Document:

Employment Agreement, among Blue Acquisition Group, Inc. and David J. West

 Exhibit 10.1 
 EXECUTION COPY 
 EMPLOYMENT AGREEMENT 

This Employment Agreement (the “Agreement”) is entered into as of May 13, 2011, by and between DEL MONTE
CORPORATION, a Delaware corporation, with its principal place of business in San Francisco, California (the “Corporation”), for purposes of Sections 1(a) and 3 only, Blue Acquisition Group, Inc., a Delaware corporation (the
“Parent” or “Blue Acquisition”), and David J. West (“Executive”). 

RECITALS 
 WHEREAS, the Corporation desires to employ Executive on the terms and conditions set forth herein, and Executive desires to be employed by the Corporation on such terms and conditions. 

NOW, THEREFORE, in consideration of the foregoing recital, the promises, covenants and agreements of the parties, and the mutual
benefits they will gain by the performance of the promises herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties do hereby agree as follows: 

AGREEMENT 
  

	 	1.	 Term of Employment; Duties. 

 (a)        Term of Employment.    The Corporation agrees to employ Executive as its Chief Executive Officer (“CEO”) and as the
chief executive officer of the Corporation’s entire group of businesses, including, without limitation, any business that may become part of or affiliated with such group as a result of future mergers, acquisitions or any similar transaction by
or with the Parent or the Corporation, and Executive hereby accepts such employment, subject to the terms and conditions set forth herein. The term of employment of Executive under this Agreement shall begin on June 12, 2011 (the
“Effective Date”) and continue until terminated pursuant to Section 4 hereof (such period, the “Employment Period”). During the Employment Period, the Corporation and the Parent agree to appoint Executive as a
member of the Corporation’s Board of Directors (the “Board”) and the Parent’s Board of Directors (the “Parent Board”, and collectively, with the Board, the “Group Boards”), and the Group
Boards shall cause Executive to be elected as a member of the Group Boards at the expiration of the then current terms, provided, however, that, after the Corporation or the Parent becomes a publicly-traded company, the Group Boards shall only be
obligated to cause Executive to be nominated for election to the Group Boards; and provided, further, that the foregoing shall not be required to the extent prohibited by legal or regulatory requirements. Notwithstanding the foregoing, Executive
shall not be CEO until August 15, 2011 and in the interim shall serve as an executive employee of the Corporation. 

  
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 (b)        Duties;
Location.    As CEO, Executive shall have the duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of chief executive officers in similar capacities in similarly sized
companies, and such other duties, authorities and responsibilities as the Board shall designate from time to time that are not inconsistent with Executive’s position as CEO. Prior to being CEO, Executive shall have such responsibilities as
agreed between Executive and the Board. Executive shall report directly to the Board and the Parent Board. During the Employment Period on and after August 15, 2011, Executive’s principal work location shall be at the Corporation’s
headquarters in San Francisco, California, unless otherwise agreed in writing by Executive and the Board. Prior to August 15, 2011, Executive shall be based in Pittsburgh, Pennsylvania. 

(c)        Exclusive Performance of Duties.    While employed
by the Corporation on and after August 15, 2011, Executive agrees that Executive shall devote substantially all of Executive’s business time and efforts to the performance of Executive’s duties hereunder and to the business and
affairs of the Corporation, whether such business is operated directly by the Corporation, the Parent or through any affiliate of the Corporation. Prior to August 15, 2011, Executive shall devote such time as Executive and the Board mutually
agree. Executive further agrees that while employed by the Corporation, Executive will not, directly or indirectly, provide services on behalf of any competing corporation, company, limited liability company, partnership, joint venture, consortium,
or other competing entity or person, whether as an employee, consultant, independent contractor, agent, sole proprietor, partner, joint venturer, creditor, corporate officer or director; nor shall Executive acquire by reason of purchase during the
term of Executive’s employment with the Corporation the ownership of more than one percent (1%) of the outstanding equity interest in any such competing entity. For purposes of this Agreement, a “competing” entity is one
materially engaged in any of the material businesses in which the Corporation is engaged during Executive’s employment with the Corporation, which includes without limitation: (i) dry and canned pet food and pet snacks business in the
United States and Canada, (ii) specialty pet food business conducted worldwide, (iii) broth business in the United States, and (iv) the manufacture and sale of processed fruits and vegetables, pineapple products and tomato products in
the United States and South America. Notwithstanding the foregoing, Executive shall not be prevented from (A) serving on the boards of directors of non-profit organizations and, with the prior written approval of the Board, other for profit
companies, (B) participating in charitable, civic, educational, professional, community or industry affairs, and (iii) managing Executive’s passive personal investments so long as such activities in the aggregate, as reasonably
determined in good faith by the Board, do not materially interfere or conflict with Executive’s duties hereunder or create a potential business or fiduciary conflict. If the Board determines that Executive’s activities materially interfere
or conflict as provided above, the Board shall notify Executive in writing of such determination and the basis thereof, and Executive, subject to fiduciary obligations, shall promptly take steps to address the Board’s concern. The Corporation
and Executive agree that during the Employment Period, Executive may continue to serve on the boards of directors of the companies and industry groups listed in Schedule 1 attached hereto. 

  
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 (d)        Corporation
Policies.    The employment relationship between the parties shall be governed by the general employment policies and practices of the Corporation, including, without limitation, the Del Monte Foods Standards of Business
Conduct; provided, however, that where the terms of this Agreement differ from or are in conflict with the Corporation’s general employment policies or practices, this Agreement shall control, and in particular, no such other policy or practice
shall create any basis for a termination of employment for Cause other than as provided herein. 
  

	 	2.	 Compensation and Benefits. 

 (a)        Base Salary.    Executive shall receive for Executive’s services rendered hereunder an annual base salary of One Million Two
Hundred Thousand Dollars ($1,200,000), payable on a semi-monthly basis in twenty-four (24) equal installments, less all applicable federal, state or local taxes and other normal payroll deductions, provided that, prior to August 15, 2011,
Executive shall be paid at a monthly base salary rate of $20,000. The annual base salary referenced above shall be reviewed annually by the Compensation Committee of the Board (the “Committee”) for any increases, but shall not be
decreased below its then current level. The annual base salary as determined herein from time to time (but without regard to the proviso in the first sentence) shall constitute “Base Salary” for purposes of this Agreement.

 (b)        Signing Bonus.    Within five
(5) business days following the Effective Date, Executive shall receive a cash signing bonus of One Million Dollars ($1,000,000). 
 (c)        Annual Bonus.    During the Employment Period, Executive shall be entitled to participate in the Del Monte Corporation’s Annual
Incentive Plan or any applicable successor plan (the “AIP”) pursuant to the terms and conditions set forth therein. Executive shall be eligible to receive an annual AIP bonus (the “Bonus”) targeted at 100% of
Executive’s Base Salary (the “Target Bonus”) with a maximum opportunity equal to 200% of Executive’s Base Salary, subject to the achievement of certain performance goals to be mutually agreed upon by the Corporation and
Executive. These Bonus targets may be increased (but not decreased) from time to time in accordance with the AIP or at the discretion of the Committee. AIP awards are not guaranteed and actual payment of the Bonus is subject to the performance of
the Corporation and its subsidiaries and Executive’s individual achievements. The Bonus shall be paid no later than March 15th of the calendar year immediately following the applicable fiscal year to which the Bonus relates. 

(d)        Make Whole Payment.    Within five (5) business
days following the Effective Date, Executive shall receive a one-time cash payment in the amount of $11,500,000 (the “Make-Whole Payment”). 
 (e)        Employee Welfare Benefits.    During Executive’s employment with the Corporation, Executive shall be entitled to participate in any
group insurance for hospitalization, medical, dental, vision, prescription drug, accident, disability, life or similar plan or program of the Corporation for senior executives now existing or 

  
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established hereafter to the extent that Executive is eligible under the general provisions thereof. The Corporation may, in its sole discretion and from time to time, establish additional senior
management benefit programs as it deems appropriate and Executive shall be eligible for such programs. Executive understands that any such plans may be modified or eliminated in the discretion of the Corporation in accordance with applicable law.

 (f)        Pension and Retirement
Benefits.    During Executive’s employment with the Corporation, Executive shall be entitled to participate in any pension, 401(k) and retirement plans of the Corporation now existing or established hereafter to the
extent that Executive is eligible under the general provisions thereof. The Corporation may, in its sole discretion and from time to time, establish additional senior management benefit programs as it deems appropriate. Executive understands that
any such plans may be modified or eliminated in the discretion of the Corporation in accordance with applicable law. Notwithstanding the foregoing, Executive shall participate in the Corporation’s Supplemental Executive Retirement Plan (the
“SERP”) and receive a benefit thereunder pursuant to the provisions set forth in Appendix A; provided, however, that Executive shall only become vested in such benefit so long as Executive remains employed with the
Corporation through the third anniversary of the Effective Date or, to the extent provided in Appendix A, Executive’s employment is terminated without Cause, for Good Reason or due to death or Disability. 

(g)        Vacation.    Executive shall be entitled to a period
of annual paid vacation time equal to not less than 4 weeks per year as increased from time to time in accordance with the Corporation’s vacation policy for senior executives. The days selected for Executive’s vacation shall be mutually
agreeable to the Corporation and Executive. Executive’s eligibility to carryover or to be paid for any portion of Executive’s accrued, but unused vacation shall be subject to the Corporation policy applicable to employees at a similar
level in effect during the term of this Agreement. 

(h)        Expenses.    Subject to compliance with the
Corporation’s normal and customary policies regarding substantiation and verification of business expenses, the Corporation shall directly pay or shall fully reimburse Executive for all reasonable expenses incurred by Executive in connection
with promoting, pursuing or otherwise furthering the business of the Corporation and its affiliates. 

(i)        Perquisites and Supplemental Benefits.    During
Executive’s employment with the Corporation, Executive shall be entitled to participate in the Corporation’s Executive Perquisite Plan, subject to the terms and conditions thereof, and shall receive such other perquisites and supplemental
benefits, if any, as may be approved from time to time by the Committee for senior executives generally. Executive understands that any such plans may be modified or eliminated in the discretion of the Corporation in accordance with applicable law.

 (j)        Relocation; Temporary Housing.    In
addition to any benefits that may be provided under any Corporation executive relocation policy (subject to such extended time periods and dollar limit adjustments as may be agreed reasonably and in

  
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good faith by the Board (or its designee) and Executive), the Corporation shall provide Executive with the following: (i) temporary housing at such previously identified property (or such
other property as may be identified by Executive of similar size, status and location) for a period of twelve months following August 15, 2011, and (ii) payment or reimbursement for the reasonable moving and relocation expenses and costs,
including transaction costs (i.e., broker’s commissions, legal fees and other reasonable expenses) involved with (A) the sale of (and up to $100,000 in loss protection (relative to Executive’s original purchase price and material
capital improvements of)) Executive’s current family residence in New Jersey, (B) the purchase of Executive’s new family residence in the San Francisco Bay Area, and (C) reasonable moving (including interim storage of furniture
and possessions) and relocation expenses from Executive’s current family residence in New Jersey and current residence in Pennsylvania, in each case to Executive’s temporary housing in the San Francisco Bay Area (or storage) and from
Executive’s temporary housing (and storage) to Executive’s new family residence in the San Francisco Bay Area. The Corporation shall also provide such other reimbursements or benefits as may be reasonably and in good faith requested by
Executive and reasonably and in good faith agreed to by the Board (or its designee). The Corporation shall gross up for tax purposes any income arising from such reimbursement or benefits that is treated as nondeductible taxable income to Executive
so that the economic benefit is the same to Executive as if such payment or benefits were provided on a non-taxable basis to Executive. 
  

	 	3.	 Equity Participation. 

 (a)        Promptly after the Effective Date, Executive shall use the after-tax proceeds (including assuming payment by Executive of taxes that may be imposed on the
Make-Whole Payment under California tax laws) of the Make-Whole Payment to purchase shares of common stock of the Blue Acquisition, at a per share purchase price of $5.00 per share (such shares, the “Make-Whole Shares”). For the
avoidance of doubt, if Executive does not in fact pay taxes under California tax laws on the Make-Whole Payment, Executive shall invest that portion of the Make-Whole Payment not otherwise paid in taxes to California in additional Make-Whole Shares
at the then fair market value of such shares (the “Follow-On Investment”). Subject to Executive’s continued employment hereunder, one-third of all Make-Whole Shares (including for the avoidance of doubt the shares acquired
through any Follow-On Investment) shall vest on each of the first three anniversaries of the Effective Date or upon the earlier termination of Executive’s employment without Cause by the Corporation, for Good Reason by Executive, due to
Disability by the Corporation or due to Executive’s death. 
 (b)        At
such time as Executive initially purchases Make-Whole Shares, Executive will also invest $1,000,000 in cash to purchase additional shares of Common Stock, at a per share purchase price of $5.00 per share. At such time, Executive will also be granted
(i) an option to purchase 5,600,000 shares of Common Stock, having an exercise price of $5 per share, and (ii) an option to purchase 2,000,000 shares of Common Stock, having an exercise price of $10 per share. For the avoidance of doubt,
any Follow-On Investment shall not result in requiring either Executive to make an 

  
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 additional investment in Common Stock or the Corporation to make any additional grants of options, in
either case as described above in this Section 3(b). 

(c)        Executive’s equity participation in Blue Acquisition as described above in
Section 3(a) and 3(b), shall be documented pursuant to a Management Stockholders’ Agreement (the “MSA”) attached as Exhibit A hereto, Stock Option Agreement attached as Exhibit B hereto, and (for the grant of Make-Whole
Shares) a Restricted Stock Agreement attached as Exhibit C hereto (which Stock Option Agreement and Restricted Stock Agreement shall each be granted under the 2010 Stock Incentive Plan for Key Employees of Blue Acquisition Group, Inc. and its
Affiliates (the “Stock Incentive Plan”) attached as Exhibit D hereto), and Sale Participation Agreement attached as Exhibit E hereto, each as executed by Executive, the Corporation, and its shareholders, as applicable, in such forms
as are attached hereto (such documents, collectively, the “Equity Documents”). The Corporation and Executive each acknowledge that the terms and conditions of the aforementioned documents govern Executive’s acquisition,
holding, sale or other disposition of Executive’s equity in the Corporation, and all of Executive’s and the Corporation’s rights with respect thereto. For the avoidance of doubt, (i) “Fair Market Value”, as defined in
the MSA, is to be determined without regard to minority discount or lack of marketability of the Common Stock and (ii) “Public Offering”, as defined in the MSA, includes the Parent becoming a company with registered common stock by
virtue of a merger or other similar corporate transaction. 
  

	 	4.	 Termination of Employment. 

 (a)        Termination Upon Death.    If Executive dies during Executive’s employment with the Corporation, the Corporation shall pay to
Executive’s estate, or other designated beneficiary(ies) as shown in the records of the Corporation, (i) any earned and unpaid Base Salary as of Executive’s employment termination date (which, for purposes of this Section 4(a),
shall be the date of Executive’s death) in accordance with the Corporation’s payroll practices; (ii) accrued but unused vacation time as of the end of the month in which Executive’s employment terminates in accordance with the
Corporation’s vacation policy; (iii) the amount of any unreimbursed expenses described in Section 2(h) and/or 2(j) hereof, which were incurred by Executive before Executive’s employment termination date; and (iv) all other
payments, benefits or fringe benefits to which Executive shall be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement, including, but not limited to,
amounts due under Section 2(f) hereof (collectively, the benefits and payments described in clauses (i) through (iv), the “Accrued Benefits”). Additionally, the Corporation shall pay to Executive’s estate, or other
designated beneficiary(ies), (A) any Bonus earned but unpaid with respect to the fiscal year ending on or preceding the date of termination, payable at the time such bonus would have been paid if Executive was still employed with the
Corporation (the “Prior Year’s Bonus”); and (B) at the time such bonus would have been paid if Executive was still employed with the Corporation, a pro rata portion of Executive’s target Bonus for the year in which
Executive’s termination of employment occurs, prorated for Executive’s actual employment period during such year and adjusted for 

  
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performance (the “Pro-Rata Bonus”). All of the foregoing payments and benefits shall be paid less all applicable federal, state or local taxes and other normal payroll
deductions, if any. Except for the benefits and payments provided in this Agreement, Executive is not entitled to any payments or benefits under any severance plan, policy or program. 

(b)        Termination Upon Disability.    The
Corporation may terminate Executive’s employment in the event Executive suffers a Disability (as defined below) upon thirty (30) days’ prior written notice of termination by the Corporation to Executive while Executive is Disabled.
For purposes of this Agreement, “Disability” shall be defined as the failure of Executive to have performed the essential functions of Executive’s position hereunder due to a physical or mental injury, infirmity or incapacity
for six (6) consecutive months. In the event that Executive’s employment is terminated pursuant to this Section 4(b), Executive (or Executive’s legal representative, if applicable) shall be entitled to receive the Accrued
Benefits, including, without limitation, any long term disability benefits under the applicable benefit plans of the Corporation to the extent Executive qualifies for such benefits. In addition and provided that Executive has executed a
release in the form attached hereto as Appendix B, but with such changes, if any, as counsel to the Corporation reasonably recommends based on changes in the law or Federal or state regulations to make such release enforceable (the
“Release”), the Corporation also shall provide to Executive (A) the Prior Year’s Bonus; (B) the Pro-Rata Bonus; and (C) as severance, the payment of an amount equal to the sum of Executive’s highest Base
Salary during the twelve (12) month period prior to the termination date and the Target Bonus for the year in which such termination occurs, payable in a lump sum on the sixtieth (60th) day following the termination date. All of the foregoing payments and benefits shall be paid less all applicable federal,
state or local taxes and other normal payroll deductions, if any. Except for the benefits and payments provided in this Agreement, Executive is not entitled to any payments or benefits under any severance plan, policy or program. 

(c)        Voluntary Termination without Good
Reason.    Executive may voluntarily terminate Executive’s employment with the Corporation without Good Reason at any time upon written notice to the Corporation. In the event that Executive’s employment is
terminated under this Section 4(c), Executive shall be entitled to receive the Accrued Benefits and the Prior Year’s Bonus. All of the foregoing payments and benefits shall be paid less all applicable federal, state or local taxes and
other normal payroll deductions, if any. Except for the benefits and payments provided in this Agreement, Executive is not entitled to any payments or benefits under any severance plan, policy or program. 

(d)        Termination for Cause. 

(i)        Termination; Payment of Accrued Benefits.    The
Board may terminate Executive’s employment with the Corporation at any time for “Cause” (as defined below). In the event that Executive’s employment is terminated for Cause under this Section 4(d), Executive shall be
entitled to receive the Accrued Benefits. All of the foregoing payments and benefits shall be paid less all applicable federal, state or 

  
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local taxes and other normal payroll deductions. Except for the benefits and payments provided in this Agreement, Executive is not entitled to any payments or benefits under any severance plan,
policy or program. 
 (ii)        Definition of
Cause.    For purposes of this Agreement, the Corporation shall have “Cause” to terminate Executive’s employment upon the occurrence of any of the following: (A) a material breach by Executive of the terms
of this Agreement, and such breach is not cured, to the extent curable, within ten (10) days following the date written notice is delivered to Executive by the Corporation; (B) any intentional act of theft or misappropriation of funds or
property of similar import involving the Corporation or any affiliate; (C) any act of embezzlement, intentional fraud or similar willful misconduct by Executive involving the Corporation or any affiliate; (D) the conviction or the plea of
nolo contendere or the equivalent in respect of a felony involving an act of dishonesty, moral turpitude, deceit or fraud by Executive; (E) any damage of a material nature to the business or property of the Corporation or any affiliate
caused by Executive’s willful misconduct or gross negligence; or (F) Executive’s failure to attempt in good faith to follow any specific lawful instructions given to Executive in connection with the performance of Executive’s
duties for the Corporation or any affiliate within ten (10) days after written notice of such failure. No act or failure to act by Executive shall be deemed to constitute “Cause” if done, or omitted to be done, in good faith and with
the reasonable belief that the action or omission was in the best interests of the Corporation or affiliate, as applicable. Executive shall not be terminated for “Cause” unless reasonable notice is provided to Executive and Executive is
given an opportunity, together with counsel, to be heard before the Parent Board, and thereafter whether or not an event giving rise to “Cause” has occurred will be determined by the Parent Board reasonably and in good faith;
provided, that any such determination by the Parent Board shall be subject to de novo review by the arbitrator pursuant to Section 12(j) based on the facts thereof. 

(e)        Termination Without Cause. 

(i)        Termination; Payment of Accrued Benefits.    The
Corporation at any time upon written notice may terminate Executive’s employment without Cause. In the event Executive’s employment is terminated without Cause, Executive shall receive payment of the Accrued Benefits. 

(ii)        Payment of Severance Benefits.    In the event
Executive’s employment is terminated without Cause under this Section 4(e), and provided that Executive has executed the Release, the Corporation also shall provide to Executive as severance: 

(A) a lump sum payment in an amount equal to two times the sum of (i) Executive’s then Base Salary and
(ii) Executive’s Target Bonus for the year in which such termination of employment occurs; 
 (B) the Pro-Rata
Bonus and the Prior Year’s Bonus; 

  
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 (C) a lump-sum payment, on an after-tax basis, equivalent to the cost of COBRA
premiums for Executive’s participation in the Corporation’s health and welfare benefit plans for eighteen (18) months following Executive’s termination of employment. An amount equal to the sum of all Executive contributions for
such health and welfare benefits (based on the active employee rates in effect immediately prior to termination) for 18 months will be deducted from the foregoing lump sum payment. In the event Executive is covered by the health and welfare benefit
plans or programs of a subsequent employer prior to the expiration of the 18-month period, the Corporation shall reimburse Executive for any health coverage contribution overpayment; 

(D) a lump-sum payment equivalent to two times Executive’s annual allowance pursuant to any executive perquisites
arrangements applicable to Executive, determined as of the date of Executive’s termination of employment; 
 (E)
Executive shall vest in any equity incentive awards granted to Executive under the Stock Incentive Plan in accordance with the terms of such Stock Incentive Plan and the applicable award agreement issued thereunder; and 

(F) the provision of not less than eighteen (18) months of executive-level outplacement services at the Corporation’s
expense; provided, however, the expense for such services in any calendar year shall not exceed eighteen percent (18%) of the amount equal to the sum of Executive’s highest Base Salary during the twelve (12) month period
prior to the termination date and the target Bonus for the year in which such termination occurs. 
 All of the foregoing payments and
benefits in this Paragraph 4(e) shall be paid less all applicable federal, state or local taxes and other normal payroll deductions, if any. Except for the benefits and payments provided in this Agreement, Executive is not entitled to any payments
or benefits under any severance plan, policy or program. The payments set forth in Sections 4(e)(ii)(A), 4(e)(ii)(C) and 4(e)(ii)(D) above shall be payable in a lump sum on the sixtieth (60th) day following Executive’s termination date. 

(f)        Termination for Good Reason. 

(i)        Termination; Payment of Accrued Benefits and
Severance.    Notwithstanding anything in this Section 4 to the contrary, Executive may voluntarily terminate Executive’s employment with the Corporation for “Good Reason” (as defined below). In the event
Executive’s employment is terminated for Good Reason under this Section 4(f), Executive shall receive the payments and benefits set forth in Section 4(e), subject to the terms and conditions set forth therein, including, without
limitation, Executive’s execution of the Release. All of the foregoing payments and benefits shall be paid less all applicable federal, state or local taxes and other normal payroll deductions, if any. 

(ii)        Definition of Good Reason.    For purposes of this
Agreement, “Good Reason” shall mean the occurrence of any of the following events without 

  
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Executive’s written consent: (A) a material adverse change in Executive’s title, position, duties, authorities and responsibilities, including, without limitation, Executive no
longer serving as the chief executive officer of the Corporation or, following any merger, acquisition or similar corporate transaction, Executive no longer serving as the chief executive officer of the ultimate parent entity; (B) a reduction
in Executive’s Base Salary or Bonus opportunity Executive is eligible to earn under the AIP (or successor plan thereto), provided, however, that nothing herein shall be construed to guarantee Executive’s Bonus for any year if
the applicable performance targets are not met; and provided further that it shall not constitute Good Reason hereunder if the Corporation makes an appropriate pro rata adjustment to the applicable Bonus and targets under the
AIP or any successor plan in the event of a change in the Corporation’s fiscal year; (C) a material reduction in the aggregate health and welfare benefits provided to Executive pursuant to the health and welfare plans, programs and
arrangements in which Executive is eligible to participate; (D) Executive being required to report to another person other than the Board or the Parent Board; (E) relocation of Executive’s primary work location by more than 50 miles
from its then current location; or (F) a material breach by the Corporation or the Parent, including, without limitation, the removal of Executive from the Board by the Corporation or the Parent Board by the Parent (except as provided in
Section 1(a) above), the failure by the Corporation or the Parent to re-elect Executive or nominate Executive for re-election to serve on the Board or the Parent Board (except as provided in Section 1(a) above) or the failure of the
Corporation to obtain a satisfactory agreement from any successor to assume and agree to perform this Agreement. A termination for Good Reason shall not occur unless: (i) Executive provides the Corporation with a written notice detailing the
specific circumstances alleged to constitute Good Reason within ninety (90) days after the first occurrence of such circumstances, (ii) the Corporation fails to cure such Good Reason event(s) within thirty (30) days following receipt
of such notice to cure such circumstances in all material respects; (iii) following the Corporation’s failure to cure during the 30-day cure period, Executive terminates employment no later than 30 days after the expiration of the such
period. 
  

