rule of 78’s Receivable” means a Receivable that provides for the payment by the Obligor of a specified total amount of payments, payable in equal monthly installments on each due date, which total represents the
principal amount financed and add-on interest in an amount calculated at the stated Contract Rate for the term of the Receivable and allocated to each monthly payment based upon a fraction, the numerator of which is the number of payments scheduled
to have been made prior to the due date for such monthly payments on such Receivable and the denominator of which is the sum of all such numbers of payments to be made until the maturity of such Receivable. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., or any successor that
is a nationally recognized statistical rating organization. 
 “Schedule of Receivables” means, with respect to the Motor
Vehicle Loans to be conveyed to Seller by the Transferor and to Trustee by Seller, the list identifying such retail Motor Vehicle Loans delivered to Trustee on the Closing Date. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Securities Intermediary” is defined in Section 4.6 of this Agreement. 
 “Seller” means Citizens Auto Receivables, LLC, in its capacity as seller of the Receivables to the Trust under this Agreement, or any
successor pursuant to Section 6.3. 
 “Servicer” means Citizens Automobile Finance, Inc., in its capacity as
servicer of the Receivables under this Agreement, any successor pursuant to Section 7.3 or any successor Servicer appointed and acting pursuant to Section 8.2. 
 “Servicer Termination Event” means an event specified in Section 8.1. 
 “Servicer’s Report” is defined in Section 3.9. 
  

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 “Servicing Criteria” shall mean the “servicing criteria” set forth in
Item 1122(d) of Regulation AB. 
 “Servicing Fee” means, with respect to any Distribution Date, an amount equal to the
product of (a) one-twelfth of the Servicing Fee Rate, multiplied by (b) the Pool Balance as of the beginning of the first day of the preceding Collection Period. 
 “Servicing Fee Rate” shall be ___% per annum, calculated on the basis of a 360-day year consisting of twelve 30-day months. 

“Servicing Officer” means any individual involved in, or responsible for, the administration and servicing of the Receivables, whose
name appears on a list of servicing officers attached to an Officer’s Certificate furnished to Trustee by Servicer, as such list may be amended from time to time by Servicer in writing. 
 “Simple Interest Method” means the method of allocating a fixed level payment monthly installments between principal and interest,
pursuant to which such installment is allocated first to accrued and unpaid interest at the Contract Rate on the unpaid principal balance and the remainder of such installment is allocable to principal. 
 “Simple Interest Receivable” means any Receivable under which the portion of a payment allocable to interest and the portion allocable
to principal is determined in accordance with the Simple Interest Method. 
 “Specified Reserve Account Balance” means, for
any Distribution Date, the greater of (a) ___% of the sum of the Class A Certificate Balance plus the Class B Certificate Balance on such Distribution Date (after giving effect to all payments on the Certificates to be made on or prior to
such Distribution Date), and (b) the Minimum Specified Reserve Balance as of such Distribution Date. 
 “Sum of Periodic
Balances Receivable” means a Receivable that provides for the payment by the obligor of a specified total amount of payments, payable in equal monthly installments on each due date, which total represents the principal amount financed and
add-on interest in an amount calculated at the stated Contract Rate for the term of the Receivable and allocated to each monthly payment based upon a fraction, the numerator of which is the principal balance of such Receivable immediately prior to
the due date for such monthly payment and the denominator of which is the sum of all principal balances for each monthly payment to be made until the maturity of such Receivable. 
 “Supplemental Servicing Fee” is defined in Section 3.8. 
 “Transferor” means Citizens Auto Receivables, LLC. 
 “Trust” means the trust created by this Agreement, which shall be known as Citizens Auto Loan Trust 20[    ]-[    ]. 
 “Trustee” means _________, a ___________, as Trustee under this Agreement and any successor Trustee appointed and acting pursuant to
this Agreement. 
  

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 “Trust Property” means: 
 (A) all right, title and interest of Seller in and to the Receivables, and all moneys received thereon [on or] after the Cutoff Date;

 (B) all right, title and interest of Seller in the security interests in the Financed Vehicles granted by Obligors pursuant
to the Receivables and any other interest of Seller in the Financed Vehicles and any other property that shall secure the Receivables; 
 (C) the interest of Seller in any proceeds with respect to the Receivables from claims on any Insurance Policies covering Financed Vehicles or the Obligors or from claims under any lender’s single interest
insurance policy naming the Transferor as an insured; 
 (D) rebates of premiums relating to Insurance Policies and rebates of
other items such as extended warranties financed under the Receivables, in each case, to the extent Servicer would, in accordance with its customary practices, apply such amounts to the Principal Balance of the related Receivable; 
 (E) the interest of Seller in any proceeds from (i) any Receivable repurchased by a Dealer, pursuant to a Dealer Agreement, as a
result of a breach of representation or warranty in the related Dealer Agreement, (ii) a default by an Obligor resulting in the repossession of the Financed Vehicle under the applicable Motor Vehicle Loan or (iii) any Dealer Recourse or
other rights relating to the Receivables under Dealer Agreements; 
 (F) all right, title and interest in all funds on deposit
from time to time in the Collection Account, the Payahead Account, the Class A Distribution Account and the Class B Distribution Account (including the Account Property related thereto) and in all investments and proceeds thereof (but excluding
all investment income thereon); 
 (G) all right, title and interest of Seller under each Purchase Agreement, including the
right of Seller to cause the Transferor to repurchase Receivables from Seller; 
 (H) all right, title and interest of Seller
in any instrument or document relating to the Receivables; and 
 (I) the proceeds of any and all of the foregoing.

 Notwithstanding anything to the contrary contained herein, the Trust Property shall not include, and the Trust shall not have any right
to, the Reserve Account or any funds actually or deemed to be deposited in such account or any investments therein. 
 “UCC”
means the Uniform Commercial Code as in effect in the relevant jurisdiction. 
  

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 Section 1.2 Other Interpretative Provisions. For purposes of this Agreement, unless the context
otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP; (b) terms
defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words
of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and
Exhibits in or to this Agreement 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; (e) the
term “including” means “including without limitation”; (f) 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; (g) references to any Person include that Person’s successors and assigns; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision
hereof. 
 Section 1.3 Calculations. All calculations of the amount of interest accrued on the Certificates during any Collection
Period and all calculations of the amount of the Servicing Fee payable with respect to a Collection Period shall be made on the basis of a 360-day year consisting of twelve 30-day months. 
 Section 1.4 References. All references to the Record Date prior to the first Record Date in the life of the Trust shall be to the Closing Date.
All references to the first day of a Collection Period shall refer to the opening of business on such day. All references to the last day of a Collection Period shall refer to the close of business on such day. All references herein to the close of
business means the close of business, [Rhode Island] time. 
 Section 1.5 Action by or Consent of Holders. Whenever any provision of
this Agreement refers to action to be taken, or consented to, by Holders, such provision shall be deemed to refer to Holders of record as of the Record Date immediately preceding the date on which such action is to be taken, or consented to, by
Holders. 
 ARTICLE II 
 THE TRUST
PROPERTY. 
 Section 2.1 Conveyance of Trust Property. In consideration of Trustee’s delivery to Seller or its designee of
authenticated Certificates, in authorized denominations, in an aggregate amount equal to the Original Certificate Balance, Seller hereby sells, transfers, assigns and conveys to Trustee, upon the terms and conditions hereof, in trust for the benefit
of the Holders, the Trust Property, without recourse (except to the extent of Servicer’s obligations under this Agreement and the Related Agreements). The sale, transfer, assignment, setting over and conveyance made hereunder shall not
constitute and is not intended to result in an assumption by Trustee, any Holder or any Certificate Owner of any obligation of the Transferor to the Obligors, the Dealers or any other Person in connection with the Receivables and the other Trust
Property or any agreement, document or instrument related thereto. 
  

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 Section 2.2 Representations and Warranties as to Each Receivable. The Servicer hereby makes the
following representations and warranties as to each Receivable on which Trustee shall rely in accepting the Trust Property in trust and authenticating the Certificates. Unless otherwise indicated, such representations and warranties shall speak as
of the Closing Date, but shall survive the sale, transfer and assignment of the Receivables and the other Trust Property to the Trust. 
 (a) Characteristics of Receivables. The Receivable has been fully and properly executed by the parties thereto and (i) is a Direct Loan made by an Originator or has been originated by a Dealer in the
ordinary course of such Dealer’s business and has been purchased by an Originator, in either case, in the ordinary course of such Originator’s business and in accordance with such Originator’s underwriting standards to finance the
retail sale by a Dealer of the related Financed Vehicle or has otherwise been acquired by the Transferor, (ii) the Originator of which has underwriting standards that require physical damage insurance to be maintained on the related Financed
Vehicle, (iii) is secured by a valid, subsisting, binding and enforceable first priority security interest in favor of the Transferor in the Financed Vehicle (subject to administrative delays and clerical errors on the part of the applicable
government agency and to any statutory or other lien arising by operation of law after the Closing Date which is prior to such security interest), which security interest is assignable together with such Receivable, and has been so assigned to
Seller, and subsequently assigned by Seller to Trustee, (iv) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the
security, (v) provided, at origination, for level monthly payments (provided that the amount of the last payment may be different), which fully amortize the Initial Principal Balance over the original term, (vi) provides for
interest at the Contract Rate specified in the Schedule of Receivables, (vii) was originated in the United States, and (viii) constitutes “chattel paper” as defined in the UCC. 
 (b) Individual Characteristics. The Receivables have the following individual characteristics as of the Cutoff Date: (i) each
Receivable is secured by a Motor Vehicle; (ii) each Receivable has a Contract Rate of at least         % and not more than         %; (iii) each
Receivable had a remaining number of scheduled payments, as of the Cutoff Date, of not less than ______ and not more than _____; (iv) each Receivable had an initial Principal Balance of not less than $_______ and not more than $_____;
(v) no Receivable was more than 30 days past due as of the Cutoff Date; (vi) no Financed Vehicle had been repossessed as of the Cutoff Date; (vii) no Receivable is subject to a force placed Physical Damage Insurance Policy on the
related Financed Vehicle; [(viii) each Receivable is a Simple Interest Receivable;] and (ix) the Dealer of the Financed Vehicle has no participation in, or other right to receive, any proceeds of the Receivable. The Receivables were selected
using selection procedures that were not intended by the Transferor or Seller to be adverse to the Holders. 
  

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 (c) Schedule of Receivables. The information with respect to each Receivable set
forth in the Schedule of Receivables, including (without limitation) the identity and address of the Obligor, account number, the Initial Principal Balance, the maturity date and the Contract Rate, was true and correct in all material respects as of
the close of business on the Cutoff Date. 
 (d) Compliance with Law. The Receivable complied at the time it was
originated or made, and will comply as of the Closing Date, in all material respects with all requirements of applicable federal, state and local laws, and regulations thereunder, including, to the extent applicable, usury laws, the Federal Truth in
Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Fair Debt Collection Practices Act, Federal Reserve Board Regulations B
and Z and any other consumer credit, consumer protection, equal opportunity and disclosure laws. 
 (e) Binding
Obligation. The Receivable constitutes the genuine, legal, valid and binding payment obligation in writing of the Obligor, enforceable in all material respects by the holder thereof in accordance with its terms, subject to the effect of
bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally, and the Receivable is not subject to any right of rescission, setoff, counterclaim or defense, including the defense of
usury. 
 (f) Lien in Force. Neither Seller nor the Transferor has taken any action which would have the effect of
releasing the related Financed Vehicle from the Lien granted by the Receivable in whole or in part. 
 (g) No Amendment or
Waiver. No material provision of the Receivable has been amended, waived, altered or modified in any respect, except such waivers as would be permitted under this Agreement, and no amendment, waiver, alteration or modification causes such
Receivable not to conform to the other representations or warranties contained in this Section. 
 (h) No Liens.
Neither Seller nor the Transferor has received notice of any Liens or claims, including Liens for work, labor, materials or unpaid state or federal taxes, relating to the Financed Vehicle securing the Receivable, that are or may be prior to or equal
to the Lien granted by the Receivable. 
 (i) No Default. Except for payment delinquencies continuing for a period of
not more than 30 days as of the Cutoff Date, to the knowledge of Seller, no default, breach, violation or event permitting acceleration under the terms of the Receivable exists and no continuing condition that with notice or lapse of time, or both,
would constitute a default, breach, violation or event permitting acceleration under the terms of the Receivable has arisen. 
  

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 (j) Insurance. The Receivable requires the Obligor to insure the Financed Vehicle
under a Physical Damage Insurance Policy, pay the premiums for such insurance and keep such insurance in full force and effect. 
 (k) Good Title. No Receivable has been sold, transferred, assigned, or pledged by Seller to any Person other than the Trust. Immediately prior to the transfer and assignment herein contemplated, Seller had good and marketable title
to the Receivable free and clear of any Lien and had full right and power to transfer and assign the Receivable to the Trust and immediately upon the transfer and assignment of the Receivable to the Trust, the Trust shall have good and marketable
title to the Receivable, free and clear of any Lien; and the Trust’s interest in the Receivable resulting from the transfer has been perfected under the UCC. 
 (l) Obligations. The Transferor has duly fulfilled all obligations on its part to be fulfilled under, or in connection with, the
Receivable. 
 (m) Possession. There is only one original executed Receivable, and immediately prior to the Closing
Date, the Transferor will have possession of such original executed Receivable. 
 (n) [No Government Obligor. The
Obligor on the Receivable is not the United States of America or any state thereof or any local government, or any agency, department, political subdivision or instrumentality of the United States of America or any state thereof or any local
government.] 
 (o) Marking Records. By the Closing Date, Seller shall have caused the portions of Seller’s and
the Transferor’s electronic master record of Motor Vehicle Loans relating to the Receivables to be clearly and unambiguously marked to show that the Receivable is owned by Trustee in accordance with the terms of this Agreement. 
 (p) No Assignment. As of the Closing Date, Seller shall not have taken any action to convey any right to any Person that would
result in such Person having a right to payments received under the Insurance Policies or Dealer Agreements, or payments due under the Receivable, that is senior to, or equal with, that of Trustee. 
 (q) Lawful Assignment. The Receivable has not been originated in, and is not subject to the laws of, any jurisdiction under which
the sale, transfer or assignment of such Receivable hereunder or pursuant to transfers of the Certificates are unlawful, void or voidable. Neither Seller nor the Transferor has entered into any agreement with any obligor that prohibits, restricts or
conditions the assignment of any portion of the Receivables. 
 Section 2.3 Representations and Warranties as to the Receivables in the
Aggregate. The Servicer hereby makes the following representations and warranties as to the Receivables on which Trustee shall rely in accepting the Trust Property in trust and 

  

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authenticating the Certificates. Unless otherwise indicated, such representations and warranties shall speak as of the Closing Date, but shall survive the
sale, transfer and assignment of the Receivables and the other Trust Property to the Trust. 
 (a) Amounts. The
Original Pool Balance was $                    . 
 (b) Aggregate Characteristics. The Receivables had the following characteristics in the aggregate as of the Cutoff Date: (i) approximately         % of the
Original Pool Balance was attributable to loans for purchases of new Financed Vehicles, and approximately         % of the Original Pool Balance was attributable to loans for purchases of used Financed
Vehicles; (ii) approximately         %,         %,         % and
        % of the Original Pool Balance was attributable to Receivables the mailing addresses of the Obligors with respect to which are located in the States of __________, __________, __________, and
___________, respectively, and no other state accounts for more than 5% of the Original Pool Balance; (iii) the weighted average Contract Rate of the Receivables was         %; (iv) there are
______________ Receivables being conveyed by Seller to the Trust; (v) the average Cutoff Date Principal Balance of the Receivables was $________; and (vi) the weighted average original term and weighted average remaining term of the
Receivables were ______ months and ___ months, respectively. 
 Section 2.4 Repurchase upon Breach. Seller, Servicer or Trustee, as
the case may be, shall inform the other parties to this Agreement promptly, in writing, upon the discovery of any breach or failure to be true of the representations or warranties made by Servicer in Section 2.2, provided that the
failure to give such notice shall not affect any obligation of Servicer. If the breach or failure shall not have been cured by the last day of the Collection Period which includes the 60th day (or if Servicer elects, the 30th day) after the date on
which Servicer becomes aware of, or receives written notice from Trustee or Servicer of, such breach or failure, and such breach or failure materially and adversely affects the interests of Trustee and the Holders in any Receivable, Servicer shall
purchase each such affected Receivable from Trustee as of such last day of such Collection Period at a purchase price equal to the Purchase Amount for such Receivable as of such last day of such Collection Period. Notwithstanding the foregoing, any
such breach or failure with respect to the representations and warranties contained in Section 2.2 will not be deemed to have such a material and adverse effect with respect to a Receivable if the facts resulting in such breach or
failure do not affect the ability of the Trust to receive and retain payment in full on such Receivable. In consideration of the repurchase of a Receivable hereunder, Servicer shall remit the Purchase Amount of such Receivable, no later than the
close of business on the next Deposit Date, in the manner specified in Section 4.4. The sole remedy of the Trust, Trustee or the Holders with respect to a breach or failure to be true of the representations or warranties made by Servicer
pursuant to Section 2.2 shall be to require Servicer to purchase Receivables pursuant to this Section. 
 Section 2.5
Custodian of Receivable Files. (a) Custody. To assure uniform quality in servicing the Receivables and to reduce administrative costs, Trustee, upon the execution and delivery of this Agreement, revocably appoints the Custodian,
as agent, and the Custodian accepts such appointment, to act as agent on behalf of Trustee to maintain custody of 

  

 23 

 
the following documents or instruments, which are hereby constructively delivered to Trustee with respect to each Receivable (collectively, a
“Receivable File”): 
 (i) the fully executed original of the Receivable; 
 (ii) any documents customarily delivered to or held by Servicer evidencing the existence of any Physical Damage Insurance Policies; 
 (iii) the original credit application, fully executed by the Obligor; 
 (iv) the original certificate of title, or such other documents as the Transferor, as appropriate, keeps on file, in accordance with its customary procedures, evidencing the security interest of the Transferor in the
Financed Vehicle; 
 (v) originals or true copies of all documents, instruments or writings relating to extensions, amendments or waivers of
the Receivable; and 
 (vi) any and all other documents or electronic records that the Transferor or Servicer, as the case may be, keeps on
file, in accordance with its customary procedures, relating to the Receivable, any Insurance Policies, the Obligor or the Financed Vehicle. 
 (b) Safekeeping. Servicer, in its capacity as Custodian, shall hold the Receivable Files as agent on behalf of Trustee for the benefit of all present and future Holders, and maintain such accurate and complete
accounts, records and computer systems pertaining to each Receivable as shall enable Servicer and Trustee to comply with the terms and provisions of this Agreement applicable to them. In performing its duties as Custodian hereunder, the Custodian
shall act with reasonable care, exercising the degree of skill, attention and care that Custodian exercises with respect to receivable files relating to other similar motor vehicle loans owned and/or serviced by the Custodian and that is consistent
with industry standards. In accordance with its customary practice with respect to its retail installment sale contracts, Custodian shall conduct, or cause to be conducted, periodic audits of the Receivable Files held by it under this Agreement, and
of the related accounts, records, and computer systems, and shall maintain the Receivable Files in such a manner as shall enable Trustee to verify, if Trustee so elects, the accuracy of the record keeping of Custodian. Custodian shall promptly
report to Trustee any failure on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided, and promptly take appropriate action to remedy any such failure. The Custodian hereby acknowledges
receipt of the Receivable File for each Receivable listed on the Schedule of Receivables. Nothing herein shall be deemed to require Trustee to verify the accuracy of the record keeping of the Custodian. 
 (c) Maintenance of and Access to Records. The Custodian shall maintain each Receivable File at the location specified in
Schedule A to this Agreement, or at such other office of the Custodian within the United States (or, 

  

 24 

 
in the case of any successor Custodian, within the State in which its principal place of business is located) as shall be specified to Trustee by 30
days’ prior written notice. Upon Trustee’s reasonable request, the Custodian shall make available to Trustee or its agents (or, when requested in writing by Trustee, to its attorneys or auditors) the Receivable Files and the related
accounts, records and computer systems maintained by the Custodian at such times during the normal business hours of the Custodian for purposes of inspecting, auditing or making copies or abstracts of the same. 
 (d) Release of Documents. Upon written instructions from Trustee, Custodian shall release any document in the Receivable Files to
Trustee or its agent or designee, as the case may be, at such place or places as Trustee may designate, as soon thereafter as is practicable. Any document so released shall be handled by Trustee with due care and returned to the Custodian for
safekeeping as soon as Trustee or its agent or designee, as the case may be, shall have no further need therefor. 
 (e)
Title to Receivables. The Custodian agrees that, in respect of any Receivable File held by the Custodian hereunder, the Custodian will not at any time have or in any way attempt to assert any interest in such Receivable File or the related
Receivable, other than solely for the purpose of collecting or enforcing the Receivable for the benefit of the Trust and that the entire equitable interest in such Receivable and the related Receivable File shall at all times be vested in the Trust.

