Document:

License Agreement, dated February 10, 2006

 EXHIBIT 10.10 
 LICENSE AGREEMENT 
 by and between 
 PHARMASSET, INC. 
 and 
 RFS PHARMA LLC 
 Dated as of
February 10, 2006 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted portions,
which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE 1              DEFINITIONS
	  	1
		
	 ARTICLE 2              LICENSES AND
EXCLUSIVITY
	  	10
			
	 2.1
	  	License Grant	  	10
			
	 2.2
	  	Use of Affiliates, Sublicensees and Subcontractors	  	10
			
	 2.3
	  	Retained License	  	11
			
	 2.4
	  	No Implied Licenses; Non-Assertion	  	11
		
	 ARTICLE 3              DEVELOPMENT, COMMERCIALIZATION
AND SUPPLY
	  	11
			
	 3.1
	  	Technology and Data Transfer and Right of Reference	  	11
			
	 3.2
	  	Diligence	  	12
			
	 3.3
	  	Reports	  	12
			
	 3.4
	  	Regulatory Matters; RFSP Assistance	  	12
			
	 3.5
	  	Materials; Supply	  	13
		
	 ARTICLE 4              INITIAL PAYMENT AND MILESTONE
PAYMENTS
	  	13
			
	 4.1
	  	Initial Payment	  	13
			
	 4.2
	  	Milestone Payments	  	13
		
	 ARTICLE 5              ROYALTIES
	  	15
			
	 5.1
	  	Royalty Rate	  	15
			
	 5.2
	  	Minimum Royalties	  	15
			
	 5.3
	  	Royalty Term	  	15
			
	 5.4
	  	Royalty Reductions	  	16
			
	 5.5
	  	Reports and Payments	  	17
			
	 5.6
	  	Taxes and Withholding	  	17
			
	 5.7
	  	Currency Exchange	  	17
			
	 5.8
	  	Maintenance of Records	  	17
			
	 5.9
	  	Audit	  	18
			
	 5.10
	  	Third Party Royalties	  	18
			
	 5.11
	  	No Additional Payments	  	19
		
	 ARTICLE 6              REPRESENTATIONS, WARRANTIES AND
COVENANTS
	  	19
			
	 6.1
	  	Mutual Representations and Warranties	  	19
			
	 6.2
	  	Additional RFSP Representations, Warranties and Covenants	  	19
			
	 6.3
	  	Disclaimer Of Warranties	  	21
			
	 6.4
	  	Payment Obligations	  	21

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 ARTICLE 7              OBLIGATIONS RELATING TO THE
UNIVERSITY LICENSE AGREEMENT
	  	21
			
	 7.1
	  	General Obligations	  	21
			
	 7.2
	  	Termination and Right to Cure	  	22
			
	 7.3
	  	Arbitration	  	22
			
	 7.4
	  	Direct License	  	22
		
	 ARTICLE 8              CONFIDENTIALITY, PUBLIC
ANNOUNCEMENTS AND PUBLICATIONS
	  	22
			
	 8.1
	  	Confidentiality	  	22
			
	 8.2
	  	Authorized Disclosure	  	23
			
	 8.3
	  	Unauthorized Use	  	23
			
	 8.4
	  	Public Announcements	  	23
			
	 8.5
	  	Publications	  	23
		
	 ARTICLE 9              INDEMNIFICATION
	  	24
			
	 9.1
	  	Pharmasset	  	24
			
	 9.2
	  	RFSP	  	24
			
	 9.3
	  	Indemnification Procedures	  	24
			
	 9.4
	  	Direction and Control	  	25
			
	 9.5
	  	Insurance Proceeds	  	26
			
	 9.6
	  	Insurance	  	26
		
	 ARTICLE 10            TERM AND TERMINATION
	  	26
			
	 10.1
	  	Term	  	26
			
	 10.2
	  	Termination by Pharmasset	  	27
			
	 10.3
	  	Termination for Material Breach	  	27
			
	 10.4
	  	Termination for Bankruptcy	  	27
			
	 10.5
	  	Effect of Termination	  	27
			
	 10.6
	  	Survival	  	28
		
	 ARTICLE 11            INTELLECTUAL PROPERTY
	  	28
			
	 11.1
	  	Ownership of Intellectual Property	  	28
			
	 11.2
	  	Prosecution of RFSP Licensed Patents	  	29

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 11.3
	  	Right to Consult	  	29
			
	 11.4
	  	Election and Abandonment of Prosecution	  	29
			
	 11.5
	  	Patent Term Extensions	  	30
			
	 11.6
	  	Patent Marking	  	30
			
	 11.7
	  	Third Party Infringement	  	30
		
	 ARTICLE 12            MISCELLANEOUS
	  	32
			
	 12.1
	  	Assignment	  	32
			
	 12.2
	  	Further Actions	  	32
			
	 12.3
	  	Force Majeure	  	33
			
	 12.4
	  	Notices	  	33
			
	 12.5
	  	Amendment	  	34
			
	 12.6
	  	Waiver	  	34
			
	 12.7
	  	Counterparts; Facsimile Signatures	  	34
			
	 12.8
	  	Descriptive Headings	  	34
			
	 12.9
	  	Governing Law	  	34
			
	 12.10
	  	Disputes	  	34
			
	 12.11
	  	Severability	  	35
			
	 12.12
	  	Entire Agreement of the Parties	  	35
			
	 12.13
	  	Independent Contractors	  	35
			
	 12.14
	  	Compliance with Export Regulations	  	35
			
	 12.15
	  	Expenses	  	35
			
	 12.16
	  	Limitations of Liabilities	  	35
			
	 12.17
	  	Bankruptcy	  	35
			
	 12.18
	  	No Third Party Beneficiaries	  	36
			
	 12.19
	  	No Strict Construction	  	36

 Exhibits 
  

			
	Exhibit A	  	Required Report Information
	Exhibit B	  	University License Agreement
	Exhibit C	  	Licensed Patents
	Exhibit D	  	Pharmasset’s Development Plan
	Exhibit E	  	Form of Founder, Officer and Director Agreement
	Exhibit F	  	Form of University Letter Agreement

  

 iii 

 LICENSE AGREEMENT 
 This LICENSE AGREEMENT (this “Agreement”), dated as of February 4, 2006 (the “Effective Date”), is made by and between Pharmasset, Inc., a Delaware corporation having its
principal place of business at 303-A College Road East, Princeton, New Jersey 08540 (“Pharmasset”), and RFS Pharma LLC, a Georgia limited liability company having its principal place of business at 2881 Peachtree Road N.E., Atlanta,
Georgia 30305 (“RFSP”). Pharmasset and RFSP are each referred to individually as a “Party” and together as the “Parties.” 
 RECITALS 
 WHEREAS, RFSP possesses certain patents and technology rights
relating to certain dioxolane thymine compounds, including pursuant to a license from Emory University and the University of Georgia Research Foundation, Inc.; 
 WHEREAS, Pharmasset has expertise in the development, manufacture and commercialization of pharmaceutical products; and 
 WHEREAS, Pharmasset desires to obtain from RFSP, and RFSP desires to grant to Pharmasset, an exclusive worldwide license and sublicense of rights relating to such dioxolane thymine compounds for the development,
manufacture and commercialization of pharmaceutical products. 
 NOW, THEREFORE, in consideration of the foregoing premises and the
representations, covenants and agreements contained herein, Pharmasset and RFSP, intending to be legally bound, hereby agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 When used in this Agreement, whether in the singular or plural, each of the following capitalized terms shall have the meanings set forth in this Article 1. 
 1.1 “Affiliate” means a Person that, directly or indirectly, through one or more intermediates, controls, is controlled by, or is under
common control with, the Person specified. For the purposes of this definition, “control” shall mean the direct or indirect ownership of (i) in the case of corporate entities, securities authorized to cast more than fifty percent
(50%) of the votes in any election for directors, (ii) in the case of non-corporate entities, more than fifty percent (50%) ownership interest with the power to direct the management and policies of such non-corporate entity, or
(iii) such lesser percentage as may be the maximum percentage allowed to be owned by a foreign corporation under Applicable Law) of the equity having the power to vote in the election of directors or to direct the management and policies of
another entity. Notwithstanding the foregoing, the term “Affiliate” shall not include subsidiaries in which a Person or its Affiliates owns a majority of the ordinary voting power to elect a majority of the board of directors, but
is restricted from electing such majority by contract or otherwise, until such time as such restriction is no longer in effect, provided, however, that the foregoing exception to the definition of the term “Affiliate” shall not apply for
purposes of the definition 

  

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of “Net Sales” or otherwise reduce the amount of any Royalties or other payments due under this Agreement. 
 1.2 “Agreement Year” has the meaning set forth in Section 5.2. 
 1.3 “Applicable Law” means any applicable foreign, federal, national, supranational, state, provincial, local or similar law, ordinance,
regulation, rule, code, order, requirement or rule of law (including common law), as amended and in effect from time to time. 
 1.4
“Breach Notice” has the meaning set forth in Section 10.3. 
 1.5 “Breaching Party” has the meaning
set forth in Section 10.3. 
 1.6 “Business Day” means any day except Saturday and Sunday, on which commercial banking
institutions in New York, New York are open for business. Any reference in this Agreement to “day” whether or not capitalized shall refer to a calendar day, not a Business Day. 
 1.7 “CMC Section” means the Chemistry, Manufacturing and Controls Section of a regulatory submission document included in an NDA as set
forth in 21 C.F.R. §314.50. 
 1.8 “Combination Product” means a Licensed Product that contains both a Licensed
Compound and one or more additional active ingredients(s) that is not a Licensed Compound. 
 1.9 “Commercially Reasonable
Efforts” means, with respect to a Party, the efforts and resources which would be used by that Party consistent with prevailing pharmaceutical industry standards for a company of similar size and scope to such Party with respect to a
product or potential product at a similar stage in its development or product life and of similar market potential taking into account efficacy, safety, the anticipated Regulatory Authority approved labeling, the competitiveness of alternative
products in the market place or under development, the patent and other proprietary position of the product, the likelihood of Regulatory Approval, the commercial value of the product and any other relevant factors. Notwithstanding the foregoing,
the Parties to this Agreement hereby acknowledge and agree that “Commercially Reasonable Efforts” shall in all cases include all efforts required to be performed in order to fulfill, in all respects, all obligations of RFSP under the
University License Agreement to develop and commercialize the Licensed Product under Sections 3.1, 3.4(b), (c) and (d), 15.2, 15.4 and 15.11 of the University License Agreement. 
 1.10 “Competition” means that there shall be commercially available one or more products (other than a Licensed Product for which RFSP
shall be receiving royalties hereunder) for use in human beings (the “Generic Products”), which contain a dioxolane thymine compound as an active pharmaceutical ingredient in a country within the Territory and where the sales of such one
or more Generic Products (or aggregate sales of such Generic Products if more than one such Generic Product is being marketed) are equal to or greater than twenty-five percent (25%) of the aggregate of all Licensed Products and Generic Products
sold in such country, based on data provided by IMS International, or if such data is not available, such other reliable data source as reasonably agreed by the Parties (such agreement not to be unreasonably withheld, conditioned or delayed) as
measured by unit sales. 
  

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 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 1.11 “Confidential Information” means all secret, confidential or proprietary
information or data, whether provided in written, oral, graphic, video, computer or other form, provided by one Party (the “Disclosing Party”) to the other Party (the “Receiving Party”) or generated pursuant to this
Agreement, including but not limited to, information relating to the Disclosing Party’s existing or proposed research, development, patent applications, business or products and any other materials that have not been made available by the
Disclosing Party to the general public. The terms of this Agreement shall also be deemed Confidential Information hereunder, except to the extent disclosure is permitted pursuant to Section 8.5 herein. Notwithstanding the foregoing sentences,
Confidential Information shall not include any information or materials that: 
 (a) were already known to the Receiving Party
(other than under an obligation of confidentiality), at the time of disclosure by the Disclosing Party to the extent such Receiving Party has documentary evidence to that effect; 
 (b) were generally available to the public or otherwise part of the public domain at the time of its disclosure to the Receiving Party;

 (c) became generally available to the public or otherwise part of the public domain after its disclosure or development, as
the case may be, and other than through any act or omission of a Party (or any Affiliate or employee or agent thereof) in breach of such Party’s confidentiality obligations under this Agreement; 
 (d) were subsequently lawfully disclosed to the Receiving Party by a Third Party who had no obligation to the Disclosing Party not to
disclose such information to others and which did not involve any act or omission of a Party (or any Affiliate or employee or agent thereof) in breach of such Party’s confidentiality obligations under this Agreement; or 
 (e) were independently discovered or developed by or on behalf of the Receiving Party without the use of the Confidential Information
belonging to the other Party and the Receiving Party has documentary evidence to that effect. 
 1.12 “Control,”
“Controls,” “Controller” or “Controlled” means with respect to Licensed Technology or Licensed Patent Rights (or the corresponding Licensed Patents), the ownership thereof, or the possession of the
ability to grant licenses or sublicenses thereto without violating the terms of any agreement or other arrangement with, or the rights of, any Third Party existing as of the date on which such license or sublicense is granted. 
 1.13 “Direct Royalty Payment” has the meaning set forth in Section 5.1. 
 1.14 “Disclosing Party” has the meaning set forth in Section 1.11. 
 1.15 “DOT” means dioxolane thymine compounds, including prodrugs, as disclosed in [***] or [***]. 
  

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 1.16 “Emory” means Emory University. 
 1.17 “FDA” means the United States Food and Drug Administration, or any successor agency. 
 1.18 “Field of Use” means all therapeutic and preventative uses for any indication or purpose, including without limitation the
prevention and treatment of human immunodeficiency virus (HIV-1 and HIV-2) and hepatitis B virus (HBV). 
 1.19 “First Commercial
Sale” means the first Sale by Pharmasset or its Affiliates or sublicensees of a Licensed Product to a Third Party for end use or consumption of such Licensed Product in the Territory after a Regulatory Authority in the Territory has granted
Regulatory Approval of such Licensed Product. 
 1.20 “Force Majeure” means any occurrence beyond the reasonable control of
a Party that prevents or substantially interferes with the performance by the Party of any of its obligations hereunder, if such occurs by reason of any act of God, flood, fire, explosion, earthquake, strike, lockout, labor dispute, casualty or
accident; or war, revolution, civil commotion, acts of public enemies, terrorist attack, blockage or embargo; or any injunction, law, order, proclamation, regulation, ordinance, demand or requirement of any government (to the extent such government
has ruling authority over such Party) or of any subdivision, authority or representative of any such government; or other similar event, beyond the reasonable control of such Party, if and only if the Party affected shall have used reasonable
efforts to prevent, mitigate and avoid such occurrence; it being understood that any failure or delay in fulfilling a term shall not be considered a result of a Force Majeure event if it arises from a failure of any applicable Party to comply with
applicable laws and regulations. 
 1.21 “GAAP” has the meaning set forth in Section 1.41. 
 1.22 “IND” means an Investigational New Drug Application, as defined in the U.S. Federal Food, Drug, and Cosmetic Act, pursuant to 21
C.F.R. §312.3 as amended, and the regulations promulgated thereunder, or the equivalent thereto as specified in any succeeding legislation. 
 1.23 “Indemnitee” has the meaning set forth in Section 9.3. 
 1.24 “Indemnitor” has the
meaning set forth in Section 9.3. 
 1.25 “Independent Sublicensee” has the meaning set forth in Section 10.5.

 1.26 “Infringement Notice” has the meaning set forth in Section 11.7(a). 
 1.27 “Large Pharmaceutical Company” means any pharmaceutical company that had at least one billion dollars ($1,000,000,000) in aggregate
sales revenue for pharmaceutical products (based on data provided by IMS International, or, if such data is not available, such 

  

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 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 
other reliable data source as reasonably agreed by the Parties, such agreement not to be unreasonably withheld, conditioned or delayed) for the most recent
calendar year, as applicable. 
 1.28 “Licensed Compounds” means DOT, including their [***]-derivatives, any and all salts,
esters, racemic mixtures and stereoisomers, and purified enantiomers of any of the foregoing, and any and all polymorphs, hydrates and solvates of any of the foregoing. 
 1.29 “Licensed Patents” means the Licensed RFSP Patents and the Licensed University Patents. 
 1.30 “Licensed Patent Rights” means all rights under any Licensed Patent. 
 1.31 “Licensed
Product” means any process, service or product involving the manufacture, use, sale or import of one or more Licensed Compounds, including any pharmaceutical product containing one or more Licensed Compounds as active ingredients, alone or
in combination with other active ingredients, which is covered by a Valid Claim or incorporates any Licensed Technology. 
 1.32
“Licensed RFSP Patents” means, other than the Licensed University Patents, any and all issued patents and pending patent applications, including, without limitation, provisional applications, substitutions, continuations,
continuations-in-part, divisions, and renewals, all letters patent granted thereon, and all patents-of-addition, reissues, reexaminations and extensions or restorations by existing or future extension or restoration mechanisms, and all supplementary
protection certificates, together with any foreign counterparts thereof, which are or become Controlled by RFSP and which relate to any Licensed Compound or the manufacture, use or sale of any Licensed Compound, including, without limitation, any
improvements thereto. 
 1.33 “Licensed RFSP Technology” means, other than the Licensed University Technology, any and all
Technology which is or hereafter becomes Controlled by RFSP and which is necessary or useful for the development, manufacture, use or sale or other commercialization of any Licensed Product. 
 1.34 “Licensed Technology” means the Licensed RFSP Technology and the Licensed University Technology. 
 1.35 “Licensed University Patents” means any and all Universities Patents (as defined in the University License Agreement) that contain
claims to the Licensed Compounds. For purposes of clarification, however, it is agreed that “Licensed University Patents shall not include any claims of any such Universities Patents to the extent that such claims (a) exclusively
cover DAPD (as defined in the University License Agreement) or Other Dioxolanyl Purines (as defined in the University License Agreement) or (b) exclusively cover the combination of DOT with DAPD (as defined in the University License Agreement)
or Other Dioxolanyl Purines (as defined in the University License Agreement). [***]. 
  

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 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 1.36 “Licensed University Technology” means any and all Licensed Technology (as such
term is defined in the University License Agreement) to the extent relating to the Licensed Compounds. For clarification purposes, the reference to the term “Licensed Technology” in the preceding sentence is solely for purposes of the
definition of “Licensed University Technology” and is distinct and unrelated to the defined term “Licensed Technology” as set forth in Section 1.34 above. 
 1.37 “Losses” has the meaning set forth in Section 9.1. 
 1.38 “Major Markets” means Japan, the U.S., China, Germany, France, Great Britain, Italy and Spain. 
 1.39 “Milestone Payments” has the meaning set forth in Section 4.2. 
 1.40 “NDA” means a New Drug Application pursuant to 21 U.S.C. Section 505(b)(1) or Section 505(b)(2) submitted to the FDA or
any successor application or procedure required for Regulatory Approval to commence sale of a Licensed Product. 
 1.41 “Net
Sales” means the gross amounts paid to Pharmasset, any of its Affiliates and/or any of its sublicensees or its Affiliates’ sublicensees on account of Sales of Licensed Products to Third Parties (including without limitation Third Party
distributors and wholesalers), less the total of: a) customary trade, quantity and cash discounts, rebates, charge backs and retroactive price reductions actually allowed and taken; b) credits actually given for rejected or returned Licensed
Products; c) freight and insurance costs, if separately itemized on the invoice paid by the customer; and d) excise taxes and customs duties included in the invoiced amount. Where a Sale is deemed consummated by disposition of Licensed Products for
other than a selling price stated in cash, the term “Net Sales” shall be determined by using the average gross selling price billed by Pharmasset, any of its Affiliates and/or any of its sublicensees or its Affiliates’ sublicensees in
consideration of Sales of comparable Licensed Products during the three (3) month period immediately preceding such Sale, and deducting estimated average amounts as described in clauses (a) – (d). If no Sales of Licensed Products have
occurred in the preceding three (3) months, then the parties shall, in good faith, negotiate the cash value of such Sale for purposes of this provision. In the event that the parties cannot agree on the Net Sales for such purpose within thirty
(30) days of beginning such negotiations, it shall be determined by a mutually agreeable qualified appraiser. 
 “Net Sales” with respect to
any Combination Product shall be determined by multiplying the gross selling price, or gross lease or rental payment, paid to Pharmasset, any of its Affiliates and/or any of its sublicensees or its Affiliates’ sublicensees by a purchaser of a
Combination Product by the fraction [A/(A + B)], where A is the average sale price of the Licensed Product when sold separately in finished form and B is the average sale price of the additional active ingredient sold separately in finished form, as
shown by the following formula: 
  

									
	Net Sales	  	=	    	     A    
 A + B
	  	×	    	[The gross selling price, or gross lease or rental payment of the Combination Product, less deductions as described in clauses (a) – (d)]

  

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 In the event that such average sale price cannot be determined for either the Licensed Product or for the other active
ingredient within the Combination Product, Net Sales for purposes of determining royalties on sales of the Combination Product shall be as mutually agreed upon by the parties based upon the relative value contributed by each active component of the
Combination Product. 
 1.42 “Non-Breaching Party” has the meaning set forth in Section 10.3. 
 1.43 “Patent Expenses” has the meaning set forth in Section 11.2. 
 1.44 “Patent Rights” means the rights and interests in and to all issued patents and pending patent applications, including without
limitation, all provisional applications, substitutions, continuations, continuations-in-part, divisions, and renewals, all letters patent granted thereon, and all patents-of-addition, reissues, reexaminations and extensions or restorations by
existing or future extension or restoration mechanisms, and all supplementary protection certificates, together with any foreign counterparts thereof in the Territory. 
 1.45 “Person” or “person” means any individual, firm, corporation, partnership, limited liability company, trust, unincorporated organization or other entity or a government agency or
political subdivision thereto, and shall include any successor (by merger or otherwise) of such Person. 
 1.46 “Pharmasset
Inventions” has the meaning set forth in Section 11.1(a). 
 1.47 “Pharmasset’s Development Plan” means
the development plan set forth on Exhibit D to this Agreement, as the same may be amended from time to time by Pharmasset, consistent with this Agreement. 
 1.48 “Phase II Clinical Trial” means a controlled human clinical trial designed to evaluate clinical efficacy and safety of a Licensed Product as well as to obtain an indication of the dosage regimen
required, as more fully described in 21 C.F.R. §312.21(b), or the equivalent thereof as required by a Regulatory Authority other than the FDA. 
 1.49 “Prosecution” or “Prosecute” means the preparation, filing, prosecution, obtaining issuance and maintenance (including, without limitation, engagement in interference, opposition and similar third
party proceedings before the U.S. Patent and Trademark Office or the foreign equivalent thereof) of patents and patent applications. 
 1.50
“Publishing Party” has the meaning set forth in Section 8.5(a). 
 1.51 “Receiving Party” has the
meaning set forth in Section 1.11. 
  