	 	5.	 Section 280G. 

 (a)        In the event any payment or benefit arising in connection with Executive’s services to the Corporation, whether payable pursuant to this Agreement or
otherwise (the “Payment”) is an “excess parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and would be subject to the excise tax
imposed by Section 4999 of the Code (the “Excise Tax”), then the Corporation shall pay Executive an additional cash payment (the “Gross-Up Payment”) in an amount such that after payment by Executive of all
taxes, including, without limitation, any income and employment taxes and Excise Tax imposed upon the Gross-Up Payment, Executive shall retain an amount equal to the Excise Tax imposed upon the Payment and the Gross-Up Payment. 

(b)        For purposes of determining whether any of the Payments and Gross-Up Payment
(collectively the “Total Payments”) will be subject to the Excise Tax and the 

  
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 amount of such Excise Tax, (i) the Total Payments shall be treated as “parachute
payments” within the meaning of Section 280G of the Code, and all “parachute payments” in excess of the “base amount” (as defined under Section 280G of the Code) shall be treated as subject to the Excise Tax,
unless and except to the extent that, in the opinion of the Accountants (as defined in Section 5(c)), such Total Payments (in whole or in part): (1) do not constitute “parachute payments,” including giving effect to the
recalculation of stock options in accordance with Treasury Regulation Section 1.280G-1, Q&A 33, (2) represent reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code in excess of
the “base amount” or (3) are otherwise not subject to the Excise Tax, and (ii) the value of any non-cash benefits or any deferred payment or benefit shall be determined by the Accountants in accordance with the principles of
Section 280G of the Code. 
 (c)        All determinations hereunder shall be
made by a nationally recognized United States public accounting firm selected by the Corporation and approved by Executive (which approval shall not be unreasonably withheld) (the “Accountants”) which shall provide detailed
supporting calculations both to the Corporation and Executive at such time as it is requested by the Corporation or Executive. The determination of the Accountants shall be final and binding upon the Corporation and Executive. The Corporation shall
be responsible for all charges of the Accountants. 
 (d)        The federal tax
returns filed by Executive (and any filing made by a consolidated tax group which includes the Corporation) shall be prepared and filed on a basis consistent with the determination of the Accountants with respect to the Excise Tax payable by
Executive. Executive shall make proper payment of the amount of any Excise Tax, and at the request of the Corporation, provide to the Corporation true and correct copies (with any amendments) of his federal income tax return as filed with the
Internal Revenue Service, and such other documents reasonably requested by the Corporation, evidencing such payment (provided that Executive may delete information unrelated to the Payment or Excise Tax and provided, further
that the Corporation at all times shall treat such returns as confidential and use such return only for purpose contemplated by this paragraph). In the event that the Excise Tax is subsequently determined by the Accountants or the Internal Revenue
Service to be less than the amount taken into account hereunder at the time the Gross-Up Payment is made, Executive shall repay to the Corporation, at the time that the amount of such reduction in Excise Tax is finally determined, the portion of the
prior Gross-Up Payment attributable to such reduction (plus the portion of the Gross-Up Payment attributable to the Excise Tax and U.S. federal, state and local income tax imposed on the portion of the Gross-Up Payment being repaid by Executive if
such repayment results in a reduction in Excise Tax or a U.S. federal, state and local income tax deduction), plus interest on the amount of such repayment at the rate provided in Section 1274(b)(2)(B) of the Code. Notwithstanding the
foregoing, in the event that any portion of the Gross-Up Payment to be refunded to the Corporation has been paid to any U.S. federal, state and local tax authority, repayment thereof (and related amounts) shall not be required until actual refund or
credit of such portion has been made to Executive, and interest payable to the Corporation shall not exceed the interest received or credited to 

  
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 Executive by such tax authority for the period it held such portion. Executive and the Corporation
shall mutually agree upon the course of action to be pursued (and the method of allocating the expense thereof) if Executive’s claim for refund or credit is denied. The Corporation and Executive shall promptly deliver to each other copies of
any written communications, and summaries of any verbal communications, with any taxing authority regarding the Excise Tax covered by this Section 5. 
 (e)        In the event that the Excise Tax is later determined by the Accountants or the Internal Revenue Service to exceed the amount taken into account hereunder at the
time the Gross-Up Payment is made (including by reason of any payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment), the Corporation shall make an additional Gross-Up Payment in respect of such excess
(plus any interest or penalties payable with respect to such excess) promptly after the amount of such excess is finally determined. 
 (f)        The Gross-Up Payment shall be paid not later than the sixtieth day following an event which subjects Executive to the Excise Tax; provided, however,
that if the amount of such Gross-Up Payment or portion thereof cannot be finally determined on or before such day, the Corporation shall pay to Executive on such day an estimate, as determined in good faith by the Accountants, of the minimum amount
of such payments and shall pay the remainder of such payments (together with interest at the rate provided in Section 1274(b)(2)(B) of the Code, subject to further payments pursuant to Section 5(e) above, as soon as the amount thereof can
reasonably be determined, but in no event later than the ninetieth day after the occurrence of the event subjecting Executive to the Excise Tax. In the event that the amount of the estimated payments exceeds the amount subsequently determined to
have been due, subject to Sections 5(d) and 5(h), such excess shall constitute a loan by the Corporation to Executive, payable on the fifth day after demand by the Corporation (together with interest at the rate provided in
Section 1274(b)(2)(B) of the Code). 
 (g)        In the event of any
controversy with the Internal Revenue Service (or other taxing authority) with regard to the Excise Tax, Executive shall permit the Corporation to control issues related to the Excise Tax (at its expense), provided that such issues do not
potentially materially adversely affect Executive but Executive shall control any other issues. In the event that the issues are interrelated, Executive and the Corporation shall in good faith cooperate so as not to jeopardize resolution of either
issue. In the event of any conference with any taxing authority as to the Excise Tax or associated income taxes, Executive shall permit the representative of the Corporation to accompany Executive, and Executive and his representative shall
cooperate with the Corporation and its representative. 
 (h)        Nothing in
this Section 5 is intended to violate the Sarbanes-Oxley Act of 2002 and to the extent that any advance or repayment obligation hereunder would do so, such obligation shall be modified so as to make the advance a nonrefundable payment to
Executive and the repayment obligation null and void. Notwithstanding the foregoing, any payment or reimbursement made pursuant to this Section 5 shall be paid 

  
 13 

 

 to Executive promptly and in no event later than the end of the calendar year next following the
calendar year in which the related tax is paid by Executive, or, where no taxes are required to be remitted, the end of the calendar year following the calendar year in which the audit is completed or there is a final and nonappealable settlement or
other resolution of the litigation. The provisions of this Section 5 shall survive the termination of Executive’s employment with the Corporation for any reason and any amount payable under this Section 5 shall be subject to the
provisions of Section 6 below. 
  

	 	6.	 Code Section 409A. 

 (a)         The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Code Section 409A and the regulations and
guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If Executive notifies the Corporation
(with specificity as to the reason therefor) that Executive believes that any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause Executive to incur any additional tax or interest
under Code Section 409A and the Corporation concurs with such belief or the Corporation independently makes such determination, the Corporation shall, after consulting with Executive, reform such provision to try to comply with Code
Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Code Section 409A. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such
modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Executive and the Corporation of the applicable provision without violating the provisions of Code
Section 409A. 
 (b)         A termination of employment shall not be deemed
to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment that are considered “nonqualified deferred compensation” under Code
Section 409A unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,”
“termination of employment” or like terms shall mean “separation from service.” If Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code
Section 409A(a)(2)(B), then with regard to any payment that is considered non-qualified deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or benefit shall be made or
provided at the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service” of Executive, and (B) the date of Executive’s death (the “Delay
Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 6(b) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall
be paid or reimbursed to Executive in a 

  
 14 

 

 lump sum with interest at the prime rate as published in The Wall Street Journal on the first
business day following the end of the Delay Period, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. 

(c)        With regard to any provision herein that provides for reimbursement of costs and
expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for
reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be
violated with regard to expenses reimbursed under any arrangement covered by Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made
on or before the last day of Executive’s taxable year following the taxable year in which the expense occurred. Any tax gross-up payment as provided in Section 2(j) and Section 5 shall be made in any event no later than the end of the
calendar year immediately following the calendar year in which Executive remits the related taxes, and any reimbursement of expenses incurred due to a tax audit or litigation shall be made no later than the end of the calendar year immediately
following the calendar year in which the taxes that are the subject of the audit or litigation are remitted to the taxing authority, or, if no taxes are to be remitted, the end of the calendar year following the calendar year in which the audit or
litigation is completed. 
 (d)        For purposes of Code Section 409A,
Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. In no event may Executive, directly or indirectly, designate the calendar year
of any payment to be made under this Agreement that is considered nonqualified deferred compensation. The Corporation shall be permitted to accelerate any payment that is considered nonqualified deferred compensation under this Agreement by the
Corporation to the federal government for any benefits payable under the Agreement to make payments on behalf of Executive of federal employment taxes under Code Sections 3101, 3121(a) or 3121(v)(2), or to comply with any federal tax withholding
provisions or corresponding withholding provisions of applicable state, local or foreign tax laws as a result of the payment of federal employment taxes, and to pay the additional income tax at source on wages attributable to the pyramiding Code
Section 3401 wages and taxes; provided, however, that the total payment under this acceleration provision may not exceed the aggregate of the applicable FICA amount, and the income tax withholding related to such FICA amount. Any acceleration
permitted under Treas. Reg. § 1.409A-3(j)(4) may be made with respect to any payment under the Agreement in the Corporation’s good faith discretion. 
 7.        Indemnification.    The Corporation hereby agrees to indemnify Executive and hold Executive harmless to the fullest extent
permitted by law against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, 

  
 15 

 

 expenses (including advancement of reasonable attorney’s fees), losses, and damages resulting
from Executive’s good faith performance of Executive’s duties and obligations with the Corporation. The Corporation shall cover Executive under directors’ and officers’ liability insurance both during and, while potential
liability exists, after the term of this Agreement in the same amount and to the same extent as the Corporation covers its other officers and directors. These obligations shall survive the termination of Executive’s employment with the
Corporation. 
 8.        Proprietary Information
Obligations.    During Executive’s employment by the Corporation, Executive will have access to and become acquainted with the Corporation’s confidential and proprietary information, including but not limited to
information or plans regarding the Corporation’s customer relationships; personnel; technology and intellectual property; sales, marketing and financial operations and methods; and other compilations of information, records and specifications,
and may have access to and become acquainted with the confidential and proprietary information of Kohlberg Kravis Roberts & Co. LP, Vestar Capital Partners LP or Centerview Capital, LP or their respective affiliates (collectively
“Proprietary Information”). Except in the good faith performance of Executive’s duties hereunder or as authorized in writing by the Corporation, Executive shall not disclose any Proprietary Information of the Corporation, or of
any affiliate, directly or indirectly, to any person, firm, company, corporation or other entity for any reason or purpose whatsoever, nor shall Executive make use of any such Proprietary Information for Executive’s own purposes or for the
benefit of any person, firm, company, corporation or other entity (except the Corporation and any affiliate) under any circumstances, during or after the term of this Agreement. Proprietary Information shall not apply to information that
(a) was known to the public prior to its disclosure to Executive; (b) becomes generally known to the public subsequent to disclosure to Executive through no wrongful act of Executive or any representative of Executive; or
(c) Executive is required to disclose required by law or in any judicial or administrative process with subpoena power (in which case, Executive shall give the Corporation prompt notice under the circumstances and reasonably cooperate, to the
extent allowed under applicable law, with the Corporation if it determines to attempt to resist such disclosure). All files, records, documents, computer-recorded or electronic information and similar items relating to the business of the
Corporation or any affiliate, whether prepared by Executive or otherwise coming into Executive’s possession, shall remain the exclusive property of the Corporation or the affiliate, respectively, and Executive agrees to return all property of
the Corporation or the affiliate in Executive’s possession and under Executive’s control immediately upon any termination of Executive’s employment, and no copies thereof shall be kept by Executive (except that Executive’s
personal rolodex shall not be deemed property of the Corporation). Notwithstanding Section 22 of the MSA, the term “Confidential Information” as used therein shall be deemed to refer to “Proprietary Information” as defined
in this Agreement above. 
 9.        Noninterference; Limited Covenant Not
To Compete. 
 (a)       In consideration of the terms hereof, Executive agrees
that while employed by the Corporation pursuant to this Agreement and for a period of two (2)

  
 16 

 

 years thereafter, except in the good faith performance of his duties hereunder, Executive will not
directly or indirectly, either on Executive’s own account or for any corporation, company, limited liability company, partnership, joint venture or other entity or person (including, without limitation, through any existing or future
affiliate), solicit any employee of the Corporation or any existing or future affiliate to leave his or her employment or knowingly induce or knowingly attempt to induce any such employee to terminate or breach his or her employment agreement with
the Corporation or any existing or future affiliate, if any. Notwithstanding the foregoing, the provisions of this Section 9 shall not be violated by (a) general advertising or solicitation not specifically targeted at Corporation-related
persons or entities (b) Executive serving as a reference, upon request, for any employee of the Corporation or any of its subsidiaries or affiliates, or (c) actions taken by any person or entity with which Executive is associated if
Executive is not personally involved in any manner in the matter and has not identified such Corporation-related person or entity for soliciting or hiring (such exceptions, the “Non-Solicitation Exceptions”). The Non-Solicitation
Exceptions shall also be deemed to apply to the covenant not to solicit in Section 22(a)(iii) of the MSA. 

(b)        In connection with that certain covenant contained in Section 7(b) of the
Sale Participation Agreement, which obligates Executive, if required by Parent in a Drag Transaction (as such capitalized terms are defined in the Sale Participation Agreement), to enter into a covenant not to compete for up to twelve
(12) months following consummation of such Drag Transaction, the provisions set forth in Appendix C attached hereto constitutes the only form of such covenant not to compete to which Executive may be obligated to execute under the terms of the
Sale Participation Agreement. For the avoidance of doubt, in connection with the covenant contained in Appendix C, none of the forfeiture provisions of Section 22 of the MSA shall apply following the Drag Transaction, and none of the SERP
benefit provided for in Section 3(f) hereof and Appendix A attached hereto or any other payment or benefit that may otherwise be provided to Executive under this Agreement or otherwise provided by the Company shall be subject to forfeiture,
clawback or other similar penalty as a result of any violation of such covenant, but Executive may be subject to injunction and/or damage claims. 
 (c)        In connection with that certain covenant contained in Section 22(c) of the MSA, which provides that if Executive violates Section 22(a)(i) of the MSA,
Executive’s Common Stock and/or Options will be treated under the MSA in the same manner as if Executive’s employment had been terminated for Cause by the Company, such covenant shall only apply if such violation occurs within twenty-four
(24) months following Executive’s termination of employment for any reason hereunder. 

10.       Injunctive Relief.    The parties hereto agree that
damages would be an inadequate remedy for the Corporation in the event of a breach or threatened breach of Sections 8 or 9 of this Agreement by Executive, and in the event of any such breach or threatened breach, the Corporation may, either with or
without pursuing any potential damage remedies, obtain and enforce an injunction prohibiting Executive from violating this Agreement and requiring Executive to comply with the terms of this Agreement. 

  
 17 

 

 11.        Warranties and
Representations.    Executive hereby represents and warrants to the Corporation that: 

(a)        Executive acknowledges and agrees that Executive considers the restrictions set
forth in Sections 8 and 9 hereof to be reasonable both individually and in the aggregate, and that the duration, geographic scope, extent and application of each of such restrictions are no greater than is necessary for the protection of the
Corporation’s legitimate interests. It is the desire and intent of Executive and the Corporation that the provisions of Sections 8 and 9 shall be enforced to the fullest extent possible under the laws and public policies applied in each
jurisdiction in which enforcement is sought. The Corporation and Executive further agree that if any particular provision or portion of Sections 8 and 9 shall be adjudicated to be invalid or unenforceable, such adjudication shall apply only with
respect to the operation of such provision in the particular jurisdiction in which such adjudication is made. The Corporation and Executive further agree that in the event that any restriction herein shall be found to be void or unenforceable but
would be valid or enforceable if some part or parts thereof were deleted or the period or area of application reduced, such restriction shall apply with such modification as may be necessary to make it valid, and Executive and the Corporation
empower a court of competent jurisdiction to modify, reduce or otherwise reform such provision(s) in such fashion as to carry out the parties’ intent to grant the Corporation the maximum allowable protection consistent with the applicable law
and facts. 
 (b)        In the event a court of competent jurisdiction or the
arbitrator in accordance with Section 12(j) (collectively a “Court”) has determined that Executive has violated the provisions of Section 8 or 9 of this Agreement, the running of the time period of such provisions so
violated shall be automatically suspended as of the date of such violation and shall be extended for the period of time from the date such violation commenced through the date that the Court determines that such violation has permanently ceased.

 (c)        Executive is not now under any obligation of a contractual or
quasi-contractual nature known to Executive that is inconsistent or in conflict with this Agreement or that would prevent, limit or impair the performance by Executive of Executive’s obligations hereunder. The Corporation acknowledges that the
Corporation has reviewed the limitations of Executive’s post-employment obligations in Executive’s employment agreement and equity award agreements with his current employer, and that such post-employment obligations shall not be
considered to limit or impair Executive’s performance of his obligations hereunder. 

(d)        Executive has been or has had the opportunity to be represented by legal
counsel in the preparation, negotiation, execution and delivery of this Agreement and understands fully the terms and provisions hereof. 

  
 18 

 

	 	12.	 Miscellaneous. 

 (a)         Notices.    Any notice or communication required or permitted by this Agreement shall be deemed sufficiently given if in writing and,
if delivered personally, when it is delivered or, if delivered in another manner, including without limitation, by facsimile (with confirmation of receipt and a confirmation copy sent by U.S. Mail or overnight delivery), the earlier of when it is
actually received by the party to whom it is directed or when the period set forth below expires (whether or not it is actually received): (i) if deposited with the U.S. Postal Service, postage prepaid, and addressed to the party to receive it
as set forth below, forty-eight (48) hours after such deposit as registered or certified mail; or (ii) if accepted by Federal Express or a similar delivery service in general usage for delivery to the address of the party to receive it as
set forth next below, twenty-four (24) hours after the delivery time promised by the delivery service. 
 To the
Corporation: 
 Del Monte Corporation 

One Market @ The Landmark 
 P.O. Box 193575 
 San Francisco, California 94119-3575 

Fax: 415/247-3263 
 Attention: Board of Directors and Secretary 
 To Executive: 

The most recent home address for Executive as set forth in the Corporation’s personnel records. 

or to such other address or to the attention of such other person as the recipient party will have specified by prior written notice to the sending
party. 
 (b)        Severability.    If any term or
provision (or any portion thereof) of this Agreement is determined by a court to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other terms and provisions (or other portions thereof) of this Agreement
shall nevertheless remain in full force and effect. Upon such determination that any term or provision (or any portion thereof) is invalid, illegal or incapable of being enforced, this Agreement shall be deemed to be modified so as to effect the
original intent of the parties as closely as possible to the end that the transactions contemplated hereby and the terms and provisions hereof are fulfilled to the greatest extent possible. 

(c)        Counterparts.    This Agreement may be executed on
separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same agreement. Signatures may be exchanged by electronic facsimile with machine evidence of
transmission. 
 (d)        Successors and
Assigns.    This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Corporation, and the 

  
 19 

 

 Corporation’s successors and assigns. Executive may not assign any of Executive’s duties or
rights under this Agreement without the prior written consent of the Corporation, which consent will not unreasonably be withheld. The Corporation may only assign this Agreement to any successor to all or substantially all of the business and/or
assets of the Corporation, provided that the Corporation shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform it if no
such succession had taken place. As used in this Agreement, “Corporation” shall mean the Corporation and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations of the Corporation
under this Agreement by operation of law or otherwise. Except for Executive’s estate or designated beneficiary under Section 4(a), nothing in this Agreement, express or implied, is intended to confer upon any third person any rights or
remedies under or by reason of this Agreement. 
 (e)        Attorneys’
Fees.    Within thirty (30) days after presentation of appropriate documentation, the Corporation shall pay all reasonable and documented legal fees and related expenses incurred in connection with the drafting,
negotiation and execution of this Agreement and other documents relating to equity arrangements. In addition, if any legal proceeding is necessary to enforce or interpret the terms of this Agreement, or to recover damages for breach thereof, in
addition to any other relief to which Executive or the Corporation may be entitled, the prevailing party, as determined by to the fact finder (i.e., the arbitrator or judge), shall be entitled to the award of legal fees to the extent
determined appropriate by the applicable fact finder, provided that the limit on any such award shall be one percent (1%) of the net worth of the party against whom such award is made. 

(f)        Amendments.    No amendments or other modifications
to this Agreement may be made except by a writing signed by both parties. 

(g)        Choice of Law.    All questions concerning the
construction, validity and interpretation of this Agreement will be governed by the internal law, and not the law of conflicts, of the State of California, except as otherwise provided in Section 12(b) above. 

(h)        Further Assurances.    Each of the parties hereto
agrees to use all reasonable efforts to take or cause to be taken, all appropriate actions, and to cause to take or to be taken, all things necessary, proper or advisable under applicable laws to effect the transactions contemplated by this
Agreement, including without limitation, execution and delivery to the Corporation of such representations in writing as may be requested by the Corporation in order for it to comply with applicable federal and state securities laws. 

(i)        Beneficiaries/References.    Executive shall be
entitled, to the extent permitted under any applicable law, to select and change a beneficiary or beneficiaries to receive any compensation or benefit, including severance, payable under this Agreement following Executive’s death by giving the
Corporation written notice thereof. 

  
 20 

 

 In the event of Executive’s death or a judicial determination of Executive’s incompetence,
reference in this Agreement to Executive shall be deemed, where appropriate, to refer to Executive’s beneficiary, estate or other legal representative. 
 (j)        Arbitration.    Any dispute or controversy arising under or in connection with this Agreement or Executive’s employment with the
Corporation, other than injunctive relief under Section 10 above, shall be settled exclusively by arbitration, conducted before a single arbitrator in San Francisco, California (applying California law) in accordance with the National Rules for
the Resolution of Employment Disputes of the American Arbitration Association then in effect. The decision of the arbitrator will be final and binding upon the parties hereto. Judgment may be entered on the arbitrator’s award in any court
having jurisdiction. The arbitration costs shall be borne entirely by the Corporation and each party shall pay all of its own costs and expenses, including, without limitation, its own legal fees and expenses, subject to Section 12(e) hereof.

 (k)        No Mitigation; No Set Off.    In no
event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by
any compensation earned by the Executive as a result of employment by a subsequent employer, except as provided in Section 4(e)(ii)(C). Except as expressly provided in this Agreement or required by law, the Corporation’s obligation to pay
Executive the amounts provided and to make the arrangements provided hereunder shall not be subject to set off, counterclaim or recoupment. 
 (l)        At-Will Employment.    Executive understands and agrees that Executive’s employment with the Corporation is at-will, which means
that either Executive or the Corporation may, subject to the terms of this Agreement, terminate this Agreement at any time with or without Cause. Any modification of the at-will nature of this Agreement must be in writing and executed by Executive
and the Corporation. 
 (m)        Ongoing
Obligations.    Executive acknowledges that the Corporation and Executive have ongoing rights and obligations relating to intellectual property and confidential information of the Corporation, together with fiduciary rights
and obligations, which will survive the termination of Executive’s employment. Sections 4 through 11 of this Agreement shall survive Executive’s termination of employment and the termination of this Agreement. 