 (f) Instructions; Authority to Act. The Custodian shall be deemed to have received proper instructions with respect
to the Receivable Files upon its receipt of written instructions signed by an Authorized Officer of Trustee. A certified copy of excerpts of certain resolutions of the Board of Directors of Trustee shall constitute conclusive evidence of the
authority of any such Authorized Officer to act and shall be considered in full force and effect until receipt by the Custodian of written notice to the contrary given by Trustee. 
 (g) Custodian’s Indemnification. Custodian shall indemnify and hold harmless Trustee, its officers, directors, employees and
agents and the Holders from and against any and all liabilities, obligations, losses, compensatory damages, payments, costs or expenses (including legal fees if any) of any kind whatsoever that may be imposed on, incurred or asserted against Trustee
or the Holders as the result of any act or omission of Custodian relating to the maintenance and custody of the Receivable Files; provided that the Custodian shall not be liable hereunder to the extent that such liabilities, obligations,
losses, compensatory damages, payments, costs or expenses result from the willful misfeasance, bad faith or negligence of Trustee. Indemnification under this Section 2.5(g) shall include reasonable fees and expenses of counsel and
expenses of litigation and shall survive termination of this Agreement and the resignation or removal of Trustee. If Custodian shall have made any indemnity payments to Trustee pursuant to this Section and Trustee thereafter shall collect any of
such amounts from Persons other than Custodian, Trustee shall immediately upon receipt thereof repay such amounts to Custodian, without interest. 
  

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 (h) Effective Period and Termination. Servicer’s appointment as Custodian
shall become effective as of the Cutoff Date and shall continue in full force and effect until terminated pursuant to this subsection (h). If Servicer shall resign as Servicer in accordance with Section 7.5 or if all of the rights
and obligations of Servicer shall have been terminated under Section 8.1, the appointment of Servicer as Custodian hereunder may be terminated by Trustee or by the Majority Holders, in the same manner as Trustee or such Holders may
terminate the rights and obligations of Servicer under Section 8.1. Trustee may terminate Servicer’s appointment as Custodian hereunder at any time with cause, or with 30 days’ prior written notice without cause, upon written
notification to Servicer. As soon as practicable after any termination of such appointment Servicer shall deliver, or cause to be delivered, the Receivable Files to Trustee, Trustee’s agent or Trustee’s designee at such place or places as
Trustee may reasonably designate. Notwithstanding any termination of Servicer as Custodian hereunder (other than in connection with a termination resulting from the termination of Servicer, as such, pursuant to Section 8.1), from and
after the date of such termination, and for so long as Servicer is acting as such pursuant to this Agreement, Trustee shall provide, or cause the successor Custodian to provide, access to the Receivable Files to Servicer, at such times as Servicer
shall reasonably request, for the purpose of carrying out its duties and responsibilities with respect to the servicing of the Receivables hereunder. 
 (i) Delegation. Custodian may, at any time without notice or consent, delegate any or all of its duties to the Transferor; provided that no such delegation shall relieve Custodian of its responsibility
with respect to such duties and Custodian shall remain obligated and liable to Trustee and the Holders for its duties hereunder as if Custodian alone were performing such duties. 
 ARTICLE III 
 ADMINISTRATION AND SERVICING OF TRUST PROPERTY. 
 Section 3.1 Duties of Servicer. (a) Servicer is hereby authorized to act as agent for the Trust and in such capacity shall manage, service,
administer and make collections on the Receivables (other than Purchased Receivables), and perform the other actions required by Servicer under this Agreement, with reasonable care. Without limiting the standard set forth in the preceding sentence,
Servicer shall use a degree of skill, attention and care that is not less than Servicer exercises with respect to comparable Motor Vehicle Loans that it services for itself or others and that is consistent with prudent industry standards.
Servicer’s duties shall include the collection and posting of all payments, responding to inquiries by obligors on the Receivables, or by federal, state or local governmental authorities, investigating delinquencies, sending payment coupons or
monthly invoices to Obligors, reporting required tax information to Obligors, accounting for Collections, monitoring the status of Physical Damage Insurance Policies with respect to the Financed Vehicles as provided in Section 3.4(a),
furnishing monthly 

  

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and annual statements to Trustee with respect to distributions, providing collection and repossession services in the event of Obligor default and performing
the other duties specified herein. Servicer shall also administer and enforce all rights and responsibilities of the holder of the Receivables provided for in the Physical Damage Insurance Policies as provided in Section 3.4(b) and the
Dealer Agreements. Without limiting the generality of the foregoing, Servicer is hereby authorized and empowered by Trustee to execute and deliver, on behalf of itself, the Trust, Trustee and the Holders, any and all instruments of satisfaction or
cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables or to the Financed vehicles, all in accordance with this Agreement; provided that notwithstanding the foregoing,
Servicer shall not, except pursuant to an order from a court of competent jurisdiction, release an Obligor from payment of any unpaid amount under any Receivable or waive the right to collect the unpaid balance of any Receivable from the Obligor,
except in connection with a de minimis deficiency which Servicer would not attempt to collect in accordance with its customary procedures. If Servicer shall commence a legal proceeding to enforce a Receivable, Trustee shall thereupon be deemed to
have automatically assigned such Receivable to Servicer, which assignment shall be solely for purposes of collection. Trustee shall furnish Servicer with any powers of attorney and other documents or instruments necessary or appropriate to enable
Servicer to carry out its servicing and administrative duties hereunder. 
 (b) Servicer may, at any time without notice
(except that Servicer shall give written notice to each Rating Agency of any delegation outside the ordinary course of business of the substantial portion of its servicing business) or consent, delegate specific duties to subcontractors who are in
the business of performing such duties; provided that no such delegation shall relieve Servicer of its responsibility with respect to such duties and Servicer shall remain obligated and liable to Trustee and the Holders for servicing and
administering the Receivables in accordance with this Agreement as if Servicer alone were performing such duties. 
 Section 3.2
Collection of Receivable Payments. (a) Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due, and otherwise act with respect to
the Receivables, the Physical Damage Insurance Policies, the Dealer Agreements and the other Trust Property in such manner as will, in the reasonable judgment of Servicer, maximize the amount to be received by the Trust with respect thereto, in
accordance with the standard of care required by Section 3.1. Servicer shall be entitled to amend or modify any Receivable in accordance with its customary procedures if Servicer believes in good faith that such amendment or modification
is in the best interests of the Trust; provided that Servicer may not, unless ordered by a court of competent jurisdiction or otherwise required by applicable law, (i) extend a Receivable beyond the Final Scheduled Maturity Date, or
(ii) reduce the Principal Balance or Contract Rate of any Receivable. If Servicer fails to comply with the provisions of the preceding sentence, Servicer shall be required to purchase the Receivable or Receivables affected thereby, for the
Purchase Amount, in the manner specified in Section 3.7 as of the last day of the Collection Period in which such failure occurs. Servicer may, in its discretion (in accordance with its customary standards, policies and procedures),
waive any prepayment charge, late payment charge, extension fee or any other fee that may be collected in the ordinary course of servicing a Receivable. 
  

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 (b) If in the course of collecting payments under the Receivables, Servicer determines to
set off any obligation of Servicer to an Obligor against an amount payable by the Obligor with respect to such Receivable, Servicer shall deposit the amount so set off in the Collection Account, no later than the close of business on the Deposit
Date for the Collection Period in which the set-off occurs. All references herein to payments or Liquidation Proceeds collected by Servicer shall include amounts set-off by Servicer. 
 Section 3.3 Realization upon Receivables. On behalf of the Trust, Servicer shall charge off a Receivable as a Defaulted Receivable in accordance
with its customary standards (and, in no event later than ___ days after a Receivable shall have become delinquent) and shall use reasonable efforts to repossess and liquidate the Financed Vehicle securing any Defaulted Receivable as soon as
feasible after default, in accordance with the standard of care required by Section 3.1. In taking such action, Servicer shall follow such customary and usual practices and procedures as it shall deem necessary or advisable in its
servicing of Motor Vehicle Loans, and as are otherwise consistent with the standard of care required under Section 3.1, which shall include exercising any rights under the Dealer Agreements and selling the Financed Vehicle at public or
private sale. Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of repossessing and liquidating a Financed Vehicle into cash proceeds or pursuing any deficiency claim against the related Obligor, but only out
of the cash proceeds of such Financed Vehicle or any deficiency obtained from the Obligor. The foregoing shall be subject to the provision that, in any case in which a Financed Vehicle shall have suffered damage, Servicer shall not expend funds in
connection with the repair or the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair and/or repossession will increase the Liquidation Proceeds of the related Receivable by an amount equal to or
greater than the amount of such expenses. 
 If Servicer elects to commence a legal proceeding to enforce a Dealer Agreement, the act of
commencement shall be deemed to be an automatic assignment from Trustee to Servicer of the rights under such Dealer Agreement. If, however, in any enforcement suit or legal proceeding, it is held that Servicer may not enforce a Dealer Agreement on
the grounds that it is not a real party in interest or a Person entitled to enforce the Dealer Agreement, Trustee, on behalf of the Trust, at Servicer’s expense, shall take such steps as Servicer deems necessary to enforce the Dealer Agreement,
including bringing suit in its name or the names of the Holders. 
 Section 3.4 Physical Damage Insurance. The Receivables require
that each Financed Vehicle be insured under a Physical Damage Insurance Policy. Servicer, in accordance with its customary servicing procedures and underwriting standards shall require that each Obligor shall have obtained and shall maintain
Physical Damage Insurance covering the related Financial Vehicle as of the execution of the Receivable. 
 Section 3.5 Maintenance of
Security Interests in Financed Vehicles. Servicer, in accordance with the standard of care required under Section 3.1, shall take such reasonable steps as are necessary to maintain perfection of the security interest created by each
Receivable in the related Financed Vehicle for the benefit of the Trust. Trustee, on behalf of the Trust, hereby authorizes Servicer, and Servicer hereby agrees, to take such reasonable steps as are necessary to re-perfect such security interest on
behalf of the Trust in the event Servicer receives 

  

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notice of the relocation of a Financed Vehicle. If there has been a Servicer Termination Event, upon the request of Trustee, Servicer, at its expense, shall
promptly and duly execute and deliver such documents and instruments, and take such other reasonable actions as may be necessary, as evidenced by an Opinion of Counsel delivered to Trustee to perfect the Trust’s interest in the Trust Property
against all other Persons, including the delivery of the Receivables and the Receivable Files to Trustee, its agent, or its designee, the endorsement and delivery of the Physical Damage Insurance Policies or the notification of the insurers
thereunder, the execution of transfer instruments, and the endorsement to Trustee and the delivery of the certificates of title to the Financed Vehicles to the appropriate department or departments of motor vehicles (or other appropriate
governmental agency). 
 Section 3.6 Covenants of Servicer. Servicer makes the following covenants on which Trustee relies in
accepting the Trust Property in trust and in executing and authenticating the Certificates: 
 (a) Security Interest to
Remain in Force. Servicer shall not release any Financed Vehicle from the security interest granted by the related Receivable in whole or in part, except upon payment in full of the Receivable or as otherwise contemplated herein. 
 (b) No Impairment. Servicer shall not impair in any material respect the rights of the Holders in the Receivables, the Dealer
Agreements or the Physical Damage Insurance Policies or, subject to clause (c), otherwise amend or alter the terms thereof if, as a result of such amendment or alteration, the interests of the Trust and the Holders hereunder would be
materially adversely affected. 
 (c) Amendments. Servicer shall not amend or otherwise modify any Receivable
(including the grant of any extension thereunder), except in accordance with Section 3.2. 
 Section 3.7 Purchase by Servicer
upon Breach. Seller, Servicer or Trustee, as the case may be, shall inform the other parties promptly, in writing, upon the discovery of any breach by Servicer of its covenants under Section 3.5 or 3.6; provided that
the failure to give such notice shall not affect any obligation of Servicer. Unless the breach shall have been cured by the last day of the Collection Period which includes the 60th day (or the 30th day, if Servicer so elects) after the date on
which Servicer becomes aware of, or receives written notice of, such breach, and such breach or failure materially and adversely affects the interests of Trustee and the Holders in any Receivable, Servicer shall purchase such Receivable from Trustee
as of the last day of the Collection Period at a purchase price equal to the Purchase Amount for such Receivable as of the last day of such Collection Period; provided that in the case of a breach of the covenant contained in
Section 3.6(c), Servicer shall be obligated to purchase the affected Receivable or Receivables on the Deposit Date immediately succeeding the Collection Period during which Servicer becomes aware of, or receives written notice of, such
breach. Notwithstanding the foregoing, any such breach or failure with respect to the covenants contained in Sections 3.5 and 3.6 will not be deemed to have such a material and adverse effect with respect to a Receivable if the facts
resulting in such breach or failure do not affect the ability of the Trust to receive and retain payment in full on such Receivable. In consideration of 

  

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the purchase of a Receivable hereunder, Servicer shall remit the Purchase Amount of such Receivable in the manner specified in Section 4.4. The
sole remedy of the Trust, Trustee or the Holders against Servicer with respect to a breach pursuant to Section 3.5 or 3.6 shall be to require Servicer to repurchase Receivables pursuant to this Section. 
 Section 3.8 Servicing Compensation. The servicing fee for (a) the _____ 20__ Distribution Date shall equal $________ and (b) for each
Distribution Date thereafter shall equal the product of (i) one-twelfth, (ii) the Servicing Fee Rate and (iii) the Pool Balance as of the opening of business on the first day of the related Collection Period (the “Servicing
Fee”). Servicer shall also be entitled to retain any late fees, extension fees, prepayment charges (including, in the case of any Rule of 78’s Receivable or Sum of Periodic Balances Receivable that is prepaid in full, amounts received
in excess of the outstanding Principal Balance of such Receivable and accrued interest thereon calculated as if such Receivable were an Actuarial Receivable) and certain non-sufficient funds charges and other administrative fees or similar charges
allowed by applicable law with respect to Receivables collected (from whatever source) on the Receivables and shall be paid any interest earned on deposits in the Accounts (the “Supplemental Servicing Fee”). It is understood and
agreed that Available Interest or Available Principal shall not include any amounts retained by Servicer which constitute Supplemental Servicing Fees. The Servicing Fee in respect of a Collection Period (together with any portion of the Servicing
Fee that remains unpaid from prior Distribution Dates), if the Rating Agency Condition is satisfied, may be paid at the beginning of such Collection Period out of Collections for such Collection Period. As provided in Section 4.5, as
additional compensation, Servicer shall be entitled to receive on each Distribution Date, any Additional Servicing for such Distribution Date. 
 Section 3.9 Servicer’s Report. (a) On each Determination Date, Servicer shall deliver to Trustee, each Paying Agent and Seller, with a copy to the Rating Agencies, a Servicer’s Report substantially in the form of
Exhibit C (a “Servicer’s Report”) containing, among other things, (i) all information necessary to make the deposits, transfers and distributions required by Sections 4.4, 4.5 and 4.6,
(ii) all information necessary for sending statements to Holders pursuant to Section 4.7, (iii) all information necessary to prepare the certificate described in Section 9.3, (iv) all information necessary to
determine if there has been a Servicer Termination Event under Section 8.1, and (v) all information necessary to reconcile all deposits to, and withdrawals from, the Collection Account for such Distribution Date and the related
Collection Period. Servicer also shall separately identify (by account number of the Receivable as it appears in the Schedule of Receivables) to Trustee in a written notice or a list in computer readable form the Receivables to be purchased by
Servicer, as the case may be, on the related Deposit Date, and each Receivable which became a Defaulted Receivable during the related Collection Period. 
 (b) Servicer shall provide Trustee with a database file for the Receivables at or prior to the Closing Date (but with information as of the close of business on the Cutoff Date). 
  

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 Section 3.10 Annual Statement as to
Compliance. (a) The Servicer will deliver to the Trustee and each Rating Agency, on or before March 30th of each year, beginning on
March 30, [    ], an Officer’s Certificate (with appropriate insertions) providing such information as is required under Item 1123 of Regulation AB. 
 (b) Servicer shall deliver to Trustee and each Rating Agency, promptly after having obtained knowledge thereof, but in no event later than
five Business Days thereafter, written notice in an Officer’s Certificate of any event which constitutes, or with the giving of notice or lapse of time or both, would become, a Servicer Termination Event under Section 8.1.

 (c) The Servicer will deliver to the Trustee, on or before
March 30th of each year, beginning on [ ], a report regarding Servicer’s assessment of compliance with the Servicing Criteria during the
immediately preceding calendar year, including disclosure of any material instance of non-compliance identified by Servicer, as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB.