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 1.52 “Regulatory Approval” means the technical, medical and scientific licenses,
registrations, authorizations and approvals (including, without limitation, approvals of NDAs, supplements and amendments, pre- and post- approvals, pricing and Third Party reimbursement approvals, and labeling approvals) of any national,
supra-national, regional, state or local regulatory agency, department, bureau, commission, council or other governmental entity in the Territory, necessary for the development (including the conduct of clinical trials), manufacture, distribution,
marketing, promotion, offer for sale, use, import, reimbursement, export or sale of a Licensed Product in a regulatory jurisdiction. 
 1.53
“Regulatory Authority” means any national (e.g., the FDA), supra-national, regional, state or local regulatory agency, department, bureau, commission, council or other governmental entity involved in the granting of
Regulatory Approval in any country in the Territory. 
 1.54 “Report” has the meaning set forth in Section 5.5(b).

 1.55 “Royalties” has the meaning set forth in Section 5.1. 
 1.56 “Sale” or “Sold” (as applicable) means the sale, transfer, exchange or other disposition of Licensed Products.
Sales of Licensed Products shall be deemed consummated upon the first to occur of: (a) receipt of a payment from the purchaser; (b) delivery of Licensed Products to the purchaser or a common carrier; (c) release of Licensed Products
from consignment; (d) if otherwise transferred, exchanged or disposed of, whether by gift or otherwise, when such transfer, exchange, gift or other disposition occurs. None of the following shall be deemed a Sale for the purposes of this
Agreement: (w) the provision of Licensed Products at or below their cost of production and distribution, prior to the approval of Licensed Products in a country and pursuant to a requirement issued by the appropriate governmental agency in that
country; (x) the provision of Licensed Products at or below their cost of production and distribution pursuant to a requirement issued by a governmental agency or otherwise for consumption by or administration to persons for humanitarian
purposes or compassionate use, (y) the provision of Licensed Products at or below their cost of production and distribution for use in bona fide research and development, including without limitation preclinical and clinical trials, and
(z) the provision of samples in reasonable quantities without charge for promotional purposes. 
 1.57 “Serious Adverse Drug
Experience” means any of an “adverse drug experience,” a “life-threatening adverse drug experience,” a “serious adverse drug experience,” or an “unexpected adverse drug experience,” as those terms are
defined at either 21 C.F.R. §312.32 or 21 C.F.R. §314.80 or relevant foreign regulation within the Territory. 
 1.58
“Shortfall Royalty Amount” has the meaning set forth in Section 5.2. 
 1.59 “Technology” means
formulations, designs, technical information, know-how, knowledge, data, specifications, test results and other information, whether or not patented or patentable, including, without limitation, any information relating to pharmacology, toxicology,
preclinical or clinical testing, CMC data, batch records, safety and efficacy, manufacturing processes and quality control. 
  

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 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 1.60 “Term” has the meaning set forth in Section 10.1. 
 1.61 “Territory” means the entire world. 
 1.62 “Third Party(ies)” means any Person other than RFSP, Pharmasset and their respective Affiliates. 
 1.63 “Third Party Claim” has the meaning set forth in Section 9.3. 
 1.64
“Third Party IP Rights” means intellectual property rights Controlled by a Third Party which: (a) in the reasonable judgment of Pharmasset, are necessary for the development, manufacture, use or sale of any Licensed Product,
and (b) have been consented to by the Universities as well as RFSP as required to manufacture, use, import or sell Licensed Product(s) in any such country (such approval of RFSP not to be unreasonably withheld or delayed). It is understood and
agreed that at the request of Pharmasset, RFSP shall seek the consent regarding such Third Party Controlled intellectual property rights, but RFSP shall have no obligation to compel such consent or bear any liability to Pharmasset in the event that
such Third Parties decline to give such consent. 
 1.65 “Trademarks” has the meaning set forth in Section 11.1.

 1.66 “UGARF” means the University of Georgia Research Foundation, Inc. 
 1.67 “Universities” means Emory and/or UGARF. 
 1.68 “University Letter Agreement” has the meaning set forth in Section 5.1. 
 1.69
“University License Agreement” means that certain License Agreement, dated as of October 29, 2004, by and among UGA, Emory and RFSP in the redacted form attached as Exhibit B to this Agreement, and as amended by the University
Letter Agreement. 
 1.70 “Valid Claim” means an issued claim of any unexpired patent or claim of any pending patent
application included among the Licensed Patents, which has not been held unenforceable, unpatentable or invalid by a decision of a court or governmental body of competent jurisdiction, unappealable or unappealed within the time allowed for appeal,
which has not been rendered unenforceable through disclaimer or otherwise and which has not been lost through an interference proceeding. Notwithstanding the foregoing, a claim of a pending patent application shall not be considered a Valid Claim if
such claim has been pending for more than [***] ([***]) years after the filing of its first priority application. 
 1.71
“Withholding Taxes” has the meaning set forth in Section 5.6. 
  

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 ARTICLE 2 
 LICENSES AND EXCLUSIVITY 
 2.1 License Grant. 
 (a) Subject to the terms and conditions of this Agreement, RFSP hereby grants to Pharmasset an exclusive (even as to RFSP) right and
license under the Licensed RFSP Patent Rights and Licensed RFSP Technology to make, have made, develop, use, import, offer for sale and sell Licensed Products in the Field of Use in the Territory. 
 (b) Subject to the terms and conditions of this Agreement, RFSP hereby grants to Pharmasset an exclusive (even as to RFSP) right and
sublicense under the Licensed University Patent Rights and Licensed University Technology to make, have made, develop, use, import, offer for sale and sell Licensed Products in the Field of Use in the Territory. 
 2.2 Use of Affiliates, Sublicensees and Subcontractors. Pharmasset shall have the right to sublicense the rights licensed and sublicensed to it
under Section 2.1, without the consent of RFSP, to (a) its Affiliates, (b) distributors, contract manufacturers and other subcontractors in order to exercise the rights, and to carry out the obligations, of Pharmasset under this
Agreement, and (c) to one or more Large Pharmaceutical Companies in strategic collaboration partner arrangements. Pharmasset shall provide RFSP advance written notice of any sublicense to be granted to any Large Pharmaceutical Company and a
reasonable opportunity to comment on the identity of such sublicensee, and Pharmasset shall take into consideration RFSP’s comments with respect thereto. Any other sublicense by Pharmasset shall require the prior written consent of RFSP.
Pharmasset acknowledges that the grant of a sublicense shall not relieve Pharmasset from its obligations under this Agreement. Pharmasset shall be fully responsible for the compliance of its Affiliates, sublicensees, distributors and other
subcontractors with the terms and conditions of this Agreement. Notwithstanding anything to the contrary contained herein, any sublicense or sub-contract granted by Pharmasset shall: (i) convey no greater rights than granted hereunder and shall
provide that, in the event of any conflict between such sublicensee or sub-contracting agreement and this Agreement, such sublicense or sub-contracting party shall comply with this Agreement; (ii) procure for RFSP equivalent rights of audit and
inspection vis-à-vis a sublicensee as RFSP has vis-à-vis Pharmasset pursuant to this Agreement; (iii) provide that RFSP is entitled to rely upon a sublicensee’s performance of its obligations under the sublicense or
sub-contracting agreement, in accordance with the terms thereof; and (iv) provide that a termination of this Agreement shall immediately result in a termination of all such rights sublicensed or sub-contracted thereunder, as applicable.
Pharmasset further agrees that in the event of any breach by any sublicensee of its obligations under such sublicense or sub-contract which correspondingly results in a material breach of this Agreement entitling RFSP to terminate this Agreement, in
the event that Pharmasset does not avail itself of its rights and remedies under its agreement with the sublicensee in respect of such breach within thirty (30) days of such breach, RFSP shall be entitled to exercise such rights and remedies in
the place and stead of Pharmasset. Notwithstanding the foregoing, Pharmasset shall remain liable to RFSP for all acts and omissions of any sublicensee or sub-contracting party which would, if committed by 

  

 - 10 - 

 
Pharmasset, constitute a breach of this Agreement as though such acts and omissions were by Pharmasset. 
 2.3 Retained License. Pharmasset acknowledges and agrees that, pursuant to Section 2.3 of the University License Agreement and under
applicable law, the Universities retain on behalf of themselves and The University of Georgia, and any research collaborators for any non-profit organization, a royalty-free right and license to make and use Licensed Products and to practice
Licensed University Technology only for non-commercial research, educational and clinical uses. 
 2.4 No Implied Licenses;
Non-Assertion. Only the license expressly granted herein shall be of legal force and effect. No license rights shall be created hereunder in favor of either Party by implication, estoppel or otherwise. 
 ARTICLE 3 
 DEVELOPMENT,
COMMERCIALIZATION AND SUPPLY 
 3.1 Technology and Data Transfer and Right of Reference. 
 (a) RFSP shall promptly transfer, or cause to be transferred (but in all events within forty-five (45) days following the Effective
Date), to Pharmasset one copy of each physical embodiment of the Licensed Technology, Licensed Patent Rights and Licensed Compounds in RFSP’s possession, including without limitation all preclinical, clinical, pharmacology and toxicology data
and information in RFSP’s possession that relate to Licensed Compounds, provided that RFSP may redact such materials insofar and to the extent that they do not relate exclusively to the Licensed Compounds. Without limiting the foregoing, RFSP
shall provide to Pharmasset copies of all study reports in its possession, and all progress reports that have been prepared as required under Section 5.2 of the University License Agreement, relating to the Licensed Compounds, provided that
RFSP may redact such study reports and progress reports insofar and to the extent that they do not relate exclusively to the Licensed Compounds. 
 (b) RFSP shall promptly make reasonably available to Pharmasset, on at least thirty (30) days prior notice, such books and records in its possession, as Pharmasset may reasonably request for purposes of
technology transfer, training or otherwise to further the purposes of this Agreement, as contemplated by this Agreement, provided that RFSP may restrict access to or redact such books and records insofar and to the extent that they do not relate
exclusively to the technology being transferred hereunder. 
 (c) RFSP shall make reasonably available to Pharmasset, such
then current officers, employees or consultants of RSFP as Pharmasset may reasonably request to consult or provide training in connection with the technology transfer as contemplated by this Agreement, provided that (i) unless the Parties
expressly agree otherwise, all such consulting and/or training shall take place exclusively at the facilities of RFSP, (ii) Pharmasset shall pay all travel and other costs and expenses incurred by either Pharmasset or RFSP in connection with
the provision of such consulting/training services, (iii) Pharmasset shall only be entitled to a cumulative total of eight (8) free hours of such consulting/training services which must be exercised within the 

  

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 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 
initial three (3) months after the Effective Date, (iv) any additional consulting/training services beyond the initial eight (8) hours during
such initial three (3) month period or any consulting/training services provided after such initial three (3) month period shall be provided to Pharmasset at a rate of $[***] ([***] Dollars) an hour for each RFSP officer, employee or
consultant involved, and (v) in no event shall Pharmasset be entitled to more than a cumulative total of fifty (50) hours of such consulting/training services and unless the Parties expressly agree otherwise, all such services must be
provided within the initial six (6) months after the Effective Date. 
 3.2 Diligence. Pharmasset acknowledges and agrees that it
shall assume and perform, in all respects, all obligations of RFSP to develop and commercialize the Licensed Product under Sections 3.1, 3.4(b), (c) and (d), 15.2, 15.4 and 15.11 of the University License Agreement. Accordingly, Pharmasset
shall use Commercially Reasonable Efforts to develop and commercialize Licensed Product within the Territory and to comply with Pharmasset’s Development Plan. Subject to the terms of this Agreement (including the preceding two sentences),
Pharmasset shall have sole discretion in determining which Licensed Product(s) it will submit for Regulatory Approval, in which countries it will file for Regulatory Approvals of such Licensed Product(s) and in which countries in the Territory it
will commercialize such Licensed Product(s). Except as specifically provided herein or as otherwise mutually agreed upon by the Parties, Pharmasset shall be responsible for conducting all clinical studies, development and commercialization
activities for Licensed Products in the Territory. In accordance with Section 2.4 of the University License Agreement, RFSP shall remain responsible to the Universities with respect to all the operations of its sublicensees relevant to the use
of Licensed Products, including the provision of reasonable commercial efforts in the development, manufacture, registration and launch of the Licensed Product, the making of any payments under the University License Agreement, the provision of
indemnities and the provision of insurance and compliance with applicable law. 
 3.3 Reports. Within twenty (20) days after
(a) each December 31 during the Term and prior to the first filing with the FDA of an IND for a Licensed Product (the “First IND Filing”), and (b) each June 30 and December 31 during the Term and from and after the
First IND Filing, in the case of each of clauses (a) and (b), Pharmasset shall provide RFSP with a written progress report detailing the activities of Pharmasset and its Affiliates, and their sublicensees, relating to the obligations set forth
under Section 3.2. In addition, in the event the Universities request that RFSP provide additional progress reports pursuant to Section 5.2 of the University License Agreement, Pharmasset shall provide RFSP with such interim progress
reports in writing (detailing activities relating to the obligations set forth under Section 3.2) within twenty (20) days following Pharmasset’s receipt of written notice from RFSP regarding such request. 
 3.4 Regulatory Matters; RFSP Assistance. All Regulatory Approvals with respect to Licensed Products in the Territory shall be in Pharmasset’s
name. Subject to the terms of this Agreement (including without limitation the first two sentences of Section 3.2), Pharmasset shall have exclusive control over, and authority and responsibility for, the regulatory strategies relating to the
development and commercialization of all Licensed Products in the Territory, including, without limitation: (a) the preparation of all documents submitted to Regulatory 

  

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 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 
Authorities and the filing of all submissions relating to Regulatory Approval of Licensed Products; and (b) all regulatory actions, communications and
meetings with any Regulatory Authority with respect to any Licensed Product, provided that Pharmasset shall promptly provide RFSP with a copy of all documents submitted to Regulatory Authorities and all regulatory actions, and written communications
with any Regulatory Authority with respect to any Licensed Product. Upon the request of Pharmasset, RFSP shall provide to Pharmasset on a timely basis such information in its possession relating to the Licensed Products as may be reasonably required
for the foregoing regulatory activities, and otherwise provide reasonable assistance to Pharmasset in complying with all regulatory obligations in the Territory, including without limitation, safety updates, amendments, annual reports,
pharmacovigilance filings, investigator notifications, manufacturing facility inspections and certifications and product approvals. Pharmasset shall be responsible for interfacing, corresponding and meeting with all Regulatory Authorities in the
Territory with respect to any Licensed Product. Except as required by Applicable Law, RFSP shall not communicate directly with the FDA or any other Regulatory Authority in the Territory relating to the Licensed Products without the prior written
consent of Pharmasset. In furtherance thereof, RFSP shall refer to Pharmasset all FDA communications directly relating to and identifying any Licensed Product that RFSP may receive. RFSP shall cooperate with Pharmasset to provide all reasonable
assistance and take all actions reasonably requested by Pharmasset that are necessary to comply with any law applicable to any Licensed Product, including, but not limited to, reporting of adverse drug experience reports (and serious adverse drug
experiences) to Regulatory Authorities in the Territory. Notwithstanding anything to the contrary contained herein, Pharmasset hereby agrees to reimburse RFSP for all reasonable out-of-pocket costs owed to any Third Party incurred by RFSP in
assisting Pharmasset, at Pharmasset’s request, in any way pursuant to the terms of this Section 3.4. 
 3.5 Materials;
Supply. Pharmasset shall, at RFSP’s direction, either reimburse RFSP or remit directly to RFSP’s supplier(s) the appropriate amount(s) owed by RFSP for all orders of DOT placed by RFSP on or prior to, and that have not been delivered
as of, the Effective Date, up to a maximum payment by Pharmasset of $[***] in the aggregate for such order(s), provided that if such amount(s) owed exceeds $[***] in the aggregate, Pharmasset shall have no obligation to purchase any such DOT (or
reimburse or remit any amounts in respect thereof). RFSP shall instruct such supplier(s) to deliver such orders to Pharmasset’s designated address. Any such payment by Pharmasset shall be made within five (5) Business Days after all
applicable order(s) of DOT have been delivered to Pharmasset’s designated address. It is understood by the Parties that between [***] ([***]) and [***] ([***]) kilograms of DOT in bulk form has been ordered, but not delivered, as of the
Effective Date. The Parties acknowledge and agree that Pharmasset may appoint Third Party subcontractors, without the consent of RFSP, to carry out the manufacture and supply of Licensed Products on Pharmasset’s behalf. 
  

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 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 ARTICLE 4 
 INITIAL PAYMENT AND MILESTONE PAYMENTS 
 4.1 Initial Payment. Within five (5) Business
Days after the Effective Date, Pharmasset shall pay RFSP four hundred thousand U.S. Dollars ($400,000), by wire transfer, to the credit of such bank account as designated by RFSP. 
 4.2 Milestone Payments. Pharmasset shall pay the following milestone payments (the “Milestone Payments”) within thirty
(30) calendar days (except with respect to the payment under Section 4.2(c)) following the first occurrence of the specified event (whether the applicable milestone is achieved by Pharmasset or any of its Affiliates or sublicensees):

 (a) IND Filing. [***] U.S. Dollars ($[***]) upon the filing in the U.S. of an IND with the FDA for the first
Licensed Product. 
 (b) Phase II Clinical Trial. [***] U.S. Dollars ($[***]) upon initiation of the first Phase II
Clinical Trial of a Licensed Product by or on behalf of Pharmasset. For clarification purposes, initiation shall mean commencement of dosing of a Licensed Product to the first patient. 
 (c) NDA Approval. [***]U.S. Dollars ($[***]) within ninety (90) days of approval of an NDA by the FDA with respect to any
Licensed Product or a counterpart application with any Regulatory Authority allowing the distribution of a Licensed Product in a Major Markets Country, it being understood that such amounts shall be paid a reasonable period of time prior to the
expiration of the aforementioned time periods in order for RFSP to meet its payment obligations to the Universities for the corresponding milestone set forth in Section 4.7(a) of the University License Agreement. At RFSP’s direction in
writing, Pharmasset shall pay directly to the Universities any amount owed to RSFP under this Section 4.2(c). For clarity, Pharmasset shall not be obligated to pay any amount that may be owed under Section 4.5(a) of the University License
Agreement. 
 (d) For purposes of clarification, each of the foregoing Milestone Payments (x) shall be made only once and
in connection with the first occurrence of each milestone, regardless of the number of Licensed Products or occurrences of each milestone for Licensed Products under the same NDA or other Regulatory Approval, and (y) shall be non-refundable and
shall be non-creditable and not subject to offset of any kind. 
 4.3 Unreimbursed Expenses. Within ninety (90) days of approval
of an NDA by the FDA with respect to any Licensed Product or a counterpart application with any Regulatory Authority allowing the distribution of a Licensed Product in a Major Markets Country, Pharmasset shall pay RFSP the sum of [***] U.S. Dollars
($[***]) as reimbursement for unitemized administrative costs and expenses associated with RFSP’s performance of its obligations under this Agreement which are not otherwise reimbursed under this Agreement. 
  