13.         Entire Agreement.    This
Agreement, including any documents incorporated by reference herein, contains the Corporation’s entire understanding with Executive related to the subject matter hereof, and supersedes and preempts any prior or contemporaneous understandings,
agreements, or representations by or between the parties, or by or between Executive, Blue Acquisition and/or Del Monte Corporation or its affiliates, written or oral. Without limiting the generality of the foregoing, except as provided in this
Agreement, all understandings and agreements, written or oral, relating to the employment of Executive by the Corporation, or the payment of any 

  
 21 

 

 compensation or the provision of any benefit in connection therewith or otherwise, except to the
extent that Executive participated in, and is still due, as of the date hereof, a benefit under, any employee or executive benefit plan or program of the Corporation (excluding for the avoidance of doubt any severance benefits under any Corporation
severance plan or policy), are hereby terminated and shall be of no future force and effect. 
 [Remainder of page intentionally left
blank. 
 Signatures on following page.] 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth
below. 
  

							
	EXECUTIVE:	  		 	
			
	 /s/ David J. West
	  		 	 /s/ May 13, 2011

	 David J. West
	  		 	 May 13, 2011

			
	CORPORATION:	  		 	
			
	DEL MONTE CORPORATION	  		 	
				
	 By:
	 	 /s/ Simon Brown
	  		 	 /s/ May 13, 2011

							
				
	 Name:
	 	 Simon Brown
	 		 	 May 13, 2011

	 Title:
	 	 Member, Board of Directors
	 	

							
	
	 PARENT (with respect to Sections 1(a) and 3 only):

		
	 BLUE ACQUISITION GROUP, INC.
	 	
				
	 By:
	 	 /s/ Simon Brown
	 		 	 /s/ May 13, 2011

							
				
	 Name:
	 	 Simon Brown
	  		 	 May 13, 2011

	 Title:
	 	 Member, Board of Directors
	 	

  
  
 Signature Page 

 Schedule 1 
 Tasty Baking Company 
 Grocery Manufacturers Association 

 Appendix A 
 SERP BENEFIT 
 The SERP Benefit referred to in Section 2(f) of the Agreement to which this Appendix A is
attached shall have the following terms: 
 Initial SERP Benefit: On date of commencement of employment, SERP benefit will have a value of $7.1 million
(“Initial Benefit”). 
 SERP Accrual through End of Year 5: The Initial Benefit will accrue interest of 11.8% (the “Interest Factor”)
at the end of each 3-month period of the 60-month period following the start date (each 3-month period, a “SERP Period”), such that as of the 5th anniversary of the start date, the SERP Benefit shall equal $12.4 million (his “5-Year Benefit”). 

SERP Accrual after Year 5: Each year Executive continues to be employed after year 5, he will accrue any additional amounts he could accrue under the DLM SERP in
effect at the time, which for such purposes the Company shall assume Executive has achieved 33 years of service as of the
5th anniversary of the start date (the “DLM SERP Accrual Factor”).

 SERP Vesting: Executive shall cliff vest in the SERP Benefit on third anniversary of start date. 

Effect of Termination of Employment Prior to Vesting: Prior to vesting, if Executive’s employment terminates due to his death or Disability, or is terminated
without Cause by the Company or for Good Reason by Executive, Executive will become 100% vested in the Initial Benefit plus Interest Factor accrued for each SERP Period completed prior to termination, which amount shall be payable promptly following
any such termination of employment. 
 Effect of Termination of Employment After Vesting: Upon any termination of Executive’s employment following
the third anniversary of the start date and on or prior to the 5th anniversary
of the start date, Executive shall be entitled to receive a lump sum payment equal to the Initial Benefit, as increased by the Interest Factor for each SERP Period completed prior to such termination of employment. For any termination of employment
after the 5th anniversary of the start date, Executive shall be entitled to a
lump sum payment equal to the 5-Year Benefit, increased by any DLM SERP Accrual Factor for each completed 12-month period following the 5th anniversary of the start date, payable promptly following any such termination. 

For the avoidance of doubt, no actions or calculations under the SERP occurring after the 5th anniversary of the start date shall reduce the amount of the 5-Year Benefit. 

Any payment of the SERP Benefit shall be subject to tax withholding. 

 Appendix B 
 RELEASE 
 To obtain the lump sum severance and other benefits as set forth in the
Employment Agreement, dated May 13, 2011, to which this release is attached (the “Agreement”), [NAME] (“you”) must agree to release and waive certain claims against the Corporation. The following paragraphs are your
release and waiver (the “Release”). 
 In consideration for your receipt of the lump sum payment and benefits, you
hereby forever waive and release any claims and rights you may have against the Corporation and its predecessors, affiliates, successors and assigns, as well as each of their respective past and present officers, directors, employees, agents,
attorneys and shareholders (collectively, the “Released Parties”), from any and all claims, charges, complaints, liens, demands, causes of action, obligations, damages and liabilities, known and unknown,
suspected or unsuspected, that you had, now have, or hereinafter claim to have against the Released Parties, which arise from or are in connection with your employment or the termination of your employment or which arise from or
are in connection with any employment action taken, or not taken, affecting your employment with the Corporation, and based on any other conduct occurring prior to your signing this Release. 

This Release includes, but is not limited to, any claims or actions arising under Title VII of the Federal Civil Rights Act, the Rehabilitation
Act, the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefit Protection Act (“OWBPA”), the Americans With Disabilities Act, the Equal Pay Act, the Family and Medical Leave Act, the Worker Adjustment And
Retraining Notification Act, the Employee Retirement Income Security Act, the California Fair Employment and Housing Act , all State and Federal civil rights laws, all State and Federal wage and hour laws, all as amended, public policy, contract
(whether oral or written, express or implied) or tort law, as well as any other federal, state or local constitution, statute or common law right and claims for compensation, wages or benefits, except as set forth below, whether any such
right or claim is known or unknown, actual or potential, statutory or non-statutory. Such release and waiver does not include any rights or claims (i) you might have to workers’ compensation benefits under the workers’
compensation laws; (ii) based on conduct which occurs subsequent to your executing this Release; (iii) to the payments described in Section
[—] of the Agreement; (iv) under Section 5 and 6 of the Agreement;
(v) of indemnification, advancement and reimbursement of legal fees and directors and officers liability insurance to which you are entitled under the Agreement; and (vi) to the vesting and exercise of any equity awards pursuant to the
terms of the applicable equity award agreement and applicable equity plan. Nothing in this Release shall be construed as prohibiting you from filing a charge or complaint, including a challenge to the validity of this Release, with the Equal
Employment Opportunity Commission (“EEOC”) or other government agency or participating in 

 
any investigation or proceeding conducted by the EEOC or other government agency. This Release shall not be construed in any manner to waive any rights or benefits that may not be waived pursuant
to applicable law. 
 You further agree that you shall not accept any award, damages, recovery or settlement from any proceeding
brought by you or on your behalf pertaining to your employment with the Corporation, or your separation. 
 By this Release, you
hereby expressly waive all rights afforded by Section 1542 of the Civil Code of the State of California (“Section 1542”) with respect to the Released Parties. Section 1542 states as follows: 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER
FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
 Notwithstanding the provisions of Section 1542, and for the purpose of implementing a full and complete release, you understand and agree that this Release is intended to include all claims, if any, which
you may have and which you do not now know or suspect to exist in your favor against the Released Parties, and this Release extinguishes those claims. This Release does not release claims that cannot be released as a matter of law, including, but
not limited to, the right to indemnification under California Labor Code Section 2802, nor your rights to (i) indemnification under the laws of the State of Delaware, and the Corporation’s Certificate of
Incorporation and Bylaws and under any insurance maintained by the Corporation for your benefit, (ii) employee benefits under an plan or program maintained by the Corporation in which you participated and are vested in and due a benefit
(excluding for the avoidance of doubt any severance benefits under any Corporation severance plan or policy), or (iii) your rights to enforce the terms of the Agreement. 

By agreeing to the terms set forth in this Release, you understand and agree that you (1) have had at least [twenty-one (21) or
forty-five (45)] days within which to consider this Release before signing this Release; (2) have carefully read and fully understand all of the provisions of this Release; (3) are, through this Release, releasing the Released Parties,
from any and all claims, including but not limited, any right or claim you may have under the ADEA against one or any of them; (4) are knowingly and voluntarily agreeing to all of the terms set forth in this Release; (5) are knowingly and
voluntarily intending to be legally bound by the provisions set forth herein; (6) were advised and hereby are advised in writing to consider the terms of this Release and consult with an attorney of your choice prior to agreeing to the terms
set forth herein; (7) have been given a full seven (7) days following 

 
your signing of this Release to revoke it and have been and hereby are advised in writing that this Release shall not become effective or enforceable until the seven (7)-day revocation period has
expired; (8) understand that rights and claims under the ADEA that may arise after the date this Release is signed by you are not being waived; and (9) acknowledge that the consideration given for this Release is in addition to anything of
value to which you are already entitled. 

 Intending to be legally bound hereby, this Release has been duly executed by the undersigned on the
             day of                     ,
20    . 
  

					
	  
	  		 	  

	 David J. West
	  		 	 [Date]

 Appendix C 
 Post-Drag Transaction Covenant Not to Compete 
 All capitalized terms used
herein but not otherwise defined herein or in the Agreement to which this Appendix C is attached shall have the meaning set forth in the Sale Participation Agreement. 
 In connection with the Drag Transaction, Executive acknowledges and agrees that: (i) Executive will receive consideration in respect of his Common Stock (and, if applicable, his Options), which consideration
will materially benefit Executive; (ii) following the Drag Transaction, it is essential to the success of the Corporation and its successor and the enterprise of the Corporation and its successor in the future that it be protected by
non-competition agreements of the type set forth below; (iii) owners of Common Stock (or any successor entity) following the Drag Transaction would suffer significant and irreparable harm from Executive competing with the business of the
Corporation and its affiliates for a period of time after the Drag Transaction; (iv) in connection with the Drag Transaction, and in the course of Executive’s employment with the Corporation, Executive has been and will be provided with
access to sensitive and proprietary information about the clients and customers, prospective clients and customers, knowledge capital and business practices of the Corporation and its affiliates, and has been and will be provided with the
opportunity to develop relationships with clients and customers, prospective clients and customers, employees and other agents of the Corporation and its affiliates, and Executive further acknowledges that such proprietary information and
relationships are extremely valuable assets in which the Corporation and its affiliates has invested and will continue to invest substantial time, effort and expense and which represent a significant component of the value of the Drag Transaction to
the other owners of the Corporation and its affiliates. In recognition of all of the foregoing, Executive agrees that he or she is willing to enter into and be bound by, the following covenants (which shall be no less favorable than any other
covenant not to compete that any Executive Vice President or more senior executive of the Corporation may be required to execute in connection with a Drag Transaction). 
 The Executive hereby agrees that, during the twelve (12) months immediately following the date of consummation of any Drag Transaction (such date, the “Drag Transaction Date”), the Executive
shall not establish, be employed by, hold an office in or provide consulting, advisory, director or other similar services to or for the benefit of a Competing Business where the activities or services of the Executive in relation to the Competing
Business are substantially the same as the activities that the Executive engaged in, or the services that the Executive provided, in connection with the Executive’s employment, association or other similar affiliation with the Corporation or
any of its affiliates. 
 For the purposes of this Agreement, a “Competing Business” means any business
which competes with (i) any significant business from which the Corporation derives at least 5% of its gross revenue in the most recently completed fiscal year of the 

 Corporation preceding the date of the Drag Transaction conducted by the Corporation or any of its affiliates on the
Drag Transaction Date or (ii) any significant business (from which the Corporation has projected to derive at least 5% of its gross revenue in the fiscal year following the entry into such business in its written business plan, so long as such
entry is reasonably expected to commence within two years after the Drag Transaction Date) that the Corporation or its affiliates was, on the Drag Transaction Date, formally considering conducting and where the Executive had material involvement in
the preparation, planning or formal consideration of such business. 
 Notwithstanding the foregoing, nothing in this Agreement shall be
deemed to prohibit the Executive from (i) making and holding passive investments in publicly traded securities of a Competing Business where such passive investment does not exceed 2% of the amount of such securities that are outstanding at the
time of investment; or (ii) making and holding passive investments in limited partner or similar interests in any investment fund or vehicle with respect to which the Executive does not exercise control, discretion or influence over investment
decisions, if such limited partner or investment fund or vehicle invests in the private securities of any Competing Business, where such passive investment does not exceed 2% of the amount of such securities that are outstanding at the time of
investment. 
 The provisions of Sections 10 and 12 of the Agreement to which this Appendix C is attached are hereby
incorporated by reference and made a part hereof.Series 2011-3 Indenture Supplement

 Exhibit 4.1 
 SERIES 2011-3 
 INDENTURE SUPPLEMENT 

BETWEEN 

ALLY MASTER OWNER TRUST 
 ISSUING ENTITY 
 AND 

WELLS FARGO BANK, NATIONAL ASSOCIATION 
 INDENTURE TRUSTEE 
 DATED AS OF MAY 18, 2011 

SERIES 2011-3 ASSET BACKED NOTES, 
 CLASS A-1, CLASS A-2, CLASS B, CLASS C AND CLASS D 
 AND 

SERIES 2011-3 ASSET BACKED EQUITY NOTES 
 CLASS E 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	ARTICLE I CREATION OF SERIES 2011-3 NOTES	  	 	2	  
	 SECTION 1.01
	  	Designation	  	 	2	  
	 SECTION 1.02
	  	Reopening of Class or Tranche of Notes	  	 	3	  
		
	ARTICLE II DEFINITIONS	  	 	3	  
	 SECTION 2.01
	  	Definitions	  	 	3	  
	 SECTION 2.02
	  	Other Definitional Provisions	  	 	21	  
		
	ARTICLE III SERVICING FEE	  	 	22	  
	 SECTION 3.01
	  	Servicing Compensation	  	 	22	  
		
	ARTICLE IV RIGHTS OF SERIES 2011-3 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS	  	 	22	  
	 SECTION 4.01
	  	Collections and Allocations	  	 	22	  
	 SECTION 4.02
	  	Determination of Monthly Interest	  	 	23	  
	 SECTION 4.03
	  	Determination of Monthly Principal Amount	  	 	23	  
	 SECTION 4.04
	  	Application of Available Funds on Deposit in Collection Account and Other Sources	  	 	24	  
	 SECTION 4.05
	  	Series Charge-Offs	  	 	28	  
	 SECTION 4.06
	  	Reallocated Principal Collections	  	 	29	  
	 SECTION 4.07
	  	Excess Interest Collections	  	 	30	  
	 SECTION 4.08
	  	Shared Principal Collections	  	 	31	  
	 SECTION 4.09
	  	Reinstatement of Invested Amount	  	 	31	  
	 SECTION 4.10
	  	Note Distribution Account	  	 	32	  
	 SECTION 4.11
	  	Reserve Fund	  	 	32	  
	 SECTION 4.12
	  	Determination of LIBOR	  	 	34	  
	 SECTION 4.13
	  	Accumulation Period Reserve Account	  	 	35	  
	 SECTION 4.14
	  	Transfer Restrictions	  	 	36	  
		
	ARTICLE V DELIVERY OF SERIES 2011-3 NOTES; DISTRIBUTIONS; REPORTS TO SERIES 2011-3 NOTEHOLDERS	  	 	38	  
	 SECTION 5.01
	  	Delivery and Payment for Series 2011-3 Notes	  	 	38	  
	 SECTION 5.02
	  	Distributions	  	 	38	  
	 SECTION 5.03
	  	Reports and Statements to Series 2011-3 Noteholders	  	 	40	  
		
	ARTICLE VI SERIES 2011-3 EARLY AMORTIZATION EVENTS AND SERIES 2011-3 EVENTS OF DEFAULT	  	 	41	  
	 SECTION 6.01
	  	Series 2011-3 Early Amortization Events	  	 	41	  
	 SECTION 6.02
	  	Series 2011-3 Events of Default	  	 	43	  
	 SECTION 6.03
	  	Acceleration of Maturity; Rescission and Annulment	  	 	44	  

  
 i 

							
	ARTICLE VII REDEMPTION OF SERIES 2011-3 NOTES; SERIES LEGAL MATURITY; FINAL DISTRIBUTIONS	  	 	45	  
	 SECTION 7.01
	  	Optional Redemption of Series 2011-3 Notes	  	 	45	  
	 SECTION 7.02
	  	Series Legal Maturity	  	 	45	  
		
	ARTICLE VIII MISCELLANEOUS PROVISIONS	  	 	47	  
	 SECTION 8.01
	  	Ratification of Agreement	  	 	47	  
	 SECTION 8.02
	  	Form of Delivery of Series 2011-3 Notes	  	 	47	  
	 SECTION 8.03
	  	Counterparts	  	 	47	  
	 SECTION 8.04
	  	Governing Law	  	 	47	  
	 SECTION 8.05
	  	Effect of Headings and Table of Contents	  	 	47	  
	 SECTION 8.06
	  	Notices	  	 	47	  
		
	 EXHIBIT A        Form of Note
	  	 	A-1	  
	 EXHIBIT B        Form of Monthly Statement
	  	 	B-1	  

  
 ii 

 SERIES 2011-3 INDENTURE SUPPLEMENT, dated as of May 18, 2011, by and between ALLY
MASTER OWNER TRUST, a Delaware statutory trust, as Issuing Entity, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee. 
 RECITALS 
 A. Section 2.1 of the Indenture provides, among
other things, that the Issuing Entity and the Indenture Trustee may at any time and from time to time enter into an Indenture Supplement to authorize the issuance by the Issuing Entity of Notes in one or more Series. 

B. The parties to this Indenture Supplement, by executing and delivering this Indenture Supplement, are providing for the creation of the
Series 2011-3 Notes and specifying the Principal Terms thereof. 
 In consideration of the mutual covenants and agreements
contained in this Indenture Supplement, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

GRANTING CLAUSES 
 In addition to the grant of the Indenture, the Issuing Entity hereby grants to the Indenture Trustee, for the exclusive benefit of the Holders of the Series 2011-3 Notes, all of the Issuing Entity’s
right, title and interest (whether now owned or hereafter acquired) in, to and under the following (collectively, the “Series Collateral”) with respect to the Series 2011-3: 

(i) all Collections on the Receivables allocated to the Series 2011-3 Notes; 

(ii) all Eligible Investments and all monies, instruments, securities, security entitlements, documents, certificates of
deposit and other property from time to time on deposit in or credited to the Series Accounts (including any subaccount thereof) and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any
accrued discount realized on liquidation of any investment purchased at a discount); and 
 (iii) all present and
future claims, demands, causes of action and choses in action regarding any of the foregoing and all payments on any of the foregoing and all proceeds of any nature whatsoever regarding any of the foregoing, including all proceeds of the voluntary
or involuntary conversion thereof into cash or other liquid property and all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to
payment of any kind and other forms of obligations and receivables, instruments and other property that at any time constitute any part of or are included in the proceeds of any of the foregoing. 

 The foregoing grants are made in trust to secure (a) the Issuing Entity’s
obligations under the Series 2011-3 Notes equally and ratably without prejudice, priority or distinction between any Series 2011-3 Note and any other Series 2011-3 Notes, other than as expressly provided in this Indenture Supplement, (b) the
payment of all other sums payable under the Series 2011-3 Notes, the Indenture and this Indenture Supplement and (c) the compliance with the terms and conditions of the Series 2011-3 Notes, the Indenture and this Indenture Supplement, all as
provided herein or therein. 
 The Indenture Trustee, as indenture trustee on behalf of the Noteholders, hereby acknowledges the
foregoing grants, accepts the trusts under this Indenture Supplement in accordance with the provisions of this Indenture Supplement, and agrees to perform the duties herein required to the end that the interests of the Noteholders may be adequately
protected. 
 ARTICLE I 
 CREATION OF SERIES 2011-3 NOTES 
 SECTION 1.01
Designation. 
 (a) There is hereby created a Series of Notes to be issued by the Issuing Entity on the Closing
Date pursuant to the Indenture and this Indenture Supplement to be known as the “Series 2011-3 Asset Backed Notes” or the “Series 2011-3 Notes.” The Series 2011-3 Notes shall be issued in five Classes, the first
shall be known as the “Series 2011-3 Asset Backed Notes, Class A,” the second shall be known as the “Series 2011-3 Floating Rate Asset Backed Notes, Class B,” the third shall be known as the “Series 2011-3
Floating Rate Asset Backed Notes, Class C,” the fourth shall be known as the “Series 2011-3 Floating Rate Asset Backed Notes, Class D,” and the fifth shall be known as the “Series 2011-3 Asset Backed Equity Notes,
Class E.” The Series 2011-3 Asset Backed Notes, Class A, shall be issued in two Tranches, the first shall be known as the “Series 2011-3 Floating Rate Asset Backed Notes, Class A-1” and the second shall be known
as the “Series 2011-3 Fixed Rate Asset Backed Notes, Class A-2.” The Series 2011-3 Notes shall be due and payable on the Series 2011-3 Legal Maturity Date. 

(b) Series 2011-3 shall be a Nonoverconcentration Series. Series 2011-3 shall be in Excess Interest Sharing Group One and in Principal
Sharing Group One. Series 2011-3 shall not be a Shared Enhancement Series or in an Interest Reallocation Group. Series 2011-3 shall not be subordinated to any other Series. 
 (c) The Series 2011-3 Notes are “Notes” and this Indenture Supplement is an “Indenture Supplement” for all purposes under the Indenture. If any provision of the Series 2011-3 Notes or
this Indenture Supplement conflicts with or is inconsistent with any provision of the Indenture, the provisions of the Series 2011-3 Notes or this Indenture Supplement, as the case may be, control. 

(d) Each term defined in Section 2.01 of this Indenture Supplement relates only to Series 2011-3 and this Indenture
Supplement and to no other Series or Indenture Supplements. 
 (e) Notwithstanding anything to the contrary in the Indenture,
the Series 2011-3 Notes, other than the Class E Note, shall be issued in fully registered form in minimum amounts 

  
 2 

 
of $100,000 and in integral multiples of $1,000 in excess thereof (except that one Note from each such class may be issued in a different amount so long as such amount exceeds $1,000); provided
that the minimum amounts of the Series 2011-3 Notes, other than the Class E Note, shall be subject to the restrictions set forth in Section 4.14. The Class E Note shall be issued in fully registered form in a principal amount equal to
the Class E Note Principal Balance. The Class E Note will be issuable in a minimum denomination of 100% of the Class E Note Principal Balance. 
 SECTION 1.02 Reopening of Class or Tranche of Notes. 
 The Depositor
may from time to time, with notice to the Rating Agencies but without notice to, or the consent of, the holders of a Class or Tranche of Series 2011-3 Notes, create and issue additional Series 2011-3 Notes equal in rank to any Class or Tranche of
Series 2011-3 Notes previously offered in all respects or in all respects, except for the payment of interest accruing prior to the Issuance Date of such additional Series 2011-3 Notes in a Class or Tranche of Series 2011-3 Notes or except for the
first payment of interest following the Issuance Date of such additional Series 2011-3 Notes in a Class or Tranche of Series 2011-3 Notes. This is called a “reopening.” When issued, the additional Series 2011-3 Notes of a Class or
Tranche shall be equally and ratably entitled to the benefits of the Indenture and this Indenture Supplement applicable to those Series 2011-3 Notes with the other Outstanding Notes of that Class or Tranche without preference, priority or
distinction. These additional Series 2011-3 Notes may be consolidated and form a single Class or Tranche with the previously issued Series 2011-3 Notes and shall have the same terms as to status, redemption or otherwise as the previously issued
Series 2011-3 Notes. 
 ARTICLE II 
 DEFINITIONS 
 SECTION 2.01 Definitions. 