 Section 3.11 Annual Registered Public Accounting Firm Attestation Report. On or before the 90th day following the end of each
fiscal year, beginning with the fiscal year ending December 31, [        ], Servicer shall cause a firm of nationally recognized independent public accountants (who may also render other services to
Servicer, Seller or their respective Affiliates) to furnish to the Trustee, Servicer, Seller and each Rating Agency each attestation report on assessments of compliance with the Servicing Criteria with respect to Servicer or any affiliate thereof
during the related fiscal year delivered by such accountants pursuant to paragraph (c) of Rule 13a-18 or Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. The certification required by this paragraph may be replaced by any
similar certification using other procedures or attestation standards which are now or in the future in use by servicers of comparable motor vehicle receivables, or which comply with any rule, regulation, “no action” letter or similar
guidance promulgated by the Commission. 
 Such report will also indicate that the firm is independent of Servicer within the meaning of the
Code of Professional Ethics of the American Institute of Certified Public Accountants. 
 Section 3.12 Access to Certain Documentation and
Information Regarding Receivables. Servicer shall provide Trustee and the Holders with access to the Receivable Files (in the case of the Holders, only in such cases where it shall be required by applicable statutes or regulations to give access
to such documentation as demonstrated by evidence satisfactory to Servicer in its reasonable judgment). Such access shall be afforded without charge, but only upon reasonable request and during normal business hours at the offices of Servicer.
Nothing in this Section shall affect the obligation of Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors, and the failure of Servicer to provide access to information as a result of such obligation
shall not constitute a breach of this Section. Any Holder, by its acceptance of a Certificate, shall be deemed to have agreed to keep any information obtained by it pursuant to this Section confidential and not to use such information for any other
purpose, except as required by applicable law. 
  

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 Section 3.13 Reports to the Commission. Servicer shall, on behalf of the Trust, cause to be filed
with the Commission any periodic reports required to be filed under the provisions of the Exchange Act, and the rules and regulations of the Commission thereunder. 
 Section 3.14 Reports to the Rating Agency. Servicer shall deliver to each Rating Agency a copy of all reports or notices furnished or delivered pursuant to this Article and a copy of any amendments, supplements
or modifications to this Agreement and any other information reasonably requested by such Rating Agency to monitor this transaction. 
 Section 3.15 Servicer Expenses. Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder, including fees and disbursements of the Trustee, independent accountants, taxes imposed on
Servicer and expenses incurred in connection with distributions and reports to Holders. 
 ARTICLE IV 
 DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO HOLDERS. 
 Section 4.1 Establishment of Accounts. (a) Trustee, on behalf of the Trust and for the benefit of the Holders, shall establish and maintain in the name of Trustee one or more segregated Eligible Deposit
Accounts (collectively, the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Holders. Trustee, on behalf of the Trust and for the benefit of the
Class A Holders, shall establish and maintain in the name of Trustee an Eligible Deposit Account (the “Class A Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the
benefit of the Class A Holders. Trustee, on behalf of the Trust and for the benefit of the Class B Holders, shall establish and maintain in the name of Trustee an Eligible Deposit Account (the “Class B Distribution Account”),
bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Class B Holders. Trustee on behalf of the Trust and for the benefit of the Holders, shall establish and maintain in the name of Trustee an
Eligible Deposit Account (the “Payahead Account”), bearing a designation clearly indicating that the funds therein are held for the benefit of the Holders. The Collection Account, the Class A Distribution Account, the Class B
Distribution Account, and the Payahead Account shall be initially established and maintained with the trust department of Trustee. 
 (b) Funds on deposit in the Collection Account, the Class A Distribution Account, the Class B Distribution Account, and the Payahead Account shall be invested by Trustee in Eligible Investments selected by Servicer (pursuant to
standing instructions or otherwise) and confirmed in writing by Servicer to Trustee; provided that, it is understood and agreed that neither Servicer nor Trustee shall be liable for any loss arising from such investment in Eligible
Investments. All such Eligible Investments shall be held by Trustee for the benefit of the beneficiaries of the applicable Account; provided that on each Distribution Date all interest and other investment income (net of losses and investment
expenses) on funds on deposit therein shall be withdrawn from the Accounts at the written direction of Servicer and shall be paid to Servicer and shall not be available or otherwise subject to any claims or rights of the Holders. 

  

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Other than as permitted by each Rating Agency, funds on deposit in the Accounts with respect to any Collection Period or Distribution Date shall be invested
only in Eligible Investments that, except for money market funds, will mature so that such funds will be available at the close of business on the related Deposit Date. Funds deposited in an Account on a Deposit Date which immediately precedes a
Distribution Date upon the maturity of any Eligible Investments are not required to be (but may be) invested overnight. No Eligible Investment with a stated maturity shall be disposed of prior to that maturity unless a default occurs with respect to
that Eligible Investment and Servicer directs Trustee in writing to dispose of it. 
 (c) Trustee shall possess all right,
title and interest in all funds on deposit from time to time in the Accounts and in all proceeds thereof (excluding all income thereon) and all such funds, investments and proceeds shall be part of the Trust Property. The Accounts shall be under the
sole dominion and the exclusive custody and control of Trustee, and Trustee shall have sole signature authority with respect thereto. If, at any time, any of the Accounts ceases to be an Eligible Deposit Account, Trustee (or Servicer on its behalf)
shall within 10 Business Days (or such longer period as to which each Rating Agency may consent) establish a new Account as an Eligible Deposit Account and shall transfer any cash and/or any investments that are in the existing Account which is no
longer an Eligible Deposit Account to such new Account. 
 Section 4.2 Collections. (a) Subject to the provisions of the
succeeding sentence and of subsections (b) and (c), Servicer shall remit to the Collection Account all payments (other than amounts constituting Supplemental Servicing Fees) by or on behalf of the Obligors on the Receivables,
including all Liquidation Proceeds received by Servicer during any Collection Period, as soon as practicable, but in no event after the close of business on the second Business Day, after identification thereof. Subject to the provisions of
subsections (b) and (c), on the Closing Date, Servicer shall deposit in the Collection Account all payments by or on behalf of the Obligors on the Receivables received by Servicer after the Cutoff Date and on or prior to the
second Business Day immediately preceding the Closing Date. 
 (b) Notwithstanding the provisions of subsection (a), if
CAF is the Servicer and (i) [            ] shall have the Required Rating or (ii) Trustee otherwise shall have received written notice from each of the Rating Agencies that the
then outstanding rating on the Class A Certificates and the Class B Certificates would not be lowered or withdrawn as a result, Servicer may deposit all amounts referred to in subsection (a) for any Collection Period into the
Collection Account not later than the close of business on the Deposit Date with respect to such Collection Period; provided that if (x) a Servicer Termination Event has occurred and is continuing, (y) Servicer has been terminated
as such pursuant to Section 8.1 or (z) [            ] ceases to have the Required Rating, Servicer shall deposit such amounts (including any amounts then being held by
Servicer) into the Collection Account as provided in Section 4.2(a). Notwithstanding the foregoing, the provisions of the proviso to the preceding sentence shall not be applicable to a successor Servicer solely by reason of the
occurrence of an event specified in 

  

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clauses (x), (y) and (z) of such proviso with respect to the outgoing Servicer. Pending the deposit of the amounts referred to
in subsection (a) into the Collection Account, such amounts may be employed by Servicer at its own risk and for its own benefit and need not be segregated from Servicer’s own funds. Any losses resulting from Servicer’s actions
shall be borne exclusively by Servicer. Servicer shall promptly notify Trustee in writing if [            ] shall obtain or lose the Required Rating. 
 (c) Notwithstanding the provisions of subsections (a) and (b), Servicer may retain, or will be entitled to be
reimbursed, from amounts otherwise payable into, or on deposit in, the Collection Account with respect to a Collection Period any amounts previously deposited in the Collection Account but later determined to have resulted from mistaken deposits or
postings or checks returned for insufficient funds, in each case, with respect to which Servicer has not been previously reimbursed hereunder. The amount to be retained or reimbursed hereunder shall not be included in Collections with respect to the
related Distribution Date. 
 (d) With respect to each Precomputed Receivable, collections and payments by or on behalf of an
obligor (other than any amounts constituting Supplemental Servicing Fees) for each Collection Period shall be applied to the scheduled payment on such Precomputed Receivable for such Collection Period. 
 To the extent such collections and payments on a Precomputed Receivable during a Collection Period exceed the scheduled payment on such Precomputed Receivable and are
insufficient to prepay the Precomputed Receivable in full, collections shall be treated as Payaheads until such later Collection Period as such Payaheads may be transferred to the Collection Account and applied either to the scheduled payments due
or to prepay the Precomputed Receivable in full in accordance with Section 4.5. 
 Section 4.3 [RESERVED]. 
 Section 4.4 Additional Deposits; Net Deposits. (a) On or prior to each Deposit Date, Servicer shall remit to the Collection Account, in
next-day or immediately available funds, the aggregate Purchase Amounts of the Receivables to be purchased by it under an obligation that arose during the preceding Collection Period pursuant to Section 2.4, 3.7 or 10.2,
respectively. 
 (b) Servicer may make the remittances to be made by it pursuant to this Article IV net of amounts to
be distributed to it pursuant to Section 4.5 (but subject to the priorities set forth therein), for so long as (i) no Servicer Termination Event has occurred and is continuing and (ii) Servicer has not been terminated as such
pursuant to Section 8.1; provided that Servicer shall account for all of such amounts in the related Servicer’s Report as if such amounts were deposited and distributed separately; and provided that, if an error is
made by Servicer in calculating the amount to be deposited or retained by it and a shortfall in the amount deposited in the Collection Account results, Servicer shall make a payment of the deficiency to the Collection Account, immediately upon
becoming aware, or receiving notice from Trustee, of such error. 
  

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 Section 4.5 Distributions. (a) On each Determination Date, Servicer shall calculate all
amounts required to determine the amounts to be deposited on the related Distribution Date in the Class A Distribution Account and the Class B Distribution Account which calculations shall be set forth in the Servicer’s Report delivered to
Trustee on or before such Determination Date. 
 (b) On or before each Distribution Date, Servicer shall instruct Trustee in
writing (based on the information contained in Servicer’s Report delivered on the related Determination Date pursuant to Section 3.9) to, and the Trustee shall: 
 (i) withdraw from the Payahead Account and deposit in the Collection Account, in immediately available funds, (x) with respect to each Precomputed
Receivable for which the payments made by or on behalf of the obligor for the related Collection Period are less than the scheduled payment for the related Collection Period, the amount of Payaheads, if any, made with respect to such Receivable
which, when added to the amount of such payments, is equal to the amount of such scheduled payment, (y) with respect to each Precomputed Receivable for which prepayments insufficient to prepay the Receivable in full have been made by or on
behalf of the Obligor for the related Collection Period, the amount of Payaheads, if any, made with respect to such Receivable which, when added to the amount of such prepayments, is equal to an amount sufficient to prepay such Receivable in full,
and (z) the amount of all Payaheads, if any, made with respect to any Purchased Receivable; and 
 (ii) withdraw from the Collection
Account and deposit in the Payahead Account (or receive from Servicer, which will remit to the Trustee for deposit in the Payahead Account, as the case may be), in immediately available funds, the aggregate amount of collections on Precomputed
Receivables treated as Payaheads pursuant to Section 4.2 for the Collection Period related to such Distribution Date. 
 (c) On each Distribution Date, based on the related Servicer’s Report, Trustee will make the following deposits and distributions from the Collection Account by _____________ a.m. (___________, ________ time), to the extent of the sum
of Available Interest and any Available Reserve Amount (and, in the case of shortfalls in the Class A Interest Distributable Amount occurring under clause (ii), the Class B Percentage of Available Principal to the extent of such
shortfalls), in the following priority: 
 (i) to Servicer, any unpaid Servicing Fee for the related Collection Period and all unpaid
Servicing Fees from prior Collection Periods; 
  

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 (ii) to the Class A Distribution Account, the Class A Interest Distributable Amount for such
Distribution Date; and 
 (iii) to the Class B Distribution Account, the Class B Interest Distributable Amount for such Distribution Date.

 On each Distribution Date, based on the related Servicer’s Report, Trustee will make the following deposits and distributions, to the extent of the
portion of Available Principal, Available Interest and Available Reserve Amount remaining after the application of clauses (i), (ii) and (iii), in the following priority: 
 (i) to the Class A Distribution Account, the Class A Principal Distributable Amount for such Distribution Date; 
 (ii) to the Class B Distribution Account, the Class B Principal Distributable Amount for such Distribution Date; 
 (iii) to the Reserve Account, any amounts remaining, until the amount on deposit in the Reserve Account equals the Specified Reserve Account Balance;

 (iv) to Servicer, the Additional Servicing for such Distribution Date; and 
 (v) to the Transferor, any amounts remaining. 
 (d) On each Distribution Date, all amounts on deposit in the Class A Distribution Account will be distributed to the Class A Holders (determined as of the related Record Date) by Trustee and all amounts on
deposit in the Class B Distribution Account will be distributed to the Class B Holders (determined as of the related Record Date) by Trustee. Except as provided in Section 10.1, payments under this paragraph shall be made to the Holders
by check mailed by Trustee to each Holder’s respective address of record (or, in the case of Certificates registered in the name of a Clearing Agency, or its nominee, by wire transfer of immediately available funds). To the extent that Trustee
is required to wire funds to the Holders from the Class A Distribution Account or the Class B Distribution Account, as applicable, it shall request the bank maintaining the Class A Distribution Account or the Class B Distribution Account,
as applicable, to make a wire transfer of the amount to be distributed and the bank maintaining the Class A Distribution Account or the Class B Distribution Account, as applicable, shall promptly deliver to Trustee a confirmation of such wire
transfer. To the extent that Trustee is required to make payments to Holders by check hereunder, it shall request the bank maintaining the Class A Distribution Account or the Class B Distribution Account, as applicable, to provide it with a
supply of checks to make such payments. The bank shall, if a request is made by Trustee for a wire transfer by _______________ a.m. (_______________, time) on any Distribution Date, wire such funds in accordance with such instructions by
_______________ a.m. (_______________, time) on such Distribution Date, and 

  

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it will otherwise act in compliance with the provisions of this paragraph and the other provisions of this Agreement applicable to it as the bank maintaining
the Class A Distribution Account or the Class B Distribution Account, as applicable. Servicer shall take all necessary action (including requiring an agreement to such effect) to ensure that any bank maintaining the Class A Distribution
Account or the Class B Distribution Account, as applicable, agrees to comply, and complies, with the provisions of this paragraph and the other provisions of this Agreement applicable to it as the bank maintaining the Class A Distribution
Account or the Class B Distribution Account, as applicable. 
 Section 4.6 Reserve Account. (a) Servicer shall establish and
maintain in the name of the Trustee an Eligible Deposit Account (the “Reserve Account”). The Reserve Account shall be initially established and maintained with the Trustee (the “Securities Intermediary”). On the
Closing Date, Servicer shall deposit or cause to be deposited in the Reserve Account an amount equal to the Reserve Account Initial Deposit. 
 (b) Trustee shall, at the written direction of Administrator, direct the Securities Intermediary to invest funds on deposit in the Reserve Account in Eligible Investments selected by Administrator and confirmed in
writing by Administrator to Trustee; provided that it is understood and agreed that none of Trustee, Securities Intermediary or Administrator shall be liable for any loss arising from such investment in Eligible Investments. Funds on deposit
in the Reserve Account shall be invested in Eligible Investments that will mature so that all such funds will be available at the close of business on each Deposit Date; provided that to the extent permitted by the Rating Agencies following
written request by Administrator, funds on deposit in the Reserve Account may be invested in Eligible Investments that mature later than the next Deposit Date. Funds deposited in the Reserve Account on a Deposit Date upon the maturity of any
Eligible Investments are not required to be (but may be) invested overnight. 
 (c) On each Distribution Date, any amounts on
deposit in the Collection Account with respect to the preceding Collection Period after payments to Servicer, the Class A Distribution Account and the Class B Distribution Account have been made will be deposited into the Reserve Account until
the amount of the Reserve Account is equal to the Specified Reserve Account Balance. 
 (d) The Reserve Account shall be under
the sole custody and control of Trustee. If, at any time, the Reserve Account ceases to be an Eligible Deposit Account, Trustee shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may
consent) establish a new Reserve Account as an Eligible Deposit Account and shall transfer any cash and/or any investments that are in the existing account which is no longer an Eligible Deposit Account to such new Reserve Account. 
  

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 (e) On each Distribution Date, the amount available in the Reserve Account (the
“Available Reserve Amount”) will equal the lesser of (i) the amount on deposit in the Reserve Account (exclusive of investment earnings) and (ii) the Specified Reserve Account Balance. On each Deposit Date, Trustee will
withdraw funds from the Reserve Account to the extent that (A) the sum of the amounts required to be distributed to Holders and the accrued and unpaid Servicing Fees payable to Servicer on such Distribution Date exceeds (B) the amount on
deposit in the Collection Account with respect to the preceding Collection Period (net of net investment income). The aggregate amount to be withdrawn from the Reserve Account on any Deposit Date shall not exceed the Available Reserve Amount with
respect to the related Distribution Date. Trustee will deposit the proceeds of such withdrawal into the Collection Account on or before such Distribution Date with respect to which such withdrawal was made. 
 (f) Amounts on deposit in the Reserve Account will be released to Transferor on each Distribution Date to the extent that the amount
credited to the Reserve Account would exceed the Specified Reserve Account Balance. Upon any distribution to Transferor of amounts from the Reserve Account, the Holders will not have any rights in, or claims to, such amounts. Amounts distributed to
Transferor from the Reserve Account in accordance with this Section shall not be available under any circumstances to the Trust, Trustee or the Holders and Transferor shall in no event thereafter be required to refund any such distributed amounts.

 (g) Investment earnings attributable to the Reserve Account Property and proceeds therefrom shall be held by Trustee for
the benefit of Transferor. Investment earnings attributable to the Reserve Account Property shall not be available to pay the distributions provided for in Section 4.5 and shall not otherwise be subject to any claims or rights of the
Holders or Servicer. Trustee shall cause all investment earnings attributable to the Reserve Account to be distributed on each Distribution Date to Transferor. 
 (h) Transferor may at any time, without consent of Holders, sell, transfer, convey or assign in any manner its rights to and interests in
distributions from the Reserve Account provided that (i) the Rating Agencies confirm in writing that such action will not result in a reduction or withdrawal of the rating of the Class A Certificates or the Class B Certificates,
(ii) Transferor provides to Trustee an Opinion of Counsel from independent counsel that such action will not cause Trust to be classified as an association (or publicly traded partnership) taxable as a corporation for federal income tax
purposes and (iii) such transferee or assignee agrees in writing to take positions for federal income tax purposes consistent with the federal income tax positions agreed to be taken by Transferor. 
  