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 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 ARTICLE 5 
 ROYALTIES 
 5.1 Royalty Rate. Subject to and in accordance with the provisions of this Article
5, Pharmasset shall pay to RFSP a royalty equal to [***] percent ([***]%) of aggregate Net Sales in the Territory (“Royalties”). In addition, for that portion of Net Sales that exceeds [***] U.S. Dollars ($[***]) in any Agreement
Year, Pharmasset shall pay an additional amount equal to [***] percent ([***]%) of such Net Sales directly to the Universities (“Direct Royalty Payment”), which Direct Royalty Payment shall be made within forty-five (45) days
after the end of such Agreement Year. Pharmasset shall provide RFSP with written proof of such Direct Royalty Payment with the applicable Report under Section 5.5(b). Prior to and as a condition for the execution of this Agreement, RFSP shall
have entered into a letter agreement with the Universities with respect to such Direct Royalty Payment substantially in the form of Exhibit F (the “University Letter Agreement”). 
 5.2 Minimum Royalties. Pharmasset shall be obligated to pay to RFSP, for each twelve (12) month period (or, if applicable, such shorter
period on a pro-rated basis) during the Term that commences on July 1 (an “Agreement Year”) and for each Licensed Product after its initial Sale in the first Major Markets country (a “Launch”), the following
minimum amount of Royalties, and as further set forth in this Section 5.2: 
  

			
	Second Agreement Year after the Agreement Year in which Launch occurs	  	[***] USD $[***]
		
	Third Agreement Year after the Agreement Year in which Launch occurs	  	[***] USD $[***]
		
	Fourth Agreement Year after the Agreement Year in which Launch occurs	  	[***] USD $[***]
		
	Fifth Agreement Year after the Agreement Year in which Launch occurs, and each subsequent Agreement Year	  	[***] USD $[***]

 In the event the aggregate Royalties for any Licensed Product during a particular Agreement Year
is less than the applicable minimum amount indicated above, Pharmasset shall pay to RFSP the shortfall amount (the “Shortfall Royalty Amount”) in accordance with the provisions of Section 5.5(b). Licensed Products that contain
the same active ingredient(s) will be considered a single “Licensed Product” for purposes of determining whether any minimum Royalty requirement for a particular Licensed Product has been achieved, regardless of variations in such Licensed
Products’ dosage strengths, formulations or delivery forms, labeling or otherwise. For clarification purposes, Royalties from Net Sales of a Licensed Product anywhere the Territory shall be counted towards determining whether any minimum
Royalty requirement for such Licensed Product has been achieved. 
 5.3 Royalty Term. Subject to the provisions of Section 5.4,
the Royalties set forth in Section 5.1 shall be payable on a Licensed Product-by-Licensed Product basis and a country-by-country 

  

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 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 
basis for so long as there exists in such country a Valid Claim of an issued patent within the Licensed Patents covering a Licensed Product, or, if longer,
the term of the University License Agreement with respect to such Licensed Product in such country. 
 5.4 Royalty Reductions.

 (a) Third Party Intellectual Property Rights. If Pharmasset has licensed any Third Party IP Rights for any country
in the Territory, Pharmasset shall deduct from the Royalties due for any such applicable country in the Territory an amount equal to [***] percent ([***]%) of the royalties payable to the relevant Third Party(ies) for the corresponding Third Party
IP Rights, provided that in no event shall the Royalties due for any such country be reduced to an amount that is less than [***] percent ([***]%) of such Royalties, and in no event shall any deduction be made for any increased or enhanced damages,
including increased or enhanced damages awarded under 35 U.S.C. 284 and attorney fees awarded under 35 U.S.C. 285, increased damages awarded under anti-trust laws, any similar or analogous increased or enhanced damages, or any attorney fee
awards in jurisdictions other than the United States 
 (b) Reductions for Competition. All Royalties on a Licensed
Product in a particular country in the Territory shall be reduced by [***], effective on and after the date when Competition occurs with respect to such Licensed Product in such country, provided that the reduction for any given year shall not
reduce the Royalties otherwise payable to RFSP with respect to such country for such year by more than [***] percent ([***]%). If Competition ceases to exist, then beginning with the first calendar quarter after Competition does not exist, the
Royalties on a Licensed Product will again be calculated based on a [***] percent ([***]%) royalty rate as set forth in Section 5.1 until such time as Competition may again exist with respect to such Licensed Product. 
 (c) Request for Reductions. If Pharmasset reasonably and in good faith believes that a lower royalty rate is required in order to
permit Pharmasset to commercialize the Licensed Product in a particular country with a reasonable profit, Pharmasset may notify RFSP of such belief and their basis therefor and, if such notification is made, the Parties shall meet as promptly as
practicable to discuss in good faith whether a reduction to the royalty rate for such Licensed Product in such country is appropriate provided that nothing shall require RFSP to agree to such a reduction and provided that any such reduction shall be
subject to the approval of the Universities. In the event that RFSP and Pharmasset mutually believe that a reduction to the royalty rate for a Licensed Product in a particular country might be appropriate, RFSP shall seek the approval of the
Universities for such a reduction, provided that in no event shall RFSP be obliged to agree to such a reduction if the Universities decline to approve such a reduction. 
 5.5 Reports and Payments. 
 (a) Cumulative Royalties. The obligation to pay
Royalties or a Direct Royalty Payments under this Article 5 shall be imposed only once with respect to any sale of the same unit of any Licensed Product. 
 (b) Reports and Payment. Pharmasset shall deliver to RFSP, within forty-five (45) days after (i) December 31 and
June 30 during the first twelve (12) month period after the 

  

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 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 
First Commercial Sale of a Licensed Product, and (ii) the end of each calendar quarter (or partial calendar quarter) thereafter during the remainder of
the Term and the twelve (12) month period immediately following the termination or expiration of this Agreement, in each case, a written report setting forth for the preceding, just-ended calendar quarter or six (6) month period the
information required on Exhibit A (a “Report”). Pharmasset shall remit to RFSP the total Royalties due with respect to Net Sales during such just-ended calendar quarter or six (6) month period at the time the
corresponding Report is delivered. Pharmasset shall also remit to RFSP any Shortfall Royalty Amount required to be paid with respect to a Licensed Product at the time the Report is delivered for the applicable just-ended calendar quarter or six
(6) month period ending on June 30 of each Agreement Year. Payments required under this Agreement shall, if overdue, bear interest until payment at a per annum rate [***] percent ([***]%) above the average of the prime rate as published in
the Wall Street Journal during the ninety (90) days immediately preceding the due date of such overdue payment. The payment of such interest shall not foreclose RFSP from exercising any other rights it may have because any payment is late.

 5.6 Taxes and Withholding. 
 (a) Each Party shall bear and pay any and all taxes duly imposed on it by any governmental authority. 
 (b) Pharmasset shall be entitled to deduct from its payments to RFSP the amount of any withholding Taxes required to be withheld by Pharmasset to the extent Pharmasset pays to the appropriate governmental authority on
behalf of RFSP such Taxes and delivers to RFSP documentary proof of payment of all such Taxes.  
 5.7 Currency Exchange. With
respect to Net Sales invoiced or expenses incurred in U.S. dollars, the Net Sales or expense amounts and the amounts due to RFSP hereunder shall be expressed in U.S. dollars. If any Licensed Product(s) are Sold for consideration other than United
States dollars, the Net Sales of such Licensed Product(s) shall first be determined in the foreign currency of the country in which such Licensed Product(s) are Sold and then converted to United States dollars at a ninety (90)-day trailing average
published by the Wall Street Journal (U.S. edition) for conversion of that foreign currency into United States dollars on the last day of the quarter for which such payment is due. All payments shall be made by wire transfer in U.S. dollars to the
credit of such bank account as shall be designated at least five (5) Business Days in advance by RFSP in writing to Pharmasset. 
 5.8
Maintenance of Records. During the Term and for a period of three (3) years thereafter, Pharmasset shall maintain, and shall require its respective Affiliates and sublicensees to maintain, true and accurate records of all sales of
Licensed Products in accordance with GAAP, IAS or their equivalent in the respective country in the Territory where such sales occur and in such form and manner so that all Royalties and other payments may be readily and accurately determined.
Pharmasset shall furnish RFSP, or shall cause RFSP to be furnished, with copies of such records upon RFSP’s request, which shall be made in accordance with the provisions of Section 5.9. 
  

 - 17 - 

 5.9 Audit. RFSP (or RFSP’s designee) shall have the right, from time to time at reasonable
times during normal business hours through an independent certified accountant, to examine the records of Pharmasset, including, without limitation, sales invoice registers, sales analysis reports, original invoices, inventory records, price lists,
sublicense and distributor agreements, accounting general ledgers, and sales tax returns, in order to verify the calculation of any Royalties or other payments. Such examination and verification procedures shall not occur more than once each twelve
(12) month period during the Term and the twelve (12) month period immediately following termination of this Agreement. Before permitting such independent certified accountant to have access to such books and records, Pharmasset may
require that such independent certified accountant sign a confidentiality agreement (in form and substance reasonably acceptable to Pharmasset) as to any confidential information which is to be provided to such independent certified accountant or to
which such independent certified accountant will have access, while conducting the examination and verification under this Section 5.8. The independent certified accountant will prepare and provide to each Party a written report stating whether
the royalty reports submitted and Royalties paid are correct or incorrect and the details concerning any discrepancies which report and amounts owed shall be final and binding upon the Parties. Such independent certified accountant may not reveal to
RFSP (or its designee) any Confidential Information learned in the course of such examination and verification other than the amount of any such discrepancies. In the event there was an underpayment by Pharmasset hereunder, Pharmasset shall promptly
(but in no event later than thirty (30) days after RFSP’s receipt of the independent certified accountant’s report) pay to RFSP the shortfall amount. In the event there was an overpayment by Pharmasset hereunder, RFSP shall promptly
(but in no event later than thirty (30) days after RFSP’s receipt of the independent certified accountant’s report) refund to Pharmasset or credit to future Royalties, at RFSP’s option, the excess amount. RFSP (or its designee)
shall be responsible for the fees and expenses of performing such examination and verification, provided, however, that if such examination and verification reveals an underpayment by Pharmasset of more than five percent (5%), or any overpayment,
for any quarter examined, Pharmasset shall be responsible for such fees and expenses. 
 5.10 Third Party Royalties. In the event RFSP
acquires Control of any Patent Rights (other than Licensed University Patents) that would otherwise qualify as Licensed RFSP Patents under this Agreement and RFSP is obligated to pay any royalties or other amounts to a Third Party with respect to
such Patent Rights, RFSP shall offer Pharmasset in writing to include such Patent Rights as Licensed RFSP Patents under this Agreement and in the event that Pharmasset so elects in writing, such Patent Rights shall be included in the Licensed RFSP
Patents, provided that Pharmasset shall reimburse RFSP for any such royalties or other amounts actually paid by RFSP to such Third Party in respect of a Licensed Product, provided that RFSP provides written evidence of such payments that is
reasonably satisfactory to Pharmasset. Pharmasset may at any time elect to no longer make such reimbursements with respect to any such Patent Rights, whereupon such Patent Rights shall no longer be included in the Licensed RFSP Patents. 

 

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 5.11 No Additional Payments. Except as expressly provided for under Section 4.2(c) or
Section 5.1 of this Agreement, RFSP shall be solely responsible for any and all payments due to the Universities under the University License Agreement. 
 ARTICLE 6 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 6.1 Mutual Representations and Warranties. Each Party hereby represents, warrants and covenants to the other Party that: 
 (a) such Party is a corporation or entity duly organized, validly existing and in good standing under the laws of its state of
incorporation or formation, and has full corporate power and authority to enter into this Agreement and to carry out the provisions hereof; 
 (b) such Party is duly authorized, by all requisite corporate action, to execute and deliver this Agreement and the execution, delivery and performance of this Agreement by such Party does not require any shareholder
action or approval, and the Person executing this Agreement on behalf of such Party is duly authorized to do so by all requisite corporate action; 
 (c) no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of such Party in
connection with the valid execution, delivery and performance of this Agreement, except where the failure to obtain any of the foregoing would not have a material adverse impact on the ability of such Party to meet its obligations hereunder;

 (d) this Agreement is a legal and valid obligation binding upon such Party and enforceable in accordance with its terms
except as enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights and (ii) equitable principles of general applicability; 
 (e) the execution, delivery and performance by it of this Agreement and its compliance with the terms and provisions of this Agreement
does not and will not conflict with or result in a breach of any of the terms or provisions of (i) any other contractual or other obligations of such Party, (ii) the provisions of its charter, operating documents or bylaws, or
(iii) any order, writ, injunction or decree of any court or governmental authority entered against it or by which it or any of its property is bound except where such breach or conflict would not materially impact the Party’s ability to
meet its obligations hereunder; and 
 (f) it shall comply in all material respects with all laws, rules and regulations
applicable to its performance under this Agreement. 
 6.2 Additional RFSP Representations, Warranties and Covenants. RFSP
additionally represents, warrants and covenants to Pharmasset that: 
 (a) RFSP has the full right, power and authority to
grant, and is not prohibited by the terms of any agreement to which it is a party from granting (including, without limitation, 

  

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the University License Agreement), the licenses and sublicenses granted to Pharmasset under Article 2 hereof; 
 (b) RFSP has not previously granted and will not grant any rights inconsistent with the rights, and licenses and sublicenses, granted
herein; 
 (c) to the knowledge of RFSP, the representations and warranties of the Universities contained in the University
License Agreement were true and accurate in all material respects as of October 29, 2004; 
 (d) RFSP has not received
any written notice, during the period from October 29, 2004 to the date hereof, that any Third Party is challenging the validity or enforceability of any of the Licensed Patents, or that the manufacture, use or sale of any Licensed Product
would infringe any Patent Rights or similar intellectual property rights of any Third Party; 
 (e) as of the date hereof,
there are currently no Licensed RFSP Patents; 
 (f) there are no pending claims, judgments or settlements against or owed by
RFSP pending with respect to the Licensed Patents or Licensed Technology, and, RFSP has not received written notice of any threatened claims or litigation seeking to invalidate the Licensed Patents; 
 (g) to the knowledge of RSFP, there are no inquiries, actions or other proceedings pending before or threatened by any Regulatory
Authority or other government agency with respect to the Licensed Compounds or any facility where the Licensed Compounds are manufactured, and RFSP has not received written notice and, to the knowledge of RFSP, neither of the Universities has
received written notice threatening any such inquiry, action or other proceeding. To the knowledge of RFSP, there are no investigations pending before or threatened by any Regulatory Authority or other government agency with respect to the Licensed
Compounds or any facility where the Licensed Compound is manufactured, and RFSP has not received, and to the knowledge of RFSP, neither of the Universities has received written notice threatening any such investigation; 
 (h) to the knowledge of RFSP, the University License Agreement is in full force and effect, and neither RFSP nor, to the knowledge of
RFSP, any other party to such agreement is in breach or default thereunder, including, without limitation, as to achievement of any milestone requirements. RFSP has not received, and to the best of RFSP’s knowledge neither of the Universities
has received, any written notice threatening or alleging a breach of the University License Agreement. A copy of a redacted version of the University License Agreement is attached hereto as Exhibit B, which redacted version, RFSP represents
and warrants contains all relevant provisions with respect to the Licensed University Patent Rights and the Licensed University Technology, provided that the parties acknowledge that RFSP has not created and will not create a “LICENSEE
Development Plan” as provided for in the University License Agreement; 
 (i) Exhibit C sets forth, to the
knowledge of RFSP, a complete and accurate list of all Licensed Patents indicating whether such Licensed Patent is a Licensed University 

  

 - 20 - 

 
Patent or a Licensed RFSP Patent, and if the Licensed RFSP Patent is not owned by RFSP, the owner of such patent; and 
 (j) Each founder, officer and director of RFSP has entered into, and RFSP shall cause any person that hereafter becomes an officer or
director of RFSP to enter into, an agreement with RFSP, substantially in the form attached as Exhibit E, providing that for the term of this Agreement, such person shall not, and shall cause any and all entities controlled by such person to
not, conduct any research or development activities relating exclusively to DOT or the Licensed Products independent of the Universities. 
 6.3 Disclaimer of Warranties. EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, CONCERNING THE SUCCESS OR POTENTIAL SUCCESS
OF THE DEVELOPMENT, COMMERCIALIZATION, MARKETING OR SALE OF ANY LICENSED PRODUCT. EXCEPT AS EXPRESSLY SET FORTH HEREIN, EACH PARTY EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION THE
WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. 
 6.4 Payment Obligations. Notwithstanding anything to the
contrary contained in this Agreement, in the case of any claim by any party alleging any breach of this Agreement by the other party, any payment obligation pursuant to this Agreement including without limitation the royalty and milestone
obligations herein (collectively, the “Payment Obligations”), will not be considered as constituting special, incidental, indirect or consequential damages under this Agreement (and, accordingly, nothing in Section 6.3 shall
prevent recovery of amounts owed under the Payment Obligations). 
 ARTICLE 7 
 OBLIGATIONS RELATING TO THE UNIVERSITY LICENSE AGREEMENT 
 7.1 General
Obligations. Subject to the terms and conditions of this Agreement, RFSP and Pharmasset shall cooperate in good faith to ensure compliance with RSFP’s obligations under the University License Agreement. RFSP shall promptly provide
Pharmasset with true and complete copies of any communication received from the Universities under the University License Agreement relating in any material respect to the Licensed Compound or Licensed Patents. Pharmasset shall provide RFSP with
true and complete copies of any communication received from or sent to the Universities relating in any material respect to the Licensed Compound, Licensed Patents and/or Licensed Products. RFSP shall not, without the prior written approval of
Pharmasset, (a) voluntarily amend any provision of the University License Agreement that would reasonably be expected to have a material adverse effect on Pharmasset’s rights under this Agreement, (b) terminate the University License
Agreement under Section 12.6 thereof in whole or in part (as it pertains to the Licensed University Patents and Licensed University Technology), or (c) except in connection with any material breach by Pharmasset under this Agreement which
has remained uncured during the entirety of the cure period provided in Section 10.3, make any election or exercise any right that could have a material adverse effect on Pharmasset’s rights under this Agreement, including, without 

  

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 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 
limitation, exercising its right, under Section 7.1 of the University License Agreement, to elect to no longer reimburse the Universities for patent
expenses. 
 7.2 Termination and Right to Cure. In the event RFSP receives any notice of termination from the Universities pursuant to
Section 12.4 of the University License Agreement, RFSP shall promptly notify Pharmasset thereof in writing. RFSP shall consult with Pharmasset as to the circumstances giving rise to such notice of termination and shall discuss with Pharmasset
possible cures for any breaches or otherwise how to remedy such circumstances, including the resolution of any good faith disputes regarding the right of the Universities to terminate the University License Agreement. Notwithstanding the foregoing,
Pharmasset shall have the right, at the expense of Pharmasset, to cure any breaches of the University License Agreement on RFSP’s behalf. RFSP agrees to promptly forward to Pharmasset a copy of any material correspondences, including any
termination notices, from the Universities that relate in any material respect to the Licensed University Patents or Licensed University Technology. 
 7.3 Arbitration. In the event RFSP and the Universities engage in arbitration proceedings pursuant to Article 14 of the University License Agreement with regard to the Licensed University Patents or Licensed
University Technology, RFSP shall provide Pharmasset reasonable prior written notice thereof, and permit a representative of Pharmasset to participate in any such proceedings together with RFSP. Without limitation to the provisions of
Section 7.1 above, RFSP shall not voluntarily enter into any agreement in connection with such arbitration proceedings that could have a material adverse effect on the rights of Pharmasset to the Licensed University Patents or Licensed
University Technology without the prior written consent of Pharmasset. 
 7.4 Direct License. The parties acknowledge and agree that
[***] shall have a direct license from [***] of [***] and [***], which license shall be exclusive and on the same terms as [***], except that [***] and other [***] obligations to [***] under such license shall be as provided for in this Agreement
rather than [***], and which license shall become effective in the event of [***] under [***]. 
 ARTICLE 8 
 CONFIDENTIALITY, PUBLIC ANNOUNCEMENTS AND PUBLICATIONS 
 8.1 Confidentiality. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing, each of Pharmasset or RFSP, upon receiving or learning of any Confidential Information of the
other Party, shall keep such Confidential Information confidential during the Term and at all times thereafter, and otherwise shall not use such Confidential Information for any purpose other than in the exercise of its rights and performance of its
obligations under this Agreement. The Receiving Party shall advise its employees and consultants who might have access to the Disclosing Party’s Confidential Information of the confidential nature thereof and agrees that its employees shall be
bound by the terms of this Agreement. The Receiving Party shall not disclose any Confidential Information of the Disclosing Party to any employee who does not have a need for such information. 
  