Whenever used in this Indenture Supplement, the following words and phrases have the following meanings, and the definitions of such
terms are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
 Accumulation Period Factor: With respect to any Collection Period, a fraction: 
 (a) the numerator of which is equal to the sum of the invested amounts of all outstanding Series in Principal Sharing Group One (including the Invested Amount for Series 2011-3) as of the last day of the
Revolving Period; and 
 (b) the denominator of which is equal to the sum of (i) the Invested Amount as of
the last day of the Revolving Period, plus (ii) the invested amounts as of the last day of the Revolving Period of all outstanding Series in Principal Sharing Group One (other than the Invested Amount for Series 2011-3) that are expected to be
paying or accumulating principal during the period from such Collection Period to the Collection Period immediately preceding the Series 2011-3 Expected Maturity Date; 

  
 3 

 provided, however, that this definition may be changed at any time upon
receipt by the Indenture Trustee of an Officer’s Certificate from the Servicer that such change shall not have an Adverse Effect. 
 Accumulation Period Length: Has the meaning specified in Section 4.04(h). 
 Accumulation Period Reserve Account: Has the meaning specified in Section 4.13(a). 
 Accumulation Period Reserve Account Available Amount: With respect to each Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and until termination of the
Accumulation Period Reserve Account pursuant to Section 4.13(e), the lesser of: 
 (a) the amounts on
deposit in the Accumulation Period Reserve Account on such Distribution Date (before giving effect to any (i) deposits made or to be made therein pursuant to Section 4.04(a)(xi) and Section 4.04(b)(i) on such
Distribution Date or (ii) any withdrawals made or to be made therefrom pursuant to Section 4.13(c) on such Distribution Date); and 
 (b) the Accumulation Period Reserve Account Required Amount for such Distribution Date. 
 Accumulation Period Reserve Account Deposit Amount: With respect to each Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and until termination of the
Accumulation Period Reserve Account pursuant to Section 4.13(e), the excess of (a) the Accumulation Period Reserve Account Required Amount for such Distribution Date, over (b) the Accumulation Period Reserve Account Available
Amount for such Distribution Date. 
 Accumulation Period Reserve Account Funding Date: The Distribution Date occurring
in the third Collection Period preceding the scheduled commencement of the Controlled Accumulation Period (or such earlier or later date as may be directed by the Servicer; provided, however, that, if the Accumulation Period Reserve
Account Funding Date occurs on a later date, the Servicer expects the Accumulation Period Reserve Account to be fully funded by the commencement of the Controlled Accumulation Period). 

Accumulation Period Reserve Account Required Amount: With respect to each Distribution Date beginning on the Accumulation Period
Reserve Account Funding Date and until the Accumulation Period Reserve Account is terminated pursuant to Section 4.13(e), an amount equal to the product of (a) 0.0% (or a lower percentage upon satisfaction of the Series 2011-3
Rating Agency Condition with respect to the Series 2011-3 Notes) and (b) the Investor Note Principal Balance of the Investor Notes as of the Accumulation Period Reserve Account Funding Date. 

  
 4 

 Accumulation Period Reserve Draw Amount: With respect to any Distribution Date
relating to the Controlled Accumulation Period or the first Distribution Date relating to the Early Amortization Period, the excess, if any, of (a) the Covered Amount determined as of such Distribution Date, over (b) the portion of the
Available Series Interest Collections for such Distribution Date constituting net investment earnings from the Note Distribution Account and the Accumulation Period Reserve Account. 

Additional Available Series Principal Collections: With respect to any Distribution Date and the related Collection Period, an
amount equal to the sum of (i) upon the termination of the Reserve Fund pursuant to Section 4.11(e), all remaining amounts on deposit in the Reserve Fund (excluding amounts relating to investment earnings and after giving effect to
Section 4.04(b)(ii)), plus (ii) any Available Series Interest Collections, Reserve Fund Available Amounts and Excess Interest Collections from other Series in the same Excess Interest Sharing Group as the Series 2011-3 Notes that,
as provided in Sections 4.04(a) and (b), are to be treated as Additional Available Series Principal Collections with respect to that Distribution Date. 
 Available Series Interest Collections: With respect to any Distribution Date, an amount equal to the sum of (a) the Series Interest Collections with respect to such Distribution Date, plus
(b) all interest and investment earnings on Eligible Investments credited to the Reserve Fund, the Note Distribution Account and the Accumulation Period Reserve Account (net of losses and investment expenses) during the related Collection
Period, plus (c) all withdrawals from the Accumulation Period Reserve Account pursuant to Section 4.13(c), plus (d) on the termination of the Accumulation Period Reserve Account pursuant to Section 4.13(e), all
remaining amounts on deposit in the Accumulation Period Reserve Account (excluding amounts relating to investment earnings and after giving effect to Section 4.13(c)). 

Available Series Principal Collections: With respect to any date, an amount equal to the sum of (i) the Series Principal
Collections for such date, plus (ii) any Shared Principal Collections with respect to other Series in Principal Sharing Group One (including any amounts on deposit in the Excess Funding Account that are allocated to Series 2011-3 pursuant to
the Indenture for application as Shared Principal Collections) for such date, plus (iii) if such date is also a Distribution Date, the amount of any Additional Available Series Principal Collections remaining after application thereof pursuant
to Section 4.04(f) being treated as Available Series Principal Collections on such date plus (iv) the amounts, if any, withdrawn from the Excess Funding Account and applied pursuant to Section 4.04(g), minus (v) the
amount of any Series Principal Collections being treated as Reallocated Principal Collections pursuant to Section 4.06. 
 Average Class A-1 Note Principal Balance: For any period, an amount equal to the result of (a) the aggregate of the Class A-1 Note Principal Balance for each day during that period
divided by (b) the number of days in that period. 

  
 5 

 Average Class A-2 Note Principal Balance: For any period, an amount equal to the
result of (a) the aggregate of the Class A-2 Note Principal Balance for each day during that period divided by (b) the number of days in that period. 
 Average Class B Note Principal Balance: For any period, an amount equal to the result of (a) the aggregate of the Class B Note Principal Balance for each day during that period divided by
(b) the number of days in that period. 
 Average Class C Note Principal Balance: For any period, an amount equal to
the result of (a) the aggregate of the Class C Note Principal Balance for each day during that period divided by (b) the number of days in that period. 
 Average Class D Note Principal Balance: For any period, an amount equal to the result of (a) the aggregate of the Class D Note Principal Balance for each day during that period divided by
(b) the number of days in that period. 
 Average Net Invested Amount: For any period, an amount equal to the result
of (a) Net Invested Amount for each day during that period divided by (b) the number of days in that period. 

Back-up Servicing Fee Rate: 0.009% per annum or such other percentage (not to exceed 0.009% without satisfaction of the
Series 2011-3 Rating Agency Condition) as may be specified as such in the Back-up Servicing Agreement. 
 Bloomberg Screen
BTMM Page: The display page currently so designated on the Bloomberg Screen BTMM Page (or such other page as may replace such page in that service for the purpose of displaying comparable rates or prices). 

Class A Invested Amount: As of any date, an amount equal to (a) the Class A Note Principal Balance as of such date,
minus (b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the Class A Notes immediately before such date pursuant to Section 4.06 over (ii) the cumulative amount of
reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class A Invested Amount to zero, minus (c) the excess, if any, of (i) the cumulative amount of Series
Charge-Offs allocable to the Class A Notes immediately before such date pursuant to Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before that date, but limited
to an amount that would reduce the Class A Invested Amount to zero. 
 Class A Monthly Interest: With respect
to any Interest Period and the related Distribution Date, the sum of the Class A-1 Monthly Interest and the Class A-2 Monthly Interest for such Interest Period and Distribution Date. 

Class A Note: Any one of the Class A-1 Notes or the Class A-2 Notes. 

Class A Note Initial Principal Balance: $750,000,000. 

  
 6 

 Class A-1 Monthly Interest: Has the meaning specified in
Section 4.02(a). 
 Class A-1 Notes: Any one of the Series 2011-3 Floating Rate Asset Backed Notes,
Class A-1 executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class A-1 Note Initial Principal Balance: $300,000,000. 

Class A-1 Note Interest Rate: With respect to any Interest Period, LIBOR for such Interest Period plus 0.63% per annum.

 Class A-1 Note Principal Balance: As of any date, the Class A-1 Note Initial Principal Balance, minus the
aggregate amount of any principal payments made to the Class A-1 Noteholders on or prior to such date. 
 Class A-2
Monthly Interest: Has the meaning specified in Section 4.02(b). 
 Class A-2 Notes: Any one of the
Series 2011-3 Fixed Rate Asset Backed Notes, Class A-2 executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 

Class A-2 Note Initial Principal Balance: $450,000,000. 

Class A-2 Note Interest Rate: With respect to any Interest Period, 1.81% per annum. 

Class A-2 Note Principal Balance: As of any date, the Class A-2 Note Initial Principal Balance, minus the aggregate
amount of any principal payments made to the Class A-2 Noteholders on or prior to such date. 
 Class A Note
Principal Balance: As of any date, the sum of the Class A-1 Note Principal Balance as of such date and the Class A-2 Note Principal Balance as of such date. 
 Class A Noteholder: The Person in whose name a Class A Note is registered in the Note Register. 
 Class B Invested Amount: As of any date, an amount equal to (a) the Class B Note Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of
Reallocated Principal Collections allocable to the Class B Notes immediately before such date pursuant to Section 4.06 over (ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date,
but limited to an amount that would reduce the Class B Invested Amount to zero, minus (c) the excess, if any, of (i) the cumulative amount of Series Charge-Offs allocable to the Class B Notes immediately before such date pursuant to
Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class B Invested Amount to zero. 

  
 7 

 Class B Monthly Interest: Has the meaning specified in Section 4.02(c).

 Class B Note: Any one of the Series 2011-3 Floating Rate Asset Backed Notes, Class B executed by the Issuing Entity
and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class B Note
Initial Principal Balance: $68,934,000. 
 Class B Note Interest Rate: With respect to any Interest Period, LIBOR for
such Interest Period plus 0.95% per annum. 
 Class B Note Principal Balance: As of any date, the Class B Note
Initial Principal Balance, minus the aggregate amount of any principal payments made to the Class B Noteholders on or prior to such date. 
 Class B Noteholder: The Person in whose name a Class B Note is registered in the Note Register. 
 Class C Invested Amount: As of any date, an amount equal to (a) the Class C Note Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of
Reallocated Principal Collections allocable to the Class C Notes immediately before such date pursuant to Section 4.06 over (ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date,
but limited to an amount that would reduce the Class C Invested Amount to zero, minus (c) the excess, if any, of (i) the cumulative amount of Series Charge-Offs allocable to the Class C Notes immediately before such date pursuant to
Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class C Invested Amount to zero. 

Class C Monthly Interest: Has the meaning specified in Section 4.02(d). 

Class C Note: Any one of the Series 2011-3 Floating Rate Asset Backed Notes, Class C executed by the Issuing Entity and
authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class C Note
Initial Principal Balance: $52,390,000. 
 Class C Note Interest Rate: With respect to any Interest Period, LIBOR for
such Interest Period plus 1.30% per annum. 
 Class C Note Principal Balance: As of any date, the Class C Note
Initial Principal Balance, minus the aggregate amount of any principal payments made to the Class C Noteholders on or prior to such date. 
 Class C Noteholder: The Person in whose name a Class C Note is registered in the Note Register. 

  
 8 

 Class D Invested Amount: As of any date, an amount equal to (a) the Class D Note
Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the Class D Notes immediately before such date pursuant to Section 4.06 over
(ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class D Invested Amount to zero, minus (c) the excess, if any, of (i) the
cumulative amount of Series Charge-Offs allocable to the Class D Notes immediately before such date pursuant to Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before
that date, but limited to an amount that would reduce the Class D Invested Amount to zero. 
 Class D Monthly Interest:
Has the meaning specified in Section 4.02(e). 
 Class D Note: Any one of the Series 2011-3 Floating Rate
Asset Backed Notes, Class D executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class D Note Initial Principal Balance: $55,147,000. 
 Class D Note
Interest Rate: With respect to any Interest Period, LIBOR for such Interest Period plus 1.75% per annum. 
 Class D
Note Principal Balance: As of any date, the Class D Note Initial Principal Balance, minus the aggregate amount of any principal payments made to the Class D Noteholders on or prior to such date. 

Class D Noteholder: The Person in whose name a Class D Note is registered in the Note Register. 

Class E Invested Amount: 
  

	 	(a)	With respect to the Closing Date, $176,470,177, and 

  

	 	(b)	with respect to any subsequent date, an amount equal to 

 (i) the Class E Invested Amount determined as of the immediately preceding Distribution Date (or, with respect to the initial Distribution Date, the Class E Invested Amount as of the Closing Date);

 (ii) minus (A) the amount of Reallocated Principal Collections allocable to the Class E Notes
pursuant to Section 4.06, if any, since the Distribution Date immediately preceding such date, but limited to an amount that would reduce the Class E Invested Amount to zero, plus (B) the amount of reimbursements of
Reallocated Principal Collections allocable to the Class E Notes pursuant to Section 4.09, if any, since the Distribution Date immediately preceding such date; 

  
 9 

 (iii) minus (A) the amount of Series Charge-Offs allocable to
the Class E Notes pursuant to Section 4.05(b), if any, since the Distribution Date immediately preceding such date, but limited to an amount that would reduce the Class E Invested Amount to zero, plus (B) the amount of
reimbursements of Series Charge-Offs allocable to the Class E Notes pursuant to Section 4.09, if any, since the Distribution Date immediately preceding such date; 

(iv) minus an amount equal to the product of (A) the Subordination Percentage and (B) the increase, if
any, in the Series 2011-3 Excess Funding Amount since the Distribution Date immediately preceding such date; 

(v) plus an amount equal to the product of (A) the Subordination Percentage and (B) the decrease, if any,
in the Series 2011-3 Excess Funding Amount since the Distribution Date immediately preceding such date (to the extent that the Required Nonoverconcentration Pool Balance would not exceed the Nonoverconcentration Pool Balance, any such excess to
become Class E Invested Amount on the date and to the extent that such additions would not result in the Required Nonoverconcentration Pool Balance exceeding the Nonoverconcentration Pool Balance); 

(vi) plus an amount equal to the increase, if any, in the Required Class E Invested Amount as a result of a change
in the Subordination Factor since the Distribution Date immediately preceding such date (to the extent that the Required Nonoverconcentration Pool Balance would not exceed the Nonoverconcentration Pool Balance, any such excess to become Class E
Invested Amount on the date and to the extent that such additions would not result in the Required Nonoverconcentration Pool Balance exceeding the Nonoverconcentration Pool Balance); 

(vii) minus an amount equal to the decrease, if any, in the Required Class E Invested Amount as a result of a
change in the Subordination Factor since the Distribution Date immediately preceding such date; 
 (viii)
plus the amount of any Available Series Interest Collections treated as Additional Available Series Principal Collections on such date to ensure that the Class E Invested Amount as of such date is not less than the Required Class E Invested
Amount pursuant to Section 4.04(a)(ix); 
 (ix) minus the aggregate amount of any principal
payments made to the Class E Noteholders since the Distribution Date immediately preceding such date; 
 provided, however, that
in no event shall the Class E Invested Amount as of any date be more than the Required Class E Invested Amount as of such date; provided that the Depositor may at any time and from time to time increase the Class E Invested Amount by allocating a
portion of the Nonoverconcentration Certificate Interest thereto; provided such increase shall not cause the Required Nonoverconcentration Pool Balance to exceed the Nonoverconcentration Pool Balance

  
 10 

 
or cause the Nonoverconcentration Certificate Amount to be less than the Required Nonoverconcentration Certificate Amount. Notwithstanding the foregoing, the Depositor shall not be permitted to
increase the Class E Invested Amount without satisfaction of the Series 2011-3 Rating Agency Condition with respect to each Class of Series 2011-3 Notes in connection therewith if such increase would result in the aggregate amount of all such
increase together with all amounts resulting from a discretionary increase in the Series 2011-3 Subordination Factor and the Reserve Fund exceeding 5.0% of the Note Principal Balance as of the date of such increase. 

Class E Note: Any one of the Series 2011-3 Asset Backed Equity Notes, Class E executed by the Issuing Entity and authenticated by
or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class E Note Initial Principal
Balance: $176,470,177. 
 Class E Note Principal Balance: As of any date, the Class E Note Initial Principal Balance,
minus the aggregate amount of any principal payments made to the Class E Noteholders before such date; provided, however, that the Depositor, at any time and from time to time, may (A) in connection with an increase in the Class E
Invested Amount increase the Class E Note Principal Balance, but not in excess of the increase in the Class E Invested Amount or (B) decrease the Class E Note Principal Balance upon satisfaction of the Series 2011-3 Rating Agency Condition and
obtaining written consent of all of the Class E Noteholders. 
 Class E Noteholder: The Person in whose name a Class E
Note is registered in the Note Register. 
 Closing Date: May 18, 2011. 

Consent Rating Agency: Has the meaning set forth in the Ratings Free Writing Prospectus. 

Controlled Accumulation Amount: The result of (a) the Note Principal Balance as of the last day of the Revolving Period (less
the amount, if any, already on deposit in the Note Distribution Account to pay principal of the Series 2011-3 Notes as of the close of business on the last day of the Revolving Period) divided by (b) the number of months in the Controlled
Accumulation Period. 
 Controlled Accumulation Period: Unless an Early Amortization Event has occurred prior thereto,
the period beginning on the first day of the November 2013 Collection Period or such later date as is determined in accordance with Section 4.04(h) and ending on the earlier to occur of (a) the close of business on the day
immediately preceding the commencement of the Early Amortization Period and (b) the end of the Collection Period immediately preceding the Distribution Date on which the Note Principal Balance shall be paid in full. 

Controlled Deposit Amount: For any Collection Period with respect to the Controlled Accumulation Period, an amount equal to the
sum of (a) the Controlled Accumulation Amount for such Collection Period and (b) any Deficit Controlled Accumulation Amount for the immediately preceding Collection Period. 

  
 11 

 Covered Amount: As of any Distribution Date on which the Servicer calculates the
Accumulation Period Reserve Draw Amount pursuant to Section 4.13(c), an amount equal to the product of (a) (i) the actual number of days in the related Collection Period divided by (ii) 360, times, (b) the product of
(i) the amounts on deposit in the Note Distribution Account being accumulated to pay the principal on the Series 2011-3 Notes as of the immediately preceding Distribution Date (excluding amounts relating to investment earnings and after giving
effect to any deposit or withdrawals therein on such preceding Distribution Date), times (ii) 0% (or a lower percentage upon satisfaction of the Series 2011-3 Rating Agency Condition with respect to the Series 2011-3 Notes). 

Deficit Controlled Accumulation Amount: (a) for the Collection Period immediately preceding the Controlled Accumulation
Period, zero, and (b) for any Collection Period in the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for such Collection Period over the amount deposited into the Note Distribution Account with respect to
such Collection Period. 
 Determination Date: The tenth day of each calendar month, or if such tenth day is not a
Business Day, the next succeeding Business Day. 
 Distribution Date: June 15, 2011, and the 15th day of each
calendar month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 
 Early Amortization
Period: The period beginning on the first day on which an Early Amortization Event with respect to Series 2011-3 occurs and ending on the earlier to occur of (a) the end of the Collection Period immediately preceding the Distribution Date
on which the Note Principal Balance shall be paid in full and (b) the Series 2011-3 Legal Maturity Date. 
 Excess
Interest Collections: With respect to Series 2011-3, the meaning specified in Section 4.07. 
 Fixed Series
Percentage: With respect to any date, the percentage equivalent (not to exceed 100%) of a fraction (a) the numerator of which is the Net Invested Amount as of such date or, if the Revolving Period is no longer in effect, as of the close of
business on the last day of the Revolving Period and (b) the denominator of which is the greater of (i) the Adjusted Nonoverconcentration Pool Balance as of the close of business on the last day of the immediately preceding Collection
Period (or, in the case of the first Collection Period, the Closing Date) and (ii) the sum of the numerators used to calculate the applicable fixed series percentages for allocating Nonoverconcentration Principal Collections to all outstanding
Series (including Series 2011-3) with respect to such date. 

  
 12 

 Floating Series Percentage: With respect to any Collection Period, the percentage
equivalent (not to exceed 100%) of a fraction (a) the numerator of which is the Average Net Invested Amount for that Collection Period and (b) the denominator of which is the greater of (i) the average of the Adjusted
Nonoverconcentration Pool Balance for each day during such Collection Period and (ii) the sum of the numerators used to calculate the applicable floating series percentages for allocating Nonoverconcentration Interest Collections to all
outstanding Series (including Series 2011-3) with respect to such Collection Period. 
 Indenture: The Indenture, dated
as of February 12, 2010, between the Issuing Entity and the Indenture Trustee, as the same may be amended, supplemented or otherwise modified from time to time. 
 Indenture Supplement: This Series 2011-3 Indenture Supplement, as the same may be amended, supplemented or otherwise modified from time to time. 

Initial Invested Amount: With respect to the Series 2011-3 Notes, the Initial Note Principal Balance. 

Initial Note Principal Balance: The sum of (a) the Class A Note Initial Principal Balance, plus (b) the Class B
Note Initial Principal Balance, plus (c) the Class C Note Initial Principal Balance, plus (d) the Class D Note Initial Principal Balance, plus (e) the Class E Note Initial Principal Balance. 

Insolvency Event of Default: With respect to the Series 2011-3, any Event of Default specified in Sections 6.02(e)
or (f). 
 Interest Collections Shortfall: Has, with respect to Series 2011-3, the meaning specified in
Section 4.07. 
 Interest Period: With respect to any Distribution Date, the period from and including the
Distribution Date immediately preceding such Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding such Distribution Date. 

Invested Amount: The sum of the Investor Invested Amount and the Class E Invested Amount. 

Investor Invested Amount: As of any date, the sum of the Class A Invested Amount, the Class B Invested Amount, the Class C
Invested Amount and the Class D Invested Amount, in each case, as of such date. 
 Investor Note Principal Balance: As of
any date of determination, the sum of the Class A Note Principal Balance, the Class B Note Principal Balance, the Class C Note Principal Balance and the Class D Note Principal Balance, in each case, as of such date. 

  
 13 

 Investor Notes: The Class A Notes, the Class B Notes, the Class C Notes and the
Class D Notes. 
 LIBOR: With respect to any Interest Period, the London interbank offered rate for one-month United
States dollar deposits determined by the Indenture Trustee for such Interest Period pursuant to Section 4.12. 

LIBOR Determination Date: With respect to any Interest Period, the second London Business Day before the commencement of such
Interest Period. 
 London Business Day: Any day other than a Saturday, Sunday or any other day on which banks in London
are required or authorized to be closed for business. 
 Majority of Manufacturers: Two or more Manufacturers that the
aggregate amount of all Eligible Principal Receivables held by the Issuing Entity as of that date for which the related Vehicle Collateral Security is a Vehicle manufactured by one of those Manufacturers is 50.0% or more of the Pool Balance.

 Monthly Back-up Servicing Fee: With respect to any Distribution Date on which the Back-up Servicing Agreement is in
effect, an amount equal to the greater of (a) one-twelfth (or, with respect to the first Distribution Date, 29/360) of the product of (i) the Back-up Servicing Fee Rate, (ii) the Floating Series Percentage for the related Collection
Period and (iii) the Nonoverconcentration Pool Balance as of the close of business on the last day of the immediately preceding Collection Period and (b) $4,000. 
 Monthly Interest: With respect to any Distribution Date, the sum of (a) the Class A Monthly Interest for such Distribution Date, plus (b) the Class B Monthly Interest for such
Distribution Date, plus (c) the Class C Monthly Interest for such Distribution Date, plus (d) the Class D Monthly Interest for such Distribution Date. 
 Monthly Nonoverconcentration Defaulted Amount: With respect to any Collection Period, the aggregate of Nonoverconcentration Defaulted Amounts for each day in that Collection Period. 

Monthly Payment Rate: For any Collection Period, the percentage equivalent of a fraction (a) the numerator of which is
the Principal Collections for such Collection Period with respect to Principal Receivables arising under the Scheduled Accounts and (b) the denominator of which is the average daily aggregate principal balance of all Principal Receivables
arising under the Scheduled Accounts during such Collection Period.  
 Monthly Principal Amount: With respect to
any Collection Period, the amount required to be deposited into the Note Distribution Account with respect to that Collection Period in respect of the Series 2011-3 Notes as determined pursuant to Section 4.03. 

  
 14 

 Monthly Servicing Fee: With respect to any Distribution Date, an amount equal to
one-twelfth (or, with respect to the first Distribution Date, 29/360) of the product of (a) the Servicing Fee Rate, (b) the Floating Series Percentage for the related Collection Period and (c) the Nonoverconcentration Pool Balance as
of the close of business on the last day of the immediately preceding Collection Period. 
 Monthly Statement: Has the
meaning specified in Section 5.03(b). 
 Net Invested Amount: With respect to the Series 2011-3 Notes as of
any date of determination, the sum of (a) the Net Investor Invested Amount as of such date and (b) the excess, if any, of (i) the Class E Invested Amount as of such date over (ii) the Note Distribution Account Amount allocated to
pay principal of the Class E Notes, if any, on such date. 
 Net Investor Invested Amount: With respect to the Investor
Notes as of any date of determination, the excess, if any, of (i) the Investor Invested Amount as of such date over (ii) the Note Distribution Account Amount allocated to pay principal of the Investor Notes, if any, on such date.

 Note Distribution Account: Has the meaning specified in Section 4.10(a). 