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 Section 4.7 Statements to Holders. On each Distribution Date, Servicer shall provide to Trustee
(with a copy to each Rating Agency) written instructions for Trustee to forward to each Holder of record a statement setting forth at least the following information as to the Certificates to the extent applicable: 
 (a) the amount of the distribution allocable to principal on the Class A Certificates and the Class B Certificates; 
 (b) the amount of the distribution allocable to interest on the Class A Certificates and the Class B Certificates; 
 (c) the amount of the Servicing Fee paid to Servicer with respect to the related Collection Period; 
 (d) the Class A Certificate Balance, the Class A Pool Factor, the Class B Certificate Balance and the Class B Pool Factor as of
such Distribution Date, after giving effect to payments allocated to principal reported under clause (a); 
 (e) the
Pool Balance as of the close of business on the last day of the preceding Collection Period; 
 (f) the amount of Defaulted
Receivables and Liquidation Proceeds, if any, for such Collection Period; 
 (g) the aggregate Purchase Amount of Receivables
purchased by Servicer with respect to the related Collection Period; 
 (h) the Class A Interest Carryover Shortfall, the
Class B Interest Carryover Shortfall, the Class A Principal Carryover Shortfall and the Class B Principal Carryover Shortfall, if any, in each case as applicable to each of the Class A Certificates and the Class B Certificates, and the
change in such amounts from the preceding statement; 
 (i) the balance of the Reserve Account on such Distribution Date,
after giving effect to changes therein on such Distribution Date; 
 (j) the Specified Reserve Account Balance as of the close
of business on such Distribution Date; and 
 (k) the number, and aggregate principal amount outstanding, of Receivables past
due 31-60, 61-90 and over 90 days. 
 Each amount set forth pursuant to clauses (a), (b) and (h) shall be expressed in the
aggregate and as a dollar amount per $1,000 of original denomination of a Certificate. 
 Within a reasonable period of time after the end of
each calendar year, but not later than the latest date permitted by law, Servicer shall furnish a report to the Trust and Trustee shall furnish, or cause to be furnished, to each Person who at any time during such calendar year shall have been a
Holder, a statement based upon such report as to the sum of the amounts determined in clauses (a) and (b) above for such calendar year, or, in the event such Person shall have been a Holder during a portion of such calendar
year, for the applicable portion of such year, and such other information as is available to Servicer as Servicer deems necessary or desirable to enable the Holders to prepare their federal income tax returns. The obligation of the Trustee set forth
in this paragraph shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided pursuant to any requirement of the Code. 
  

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 ARTICLE V 
 THE CERTIFICATES. 
 Section 5.1 The Certificates. Trustee shall, upon written order or request signed
in the name of Seller by one of its officers authorized to do so and delivered to an Authorized Officer of Trustee, execute on behalf of the Trust, authenticate and deliver the Certificates to or upon the order of Seller in the aggregate principal
amount and denominations as set forth in such written order or request. The Certificates shall be issuable in denominations of $1,000 and integral multiples thereof; provided that one Class A Certificate and one Class B Certificate may
be issued in a denomination that represents the residual amount of the original Class A Certificate Balance and the Original Class B Certificate Balance, respectively. Upon initial issuance, the Class A Certificates and the Class B
Certificates shall be in the form of Exhibit A and Exhibit B, respectively, which are incorporated by reference herein, and shall be issued as provided in Section 5.8, in an aggregate amount equal to the Original
Class A Certificate Balance and the Original Class B Certificate Balance, respectively. The Certificates shall be executed by Trustee on behalf of the Trust by manual or facsimile signature of an Authorized Officer of Trustee under
Trustee’s seal imprinted thereon and attested by the manual or facsimile signature of an Authorized Officer of Trustee. Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have
been affixed, authorized to sign on behalf of the Trust, shall be valid and binding obligations of the Trust, notwithstanding that such individuals shall have ceased to be so authorized prior to the authentication and delivery of such Certificates
or did not hold such offices at the date of such Certificates. 
 Section 5.2 Authentication of Certificates. No Certificate shall
entitle the Holder thereof to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication, substantially in the form set forth in the form of Certificates
attached hereto as Exhibit A and Exhibit B, executed by Trustee by manual signature. Such authentication shall constitute conclusive evidence, and the only evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication. 
 Section 5.3 Registration of Transfer and Exchange of
Certificates. Trustee shall maintain, or cause to be maintained, at the office or agency to be maintained by it in accordance with Section 5.7, a Certificate Register in which, subject to such reasonable regulations as it may
prescribe, Trustee shall provide for the registration of Certificates and of transfers and exchanges of Certificates as herein provided. Upon surrender for registration of transfer of any Class A Certificate or Class B Certificate at such
office or agency, Trustee shall execute, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Class A Certificates or Class B Certificates, as the case may be, in authorized denominations of a like
aggregate amount. At the option of a Holder, Class A Certificates or Class B Certificates may be exchanged for other Class A Certificates or Class B Certificates, as the case may be, of authorized denominations of a like aggregate amount
at the office or agency 

  

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maintained by Trustee in accordance with Section 5.7. Every Certificate presented or surrendered for registration of transfer or exchange shall
be accompanied by a written instrument of transfer duly executed by the Holder and in a form satisfactory to Trustee. No service charge shall be made for any registration of transfer or exchange of Certificates, but Trustee may require payment of a
sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates. All Certificates surrendered for registration of transfer or exchange shall be cancelled and disposed of in
accordance with the customary procedures of Trustee. 
 The Class B Certificates and any beneficial interest in such Class B Certificates may
not be acquired (a) with the assets of an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, (b) by a plan described in Section 4975(e)(1) of the Code or
(c) by any entity whose underlying assets include plan assets by reason of a plan’s investment in the entity. By accepting and holding a Class B Certificate or interest therein, the Holder thereof or Class B Certificate Owner thereof shall
be deemed to have represented and warranted that it is not subject to the foregoing limitation. 
 The preceding provisions of this
Section 5.3 notwithstanding, Trustee shall not make and need not register any transfer or exchange of Certificates for a period of fifteen (15) days preceding any Distribution Date for any payment with respect to the Certificates.

 Section 5.4 Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Class A Certificate or Class B
Certificate shall be surrendered to Trustee, or if Trustee shall receive evidence to its satisfaction of the destruction, loss or theft of any Class A Certificate or Class B Certificate and (b) there shall be delivered to Trustee such
security or indemnity as may be required to save Trustee harmless, then in the absence of notice that such Class A Certificate or Class B Certificate shall have been acquired by a bona fide purchaser, Trustee shall execute, authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Class A Certificate or Class B Certificate, a new Class A Certificate or Class B Certificate of like tenor and denomination. In connection with the
issuance of any new Certificate under this Section 5.4, Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection herewith. Any replacement Certificate issued
pursuant to this Section 5.4 shall constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 
 Section 5.5 Persons Deemed Owners. Prior to due presentation of a Certificate for registration of transfer, Trustee may treat the Person in whose
name any Certificate shall be registered as the owner of such Certificate for the purpose of receiving distributions pursuant to Section 4.5 and for all other purposes, and Trustee shall not be bound by any notice to the contrary.

 Section 5.6 Access to List of Holders’ Names and Addresses. Trustee shall furnish or cause to be furnished to Servicer, within
fifteen days after receipt by Trustee of a request therefor from Servicer in writing, in such form as Servicer may reasonably require, a list of the names and addresses of the Holders as of the most recent Record Date. If Definitive Certificates
have been issued, Trustee, upon written request of (a) three or more Holders or 

  

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(b) one or more Holders evidencing not less than 25% of the aggregate outstanding principal balance of the Certificates, will, within five Business Days
after the receipt of such request, afford such Holders access during normal business hours to the most current list of Holders for purposes of communicating with other Holders with respect to their rights under the Agreement. Each Holder, by
receiving and holding a Certificate, shall be deemed to have agreed not to hold Seller, Servicer or Trustee accountable by reason of the disclosure of such Holder’s name and address, regardless of the source from which such information was
derived. 
 Section 5.7 Maintenance of Office or Agency. Trustee shall maintain, or cause to be maintained, at its expense, in
_________, an office or agency where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon Trustee in respect of the Certificates and this Agreement may be served. Trustee initially
designates its office located at ________ for such purposes. Trustee shall give prompt written notice to Servicer and to Holders of any change in the location of any such office or agency. 
 Section 5.8 Book Entry Certificates. Upon original issuance, the Class A Certificates and the Class B Certificates, other than the
Class A Certificate representing the residual amount of the Original Class A Certificate Balance and the Class B Certificate representing the residual amount of the Original Class B Certificate Balance, which shall be issued upon the
written order of Seller, shall be issued in the form of one or more typewritten Certificates representing the Book Entry Certificates, to be delivered to the initial Clearing Agency, by, or on behalf of, Seller. Such Certificates shall initially be
registered on the Certificate Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Certificate Owner will receive a Definitive Certificate representing such Certificate Owner’s interest in the
Class A Certificates or the Class B Certificates, as the case may be, except as provided in Section 5.10. Unless and until definitive, fully registered Certificates (“Definitive Certificates”) have been issued to
the Holders pursuant to Section 5.10: 
 (a) the provisions of this Section 5.8 shall be in full force
and effect; 
 (b) Seller, Servicer and Trustee may deal with the Clearing Agency for all purposes (including the making of
distributions on the Certificates and the taking of actions by the Holders) as the authorized representative of the Certificate Owners; 
 (c) to the extent that the provisions of this Section 5.8 conflict with any other provisions of this Agreement, the provisions of this Section 5.8 shall control; 
 (d) the rights of Certificate Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law,
the rules, regulations and procedures of the Clearing Agency and agreements between such Certificate Owners and the Clearing Agency and all references in this Agreement to actions by Holders shall refer to actions taken by the Clearing Agency upon
instructions from the Clearing Agency Participants, and all references in this Agreement to distributions, notices, reports and statements to Holders shall refer to distributions, notices, reports and statements to the Clearing Agency or its
nominee, as registered holder of the Certificates, as the case may be, for distribution to Certificate Owners in accordance with the rules, regulations and procedures of the Clearing Agency; and 
  

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 (e) pursuant to the Depository Agreement, the initial Clearing Agency will make
book-entry transfers among the Clearing Agency Participants and receive and transmit distributions of principal and interest on the Certificates to the Clearing Agency Participants, for distribution by such Clearing Agency Participants to the
Certificate Owners or their nominees. 
 For purposes of any provision of this Agreement requiring or permitting actions with the consent of,
or at the direction of, Holders of Certificates evidencing specified percentages of the aggregate outstanding principal balance of such Certificates, such direction or consent may be given by Certificate Owners having interests in the requisite
percentage, acting through the Clearing Agency. 
 Section 5.9 Notices to Clearing Agency. Whenever notice or other communication to
the Holders is required under this Agreement unless and until Definitive Certificates shall have been issued to Certificate Owners pursuant to Section 5.10, Trustee shall give all such notices and communications specified herein to be
given to Holders to the Clearing Agency. 
 Section 5.10 Definitive Certificates. If (a) (i) Servicer advises Trustee in
writing that the Clearing Agency is no longer willing or able properly to discharge its responsibilities under the Depository Agreement and (ii) Trustee or Servicer is unable to locate a qualified successor, (b) Servicer, at its option,
advises Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence of a Servicer Termination Event, Certificate Owners representing in the aggregate not less than a majority of
the aggregate outstanding principal balance of the Certificates, advise Trustee and the Clearing Agency through the Clearing Agency Participants in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the
Certificate Owners’ best interests, Trustee shall notify the Clearing Agency which shall be responsible to notify the Certificate Owners of the occurrence of any such event and of the availability of Definitive Certificates to Certificate
Owners requesting the same. Upon surrender to Trustee by the Clearing Agency of the Certificates registered in the name of the nominee of the Clearing Agency, accompanied by re-registration instructions from the Clearing Agency for registration,
Trustee shall execute, on behalf of the Trust, authenticate and deliver Definitive Certificates in accordance with such instructions. Seller shall arrange for, and will bear all costs of, the printing and issuance of such Definitive Certificates.
Neither Seller, Servicer nor 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 Certificates, Trustee shall
recognize the Holders of the Definitive Certificates as Holders hereunder. 
  

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 ARTICLE VI 
 SELLER. 
 Section 6.1 Representations and Warranties of Seller. Seller makes the following
representations and warranties, on which Trustee relies in accepting the Receivables and the other Trust Property in trust and executing and authenticating the Certificates. Such representations are made as of the execution and delivery of this
Agreement, but shall survive the sale, transfer and assignment of the Receivables and the other Trust Property to the Trust. 
 (a) Organization and Good Standing. Seller has been duly organized and is validly existing as a Delaware limited liability company in good standing under the laws of the State of Delaware, with the power and authority to own its
properties and to conduct its business as such properties are presently owned and such business is presently conducted and had at all relevant times, and has, full power, authority and legal right to acquire, own and sell the Receivables and the
other Trust Property. 
 (b) Power and Authority. Seller has the power, authority and legal right to execute and
deliver this Agreement and the Related Agreements to which it is a party and to carry out their respective terms and to sell and assign the property to be sold and assigned to and deposited with Trustee as Trust Property; and the execution, delivery
and performance of this Agreement and the Related Agreements to which it is a party have been duly authorized by Seller by all necessary limited liability company action. 
 (c) No Consent Required. No approval, authorization, consent, license or other order or action of, or filing or registration with,
any governmental authority, bureau or agency is required in connection with Seller’s execution, delivery or performance of this Agreement or the Related Agreements to which Seller is a party or the consummation of the transactions contemplated
hereby or thereby, other than (i) as may be required under the blue sky or securities laws of any State or the Securities Act of 1933, as amended, and (ii) the filing of UCC financing statements. 
 (d) Valid Sale; Binding Obligation. Seller intends this Agreement to effect a valid sale, transfer, and assignment of the
Receivables and the other Trust Property conveyed by Seller to the Trust hereunder, enforceable against creditors of and purchasers from Seller; and each of this Agreement and the Related Agreements to which it is a party constitutes a legal, valid
and binding obligation of Seller, enforceable against Seller in accordance with its respective terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar
laws affecting enforcement of the rights of creditors generally and to equitable limitations on the availability of specific remedies. 
  

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 (e) No Violation. The execution, delivery and performance by Seller of this
Agreement and the Related Agreements to which it is a party and the consummation of the transactions contemplated hereby and thereby will not conflict with, result in any material breach of any of the terms and provisions of, constitute (with or
without notice or lapse of time) a material default under or result in the creation or imposition of any Lien upon any of its material properties pursuant to the terms of, (i) the organic documents of Seller, (ii) any material indenture,
contract, lease, mortgage, deed of trust or other instrument or agreement to which Seller is a party or by which Seller is bound, or (iii) any law, order, rule or regulation applicable to Seller of any federal or state regulatory body, any
court, administrative agency, or other governmental instrumentality having jurisdiction over Seller. 
 (f) No
Proceedings. There are no proceedings or investigations pending, or, to the knowledge of Seller, threatened, before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over
Seller or its properties: (i) asserting the invalidity of this Agreement or any Related Agreement, (ii) seeking to prevent the issuance of the Certificates or the consummation of any of the transactions contemplated by this Agreement or
any Related Agreement, (iii) seeking any determination or ruling that might materially and adversely affect the performance by Seller of its obligations under, or the validity or enforceability of, this Agreement or any Related Agreement or
(iv) that may materially and adversely affect the federal or state income, excise, franchise or similar tax attributes of the Certificates. 
 (g) Chief Executive Office. The chief executive office of Seller is _______________. 
 Section 6.2
Merger or Consolidation of, or Assumption of the Obligations of, Seller. Any Person (a) into which Seller may be merged or consolidated, (b) that may result from any merger, conversion or consolidation to which Seller is a party, or
(c) that may succeed by purchase and assumption to all or substantially all of the business of Seller, where Seller in any of the foregoing cases is not the surviving entity, which corporation or other entity shall execute an agreement of
assumption to perform every obligation of Seller under this Agreement, shall be the successor to Seller hereunder without the execution or filing of any document or any further act by any of the parties to this Agreement; provided that
(x) Servicer shall have delivered to Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such merger, conversion, consolidation or succession and such agreement of assumption comply with this Section, and
(y) Servicer shall have delivered to Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been executed and filed that are
necessary fully to preserve and protect the interest of Trustee in the Receivables, and reciting the details of such filings, or (B) stating that, in the opinion of such counsel, no such action shall be necessary to fully preserve and protect
such interest. Seller shall promptly inform Trustee and each Rating Agency of any such merger, conversion, consolidation or purchase and assumption, where Seller is not the surviving entity. 
  

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 Section 6.3 Limitation on Liability of Seller and Others. Seller and any director or officer or
employee or agent of Seller may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement or any Related Agreement
(provided that such reliance shall not limit in any way Seller’s obligations under Section 3.2). Seller shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its
obligations under this Agreement, and that in its opinion may involve it in any expense or liability. 
 ARTICLE VII 
 SERVICER. 
 Section 7.1 Representations
and Warranties of Servicer. Servicer makes the following representations and warranties on which Trustee relies in accepting the Receivables and the other Trust Property in trust and in authenticating the Certificates. These representations are
made as of the Closing Date, but shall survive the sale, transfer and assignment of the Receivables and the other Trust Property to the Trust. 
 (a) Organization and Good Standing. Servicer has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Rhode Island, with the power and authority to own
its properties and to conduct its business as such properties are presently owned and such business is presently conducted, and had at all relevant times, and shall have, the power, authority and legal right to service the Receivables and the other
Trust Property. 
 (b) Due Qualification. Servicer shall be duly qualified to do business as a foreign corporation in
good standing, and shall have obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement)
shall require such qualifications. 
 (c) Power and Authority. Servicer has the power, authority and legal right to
execute and deliver this Agreement and the Related Agreements to which it is a party and to carry out their respective terms; and the execution, delivery and performance of this Agreement and the Related Agreements to which it is a party have been
duly authorized by Servicer by all necessary corporate action. 
 (d) No Consent Required. No approval, authorization,
consent, license or other order or action of, or filing or registration with, any governmental authority, bureau or agency is required in connection with Servicer’s execution, delivery or performance of this Agreement, the Related Agreements to
which Servicer is a party or the consummation of the transactions contemplated hereby or thereby, other than the filing of UCC financing statements. 
  