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 8.2 Authorized Disclosure. Notwithstanding the foregoing, each of Pharmasset and RFSP may disclose
Confidential Information of the other Party to a Third Party to the extent such disclosure is reasonably necessary (a) to comply with applicable governmental regulations, stock exchange or NASDAQ rules, or to submit information to Regulatory
Authorities to the extent reasonably required to desirable to obtain Regulatory Approvals, or (b) to conduct preclinical and clinical studies hereunder where reasonably necessary with respect to Licensed Products provided that such disclosure
is subject to customary non-disclosure and non-use agreements, (c) in connection with the negotiation, formation or operation of a sublicense, collaboration, joint venture or similar partnering arrangement, or in connection with any capital
raising activities and/or to investors, or (d) to otherwise exercise its rights and perform its obligations under this Agreement (including, without limitation, disclosures to contract manufacturers), provided, in each case, that the Receiving
Party informs the disclosee of the confidential nature of the Confidential Information. 
 8.3 Unauthorized Use. If either Party
becomes aware or has knowledge of any unauthorized use or disclosure of the other Party’s Confidential Information, it shall promptly notify the disclosing Party of such unauthorized use or disclosure. 
 8.4 Public Announcements. Without the prior written consent of Pharmasset (which consent may be granted or withheld in Pharmasset’s sole
discretion), RFSP shall not originate, disseminate or otherwise distribute any materials used for publicity, news release or public announcement, written or oral, whether to the public, the press or other media organizations, investors, customers,
suppliers or otherwise regarding the transactions contemplated under this Agreement. Notwithstanding anything to the contrary contained herein, a Party may disclose the existence and terms of this Agreement where required, as reasonably determined
by the disclosing Party, by applicable law, by applicable stock exchange or NASDAQ regulation or by order or other ruling of a competent court, provided that such disclosing Party has sought to obtain such confidentiality treatment for such
disclosures as may be available under applicable law or regulation. 
 8.5 Publications. The following provisions shall apply to the
Parties with respect to all publications, presentations and other public disseminations of any information relating to the Licensed Compounds or Licensed Products or to scientific work carried out under this Agreement: 
 (a) The Party desiring to publish, present or otherwise publicly disseminate such information (the “Publishing Party”)
shall provide the other Party with a copy of any proposed publication, presentation or other public dissemination at least thirty (30) days prior to submission for publication, presentation or other public dissemination so as to provide such
other Party an opportunity to recommend any changes it reasonably believes are necessary to preserve the Confidential Information belonging in whole or in party to such other Party or to preserve such other Party’s ability to obtain Patents
covering any relevant inventions. The incorporation of any such recommended changes shall not be unreasonably refused. 
  

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 (b) If such other party provides written notice to the Publishing Party within fifteen
(15) days after receipt of the copy of the proposed publication, presentation or other public dissemination that such publication, presentation or other public dissemination in its reasonable judgment (i) discloses information about an
invention for which the other Party desires patent protection or (ii) discloses Confidential Information of the other Party, the Publishing Party shall prevent such publication or delay such publication, presentation or other dissemination
until the Parties have agreed on mutually acceptable modifications thereto so as not to prejudice the other Party’s right to obtain Patents and not to disclose the other Party’s Confidential Information. In the case of an invention, a
delay shall be for a period reasonably sufficient to permit the timely preparation and filing of a patent application(s) covering the invention, and in no event less than sixty (60) days from the date of the aforementioned notice. 

ARTICLE 9 
 INDEMNIFICATION

 9.1 Pharmasset. Pharmasset shall indemnify and hold harmless RFSP, its Affiliates and the Universities, and their respective
directors, officers, employees and agents, from and against any and all losses, costs, damages, fees or expenses (including reasonable attorney’s fees and expenses) (“Losses”) incurred in connection with or arising out of
(a) any breach by Pharmasset of any of its representations, warranties or obligations pursuant to this Agreement, (b) any gross negligence or willful misconduct of Pharmasset, or its Affiliates or sublicensees, relating to the subject
matter of this Agreement, or (c) the development, manufacture, use, sale or other disposition of any Licensed Compound or Licensed Product by Pharmasset or any of its Affiliates or sublicensees, including without limitation any actual or
alleged product liability involving any Licensed Product. Notwithstanding the foregoing, Pharmasset shall have no indemnification obligations under this Article 9 to the extent any Losses arise out of the circumstances set forth in clauses
(a) through (c) of Section 9.2. 
 9.2 RFSP. RFSP shall indemnify and hold harmless Pharmasset and its Affiliates and
sublicensees, and their respective directors, officers, employees and agents, from and against any and all Losses incurred in connection with or arising out of (a) any breach by RFSP of any of its representations, warranties or obligations
pursuant to this Agreement (including, without limitation, such representations and warranties relating to intellectual property rights), (b) any gross negligence or willful misconduct of RFSP or its Affiliates relating to the subject matter of
this Agreement, or (c) the development, manufacture, use, sale or other disposition of any Licensed Compound or Licensed Product by RFSP or its Affiliates prior to the Effective Date. Notwithstanding the foregoing, RFSP shall have no
indemnification obligations under this Article 9 to the extent any Losses arise out of the circumstances set forth in clauses (a) through (c) of Section 9.1. 
 9.3 Indemnification Procedures. 
 (a) In the event that any Third Party asserts a claim with respect to any matter for which a Party (the “Indemnified Party”) is entitled to indemnification under this Agreement (a “Third Party
Claim”), then the Indemnified Party shall promptly notify the Party obligated to indemnify the Indemnified Party (the “Indemnifying Party”) thereof; provided, however, that no delay on the part of the Indemnified Party
in notifying the Indemnifying Party shall relieve the 

  

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Indemnifying Party from any obligation hereunder unless (and then only to the extent that) the Indemnifying Party is prejudiced thereby. 
 9.4 Direction and Control. 
 (a) The Indemnifying Party shall have the right, exercisable by notice to the Indemnified Party within fifteen (15) calendar days of receipt of notice from the Indemnified Party of the commencement of or assertion of any Third Party
Claim, to assume direction and control of the defense, litigation, settlement, appeal or other disposition of the Third Party Claim (including the right to settle the claim solely for monetary consideration) with counsel selected by the Indemnifying
Party and reasonably acceptable to the Indemnified Party; provided that (i) the Third Party Claim solely seeks monetary damages and (ii) the Indemnifying Party expressly agrees in writing that as between the Indemnifying Party and
the Indemnified Party, the Indemnifying Party shall be solely obligated to satisfy and discharge the Third Party Claim in full (the conditions set forth in clauses (i) and (ii) above are collectively referred to as the “Litigation
Conditions”). 
 (b) Within fifteen (15) calendar days after the Indemnifying Party has given notice to the
Indemnified Party of its intended exercise of its right to defend a Third Party Claim, the Indemnified Party shall give notice to the Indemnifying Party of any objection thereto based upon the Litigation Conditions. If the Indemnified Party
reasonably so objects, the Indemnified Party shall continue to defend the Third Party Claim, at the expense of the Indemnifying Party, until such time as such objection is withdrawn. If no such notice is given, or if any such objection is withdrawn,
the Indemnifying Party shall be entitled, at its sole cost and expense, to assume and conduct such defense, with counsel selected by the Indemnifying Party. During such time as the Indemnifying Party is controlling the defense of such Third Party
Claim, the Indemnified Party shall cooperate, and cause its Affiliates and agents to cooperate upon request of the Indemnifying Party in the defense or prosecution of the Third Party Claim, including by furnishing such records, information and
testimony and attending such conferences, discovery proceedings, hearings, trials or appeals as may reasonably be requested by the Indemnifying Party. In the event that the Indemnifying Party does not satisfy the Litigation Conditions or does not
notify the Indemnified Party of the Indemnifying Party’s intent to defend any Third Party Claim within fifteen (15) calendar days after notice thereof, the Indemnified Party may (with notice to the Indemnifying Party) undertake the defense
thereof with counsel of its choice and at the Indemnifying Party’s reasonable expense (including reasonable, out-of-pocket attorneys’ fees and costs and expenses of enforcement or defense). The Indemnifying Party or the Indemnified Party,
as the case may be, shall have the right to join in (including the right to conduct discovery, interview and examine witnesses and participate in all settlement conferences), but not control, at its own expense, the defense of any Third Party Claim
that the other Party is defending as provided in this Agreement. 
 (c) The Indemnifying Party shall not, without the prior
consent of the Indemnified Party, enter into any compromise or settlement which commits the Indemnified Party to take or forbear to take any action. 
 (d) In no event may an Indemnified Party settle or compromise any Third Party Claim for which it/he/she intends to seek indemnification from the Indemnifying Party 

  

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hereunder without the prior consent of the Indemnifying Party, or the indemnification provided under this Agreement as to such Third Party Claim shall be
null and void. 
 9.5 Insurance Proceeds. Any indemnification hereunder shall be made net of any insurance proceeds recovered by the
Indemnitee (it being understood that an Indemnitee may simultaneously pursue an insurance claim and a claim for indemnification hereunder); provided, however, that if, following the payment to the Indemnitee of any amount under this Article 9, such
Indemnitee recovers any insurance proceeds in respect of the claim for which such indemnification payment was made, the Indemnitee shall promptly pay an amount equal to the amount of such proceeds (but not exceeding the amount of such
indemnification payment) to Indemnitor. 
 9.6 Insurance. Pharmasset agrees to obtain and maintain commercial general liability
insurance, including clinical trials and products liability insurance, with reputable and financially secure insurance carriers, with “claims made” type coverage in such amounts and subject to such deductibles as are reasonable and
customary in the pharmaceutical industry for companies of comparable size and activities. Pharmasset shall maintain such insurance for during the Term and for a period of ten (10) years thereafter. Upon reasonable request by RFSP, Pharmasset
shall produce evidence that such insurance policy are valid, fully updated and in full force and effect. 
 ARTICLE 10 
 TERM AND TERMINATION 
 10.1
Term. 
 (a) The term of this Agreement shall commence on the Effective Date and, unless earlier terminated by mutual
agreement of the Parties in writing or pursuant to the provisions of this Article 10, shall expire on a country-by-country (in the Territory) and Licensed Product-by-Licensed Product upon the expiration (as contemplated in Section 5.2) of the
obligation to pay Royalties with respect to the Sale of each Licensed Product in such country (the “Term”). 
 (b) Upon the scheduled expiration (as contemplated in Section 5.2) of the obligation to pay Royalties with respect to the Sale of such Licensed Products in a particular country in the Territory, the licenses and sublicenses granted
hereunder shall become fully paid up, royalty free, perpetual (i) with respect to the Licensed RFSP Patents (subject to any reimbursement obligations for amounts paid or owing to Third Parties under Section 5.10) and the Licensed RFSP
Technology, and (ii) with respect to the Licensed University Patents and the Licensed University Technology, provided and to the extent that RFSP continues to have a valid fully paid up, royalty free, license in perpetuity with respect to such
Licensed University Patents and the Licensed University Technology for the Licensed Products in such country under the terms of the University License Agreement. 
 10.2 Termination by Pharmasset. Pharmasset may terminate this Agreement on a country-by-country basis and/or Licensed Product-by-Licensed Product basis or in its entirety at any time (a) upon thirty
(30) days advance written notice to RFSP at any time prior to the 

  

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Launch of any Licensed Product, and (b) upon one hundred eighty (180) days advance written notice to RFSP at any time following the Launch of any
Licensed Product. 
 10.3 Termination for Material Breach. Upon a material breach of this Agreement by Pharmasset on the one hand, or
RFSP on the other hand (in such capacity, the “Breaching Party”), the other Party (in such capacity, the “Non-Breaching Party”) may provide written notice (a “Breach Notice”) to the Breaching Party
specifying the material breach. If the Breaching Party fails to cure such material breach during the ninety (90) day period, then the Non-Breaching Party may terminate this Agreement on a Licensed Product-by-Licensed Product and
country-by-country basis with respect to the Licensed Product and country(ies) to which the breach relates. 
 10.4 Termination for
Bankruptcy. Either Party may, subject to the provisions set forth herein, terminate this Agreement by giving the other Party written termination notice if, at any time, the other Party shall (a) file in any court pursuant to any statute a
voluntary petition for bankruptcy or insolvency, or for reorganization in bankruptcy, or for an arrangement or for the appointment of a receiver, trustee or administrator of such Party or of its assets, (b) be served with an involuntary
petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed within sixty (60) days after the filing thereof, (c) propose or be a party to any dissolution, or (d) make a general assignment for the
benefit of its creditors. 
 10.5 Effect of Termination. 
 (a) If this Agreement is terminated (in whole or in part) under any of Sections 10.2, 10.3 or 10.4, all licenses and sublicenses granted
by RFSP hereunder with respect to the relevant terminated country(ies) and/or the relevant terminated Licensed Product(s) shall terminate. If this Agreement terminates (in whole or in part) as a result of any termination of this Agreement by
Pharmasset pursuant to Section 10.2 or by RFSP pursuant to Sections 10.3 or 10.4, then Pharmasset shall, within thirty (30) days following such termination assign, transfer, convey and deliver to RFSP, without cost to RFSP and solely with
respect to the relevant terminated country(ies) and/or the relevant terminated Licensed Product(s), (i) all rights to Pharmasset Inventions and Trademarks referred to in Section 11.1 free and clear of all liens and other encumbrances (but
excluding in any event the name “Pharmasset” or any other trademarks not used exclusively with the Licensed Products), (ii) all Regulatory Approvals, any IND, NDA and corresponding filings with any Regulatory Authority and all
correspondence with any Regulatory Authority in connection therewith, and (iii) all materials relating to Licensed Compounds and the relevant terminated Licensed Product(s), including without limitation, all embodiments of the Licensed
Compounds and the relevant terminated Licensed Product(s) and all samples, biological materials, models, diagrams, active ingredients, precursors, pills, capsules, liquid formulations and other tangible materials relating thereto. Pharmasset shall
sign and deliver such documents, provide such assistance, and promptly transfer to Pharmasset such books, records and files in Pharmasset’s possession as RFSP may reasonably request for purposes of documenting, giving effect to and facilitating
such assignment, transfer and conveyance of the Pharmasset Inventions, Trademarks, Regulatory Approvals and other materials to RSFP with respect to the relevant terminated country(ies) and/or the relevant terminated Licensed Product(s). 

 

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 (b) If this Agreement is terminated in its entirety under any of Sections 10.2, 10.3 or
10.4, each Receiving Party shall promptly return to the Disclosing Party all physical embodiments of the Disclosing Party’s Confidential Information, including all reproductions and versions in any medium, except that the Receiving Party may
retain one copy set for archival purposes. In the event Pharmasset terminates this Agreement in its entirety pursuant to Section 10.2, or RFSP terminates this Agreement in its entirety pursuant to Sections 10.3 or 10.4, Pharmasset shall return,
or at RFSP’s direction destroy, all plans, drawings, papers, notes, writings and other documents, samples, organisms, biological materials and models pertaining to the Licensed Patents or Licensed Technology, retaining one archival paper copy
of such materials in its corporate legal department so that compliance with any continuing obligations may be determined. 
 (c) Expiration, or termination of this Agreement pursuant to this Article 10, shall not (i) relieve a Party hereto of any obligation accruing to such Party prior to such termination, including without limitation all payment obligations
that may be owed with respect to periods of time prior to such expiration or termination, or (ii) result in the waiver of any right or remedy by a Party hereto accruing to such Party prior to such expiration or termination. 
 10.6 Survival. Notwithstanding anything to the contrary contained herein, the provisions of Sections 5.8 and 5.9, and the provisions of Articles
6, 8, 9, 10, 11 and 12, shall survive the expiration or termination of this Agreement. 
 ARTICLE 11 
 INTELLECTUAL PROPERTY 
 11.1
Ownership of Intellectual Property. 
 (a) Subject to Section 10.5, Pharmasset shall own any and all Patent Rights
and Technology invented, developed or discovered by or on behalf of Pharmasset in the performance its obligations and the exercise of its rights under this Agreement, and which Pharmasset otherwise acquires to the extent such Patent Rights and
Technology relate to the Licensed Products (collectively, “Pharmasset Inventions”). Subject to the provisions of Section 10.5, RFSP shall have no rights, title or interest in or to any Pharmasset Inventions. Nothing herein
shall obligate Pharmasset to Prosecute any applications or patents covering Pharmasset Inventions. 
  

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 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 (b) Pharmasset shall own any and all right, title and interest in and to any
trademarks, trade dress, branding or other indicia of ownership that Pharmasset uses with respect to the Licensed Products (“Trademarks”). Without limitation to the foregoing, but subject to the provisions of Section 10.5, RFSP
shall have no right to use any Trademarks or the corporate name(s) of Pharmasset or any of its Affiliates without the prior written consent of Pharmasset. 
 11.2 Prosecution of RFSP Licensed Patents. Pharmasset acknowledges and agrees that the prosecution and maintenance of the Licensed University Patents are the primary responsibility of the Universities pursuant
to Section 7.1 of the University License Agreement. RFSP shall have the obligation to diligently Prosecute the Licensed RFSP Patents, through patent counsel selected by RFSP and reasonably acceptable to Pharmasset. Subject to the
University License Agreement, RFSP shall seek to cause the diligent Prosecution of the Licensed University Patents, through patent counsel the selection of whom RFSP shall grant its consent. RFSP shall not [***] or, with respect to the Licensed
University Patents, consent to the [***] by the Universities of, [***] as patent [***] for the Licensed RFSP Patents or the Licensed University Patents, as applicable. Pharmasset shall reimburse RFSP for all external, out-of-pocket costs and
expenses reasonably incurred in the Prosecution of the Licensed Patents (including any amounts which are owed by RFSP to the Universities with respect to the Licensed University Patents) which are evidenced by written documentation reasonably
acceptable to Pharmasset (“Patent Expenses”), including any Patent Expenses required to be paid by RFSP to the Universities pursuant to Section 4.9 of the University License Agreement (but solely to the extent incurred in
connection with Prosecution of the Licensed University Patents). Pharmasset shall deliver such reimbursement payments to RFSP within thirty (30) days after receipt of written notice from RFSP, from time to time, of Patent Expenses relating to
the Licensed RFSP Patents, and within twenty (20) days with respect to Patent Expenses relating to the Licensed University Patents. 
 11.3 Right to Consult. During the Term of this Agreement, RFSP shall copy Pharmasset, or with respect to the University Licensed Patents, seek to have Pharmasset copied, on all substantive documents relating to the Licensed Patents
received from or to be filed in any patent office in the Territory, including, without limitation, copies of each patent application, official action, response to official action, declaration, information disclosure statement, request for terminal
disclaimer, request for patent term extension and request for reexamination. Subject to the University License Agreement, (a) Pharmasset shall have the right to comment on the Prosecution of the Licensed Patents and provide such comments to
RFSP’s patent counsel, and (b) RFSP agrees to consult with Pharmasset regarding the Prosecution of the Licensed Patents and, specifically, to deliver to and consult with the Universities (or it applicable patent counsel) with regard to any
comments from Pharmasset regarding the Licensed University Patents. 
 11.4 Election and Abandonment of Prosecution. Exhibit C
sets forth the countries in which the Licensed Patents have issued or in which applications are currently pending. Subject to the University License Agreement and applicable law, Pharmasset shall have the right to elect which countries in the
Territory in which Licensed Patents should be Prosecuted, and upon 

  