Note Distribution Account Amount: On any date, an amount equal to the sum of (a) the amount on deposit in the Note
Distribution Account (excluding amounts related to investment earnings) on that date and (b) the aggregate amount of outstanding Permitted Delayed Remittances with respect to the Note Distribution Account. 

Note Principal Balance: As of any date of determination, the sum of the Investor Note Principal Balance on such date and the Class
E Note Principal Balance on such date. 
 Notice Rating Agency: Has the meaning set forth in the Ratings Free Writing
Prospectus. 
 Principal Sharing Group One: Series 2011-3 and each other Series specified in the related Indenture
Supplements to be included in Principal Sharing Group One. 
 Principal Shortfall: With respect to Series 2011-3, the
meaning specified in Section 4.08. 
 Rating Agency: Has the meaning set forth in the Ratings Free Writing
Prospectus. 
 Ratings Free Writing Prospectus: The issuer free writing prospectus, as defined in Rule 433 of the
Securities Act, filed by the Depositor on May 9, 2011, relating to the Series 2011-3 Notes. 

  
 15 

 Reallocated Principal Collections: With respect to any Distribution Date, the amounts
applied in accordance with Section 4.06 in an amount not to exceed: 
 (a) with respect to amounts to
be applied to pay Monthly Servicing Fees, Monthly Back-up Servicing Fees, and Class A Monthly Interest, the sum of the Class A Invested Amount, the Class B Invested Amount, Class C Invested Amount, Class D Invested Amount and Class E
Invested Amount for that Distribution Date (in each case, after giving effect to any change in that amount on that date); 
 (b) with respect to amounts to be applied to pay Class B Monthly Interest, the sum of the Class B Invested Amount, the Class C Invested Amount, the Class D Invested Amount and the Class E Invested Amount
(in each case, after giving effect to any change in that amount on that date, including clause (a) above); 

(c) with respect to amounts to be applied to pay Class C Monthly Interest, the sum of the Class C Invested Amount, the
Class D Invested Amount and the Class E Invested Amount (in each case, after giving effect to any change in that amount on that date, including clauses (a) and (b) above); and 

(d) with respect to amounts to be applied to pay Class D Monthly Interest, the sum of the Class D Invested Amount and the
Class E Invested Amount (in each case, after giving effect to any change in that amount on that date, including clauses (a), (b) and (c) above). 
 Reassignment Amount: With respect to any Distribution Date, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date, the sum of (a) the Note
Principal Balance on such Distribution Date, plus (b) the Monthly Interest for such Distribution Date, together with any Monthly Interest previously due but not paid to the Series 2011-3 Noteholders on prior Distribution Dates. 

Required Accumulation Factor Number: A fraction, rounded upwards to the nearest whole number, the numerator of which is one and
the denominator of which is equal to the lowest Monthly Payment Rate on the Accounts, expressed as a decimal, for the 12 months preceding the date of such calculation; provided, however, that this definition may be changed at any time
upon receipt by the Indenture Trustee of an Officer’s Certificate from the Servicer that such change shall not have an Adverse Effect. 
 Required Class E Invested Amount: As of any Distribution Date, the product of (i) the Subordination Percentage and (ii) the excess, if any, of (A) (1) with respect to any
Distribution Date occurring during the Controlled Accumulation Period or the Early Amortization Period, the Net Investor Invested Amount as of the last day of the Revolving Period, and (2) with respect to any Distribution Date occurring during
the Revolving Period, the Net Investor Invested Amount as of such Distribution Date, over (B) the Series 2011-3 Excess Funding Amount on such date (after giving effect to any changes in such amount on such date). 

  
 16 

 Required Pool Percentage: 102%, except that the Depositor may reduce this percentage
so long as the Series 2011-3 Rating Agency Condition is satisfied with respect to the Series 2011-3 Notes, but without the consent of any Noteholder or any other Person. 
 Reserve Fund: Has the meaning specified in Section 4.11(a). 

Reserve Fund Available Amount: With respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve
Fund on such date (excluding any net investment earnings on amounts on deposit therein and before giving effect to any (i) deposit made or to be made therein pursuant to Section 4.04(a) on such date or (ii) any withdrawal made
or to be made therefrom pursuant to Section 4.04(b)(ii) on such date) and (b) the Reserve Fund Required Amount for such Distribution Date. 
 Reserve Fund Deposit Amount: With respect to any Distribution Date, the excess, if any, of (a) the Reserve Fund Required Amount for such Distribution Date, over (b) the Reserve Fund
Available Amount for such Distribution Date. 
 Reserve Fund Initial Amount: $11,029,412. 

Reserve Fund Required Amount: With respect to any Distribution Date, an amount equal to the product of Reserve Fund Required
Percentage and the Invested Amount as of such Distribution Date (after giving effect to any changes therein on such Distribution Date); provided, however, that the Depositor may, in its discretion, increase or, upon satisfaction of the
Series 2011-3 Rating Agency Condition, decrease the Reserve Fund Required Amount. Notwithstanding the foregoing, the Depositor shall not be permitted to increase the Reserve Fund Required Amount in its discretion without satisfaction of the Series
2011-3 Rating Agency Condition if such increase would result in the aggregate amount of all such increases together with all amounts added to the Class E Invested Amount and all amount resulting from a discretionary increase in the Class E Invested
Amount or in the Subordination Factor exceeding 5.0% of the Note Principal Balance as of the date of such increase 
 Reserve
Fund Required Percentage: As of any date, 1.00%; provided, however, that in the event the Subordination Factor would otherwise be required to increase as a result of a decrease in the Monthly Payment Rate in accordance with the definition of
Subordination Factor, the Depositor may by delivering an Officer’s Certificate to the Indenture Trustee and the Rating Agencies prior to the date such increase was to become effective, elect to increase the Reserve Fund Required Percentage in
an amount in percentage points equal to (i) an additional 2.20% rather than increasing the Subordination Factor by 2.72% pursuant to clause (i) of the first proviso of the definition of Subordination Factor, (ii) an additional 2.40%
rather than increasing the Subordination Factor by 2.97% pursuant to clause (ii) of the first proviso of the definition of Subordination Factor or (iii) an additional 2.65% rather than increasing the Subordination Factor by 3.28% pursuant
to clause (iii) of the first proviso of the definition of Subordination Factor. In the event that the Depositor shall elect to so increase the Reserve Fund Required Percentage rather than the Subordination Factor, any increase in the Monthly
Payment Rate that otherwise 

  
 17 

 
would have resulted in a decrease in the Subordination Factor will alternatively result in corresponding decrease in the Reserve Fund Required Percentage to the extent that the Reserve Fund
Required Percentage had been increased rather than making the corresponding increase in the Subordination Factor. The election of the Depositor to increase the Reserve Fund Required Percentage rather than increasing the Subordination Factor shall be
deemed not to be a discretionary increase. 
 Reserve Fund Trigger Amount: As of any date, an amount equal to the product
of 1.00% and the Invested Amount on such date (after giving effect to any changes therein on such date); provided, however, that, if the Reserve Fund Required Amount has been increased solely as a result of the decrease in the Three Month Average
Payment Rate, then with respect to that Distribution Date and each Distribution Date thereafter until the amount on deposit in the Reserve Fund equals the Reserve Fund Required Amount, the Reserve Fund Trigger Amount will equal $0. 

Revolving Period: The period beginning on the Closing Date and ending on the earlier of the close of business on the day
immediately preceding the date on which the Controlled Accumulation Period or the Early Amortization Period commences. 

Series 2011-3: The Series of Notes, the Principal Terms of which are specified in this Indenture Supplement. 

Series 2011-3 Early Amortization Event: Has the meaning specified in Section 6.01. 

Series 2011-3 Excess Funding Amount: As of any date of determination, the product of (a) the amount on deposit in the Excess
Funding Account (excluding amounts relating to investment earnings) on such date, times (b) a fraction (i) the numerator of which is the Net Invested Amount as of such date and (ii) the denominator of which is the sum of the net
invested amounts of each outstanding Nonoverconcentration Series (including Series 2011-3) being allocated a portion of the funds on deposit in the Excess Funding Account. 
 Series 2011-3 Event of Default: Has the meaning specified in Section 6.02. 
 Series 2011-3 Expected Maturity Date: The May 2014 Distribution Date. 

Series 2011-3 Insolvency Event of Default: The Series 2011-3 Events of Default set forth in clauses (e) or
(f) of Section 6.02. 
 Series 2011-3 Issuing Entity Insolvency Event of Default: The Series
2011-3 Event of Default set forth in clause (f) of Section 6.02. 
 Series 2011-3 Legal Maturity
Date: The May 2016 Distribution Date. 
 Series 2011-3 Note: A Class A Note, a Class B Note, a Class C Note, a
Class D Note or a Class E Note. 

  
 18 

 Series 2011-3 Noteholder: A Class A Noteholder, a Class B Noteholder, a Class C
Noteholder, a Class D Noteholder or a Class E Noteholder. 
 Series 2011-3 Noteholders’ Collateral: The
Noteholders’ Collateral for the Series 2011-3. 
 Series 2011-3 Private Notes: The Series 2011-3 Class B Notes, the
Series 2011-3 Class C Notes, the Series 2011-3 Class D Notes and the Series 2011-3 Class E Notes. 
 Series 2011-3 Rating
Agency Condition: The condition that each of the Consent Rating Agencies with respect to the Series 2011-3 Notes shall have notified the Depositor, the Servicer and the Issuing Entity in writing that such action shall not result in a downgrade,
suspension or withdrawal of the then current rating of the Series 2011-3 Notes then rated by such Rating Agency; provided, however, that with respect to each Notice Rating Agency, it shall be sufficient that such Notice Rating Agency shall be given
prior written notice thereof. 
 Series Accounts: With respect to Series 2011-3, the Note Distribution Account, the
Reserve Fund and the Accumulation Period Reserve Account. 
 Series Charge-Offs: Has the meaning specified in
Section 4.05. 
 Series Collateral: Has the meaning specified in the granting clauses of this Indenture
Supplement. 
 Series Cut-Off Date: The close of business on May 2, 2011. 

Series Defaulted Amount: With respect to any Distribution Date, the amount of the Nonoverconcentration Defaulted Amount for the
related Collection Period allocated to the Series 2011-3 pursuant to Section 4.01(d). 
 Series Defaulted
Percentage: With respect to any Collection Period, the Floating Series Percentage. 
 Series Interest Collections:
With respect to any Distribution Date, the amount of Nonoverconcentration Interest Collections for the related Collection Period (and, in the case of the initial Distribution Date, the prior Collection Period) allocated to the Series 2011-3 pursuant
to Section 4.01(b). 
 Series Interest Percentage: With respect to any Collection Period, the Floating Series
Percentage. 
 Series Principal Collections: With respect to any date, the amount of the Nonoverconcentration Principal
Collections for that date allocated to the Series 2011-3 pursuant to Section 4.01(c). 
 Series Principal
Percentage: For any date, the Fixed Series Percentage. 

  
 19 

 Series Required Certificate Amount: On any date, the product of (a) the excess,
if any, of (i) the Required Pool Percentage over (ii) 100% and (b) the Net Invested Amount on that date. 

Shared Principal Collections: With respect to Series 2011-3, has the meaning specified in Section 4.08. 

Significant Manufacturer: As of any date, a Manufacturer that the aggregate amount of all Eligible Principal Receivables held by
the Issuing Entity as of that date for which the related Vehicle Collateral Security is a Vehicle manufacturer by such Manufacturer is 35.0% (or, in the case of Chrysler, 25.0%) or more of the Pool Balance. 

Special Pass-Through Entity: A grantor trust, S corporation, or partnership where more than 50% of the value of a beneficial
owner’s interest in such pass through entity is attributable to the pass-through entity’s interest in the Class B Note, Class C Note, and/or Class D Note, as applicable. 

Subordination Factor: As of any date, 16.00%; provided, however, that if on any Distribution Date, the Three Month
Average Payment Rate is (i) less than 25.00% but greater than or equal to 22.50%, (ii) less than 22.50% but greater than or equal to 20.00%, or (iii) less than 20.00%, then on the next Distribution Date, the Subordination Factor shall
be increased by (i) 2.72% over what it would have been had the Three Month Average Payment Rate been greater than or equal to 25.00%, (ii) 2.97% over what it would have been had the Three Month Average Payment Rate been less than 25.00%
but greater than or equal to 22.50%, or (iii) 3.28% over what it would have been had the Three Month Average Payment Rate been less than 22.50% but greater that or equal 20.00%, respectively; provided, however, that if after any
such increase in the Subordination Factor, on any Distribution Date the Three Month Average Payment Rate as of Distribution Date is, and the Three Month Average Payment Date with respect to each of the two prior Distribution Dates was,
(i) greater than or equal 20.00% but less than 22.50%, (ii) greater than or equal to 22.50% but less than 25.00% or (iii) greater than or equal to 25.00%, then on the next Distribution Date, the Subordination Factor shall be decreased
by (i) 3.28% over what it would have been had the Three Month Average Payment Rate been less than 20.00%, (ii) 2.97% over what it would have been had the Three Month Average Payment Rate been less than 22.50% but greater than or equal to
20.00% or (iii) 2.72% over what it would have been had the Three Month Average Payment Rate been less than 25.00% but greater than or equal to 22.50%, respectively; provided, further, that the Depositor may, by delivering an
Officer’s Certificate to the Indenture Trustee and the Rating Agencies prior to the date such increase was to become effective, elect to increase the Reserve Fund Required Percentage by an additional amount in percentage points equal to 2.20%,
2.40%, or 2.65%, as applicable, pursuant to the proviso in the definition of “Reserve Fund Required Percentage” rather than increasing the Subordination Factor by an additional 2.72%, 2.97%, or 3.28%, respectively. In addition, the
Depositor may (a) in its discretion increase the Subordination Factor, increasing the Subordination Percentage and thereby increasing the Class E Invested Amount and the Class E Principal Amount by an amount equal to the product of (i) the
increase in the Subordination Percentage and (ii) the excess, if any, of (A) the Net Invested Amount over 

  
 20 

 
(B) the Series 2011-3 Excess Funding Amount on such date (after giving effect to any changes in such amount on such date); provided such increase shall not cause the Required Nonoverconcentration
Pool Balance to exceed the Nonoverconcentration Pool Balance or cause the Nonoverconcentration Certificate Amount to be less than the Required Nonoverconcentration Certificate Amount or (b) upon satisfaction of the Series 2011-3 Rating Agency
Condition with respect to each Class of Series 2011-3 Notes in connection therewith, decrease the Subordination Factor, with corresponding decreases in the Subordination Percentage, the Class E Invested Amount and the Class E Principal Amount.
Notwithstanding the foregoing, the Depositor shall not be permitted to increase the Subordination Factor in its discretion without satisfaction of the Series 2011-3 Rating Agency Condition with respect to each Class of Series 2011-3 Notes in
connection therewith if such increase would result in the aggregate amount of all such increases together with discretionary increases in the Class E Invested Amount and the Reserve Fund exceeding 5.0% of the Note Principal Balance as of the date of
such increase. 
 Subordination Percentage: As of any date, an amount (expressed as a percentage) equal to (a) the
Subordination Factor divided by (b) the result of 100% minus the Subordination Factor. 
 Three Month Average Payment
Rate: As of any Distribution Date, the arithmetic average of the Monthly Payment Rate determined with respect to each of the three Collection Periods immediately preceding such Distribution Date. 

SECTION 2.02 Other Definitional Provisions. 
 (a) Certain capitalized terms used but not otherwise defined in this Indenture Supplement shall have the respective meanings assigned to them in Part I of the Appendix A to the Trust Sale
and Servicing Agreement, dated as of February 12, 2010 (the “Trust Sale and Servicing Agreement”), among Ally Master Owner Trust, Ally Wholesale Enterprises LLC, Ally Bank, and Ally Financial Inc. (formerly GMAC Inc.)
(“Ally Financial”), as amended, supplemented, restated or otherwise modified from time to time. 
 (b) All
references herein to “this Indenture Supplement” are to this Indenture Supplement as it may be amended, supplemented or modified from time to time, and all references herein to Articles, Sections, subsections and exhibits are to Articles,
Sections, subsections and exhibits of this Indenture Supplement unless otherwise specified. 
 (c) All terms defined in this
Indenture Supplement shall have the defined meanings when used in any certificate, notice, Note or other document made or delivered pursuant hereto unless otherwise defined therein. 

(d) The rules of construction set forth in Part II of Appendix A to the Trust Sale and Servicing Agreement shall be
applicable to this Indenture Supplement. 

  
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 ARTICLE III 
 SERVICING FEE 
 SECTION 3.01 Servicing Compensation.

 The share of the Servicing Fee and the Back-up Servicing Fee, respectively, allocable to the Series 2011-3 Noteholders with
respect to any Distribution Date is equal to the Monthly Servicing Fee and the Monthly Back-up Servicing Fee, respectively. The portion of the Servicing Fee and Back-up Servicing Fee that is not allocable to the Series 2011-3 Noteholders shall be
paid by the holders of the Certificate Interest or the Noteholders of other Series (as provided in the related Indenture Supplements) and in no event shall the Issuing Entity, the Indenture Trustee or the Series 2011-3 Noteholders be liable for the
share of the Servicing Fee or the Back-up Servicing Fee to be paid by the holders of the Certificate Interest or the Noteholders of any other Series. 
 ARTICLE IV 
 RIGHTS OF SERIES 2011-3 NOTEHOLDERS 

AND ALLOCATION AND APPLICATION OF COLLECTIONS 
 SECTION 4.01 Collections and Allocations. 
 (a) Allocations to
Series 2011-3. As provided in Section 8.4(a) of the Indenture, Nonoverconcentration Interest Collections, Nonoverconcentration Principal Collections and Nonoverconcentration Defaulted Amounts shall be allocated to Series 2011-3 and
then applied in accordance with this Article IV. No Overconcentration Interest Collections, Overconcentration Principal Collections or Overconcentration Defaulted Amounts shall be allocated to the Series 2011-3. 

(b) On each Determination Date beginning on the Determination Date in June 2011, the Servicer shall allocate to the Series 2011-3 an
amount of Nonoverconcentration Interest Collections for the related Collection Period (and, in the case of the initial Distribution Date, the prior Collection Period) equal to the product of (i) the Series Interest Percentage for the related
Collection Period, and (ii) the Nonoverconcentration Interest Collections for such Collection Period; provided, however, that for purposes of calculating the Series Interest Percentage for this Section 4.01(b), the
Series 2011-3 Notes shall be deemed to have been outstanding since the Series Cut-Off Date. 
 (c) On each Business Day
beginning on the Closing Date, the Servicer shall allocate to the Series 2011-3 an amount of Nonoverconcentration Principal Collections for that date equal to the product of (i) the Series Principal Percentage for that date and (ii) the
Nonoverconcentration Principal Collections for such that date. 
 (d) On each Determination Date beginning on the Determination
Date in June 2011, the Servicer shall allocate to the Series 2011-3 an amount of the Nonoverconcentration Defaulted Amount for the related Collection Period equal to the product of (i) the Series Defaulted Percentage for the related Collection
Period and (ii) the Monthly Nonoverconcentration Defaulted Amount for the related Collection Period. 

  
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 SECTION 4.02 Determination of Monthly Interest. 

(a) The amount of monthly interest due with respect to the Class A-1 Notes for any Distribution Date and the related Interest Period
(the “Class A-1 Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the
denominator of which is 360, times (ii) the Class A-1 Note Interest Rate, times (iii) the Average Class A-1 Note Principal Balance for the related Interest Period. 

(b) The amount of monthly interest due with respect to the Class A-2 Notes for any Distribution Date and the related Interest Period
(the “Class A-2 Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) one-twelfth (or, in the case of the June 2011 Distribution Date, a fraction, the numerator of which is 27
and the denominator of which is 360, times (ii) the Class A-2 Note Interest Rate, times (iii) the Average Class A-2 Note Principal Balance for the related Interest Period. 

(c) The amount of monthly interest due with respect to the Class B Notes for any Distribution Date and the related Interest Period (the
“Class B Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the
denominator of which is 360, times (ii) the Class B Note Interest Rate, times (iii) the Average Class B Note Principal Balance for the related Interest Period. 
 (d) The amount of monthly interest due with respect to the Class C Notes for any Distribution Date and the related Interest Period (the “Class C Monthly Interest”) shall be calculated by
the Servicer and shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (ii) the Class C Note Interest Rate,
times (iii) the Average Class C Note Principal Balance for the related Interest Period. 
 (e) The amount of monthly
interest due with respect to the Class D Notes for any Distribution Date and the related Interest Period (the “Class D Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) a
fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (ii) the Class D Note Interest Rate, times (iii) the Average Class D Note Principal Balance for the
related Interest Period. 
 SECTION 4.03 Determination of Monthly Principal Amount. 

The amount of monthly principal to be deposited into the Note Distribution Account with respect to any Collection Period in the
Controlled Accumulation Period or, if earlier, any Collection Period or portion thereof in the Early Amortization Period (the “Monthly Principal Amount”), shall be equal to the least of (a) the sum of (i) the Available
Series Principal 

  
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Collections for the related Distribution Date, (ii) Additional Available Series Principal Collections for the related Distribution Date and (iii) any Series 2011-3 Excess Funding Amount
with respect to such period, (b) for each Collection Period with respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Collection Period, and (c) the Net Invested Amount (after taking into account any
adjustments to be made on the related Distribution Date pursuant to Sections 4.05 and 4.06). 
 SECTION 4.04
Application of Available Funds on Deposit in Collection Account and Other Sources. 
 (a) On each Distribution Date, the
Servicer shall apply, or direct the Indenture Trustee to apply by written instruction to the Indenture Trustee, Available Series Interest Collections with respect to such Distribution Date on deposit in the Collection Account to make the following
distributions or deposits in the following priority: 
 (i) first, an amount equal to the Monthly Servicing Fee
for such Distribution Date, together with any Monthly Servicing Fees previously due but not paid to the Servicer on prior Distribution Dates, shall be distributed to the Servicer (unless such amount has been netted against deposits into the
Collection Account in accordance with Section 8.4 of the Indenture); second, pro rata, an amount equal to the accrued and unpaid fees, expenses and indemnities owed to the Indenture Trustee, the Owner Trustee, the Administrator and any other
fees or expenses of the Issuing Entity payable by the Servicer or the Administrator (to the extent not paid by the Servicer or the Administrator) shall be distributed to the Indenture Trustee, the Owner Trustee, the Administrator, or the Person to
whom such payment is owed, as applicable, provided that the amount distributed pursuant to this clause second shall not exceed $150,000 in any calendar year; third, an amount equal to the Monthly Back-up Servicing Fee for such Distribution
Date, together with any Monthly Back-up Servicing Fees previously due but not paid to the Back-up Servicer on prior Distribution Dates, shall be distributed to the Back-up Servicer; 

(ii) an amount equal to the Class A Monthly Interest for such Distribution Date, together with any Class A
Monthly Interest previously due but not paid to the Class A Noteholders on prior Distribution Dates, shall be deposited into the Note Distribution Account for payment to the Class A Noteholders, pro rata, between the Class A-1
Noteholders and the Class A-2 Noteholders; 
 (iii) an amount equal to the Class B Monthly Interest for such
Distribution Date, together with any Class B Monthly Interest previously due but not paid to the Class B Noteholders on prior Distribution Dates, shall be deposited into the Note Distribution Account for payment to the Class B Noteholders;

 (iv) an amount equal to the Class C Monthly Interest for such Distribution Date, together with any Class C
Monthly Interest previously due but not paid to the Class C Noteholders on prior Distribution Dates, shall be deposited into the Note Distribution Account for payment to the Class C Noteholders; 

  
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 (v) an amount equal to the Class D Monthly Interest for such Distribution
Date, together with any Class D Monthly Interest previously due but not paid to the Class D Noteholders on prior Distribution Dates, shall be deposited into the Note Distribution Account for payment to the Class D Noteholders; 

(vi) an amount equal to the Series Defaulted Amount for such Distribution Date shall be treated as Additional Available
Series Principal Collections for such Distribution Date; 
 (vii) an amount equal to the sum of Series
Charge-Offs that have not been previously reimbursed shall be treated as Additional Available Series Principal Collections for such Distribution Date; 
 (viii) the amount equal to the sum of Reallocated Principal Collections that have not been previously reimbursed shall be treated as Additional Available Series Principal Collections for such Distribution
Date; 
 (ix) the amount necessary to cause the Class E Invested Amount to not be less than the Required Class E
Invested Amount shall be treated as Additional Available Series Principal Collections for such Distribution Date; 
 (x) an amount equal to the Reserve Fund Deposit Amount for such Distribution Date shall be deposited into the Reserve Fund; 

(xi) beginning on the Accumulation Period Reserve Account Funding Date, an amount equal to the Accumulation Period Reserve
Account Deposit Amount for such Distribution Date shall be deposited into the Accumulation Period Reserve Account; 
 (xii) the amount required to repay the Servicer for all outstanding Servicer Advances made in respect of the Series 2011-3 Notes shall be distributed to the Servicer (unless such amount has been netted
against deposits into the Collection Account in accordance with Section 8.4 of the Indenture); 

(xiii) pro rata, the amounts required to pay any remaining fees, expenses, indemnities or other amounts required to be
paid pursuant to clause second of subsection (i) above but not paid as a result of the proviso thereto, the amount required to reimburse the Back-up Servicer for all unpaid Servicer Transition Costs in excess of the amounts reimbursed by funds
from the Servicer Termination Costs Reserve Account and the amount required to reimburse the Back-up Servicer for all unpaid amounts due to the Back-up Servicer pursuant to the Back-up Servicing Agreement shall be distributed to the applicable
person; 

  
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 (xiv) an amount equal to the Interest Collections Shortfalls for other
outstanding Series in Excess Interest Sharing Group One shall be treated as Excess Interest Collections available from Series 2011-3 and applied to cover the Interest Collections Shortfalls for other outstanding Series in Excess Interest Sharing
Group One; and 
 (xv) all remaining Available Series Interest Collections for such Distribution Date shall be
deposited in the Certificate Distribution Account for distribution to the holders of the Certificate in accordance with the Trust Agreement (unless such amount has been netted against deposits into the Collection Account in accordance with
Section 8.4 of the Indenture), but only to the extent that such remaining amount is not otherwise required to be deposited into the Excess Funding Account or the Cash Collateral Account pursuant to Section 8.3 of the Indenture. 