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 (e) Binding Obligation. Each of this Agreement and the Related Agreements to which
it is a party constitutes a legal, valid and binding obligation of Servicer, enforceable against Servicer in accordance with its respective terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship,
receivership, liquidation and other similar laws affecting enforcement of the rights of creditors of corporations generally and to equitable limitations on the availability of specific remedies. 
 (f) No Violation. The execution, delivery and performance by Servicer of this Agreement and the Related Agreements to which it is a
party and the consummation of the transactions contemplated hereby and thereby will not conflict with, result in any material breach of any of the terms and provisions of, constitute (with or without notice or lapse of time) a material default
under, or result in the creation or disposition of any Lien upon any of its material properties pursuant to the terms of, (i) the articles of association or bylaws of Servicer, (ii) any material indenture, contract, lease, mortgage, deed
of trust or other instrument or agreement to which Servicer is a party or by which Servicer is bound, or (iii) any law, order, rule or regulation applicable to Servicer of any federal or state regulatory body, any court, administrative agency,
or other governmental instrumentality having jurisdiction over Servicer. 
 (g) No Proceedings. There are no
proceedings or investigations pending, or, to Servicer’s knowledge, threatened, before any court, regulatory body, administrative agency, or tribunal or other governmental instrumentality having jurisdiction over Servicer or its properties:
(i) asserting the invalidity of this Agreement, any Related Agreement or the Certificates, (ii) seeking to prevent the issuance of the Certificates or the consummation of any of the transactions contemplated by this Agreement or any
Related Agreement, (iii) seeking any determination or ruling that might materially and adversely affect the performance by Servicer of its obligations under, or the validity or enforceability of, this Agreement, any Related Agreement or the
Certificates, or (iv) that may materially and adversely affect the federal or state income, excise, franchise or similar tax attributes of the Certificates. 
 Section 7.2 Indemnities of Servicer. (a) Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by Servicer under this Agreement. 
 (b) Servicer shall indemnify, defend and hold harmless Trustee, Seller, the Holders and any of the officers, directors, employees and
agents of Trustee or Seller from any and all costs, expenses, losses, claims, damages and liabilities (including reasonable attorneys’ fees and expenses) to the extent arising out of, or imposed upon any such Person through, the gross
negligence, willful misfeasance or bad faith (other than errors in judgment) of Servicer in the performance of its obligations and duties under this Agreement or in the performance of the obligations and duties of any subservicer under any
subservicing agreement. 
  

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 (c) Servicer shall indemnify, defend and hold harmless Trustee and its officers,
directors, employees and agents from and against any taxes that may at any time be asserted against any such Person with respect to the transactions contemplated in this Agreement or in the other Related Agreements, including any sales, gross
receipts, general corporation, tangible or intangible personal property, privilege, or license taxes, or any taxes of any kind which may be asserted (but not including any Federal or other income taxes arising out of transactions contemplated by
this Agreement and the other Related Agreements) against the Trust, and costs and expenses in defending against the same. 
 (d) Servicer shall indemnify, defend and hold harmless Trustee, Seller and the Holders or any of the officers, directors, employees and agents of Trustee or Seller from any and all costs, expenses, losses, claims, damages and liabilities
(including reasonable attorneys’ fees and expenses) to the extent arising out of or imposed upon any such Person as a result of any compensation payable to any subcustodian or subservicer (including any fees payable in connection with the
release of any Receivable File from the custody of such subservicer or in connection with the termination of the servicing activities of such subservicer with respect to any Receivable) whether pursuant to the terms of any subservicing agreement or
otherwise. 
 (e) Servicer shall indemnify, defend and hold harmless Trustee, Seller and the Holders or any of the directors,
officers, employees and agents of Trustee and Seller from and against any and all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel and expenses of litigation, arising out of or resulting
from the use, ownership, or operation by Servicer or any Affiliate thereof of any Financed Vehicle. 
 Indemnification under this Section shall survive the
resignation or removal of Trustee and the termination of this Agreement and shall include reasonable fees and expenses of counsel and other expenses of litigation. If Servicer shall have made any indemnity payments pursuant to this Section and the
Person to or on behalf of whom such payments are made thereafter shall collect any of such amounts from others, such Person shall promptly repay such amounts to Servicer, without interest. 
 Section 7.3 Merger or Consolidation of or Assumption of the Obligations of Servicer. Any corporation or other entity (a) into which Servicer
may be merged or consolidated, (b) that may result from any merger, conversion, or consolidation to which Servicer is a party, (c) that may succeed by purchase and assumption to all or substantially all of the business of Servicer or
(d) 50% of the voting stock of which is owned directly or indirectly by Charter One Bank, N.A., where, in the case of clauses (a), (b) and (c), Servicer is not the surviving entity, which corporation or other entity in
any of the foregoing cases shall execute an agreement of assumption to perform every obligation of Servicer under this Agreement, shall be the successor to Servicer under this Agreement without any further act on the part of any of the parties to
this Agreement; provided that, unless CAF is the surviving party to such transaction (x) Servicer shall have delivered to Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such merger, conversion,
consolidation or succession and such agreement of 

  

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assumption comply with this Section, and (y) Servicer shall have delivered to Trustee an Opinion of Counsel either (A) stating that, in the opinion
of such counsel, all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary fully to preserve and protect the interest of Trustee in the Receivables, and reciting the details of such
filings, or (B) stating that, in the opinion of such counsel, no such action shall be necessary to fully preserve and protect such interest. Servicer shall promptly inform Trustee and each Rating Agency of any such merger, conversion,
consolidation or purchase and assumption where Servicer is not the surviving entity. 
 Section 7.4 Limitation on Liability of Servicer
and Others. Neither Servicer nor any of its directors, officers, employees or agents shall be under any liability to the Trust or the Holders, except as provided under this Agreement, for any action taken or for refraining from the taking of any
action by Servicer or any subservicer pursuant to this Agreement or for errors in judgment; provided that this provision shall not protect Servicer or any such Person against any liability that would otherwise be imposed by reason of willful
misfeasance, bad faith or gross negligence in the performance of duties (except for errors in judgment) or by reason of reckless disregard of obligations and duties under this Agreement. Servicer or any subservicer and any of their respective
directors, officers, employees or agents may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. 
 Except as provided in this Agreement, Servicer shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be
incidental to its duties to service the Receivables in accordance with this Agreement, and that in its opinion may involve it in any expense or liability; provided that Servicer may (but shall not be required to) undertake any reasonable
action that it may deem necessary or desirable in respect of this Agreement and the Related Agreements to protect the interests of the Holders under this Agreement and the Related Agreements. In such event, the legal expense and costs of such action
and any liability resulting therefrom shall be expenses, costs and liabilities of Servicer. 
 Section 7.5 CAF Not To Resign as
Servicer. Subject to the provisions of Section 7.3, CAF hereby agrees not to resign from the obligations and duties hereby imposed on it as Servicer under this Agreement except upon determination that the performance of its duties
hereunder shall no longer be permissible under applicable law or if such resignation is required by regulatory authorities. Notice of any such determination permitting the resignation of CAF as Servicer shall be communicated to Trustee at the
earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to Trustee
concurrently with or promptly after such notice. No such resignation shall become effective until the earlier of Trustee or a successor Servicer having assumed the responsibilities and obligations of the resigning Servicer in accordance with
Section 8.2 or the date upon which any regulatory authority requires such resignation. 
 Section 7.6 Servicer May Own
Certificates. Servicer, and any Affiliate of Servicer, may, in its individual or any other capacity, become the owner or pledgee of Certificates with the same rights as it would have if it were not Servicer or an Affiliate thereof, except as
otherwise provided in the definition of “Holder”, “Class A Holder” and “Class B 

  

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Holder” in Section 1.1. Certificates so owned by or pledged to Servicer or such Affiliate shall have an equal and proportionate benefit
under the provisions of this Agreement, without preference, priority or distinction as among all of the Certificates, except as otherwise provided in the definitions of “Class A Holder” and “Class B Holder”. 
 Section 7.7 Existence. Subject to the provisions of Section 7.3, during the term of this Agreement, CAF will keep in full force and
effect its existence, rights and franchises as a corporation under the laws of the jurisdiction of its organization. 
 ARTICLE VIII

 SERVICING TERMINATION. 
 Section 8.1 Servicer Termination Events. (a) Any one of the following events shall constitute a “Servicer Termination Event”: 
 (i) any failure by Servicer to deliver to Trustee a Servicer’s Report for any Collection Period, which failure shall continue beyond the related Deposit Date; 
 (ii) any failure by Servicer to deliver to any Account or the Reserve Account any payment or deposit required to be so delivered or paid under the terms
of the Certificates and this Agreement, or to direct Trustee to make any required distribution from any Account or the Reserve Account, which failure shall continue unremedied for a period of five Business Days after written notice is received from
the Trustee by Servicer or after discovery of such failure by Servicer (or, in the case of a payment or deposit to be made no later than a Deposit Date immediately preceding a Distribution Date, the failure to make such payment or deposit by such
Distribution Date); 
 (iii) any failure on the part of Servicer to duly observe or to perform in any material respect any other covenants or
agreements set forth in the Certificates or in this Agreement, which failure shall (A) materially and adversely affect the rights of Holders (which determination shall be made without regard to whether funds are available to the Holders
pursuant to the Reserve Account) and (B) continue unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given (1) to Servicer by Trustee, or
(2) to Trustee and Servicer by the Holders of Certificates representing not less than 25% of the outstanding principal amount of the Certificates (or for such longer period, not in excess of 120 days, as may be reasonably necessary to remedy
such default; provided that such default is capable of remedy within 120 days and Servicer delivers an Officer’s Certificate to Trustee to such effect and to the effect that Servicer has commenced or will promptly commence, and will
diligently pursue, all reasonable efforts to remedy such default); 
  

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 (iv) the entry of a decree or order by a court or agency or supervisory authority of competent
jurisdiction for the appointment of a conservator, receiver, liquidator or trustee for Servicer, Seller, Transferor, or any of their respective successors, in any bankruptcy, receivership, conservatorship, insolvency or similar proceedings, or for
the winding up or liquidation of its affairs, and any such decree or order continues unstayed and in effect for a period of 60 consecutive days; or 
 (v) the consent by Servicer, Seller, Transferor, or any of their respective successors, to the appointment of a conservator, receiver, liquidator or trustee in any bankruptcy, receivership, conservatorship, insolvency or similar proceedings
of or relating to such Person or relating to substantially all of its property, the admission in writing by such Person of its inability to pay its debts generally as they become due, the filing by such Person of a petition to take advantage of any
applicable bankruptcy, receivership, conservatorship, insolvency or similar statute, the making by such Person of an assignment for the benefit of its creditors or the voluntary suspension by such Person of payment of its obligations. 
 Upon the occurrence of any Servicer Termination Event, and so long as a Servicer Termination Event shall not have been remedied, either Trustee, or the Majority Holders,
by notice then given in writing to Servicer, may terminate all of the rights and obligations of Servicer (other than the obligations set forth in Section 7.2) under this Agreement. On or after the receipt by Servicer of such written
notice, all authority and power of Servicer under this Agreement, whether with respect to the Certificates or the Trust Property or otherwise, shall pass to and be vested in Trustee or such successor Servicer as may be appointed under
Section 8.2 pursuant to this Section 8.1; and thereupon Trustee shall be authorized and empowered to execute and deliver, on behalf of Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments,
and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the Receivable Files or the Physical Damage Insurance Policies, the
certificates of title to the Financed Vehicles, or otherwise. Servicer shall cooperate with Trustee or any successor Servicer in effecting the termination of its responsibilities and rights as Servicer under this Agreement, including the transfer to
Trustee or any successor Servicer for administration of all cash amounts that are at the time held by Servicer for deposit, shall have been deposited by Servicer in the Collection Account, or thereafter shall be received with respect to a
Receivable, all Receivable Files and all information or documents that Trustee or such successor Servicer may require. In addition, Servicer shall transfer its electronic records relating to the Receivables to the successor Servicer in such
electronic form as the successor Servicer may reasonably request and shall transfer to the successor Servicer all other records, correspondence and documents necessary for the continued servicing of the Receivables in the manner and at such times as
the successor Servicer shall reasonably request. All reasonable out-of-pocket costs and expenses incurred by the successor Servicer in connection with the transfer of servicing shall be paid by the predecessor Servicer upon presentation of
reasonable documentation of such costs and expenses. 
 (b) If any of the foregoing Servicer Termination Events occur, Trustee
shall have no obligation to notify Holders or any other Person of such occurrence prior to the continuance of such event through the end of any cure period specified in Section 8.1(a). 
  

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 Section 8.2 Trustee to Act; Appointment of Successor Servicer. Upon Servicer’s resignation
pursuant to Section 7.5 or upon Servicer’s receipt of notice of termination as Servicer pursuant to Section 8.1, Trustee shall be the successor in all respects to Servicer in its capacity as Servicer under this
Agreement, and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on Servicer by the terms and provisions of this Agreement, except that Trustee, when acting as successor Servicer, shall not be obligated to
purchase Receivables pursuant to Section 3.7 unless the obligation to repurchase arose after the date of the notice of termination given to Servicer pursuant to Section 8.1, and neither Trustee nor any successor Servicer
shall be liable for any acts or omissions of the terminated Servicer or for any breach by such Servicer of any of its representations or warranties contained herein or in any related documents or agreements. As compensation therefor, Trustee shall
be entitled to the same Servicing Fees (whether payable out of the Collection Account or otherwise) and Supplemental Servicing Fees as Servicer would have been entitled to under this Agreement if no such notice of termination or resignation had been
given. Notwithstanding the above, Trustee may appoint, or petition a court of competent jurisdiction to appoint, an Eligible Servicer as the successor to the terminated Servicer under this Agreement; provided that Trustee shall continue to be
the successor to Servicer until another successor Servicer shall have assumed the responsibilities and obligations of Servicer. In connection with such appointment, Trustee may make such arrangements for the compensation of such successor Servicer
out of payments on Receivables as it and such successor shall agree, which shall in no event be greater than the Servicing Fees and Supplemental Servicing Fees payable to CAF as Servicer hereunder. Trustee and such successor shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such succession. No Servicer shall resign or be relieved of its duties under this Agreement until a newly appointed Servicer shall have assumed the responsibilities and
obligations of the terminated Servicer under this Agreement. 
 Section 8.3 Effect of Servicing Transfer. (a) After the transfer
of servicing hereunder, Trustee or successor Servicer shall notify Obligors to make directly to the successor Servicer payments that are due under the Receivables after the effective date of such transfer. 
 (b) Except as provided in Sections 7.2 and 9.8 after the transfer of servicing hereunder, the predecessor Servicer shall
have no further obligations with respect to the management, administration, servicing, custody or collection of the Receivables and the successor Servicer shall have all of such obligations, except that the predecessor Servicer will transmit or
cause to be transmitted directly to the successor Servicer for its own account, promptly on receipt and in the same form in which received, any amounts held by the predecessor Servicer (properly endorsed where required for the successor Servicer to
collect any such items) received as payments upon or otherwise in connection with the Receivables and the predecessor Servicer shall continue to cooperate with the successor Servicer by providing information and in the enforcement of the Dealer
Agreements and the Physical Damage Insurance Policies. 
  

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 (c) A transfer of servicing hereunder shall not affect the rights and duties of the
parties hereunder other than those relating to the management, administration, servicing, custody or collection of the Receivables and the other Trust Property. The successor Servicer shall, upon its appointment pursuant to Section 8.2
and as part of its duties and responsibilities under this Agreement, promptly take all action it deems necessary or appropriate so that the predecessor Servicer (in whatever capacity) is paid or reimbursed all amounts it is entitled to receive under
this Agreement on each Distribution Date subsequent to the date on which it is terminated as Servicer hereunder. Without limiting the generality of the foregoing, the predecessor Servicer will be entitled to receive all accrued and unpaid Servicing
Fees and Supplemental Servicing Fees through and including the effective date of the termination of the predecessor Servicer. 
 (d) Any successor Servicer shall provide Seller with access to the Receivable Files and to the successor Servicer’s records (whether written or automated) with respect to the Receivable Files. Such access shall be afforded without
charge, but only upon reasonable request and during normal business hours at the offices of the successor Servicer. Nothing in this Section shall affect the obligation of the successor Servicer to observe any applicable law prohibiting disclosure of
information regarding the Obligors, and the failure of Servicer to provide access to information as a result of such obligation shall not constitute a breach of this Section. 
 Section 8.4 Notification to Holders. Upon any notice of a Servicer Termination Event or upon any termination of, or appointment of a successor to,
Servicer pursuant to this Article VIII, Trustee shall give prompt written notice thereof to Holders at their respective addresses of record, and to each Rating Agency. 
 Section 8.5 Waiver of Past Servicer Termination Events. The Majority Holders may, on behalf of all Holders of Certificates, waive any Servicer
Termination Event hereunder and its consequences, except an event resulting from the failure to make any required deposits or payments to the Collection Account in accordance with this Agreement. Upon any such waiver of a past Servicer Termination
Event, such event shall cease to exist and shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right arising therefrom, except to the extent expressly
so waived. 
 Section 8.6 Transfer of Accounts. Notwithstanding the provisions of Section 8.1, if any of the Accounts or
the Reserve Account is maintained with Servicer or an Affiliate of Servicer and a Servicer Termination Event shall occur and be continuing, Servicer shall promptly, and in any event within five Business Days, give notice to Trustee of such Servicer
Termination Event, and Trustee, within _____ days after the receipt of such notice, shall establish new Eligible Deposit Accounts conforming with the requirements of this Agreement and promptly shall transfer all funds in any such Accounts or the
Reserve Account to such new Eligible Deposit Accounts. 
  

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 ARTICLE IX 
 TRUSTEE. 
 Section 9.1 Acceptance by Trustee. Trustee hereby acknowledges its acceptance of all
right, title and interest in and to the Receivables and the other Trust Property conveyed by Seller pursuant to this Agreement and hereby declares that Trustee holds and shall hold such right, title and interest, upon the trust set forth in this
Agreement. 
 Section 9.2 Duties of Trustee. (a) Trustee, both prior to and after the curing of a Servicer Termination Event,
undertakes to perform only such duties as are specifically set forth in this Agreement and no implied covenants or obligations shall be read into this Agreement against Trustee. If a Servicer Termination Event, of which an Authorized Officer of
Trustee has actual knowledge, shall have occurred and shall not have been cured (the appointment of a successor Servicer (including Trustee) to constitute a cure for the purposes of this Article), Trustee shall exercise such of the rights and powers
vested in it by this Agreement, and shall use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs; provided that if Trustee assumes the duties
of Servicer pursuant to Section 8.2, Trustee in performing such duties shall use the degree of skill and attention required by Section 3.1. 
 (b) Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders, or other instruments
furnished to Trustee that are required specifically to be furnished pursuant to any provision of this Agreement, shall examine them to determine whether they conform to the requirements of this Agreement. 
 (c) No provision of this Agreement shall be construed to relieve Trustee from liability for its own negligent action, its own negligent
failure to act, its own willful misfeasance or its own bad faith; provided that: 
 (i) Prior to the occurrence of a Servicer
Termination Event, and after the curing of all such Servicer Termination Events that may have occurred, the duties and obligations of Trustee shall be determined solely by the express provisions of this Agreement, Trustee shall not be liable except
for the performance of such duties and obligations as are specifically set forth in this Agreement, no implied covenants or obligations shall be read into this Agreement against Trustee, the permissible right of Trustee (solely in its capacity as
such) to do things enumerated in this Agreement shall not be construed as a duty and, in the absence of bad faith on the part of Trustee, or manifest error, Trustee (solely in its capacity as such) may conclusively rely on the truth of the
statements and the correctness of the opinions expressed in any certificates or opinions furnished to Trustee and conforming to the requirements of this Agreement; 
  

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 (ii) Trustee shall not be personally liable for an error of judgment made in good faith by an officer of
Trustee, unless it shall be proved that Trustee shall have been negligent in performing its duties in accordance with the terms of this Agreement; and 
 (iii) Trustee shall not be personally liable with respect to any action taken, suffered, or omitted to be taken in good faith in accordance with the direction of the Majority Holders, as set forth in
Section 8.1, relating to the time, method and place of conducting any proceeding or any remedy available to Trustee, or exercising any trust or power conferred upon Trustee, under this Agreement. 
 (d) Except for the willful misfeasance, bad faith or negligence of Trustee, Trustee shall not be required to expend or risk its own funds
or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that the repayment of such funds or indemnity
satisfactory to it against such risk or liability shall not be reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require Trustee to perform, or be responsible for the manner of performance of, any of
the obligations of Servicer under this Agreement except during such time, if any, as Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of, Servicer in accordance with the terms of this Agreement.