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such election RFSP shall diligently Prosecute (or seek to cause the diligent Prosecution by the Universities of) such Licensed Patents in accordance with the
provisions of Section 11.2. In the event the Universities elect, under Section 7.1 of the University License Agreement, to expressly abandon the Prosecution of any Licensed University Patents, RFSP shall promptly notify Pharmasset and RFSP
shall, at Pharmasset’s election, assume from the Universities the Prosecution of the applicable Licensed University Patents. 
 11.5
Patent Term Extensions. Upon Pharmasset’s written request and subject to the University License Agreement, RFSP shall file all applications and take such actions that are necessary or reasonably advisable (or cause the Universities to
file all applications and take such actions that are necessary or reasonably advisable) to obtain patent term extensions pursuant to 35 U.S.C. § 156 or equivalent foreign statutes, regulations or procedures for the Licensed RFSP Patents in the
Territory (or, in the case, of the Universities, for the Licensed University Patents). Pharmasset agrees to cooperate reasonably with RFSP (or the Universities) in obtaining any such patent term extensions. 
 11.6 Patent Marking. Pharmasset shall, and shall cause its Affiliates and its sublicensees to, mark all Licensed Products made under this
Agreement with a notice in accordance with 35 U.S.C. § 287 and similar marking provisions in foreign countries. The Parties agree that unless otherwise required by applicable law, listing of the patent numbers in the package inserts or foreign
equivalent shall be considered sufficient marking of Licensed Products as required by this Section 11.6. 
 11.7 Third Party
Infringement. 
 (a) Notification. If RFSP or Pharmasset becomes aware of infringement or misappropriation of any
Licensed Patents or Licensed Technology by a Third Party in the Territory, such Party shall promptly notify the other Party in writing to that effect and provide a summary of the relevant facts and circumstances known to such Party relating to such
infringement (“Infringement Notice”). 
 (b) Licensed RFSP Patents and Licensed RFSP Technology. With
respect to infringement of the Licensed RFSP Patents or Licensed RFSP Technology, 
 (i) Pharmasset shall have the first right
and option (but not the obligation) to bring an infringement action or proceeding against such third party at its own expense and with counsel of its own choosing. Pharmasset shall keep RFSP informed as to the prosecution of any such action or
proceeding. No settlement, consent judgment or other voluntary final disposition of any action which adversely affects RFSP’s rights in the Licensed RFSP Patents or Licensed RFSP Technology may be entered into without RFSP’s consent, which
consent shall not be unreasonably withheld, conditioned or delayed. RFSP shall have the right to participate in any such action or proceeding at its own expense and with counsel of its choosing, subject to Pharmasset’s consent as to such
counsel, which consent shall not be unreasonably withheld, conditioned or delayed. Any recovery obtained by Pharmasset as a result of any such action or proceeding, by settlement or otherwise, shall be applied in the following order of priority:
(A) first, to reimburse each Party for all costs and expenses in connection with such action or proceeding paid by that Party and not otherwise recovered (on a pro rata basis 

  

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based on each Party’s respective litigation costs, to the extent the recovery was less than all such litigation costs); and (B) the remainder of
the recovery shall be retained by Pharmasset, except that if any portion of the recovery amount corresponds to compensatory economic losses (as opposed to punitive or exemplary losses), RFSP shall be entitled to a percentage of such portion, which
percentage shall be equal to the amount which would have been paid as royalties under the provisions of Article 5 had the infringing party been duly sublicensed by Pharmasset. 
 (ii) In the event that Pharmasset elects not to pursue an infringement action or proceeding referred to in clause (i) above within
sixty (60) days after receipt of the corresponding Infringement Notice, upon written notice to Pharmasset by RFSP, RFSP shall have the right and option (but not the obligation), at its expense and with counsel of its own choosing, to bring an
infringement action or proceeding against the applicable third party. RFSP shall keep Pharmasset informed as to the prosecution of any such action. No settlement, consent, judgment or other voluntary final disposition of any action which adversely
affects Pharmasset’s rights in the Licensed RFSP Patents or Licensed RFSP Technology Rights may be entered into without the consent of Pharmasset, which consent shall not be unreasonably withheld, conditioned or delayed. Pharmasset shall have
the right to participate in any such action at its own expense and with counsel of its choosing, subject to RFSP’s consent as to such counsel, which consent shall not be unreasonably withheld. Any recovery obtained by RFSP as a result of any
such action or proceeding, by settlement or otherwise, shall be applied in the following order of priority: (A) first, to reimburse each Party for all costs and expenses in connection with such action or proceeding paid by that Party and not
otherwise recovered (on a pro rata basis based on each Party’s respective litigation costs, to the extent the recovery was less than all such litigation costs); and (B) the remainder of the recovery shall be retained by RFSP. 

(c) Licensed University Patents. Notwithstanding anything to the contrary contained herein, Pharmasset acknowledges and agrees
that the matters referred to in this Section 11.7(c) are subject to the terms and conditions of the University License Agreement. With respect to infringement of the Licensed University Patents, Pharmasset, at its election from time to time as
relevant instances of infringement may arise, shall have the right to act on RFSP’s behalf in exercising RFSP’s rights under Article 8 of the University License Agreement (including rights to any applicable recovery amounts). RFSP shall
notify the Universities of Pharmasset’s election, and Pharmasset shall keep RFSP updated as to the progress of any actions or proceedings, or discussions with the Universities. To the extent Pharmasset has elected to exercise RFSP’s rights
with respect to one or more Licensed University Patents, Pharmasset shall also assume any corresponding responsibilities for costs and expenses, and for undertaking any actions, as required of RFSP under Section 8 of the University License
Agreement. Subject to the University License Agreement, any recovery obtained by Pharmasset as a result of any such action or proceeding, by settlement or otherwise, and after the retention of any amounts by the Universities to which it is entitled
under the University License Agreement, shall be applied in the following order of priority: (A) first, to reimburse each Party for all costs and expenses in connection with such action or proceeding paid by that Party and not otherwise
recovered (on a pro rata basis based on each Party’s respective litigation costs, to the extent the recovery was less than all such litigation costs); and (B) the remainder of the recovery shall retained by Pharmasset. 
  

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 (d) Joint Action. Notwithstanding anything to the contrary herein, the Parties may
mutually agree to institute and prosecute actions jointly with respect to infringement of the Licensed RFSP Patents or Licensed RFSP Technology and subject to the terms of University License Agreement, with respect to the Licensed University
Patents. In the event that the Parties agree to institute and prosecute actions jointly, the Parties shall cooperate in good faith in the litigation of such action or proceeding using such counsel as they may mutually agree, shall share the expense
of such action or proceeding in accordance with such proportionate share as the Parties may mutually agree, and otherwise conduct the litigation of such action or proceeding in accordance with such other arrangements as the parties may mutually
agree. Neither Party shall enter into any settlement, consent, judgment or other voluntary final disposition of any such an action or proceeding which adversely affects the other Party’s rights in the Licensed Patents or Licensed Technology
Rights without the consent of the other party, which consent shall not be unreasonably withheld, conditioned or delayed. Any recovery obtained as a result of any such action or proceeding, by settlement or otherwise, shall be applied in the
following order of priority: (A) first, to reimburse each Party for all costs and expenses in connection with such action or proceeding paid by that Party and not otherwise recovered (on a pro rata basis based on each Party’s respective
litigation costs, to the extent the recovery was less than all such litigation costs); and (B) the remainder of the recovery shall be shared based on each Party’s respective contribution to the litigation costs. 
 (e) Cooperation. In any infringement action or proceeding undertaken by either Party as provided in this Section 11.7, the
other Party shall, at the request of the Party bringing such action, reasonably cooperate in all respects and, to the maximum extent possible, including participating in such action as a named party, having its employees testify when requested and
making available relevant records, papers, information, samples, specimens and the like. All costs of a Party incurred in connection with rendering cooperation under this Section 11.7 shall be paid by the requesting Party, subject to any
reimbursement from recovery amounts in accordance with the provisions of Sections 11.7(b), 11.7(c) and 11.7(d). 
 ARTICLE 12

 MISCELLANEOUS 
 12.1
Assignment. This Agreement may not be assigned or otherwise transferred (in whole or in part, whether voluntarily, by operation of law or otherwise) by either Party without the prior written consent of the other Party (which consent shall not
be unreasonably withheld); provided, however, that such consent shall not be required if (a) the assignment is to an Affiliate, or (b) the assignment is in connection with the transfer or sale of all or substantially all of the
transferor’s business to which this Agreement relates (whether by asset sale, merger, consolidation, or similar transaction), provided that (i) the assigning Party notifies the other Party in advance of such assignment and provides the
identity of the proposed assignee, and (ii) the assigning Party expressly agrees in writing to remain financially liable in full for the actions or inactions of such assignee. This Agreement shall be binding upon the permitted successors and
assigns of the Parties. 
 12.2 Further Actions. Each Party agrees to execute, acknowledge and deliver such further instruments, and
to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 
  

 - 32 - 

 12.3 Force Majeure. Neither Party shall be liable to the other Party for loss or damages, or shall
have any right to terminate this Agreement for any default or delay attributable to any Force Majeure, provided that the Party affected gives prompt notice of any such cause to the other Party. The Party giving such notice shall thereupon be excused
from such of its obligations hereunder for so long as it is thereby disabled from performing such obligations; provided, however, that such affected Party promptly commences and continues to use its Commercially Reasonable Efforts to cure such
disablement as soon as practicable. 
 12.4 Notices. Notices to Pharmasset shall be addressed to: 
 Pharmasset, Inc. 
 303-A College Road East

 Princeton, New Jersey 08540 
 Attention: Legal Affairs 
 Facsimile No.: (609) 613-4150 
 with a copy to: 
 Morgan, Lewis &
Bockius LLP 
 502 Carnegie Center 
 Princeton, New Jersey 08540 
 Attention: Randall B. Sunberg 
 Facsimile No.: (609) 919-6701 
 Notices
to RFSP shall be addressed to: 
 RFS Pharma LLC 
 2881 Peachtree Road N.E. 
 Unit 2204 
 Atlanta, Georgia 30305 
 Attention:
Dr. Raymond F. Schinazi 
 Facsimile No.: (404) 728-7726 
 with a copy to: 
 Dechert LLP 
 30 Rockefeller Plaza 
 New York, NY 10112

	 	Attention:	David S. Rosenthal 

	 	    	David E. Schulman 

 Facsimile No.: (212) 698-3599

 Either Party may change the address to which notices shall be sent by giving notice to the other Party in the manner herein provided. Any notice required
or provided for by the terms of this Agreement shall be in writing and shall be (a) sent by registered or certified mail, return receipt requested, postage prepaid, (b) sent via a reputable overnight courier service, or (c) sent by

  

 - 33 - 

 
facsimile transmission, in each case properly addressed in accordance with the paragraphs above. The effective date of any notice shall be the actual date of
receipt by the Party receiving the same. 
 12.5 Amendment. No amendment, modification or supplement of any provision of this
Agreement shall be valid or effective unless made in writing and signed by a duly authorized officer of each Party. 
 12.6 Waiver. No
provision of this Agreement shall be waived by any act, omission or knowledge of a Party or its agents or employees except by an instrument in writing expressly waiving such provision and signed by a duly authorized officer of the waiving Party.

 12.7 Counterparts; Facsimile Signatures. This Agreement may be executed in counterparts and such counterparts taken together shall
constitute one and the same agreement. This Agreement may be executed by facsimile signatures, which signatures shall have the same force and effect as original signatures. 
 12.8 Descriptive Headings. The descriptive headings of this Agreement are for convenience only, and shall be of no force or effect in construing
or interpreting any of the provisions of this Agreement. 
 12.9 Governing Law. This Agreement shall be governed and construed in
accordance with the laws in effect in the State of Georgia, without giving effect to any choice of law provisions thereof. Each Party hereby submits itself for the purpose of this Agreement and any controversy arising hereunder to (a) the
exclusive jurisdiction of and venue in the state and federal courts located in the State of Georgia, and any courts of appeal therefrom, in the event that Pharmasset initiates such litigation, or (b) the exclusive jurisdiction of and venue in
the state and federal courts located in the State of New York, and any courts of appeal therefrom in the event that RFSP initiates such litigation, and each Party waives any objection on the grounds of lack of jurisdiction (including, without
limitation, venue) to the exercise of such jurisdiction over it by any such courts. 
 12.10 Disputes. In the event of a dispute
between the Parties, such dispute shall be separately negotiated by the Parties hereto in good faith and all reasonable efforts undertaken to settle amicably such matters before resorting to further legal recourse, as set forth in the remainder of
this Section 12.10. Upon the occurrence of a dispute between the Parties, including, without limitation, any breach of this Agreement or any obligation relating thereto, the matter shall be referred first to the officers of RFSP and Pharmasset
having responsibility for the subject matter of the dispute, or their designees. The officers, or their designees, as the case may be, shall negotiate in good faith to resolve such dispute in a mutually satisfactory manner for up to thirty
(30) days. If such efforts do not result in mutually satisfactory resolution of the dispute, the matter shall be referred to the chief executive officers of RFSP and Pharmasset, or their designees. The chief executive officers, or their
designees, as the case may be, shall negotiate in good faith to resolve such dispute in a mutually satisfactory manner for up to thirty additional (30) days, or such longer period of time to which the chief executive officers may agree.

  

 - 34 - 

 12.11 Severability. If any provision hereof should be held invalid, illegal or unenforceable in
any respect in any jurisdiction, the Parties hereto shall substitute, by mutual consent, valid provisions for such invalid, illegal or unenforceable provisions which valid provisions in their economic effect are sufficiently similar to the invalid,
illegal or unenforceable provisions that it can be reasonably assumed that the Parties would have entered into this Agreement with such valid provisions. In case such valid provisions cannot be agreed upon, the invalid, illegal or unenforceable
provisions of this Agreement shall not affect the validity of this Agreement as a whole, unless the invalid, illegal or unenforceable provisions are of such essential importance to this Agreement that it is to be reasonably assumed that the Parties
would not have entered into this Agreement without the invalid, illegal or unenforceable provisions. 
 12.12 Entire Agreement of the
Parties. This Agreement, together with the exhibits hereto, constitute and contain the complete, final and exclusive understanding and agreement of the Parties and cancels and supersedes any and all prior negotiations, correspondence,
understandings and agreements whether oral or written, between the Parties respecting the subject matter hereof and thereof. 
 12.13
Independent Contractors. The relationship between the Parties created by this Agreement is one of independent contractors and neither Party shall have the power or authority to bind or obligate the other except as expressly set forth in this
Agreement. 
 12.14 Compliance with Export Regulations. None of the Parties shall export any technology licensed to it by the other
Party under this Agreement, except in compliance with United States export laws and regulations. 
 12.15 Expenses. Unless otherwise
provided herein, all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the Party which shall have incurred the same and the other Party shall have no liability relating thereto.

 12.16 Limitation of Liabilities. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, EXCEPT AS MAY BE THE CASE UNDER ARTICLE
9 ABOVE WITH RESPECT TO INDEMNIFICATION FOR THIRD PARTY CLAIMS, NO PARTY WILL BE LIABLE TO ANY OF THE OTHER PARTIES FOR PUNITIVE, EXEMPLARY, SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING WITHOUT LIMITATION LOST PROFITS, BUSINESS
OR GOODWILL) ATTRIBUTABLE TO ANY BREACH OR DEFAULT BY SUCH PARTY UNDER THIS AGREEMENT. THIS LIMITATION SHALL SURVIVE ANY FAILURE OF THE ESSENTIAL PURPOSE OF A LIMITED OR EXCLUSIVE REMEDY SET FORTH HEREIN. 
 12.17 Bankruptcy. All rights and licenses granted pursuant to this Agreement are, for purposes of Section 365(n) of Title 11 of the United
States Code or any foreign equivalents (“Title 11”), license of rights to “intellectual property” as defined in Title 11. Each Party agrees that, in the event of the commencement of bankruptcy proceedings by or against the
other Party under Title 11, each Party as applicable shall retain and may fully exercise all of such licensed rights under this Agreement and all of its rights and elections under Title 11. 
  

 - 35 - 

 12.18 No Third Party Beneficiaries. No person or entity other than the Parties hereto and their
respective Affiliates, successors and permitted assigns shall be deemed an intended beneficiary hereunder or have any right to enforce any obligation of this Agreement. 
 12.19 No Strict Construction. This Agreement has been prepared jointly and shall not be strictly construed against either Party. 
 [Signature Page Immediately Follows] 
  

 - 36 - 

 IN WITNESS WHEREOF, duly authorized representatives of the Parties have duly executed this Agreement as
of the Effective Date. 
  

			
	PHARMASSET, INC.
		
	By:	 	 /s/ P. Schaefer Price

		 	 P. Schaefer Price

		 	 President and CEO

	
	RFS PHARMA LLC
		
	By:	 	 /s/ Raymond Schinazi

		 	 Dr. Raymond F. Schinazi

		 	 Executive Director

 SIGNATURE PAGE TO LICENSE AGREEMENT 

 Exhibit A 
 Report Information 
  

			
	 1.
	  	 Country Sold In

	 2.
	  	 Product Number

	 3.
	  	 Units Sold

	 4.
	  	 Net Selling Price

	 5.
	  	 Extended Sales Dollars or Foreign Currency

	 6.
	  	 Lease or Rental Revenue (if applicable)

	 7.
	  	 Total Revenue Subject to Royalty

	 8.
	  	 Wall Street Journal Conversion Rate (if applicable)

	 9.
	  	 Converted US Dollars (if applicable)

	 10.
	  	 Minimum Royalty Due (if applicable)

	 11.
	  	 Sublicense Income (all sources)

	 12.
	  	 Sublicense Royalty Rate

	 13.
	  	 Sublicense Royalty Due

	 14.
	  	 Total Royalty Due

	 15.
	  	 Direct Royalty Payment to Universities (if applicable)

	 16.
	  	 Names and Addresses of all Sublicenses

 Exhibit B 
 Redacted Form of University License Agreement 

 8/1/05 
 Redacted Copy 
 Execution Copy 
 LICENSE AGREEMENT 
 among 
 UNIVERSITY OF GEORGIA RESEARCH FOUNDATION, INC. 
 and 
 EMORY UNIVERSITY 
 and 
 RFS PHARMA LLC 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted portions,
which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
 TABLE OF CONTENTS 
  

					
	 Article 1.
	  	Definitions	  	2
			
	 Article 2.
	  	Grant of License	  	7
			
	 Article 3.
	  	Diligence and Commercialization	  	9
			
	 Article 4.
	  	Consideration for License	  	10
			
	 Article 5.
	  	Reports and Payments	  	15
			
	 Article 6.
	  	Records	  	16
			
	 Article 7.
	  	Patent Prosecution	  	16
			
	 Article 8.
	  	Abatement of Infringement	  	18
			
	 Article 9.
	  	Confidentiality	  	19
			
	 Article 10.
	  	Limited Warranty, Merchantability and Exclusion of Warranties	  	20
			
	 Article 11.
	  	Damages, Indemnification, and Insurance	  	21
			
	 Article 12.
	  	Term and Termination	  	22
			
	 Article 13.
	  	Assignment	  	25
			
	 Article 14.
	  	Arbitration	  	25
			
	 Article 15.
	  	Miscellaneous	  	25
			
	 Article 16.
	  	Notices	  	27
			
	 Exhibit A.
	  	[***] Patents	  	
			
	 Exhibit B.
	  	Licensee’s Development Plan	  	
			
	 Exhibit C.
	  	[RFS PHARMA REDACTED] Patents	  	
			
	 Exhibit D.
	  	UNIVERSITIES Patents	  	
			
	 Exhibit E.
	  	DAPD Sponsor’s Responsibilities	  	
			
	 Exhibit F.
	  	[RFS PHARMA REDACTED]	  	
			
	 Exhibit G.
	  	Details to be Included in Royalty Reports	  	

  