(b) If Available Series Interest Collections with respect to any Distribution Date are insufficient to distribute or deposit the full
amounts required under Section 4.04(a), the Servicer shall apply, or direct the Indenture Trustee to apply by written instructions to the Indenture Trustee, on such Distribution Date available funds from the following sources in the
following order to make up any such shortfalls to the extent provided below: 
 (i) first, from Excess Interest
Collections available from other outstanding Series in Excess Interest Sharing Group One, but only to cover shortfalls in the distributions and deposits required under clauses (i) through (xii) of Section 4.04(a)
in that order; 
 (ii) second, from the Reserve Fund Available Amount, but only to cover shortfalls in the
distributions and deposits required under clauses (i) through (viii) of Section 4.04(a) in that order; 
 (iii) third, from the Reallocated Principal Collections for such Distribution Date, but only to cover shortfalls in the distributions required under clauses (i) through (v) of
Section 4.04(a) in that order; and 
 (iv) fourth, from the Servicer to the extent that the Servicer,
in its sole discretion, decides to make an advance, but only to cover shortfalls in the distributions and deposits required under clauses (i) through (xi) of Section 4.04(a) in that order, and only to the extent
that the Servicer expects to recover such advances (each, a “Servicer Advance”) pursuant to Section 4.04(a)(xii) on subsequent Distribution Dates. 
 (c) On each Business Day with respect to the Revolving Period, the Servicer shall apply, or direct the Indenture Trustee to apply by written instruction to the Indenture Trustee, Available Series
Principal Collections for such date as Shared Principal Collections with respect to Principal Sharing Group One and applied in accordance with Section 4.08 hereof and Section 8.5(c) of the Indenture. 

  
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 (d) On each Business Day with respect to the Controlled Accumulation Period, the Servicer
shall apply, or direct the Indenture Trustee to apply by written instruction to the Indenture Trustee, Available Series Principal Collections for such date to make the following distributions or deposits in the following priority: 

(i) first, an amount equal to the excess, if any, of (A) the Monthly Principal Amount for the related Collection
Period over (B) the amount previously deposited during that Collection Period for the payment of principal to the Noteholders shall be deposited into the Note Distribution Account for payment of principal to the Noteholders; and 

(ii) second, any remaining amounts shall be treated as Shared Principal Collections with respect to Principal Sharing
Group One and applied in accordance with Section 4.08 hereof and Section 8.5(c) of the Indenture. 
 (e)
On each Business Day with respect to the Early Amortization Period, the Servicer shall apply, or direct the Indenture Trustee to apply by written instruction to the Indenture Trustee, Available Series Principal Collections for such date to make the
following distributions or deposits in the following priority: 
 (i) first, the amount necessary to reduce the
Note Principal Balance to zero, but not more than the amount that would reduce the Invested Amount to zero, shall be deposited into the Note Distribution Account for payment of principal to the Noteholders in accordance with
Section 5.02(b); and 
 (ii) second, any remaining amounts shall be treated as Shared Principal
Collections with respect to Principal Sharing Group One and applied in accordance with Section 4.08 hereof and Section 8.5(c) of the Indenture. 
 (f) On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee to apply by written instructions to the Indenture Trustee, Additional Available Series Principal Collections, if
any, (i) first, to make the applications of Additional Available Series Principal Collections required pursuant to Section 4.06, (ii) second, to make the deposits and distributions required to be made during the related
Collection Period pursuant to Sections 4.04(c), (d) and (e) that have not otherwise been made as of such Distribution Date, and (iii) third, any remaining Additional Available Series Principal Collections shall be
treated as Available Series Principal Collections for such date. 
 (g) On the first Business Day of the earlier to occur of the
Controlled Accumulation Period and the Early Amortization Period, the Indenture Trustee, acting in accordance with written instructions from the Servicer, shall withdraw from the Excess Funding Account and apply in accordance with Sections
4.04(d) or (e), as applicable, an amount equal to the lesser of (i) the Series 2011-3 Excess Funding Amount for such date and (ii) the amount required to be deposited or distributed on that date pursuant to
Section 4.04(d)(i) or 4.04(e)(i), as applicable that was not previously deposited or distributed on that date. 

  
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 (h) The Controlled Accumulation Period is scheduled to commence on the first day of the
November 2013 Collection Period; provided, however, that, if the Accumulation Period Length (determined as described below) is less than six Collection Periods, the date on which the Controlled Accumulation Period actually commences
shall be delayed to the first day of the Collection Period that is the number of whole Collection Periods before the Series 2011-3 Expected Maturity Date at least equal to the Accumulation Period Length and, as a result, the number of Collection
Periods in the Controlled Accumulation Period shall at least equal the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the October 2013 Collection Period and ending when the Controlled
Accumulation Period begins, the Servicer shall determine the “Accumulation Period Length” as of such Determination Date, which shall equal the number of whole Collection Periods such that the sum of the Accumulation Period Factors
for each Collection Period during such period shall be equal to or greater than the Required Accumulation Factor Number; provided, however, that the Accumulation Period Length shall not be determined to be less than one Collection
Period. If the number of whole Collection Periods remaining after such Determination Date and before the Series 2011-3 Expected Maturity Date is less than or equal to the Accumulation Period Length calculated as of such Determination Date, the
Controlled Accumulation Period shall commence on the first day of the following Collection Period; provided, however, if such number of Collection Periods is greater than such Accumulation Period Length, the commencement of the
Controlled Accumulation Period shall be delayed until at least the next Determination Date, at which time the Accumulation Period Length shall be recalculated as described above. 

(i) All distributions that are deposited by the Indenture Trustee into the Certificate Distribution Account for distribution to the
holders of the Certificate pursuant to this Indenture Supplement shall be made in accordance with such written remittance instructions as may be provided to the Indenture Trustee by the Depositor from time to time. 

(j) Notwithstanding any other provision of this Indenture Supplement or the Indenture, if any amount is required to be deposited into any
Series Account or other account pursuant to this Indenture Supplement and all or part of the amount of such deposit is to be deposited into another account or otherwise distributed on that date, such amount may be deposited directly into the
applicable subsequent account or distributed directly to the applicable recipient without first being deposited into the initial Series Account or account. 
 (k) If an increase in the Subordination Factor is to occur on the next Distribution Date, the Required Nonoverconcentration Pool Balance for purposes of Section 8.3 of the Indenture as of such
Distribution Date and on each subsequent date until the Distribution Date on which such increase takes effect shall be calculated as if the increase in the Subordination Factor has already occurred. 

SECTION 4.05 Series Charge-Offs. 
 (a) On each Determination Date, the Servicer shall calculate the Series Defaulted Amount, if any, for the related Distribution Date. If the Series Defaulted Amount for any Distribution Date exceeds the
sum of: 
 (i) the Available Series Interest Collections for such Distribution Date applied to fund such Series
Defaulted Amount pursuant to Section 4.04(a)(vi); 

  
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 (ii) the Excess Interest Collections available from other outstanding Series
in Excess Interest Sharing Group One for such Distribution Date applied to fund such Series Defaulted Amount pursuant to Section 4.04(a)(vi) in accordance with Section 4.04(b)(i); 

(iii) the Reserve Fund Available Amount for such Distribution Date applied to fund such Series Defaulted Amount pursuant
to Section 4.04(a)(vi) in accordance with Section 4.04(b)(ii) (after giving effect to the application of such amounts to items (i) through (v) in Section 4.04(a)); and; 

(iv) the amount of Servicer Advances for such Distribution Date applied to fund such Series Defaulted Amount pursuant to
Section 4.04(a)(vi) in accordance with Section 4.04(b)(iv); 
 then, a “Series Charge-Off” in the
amount of such excess shall exist for such Distribution Date and shall reduce the Invested Amount. 
 (b) The reduction in the
Invested Amount for such Distribution Date due to such Series Charge-Off shall be allocated as follows: 
 (i)
first, the Class E Invested Amount shall be reduced by the amount of such reduction until the Class E Invested Amount is reduced to zero; then 
 (ii) second, the Class D Invested Amount shall be reduced by any remaining amount until the Class D Invested Amount is reduced to zero; then 

(iii) third, the Class C Invested Amount shall be reduced by any remaining amount until the Class C Invested Amount is
reduced to zero; then 
 (iv) fourth, the Class B Invested Amount shall be reduced by any remaining amount until
the Class B Invested Amount is reduced to zero; and then 
 (v) fifth, the Class A Invested Amount shall be
reduced by any remaining amount until the Class A Invested Amount is reduced to zero. 
 SECTION 4.06 Reallocated
Principal Collections. 
 On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee by written
instruction to the Indenture Trustee to apply the portion of Reallocated Principal Collections specified in Section 4.04(b)(iii) from the following sources and in the following order of priority, (i) first, Additional Available
Series Principal Collections for that Distribution Date available in accordance with Section 4.04(f), (ii) second, Series Principal Collections for that date, and (iii) third, amounts on deposit in the Note Distribution Account
for the payment of 

  
 29 

 
principal (first for the Class E Notes, then for the Class D Notes, then for the Class C Notes, then for the Class B Notes and then for the Class A Notes), but not in excess of the amounts
specified in the definition of “Reallocated Principal Collections,” in accordance with Section 4.04(b)(iii). If, on any Distribution Date, Reallocated Principal Collections for such Distribution Date are so applied, then, the
Invested Amount shall be reduced by the amount of such application and, if such amounts are from withdrawals from the Note Distribution Account, those amounts shall be deemed not to have been allocated or deposited into the Note Distribution Account
for purposes of this Indenture Supplement. The reduction in the Invested Amount for such Distribution Date due to the application of such Reallocated Principal Collections shall be allocated as follows: 

(a) first, the Class E Invested Amount shall be reduced by the amount of such reduction until the Class E Invested Amount is reduced to
zero; then 
 (b) second, the Class D Invested Amount shall be reduced by any remaining amount until the Class D Invested Amount
is reduced to zero; then 
 (c) third, the Class C Invested Amount shall be reduced by any remaining amount until the Class C
Invested Amount is reduced to zero; then 
 (d) fourth, the Class B Invested Amount shall be reduced by any remaining amount
until the Class B Invested Amount is reduced to zero; and then 
 (e) fifth, the Class A Invested Amount shall be reduced
by any remaining amount until the Class A Invested Amount is reduced to zero. 
 SECTION 4.07 Excess Interest
Collections. 
 Subject to Section 8.05(b) of the Indenture, Excess Interest Collections with respect to the
Excess Interest Sharing Series in Excess Interest Sharing Group One for any Distribution Date shall be allocated to Series 2011-3 in an amount equal to the product of (i) the aggregate amount of Excess Interest Collections with respect to all
the Excess Interest Sharing Series in Excess Interest Sharing Group One for such Distribution Date and (ii) a fraction, the numerator of which is the Interest Collections Shortfall for Series 2011-3 for such Distribution Date and the
denominator of which is the aggregate amount of Interest Collections Shortfalls for all the Excess Interest Sharing Series in Excess Interest Sharing Group One for such Distribution Date. The “Interest Collections Shortfall” for
Series 2011-3 for any Distribution Date shall equal the excess, if any, of (a) the full amount required to be paid, without duplication, pursuant to clauses (i) through (xii) of Section 4.04(a) on such
Distribution Date, over (b) the Available Series Interest Collections for such Distribution Date. The maximum amount of “Excess Interest Collections” with respect to Series 2011-3 for any Distribution Date available for other
Series in Excess Sharing Group One shall equal the excess, if any, of (a) the Available Series Interest Collections for such Distribution Date over (b) the full amount required to be distributed, without duplication, pursuant to clauses
(i) through (xii) of Section 4.04(a) on such Distribution Date. 

  
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 SECTION 4.08 Shared Principal Collections. 

Subject to Section 8.5(c) of the Indenture, the aggregate amount of Shared Principal Collections with respect to the
Principal Sharing Series in Principal Sharing Group One for any date shall be allocated to Series 2011-3 in an amount equal to the product of (i) the aggregate amount of Shared Principal Collections, times (ii) a fraction, the numerator of
which is the Principal Shortfall for Series 2011-3 for such date and the denominator of which is the aggregate amount of Principal Shortfalls for all the Principal Sharing Series in Principal Sharing Group One for such date. The “Principal
Shortfall” for Series 2011-3 shall equal (a) for any date in the Revolving Period, zero, (b) for any date in the Controlled Accumulation Period, the amount to be deposited or distributed pursuant to Sections 4.04(d) over
the amount previously deposited or distributed pursuant to that subsection, and (c) for any date in the Early Amortization Period, the amount to be deposited or distributed pursuant to Section 4.04(e) over the amount previously
deposited or distributed pursuant to that subsection. The “Shared Principal Collections” with respect to Series 2011-3 for any date shall equal the excess, if any, of (a) the Available Series Principal Collections for such date
(without giving effect to clause (ii) of the definition thereof) over (b) the full amount required to be deposited or distributed, without duplication, pursuant to Sections 4.04(c), (d) or (e) on such
date. 
 SECTION 4.09 Reinstatement of Invested Amount. 

(a) The Invested Amount shall be reinstated on any Distribution Date by the amount of any Available Series Interest Collections that are
applied pursuant to Section 4.04(a)(vi), (vii), (viii) and (ix). This amount shall be applied as follows: 
 (i) first, if the Class A Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class A Invested Amount until it equals the Class A Note Principal Balance
minus the amount on deposit in the Note Distribution Account (excluding amounts relating to investment earnings) allocated to it; then 
 (ii) second, if the Class B Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class B Invested Amount until it equals the Class B Note Principal Balance minus the
amount on deposit in the Note Distribution Account (excluding amounts relating to investment earnings) allocated to it; then 
 (iii) third, if the Class C Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class C Invested Amount until it equals the Class C Note Principal Balance minus the
amount on deposit in the Note Distribution Account (excluding amounts relating to investment earnings) allocated to it; then 
 (iv) fourth, if the Class D Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class D Invested Amount until it equals the Class D Note Principal Balance minus the
amount on deposit in the Note Distribution Account (excluding amounts relating to investment earnings) allocated to it; and then 

  
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 (v) fifth, if the Class E Invested Amount has been reduced pursuant to
Sections 4.05 or 4.06, to the Class E Invested Amount until it equals the Required Class E Invested Amount. 

SECTION 4.10 Note Distribution Account. 
 (a) The Servicer, for the benefit of the Noteholders, shall establish and maintain with the Indenture Trustee in the name of the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit
Account (including any subaccounts thereof) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Noteholders (the “Note Distribution Account”). The Indenture
Trustee shall possess all right, title and interest in all Eligible Investments and all monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited
to the Note Distribution Account and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit
of the Noteholders. Except as expressly provided in this Indenture Supplement and the Trust Sale and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any
funds and other property held in the Note Distribution Account for any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the written direction of the Servicer, shall make
deposits and withdrawals from the Note Distribution Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement. 
 (b) Funds on deposit in the Note Distribution Account shall, at the written direction of the Servicer, be invested by the Indenture Trustee (including the Securities Intermediary) in Eligible Investments
selected by the Servicer. All such Eligible Investments shall be held by the Indenture Trustee or its nominee for the benefit of the Noteholders. The Indenture Trustee shall cause each Eligible Investment to be delivered to it (including a
securities intermediary) and shall be credited to the Note Distribution Account. Funds on deposit in the Note Distribution Account shall be invested in Eligible Investments. On each Distribution Date, all interest and other investment earnings (net
of losses and investment expenses) on funds on deposit in the Note Distribution Account shall be treated as Available Series Interest Collections with respect to the related Collection Period. The Indenture Trustee shall bear no responsibility or
liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 4.10(b) nor for the selection of Eligible Investments in accordance with the provisions of this Indenture Supplement, the
Indenture or the Trust Sale and Servicing Agreement. 
 SECTION 4.11 Reserve Fund. 

(a) The Servicer, for the benefit of the Series 2011-3 Noteholders, shall establish and maintain with the Indenture Trustee or its
nominee in the name of the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly indicating that the funds and other property credited thereto are held for
the benefit of the Series 2011-3 Noteholders (the “Reserve Fund”). The Indenture Trustee shall possess all right, title and interest in all Eligible Investments and all monies, cash,

  
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instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Reserve Fund and in all interest,
proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Series 2011-3 Noteholders. Except as expressly
provided in this Indenture Supplement and the Trust Sale and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in the
Reserve Fund for any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the written direction of the Servicer, shall make deposits to and withdrawals from the Reserve Fund
from time to time in the amounts and for the purposes set forth in this Indenture Supplement. 
 (b) Funds on deposit in the
Reserve Fund shall, at the written direction of the Servicer, be invested by the Indenture Trustee or its nominee (including the Securities Intermediary) in Eligible Investments. All such Eligible Investments shall be held by the Indenture Trustee
or its nominee for the benefit of the Series 2011-3 Noteholders. The Indenture Trustee shall cause each Eligible Investment to be delivered to it or its nominee (including a securities intermediary) and shall be credited to the Reserve Fund. Funds
on deposit in the Reserve Fund shall be invested in Eligible Investments. On each Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Fund shall be treated as
Available Series Interest Collections for such Distribution Date. The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this
Section 4.11(b) nor for the selection of Eligible Investments in accordance with the provisions of this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement. 

(c) The Reserve Fund initially shall be funded by the Depositor on the Closing Date in the amount of the Reserve Fund Initial Amount.
After the Closing Date, funds shall be deposited into the Reserve Fund as provided in Section 4.04(a)(x). The Depositor may at any time and from time to time make additional deposits into the Reserve Fund; provided,
however, the Depositor shall not be permitted to make any such discretionary deposit without satisfaction of the Series 2011-3 Rating Agency Condition with respect to each Class of Series 2011-3 Notes in connection therewith if such deposit
together with any discretionary increases in the Subordination Factor and the Class E Invested Amount would result in the aggregate amount of all such deposits and increases exceeding 5.0% of the Note Principal Balance as of the date of such
deposit. 
 (d) If on any Distribution Date, after giving effect to all withdrawals from and deposits to the Reserve Fund, the
amount on deposit in the Reserve Fund (excluding amounts relating to investment earnings) exceeds the Reserve Fund Required Amount then in effect, the Indenture Trustee shall, at the written direction of the Servicer, distribute such excess to the
Owner Trustee for distribution to the holders of the Certificate Interest in accordance with the Trust Agreement. 

  
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 (e) Upon the earlier to occur of the date on which the Series 2011-3 Notes are paid in full
and the Series 2011-3 Legal Maturity Date, any funds remaining in the Reserve Fund, after giving effect to any deposits and withdrawals made therefrom on such date, shall be treated as Additional Available Series Principal Collections. The Reserve
Fund shall thereafter be deemed to have terminated for purposes of this Indenture Supplement. 
 SECTION 4.12
Determination of LIBOR. 
 (a) On each LIBOR Determination Date, the Indenture Trustee shall determine LIBOR on the basis
of the rate for deposits in United States dollars for a one-month period which appears on Bloomberg Screen BTMM Page under the heading “LIBOR FIX BBAM” as of 11:00 a.m., London time, on such date. If such rate does not appear on such page
(or such other page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Indenture Trustee after consultation with the Depositor),
the rate shall be the One Month Reference Bank Rate. The “One Month Reference Bank Rate” shall be determined on the basis of the rates at which deposits in U.S. dollars are offered by the reference banks (which shall be four major
banks that are engaged in transactions in the London interbank market, selected by the Indenture Trustee after consultation with the Depositor) as of 11:00 a.m., London time, on the applicable LIBOR Determination Date to prime banks in the London
interbank market for a period of one month commencing on such preceding Distribution Date in amounts approximately equal to the principal balance of the Series 2011-3 Notes. The Indenture Trustee shall request the principal London office of each of
the reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate shall be the arithmetic mean of the quotations, rounded upwards to the nearest one-sixteenth of one percent. If on any such date fewer
than two quotations are provided as requested, the rate shall be the arithmetic mean, rounded upwards to the nearest one-sixteenth of one percent, of the rates quoted by one or more major banks in New York, selected by the Indenture Trustee after
consultation with the Depositor, as of 11:00 a.m., New York time, on such date to leading European banks for U.S. dollar deposits for a period of one month commencing on such applicable date in amounts approximately equal to the then outstanding
principal balance of the Series 2011-3 Notes. If no such quotation can be obtained, the rate shall be LIBOR for the prior Distribution Date. 
 (b) On each LIBOR Determination Date, the Indenture Trustee shall send to the Servicer, the Issuing Entity and the Administrator by facsimile or email transmission, notification of LIBOR for the following
Interest Period. 
 (c) The Servicer shall provide, in the Monthly Statement, the Class A-1 Note Interest Rate, the
Class A-2 Note Interest Rate, the Class B Note Interest Rate, the Class C Note Interest Rate and the Class D Note Interest Rate applicable to each Distribution Date. 
 (d) Other than the determination of LIBOR as provided for herein, all other determinations and calculations provided for in this Indenture Supplement shall be made by the Servicer. 

  
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 SECTION 4.13 Accumulation Period Reserve Account. 

(a) If the Accumulation Period Reserve Account Required Amount is greater than zero ($0), the Servicer, for the benefit of the
Noteholders, shall establish and maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly
indicating that the funds and other property credited thereto are held for the benefit of the Noteholders (the “Accumulation Period Reserve Account”). The Indenture Trustee shall possess all right, title and interest in all Eligible
Investments and all monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Accumulation Period Reserve Account and in all interest,
proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Noteholders. Except as expressly provided in
this Indenture Supplement and the Trust Sale and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in the Accumulation
Period Reserve Account for any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the direction of the Servicer, shall make deposits and withdrawals from the Accumulation
Period Reserve Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement. 
 (b)
Funds on deposit in the Accumulation Period Reserve Account shall, at the written direction of the Servicer, be invested by the Indenture Trustee (including the Securities Intermediary) in Eligible Investments selected by the Servicer. All such
Eligible Investments shall be held by the Indenture Trustee or its nominee for the benefit of the Noteholders. The Indenture Trustee shall cause each Eligible Investment to be delivered to it (including a securities intermediary) and shall be
credited to the Accumulation Period Reserve Account. Funds on deposit in the Accumulation Period Reserve Account shall be invested in Eligible Investments. On each Distribution Date, all interest and other investment earnings (net of losses and
investment expenses) on funds on deposit in the Accumulation Period Reserve Account shall be treated as Available Series Interest Collections with respect to the related Collection Period. The Indenture Trustee shall bear no responsibility or
liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 4.13(b) nor for the selection of Eligible Investments in accordance with the provisions of this Indenture Supplement, the
Indenture or the Trust Sale and Servicing Agreement. 
 (c) On or before each Distribution Date with respect to the Controlled
Accumulation Period and on or before the first Distribution Date with respect to the Early Amortization Period beginning after the commencement of the Controlled Accumulation Period, the Servicer shall calculate the Accumulation Period Reserve Draw
Amount; provided, however, that such amount shall be reduced to the extent that funds otherwise would be available for deposit into the Accumulation Period Reserve Account pursuant to Sections 4.04(a)(xi) and
Section 4.04(b)(i) on such Distribution Date. If for any Distribution Date, the Accumulation Period Reserve Draw Amount is greater than zero, the Accumulation Period Reserve Draw Amount, up to the Available Accumulation Period Reserve
Account Amount, shall be withdrawn from the Accumulation Period Reserve Account on such Distribution Date by the Indenture Trustee (acting in accordance with the written instructions of the Servicer) and deposited into the Collection Account for
application as Available Series Interest Collections. 