 (e) Except for actions expressly authorized by this Agreement, Trustee shall take no action reasonably likely to impair the
security interests created or existing under any Receivable or Financed Vehicle or to impair the value of any Receivable or Financed Vehicle. 
 (f) Trustee shall have no power to vary the corpus of the Trust including (i) accepting any substitute obligation for a Receivable initially assigned to Trustee under this Agreement, (ii) adding any other
investment, obligation or security, or (iii) withdrawing any Receivable, except for a withdrawal permitted under this Agreement. 
 Section 9.3 Trustee’s Certificate. As soon as practicable after each Deposit Date on which Receivables shall be assigned to Seller pursuant to Section 2.4 or 10.2 or to Servicer pursuant to
Section 3.7, as applicable, Trustee shall execute a certificate, prepared by Servicer, including its date and the date of the Agreement, and accompanied by a copy of Servicer’s Report for the related Collection Period.
Trustee’s certificate shall operate, as of such Deposit Date, as an assignment pursuant to Section 9.4. 
 Section 9.4
Trustee’s Assignment of Purchased Receivables. With respect to all Receivables repurchased by Servicer pursuant to Section 2.4 or Section 10.2, or purchased by Servicer pursuant to Section 3.7 or
Section 10.2, Trustee shall assign, without recourse, representation or warranty, to Servicer, all of Trustee’s right, title and interest in and to such Receivables, and all security and documents and all other Trust Property
conveyed pursuant to 

  

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Section 2.1 with respect to such Receivables. Such assignment shall be a sale and assignment outright, and not for security. If, in any
enforcement suit or legal proceeding, it is held that Servicer, may not enforce any such Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce the Receivable, Trustee shall, at the expense of
Servicer, take such steps as Servicer, deems necessary to enforce the Receivable, including bringing suit in Trustee’s name or the names of the Holders. 
 Section 9.5 Certain Matters Affecting Trustee. Except as otherwise provided in Section 9.2: 
 (a) Trustee may conclusively rely and shall be protected in acting or refraining from acting upon, any resolution, certificate of auditors or accountants or any other certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, appraisal, bond, note or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 (b) Trustee may consult with counsel knowledgeable in the area and any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken or suffered or omitted by it under this Agreement in good faith and in accordance with such written Opinion of Counsel a copy of which shall be provided to Seller and Servicer. 
 (c) Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct
or defend any litigation under this Agreement or in relation to this Agreement, at the request, order or direction of any of the Holders pursuant to the provisions of this Agreement, unless such Holders shall have offered to Trustee security or
indemnity satisfactory to Trustee against the costs, expenses, and liabilities that may be incurred therein or thereby. Nothing contained in this Agreement, however, shall relieve Trustee of the obligations, upon the occurrence of a Servicer
Termination Event that is not timely cured or waived pursuant to Section 8.5, to exercise such of the rights and powers vested in it by this Agreement, and to use the same degree of care and skill in their exercise as a prudent man would
exercise or use under the circumstances in the conduct of his own affairs; provided that if Trustee assumes the duties of Servicer pursuant to Section 8.2, Trustee in performing such duties shall use the degree of skill and
attention required by Section 3.1. 
 (d) Trustee shall not be personally liable for any action taken, suffered or
omitted by it in good faith and believed by it to be authorized or within the discretion, rights or powers conferred upon it by this Agreement. 
 (e) Prior to the occurrence of a Servicer Termination Event and after the curing of all Servicer Termination Events that may have occurred, Trustee shall not be bound to make any investigation into the facts of any
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, 

  

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consent, direction, order, approval, bond, note or other paper or document, unless requested in writing so to do by the Majority Holders; provided
that if the payment within a reasonable time to Trustee of the costs, expenses, or liabilities likely to be incurred by it in the making of an investigation requested by the Holders is, in the opinion of Trustee, not reasonably assured to Trustee by
the security afforded to it by the terms of this Agreement, Trustee may require indemnity satisfactory to it against such cost, expense, or liability as a condition to so proceeding. The reasonable expense of every such examination shall be paid by
Servicer, or, if paid by Trustee, shall be reimbursed by Servicer upon demand. Nothing in this clause (e) shall affect the obligation of Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors;
provided further, that Trustee shall be entitled to make such further inquiry or investigation into such facts or matter as it may reasonably see fit, and if Trustee shall determine to make such further inquiry or investigation it shall be
entitled to examine the books and records of Servicer, personally or by agent or attorney, at the sole cost and expense of Servicer. 
 (f) Trustee may execute any of the trusts or powers hereunder or perform any duties under this Agreement either directly or by or through agents, attorneys, nominees or a custodian, and shall not be liable for the acts of such agents,
attorney, nominees or custodians except for (i) acts of ________ or any successor agent carrying out Trustee’s obligations with respect to the preparation of Servicer Reports and (ii) acts of any other agent, attorney, nominee or
custodian if (A) Trustee has not acted with due care in their appointment or (B) Seller has not consented to their appointment. 
 (g) Trustee shall not be required to make any initial or periodic examination of any documents or records related to the Receivables or Financed Vehicles for the purpose of establishing the presence or absence of
defects, the compliance by Seller with its representations and warranties or for any other purpose. 
 (h) Trustee shall not
be construed to be a guarantor of the performance of Servicer, nor shall Trustee have any duty to monitor the performance of Servicer other than as expressly stated in this Agreement. 
 (i) Trustee shall not be required to take notice or be deemed to have notice of any Servicer Termination Event hereunder, except a
Servicer Termination Event under Section 8.1(a)(i) or (ii), unless Trustee shall be specifically notified in writing of such Servicer Termination Event by Servicer, Seller or any Holder. All notices or other instruments required
by this Agreement to be delivered to Trustee shall be delivered at the Corporate Trust Office and, in the absence of such notice so delivered, Trustee may conclusively assume there is no Servicer Termination Event except as aforesaid. 
  

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 Section 9.6 Trustee Not Liable for Certificates or Receivables. Trustee assumes no responsibility
for the correctness of the recitals contained herein and in the Certificates (other than the certificate of authentication on the Certificates). Except as expressly provided herein, Trustee makes no representations as to the validity or sufficiency
of this Agreement or of the Certificates (other than Trustee’s execution of, and the certificate of authentication on, the Certificates), or of any Receivable or related document, or for the validity of the execution by Seller and Servicer of
this Agreement or of any supplements hereto or instruments of further assurance, or for the sufficiency of the Trust Property hereunder, and Trustee shall not be bound to ascertain or inquire as to the performance or observance of any covenants,
conditions or agreements on the part of Servicer under this Agreement except as herein set forth; but Trustee may require Servicer to provide full information and advice as to the performance of the aforesaid covenants, condition and agreements.
Trustee (solely in its capacity as such) shall have no obligation to perform any of the duties of Servicer, except as explicitly set forth in this Agreement. Trustee shall have no liability in connection with compliance of Servicer with statutory or
regulatory requirements to the Receivables. Trustee shall not make or be deemed to have made any representations or warranties with respect to the Receivables or the validity or sufficiency of any assignment of the Receivables to the Trust or
Trustee. Trustee (solely in its capacity as such) shall at no time have any responsibility or liability for, or with respect to, the legality, validity or enforceability of any security interest in any Financed Vehicle or (prior to the time, if any,
that Servicer is terminated as custodian hereunder) any Receivable, or the perfection and priority of such a security interest or the maintenance of any such perfection and priority, the efficacy of the Trust or its ability to generate funds
sufficient to provide for the payments to be distributed to Holders under this Agreement, the existence, condition, location, and ownership of any Financed Vehicle, the existence and enforceability of the Insurance Policies, the existence and
contents of any Receivable or any computer or other record thereof, the validity of the assignment of any Receivable to the Trust or of any intervening assignment, the completeness of any Receivable, the performance or enforcement of any Receivable,
the compliance by Seller with any warranty or representation made under this Agreement or in any related document and the accuracy, of any such warranty or representation, prior to Trustee’s receipt of notice or other discovery of any
noncompliance therewith or any breach thereof, any investment of monies by Servicer or any loss resulting therefrom (it being understood that Trustee shall remain responsible for any Trust Property that it may hold), the acts or omissions of Seller,
Servicer, or any Obligor, any action of Servicer taken in the name of Trustee, or any action by Trustee taken at the instruction, of Servicer (provided that such instruction is not in express violation of the terms and provisions of this
Agreement); provided that the foregoing shall not relieve Trustee of its obligation to perform its duties under this Agreement. Except with respect to a claim based on the failure of Trustee to perform its duties under this Agreement (whether
in its capacity as Trustee or as successor Servicer) or based on Trustee’s willful misconduct, negligence, or bad faith, or based on Trustee’s breach of a representation and warranty contained in Section 9.14, no recourse shall
be had to Trustee (whether in its individual capacity or as Trustee) for any claim based on any provision of this Agreement, the Certificates, or any Receivable or assignment thereof against Trustee in its individual capacity; Trustee shall not have
any personal obligation, liability, or duty whatsoever to any Holder or any other Person with respect to any such claim. Trustee shall not be accountable for the use or application by Seller of the proceeds of such Certificates, or for the use or
application of any funds paid to Servicer in respect of the Receivables prior to the time such amounts are deposited in the Collection Account (whether or not the Collection Account is maintained with Trustee). Trustee shall have no liability for
any losses from the investment or reinvestment in Eligible Investments made in accordance with Section 4.1. 
  

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 Section 9.7 Trustee May Own Certificates. Trustee in its individual or any other capacity may
become the owner or pledgee of Certificates with the same rights as it would have if it were not Trustee. 
 Section 9.8 Trustee’s
Fees and Expenses. Servicer agrees to pay to Trustee, and Trustee shall be entitled to, reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) for all services
rendered by it in the execution of the trusts created by this Agreement and in the exercise and performance of any of the powers and duties under this Agreement as Trustee, and Servicer shall pay or reimburse Trustee upon its request for all
reasonable expenses (including expenses incurred in connection with notices or other communications to Holders), disbursements and advances (including the reasonable compensation and the reasonable expenses and disbursements of its counsel and of
all persons not regularly in its employ) incurred or made by Trustee in accordance with any of the provisions of this Agreement (including the reasonable fees and expenses of its agents, any co-trustee and counsel) or in defense of any action
brought against it in connection with this Agreement except any such expense, disbursement or advance as may arise from its negligence, willful misfeasance, or bad faith. Servicer’s covenant to pay the expenses, disbursements and advances
provided for in the preceding sentence shall survive the termination of this Agreement. 
 Section 9.9 Eligibility Requirements for
Trustee. Trustee shall at all times be organized and doing business under the banking laws of the United States or of any state thereof, shall be authorized under such laws to exercise corporate trust powers, shall have a consolidated net worth
of at least $50,000,000 and shall be subject to supervision or examination by federal or state banking authorities. If Trustee shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purpose of this Section 9.9, the consolidated net worth of such Trustee shall be deemed to be its consolidated capital and surplus as set forth in its most recent consolidated report of condition so
published. In case at any time Trustee shall cease to be eligible in accordance with the provisions of this Section 9.9, Trustee shall resign immediately in the manner and with the effect specified in Section 9.10.

 Section 9.10 Resignation or Removal of Trustee. (a) Trustee may at any time resign and be discharged from the trusts hereby
created by giving 30 days’ prior written notice thereof to Servicer. Upon receiving such notice of resignation, Servicer shall promptly appoint a successor Trustee, by written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a successor Trustee; provided, however, that such right to appoint or to petition for the appointment of any such successor shall in no event relieve the resigning Trustee
from any obligations otherwise imposed on it under this Agreement and the Related Agreements until such successor has in fact assumed such appointment. 
  

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 (b) If at any time Trustee shall cease to be eligible in accordance with the provisions
of Section 9.9 and shall fail to resign after written request therefor by Servicer, or if at any time Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver, conservator or liquidator of Trustee
or of its property shall be appointed, or any public officer shall take charge or control of Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then Servicer may remove Trustee. If Trustee is
removed under the authority of the immediately preceding sentence, Servicer shall promptly appoint a successor trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to Trustee so removed, the successor Trustee,
the Holders at their respective addresses of record and the Rating Agencies. 
 (c) Any resignation or removal of Trustee and
appointment of a successor Trustee pursuant to any of the provisions of this Section 9.10 shall not become effective until acceptance of appointment by the successor Trustee pursuant to Section 9.11. 
 (d) The respective obligations of Seller and Servicer described in this Agreement shall survive the removal or resignation of Trustee as
provided in this Agreement. 
 Section 9.11 Successor Trustee. (a) Any successor Trustee appointed pursuant to
Section 9.10 shall execute, acknowledge, and deliver to Servicer and to its predecessor Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Trustee shall
become effective and such successor Trustee, without any further act, deed or conveyance, shall become fully vested with all rights, powers, duties, and obligations of its predecessor under this Agreement, with like effect as if originally named as
Trustee. The predecessor Trustee shall deliver to the successor Trustee all documents and statements held by it under this Agreement, and Servicer and the predecessor Trustee shall execute and deliver such instruments and do such other things as may
reasonably be required for fully and certainly vesting and confirming in the successor Trustee all such rights, powers, duties, and obligations. 
 (b) No successor Trustee shall accept appointment as provided in this Section 9.11 unless at the time of such acceptance such successor Trustee shall be eligible pursuant to Section 9.9.

 (c) Upon acceptance of appointment by a successor Trustee pursuant to this Section 9.11, Servicer shall mail
notice of such acceptance by the successor Trustee under this Agreement to all Holders at their respective addresses of record and to the Rating Agencies. If Servicer shall fail to mail such notice within 10 days after acceptance of appointment by
the successor Trustee, the successor Trustee shall cause such notice to be mailed at the expense of Servicer. 
  

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 (d) No predecessor Trustee shall be liable for the acts or omissions of any successor
Trustee. 
 Section 9.12 Merger or Consolidation of or Assumption of Obligations of Trustee. Any corporation or banking association
which is eligible to be a successor Trustee under Section 9.9 (a) into which Trustee may be merged or consolidated, (b) that may result from any merger, conversion or consolidation to which Trustee shall be a party, or
(c) that may succeed by purchase and assumption to the business of Trustee, where Trustee is not the surviving entity, which corporation or banking association executes an agreement of assumption to perform every obligation of Trustee under
this Agreement, shall be the successor of Trustee hereunder, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. Trustee shall promptly
notify Servicer and each Rating Agency of any such merger, conversion, consolidation or purchase and assumption where Trustee is not the surviving entity. 
 Section 9.13 Appointment of Co-Trustee or Separate Trustee. (a) Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in
which any part of the Trust Property or any Financed Vehicle may at the time be located, Servicer and Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by Trustee to act
as co-trustee, jointly with Trustee, or separate trustee or separate trustees, of all or any part of the Trust, and to vest in such Person, in such capacity and for the benefit of the Holders, such title to the Trust, or any part thereof, and,
subject to the other provisions of this Section 9.13, such powers, duties, obligations, rights, and trusts as Servicer and Trustee may consider necessary or desirable. If Servicer shall not have joined in such appointment within 15 days
after the receipt by it of a request so to do, or in case a Servicer Termination Event shall have occurred and be continuing, Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall
be required to meet the terms of eligibility as a successor trustee pursuant to Section 9.9 and no notice to Holders of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 9.11.
Notwithstanding the appointment of a co-trustee or separate trustee hereunder, Trustee shall not be relieved of any of its obligations under this Agreement. 
 (b) Each 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 Trustee shall be conferred upon and exercised or
performed by Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without 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 (whether as Trustee under this Agreement or as successor to Servicer under this Agreement), Trustee shall be incompetent or unqualified to perform such act or acts, in which
event such rights, powers, duties, and obligations (including the holding of title to the Trust Property 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 Trustee. 
  

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 (ii) No trustee under this Agreement shall be personally liable by reason of any act or omission of any
other trustee under this Agreement. 
 (iii) Servicer and Trustee acting jointly may at any time accept the resignation of or remove any
separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to Trustee shall be deemed to have been
given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and in particular to the provisions of this
Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with Trustee or separately, as may be provided
therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, Trustee. Each such instrument shall be filed with
Trustee and a copy thereof given to Servicer. 
 (d) Any separate trustee or co-trustee may, at any time, appoint Trustee its
agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate 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 Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Trustee shall promptly
notify Servicer and each Rating Agency of any appointment made pursuant to this Section 9.13. 
 Section 9.14 Representations
and Warranties of Trustee. Trustee makes the following representations and warranties on which Seller, Servicer, and Holders may rely: 
 (a) Organization and Good Standing. Trustee is a _______________ duly organized, validly existing, and in good standing under the laws of ____________. 
 (b) Power and Authority. Trustee has full power, authority and legal right to execute, deliver, and perform this Agreement and the
Related Agreements to which it is a party and has taken all necessary action to authorize the execution, delivery, and performance by it of this Agreement and the Related Agreements to which it is a party. 
 (c) Enforceability. This Agreement and the Related Agreements to which it is a party have been duly executed and delivered by
Trustee and this Agreement and such Related Agreements constitute legal, valid and binding obligations of Trustee enforceable against Trustee in accordance with their 

  

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respective terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or
hereafter in effect affecting the enforcement of creditors’ rights generally and except as such enforceability may be limited by equitable limitations on the availability of specific remedies. 
 (d) No Consent Required. No approval, authorization, consent, license or other order or action of, or filing or registration with,
any governmental authority, bureau or agency is required in connection with the execution, delivery or performance by Trustee of this Agreement, the Related Agreements or the consummation of the transactions contemplated hereby or thereby.