 - i - 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 THIS LICENSE AGREEMENT (hereinafter referred to as the “License Agreement”) is made and
entered into as of this 29th day of October, 2004, (hereinafter referred to as the “Effective Date”) by and among the UNIVERSITY OF GEORGIA RESEARCH FOUNDATION, INC., a nonprofit Georgia corporation with offices located in the Boyd
Graduate Studies Research Center, Athens, Georgia 30602-7411, U.S.A. (hereinafter referred to as “UGARF”), EMORY UNIVERSITY, a nonprofit educational institution with offices located at 1784 N. Decatur Road, Suite 130, Atlanta, Georgia
30322, U.S.A. (hereinafter referred to as “EMORY”), and RFS PHARMA LLC, a Georgia limited liability company with offices at 1795 Peachtree Rd. N.E, Atlanta, GA 30309, U.S.A. (hereinafter referred to as “LICENSEE”). 
 WITNESSETH 
 WHEREAS, UGARF is the assignee
of all right, title, and interest in inventions developed by employees of The University of Georgia (hereinafter referred to as “UGA”) and is responsible for the protection and commercial development of such inventions; and 
 WHEREAS, EMORY is the assignee of all right, title, and interest in inventions developed by employees of EMORY and is responsible for the protection and
commercial development of such inventions; and 
 WHEREAS, UGARF and EMORY (hereinafter collectively referred to as “UNIVERSITIES”)
have jointly developed certain inventions related to dioxlanyl purines and dioxolane thymine (the “Licensed Compounds”, as defined below) and their use in human medicine; and 
 WHEREAS, certain dioxolanyl purines were the subject of a license agreement between UNIVERSITIES and [***], such license being assigned to [***] when
[***] acquired [***]; and 
 WHEREAS, said license agreement was terminated by [***] effective March 15, 2004, and subject to a [RFS
PHARMA REDACTED] UNIVERSITIES received and will receive certain data and documents related to the clinical development of DAPD and certain rights under DAPD-related patents owned by [***]; and 
 WHEREAS, UNIVERSITIES have acquired additional rights related to certain dioxolanyl purines under a settlement and license agreement with [RFS PHARMA
REDACTED] and have the right to sublicense such acquired rights, subject to certain approval rights of [RFS PHARMA REDACTED]; and 
 WHEREAS, UNIVERSITIES wish to have the Licensed Compounds further developed and made available in commerce for use by the public; and 
 WHEREAS, LICENSEE, an EMORY/UGARF faculty start-up company, represents that it has the necessary expertise and ability to obtain resources to fully develop and commercialize the Licensed Compounds; and 
 WHEREAS, LICENSEE wishes to obtain certain rights to pursue the development and commercialization of the Licensed Compounds; and 
 WHEREAS, UNIVERSITIES wish to grant LICENSEE such rights in accordance with the terms and conditions of this Agreement; 
  

 - 1 - 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 NOW, THEREFORE, for and in consideration of the mutual covenants and the premises herein contained,
the parties, intending to be legally bound, hereby agree as follows: 
 ARTICLE 1.     DEFINITIONS 
 The following terms as used herein shall have the following meaning: 
 1.1. “Affiliates” in addition to the meaning defined in Section 2.2, shall mean any corporation, partnership or other business entity which is directly or indirectly controlled by a party or any
entity which directly or indirectly controls a party . “Controls” as used herein means owns directly or indirectly at least fifty percent (50%) of the voting shares. A “Designated Affiliate” is an Affiliate of LICENSEE that
obtains from or through LICENSEE, and by virtue of LICENSEE’s designation from time to time, rights in or under any of the licenses granted herein to LICENSEE. 
 1.2. “Agreement” or “License Agreement” shall mean this Agreement, including all EXHIBITS attached to this Agreement. 
 1.3. “Combination Product” shall mean a Licensed Product incorporating one or more compounds within the Licensed Compounds and one or
more additional active ingredient(s) that is not a Licensed Compound. Except as may be restricted by [RFS PHARMA REDACTED], where such Section 2.3 is applicable, UNIVERSITIES acknowledge that LICENSEE is not prohibited by any limitation
of the licenses granted hereunder from making, using, selling, offering for sale, or importing Combination Products that contain one or more of the following compounds (each an “Listed Active Agent”): [***], [RFS PHARMA REDACTED]
and any compound that is sold by [RFS PHARMA REDACTED] or its “Affiliates”, as such term is defined in the [RFS PHARMA REDACTED], and/or licensees or sublicensees or is covered by any patent(s) or patent application(s) owned
or controlled by, or licensed to, [RFS PHARMA REDACTED] or its “Affiliates”, as such term is defined in the [RFS PHARMA REDACTED]. However, LICENSEE acknowledges that the licenses granted under this Agreement do not give
LICENSEE the affirmative right or license to make, have made, use, import, offer for sale or sell products that contain any of the Listed Active Agents, and that if LICENSEE or its Designated Affiliates or sublicensees desire to do so, it or they
may need to obtain rights to such Listed Active Agent(s) under separate agreements and/or from third parties. 
 1.4.
“Development Data” shall mean any data, charts, studies, summaries, analyses, reports, regulatory correspondence and documents, know-how and other information created, generated or discovered in connection with LICENSEE’s Development
Plan or any other pre-clinical studies or clinical trials or studies of the Licensed Product(s) conducted by or on behalf of LICENSEE or Designated Affiliate. 
 1.5. “FDA” shall mean the United States Food and Drug Administration. 
 1.6.
“Field of Use” shall mean all therapeutic and preventative uses of Licensed Compounds for any indication or purpose, including without limitation the prevention and treatment of human immunodeficiency virus (HIV-1 and HIV-2) and hepatitis
B virus (HBV). 
 1.7. “[***] Patents Rights” shall mean the rights under the [***] Patents granted to UNIVERSITIES [RFS
PHARMA REDACTED]. 
 1.8. “[***] Patents” shall mean the patent applications and patents owned by [***] identified in
EXHIBIT A to which certain rights have been granted to UNIVERSITIES [RFS PHARMA REDACTED]. 
 1.9. “IND” shall mean
an Investigational New Drug application filed with the FDA or a counterpart application with a regulatory authority of a Major Markets country other that the U.S. 
  

 - 2 - 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 1.10. “Indemnitees” shall mean UNIVERSITIES, UNIVERSITIES’ agents, officers and
directors, UGA, UGA’s employees, EMORY’S trustees and employees, and the Inventors, and their heirs, executors, administrators, and legal representatives. 
 1.11. “Inventors” shall mean the named EMORY and UGA inventors listed on the Licensed Patents. 
 1.12. “License Agreement Year” shall mean the period from July 1 through June 30 of each year during the term of this Agreement. 
 1.13. “Licensed Compounds” shall mean: 
 (a) Amdoxovir, (-)-ß-D-2,6-diaminopurine
dioxolane (hereinafter “DAPD”) (“amdoxovir” being the international non-proprietary name for such compound); 
  

	 	(b)    (i)	[***]: 

  

	 	    	[***] 

  

	 	    	[***]; and 

  

	 	(ii)	[***]; and 

  

	 	(iii)	[***]; and 

  

	 	(iv)	[***]; 

  

	 	(v)	[***]; and 

  

	 	(vi)	[***]; and 

 (c) Dioxolane thymine compounds as disclosed
in [***] or in [***] (hereinafter “DOT”), including their [***]-derivatives; any and all salts, esters, racemic mixtures and stereoisomers, and purified enantiomers of any of the foregoing; and any and all polymorphs, hydrates and solvates
of any of the foregoing. 
 1.14. “Licensed Patents” shall mean the UNIVERSITIES Patents, [RFS PHARMA REDACTED]
(subject to the approval of LICENSEE as a sublicensee by [RFS PHARMA REDACTED]), and [***] Patents. 
 1.15. “Licensed
Patents Rights” shall mean the rights granted under the Licensed Patents to LICENSEE under this Agreement. 
 1.16.
“Licensed Product(s)” shall mean any process, service, or product involving the manufacture, use, sale, or import of one or more compounds within the Licensed Compounds, including any pharmaceutical product containing one or more Licensed
Compounds as active ingredients, alone or in combination with other active ingredients, which is covered by a Valid Claim or incorporates or uses any Licensed Technology. “DAPD Licensed Products” are Licensed Products that involve the DAPD
Licensed Compound; “Other Dioxolanyl Purine Licensed Products” are Licensed Products other than DAPD Licensed Products that involve one or more Other Dioxolanyl Purine Licensed Compounds. “DOT Licensed Products” are Licensed
Products other than DAPD Licensed Products and/or Other Dioxolanyl Purine Licensed Products that involve DOT Licensed Compounds. 
 1.17. “Licensed Technology” shall mean all formulations, designs, technical information, know-how, knowledge, data, specifications, test results and other information, whether or not patented or patentable, which are
(a) known to the Inventors on the date of the License Agreement and are useful for the development, manufacture, use, commercialization, or sale of any Licensed Product, or (b) known to the Inventors and relate to any improvements
described in Section 1.28 or, (c) [RFS PHARMA REDACTED] copies of all toxicity, efficacy, and other data obtained by UNIVERSITIES from [***] related to DAPD and Other Dioxolanyl 

  

 - 3 - 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 
Purines, including but not limited to data generated in the course of [***] efforts to develop DAPD or obtain governmental approval for the sale of DAPD,
including IND 57,159 or other documents filed with any government agency, including cross-references of all preclinical, CMC, clinical trial data and filings. 
 1.18. “Licensed Territory” shall mean the world. 
 1.19. “LICENSEE’s
Development Plan” shall mean EXHIBIT B of this Agreement, as the same may be reasonably amended from time to time by LICENSEE, consistent with this Agreement. 
 1.20. “Major Markets” shall mean Japan, the United States, China, Germany, France, Great Britain, Italy, and Spain. 
 1.21. “Net Sales” of Licensed Products shall mean the gross amounts paid to LICENSEE or its Designated Affiliates by a purchaser of a Licensed Product in a Sale, less the following deductions: a)
customary trade, quantity and cash discounts, rebates, charge backs and retroactive price reductions actually allowed and taken; b) credits actually given for rejected or returned Licensed Products; c) freight and insurance costs, if separately
itemized on the invoice paid by the customer; and d) excise taxes and customs duties included in the invoiced amount. Where a Sale is deemed consummated by disposition of Licensed Products for other than a selling price stated in cash, the term
“Net Sales” shall be determined by using the average gross selling price billed by LICENSEE or its Designated Affiliates in consideration of Sales of comparable Licensed Products during the three (3) month period immediately preceding
such Sale, and deducting estimated average amounts as described in clauses (a) – (d). If no Sales of Licensed Products have occurred in the preceding three (3) months, then the parties shall, in good faith, negotiate the cash value of
such Sale for purposes of this provision. In the event that the parties cannot agree on the Net Sales for such purpose within thirty (30) days of beginning such negotiations, it shall be determined by a mutually agreeable qualified appraiser.

 “Net Sales” with respect to any Combination Product shall be determined by multiplying the gross selling price, or gross lease
or rental payment, paid to LICENSEE or its Designated Affiliates by a purchaser of a Combination Product by the fraction [A/(A+B)], where A is the average sale price of the Licensed Product when sold separately in finished form and B is the average
sale price of the additional active ingredient sold separately in finished form, as shown by the following formula: 
  

							
	 Net Sales =
	  	 [     A     ]
 [  (A+B)  ]
	  	x	    	[the gross selling price, or gross lease or rental payment of the            ]
		  	  		    	[Combination Product, less deductions as described in clauses (a)-(d)  ]

 In the event that such average sale price cannot be determined for either the Licensed Product or
for the other active ingredient within the Combination Product, Net Sales for purposes of determining royalties on sales of the Combination Product shall be as mutually agreed upon by UNIVERSITIES and LICENSEE based upon the relative value
contributed by each active component of the Combination Product. 
  

 - 4 - 

 1.22. “Proprietary Information” shall mean that information of LICENSEE or of
UNIVERSITIES (including UGA for the purposes of this Section and Article 9), as the case may be, that is not generally known to the public and subject to protection under recognized legal principles. The specific terms, prices and conditions
contained in this Agreement shall be considered part of the Proprietary Information, and each of LICENSEE and UNIVERSITIES shall be considered a “receiving party” as to such terms, prices and conditions. The specific terms, prices and
conditions contained in any subsequent sublicense and/or Designated Affiliate agreements related to this License Agreement shall be considered part of the Proprietary Information, and UNIVERSITIES shall be considered the “receiving party”
as to such terms, prices and conditions. The parties acknowledge that disclosure of the existence of this License Agreement and its general subject matter, or the existence or general subject matter of any subsequent sublicense and/or Designated
Affiliate agreements related to this License Agreement, the identities of Designated Affiliates or sublicensees, and reports of income received by UNIVERSITIES pursuant to this License Agreement are not disclosures of Proprietary Information.

 1.23. “Sale” or “Sold” shall mean the sale, transfer, exchange, or other disposition of Licensed Products.
Sales of Licensed Products shall be deemed consummated upon the first to occur of: (a) receipt of payment from the purchaser; (b) delivery of Licensed Products to the purchaser or a common carrier; (c) release of Licensed Products
from consignment; or (d) if otherwise transferred, exchanged, or disposed of, whether by gift or otherwise, when such transfer, exchange, gift, or other disposition occurs. None of: (a) the provision of Licensed Products at or below their
cost of production and distribution, prior to the approval of Licensed Products in a country and pursuant to a requirement issued by the appropriate governmental agency in that country, (b) the provision of Licensed Products at or below the
costs of their production and distribution pursuant to a requirement issued by a governmental agency or otherwise for consumption by or administration to persons for humanitarian purposes or compassionate use, (c) the provision of Licensed
Products at or below their cost of production and distribution for use in bona fide research and development, including but not limited to preclinical and clinical trials, nor (d) the provision of samples in reasonable quantities without
charge for promotional purposes, shall be deemed a Sale for the purposes of this Agreement. 
 1.24. [RFS PHARMA REDACTED] 

1.25. [RFS PHARMA REDACTED] 
 1.26. [RFS PHARMA REDACTED] 
 1.27. [RFS PHARMA REDACTED] as EXHIBIT F. 
  

 - 5 - 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 1.28. “UNIVERSITIES Patents” shall mean (a) the patent applications and patents
identified in EXHIBIT D hereof, together with all divisionals, continuations, continuations-in-part (to the extent that the claimed subject matter of such continuations-in-part is disclosed and enabled in the parent application), reissues,
reexaminations and foreign counterparts of such applications or patents. It is the parties’ intention that EXHIBIT D include all patents or patent applications owned by UNIVERSITIES as of the Effective Date that contain, whether as of the
Effective Date or in the future, claims to a Licensed Compound as a compound, to processes for producing the Licensed Compound, to pharmaceutical compositions containing the Licensed Compound as a single active ingredient or in a Combination Product
consistent with Section 1.3 herein, or to the use of the Licensed Compound in the Field of Use. Subject to any pre-existing rights of third parties, any UNIVERSITIES Patent that is, through inadvertence or otherwise, not listed in EXHIBIT D
consistent with such intention shall nonetheless be deemed to be included in such list and the parties will in good faith update EXHIBIT D; (b) subject to any pre-existing rights of third parties, any applications or patents filed after the
Effective Date on inventions conceived prior to the Effective Date (as evidenced in invention disclosures delivered to UNIVERSITIES on or before the Effective Date) and owned or controlled by UNIVERSITIES, with claims to a Licensed Compound as a
compound, to processes for producing the Licensed Compound, to pharmaceutical compositions containing the Licensed Compound as a single active ingredient or in a Combination Product consistent with Section 1.3 herein, or to the use of the
Licensed Compound in the Field of Use. The parties will in good faith update EXHIBIT D to include such applications or patents, and UNIVERSITIES shall notify LICENSEE at least annually (and more often within ten (10) business days after request
from LICENSEE from time to time), as to whether or not any such updates are called for; and (c) any applications or patents filed after the Effective Date on improvements to any of the UNIVERSITIES Patents described in clause (a) or clause
(b) of this section or to any of the [***] Patents or the [RFS PHARMA REDACTED], which have at least one Inventor as an inventor and are required by LICENSEE or its Designated Affiliates to make, use or sell Licensed Products, but only
to the extent that UNIVERSITIES have the right to license such improvements and if such improvement is a chemical compound, only to the extent that such compound’s antiviral effect is exerted through its conversion to DXG, DOT or nucleotides of
DXG or DOT; and (d) any [***] Patents and [RFS PHARMA REDACTED] that may be assigned to UNIVERSITIES after the Effective Date. 
 1.29. “UNIVERSITIES Patents Rights” shall mean all of the UNIVERSITIES’ rights, title and interest throughout the world in and to the UNIVERSITIES Patents. 
 1.30. “Valid Claim” shall mean an issued claim of any unexpired patent or claim of any pending patent application included among the
Licensed Patents, which has not been held unenforceable, unpatentable or invalid by a decision of a court or governmental body of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, which has not been rendered
unenforceable through disclaimer or otherwise and which has not been lost through an interference proceeding. 
  

 - 6 - 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 ARTICLE
2.                     GRANT OF LICENSE 
 2.1. License. Subject to the terms of this License Agreement, UNIVERSITIES hereby grant to LICENSEE: 
 (a) the exclusive
right and license under the UNIVERSITIES Patents Rights and Licensed Technology to make, have made, develop, use, import, offer for sale, and sell Licensed Products in the Field of Use in the Licensed Territory during the term of this Agreement; and

 (b) subject to [RFS PHARMA REDACTED] approval of LICENSEE as a substitute sublicensee under the [RFS PHARMA REDACTED], the
exclusive right and sublicense under the [RFS PHARMA REDACTED] to make, have made, develop, use, import, offer for sale, and sell Licensed Products in the “Field of Use” (as that term is defined in the [RFS PHARMA REDACTED])
in the Licensed Territory during the term of this Agreement; and 
 (c) the exclusive right and sublicense to the UNIVERSITIES rights under
the [***] Patent Rights to make, have made, develop, use, import, offer for sale, and sell Licensed Products in the Field of Use in the Licensed Territory during the term of this Agreement. 
 The grant of rights under this Agreement does not extend to any rights that are not owned by or that have not been transferred to UNIVERSITIES. 
 2.2. Affiliate and Joint Venture Rights. LICENSEE shall have the right to designate one or more of its Affiliates from time to time to allow such
“Designated Affiliate” to obtain, through such designation, the rights to exercise the licenses to LICENSEE hereunder, or any one or more of such licensed rights. LICENSEE shall inform UNIVERSITIES when all or part (and if so, which
part(s)) of the rights granted herein become granted to a Designated Affiliate and the identity of such Designated Affiliate within thirty (30) days of such occurrence. If LICENSEE forms a company or venture [RFS PHARMA REDACTED] or
otherwise, where LICENSEE or [***] is initially a [***] percent ([***]%) or more equity owner, then such company or venture shall be considered an Affiliate of LICENSEE and therefore shall be entitled to become a Designated Affiliate upon
designation by LICENSEE and subject to the obligations of a Designated Affiliate under the License Agreement, including not being considered LICENSEE’s sublicensee for purposes of Sections 4.5 and 4.6 of this Agreement. LICENSEE shall remain
responsible to UNIVERSITIES with respect to all the operations of its Designated Affiliate relevant to the use of Licensed Products under this License Agreement, including the provision of reasonable commercial efforts in the development,
manufacture, registration and launch of the Licensed Product, the making of any payments or reports under this License Agreement, the provision of indemnities and the provision of insurance and compliance with applicable law. 
 2.3. Retained License. UNIVERSITIES retain on behalf of themselves and UGA, and any research collaborators for any non-profit organization, a
royalty-free right and license to make and use Licensed Products and to practice Licensed Technology only for non-commercial research, educational and clinical uses. 
 2.4. Sublicenses. LICENSEE and its Designated Affiliates shall have the right to grant sublicenses consistent with, although not necessarily identical to, this Agreement. LICENSEE and its Designated Affiliates
shall provide UNIVERSITIES copies of proposed sublicenses within ten (10) days prior to their execution. LICENSEE and its Designated Affiliates shall consider UNIVERSITIES’ comments on such sublicenses in good faith. In any case, any
sublicense shall be in compliance with this License Agreement and, to the extent covering any [RFS PHARMA REDACTED], with section 2.2 of the [RFS PHARMA REDACTED], and shall be subject to rights, regulations, and laws of the federal
government. 
  