  
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 (d) If on any Distribution Date, after giving effect to all withdrawals from and deposits to
the Accumulation Period Reserve Account, the amount on deposit in the Accumulation Period Reserve Account exceeds the Accumulation Period Reserve Account Required Amount then in effect, the Indenture Trustee shall, at the written direction of the
Servicer, distribute such excess to the Owner Trustee for distribution to the holders of the Certificate Interest in accordance with the Trust Agreement. 
 (e) Upon the earliest to occur of (i) the payment in full of the Series 2011-3 Notes, (ii) the first Distribution Date relating to the Early Amortization Period and (iii) the Series 2011-3
Legal Maturity Date, any funds remaining in the Accumulation Period Reserve Account, after withdrawal of funds therefrom on such date in accordance with Section 4.13(c), shall be treated as Available Series Interest Collections. The
Accumulation Period Reserve Account shall thereafter be deemed to have terminated for purposes of this Indenture Supplement. 

SECTION 4.14 Transfer Restrictions. 
 (a) The Class E Notes (or interests therein) may not be acquired by or for the account of (i) a Benefit Plan other than an insurance company general account (as defined in Prohibited Transaction
Class Exemption (“PTCE”) 95-60) whose underlying assets include less than 25% “plan assets” and for which the purchase and holding of the Class E Notes is eligible for and satisfied all conditions for relief under PTCE 95-60 or
(ii) an employee benefit plan or plan that is not subject to the provisions of Title I of ERISA or Section 4975 of the Code if such acquisition would result in a non-exempt prohibited transaction under, or a non-exempt violation of, any
applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code. By accepting and holding a Class E Note (or interest therein), the Holder thereof and any related Note Owner shall each be deemed to have represented
and warranted that it is not, nor is it acquiring the Note for the account of either, (i) a Benefit Plan other than an insurance company general account (as defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60) whose
underlying assets include less than 25% “plan assets” and for which the purchase and holding of the Class E Notes is eligible for and satisfied all conditions for relief under PTCE 95-60 or (ii) an employee benefit plan or plan that
is not subject to the provisions of Title I of ERISA or Section 4975 of the Code if such acquisition would result in a non-exempt prohibited transaction under, or a non-exempt violation of, any applicable law that is substantially similar to
Title I of ERISA or Section 4975 of the Code. By accepting and holding a Class A Note, Class B Note, Class C Note or Class D Note (or interest therein), the Holder thereof and any related Note Owner shall be deemed to have represented and
warranted that either (i) it is not, nor is it acquiring the Note for the account of, a Benefit Plan or any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code or
(ii) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a non-exempt violation of substantially similar law. In addition, Benefit
Plans may not acquire (i) a Class A Note, Class B Note, Class C Note, or Class D Note at any time that such Note would not be treated as indebtedness without substantial equity features, or (ii) a Class B Note, Class C Note or Class D
Note at any time that the ratings on such Note are below investment grade. By accepting and holding a Class A Note, Class B Note, Class C Note 

  
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or Class D Note (or interest therein), the Holder thereof and any related Note Owner shall each be deemed to have represented and warranted that its acquisition of such note is in compliance with
the foregoing restriction. 
 (b) The Series 2011-3 Private Notes will not be registered under the Securities Act or the
securities or blue sky laws of any other jurisdiction. Consequently, the Series 2011-3 Private Notes are not transferable other than pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of certain other
provisions specified herein. No sale, pledge or other transfer of the Series 2011-3 Private Notes (or interest therein) may be made by any Person unless either (i) such sale, pledge or other transfer is made to or by the Depositor, (ii) so
long as the Series 2011-3 Private Notes are eligible for resale pursuant to Rule 144A under the Securities Act, such sale, pledge or other transfer is made to a person whom the transferor “reasonably believes” within the meaning of Rule
144A under the Securities Act is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act (a “Qualified Institutional Buyer”) acting for its own account (and not for the account of others)
or as a fiduciary or agent for others (which others also are Qualified Institutional Buyers) to whom notice is given that the sale, pledge or transfer is being made in reliance on Rule 144A under the Securities Act, or (iii) such sale, pledge
or other transfer is otherwise made in a transaction exempt from the registration requirements of the Securities Act, in which case (A) the Indenture Trustee shall require that both the prospective transferor and the prospective transferee
certify to the Indenture Trustee and the Depositor in writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to the Indenture Trustee and the Depositor, and (B) the Indenture Trustee shall
require a written opinion of counsel (which will not be at the expense of the Issuing Entity, the Seller, the Depositor, the Servicer or the Indenture Trustee) satisfactory to the Depositor and the Indenture Trustee to the effect that such transfer
will not violate the Securities Act. Neither the Depositor nor the Indenture Trustee shall be obligated to register the Series 2011-3 Private Notes under the Securities Act, qualify the Series 2011-3 Private Notes under the securities laws of any
state or provide registration rights to any purchaser or holder thereof. 
 (c) Transfer of a Class E Note may only be made to a
Person who is a United States Person (within the meaning of Section 7701(a)(30) of the Internal Revenue Code). Any Person acquiring a Class E Note or an interest therein (i) shall not be deemed to have made the representations set forth in
Section 2.14 of the Indenture and (ii) other than the Depositor shall not acquire or hold such Class E Note or interest therein in the form of a Book Entry Note. 
 (d) No sale, pledge or other transfer may be made to any one person of a Class E Note with a face amount of less than the amount determined in accordance with Section 1.01(E) hereof (in order
to prevent the Issuing Entity from being treated as a “publicly traded partnership” under Section 7704 of the Code), and, in the case of any Person acting on behalf of one or more third parties (other than a bank (as defined in
Section 3(a)(2) of the Securities Act) acting in its fiduciary capacity), for a Class E Note with a face amount of less than such amount for each such third party. Any attempted transfer in contravention of the immediately preceding restriction
will be void ab initio and the purported transferor will continue to be treated as the owner of the Class E Notes for all purposes. No Class E Note may be transferred unless the transferor provides to the Indenture Trustee an opinion of
independent counsel that the transfer will not cause the Issuing Entity to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes. 

  
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 (e) (i) A sale, pledge, or transfer of a Class B Note, a Class C Note or a Class D Note may
only be made to a Person who is a United State Person (within the meaning of Section 7701(a)(30) of the Internal Revenue Code). A Person other than the Depositor acquiring a Class B Note, a Class C Note or a Class D Note or an interest therein
shall be deemed to have made the representations set forth in Section 2.14 of the Indenture; and (ii) no sale, pledge, or transfer of a Class B Note, a Class C Note or a Class D Note shall be made (x) to any one person with a
face amount of less than 100% of the Class B Note Principal Balance, Class C Note Principal Balance or Class D Note Principal Balance, as applicable, or (y) to a Special Pass-Through Entity, in each case, unless (A) an opinion of counsel
satisfactory to the Indenture Trustee and the Depositor that such sale, pledge, or transfer shall not cause the Trust to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes shall
have been delivered to the Indenture Trustee and the Depositor and (B) the Depositor shall have provided prior written approval; provided, however, that the restrictions in this Section 4.14(e) shall not apply in the
event counsel satisfactory to the Indenture Trustee and the Depositor has rendered an opinion to the effect that the Class B Note, the Class C Note or the Class D Note, as applicable, to be sold, pledged, or transferred will be characterized as
indebtedness for federal income tax purposes. Any attempted transfer in contravention of this Section 4.14(e) will be void ab initio and the purported transferor will continue to be treated as the owner of, as applicable, the
Class B Note, the Class C Note or the Class D Note for all purposes. 
 ARTICLE V 

DELIVERY OF SERIES 2011-3 NOTES; 
 DISTRIBUTIONS; REPORTS TO SERIES 2011-3 NOTEHOLDERS 
 SECTION 5.01
Delivery and Payment for Series 2011-3 Notes. 
 The Indenture Trustee shall authenticate the Series 2011-3 Notes in
accordance with Section 2.2 of the Indenture. The Indenture Trustee shall deliver the Series 2011-3 Notes to the Issuing Entity when so authenticated. 
 SECTION 5.02 Distributions. 
 (a) On each Distribution Date, based
solely on the information contained in the Monthly Statement, the Indenture Trustee shall distribute to each Class A-1 Noteholder, Class A-2 Noteholder, Class B Noteholder, Class C Noteholder and Class D Noteholder of record on the related
Record Date (other than as provided in Section 11.2 of the Indenture) such Class A-1 Noteholder’s, Class A-2 Noteholder’s, Class B Noteholder’s, Class C Noteholder’s and Class D Noteholder’s,
respectively, pro rata share of the amounts allocated and available in the Note Distribution Account on such Distribution Date to pay interest on the Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes and the Class
D Notes, respectively, pursuant to this Indenture Supplement. 

  
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 (b) On the Series 2011-3 Expected Maturity Date and on each Distribution Date with respect
to the Early Amortization Period, based solely on the information contained in the Monthly Statement, from the amounts allocated during the related or any prior Collection Period or, with respect to Additional Available Series Principal Collections,
on such or any prior Distribution Date and available in the Note Distribution Account on such Distribution Date to pay principal of the Series 2011-3 Notes pursuant to this Indenture Supplement, the Indenture Trustee shall distribute: 

(i) first, pro rata to each Class A-1 Noteholder of record and Class A-2 Noteholder of record, as applicable, on
the related Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class A Notes (allocated pro rata between the Class A-1 Notes and the Class A-2 Notes), until the Class A Notes have
been paid in full, 
 (ii) second, pro rata to each Class B Noteholder of record on the related Record Date
(other than as provided in Section 11.2 of the Indenture), principal of the Class B Notes until the Class B Notes have been paid in full, provided, however, that in no event shall any amount be paid as principal with
respect to the Class B Notes unless the Class A Principal Balance is zero, 
 (iii) third, pro rata to each
Class C Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class C Notes until the Class C Notes have been paid in full, provided, however, that in no
event shall any amount be paid as principal with respect to the Class C Notes unless the Class A Principal Balance and the Class B Principal Balance are zero, 

(iv) fourth, pro rata to each Class D Noteholder of record on the related Record Date (other than as provided in
Section 11.2 of the Indenture), principal of the Class D Notes until the Class D Notes have been paid in full, provided, however, that in no event shall any amount be paid as principal with respect to the Class D Notes
unless the Class A Principal Balance, the Class B Principal Balance and the Class C Principal Balance are zero, and 
 (v) fifth, pro rata to each Class E Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class E Notes until the Class E
Notes have been paid in full, provided, however, that in no event shall any amount be paid as principal with respect to the Class E Notes unless the Class A Principal Balance, the Class B Principal Balance, the Class C Principal
Balance and the Class D Principal Balance are zero. 
 (c) The distributions to be made pursuant to this Section are subject to
the provisions of Sections 2.5 of the Trust Sale and Servicing Agreement, Section 11.2 of the Indenture and Section 7.01 of this Indenture Supplement. 

  
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 (d) Except as provided in Section 11.2 of the Indenture with respect to a final
distribution, distributions to Series 2011-3 Noteholders hereunder shall be made by (i) wire transfer (to the account specified by the applicable Noteholder) or check mailed first class, postage prepaid to each Series 2011-3 Noteholder (at such
Noteholder’s address as it appears in the Note Register), except that with respect to any Series 2011-3 Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made in immediately available funds and
(ii) without presentation or surrender of any Series 2011-3 Note or the making of any notation thereon. 
 (e) The amount
of all distributions and deposits that are required to be made by the Indenture Trustee on each Distribution Date pursuant to this Section 5.02 shall be set forth in written instructions (which may be in the form of the Monthly
Statement) provided by the Servicer to the Indenture Trustee no later than the second Business Day prior to the related Distribution Date. 
 (f) The Indenture Trustee shall have no duty to make any deposits or distributions or any other payments under this Indenture Supplement unless and until it has sufficient cash to make such payments and
it has received written instructions from the Servicer as to such deposits, distributions and payments. 
 SECTION 5.03
Reports and Statements to Series 2011-3 Noteholders. 
 (a) The Indenture Trustee will make available each month to each
Series 2011-3 Noteholder the statements referred to in Section 5.03(b) below (and certain other documents, reports and information regarding the Receivables provided by the Servicer form time to time) via the Indenture Trustee’s internet
website, with the use of a password provided by the Indenture Trustee. The Indenture Trustee’s internet website will be located at www.CTSLink.com or at such other address as the Indenture Trustee shall notify the Series 2011-3 Noteholders from
time to time. For assistance with regard to this service, the Series 2011-3 Noteholders can call the Indenture Trustee’s Corporate Trust Office at (866) 846-4526. The Indenture Trustee shall have the right to change the way the statements
referred to in Section 5.03(b) below are distributed in order to make such distribution more convenient and/or more accessible to the parties entitled to receive such statements so long as such statements are only provided to the then
current Series 2011-3 Noteholders. The Indenture Trustee shall provide notification of any such change to all parties entitled to receive such statements in the manner described in Section 12.4, Section 12.5 or
Section 12.6 of the Indenture, as appropriate. 
 (b) No later than the second Business Day preceding each
Distribution Date, the Servicer shall deliver to the Owner Trustee, the Indenture Trustee and, if Ally Financial or an Affiliate of Ally Financial is the Servicer, each Rating Agency (or, if Ally Financial or an Affiliate of Ally Financial is not
the Servicer, to the Depositor, who shall promptly provide such Monthly Statement to each Rating Agency) a statement substantially in the form of Exhibit B (the “Monthly Statement”) prepared by the Servicer; provided that the
Servicer may amend the form of Exhibit B from time to time. 
 (c) A copy of each statement or certificate provided
pursuant to Section 5.03(a) or (b) may be obtained by any Series 2011-3 Noteholder by a request in writing to the Servicer. 

  
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 (d) Within the prescribed period of time for tax reporting purposes after the end of each
calendar year during the term of this Indenture Supplement, the Indenture Trustee and the Administrator shall furnish (or cause to be furnished), to each Person who at any time during such calendar year shall have been a holder of record of Series
2011-3 Notes, and received any payment thereon, a statement containing such information as may be required by the Code and applicable Treasury Regulations to enable such Noteholder to prepare its federal income tax returns. 

ARTICLE VI SERIES 2011-3 EARLY AMORTIZATION EVENTS AND SERIES 2011-3 

EVENTS OF DEFAULT 
 SECTION 6.01 Series 2011-3 Early Amortization Events. 
 If any one of
the following events occurs with respect to the Series 2011-3 Notes: 
 (a) failure on the part of the Depositor, the Servicer
or the Seller, as applicable, to duly observe or perform in any material respect any other covenants or agreements of the Depositor, the Servicer or the Seller, as the case may be, set forth in the Trust Sale and Servicing Agreement or the Pooling
and Servicing Agreement, which failure continues 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 by the Indenture Trustee or the Owner Trustee to the
Depositor, provided, however, that no Early Amortization Event shall be deemed to occur if such failure results in the creation of Warranty Receivables or Administrative Receivables and such Warranty Receivables or Administrative
Receivables are purchased by the Seller, the Depositor or the Servicer in accordance with the Basic Documents; 
 (b) any
representation or warranty made by the Seller in the Pooling and Servicing Agreement or the Depositor in the Trust Sale and Servicing Agreement or any information contained on the Schedule of Accounts, (i) shall prove to have been incorrect in
any material respect when made or when delivered, and shall continue to be incorrect in any material respect 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 to
the Depositor by the Indenture Trustee or the Owner Trustee and (ii) as a result of such incorrectness the interests of the Noteholders are materially and adversely affected, provided, however, that no Early Amortization Event
shall be deemed to occur if such failure results in the creation of Warranty Receivables or Administrative Receivables and such Warranty Receivables or Administrative Receivables are purchased by the Seller, the Depositor or the Servicer in
accordance with the Basic Documents; 
 (c) failure on the part of the Depositor, the Servicer or the Seller, as applicable, to
pay (or set aside for payment) all amounts required to be paid as principal on any Series 2011-3 Notes on the Series 2011-3 Expected Maturity Date; 
 (d) on any Distribution Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 17.50%; 

(e) on any three consecutive Distribution Dates, the amount on deposit in the Reserve Fund is less than the Reserve Fund Required Amount;

  
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 (f) on any Distribution Date, the Reserve Fund Required Amount for such Distribution Date
exceeds the amount on deposit in the Reserve Fund by more than the Reserve Fund Trigger Amount; 
 (g) the unpaid principal
amount of Outstanding Series 2011-3 Notes (together with accrued and unpaid interest thereon) shall have become immediately due and payable as a result of an Event of Default pursuant to Section 6.03 of this Indenture Supplement;

 (h) an Insolvency Event with respect to the Seller, the Depositor or the Servicer (or Ally Financial, if Ally Financial is
not the Servicer); 
 (i) on any Distribution Date, the amount on deposit in the Excess Funding Account exceed 30.0% of the sum
of the Net Invested Amounts of all outstanding Series (including Series 2011-3), being determined as the average over the six Collection Periods immediately preceding the Distribution Date, or, if shorter, the period from the initial issuance date
through and including the last day of the immediately preceding Collection Period); 
 (j) the Issuing Entity or the Depositor
is required to register under the Investment Company Act; 
 (k) a Liquidation Event occurs with respect to a Significant
Manufacturer or with respect to a Majority of Manufacturers; 
 (l) on any Distribution Date, the Required Class E Invested
Amount for such Distribution Date exceeds the Class E Invested Amount; 
 (m) a failure by the Depositor to transfer to the
Issuing Entity Receivables arising in connection with Additional Accounts within 15 Business Days after the date on which the Depositor is required to convey such Receivables pursuant to Section 2.7(a) of the Trust Sale and Servicing
Agreement; or 
 (n) on the first Distribution Date related to the Controlled Accumulation Period, the amount on deposit in the
Accumulation Period Reserve Account is less than the Accumulation Period Reserve Account Required Amount; 
 then, (i) in
the case of any event described in clauses (a) or (b) above, after any applicable grace period, either the Indenture Trustee or the Holders of at least a majority of the Outstanding Amount of Series 2011-3 Notes by notice then given
in writing to the Depositor and the Servicer (and to the Indenture Trustee if given by the Series 2011-3 Noteholders) may declare that an Early Amortization Event with respect to the Series 2011-3 Notes (a “Series 2011-3 Early Amortization
Event”) has occurred as of the date of such notice, and (ii) in the case of any event described in clauses (c) through (n) above, immediately and without any notice or other action on the part of the Indenture
Trustee or the Series 2011-3 Noteholders, a Series 2011-3 Early Amortization Event shall be deemed to have occurred. 

  
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 SECTION 6.02 Series 2011-3 Events of Default. 

For the purposes of this Indenture Supplement, “Event of Default” wherever used herein, means any one of the following
events: 
 (a) failure to pay any interest on any Investor Note as and when the same becomes due and payable, and such default
shall continue unremedied for a period of thirty-five (35) days; or 
 (b) except as set forth in
Section 6.02(c) below, failure to pay any instalment of the principal of any Investor Note as and when the same becomes due and payable, and such default continues unremedied for a period of thirty (30) days after there shall have
been given, by registered or certified mail, written notice thereof to the Issuing Entity and the Servicer by the Indenture Trustee or to the Issuing Entity, the Servicer and the Indenture Trustee by the Holders of not less than 25% of the
Outstanding Amount of such Notes, a written notice specifying such default and demanding that it be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(c) failure to pay in full the Outstanding Amount attributable to the Series 2011-3 Notes on or prior to the Series 2011-3 Legal Maturity
Date for such Notes; 
 (d) default in the observance or performance in any material respect of any covenant or agreement of the
Issuing Entity made in the Indenture or this Indenture Supplement in respect of the Series 2011-3 Notes (other than a covenant or agreement in respect of the Series 2011-3 Notes a default in the observance or performance which is specifically dealt
with elsewhere in this Section 6.02), which failure materially and adversely affects the rights of the Noteholders, and such default shall continue or not be cured for a period of 30 days after there shall have been given, by registered
or certified mail, to the Issuing Entity and the Servicer by the Indenture Trustee or to the Issuing Entity, the Servicer and the Indenture Trustee by the Holders of at least 25% of the Outstanding Amount of the Series 2011-3 Notes, a written notice
specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 
 (e) the filing of an order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any substantial part of the Trust Estate in an involuntary case under the
Bankruptcy Code, and such order shall have continued undischarged or unstayed for a period of 90 days; or the filing of a decree or order by a court having jurisdiction in the premises approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of the Issuing Entity under any other Insolvency Law, and such decree or order shall have continued undischarged or unstayed for a period of 90 days; or the filing of a decree or order of a court having
jurisdiction in the premises appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the
Issuing Entity’s affairs, and such decree or order shall have continued undischarged and unstayed for a period of 90 consecutive days; or 

  
 43 

 (f) the commencement by the Issuing Entity of a voluntary case under the Bankruptcy Code; or
the filing of a petition or answer or consent by the Issuing Entity seeking reorganization, arrangement, adjustment or composition under any other Insolvency Law, or consent to the filing of any such petition, answer or consent; or the consent by
the Issuing Entity to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, or the making by the Issuing
Entity of an assignment for the benefit of creditors, or the admission in writing of its inability to pay its debts generally as such debts become due. 
 The Issuing Entity shall deliver to the Indenture Trustee within five Business Days after learning of the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which
with the giving of notice and the lapse of time would become an Event of Default under Section 6.02(d), its status and what action the Issuing Entity is taking or proposes to take with respect thereto. 

SECTION 6.03 Acceleration of Maturity; Rescission and Annulment. 

(a) If an Event of Default, other than an Event of Default as a result of an Insolvency Event with respect to the Issuing Entity, should
occur and is continuing, then the Indenture Trustee may, or shall, at the direction of the Holders of at least a majority of the Outstanding Amount of the Series 2011-3 Notes, declare all the Series 2011-3 Notes to be immediately due and payable, by
a notice in writing to the Issuing Entity and the Servicer (and to the Indenture Trustee if declared by such Noteholders) setting forth the Event or Events of Default. If an Insolvency Event of Default occurs and is continuing, then the Series
2011-3 Notes shall be immediately and without further action become due and payable, and the Indenture Trustee shall give a notice to such effect in writing to the Issuing Entity (although failure to give such notice shall not affect the immediate
acceleration of maturity). Upon any such declaration or automatic occurrence, the Revolving Period or the Controlled Accumulation Period, as applicable, with respect to the Series 2011-3 Notes shall terminate, an Early Amortization Period shall
commence and the unpaid principal amount of such Series 2011-3 Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 

(b) At any time after such acceleration of maturity has occurred pursuant to Section 6.03(a) and before a judgment or decree
for payment of the money due has been obtained by the Indenture Trustee as provided in Article V of the Indenture, the Holders of at least a majority of the Outstanding Amount of the Series 2011-3 Notes, by written notice to the Issuing
Entity, the Servicer and the Indenture Trustee, may rescind and annul such acceleration and its consequences with respect to the Series 2011-3 Notes. No such rescission and annulment shall extend to or affect any subsequent Event of Default or
impair any right consequent thereto; and provided, further, that if the Indenture Trustee shall have proceeded to enforce any right under the Indenture and such proceedings shall have been discontinued or abandoned because of such
rescission and annulment or for any other reason, or shall have been determined adversely to the Indenture Trustee, then and in every such case, the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall be restored to
their respective former positions and rights hereunder and under the Indenture, and all rights, remedies and powers of the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall continue as though no such proceedings
had been commenced. 