 (e) No Violation. The execution, delivery and performance by Trustee of this Agreement and the Related Agreements
and the consummation of the transactions contemplated hereby and thereby will not conflict with, result in any breach of the terms and provisions of, constitute (with or without notice or lapse of time) a default under, or result in the creation or
disposition of any Lien upon any of its properties pursuant to the terms of, (i) the articles of association or by-laws of Trustee, (ii) any indenture, contract, lease, mortgage, deed of trust or other instrument or agreement to which
Trustee is a party or by which Trustee is bound or to which any of its properties are subject, or (iii) any law, order, rule or regulation applicable to Trustee or its properties of any federal or state regulatory body, any court,
administrative agency or other governmental instrumentality having jurisdiction over Trustee or any of its properties. 
 Section 9.15
Reports by Trustee. Trustee shall provide to any Holder or Certificate Owner who so requests in writing (addressed to the Corporate Trust Office) a copy of any Servicer’s Report, the annual statement described in
Section 3.10, and the annual accountant’s attestation report described in Section 3.11. Trustee may require any Holder or Certificate Owner requesting such report to pay a reasonable sum to cover the cost of
Trustee’s complying with such request. 
 Section 9.16 Tax Returns. Servicer shall prepare or shall cause to be prepared any tax
returns on Form 1065 (or other applicable form) required to be filed by the Trust and shall remit such returns to Trustee for signature at least five days before such returns are due to be filed. Trustee, upon request, will furnish Servicer with all
such information actually known to an Authorized Officer of Trustee as may be reasonably required in connection with the preparation of all tax returns of the Trust, and shall, upon request, execute such returns. Servicer shall prepare the tax
returns of the Trust in accordance with the Code and any regulations (including, to the extent applicable by their terms, proposed regulations) thereunder. 
 Section 9.17 Trustee May Enforce Claims Without Possession of Certificates. All rights of action and claims under this Agreement or the Certificates may be prosecuted and enforced by Trustee without the
possession of any of the Certificates or the production thereof in any proceeding relating thereto, and any such proceeding instituted by Trustee shall be brought in its own name as trustee. Any recovery of judgment shall, after provision for the
payment of the reasonable compensation, expenses, disbursements and advances of Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment has been obtained. 
  

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 ARTICLE X 
 TERMINATION. 
 Section 10.1 Termination of the Trust. (a) The Trust, and the respective
obligations and responsibilities of Seller, Servicer and Trustee hereunder, shall terminate (except as otherwise expressly provided herein) upon the earliest of: (i) the Distribution Date next succeeding the purchase by Servicer at its option,
pursuant to Section 10.2, of the Receivables (other than Defaulted Receivables) remaining in the Trust, (ii) the payment to Holders of all amounts required to be paid to them pursuant to this Agreement or (iii) the Distribution
Date next succeeding the month which is six months after the maturity or the liquidation of the last Receivable held in the Trust and the disposition of any amounts received upon liquidation of any property remaining in the Trust; provided
that in no event shall the Trust created by this Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants living on the date of this Agreement of Rose Kennedy of the Commonwealth of Massachusetts.
Servicer shall promptly notify Trustee of any prospective termination pursuant to this Section 10.1. 
 (b) Notice
of any termination, specifying the Distribution Date upon which the Holders may surrender the Certificates to Trustee for payment of the final distribution and cancellation, shall be given promptly by Trustee by letter to Holders of record and the
Rating Agencies mailed not earlier than the 15th day and not later than the 25th day of the month next preceding the specified Distribution Date stating the amount of any such final payment and that the Record Date otherwise applicable to such
Distribution Date is not applicable, payments being made only upon presentation and surrender of the Certificates at the office of Trustee therein specified. Upon presentation and surrender of the Certificates, Trustee shall cause to be distributed
to Holders amounts distributable on such Distribution Date pursuant to Section 4.5. Amounts remaining in the Trust after distribution, or after setting aside all funds required for distribution, to the Holders shall be distributed to the
Transferor. 
 (c) In the event that all of the Holders shall not surrender their Certificates for cancellation within six
months after the date specified in the above-mentioned written notice, Trustee shall give a second written notice to the remaining Holders to surrender their Certificates for cancellation and receive the final distribution with respect thereto.
Trustee shall, after giving such notice to the remaining Holders, deliver or cause to be delivered to Servicer the Certificate Register. If within one year after the second notice all the Certificates shall not have been surrendered for
cancellation, Servicer may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Holders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets
that shall remain subject to this Agreement. Any funds remaining in the Trust after exhaustion of such remedies shall be distributed by Trustee to the Transferor. 
  

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 Section 10.2 Optional Purchase of All Receivables. If the Pool Factor shall be .1000000 or less as
of the last day of any Collection Period, Servicer shall have the option to purchase the remaining Trust Property on any Distribution Date occurring in a subsequent Collection Period. To exercise such option, Servicer shall deposit the aggregate
Purchase Amount for the remaining Receivables (other than Defaulted Receivables) into the Collection Account on the Deposit Date occurring in the month in which such repurchase is to be effected. The payment shall be made in the manner specified in
Section 4.4, and shall be distributed pursuant to Section 4.5. Upon such payment Servicer shall succeed to and own all interests in and to the Trust Property (subject to the rights of the Holders to receive a final
distribution on the related Distribution Date). 
 ARTICLE XI 
 MISCELLANEOUS PROVISIONS. 
 Section 11.1 Amendment. 
 (a) Any term or provision of this Agreement may be amended by Seller, Servicer and Trustee without the consent of any of the Holders or
any other Person subject to subsection (e) of this Section 11.1 and the satisfaction of one of the following conditions: 
 (i) Seller or Servicer delivers an Opinion of Counsel to Trustee to the effect that such amendment will not materially and adversely affect the interests of any Holder; 
 (ii) Seller or Servicer delivers an Officer’s Certificate of Seller or Servicer, respectively, to Trustee to the effect that such amendment will not
materially and adversely affect the interests of any Holder; or 
 (iii) Seller or Servicer delivers to Trustee written confirmation from each
Rating Agency that such amendment will not cause it to downgrade, qualify or withdraw its rating assigned to any of the Certificates; 
 provided,
that any amendment entered into pursuant to this Section 11.1(a) shall not significantly change the permitted activities of the Trust. 
 (b) Any term or provision of this Agreement may be amended by Seller, Servicer and Trustee but without the consent of any of the Holders or any other Person to add, modify or eliminate any provisions as may be
necessary or advisable in order to enable Seller, Servicer or any of their Affiliates to comply with or obtain more favorable treatment under any law or regulation or any accounting rule or principle, it being a condition to any such amendment that
the Rating Agency Condition shall have been satisfied, provided, that any amendment entered into pursuant to this Section 11.1(b) shall not significantly change the permitted activities of the Trust. 
  

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 (c) This Agreement may also be amended from time to time by Seller, Servicer and Trustee,
with the consent of the Majority Holders for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Holders; provided, that no
such amendment shall (i) reduce the interest rate or principal amount of any Certificate, change or delay the Final Scheduled Distribution Date of any Certificate without the consent of the Holder of such Certificate, (ii) reduce the
percentage of the Note Balance, the Holders of which are required to consent to any matter without the consent of the Holders of at least the percentage of the Note Balance which were required to consent to such matter before giving effect to such
amendment. It will not be necessary for the consent of any of the Holders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such
consents (and any other consents of any of the Holders provided for in this Agreement) and of evidencing the authorization of the execution thereof by any of the Holders will be subject to such reasonable requirements as Trustee may prescribe,
including the establishment of record dates pursuant to the Depository Agreement. 
 (d) Prior to the execution of any
amendment to this Agreement, Servicer shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment or consent, Servicer shall furnish a copy of such amendment or
consent to each Rating Agency and Trustee. 
 (e) Prior to the execution of any amendment to this Agreement, Seller and
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. Trustee may, but shall not be obligated to, enter into or execute on behalf of the Trust any such amendment which materially and adversely affects Trustee’s rights, privileges, indemnities, duties or obligations
under this Agreement. Furthermore, notwithstanding anything to the contrary herein, this Agreement may not be amended in any way that would materially and adversely affect Trustee’s rights, privileges, indemnities, duties or obligations under
this Agreement, the Related Agreements or otherwise without the prior written consent of such Person. 
 Section 11.2 Protection of Title
to Trust Property. (a) Servicer shall authorize and file such financing statements and cause to be authorized and filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve,
maintain and protect the interest of the Holders and Trustee under this Agreement in the Trust Property and in the proceeds thereof. Servicer shall deliver (or cause to be delivered) to Trustee file-stamped copies of, or filing receipts for, any
document filed as provided above, as soon as available following such filing. If Servicer fails to perform its obligations under this subsection, Trustee may (but shall not be obligated to) do so, at the expense of Servicer. 
  

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 (b) Neither Seller nor Servicer shall change its name, identity or corporate structure in
any manner that would, could or might make any financing statement or continuation statement filed by Servicer in accordance with subsection (a) “seriously misleading” within the meaning of the UCC, unless it shall have given
Trustee at least five days’ prior written notice thereof and shall have promptly filed appropriate amendments to all previously filed financing statements or continuation statements. 
 (c) Seller and Servicer shall give Trustee at least five days’ prior written notice of any relocation of its principal executive
office if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement. Seller and Servicer shall at all
times maintain each office from which it shall service Receivables, and its principal executive office, within the United States of America. 
 (d) Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments
and recoveries made and payments owing (and the nature of each), and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts from time to time deposited in the Collection Account in respect of
such Receivable. 
 (e) Servicer shall maintain its computer systems so that, from and after the time of sale under this
Agreement of the Receivables to Trustee, Servicer’s master computer records (including archives) that shall refer to a Receivable indicate clearly that such Receivable is owned by the Trust. Indication of the Trust’s ownership of a
Receivable shall be deleted from or modified on Servicer’s computer systems when, and only when, the Receivable shall be paid or shall become a Purchased Receivable. 
 (f) If at any time Seller, the Transferor or Servicer shall propose to sell, grant a security interest in or otherwise transfer any
interest in motor vehicle loans and/or retail installment sales contracts to any prospective purchaser, lender or other transferee, Seller, Transferor Servicer, as the case may be, shall give to such prospective purchaser, lender or other transferee
computer tapes, records or printouts (including any restored from archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Trust. 
 (g) Upon request, Servicer, at its expense, shall furnish to Trustee, within thirty days, a list of all Receivables then held as part of
the Trust, together with a reconciliation of such list to each Schedule of Receivables and to each of Servicer’s Reports furnished pursuant to Section 3.9 indicating removal of Receivables from the Trust. 
  

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 (h) Servicer shall permit Trustee and its agents, at the expense of Trustee (except after
a Servicer Termination Event, in which case such cost will be at the expense of Servicer), at any time to inspect, audit and make copies of and abstracts from Servicer’s records regarding any Receivables then or previously included in the
Trust. 
 Section 11.3 Limitation on Rights of Holders. (a) The death or incapacity of any Holder shall not operate to terminate
this Agreement or the Trust, or entitle the Holder’s legal representatives or heirs to claim an accounting or to take any action or commence any proceeding in any court for a partition or winding up of the Trust, or otherwise affect the rights,
obligations and liabilities of the parties to this Agreement or any of them. 
 (b) No Holder shall have any right to vote
(except as expressly provided herein) or in any manner otherwise control the operation and management of the Trust or the obligations of the parties to this Agreement, nor shall anything set forth in this Agreement, or contained in the terms of the
Certificates, be construed so as to constitute the Holders as partners or members of an association; nor shall any Holder be under any liability to any third party by reason of any action taken pursuant to any provision of this Agreement.

 (c) No Holder shall have any right by virtue or by availing itself of any provisions of this Agreement to institute any
suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, unless such Holder previously shall have given to Trustee a written notice of default and of the continuance thereof, as hereinbefore provided, and
unless, with respect to the Class A Certificates, Class A Holders evidencing not less than a majority of the aggregate outstanding principal balance of the Class A Certificates or, with respect to the Class B Certificates, Class B
Holders evidencing not less than a majority of the aggregate outstanding principal balance of the Class B Certificates, shall have made written request upon Trustee to institute such action, suit or proceeding in its own name as Trustee under the
Agreement and shall have offered to Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and Trustee, for __ days after its receipt of such notice, request and offer of
indemnity satisfactory to it, shall have neglected or refused to institute any such action, suit or proceeding; no one or more Holders of Certificates shall have any right in any manner whatever by virtue or by availing itself or themselves of any
provisions of this Agreement to affect, disturb or prejudice the rights of the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder or to enforce any right under this
Agreement, except in the manner provided in this Agreement and for the equal, ratable and common benefit of all Class A Holders or Class B Holders, as the case may be. For the protection and enforcement of the provisions of this
Section 11.3, each Holder and Trustee shall be entitled to such relief as can be given either at law or in equity. 
  

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 Section 11.4 Governing Law. THIS AGREEMENT 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; EXCEPT THAT THE GRANT OF A SECURITY INTEREST IN THE RESERVE ACCOUNT PROPERTY AND THE PERFECTION, EFFECT OF PERFECTION, AND PRIORITY OF SUCH SECURITY INTEREST SHALL BE GOVERNED BY THE LAWS OF THE STATE OF ______________. 

Section 11.5 Notices. All demands, notices, and communications under this Agreement
shall be in writing, personally delivered, or sent by telecopier, overnight mail or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt (a) in the case of Seller to Citizens Auto
Receivables, LLC at the following address: 475 Jefferson Boulevard, Warwick, Rhode Island 02886, Attention: _______________; (b) in the case of Servicer, to Citizens Automobile Finance, Inc. at the following address: 475 Jefferson Boulevard,
Warwick, Rhode Island 02886, Attention: ______________; (c) in the case of Trustee, at the Corporate Trust Office, facsimile number: ______________; (d) in the case of [Moody’s, at the following address: Moody’s Investors
Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007, facsimile number: (212) 553-3850]; (e) in the case of [Standard & Poor’s, at the following address: Standard & Poor’s Ratings
Services, a division of The McGraw-Hill Companies, Inc., 25 Broadway, 20th Floor, New York, New York 10004, Attention: Asset Backed Surveillance Department, facsimile number: (212) 208-0030]; and (f) in the case of [Fitch, to One State
Street Plaza, 32nd Floor, New York, New York 10004, Attention: Asset-Backed Securities Group, facsimile number: (212) 480-4438]. Any notice
required or permitted to be mailed to a Holder shall be given by first class mail, postage prepaid, at the address of record of such Holder. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have
been duly given, whether or not the Holder shall receive such notice. 
 Section 11.6 Severability of Provisions. If any one or more
of the covenants, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, provisions or terms shall be deemed severable from the remaining covenants, provisions or terms of this Agreement, and
shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof. 
 Section 11.7 Assignment. Notwithstanding anything to the contrary contained herein, except as provided in Section 2.5, 3.1, 6.3 and 7.3, this Agreement may not be assigned by
Seller or Servicer. This Agreement may not be assigned by Trustee except as provided by Sections 9.10 through 9.13. 
 Section
11.8 Certificates Nonassessable and Fully Paid. The interests represented by the Certificates shall be nonassessable for any losses or expenses of the Trust or for any reason whatsoever, and, upon authentication thereof by Trustee pursuant to
Section 5.1, each Certificate shall be deemed fully paid. 
  

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 Section 11.9 Intention of Parties. (a) The execution and delivery of this Agreement shall
constitute an acknowledgment by Seller and Trustee, on behalf of the Holders, that it is intended that the assignment and transfer herein contemplated constitute a sale and assignment outright, and not for security, of the Receivables and the other
Trust Property, conveying good title thereto free and clear of any liens, from Seller to the Trust, and that the Receivables and the other Trust Property shall not be a part of Seller’s estate in the event of the insolvency, receivership,
conservatorship or the occurrence of another similar event, of, or with respect to, Seller. In the event that such conveyance is determined to be made as security for a loan made by the Trust or the Holders to Seller, the parties intend that Seller
shall have granted to Trustee a security interest in all of Seller’s right, title and interest in and to the Trust Property conveyed to the Trust pursuant to Section 2.1, and that this Agreement shall constitute a security agreement
under applicable law. 
 (b) The execution and delivery of this Agreement shall constitute an acknowledgment by Seller and
Trustee on behalf of the Holders that they intend that the Trust be classified (for Federal tax purposes) as a grantor trust under Subpart E, Part I of Subchapter J of the Internal Revenue Code of which the Holders are owners, rather than as an
association taxable as a corporation. The powers granted and obligations undertaken in this Agreement shall be construed so as to further such intent. 
 Section 11.10 Counterparts. For the purpose of facilitating the execution of this Agreement and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts shall constitute but one and the same instrument. 
 Section
11.11 Further Assurances. Seller and Servicer agree to do and perform, from time to time, any and all acts and to execute any and all further instruments required or reasonably requested by Trustee more fully to effect the purposes of this
Agreement, including without limitation, the authorization of any financing statements or continuation statements relating to the Receivables for filing under the provisions of the UCC of any applicable jurisdiction. 
 Section 11.12 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Trustee or the Holders, any
right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege. The rights, remedies, powers and privileges therein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law. 
 Section 11.13 Regulation AB. The Servicer shall cooperate fully with Seller and the Trust to deliver to Seller and the Trust (including any of its
assignees or designees) any and all statements, reports, certifications, records and any other information necessary in the good faith determination of Seller or the Trust to permit Seller to comply with the provisions of Regulation AB, together
with such disclosures relating to Servicer and the Receivables, or the servicing of the Receivables, reasonably believed by Seller to be necessary in order to effect such compliance. 
  

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 Section 11.14 Information to Be Provided by Trustee. (a) For so long as Seller is filing
reports under the Exchange Act with respect to the Trust, Trustee shall (i) on or before the fifth Business Day of each month, provide to Seller, in writing, such information regarding Trustee as is requested by Seller (if any) for the purpose
of compliance with Item 1117 of Regulation AB; provided, however, that, subject to clause (b)(iv) of this Section 11.14, Trustee shall not be required to provide such information in the event that there has been
no change to the information previously provided by Trustee to Seller, and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of Trustee of any changes to such information, provide to Seller, in writing,
such updated information. 
 (b) As soon as available but no later than March 15 of each calendar year for so long as the
Trust is filing reports under the Exchange Act, commencing on March 15, [            ], Trustee shall: 
 (i) deliver to Seller a report regarding Trustee’s assessment of compliance with the Servicing Criteria during the immediately preceding calendar year, as required under paragraph (b) of Rule 13a-18, Rule
15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be signed by an authorized officer of Trustee, and shall address each of the Servicing Criteria specified in Exhibit D or such criteria as mutually agreed upon
by Seller and Trustee; 
 (ii) cause a firm of registered public accountants that is qualified and independent within the meaning of Rule 2-01
of Regulation S-X under the Securities Act to deliver to Seller a report for inclusion in the Trust’s filing of Exchange Act Form 10-K that attests to, and reports on, the assessment of compliance made by the Trustee and delivered to Seller
pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; 
 (iii) deliver to Seller and any other Person that will be responsible for signing the certification (a “Sarbanes Certification”) required
by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of the Trust or Seller, a back-up certification substantially in the form attached hereto as Exhibit E or such
form as mutually agreed upon by Seller and Trustee; and 
 (iv) deliver to Seller the certification substantially in the form attached hereto
as Exhibit F or such form as mutually agreed upon by Seller and Trustee regarding any affiliations or relationships (as described in Item 1119 of Regulation AB) between Trustee and any Item 1119 Party and any Item 1117
Disclosure Item. 
  