 - 7 - 

 LICENSEE and its Designated Affiliates shall remain responsible to UNIVERSITIES with respect to all the operations of its
sublicensees relevant to the use of Licensed Products under this License Agreement, including the provision of reasonable commercial efforts in the development, manufacture, registration and launch of the Licensed Product, the making of any payments
under this License Agreement, the provision of indemnities and the provision of insurance and compliance with applicable law. 
 2.5.
No Implied License. The license and right granted in this Agreement shall not be construed to confer any rights upon LICENSEE or its Designated Affiliates by implication, estoppel, or otherwise as to any technology not specifically identified in
this Agreement as Licensed Patents Rights or Licensed Technology. 
 2.6. Government Rights. The UNIVERSITIES Patents, Licensed
Technology, or portions thereof were developed with financial or other assistance through grants or contracts funded by the United States government. LICENSEE and its Designated Affiliates acknowledge that in accordance with Public Law 96-517 and
other statutes, regulations, and Executive Orders as now exist or may be amended or enacted, the United States government has certain rights in, and UNIVERSITIES and LICENSEE and its Designated Affiliates have certain obligations under the
UNIVERSITIES Patents and Licensed Technology. LICENSEE and its Designated Affiliates shall take all action necessary to enable UNIVERSITIES to satisfy their obligations and shall take all actions necessary under any federal law or regulation
relating to the UNIVERSITIES Patents or Licensed Technology. If the United States government should take action which renders it impossible or impractical for UNIVERSITIES to grant the rights and license, or which conditions or reduces the rights
and licenses, granted herein to LICENSEE under this Agreement, UNIVERSITIES or LICENSEE may (in case of such impracticality or impossibility) terminate this Agreement upon reasonable prior notice or (in case of such conditioning or reduction) cause
it to be equitably reformed upon reasonable prior notice to reflect such conditioned or reduced rights and licenses (including without limitation with respect to the value and price of such rights and licenses). LICENSEE and its Designated
Affiliates shall not have any right to the return of any payments of any kind made by it to UNIVERSITIES prior to the date of such action. 
 ARTICLE 3.                    DILIGENCE AND COMMERCIALIZATION 
 3.1. Diligence and Commercialization. LICENSEE shall use commercially reasonable efforts, either directly or through Designated Affiliates or
sublicensees, throughout the term of this Agreement to comply with LICENSEE’s Development Plan and to bring Licensed Products to market through a thorough, vigorous, and diligent program for exploitation of the right and license granted in this
Agreement to LICENSEE, including development, testing and manufacturing, filing for or seeking regulatory approvals, and marketing and sales of at least one Licensed Product and to create, supply, and service in the Licensed Territory as extensive a
market as reasonably possible, and shall include substantially similar diligence and commercialization terms in any sublicense agreement. In no instance shall LICENSEE’s, its Designated Affiliates’ and sublicensees’ commercially
reasonable efforts be less than efforts customary in LICENSEE’s industry, subject to LICENSEE’s Development Plan. Upon request by either party, and at least annually, UNIVERSITIES and LICENSEE will periodically review LICENSEE’s
commercial exploitation plans for the Licensed Patents Rights. 
 3.2. LICENSEE Clinical Trial Obligations. [RFS PHARMA
REDACTED] 
  

 - 8 - 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 3.3. UNIVERSITIES’ Clinical Trial Obligations. [RFS PHARMA REDACTED] 

3.4. LICENSEE Diligence Milestones. LICENSEE shall use commercially reasonable efforts to adhere to the following diligence milestones in the
development of Licensed Products: 
 (a) For DAPD Licensed Product(s) and other Dioxolanyl Purine Licensed Product(s): 
 (i) LICENSEE shall secure sufficient funding for clinically developing and commercializing at least one Licensed Product. At a minimum,
LICENSEE will commit [RFS PHARMA REDACTED]. 
 (ii) LICENSEE will hire the necessary professionals as needed to fulfill
obligations toward UNIVERSITIES, including regulatory/medical personnel, opinion leaders and/or consultants. 
 (iii) LICENSEE
will diligently analyze all data and diligently pursue discussions with the FDA in an attempt to lift the partial hold [RFS PHARMA REDACTED] 
 (iv) [RFS PHARMA REDACTED] 
 (v) [RFS PHARMA REDACTED] 
 (b) For DOT Licensed Product(s): 
 (i) identification of the first Lead Candidate within three (3) years of the Effective Date of this Agreement; 
 (ii) LICENSEE shall file a first IND application with the FDA, or a counterpart application with a regulatory authority of a Major Markets country other than the U.S. for a Licensed Product for a first Indication within three (3) years
of the identification of the first Lead Candidate; and 
 (iii) LICENSEE shall enter into a first Phase II clinical trial in a
Major Markets country for a Licensed Product for a first Indication within [***] ([***]) years of filing the first IND application with the FDA or a counterpart application with a regulatory authority of a Major Markets country other than the U.S.,

 (c) The time periods specified in this Section shall be tolled during any period or periods in which LICENSEE is, beyond its reasonable
control, prevented from developing such product by government-imposed moratoriums, laws or rulings that would also prevent others generally from developing similar products, or by events of force majeure. LICENSEE shall notify UNIVERSITIES of its
exercise of its right to toll such period or periods within thirty (30) days of the beginning of such toll. If at any time or times LICENSEE believes that it may not be able to meet any of the above time periods (whether or not due to factors
described in the preceding sentence), it may so notify UNIVERSITIES in writing, but no later than three (3) months prior to the end of any of the above time periods, together with a reasonably detailed description of the factors or reasons why
LICENSEE believes it should nevertheless continue to be considered in compliance with its diligence obligations under Sections 3.1 – 3.3 (and to have one or more Licensed Products in active development for purposes of Section 3.6),
whereupon UNIVERSITIES and LICENSEE will over a period of at least three (3) months actively and in good faith attempt to reach agreement on extension(s) to such time period(s) as shall be reasonable in the circumstances. 
 (d) For the purposes of this Section 3.4, “Lead Candidate” shall mean any compound within the Licensed Compounds which has been developed
to the Lead Candidate stage as described in LICENSEE’s Development Plan. 
 3.5. [RFS PHARMA REDACTED] 
 (a) [RFS PHARMA REDACTED] 
 (b)
[RFS PHARMA REDACTED] 
  

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 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 3.6. [RFS PHARMA REDACTED] 
 3.7. Performance by Designated Affiliates and Sublicensees. UNIVERSITIES agree that a Designated Affiliates’ or a sublicensee’s
performance of its diligence obligations regarding a Licensed Product as set forth in the agreement with such Designated Affiliate or in the sublicense agreement shall be deemed to be performance by LICENSEE of its diligence obligations for such
Licensed Product under this License Agreement, including, but not limited to, those set forth in Article 3 hereof. LICENSEE further agrees to attach copies of pertinent portions of this Agreement, as jointly redacted by LICENSEE and UNIVERSITIES, to
executed sublicense agreements. 
 ARTICLE
4.                    CONSIDERATION FOR LICENSE 
 4.1. License Fee. As partial consideration for the license granted to LICENSEE under this Agreement, LICENSEE shall pay UNIVERSITIES a license fee of [***] dollars ($[***]) within [***] ([***])[***] of the
Effective Date of this Agreement and an additional [***] dollars ($[***]) within [***] ([***])[***] of the Effective Date of this Agreement. The [***] ([***])[***] payment shall not be payable if the License Agreement has been terminated.

 4.2. Equity Consideration. LICENSEE shall provide to UNIVERSITIES a founder’s position of LICENSEE’s equity equivalent to
[***] percent ([***]%) of the original LICENSEE equity issued. For example, if the initial capitalization of LICENSEE consists of ten million (10,000,000) common shares, such equity shall be equal to [***] ([***]) common shares fully diluted,
with each of Emory and UGARF holding [***] ([***]) common shares (or [***]%) and the inventor/founders of LICENSEE holding [***] ([***])common shares (or [***]%). LICENSEE will use commercially reasonable efforts to prepare an operating agreement
and/or shareowners agreement within ninety (90) days after the Effective Date. 
 The founder shares to be owned by the UNIVERSITIES and
the investor/founders will be of the same class. It is the intent that Emory and UGARF will have the right to convert their ownership interests in LICENSEE into an economically equivalent founder’s position in any joint venture entered into by
LICENSEE to develop Licensed Products or any Designated Affiliate of LICENSEE whose business includes developing the Licensed Products with the proviso that if LICENSEE reserves any such rights to Licensed Products unto itself in connection with any
such joint venture, Emory and UGARF will maintain a smaller founder’s equity position in LICENSEE based on the relative value of such reserved rights by LICENSEE, provided that this right shall be exercisable only once, and only as to one such
venture, and only then if it is exercised within thirty (30) days of notice from LICENSEE to UNIVERSITIES of the opportunity. UNIVERSITIES’ rights to effect such a conversion may be conditioned, at LICENSEE’s option, upon
UNIVERSITIES’ entering into reasonable buy-sell agreements providing for rights of first refusal in favor of LICENSEE in the event UNIVERSITIES desire to transfer their interests in such joint venture and for “drag along” rights
covering UNIVERSITIES’ interest in the event LICENSEE desires to transfer its interest in such joint venture. 
 4.3. Royalties.
As partial consideration for the license granted to LICENSEE under this Agreement, LICENSEE or Designated Affiliates shall pay UNIVERSITIES a royalty based on the Net Sales of all Licensed Products Sold by LICENSEE or such Designated Affiliates

  

 - 10 - 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 
during the term of this Agreement, if either the manufacture, use, Sale or import of the Licensed Product Sold occurs in a country in which there is a Valid
Claim covering such Licensed Product. Such royalties payable to UNIVERSITIES shall be as follows: 
 (a) For sales of DAPD Licensed Products:

 [RFS PHARMA REDACTED] 
 [RFS PHARMA REDACTED]

 (b) For sales of DOT Licensed Products: 
  

			
	 Percentage of Net Sales
(Royalty
Rate)
	  	 Annual Net Sales worldwide
 (Portion of the total Net Sales to which the applicable rate applies)

	 [***]%
	  	<$[***] US dollars
	 [***]%
	  	3$[***] US dollars

 As used in this clause (c), only DOT Licensed Products will be counted in determining the total Annual Net Sales.

 Royalties shall be payable semi-annually as of June 30 and December 31 with respect to Sales during the preceding six (6) months in a
country for the License Agreement Year in which the applicable Licensed Product is first launched on the commercial market in such country and for the next following License Agreement Year, and on a quarterly basis as of
September 30, December 31, March 31, and June 30 of each License Agreement Year thereafter. 
 4.4.
Minimum Royalties. LICENSEE or Designated Affiliates shall pay a one-time minimum royalty payment per full License Agreement Year for each Licensed Product after the first commercial sale of such Licensed Product in the first Major Markets country
in accordance with the following schedule: 
  

			
	 License Agreement Year 2
	  	[***] dollars ($[***])
	 License Agreement Year 3
	  	[***] dollars ($[***])
	 License Agreement Year 4
	  	[***] dollars ($[***])
	 License Agreement Year 5 and thereafter
	  	[***] dollars ($[***])

 Licensed Products that contain the same active ingredient(s) will be considered a single “Licensed
Product” for purposes of this provision, irrespective of variations in such Licensed Products’ dosage strengths, formulations or delivery forms, labeling, or otherwise. 
 The minimum royalty will be credited against any actual royalties due in that License Agreement Year. 
 Annual Minimum
Royalties shall be paid until the date of expiration of the last to expire of the Licensed Patents in countries in which the Licensed Products covered by such Licensed Patents are being actively marketed, including any renewals or extensions
thereof. 
 4.5. Sharing of Sublicensee Payments. 
 (a) Within thirty (30) days of receipt by LICENSEE or Designated Affiliates, LICENSEE or Designated Affiliates shall pay UNIVERSITIES a percentage of any non-royalty fees or payments paid to LICENSEE or a
Designated Affiliate by a sublicensee as consideration for a sublicense grant under this Agreement, including but not limited to any initial licensing fees, milestone fees, maintenance fees, annual minimum royalty payments (it being understood that
UNIVERSITIES shall not also be entitled to any payment under Section 4.5(b) in respect of Net Sales to which annual minimum royalty payments might relate) and premium equity payments, to the extent any such premium equity payment is directly
attributable to the sublicense of the 

  

 - 11 - 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 
Licensed Patents Rights, Licensed Compounds, and Licensed Technology. For purposes of this Agreement, premium equity payments shall mean the positive
difference, if any, between the per share amount paid for equity in LICENSEE or Designated Affiliate by a sublicensee and the per share fair market value of said equity, multiplied by the number of shares purchased by said sublicensee. The per share
fair market value of LICENSEE’s or Designated Affiliate equity shall be the per share amount paid by an investor to LICENSEE or a Designated Affiliate in the most recent round of financing within the six (6) month period immediately
preceding an equity purchase by a sublicensee. If no round of financing occurred in the immediately preceding six (6) month period, the per share fair market value of LICENSEE’s or Designated Affiliate’s equity shall be agreed upon by
the parties. In the event that LICENSEE and UNIVERSITIES cannot agree on a per share price within thirty (30) days of LICENSEE’s or Designated Affiliate’s receipt of such premium equity payments, said price shall be determined by a
mutually agreeable qualified appraiser. In the event LICENSEE or Designated Affiliate owes UNIVERSITIES a portion of such premium equity payment, LICENSEE or Designated Affiliate shall have the option of remitting payment to UNIVERSITIES in the form
of equity in LICENSEE or Designated Affiliate, as the case may be, with the per share market value of such equity determined as set forth above. Federal and research grants and other payments made in support of documented research, development,
legal, patent or certification activities with respect to Licensed Products shall not be considered a non-royalty sublicensee payment under this License Agreement. The percentage of such non-royalty sublicensee payments payable to UNIVERSITIES under
this section shall be as follows: 
 (i) For sublicenses consummated within [***] ([***])[***] of the Effective Date for the
following Licensed Products: 
 DAPD Licensed Products: [RFS PHARMA REDACTED] 
 Other Dioxolanyl Purines Licensed Products: [RFS PHARMA REDACTED] 
 DOT Licensed Products: [***] percent ([***]%) 
 (ii) For sublicenses consummated after [***] ([***])[***] of the Effective Date for the following Licensed Products: 
 DAPD Licensed Products: [RFS PHARMA REDACTED] 
 Other Dioxolanyl Purines Licensed Products: [RFS PHARMA REDACTED] 
 DOT Licensed Products: [***] percent ([***]%) 
 (iii) For sublicenses that cover two or three of the categories of Licensed Products listed above, the applicable rate will be the highest
rate stated in clause (i) or (ii) (as applicable) for the categories covered, and the rates stated above will not cumulate. 
 (b)
Within thirty (30) days of receipt by LICENSEE or Designated Affiliates, LICENSEE or Designated Affiliates shall pay UNIVERSITIES a percentage of any royalties paid to LICENSEE or Designated Affiliates by a sublicensee as consideration for
sublicense where such royalties are based on such sublicensee’s Sale of Licensed Product(s). The percentage of such sublicensee royalty payments payable to UNIVERSITIES under this section shall be as follows: 
 (i) For sublicenses consummated within [***] ([***])[***] of the Effective Date for any Licensed Product(s): 
 [***] percent ([***]%) 
 (ii) For sublicenses consummated after [***] ([***])[***] of the Effective Date for any Licensed Product(s): 
 [***] percent ([***]%) 
  

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 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 Where LICENSEE or a Designated Affiliate receives a royalty in excess of [***] percent ([***]%) for sales of any
Licensed Product(s) under any sublicense, the royalty rate stated above as payable to UNIVERSITIES by LICENSEE or Designated Affiliates with respect to such sublicense will increase by [***] percent ([***]%) of the difference, stated as a
percentage, between [***] percent ([***]%) and said royalty in excess of [***] percent ([***]%). For example, if LICENSEE or a Designated Affiliate receives a royalty rate of [***] percent ([***]%) from a sublicensee, UNIVERSITIES shall receive a
percentage of such royalties at the rate stated above plus an additional [***] percent ([***]%). 
 4.6. Sublicense Royalty Floor.
Subject to Section 4.8, LICENSEE and Designated Affiliates agree that payments to UNIVERSITIES under Section 4.5(b) of this License Agreement in respect of royalties received by LICENSEE or Designated Affiliates from any sublicensee shall
not be less than [***] percent ([***]%) of what would have been received by UNIVERSITIES had sublicensee Sales been made by LICENSEE or Designated Affiliates. 
 4.7. Milestone Payments. Milestone payments shall be paid by LICENSEE to UNIVERSITIES for [RFS PHARMA REDACTED] — Licensed Product developed by LICENSEE or its Designated Affiliates or sublicensees. Fifty
percent of such milestone payments shall be paid within ninety (90) days and the remaining fifty percent (50%) shall be paid within twelve (12) months of achievement of the following milestone: 
 (a) [***] dollars ($[***]) upon approval of a New Drug Application by the FDA or a counterpart application with a regulatory authority of a Major Markets country
other than the U.S., whichever occurs first. 
 In the event that such milestone is achieved by LICENSEE’s or Designated Affiliates’ sublicensee,
such milestone payment shall be due within ninety (90) days of achievement of the milestone. 
 4.8. Royalty Stacking. Should
LICENSEE or its Designated Affiliates be required to pay royalties to a third party based on its or any sublicensee’s manufacture, use, import or sale of Licensed Product(s ) subject to one or more patents of such third party (“Stacked
Royalties”) and subject to the joint determination between UNIVERSITIES and LICENSEE about whether such royalty payments are required to manufacture, use, import or sell Licensed Product(s) (such approval of the UNIVERSITIES not to be
unreasonably withheld or delayed), LICENSEE or Designated Affiliates may deduct [***] percent ([***]%) of such Stacked Royalties from the royalty payments due to UNIVERSITIES hereunder, but under no circumstance shall the royalty due hereunder be
reduced by more than [***] percent ([***]%). Royalties payable by LICENSEE or its Designated Affiliates under the [RFS PHARMA REDACTED] shall not be considered as Stacked Royalties. 
 4.9. Reimbursement for Patent Expenses. LICENSEE shall reimburse UNIVERSITIES for their reasonable, unreimbursed out of pocket expenses incurred
prior to the Effective Date for preparing, filing, prosecuting and maintaining the UNIVERSITIES Patents. Fifty percent (50%) of such reimbursement is to be completed within twelve (12) months of the Effective Date. The remaining fifty
percent (50%) will be paid within twenty-four (24) months of the Effective Date. In the event that such unreimbursed prior expenses exceed [***] dollars ($[***]), LICENSEE shall reimburse such amount that is over $[***] within thirty
(30) days of invoice. If any UNIVERSITIES Patents are to be added to EXHIBIT D following the Effective Date pursuant to clause (a) or clause (b) of Section 1.28, LICENSEE will, as to each such added UNIVERSITIES Patent, either:
(a) reimburse UNIVERSITIES for their unreimbursed out of 

  

 - 13 - 

 
pocket expenses incurred prior to such addition to EXHIBIT D for preparing, filing, prosecuting and maintaining such UNIVERSITIES Patent or (b) notify
UNIVERSITIES that LICENSEE will waive the addition of such UNIVERSITIES Patent to EXHIBIT D and such patent will not be subject to any license granted to LICENSEE hereunder. 
 LICENSEE shall reimburse UNIVERSITIES for all external out-of-pocket fees, costs, and expenses during the term of this Agreement reasonably incurred by UNIVERSITIES after the Effective Date in filing, prosecuting, and
maintaining the UNIVERSITIES Patents in the Licensed Territory, which expenses are not required to be reimbursed by any other licensee. LICENSEE shall deliver such reimbursement to UNIVERSITIES within thirty (30) days after UNIVERSITIES, from
time to time, notify LICENSEE of the amount of such fees, costs, and expenses which have been paid or incurred by UNIVERSITIES and provide copies of invoices with backup support. 
 4.10. Tax Payments. 
 (a) Each party hereto
shall bear and pay any and all taxes duly imposed on it by any governmental authority. 
 (b) LICENSEE shall be entitled to deduct from its payments
to UNIVERSITIES the amount of any withholding Taxes required to be withheld by LICENSEE to the extent LICENSEE pays to the appropriate governmental authority on behalf of UNIVERSITIES such Taxes and delivers to UNIVERSITIES documentary proof of
payment of all such Taxes. 
 ARTICLE
5.                    REPORTS AND PAYMENTS 
 5.1. Payments. All payments required under this Agreement other than royalties shall be payable within sixty (60) days of the due date for each payment, except as specifically provided for herein. All payments due to
UNIVERSITIES under this Agreement shall be made in person or via the United States mail or private carrier to the following address: 
 Director Office of Technology Transfer 
 Emory University 
 1784 North Decatur Road, Suite 130 
 Atlanta, Georgia 30322, USA 
 EMORY shall be responsible for distributing appropriate amounts to UGARF in accordance with any existing
Inter-institutional Agreement between EMORY and UGARF. 
 If originating outside of the United States, payments shall be made by wire transfer to an account
identified by EMORY and royalty reports shall be sent by facsimile or express courier to the Director, Office of Technology Transfer on the same date. 
 5.2. Progress Reports. Within thirty (30) days of December 31 of each License Agreement Year prior to the first commercial launch of a Licensed Product, LICENSEE will provide UNIVERSITIES with written
progress report detailing the activities of LICENSEE and its Designated Affiliates and their sublicensees relevant to Article 3 herein and to LICENSEE’s Development Plan. In addition, LICENSEE will provide up to one additional progress report
during each License Agreement Year prior to the first commercial launch of a Licensed Product if UNIVERSITIES specifically request LICENSEE to do so, by a written request given to LICENSEE during such License Agreement Year. Such interim progress
report will be provided in writing within thirty (30) days following LICENSEE’S receipt of such request. 
  