  
 44 

 (c) If the Series 2011-3 Notes shall have been accelerated following an Event of Default,
the Indenture Trustee may exercise the remedies available to it as set forth in Article V the Indenture. 
 (d) Any money
or property collected by the Indenture Trustee pursuant to this Section 6.03 following the acceleration of the maturities of the Series 2011-3 Notes (so long as such acceleration has not been rescinded or annulled) shall be paid out or
allocated in accordance with Section 5.4(b) of the Indenture. 
 ARTICLE VII 

REDEMPTION OF SERIES 2011-3 NOTES; SERIES LEGAL MATURITY; FINAL 

DISTRIBUTIONS 
 SECTION 7.01 Optional Redemption of Series 2011-3 Notes. 
 (a) On any
day occurring on or after the date on which the Note Principal Balance is reduced to 10% or less of the Initial Note Principal Balance, the Servicer (if Ally Financial or an Affiliate of Ally Financial is the Servicer) shall have the option to
purchase the Series 2011-3 Noteholders’ Collateral and thereby cause a redemption of the Series 2011-3 Notes, at a purchase price equal to (i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or
(ii) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. 
 (b)
Upon any such election, the Servicer shall give the Depositor, the Indenture Trustee, the Issuing Entity and, if applicable, other holders of the Certificate Interest at least 30 days prior written notice of the date on which the Servicer intends to
exercise such optional redemption as well as the Reassignment Amount and the Indenture Trustee shall provide notice to Holders of the Series 2011-3 Notes that it has received such notice from the Servicer. No later than 11:00 a.m. (New York City
time) on such day the Servicer shall deposit the Reassignment Amount into the Collection Account in immediately available funds. Such redemption option is subject to payment in full of the Reassignment Amount. Following such deposit into the
Collection Amount in accordance with the foregoing, the Invested Amount of the Series 2011-3 Notes shall be deemed reduced to zero and the Series 2011-3 Noteholders shall be deemed to have no further interest in the Receivables. The Reassignment
Amount shall be distributed as set forth in Section 7.02. 
 SECTION 7.02 Series Legal Maturity.

 (a) The amount to be paid by the Depositor with respect to Series 2011-3 in connection with a reassignment of the
Noteholders’ Collateral pursuant to Section 2.5 of the Trust Sale and Servicing Agreement shall be the Reassignment Amount for the first Distribution Date following the Collection Period in which the reassignment obligation arises
under the Trust Sale and Servicing Agreement. With respect to the Reassignment Amount deposited into the Collection Account pursuant to Section 2.5 of the Trust Sale and Servicing Agreement or pursuant to Section 7.01 of this
Indenture Supplement or the proceeds from any Foreclosure Remedy pursuant to Section 5.4 of the Indenture, the Indenture Trustee shall, in accordance with the written direction of the Servicer, no later than 11:00 a.m. (New York City
time) on the 

  
 45 

 
related Distribution Date, make deposits or distributions of the following amounts (in the priority set forth below and, in each case after giving effect to any deposits and distributions
otherwise to be made on such date) in immediately available funds: 
 (i) (A) the Class A Note Principal
Balance on such Distribution Date shall be distributed to the Indenture Trustee for payment to the Class A Noteholders, pro rata, between the Class A-1 Noteholders and the Class A-2 Noteholders, and (B) an amount equal to the sum
of (1) the Class A Monthly Interest for such Distribution Date and (2) any Class A Monthly Interest previously due but not paid to the Class A Noteholders on prior Distribution Dates, shall be distributed to the Indenture
Trustee for payment to the Class A Noteholders, pro rata, between the Class A-1 Noteholders and the Class A-2 Noteholders, on such Distribution Date; 

(ii) (A) the Class B Note Principal Balance on such Distribution Date shall be distributed to the Indenture Trustee for
payment to the Class B Noteholders and (B) an amount equal to the sum of (1) the Class B Monthly Interest for such Distribution Date and (2) any Class B Monthly Interest previously due but not paid to the Class B Noteholders on prior
Distribution Dates, shall be distributed to the Indenture Trustee for payment to the Class B Noteholders on such Distribution Date; 
 (iii) (A) the Class C Note Principal Balance on such Distribution Date shall be distributed to the Indenture Trustee for payment to the Class C Noteholders and (B) an amount equal to the sum of
(1) the Class C Monthly Interest for such Distribution Date and (2) any Class C Monthly Interest previously due but not paid to the Class C Noteholders on prior Distribution Dates, shall be distributed to the Indenture Trustee for payment
to the Class C Noteholders on such Distribution Date; 
 (iv) (A) the Class D Note Principal Balance on such
Distribution Date shall be distributed to the Indenture Trustee for payment to the Class D Noteholders and (B) an amount equal to the sum of (1) the Class D Monthly Interest for such Distribution Date and (2) any Class D Monthly
Interest previously due but not paid to the Class D Noteholders on prior Distribution Dates, shall be distributed to the Indenture Trustee for payment to the Class D Noteholders on such Distribution Date; and 

(v) the Class E Note Principal Balance on such Distribution Date shall be distributed to the Indenture Trustee for payment
to the Class E Noteholders on such Distribution Date. 
 (b) Notwithstanding anything to the contrary in this Indenture
Supplement, the Indenture or the Trust Sale and Servicing Agreement, (i) all amounts distributed to the Indenture Trustee pursuant to Section 7.02(a) for payment to the Series 2011-3 Noteholders shall be deemed distributed in full
to the Series 2011-3 Noteholders on the date on which such funds are distributed to the Indenture Trustee pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 11.2 of the Indenture and (ii) in
the event that the amounts available for final distribution to the Series 2011-3 Noteholders and to the Noteholders of any 

  
 46 

 
other Series on any Distribution Date are less than the full amount required to be so distributed, the available amounts shall be allocated to each Series based on the respective amounts required
to be distributed to each such Series (including Series 2011-3) on such Distribution Date. 
 ARTICLE VIII 

MISCELLANEOUS PROVISIONS 
 SECTION 8.01 Ratification of Agreement. 
 As supplemented by this
Indenture Supplement, the Indenture is in all respects ratified and confirmed and the Indenture as so supplemented by this Indenture Supplement is to be read, taken and construed as one and the same instrument. 

SECTION 8.02 Form of Delivery of Series 2011-3 Notes. 

The Series 2011-3 Notes shall be delivered as Registered Notes as provided in Section 2.2 of the Indenture. 

SECTION 8.03 Counterparts. 
 This Indenture Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all counterparts shall together constitute one and the same
instrument. 
 SECTION 8.04 Governing Law. 
 THIS INDENTURE SUPPLEMENT AND EACH SERIES 2011-3 NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO THE CONFLICT OF LAW PROVISIONS
THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 SECTION 8.05 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 8.06 Notices. 
 (a) The Issuing Entity (or the Servicer or Administrator on its behalf) shall deliver all notices, requests, consents or other communications delivered to the Rating Agencies hereunder to
Standard & Poor’s concurrently with the delivery thereof to the Rating Agencies. 

  
 47 

 (b) All notices, requests, reports, consents or other communications deliverable to the
Rating Agencies hereunder or under any other Basic Document by the Owner Trustee, the Issuing Entity or the Indenture Trustee shall instead be delivered to the Depositor, which shall promptly deliver such document to the Rating Agencies (which may
be delivered by posting such document to the website maintained by the Depositor for notifications to nationally recognized statistical rating organizations). 

  
 48 

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

					
	ALLY MASTER OWNER TRUST, as Issuing Entity
	
	By HSBC Bank USA, National Association, not in its individual capacity, but solely as Owner Trustee
		
	By	 	 /s/ Chi S. Le

		 	Name:	 	Chi S. Le
		 	Title: Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Indenture Trustee and Securities Intermediary
		
	By	 	 /s/ Chad Schafer

		 	Name:	 	Chad Schafer
		 	Title: Vice President

  
 49 

 EXHIBIT A 
 FORM OF CLASS [A-1][A-2][B][C][D][E] NOTE 
 [Unless this Class [A-1][A-2][B][C][D]
Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of
DTC) 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.] 

[This Class [B][C][D][E] Note has not and will not be registered under the United States Securities Act of 1933, as amended (the
“Securities Act”), or under the securities or blue sky laws of any State in the United States or any foreign securities laws. By its acceptance of this Class [B][C][D][E] Note (or interest therein), the Holder of this Class
[B][C][D][E] Note (or such interest), if other than the Depositor, is deemed to represent and warrant to the Depositor and the Indenture Trustee that it is a “Qualified Institutional Buyer” as defined in Rule 144A under the Securities Act
and is acquiring this Class [B][C][D][E] Note (or interest therein) for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Qualified Institutional Buyers) or has otherwise acquired an
interest in the Class [B][C][D][E] Note in a transaction that is exempt from the registration requirements of the Securities Act.] 
 [No sale, pledge or other transfer of this Class [B][C][D][E] Note (or interest therein) may be made by any Person unless either (i) such sale, pledge or other transfer is made by or to the
Depositor, (ii) at the time of such sale, pledge or other transfer, (A) this Class [B][C][D][E] Note is eligible for resale pursuant to Rule 144A under the Securities Act, and such sale, pledge or other transfer is made to a person whom
the transferor “reasonably believes” within the meaning of Rule 144A under the Securities Act is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act (a “Qualified Institutional
Buyer”) acting for its own account or the accounts of other Qualified Institutional Buyers, and (B) the transferee is aware that the transferor of this Class [B][C][D][E] Note intends to rely on the exemption from the registration
requirements of the Securities Act provided by Rule 144A under the Securities Act, or (iii) such sale, pledge or other transfer is otherwise made in a transaction exempt from the registration requirements of the Securities Act, in which case
(A) the Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and the Depositor in writing the facts surrounding such transfer, which certification shall be in form
and substance satisfactory to the Indenture Trustee and the Depositor, and (B) the Indenture Trustee shall require a written opinion of 

 
counsel (which will not be at the expense of the Seller, the Depositor, the Administrator the Issuing Entity, the Servicer or the Indenture Trustee) satisfactory to the Depositor and the
Indenture Trustee to the effect that such transfer will not violate the Securities Act and satisfaction of certain other provisions specified herein.] 
 Each Noteholder or Note Owner, by acceptance of this Note (or interest therein), hereby covenant and agree that by accepting the benefits of the Indenture such Noteholder or Note Owner shall not, prior to
the date which is one year and one day after the termination of the Indenture with respect to the Issuing Entity and, with respect to the Depositor, the Securities issued by each other trust formed by and each other financing by the Depositor,
acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor or the Issuing Entity under any
Insolvency Law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or any substantial part of the property of either of them, or ordering the winding up or
liquidation of the affairs of the Depositor or the Issuing Entity. 
 Each Noteholder, by acceptance of this Note (or interest
therein), covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other
writing delivered in connection herewith or therewith, against: 
 (i) the Indenture Trustee or the Owner Trustee
in its individual capacity; 
 (ii) the Depositor or any other owner of a beneficial interest in the Issuing
Entity; or 
 (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (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. 

Except as expressly provided in the Basic Documents, none of the Seller, the Depositor, the Servicer, the Indenture Trustee nor the Owner
Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of 

  
 Ex. A-2

 
their respective partners, owners, beneficiaries, agents, officers, directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of [or interest on], or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations
and indemnifications have been made solely by the Issuing Entity. Each Noteholder by accepting this Note (or any interest therein) acknowledges that such Noteholder’s Note (or interest therein) represents beneficial interests in the Issuing
Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof (other than the Issuing Entity) and no recourse, either directly or
indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Basic Documents. Each Noteholder by the acceptance of a Note (or beneficial interest therein) agrees that except as expressly
provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Notes, it shall have no claim against any of Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and
undertakings contained in the Indenture or in the Notes. 
 If any of the foregoing covenants of a Noteholder is prohibited by,
or declared illegal or otherwise unenforceable against or with respect to any Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of
the Depositor or any Affiliate of the Depositor other than the Issuing Entity (“other assets”), each Noteholder or Note Owner by the acceptance of this Note (or beneficial interest therein), agrees that (i) its claim against any such
other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted (“entitled Persons”), including to the payment in full of all
amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code.

 [The holder of this Note, by acceptance of this Note, and each holder of a beneficial interest therein, unless otherwise
required by the appropriate taxing authorities, agree to treat this Note as indebtedness of the Issuing Entity for applicable United States federal, state and local income and franchise tax purposes and any other taxes imposed upon, measured by or
based upon gross or net income.] 
 [Any holder of this Class [A-1][A-2][B][C][D] Note, by its acceptance of this Class
[A-1][A-2][B][C][D] Note, shall be deemed to have represented that either (a) it is not acquiring the Class [A-1][A-2][B][C][D] Note with the assets of (i) an employee benefit plan (as defined in Section 3(3) of the Employee
Retirement Income Security Act 

  
 Ex. A-3

 
of 1974, as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986,
as amended (the “Code”) which is subject to Section 4975 of the Code, (iii) an entity whose underlying assets are treated under regulations issued by the U.S. Department of Labor, as modified by Section 3(42) of
ERISA, to include plan assets by reason of investment by an employee benefit plan or a plan in such entity or (iv) any other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code; or
(b) the acquisition and holding of the Class [A-1][A-2][B][C][D] Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a non-exempt violation of any substantially
similar applicable law. Employee benefit plans subject to the provisions of Title I of ERISA, plans subject to Section 4975 of the Code and entities whose underlying assets include plan assets by reason of an employee benefit plan’s or
plan’s investment in such entity may not acquire this Class [A-1][A-2][B][C][D] Note at any time that this Class [A][B][C][D] Note would not be treated as indebtedness without substantial equity features [or the ratings on this Class [B][C][D]
Note are below investment grade]. [Any holder of this Class [E] Note, by its acceptance of this Class [E] Note, shall be deemed to have represented that (a) it is not acquiring the Class [E] Note with the plan assets of (i) an employee
benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1)
of the Internal Revenue Code of 1986, as amended (the “Code”) which is subject to Section 4975 of the Code, (iii) an entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or
a plan in such entity other than an insurance company general account (as defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60) whose underlying assets include less than 25% “plan assets” and for which the purchase
and holding of the Class [E] Notes is eligible for and satisfied all conditions for relief under PTCE 95-60 or (iv) an employee benefit plan or plan that is not subject to the provisions of Title I of ERISA or Section 4975 of the Code if
such acquisition would result in a non-exempt prohibited transaction under, or a non-exempt violation of, any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code.] 

[Transfer of this Class E Note may only be made to a Person who is a United States Person (within the meaning of Section 7701(a)(30)
of the Internal Revenue Code). Any Person acquiring this Class E Note or an interest therein (i) shall not be deemed to have made the representations set forth in Section 2.14 of the Indenture and (ii) other than the Depositor shall
not acquire or hold this Class E Note or interest herein in the form of a Book Entry Note.] 
 [No sale, pledge or other
transfer may be made to any one person of a Class E Note with a face amount of less than the amount determined in accordance with Section 1.01(f) of the Indenture Supplement (in order to prevent the Issuing Entity from being treated as a
“publicly traded partnership” under Section 7704 of the Code, and, in the case 

  
 Ex. A-4

 
of any Person acting on behalf of one or more third parties (other than a bank (as defined in Section 3(a)(2) of the Securities Act) acting in its fiduciary capacity), for a Class E Note
with a face amount of less than such amount for each such third party. Any attempted transfer in contravention of the immediately preceding restriction will be void ab initio and the purported transferor will continue to be treated as the
owner of the Class E Notes for all purposes. No Class E Note may be transferred unless the transferor provides to the Indenture Trustee an opinion of independent counsel that the transfer will not cause the Issuing Entity to be treated as an
association (or publicly traded partnership) taxable as a corporation for federal income tax purposes.] 

  
 Ex. A-5

					
	Registered	 		  	            $
                        1
	No. R-    	 		  	CUSIP No.                     
		 		  	ISIN No.                 
		 		  	Common Code               

ALLY MASTER OWNER TRUST 
 SERIES 2011-3 [FLOATING][FIXED] RATE ASSET BACKED NOTE, CLASS 

[A-1][A-2][B][C][D][E] 
 Ally Master Owner Trust (herein referred to as the “Issuing Entity”), a Delaware statutory trust governed by the Trust Agreement, dated as of February 12, 2010, for value received,
hereby promises to pay to                         , or registered assigns, subject to the following provisions, the
principal sum of                                 
                 DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture and the Indenture Supplement (each
referred to herein), on the May 2016 Distribution Date (the “Series 2011-3 Legal Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture Supplement. [Beginning on June 15, 2011, and on each
Distribution Date thereafter until the principal amount of this Note is paid in full, the Issuing Entity shall pay interest on the unpaid principal amount of this Note at an annual rate equal to the Class [A-1][A-2][B][C][D] Note Interest Rate, as
determined pursuant to the Indenture Supplement. Interest on this Note shall begin accruing from May 18, 2011 (the “Closing Date”) and shall be payable in arrears on each Distribution Date, [computed on the basis of a 360-day
year and the actual number of days elapsed][computed on the basis of a 360-day year and twelve 30-day months]. The principal of this Note shall be paid in the manner specified on the reverse hereof. 

The principal of [and interest] on this Note are payable in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. 
 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 or on behalf of the Indenture Trustee, by manual signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof,
or be valid for any purpose. 
  

	1 	[This Class [A-1][A-2][B][C][D] Note may be issued in denominations of $100,000 and integral multiples of $1,000 in excess thereof.][This Class E Note may be issued
only in denominations equal to the Class E Note Principal Balance.] 

  
 Ex. A-6

 IN WITNESS WHEREOF, the Issuing Entity has caused this Note to be duly executed. 

 

			
	ALLY MASTER OWNER TRUST, as Issuing Entity
	  
 By HSBC Bank USA, National Association, not in its
individual capacity, but solely as Owner Trustee

		
	By	 	  

		 	Name:
		 	Title:

 Dated: 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes described in the within-mentioned Indenture. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Indenture Trustee
		
	By	 	  

		 	Authorized Officer

  
 Ex. A-7

 ALLY MASTER OWNER TRUST 

SERIES 2011-3 [FLOATING][FIXED] RATE ASSET BACKED NOTES, CLASS 
 [A-1][A-2][B][C][D][E] 
 Summary of Terms and Conditions 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as the Series 2011-3 [Floating][Fixed] Rate Asset
Backed Notes (the “Notes”), issued under the Indenture, dated as of February 12, 2010 (the “Indenture”), between the Issuing Entity and Wells Fargo Bank, National Association, as indenture trustee (the
“Indenture Trustee”), as supplemented by the Series 2011-3 Indenture Supplement, dated as of May 18, 2011 (the “Indenture Supplement” and, together with the Indenture, the “Series Agreement”),
and representing the right to receive certain payments from the Issuing Entity. The Notes are subject to all of the terms of the Series Agreement. All terms used in this Note that are defined in the Series Agreement have the meanings assigned to
them in or pursuant to the Series Agreement. In the event of any conflict or inconsistency between the Series Agreement and this Note, the Series Agreement controls. 
 The [Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Note] with initial principal amounts of $[    ],
$[    ], $[    ], $[    ], and $[    ], respectively, shall also be issued under the Series Agreement. [The rights of the holders of the [Class A Notes, the Class B
Notes, the Class C Notes, and the Class D Notes] to receive payments on [the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes] are senior to the rights of the holders of the Class [B][C][D][E] Notes to receive payments
as specified in the Series Agreement.] [The rights of the holders of [the Class B Notes, the Class C Notes, the Class D Notes, and the Class E Notes] to receive payments on [the Class B Notes, the Class C Notes, the Class D Notes and the Class E
Notes] are subordinate to the rights of the holders of the Class [A][B][C][D] Notes to receive payments as specified in the Series Agreement.] 
 The Noteholder, by its acceptance of this Note, agrees that it shall look solely to the property of the Issuing Entity allocated to the payment of the Notes for payment hereunder and under the Series
Agreement and that the Indenture Trustee is not liable to the Noteholders for any amount payable under the Notes or the Series Agreement or, except as expressly provided in the Series Agreement, subject to any liability under the Series Agreement.

 This Note does not purport to summarize the Series Agreement and reference is made to the Series Agreement for the interests,
rights and limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee. 

  
 Ex. A-8

 The Class [A-1][A-2][B][C][D][E] Note Initial Principal Balance is
$[                    ]. The Class [A-1][A-2][B][C][D][E] Note Principal Balance on any date of determination shall be an amount equal to the
Class [A-1][A-2][B][C][D][E] Note Initial Principal Balance minus the aggregate amount of any principal payments made to the Class [A-1][A-2][B][C][D][E] Noteholders before such date. 

The Series 2011-3 Expected Maturity Date is the May 2014 Distribution Date, but principal with respect to the Class
[A-1][A-2][B][C][D][E] Notes may be paid earlier or later under certain circumstances described in the Series Agreement. If for one or more months during the Controlled Accumulation Period there are not sufficient funds to deposit the Controlled
Deposit Amount into the Note Distribution Account, then to the extent that excess funds are not available on subsequent Distribution Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of
principal of the Notes shall occur later than the Series 2011-3 Expected Maturity Date. Payments of principal of the Notes shall be payable in accordance with the provisions of the Series Agreement. 

Subject to the terms and conditions of the Series Agreement, the Depositor may, from time to time, direct the Owner Trustee, on behalf of
the Issuing Entity, to issue one or more new Series of notes. 
 On each Distribution Date, the Indenture Trustee shall
distribute to each Class [A-1][A-2][B][C][D][E] Noteholder of record on the related Record Date (except for the final distribution in respect of this Note) such Class [A-1][A-2][B][C][D][E] Noteholder’s pro rata share of the amounts held by the
Indenture Trustee that are allocated and available on such Distribution Date to pay [interest and] principal on the Class [A-1][A-2][B][C][D][E] Notes pursuant to the Indenture Supplement. Except as provided in the Series Agreement with respect to a
final distribution, distributions to the Noteholders shall be made by (a) wire transfer (to the account specified by the applicable Noteholder) or check mailed to the applicable Noteholder (at such Noteholder’s address as it appears in the
Note Register), except that with respect to any Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made in immediately available funds and (b) without presentation or surrender of any Note or the making
of any notation thereon. Final payment of this Note shall be made only upon presentation and surrender of this Note at the office or agency specified in the notice of final distribution delivered by the Indenture Trustee to the Noteholders in
accordance with the Series Agreement. 
 On any day occurring on or after the date on which the Note Principal Balance is
reduced to 10% or less of the Initial Note Principal Balance, the Servicer (if Ally Financial or an Affiliate of Ally Financial is the Servicer) shall have the option to redeem the Notes, at a purchase price equal to (a) if such day is a
Distribution Date, the Reassignment Amount for such Distribution Date or (b) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. 

  
 Ex. A-9

 This Note does not represent an obligation of, or an interest in, Ally Bank, Ally Financial,
Ally Wholesale Enterprises LLC, the Indenture Trustee, the Owner Trustee or any Affiliate of any of them (other than the Issuing Entity) and is not insured or guaranteed by any governmental agency or instrumentality. 

The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate subject to the rights of the
Indenture Trustee and the Noteholders. 
 [Except as otherwise provided in the Indenture Supplement, the Class
[A-1][A-2][B][C][D] Notes are issuable only in minimum denominations of $100,000 and integral multiples of $1,000.][Except as otherwise provided in the Indenture Supplement, the Class E Notes are issuable only in a minimum denomination of 100% of
the Class E Note Principal Balance] The transfer of this Note shall be registered in the Note Register upon surrender of this Note for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a
written instrument of transfer, in a form satisfactory to the Indenture Trustee or the Transfer Agent and Registrar, duly executed by the Noteholder or such Noteholder’s attorney, and duly authorized in writing with such signature guaranteed,
and thereupon one or more new Class [A-1][A-2][B][C][D][E] Notes in any authorized denominations of like aggregate principal amount shall be issued to the designated transferee or transferees. 

As provided in the Series Agreement and subject to certain limitations therein set forth, Class [A-1][A-2][B][C][D][E] Notes are
exchangeable for new Class [A-1][A-2][B][C][D][E] Notes in any authorized denominations and of like aggregate principal amount, upon surrender of such Notes to be exchanged at the office or agency of the Transfer Agent and Registrar. No service
charge may be imposed for any such exchange but the Issuing Entity or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

The Issuing Entity, the Depositor, the Indenture Trustee and any agent of the Issuing Entity, the Depositor or the Indenture Trustee
shall treat the person in whose name this Note is registered as the owner hereof for all purposes, and none of the Issuing Entity, the Depositor, the Indenture Trustee or any agent of the Issuing Entity, the Depositor or the Indenture Trustee shall
be affected by notice to the contrary. 
 This Note is to 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 are to be determined in accordance with such laws. 

  
 Ex. A-10

 ASSIGNMENT 
 Social Security 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:	 	  
	 		  	  
	 	2
					
		 		 		  	Signature Guaranteed:	 	
					
		 		 		  	  
	 	

  
  

	2	 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. 

  
 Ex. A-11

 EXHIBIT B 
 FORM OF MONTHLY STATEMENT 
  

 
 ALLY MASTER
OWNER TRUST 
 SERIES 2011-3 ASSET BACKED NOTES

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