 71 

 Trustee acknowledges that the parties identified in clause (iii) above may
rely on the certification provided by Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 
 Section 11.15 Form 8-K Filings. So long as Seller is filing Exchange Act Reports with respect to the Trust, Trustee shall promptly notify Seller, but in no event later than one (1) Business Day after its occurrence, of any
Reportable Event of which a Responsible Officer of Trustee has actual knowledge (other than a Reportable Event described in clause (a) or (b) of the definition thereof as to which Seller or Servicer has actual knowledge).
Trustee shall be deemed to have actual knowledge of any such event to the extent that it relates to Trustee or any action or failure to act by Trustee. 
 Section 11.16 Indemnification. [            ] shall indemnify Seller, each Affiliate of Seller and each Person who controls any of such parties
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) and the respective present and former directors, officers, employees and agents of each of the foregoing, and shall hold each of them harmless from
and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them may sustain arising out of or based upon: 
 (a) (A) any untrue statement of a material fact contained or alleged to be contained in the Servicing Criteria assessment and any other
information required to be provided by [            ] to Seller or its affiliates under Sections 11.14 or 11.15 (such information, the “Trustee Provided
Information”), or (B) the omission or alleged omission to state in the Trustee Provided Information a material fact required to be stated in the Trustee Provided Information, or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; provided, by way of clarification, that clause (B) of this paragraph shall be construed solely by reference to the related information and not to any other
information communicated in connection with a sale or purchase of securities, without regard to whether the Trustee Provided Information or any portion thereof is presented together with or separately from such other information; or 
 (b) any failure by [            ] to deliver any Servicing Criteria
assessment, information, report, certification, accountants’ letter or other material when and as required under Sections 11.14 and 11.15. 
 (c) In the case of any failure of performance described in clause (a)(ii) of this Section,
[            ] shall promptly reimburse Seller for all costs reasonably incurred in order to obtain the information, report, certification, accountants’ letter or other material not
delivered as required by [            ]. 
 Notwithstanding anything to the contrary contained
herein, in no event shall [            ] be liable for special, indirect or consequential damages of any kind whatsoever, including but not limited to lost profits, even if
[            ] has been advised of the likelihood of such loss or damage and regardless of the form of action. 
  

 72 

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

					
	CITIZENS AUTO RECEIVABLES, LLC
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  

					
	CITIZENS AUTOMOBILE FINANCE, INC., Servicer
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  

					
	                                      
                                  , Trustee
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  

 73 

 SCHEDULE A 
 LOCATION OF RECEIVABLE FILES 
  
  
  

 S-1 

 EXHIBIT A 
 FORM OF CLASS A CERTIFICATE 
  
  
         % ASSET BACKED CERTIFICATE, CLASS A 
 Evidencing a fractional undivided interest in the
Trust, as defined below, the property of which includes a pool of fixed rate simple interest retail motor vehicle loans and/or retail installment sales contracts (the “Receivables”) secured by the new and used automobiles and light duty
trucks financed thereby (the “Financed Vehicles”) and sold to the Trust by Citizens Auto Receivables, LLC. 
 THIS CERTIFICATE REPRESENTS A
FRACTIONAL UNDIVIDED INTEREST IN THE TRUST AND DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF _____________________________. THIS CERTIFICATE AND THE RECEIVABLES ARE NOT DEPOSITS AND ARE NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC”), TO THE TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE 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. 
  

			
	 NUMBER
	  	 CUSIP ________________
  

	 	  	 
		  	Original Certificate Amount

  

					
		  	A-1	  	Exhibit A to the Pooling and Servicing Agreement

 THIS CERTIFIES THAT ___________________ is the registered owner of a ______________ dollars,
nonassessable, fully paid, fractional undivided interest in Citizens Auto Loan Trust 20[    ]-[    ] (the “Trust”) formed pursuant to a Pooling and Servicing Agreement dated as of ___________, 20__
(the “Agreement”) among Citizens Auto Receivables, LLC, a Delaware limited liability company (the “Seller”), Citizens Automobile Finance, Inc. (the “Servicer”) and _____________, a _______________, as trustee (the
“Trustee”). 
 To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in
the Agreement. This Certificate is one of the duly authorized Certificates designated as “_____% Asset Backed Certificates, Class A” (herein called the “Class A Certificates”). Also issued under the Agreement are Certificates
designated as “_____% Asset Backed Certificates, Class B” (the “Class B Certificates”). The Class A Certificates and the Class B Certificates are hereinafter collectively called the “Certificates.” This Certificate
is issued under and is subject to the terms, provisions, and conditions of the Agreement, to which the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. The Trust Property includes (as more
fully described in the Agreement) a pool of Receivables, certain monies received under the Receivables after ___________ __, 20__ (the “Cutoff Date”), security interests in the Financed Vehicles, and proceeds of the foregoing. 

Subject to the terms and conditions of the Agreement (including the availability of funds for distributions) and until the obligations created by the
Agreement shall have terminated in accordance therewith, there will be distributed, but only from funds on deposit in the Class A Distribution Account, on the _th day of each month or, if such _th day is not a Business Day, the next succeeding
Business Day (each such date, a “Distribution Date”), commencing _________ __, 20__, to the Person in whose name this Certificate is registered at the close of business on the last day of the preceding Collection Period (the “Record
Date”), such Holder’s fractional undivided interest in the amounts to be distributed to Class A Holders pursuant to the Agreement on such Distribution Date. 
 Distributions on this Certificate will be made by Trustee by check mailed to the Holder of record at its address as it appears in the Certificate
Register without the presentation or surrender of this Certificate or the making of any notation hereon, except that with respect to a Certificate registered in the name of a Clearing Agency or its nominee, distributions will be made by wire
transfer of immediately available funds. Except as otherwise provided in the Agreement and notwithstanding the above, the final distribution on this Certificate will be made after due notice by Trustee of the pendency of such distribution and only
upon presentation and surrender of this Certificate at the office or agency maintained for that purpose by Trustee. 
 This Certificate does
not purport to summarize the Agreement and reference is hereby made to the Agreement for information with respect to the rights, benefits, obligations and duties evidenced thereby. 
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of Trustee, by manual signature, this Certificate shall
not entitle the holder hereof to any benefit under the Agreement or be valid for any purpose. 
  

					
		  	A-2	  	Exhibit A to the Pooling and Servicing Agreement

 Each Holder, by its acceptance of a Certificate or a beneficial interest in a Certificate, acknowledges
and agrees that they intend that the Trust be classified (for Federal tax purposes) as a grantor trust under Subpart E, Part I of Subchapter J of the Internal Revenue Code of which the Holders are owners, rather than as an association taxable as a
corporation. 
 IN WITNESS WHEREOF, Trustee, on behalf of the Trust, and not in its individual capacity, has caused this Certificate to be
duly executed. 
  

			
	CITIZENS AUTO LOAN TRUST 20[    ]-[    ]
		
	By:	 	 
	as Trustee
		
	By:	 	 
	Authorized Officer
	
	DATED:
	
	[SEAL]
	
	ATTEST:
	
	Authorized Officer

 Trustee’s Certificate of Authentication: 
 This is one of the Class A Certificates referred to in the within-mentioned Agreement. 
  

			
		
		 	____________________________, as Trustee
		
	By:	 	 
		 	Authorized Officer

  

					
		  	A-3	  	Exhibit A to the Pooling and Servicing Agreement

 EXHIBIT B 
 FORM OF CLASS B CERTIFICATE 
  
  
 _____% ASSET BACKED CERTIFICATE,
CLASS B 
 Evidencing a fractional undivided interest in the Trust, as defined below, the property of which includes a pool of fixed rate simple interest
retail motor vehicle loans and/or retail installment sales contracts (the “Receivables”) secured by the new and used automobiles and light duty trucks financed thereby (the “Financed Vehicles”) and sold to the Trust by Citizens
Auto Receivables, LLC. 
 THIS CERTIFICATE REPRESENTS A FRACTIONAL UNDIVIDED INTEREST IN THE TRUST AND DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF
_________________________ THIS CERTIFICATE AND THE RECEIVABLES ARE NOT DEPOSITS AND ARE NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE 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. 
  

			
	 NUMBER
	  	 CUSIP ________________
  

	 	  	 
		  	Original Certificate Amount

  

					
		  	B-1	  	Exhibit B to the Pooling and Servicing Agreement

 THIS CERTIFIES THAT ________________ is the registered owner of a _________________ dollars,
nonassessable, fully paid, fractional undivided interest in Citizens Auto Loan Trust 20[    ]-[    ] (the “Trust”) formed pursuant to a Pooling and Servicing Agreement dated as of ________ __, 20__
(the “Agreement”) among Citizens Auto Receivables, LLC, a Delaware limited liability company (the “Seller”), Citizens Automobile Finance, Inc. (the “Servicer”) and _____________, a _____________, as trustee (the
“Trustee”). 
 To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in
the Agreement. This Certificate is one of the duly authorized Certificates designated as “_____% Asset Backed Certificates, Class B” (herein called the “Class B Certificates”). Also issued under the Agreement are Certificates
designated as “_____% Asset Backed Certificates, Class A” (the “Class A Certificates”). The Class A Certificates and the Class B Certificates are hereinafter collectively called the “Certificates.” This Certificate
is issued under and is subject to the terms, provisions, and conditions of the Agreement, to which the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. The Trust Property includes (as more
fully described in the Agreement) a pool of Receivables, certain monies received under the Receivables after ________ __, 20__ (the “Cutoff Date”), security interests in the Financed Vehicles, and proceeds of the foregoing. The rights of
the Holder of the Class B Certificates are subordinated to the rights of the Holders of the Class A Certificates to the extent set forth in the Agreement. 
 Subject to the terms and conditions of the Agreement (including the availability of funds for distributions and the subordination of the Class B Certificates) and until the obligations created by the Agreement shall
have terminated in accordance therewith, there will be distributed, but only from funds on deposit in the Class B Distribution Account, on the _th day of each month or, if such _th day is not a Business Day, the next succeeding Business Day (each
such date, a “Distribution Date”), commencing _______ _, 20__, to the Person in whose name this Certificate is registered at the close of business on the last day of the preceding Collection Period (the “Record Date”), such
Holder’s fractional undivided interest in the amounts to be distributed to Class B Holders pursuant to the Agreement on such Distribution Date. 
 Distributions on this Certificate will be made by Trustee by check mailed to the Holder of record at its address as it appears in the Certificate Register without the presentation or surrender of this Certificate or
the making of any notation hereon, except that with respect to a Certificate registered in the name of a Clearing Agency or its nominee, distributions will be made by wire transfer of immediately available funds. Except as otherwise provided in the
Agreement and notwithstanding the above, the final distribution on this Certificate will be made after due notice by Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency
maintained for that purpose by Trustee. 
 This Certificate does not purport to summarize the Agreement and reference is hereby made to the
Agreement for information with respect to the rights, benefits, obligations and duties evidenced thereby. 
 Unless the certificate of
authentication hereon shall have been executed by an authorized officer of Trustee, by manual signature, this Certificate shall not entitle the holder hereof to any benefit under the Agreement or be valid for any purpose. 
  

					
		  	B-2	  	Exhibit B to the Pooling and Servicing Agreement

 Each Holder, by its acceptance of a Certificate or a beneficial interest in a Certificate, acknowledges
and agrees that they intend that the Trust be classified (for Federal tax purposes) as a grantor trust under Subpart E, Part I of Subchapter J of the Internal Revenue Code of which the Holders are owners, rather than as an association taxable as a
corporation. 
 IN WITNESS WHEREOF, Trustee, on behalf of the Trust, and not in its individual capacity, has caused this Certificate to be
duly executed. 
  

			
	CITIZENS AUTO LOAN TRUST 20[    ]-[    ]
		
	By:	 	 
	as Trustee
		
	By:	 	 
		 	Authorized Officer
	
	DATED:
	
	[SEAL]
	
	ATTEST:
	
	Authorized Officer

 Trustee’s Certificate of Authentication: 
 This is one of the Class B Certificates referred to in the within-mentioned Agreement. 
  

			
		
		 	____________________________, as Trustee
		
	By:	 	 
		 	Authorized Officer

  

					
		  	B-3	  	Exhibit B to the Pooling and Servicing Agreement

 EXHIBIT C 
 Form of Servicer’s Report 
  

					
		  	C-1	  	Exhibit C to the Pooling and Servicing Agreement

 EXHIBIT D 
 SERVICING CRITERIA TO BE ADDRESSED IN 
 TRUSTEE’S ASSESSMENT OF COMPLIANCE 
 The assessment of compliance to be delivered by the Trustee shall address, at a minimum, the criteria identified as below as “Applicable Servicing
Criteria”: 
  

						
	 Servicing Criteria
	  	Applicable
Servicing Criteria	 
	 Reference
	  	 Criteria
	  
			
		  	General Servicing Considerations	  		
			
	 1122(d)(1)(i)
	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  		
			
	 1122(d)(1)(ii)
	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing
activities.	  		
			
	 1122(d)(1)(iii)
	  	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	  		
			
	 1122(d)(1)(iv)
	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and
otherwise in accordance with the terms of the transaction agreements.	  		
			
		  	Cash Collection and Administration	  		
			
	 1122(d)(2)(i)
	  	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of
days specified in the transaction agreements.	  	X	1
			
	 1122(d)(2)(ii)
	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	X	 
			
	 1122(d)(2)(iii)
	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the
transaction agreements.	  		
			
	 1122(d)(2)(iv)
	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling
of cash) as set forth in the transaction agreements.	  		
			
	 1122(d)(2)(v)
	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository
institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  		
			
	 1122(d)(2)(vi)
	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  		

  

	 1
	 Solely with regard to deposits made by Trustee. 

  

					
		  	D-1	  	Exhibit D to the Pooling and Servicing Agreement

					
	 Servicing Criteria
	  	Applicable
Servicing Criteria
	 Reference
	  	 Criteria
	  
			
	 1122(d)(2)(vii)
	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are
(A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the
reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	  	
			
		  	Investor Remittances and Reporting	  	
			
	 1122(d)(3)(i)
	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such
reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the
Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.	  	
			
	 1122(d)(3)(ii)
	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	X
			
	 1122(d)(3)(iii)
	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	  	X
			
	 1122(d)(3)(iv)
	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	X
			
		  	Pool Asset Administration	  	
			
	 1122(d)(4)(i)
	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents.	  	
			
	 1122(d)(4)(ii)
	  	Pool assets and related documents are safeguarded as required by the transaction agreements	  	
			
	 1122(d)(4)(iii)
	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	
			
	 1122(d)(4)(iv)
	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business
days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	  	
			
	 1122(d)(4)(v)
	  	The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  	
			
	 1122(d)(4)(vi)
	  	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the
transaction agreements and related pool asset documents.	  	
			
	 1122(d)(4)(vii)
	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and
concluded in accordance with the timeframes or other requirements established by the transaction agreements.	  	

  

					
		  	D-2	  	Exhibit D to the Pooling and Servicing Agreement

					
	 Servicing Criteria
	  	Applicable
Servicing Criteria
	 Reference
	  	 Criteria
	  
			
	 1122(d)(4)(viii)
	  	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a
monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where
delinquency is deemed temporary (e.g., illness or unemployment).	  	
			
	 1122(d)(4)(ix)
	  	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.	  	
			
	 1122(d)(4)(x)
	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an annual basis, or
such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor within 30 calendar
days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.	  	
			
	 1122(d)(4)(xi)
	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such
payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	
			
	 1122(d)(4)(xii)
	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was
due to the obligor’s error or omission.	  	
			
	 1122(d)(4)(xiii)
	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction
agreements.	  	
			
	 1122(d)(4)(xiv)
	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	
			
	 1122(d)(4)(xv)
	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	

  

					
		  	D-3	  	Exhibit D to the Pooling and Servicing Agreement

 EXHIBIT E 
 FORM OF TRUSTEE’S ANNUAL CERTIFICATION 
  

	Re:	CITIZENS AUTO LOAN TRUST 20[    ]-[    ] 

 [    ], not in its individual capacity but solely as trustee (the “Trustee”), certifies to Citizens Auto Receivables, LLC (the “Seller”), and its officers, with the knowledge
and intent that they will rely upon this certification, that: 
 (1) It has reviewed the report on assessment of the
Trustee’s compliance provided in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing Assessment”), and the
registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”) that were delivered by the Trustee
to Seller pursuant to the Pooling and Servicing Agreement (the “Agreement”), dated as of [ ], by and among CAF, Seller, the Trustee and Citizens Auto Loan Trust 20[ ]-[ ] (collectively, the “Trustee Information”); 
 (2) To the best of its knowledge, the Trustee Information, taken as a whole, does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Trustee Information; 
 (3) To the best of its knowledge, all of the Trustee Provided Information (as defined in Section 11.16 of the Agreement)
required to be provided by the Trustee under the Agreement has been provided to Seller; and 
 (4) To the best of its
knowledge, except as disclosed in the Servicing Assessment or the Attestation Report, the Trustee has fulfilled its obligations under the Agreement. 
  

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

  

					
		  	E-1	  	Exhibit E to the Pooling and Servicing Agreement

 EXHIBIT F 
 FORM OF TRUSTEE’S ANNUAL CERTIFICATION 
 REGARDING ITEM 1117 AND ITEM 1119 OF
REGULATION AB 
 Reference is made to the Form 10-K of Citizens Auto Loan Trust 20[ ]-[ ] (the “Form
10-K”) for the fiscal year ended December 31, 20[        ]. Capitalized terms used but not otherwise defined herein shall have the respective meanings given to them in the Form 10-K. 

[                            ], a
[                    ] (“[        ]”), does hereby certify to the Sponsor, the Depositor and the
Issuing Entity that: 
 1. As of the date of the Form 10-K, there are no pending legal proceedings against
[        ] or proceedings known to be contemplated by governmental authorities against [        ] that would be material to the investors in the Certificates.

 2. As of the date of the Form 10-K, there are no affiliations, as contemplated by Item 1119 of Regulation AB, between
[        ] and any of Citizens Automobile Finance, Inc. (in its capacities as Sponsor, Originator, Servicer and Administrator), Citizens Auto Receivables, LLC, the Indenture Trustee, the Owner Trustee and the
Issuing Entity, or any affiliates of such parties. 
 IN WITNESS WHEREOF, [        ] has caused this
certificate to be executed in its corporate name by an officer thereunto duly authorized. 
 Dated: ____________, 20[    ] 
  

			
	[                            ], as Trustee

		
	By:	 	 
	Name:	 	
	Title:	 	

  

					
		  	F-1	  	Exhibit F to the Pooling and Servicing Agreement

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