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 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 5.3. Royalty Reports. Within sixty (60) days of December 31 and June 30 of the
License Agreement Year in which a Licensed Product is first launched on the commercial market in a country and for the next following License Agreement Year, and within sixty (60) days of
September 30, December 31, March 31, and June 30 of each License Agreement Year thereafter, and of the year following the termination or expiration of this Agreement, LICENSEE (or Designated Affiliate as the case may
be) shall render a written report setting forth for the preceding calendar quarter or half-year (see Section 4.3) all applicable information specified in EXHIBIT G hereof with respect to such country. 
 Each royalty report shall be accompanied by the payment of all royalties due for the calendar quarter or half-year (see Section 4.3) in question. Any minimum
royalty payment due under Section 4.4 shall accompany the report for the quarter or half-year ending on June 30 of the applicable License Agreement Year. 
 5.4. Currency Conversion. If any Licensed Product(s) are Sold for consideration other than United States dollars, the Net Sales of such Licensed Product(s) shall first be determined in the foreign currency of
the country in which such Licensed Product(s) are Sold and then converted to United States dollars at a ninety (90)-day trailing average published by the Wall Street Journal (U.S. edition) for conversion of that foreign currency into United States
dollars on the last day of the quarter for which such payment is due. 
 5.5. Interest. Payments required under this Agreement shall,
if overdue, bear interest until payment at a per annum rate [***] percent ([***]%) above the average of the prime rate as published in the Wall Street Journal during the ninety (90) days immediately preceding the due date of such overdue
payment. The payment of such interest shall not foreclose UNIVERSITIES from exercising any other rights they may have because any payment is late. 
 ARTICLE 6.                    RECORDS 
 6.1. Records of Sales. During the term of this Agreement and for a period of three (3) years thereafter, LICENSEE and its Designated Affiliates shall keep at its principal place of business true and
accurate records of all Sales in accordance with generally accepted accounting principles in the respective country where such Sales occur and in such form and manner so that all royalties owed to UNIVERSITIES may be readily and accurately
determined. LICENSEE shall furnish UNIVERSITIES copies of such records upon UNIVERSITIES’ request, which shall not be made more often than once per License Agreement Year. 
 6.2. Audit of Records. UNIVERSITIES shall have the right, from time to time at reasonable times during normal business hours through an
independent certified public accountant, to examine the records of LICENSEE and its Designated Affiliates to include, but not be limited to, sales invoice registers, sales analysis reports, original invoices, inventory records, price lists,
sublicense and distributor agreements, accounting general ledgers, and sales tax returns, in order to verify the calculation of any royalties payable under this Agreement. Such examination and verification shall not occur more than once each License
Agreement Year and the calendar year immediately following termination of this Agreement. Unless otherwise agreed in writing by LICENSEE, the fees and expenses of performing such examination and verification shall be borne by UNIVERSITIES. If such
examination reveals an underpayment by LICENSEE and/or its Designated Affiliates of more than five percent (5%) for any quarter examined, LICENSEE and/or its Designated Affiliates shall pay UNIVERSITIES the amount 

  

 - 15 - 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 
of such underpayment plus interest and shall reimburse UNIVERSITIES for all reasonable expenses of the accountant performing the examination. 
 ARTICLE 7.                    PATENT
PROSECUTION 
 7.1. Prosecution and Maintenance of UNIVERSITIES Patents. The prosecution and maintenance of the UNIVERSITIES Patents
shall be the primary responsibility of UNIVERSITIES. UNIVERSITIES shall keep LICENSEE informed as to all developments with respect to UNIVERSITIES Patents. LICENSEE shall be copied on all patent office correspondence and afforded reasonable
opportunities to advise UNIVERSITIES and cooperate with UNIVERSITIES in such prosecution and maintenance. In the event UNIVERSITIES desire to transfer the prosecution of any of the UNIVERSITIES Patents to new patent counsel, LICENSEE’s written
consent shall be obtained prior to the commencement of such transfer, which consent shall not be unreasonably withheld. LICENSEE shall notify UNIVERSITIES of the countries in which LICENSEE wishes foreign patent applications to be filed.
UNIVERSITIES may, at their own expense, file patent applications in those countries in which LICENSEE elects not to file national applications. Such non-elected countries will no longer be included in the Licensed Territory. If LICENSEE should fail
to timely make reimbursement for patent expenses incurred under this paragraph as required in Section 4.9 of this Agreement, UNIVERSITIES, in addition to their other remedies under the Agreement, shall have no further obligation to prosecute or
maintain such UNIVERSITIES Patents as LICENSEE fails to make timely reimbursement for. LICENSEE, upon ninety (90) days advance written notice to UNIVERSITIES, may advise UNIVERSITIES that it no longer wishes to pay expenses for filing,
prosecuting or maintaining one or more UNIVERSITIES Patents. UNIVERSITIES may, at their option, elect to pay such expenses or permit such UNIVERSITIES Patents to become abandoned or lapsed without notice to LICENSEE. If UNIVERSITIES elect to pay
such expenses, such patents shall not be subject to any license granted to LICENSEE hereunder. If UNIVERSITIES at any time desire to expressly abandon the prosecution or maintenance of any of the UNIVERSITIES Patents in any jurisdiction that are
subject to any license granted to LICENSEE hereunder, [RFS PHARMA REDACTED], UNIVERSITIES shall give LICENSEE prior notice of such intention and afford LICENSEE the opportunity to assume responsibility for such applications or patents, as the
case may be. If LICENSEE assumes such responsibility, UNIVERSITIES shall cooperate with all such activities as reasonably requested by LICENSEE, and LICENSEE will be entitled to deduct any patent expenses borne by the LICENSEE with respect to any
patent resulting (or continuing) from such prosecution or maintenance by LICENSEE from royalties with respect to such applications and patents due UNIVERSITIES pursuant to Sections 4.3, 4.4 and 4.5 of this Agreement. 
 7.2. Prosecution and Maintenance of [RFS PHARMA REDACTED] and [***] Patents. The prosecution and maintenance of the [RFS PHARMA REDACTED]
shall be the primary responsibility of [RFS PHARMA REDACTED] and the prosecution and maintenance of the [***] Patents shall be the primary responsibility of [***]. Consistent with UNIVERSITIES’ rights under [RFS PHARMA REDACTED],
UNIVERSITIES, without forfeiting their own rights, shall extend any right they may have to comment upon the prosecution and maintenance of the [RFS PHARMA REDACTED] and the [***] Patents to LICENSEE. UNIVERSITIES shall promptly notify
LICENSEE if either [RFS PHARMA 

  

 - 16 - 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 
REDACTED] or [***] abandons or transfers any of the [RFS PHARMA REDACTED] or the [***] Patents, respectively, in sufficient time for LICENSEE
to have a reasonable opportunity to comment upon UNIVERSITIES’ exercise of any rights they may have in such abandoned or transferred [RFS PHARMA REDACTED] or [***] Patents, and, in any situation in which UNIVERSITIES expressly choose not
to exercise such rights, [RFS PHARMA REDACTED] UNIVERSITIES shall afford LICENSEE a reasonable opportunity for LICENSEE to do so at its expense, it being understood and agreed that LICENSEE will be entitled to the benefit of any right
provided for under the [RFS PHARMA REDACTED] for either UNIVERSITY or LICENSEE to deduct any patent expenses borne by the LICENSEE with respect to any [RFS PHARMA REDACTED]. 
 7.3. Extension of UNIVERSITIES Patents. LICENSEE may request that UNIVERSITIES have the normal term of any UNIVERSITIES Patents extended or
restored under a country’s procedure of extending life for time lost in government regulatory approval processes, and the expense of same shall be borne in accordance with the terms of Section 4.9. LICENSEE shall assist UNIVERSITIES to
take whatever action is necessary to obtain such extension. In the case of such extension, royalties pursuant to Article 4 hereof shall be payable until the end of the extended life of the patent. In the event that LICENSEE does not elect to extend
UNIVERSITIES Patents, UNIVERSITIES may, at their own expense, effect the extension of such UNIVERSITIES Patents. If UNIVERSITIES elect to pay such expenses, such extended UNIVERSITIES Patents shall not be subject to any license granted to LICENSEE
hereunder subsequent to the non-extended expiration date of such UNIVERSITIES Patents. 
 ARTICLE 8.
                    ABATEMENT OF INFRINGEMENT 
 8.1. UNIVERSITIES Patents. [RFS PHARMA REDACTED]. LICENSEE and its Designated Affiliates or their sublicensees shall promptly inform UNIVERSITIES, and UNIVERSITIES shall promptly notify LICENSEE, of any suspected infringement
of any Licensed Patents. UNIVERSITIES have not identified any current patent infringement activities in connection with the Licensed Patents. During the term of this Agreement, UNIVERSITIES and LICENSEE shall have the right to institute an action
for infringement of the UNIVERSITIES Patents, and any [***] Patent assigned to UNIVERSITIES after the Effective Date, against such third party in accordance with the following: 
 (a) If UNIVERSITIES and LICENSEE agree to institute suit jointly, the suit shall be brought in both their names and the out of pocket costs thereof shall
be borne by LICENSEE and any recovery shall first be used to reimburse all such out-of-pocket costs incurred by LICENSEE. Any recovery or settlement received by UNIVERSITIES and/or LICENSEE for punitive or exemplary damages shall be shared equally,
and any other recovery or settlement received, including compensatory damages or damages based on a loss of revenues, shall be paid to LICENSEE, and LICENSEE shall pay to UNIVERSITIES an amount representing the royalty which would have been paid by
LICENSEE on such amount in accordance with the provisions of Article 4 had such amount been accrued by LICENSEE as Sales. LICENSEE and UNIVERSITIES shall agree in good faith upon the manner in which they shall exercise control over such action.
UNIVERSITIES may, if they so desire, also be represented by separate counsel 

  

 - 17 - 

 
of their own selection, the fees for which counsel shall be paid by UNIVERSITIES and first reimbursed from any recovery after reimbursement to LICENSEE as
provided above in the event of joint suit; 
 (b) In the absence of agreement to institute a suit jointly, LICENSEE may institute suit and,
where required by law, name UNIVERSITIES as plaintiffs. LICENSEE shall bear the entire cost of such litigation, including defending any counterclaims brought against UNIVERSITIES and paying any judgments rendered against UNIVERSITIES, and shall be
entitled to retain the entire amount of any recovery or settlement, provided that any recoveries in excess of the costs of such litigation shall, the to extent awarded in lieu of reasonable royalties on sales of Licensed Products, be treated as if
they were royalties from a sublicensee under Section 4.5 hereof; and 
 (c) In the absence of agreement to institute a suit jointly
between UNIVERSITIES and LICENSEE and if LICENSEE decides not to join in or institute a suit, as provided in (a) or (b) above, LICENSEE shall promptly notify UNIVERSITIES of such decision and UNIVERSITIES may then institute suit and name
LICENSEE as a plaintiff. The party(ies) instituting such suit shall bear the entire cost of such litigation and shall be entitled to retain the entire amount of any recovery or settlement. 
 8.2. LICENSEE’s rights to pursue third party infringement of the [RFS PHARMA REDACTED] shall be as described in [RFS PHARMA
REDACTED]. 
 8.3. Should either UNIVERSITIES or LICENSEE commence a suit under the provisions of this Article and thereafter
elect to abandon such suit, the abandoning party(ies) shall give timely notice to the other parties who may, if they so desire, continue prosecution of such suit, provided that the sharing of expenses and any recovery in such suit shall be as agreed
upon between UNIVERSITIES and LICENSEE. 
 ARTICLE
9.                    CONFIDENTIALITY 
 9.1. Neither LICENSEE nor UNIVERSITIES shall, without the express written consent of the other, for any reason or at any time either during or subsequent to the term of this Agreement disclose to third parties any Proprietary
Information of the other. This obligation of nondisclosure shall not extend to information: 
 (a) which the receiving party can demonstrate
through documentation to have been within its legitimate possession prior to the time of disclosure of such information to it by the disclosing party; 
 (b) which was in the public domain prior to disclosure hereunder, as evidenced by documents published prior to such disclosure; 
 (c) which, after disclosure hereunder, comes into the public domain through no fault of the receiving party; or 
 (d) which is disclosed to the receiving party by a third party having legitimate possession of the information and the unrestricted right to make such disclosure. 
 9.2. Notwithstanding Section 9.1, LICENSEE shall be entitled to disclose UNIVERSITIES’ Proprietary Information to the extent that such
disclosure: 
 (a) is required by law or by order of any court or administrative body; 
 (b) is made under conditions of confidentiality to LICENSEE’s Designated Affiliates or sublicensees or its or their advisors; 

  

 - 18 - 

 
is made to [RFS PHARMA REDACTED] or other third party in connection with the negotiation, formation, or operation of a sublicense of the Licensed
Patents Rights or Licensed Technology; or in connection with a venture or other enterprise involving the development, certification or commercialization of one or more Licensed Products; or in connection with an acquisition of or an investment in
LICENSEE or its Designated Affiliates or any other financing involving LICENSEE or its Designated Affiliates; 
 (c) is required to be made
in connection with any patent application; or 
 (d) is required to be made to any health regulatory agency in connection with any
application or investigation related to Licensed Products. 
 9.3. Notwithstanding Section 9.1, UNIVERSITIES shall be entitled to
disclose LICENSEE’s Proprietary Information to the extent that such disclosure: 
 (a) is required by law or by order of any court or
administrative body, including obligations under Bayh-Dole; 
 (b) is made under conditions of confidentiality pursuant to UNIVERSITIES’
internal reporting policies and procedures; 
 (c) is made under conditions of confidentiality to an agent of UNIVERSITIES with respect to
the Licensed Patents or Licensed Technology; 
 (d) is required to be made in connection with any patent applications; or 
 (e) is required to be made to any health regulatory agency in connection with any application or investigation related to Licensed Products. 

9.4. Prior Agreements. The provisions of this Agreement supersede and shall be substituted for any terms of any prior confidentiality agreement
between LICENSEE and UNIVERSITIES related to Licensed Patents or Licensed Technology which are not consistent with this Agreement. 
 9.5.
[RFS PHARMA REDACTED] 
 ARTICLE
10.                    LIMITED WARRANTY, MERCHANTABILITY AND EXCLUSION OF WARRANTIES 
 10.1. Limited Warranty. UGARF represents and warrants that it has the right and authority to enter into this Agreement. EMORY represents and
warrants that it has the right and authority to enter into this Agreement. To the best of UNIVERSITIES’ knowledge: (a) except with respect to rights of any entity of the U.S. government, UNIVERSITIES possess all right, title and interest
in and to the UNIVERSITIES Patents and has the right to grant the licenses granted in this Agreement under the UNIVERSITIES Patents; and (b) UNIVERSITIES have taken all necessary action to elect title to the UNIVERSITIES Patents. UNIVERSITIES
do not warrant the validity of the Licensed Patents licensed hereunder and make no representation whatsoever with regard to the scope of the Licensed Patents or that such Licensed Patents or Licensed Technology may be exploited by LICENSEE or its
Designated Affiliates or sublicensees without infringing other patents. However, to the best of UNIVERSITIES’ knowledge, as of the Effective Date there are no claims asserted or threatened that any of the Licensed Patents or Licensed Technology
or the exercise, use or application thereof has or would infringe rights of any third party. 
  

 - 19 - 

 10.2. Warranty [RFS PHARMA REDACTED]. LICENSEE represents and warrants to UNIVERSITIES
[RFS PHARMA REDACTED] that it is free to enter into the [RFS PHARMA REDACTED] as UNIVERSITIES’ sublicensee and to carry out all of the provisions thereof. 
 10.3. No Warranty. LICENSEE possesses the necessary expertise and skill in the technical areas in which the Licensed Patents and Licensed
Technology are involved to make, and has made, its own evaluation of the capabilities, safety, utility, and commercial application of the Licensed Patents and Licensed Technology. However, LICENSEE makes no warranty that it will successfully develop
any Licensed Product or generate any milestones or royalties for UNIVERSITIES. UNIVERSITIES MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND WITH RESPECT TO THE LICENSED PATENTS OR LICENSED TECHNOLOGY AND EXPRESSLY DISCLAIM ANY WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND ANY OTHER IMPLIED WARRANTIES WITH RESPECT TO THE CAPABILITIES, SAFETY, UTILITY, OR COMMERCIAL APPLICATION OF LICENSED PATENTS OR LICENSED TECHNOLOGY. 
 ARTICLE 11.                    DAMAGES,
INDEMNIFICATION, AND INSURANCE 
 11.1. No Liability. UNIVERSITIES shall not be liable to LICENSEE or its Affiliates or to customers
or sublicensees of LICENSEE or its Affiliates for compensatory, special, incidental, indirect, or consequential damages resulting from defects in the design, testing, labeling, manufacture, or other application of Licensed Products manufactured,
tested, designed, sublicensed, or Sold pursuant to this Agreement or resulting from the activities or omissions of LICENSEE, or its Affiliates or to customers or sublicenses of LICENSEE or its Affiliates under or in relation to this Agreement or the
Licensed Products. Except to the extent that the indemnities expressly provided for in this Article 11 may include liability for a third party’s special, incidental, indirect, or consequential damages, none of LICENSEE or its Affiliates or
customers or sublicenses of LICENSEE or its Affiliates will be liable to UNIVERSITIES, UGA, or any of their Affiliates for special, incidental, indirect, or consequential damages resulting from any of LICENSEE’s or its Affiliates’ or
customers or sublicenses of LICENSEE or its Affiliates activities or omissions under or in relation to this Agreement or the Licensed Products. 
 11.2. Indemnification. LICENSEE and its Designated Affiliates and sublicensees of LICENSEE and its Designated Affiliates shall defend, indemnify, and hold harmless the Indemnitees from and against any and all claims, demands, loss,
liability, expense, or damage (including investigative costs, court costs and attorneys’ fees) Indemnitees may suffer, pay, or incur as a result of claims, demands or actions against any of the Indemnitees arising or alleged to arise by reason
of or in connection with any and all personal injury and property damage caused or contributed to in whole or in part by LICENSEE’s or its Affiliates’ (including its Designated Affiliates’) or LICENSEE’s or its Designated
Affiliates’ sublicensees’ manufacture, testing, design, use, sale, or labeling of any Licensed Products, or the practice of any Licensed Patents or Licensed Technology. LICENSEE’s and its Designated Affiliates and LICENSEE’s or
its Designated Affiliates’ sublicensees’ obligations under this Article shall survive the expiration or termination of this Agreement for any reason. 
  

 - 20 - 

 11.3. Insurance. Without limiting LICENSEE’s or its Designated Affiliates’ or
LICENSEE’s or its Designated Affiliates’ sublicensees’ indemnity obligations under the preceding paragraph, LICENSEE and LICENSEE’s Affiliates and sublicensees of LICENSEE and its Designated Affiliates shall maintain throughout
the term of this Agreement and for at least ten (10) years thereafter a “claims made” type liability insurance policy. Such policy shall be in effect no later than the time that LICENSEE or LICENSEE’s Affiliates or
LICENSEE’s or its Designated Affiliates’ sublicensees commence human clinical trials for a Licensed Product. If LICENSEE or its Designated Affiliates or LICENSEE’s or its Designated Affiliates’ sublicensees is not able to obtain
a “claims made” policy, LICENSEE shall procure a term liability policy with tail coverage at least ten (10) years after termination of this Agreement (and if a Designated Affiliate, sublicensee or distributor is Selling Licensed
Products, LICENSEE shall cause its agreement with such Designated Affiliate, sublicensee or distributor to require such party to obtain a liability insurance policy) which: 
 (a) insures Indemnitees for all claims, damages, and actions mentioned in Section 11.2 of this Agreement; and 
 (b) includes a contractual endorsement providing coverage for all liability which may be incurred by Indemnitees in connection with this Agreement; and

 (c) requires the insurance carrier to provide UNIVERSITIES with no less than thirty (30) days written notice of any change in the
terms or coverage of the policy or its cancellation; and 
 (d) provides Indemnitees product liability coverage in an amount no less than one
million dollars ($1,000,000) per occurrence, subject to a reasonable aggregate amount per policy period. 
 In the event this Agreement terminates without
the Sale of any Licensed Product, and no Sale of a Licensed Product is anticipated, the insurance required under this paragraph may be discontinued. 
 11.4. Notice of Claims. LICENSEE or its Designated Affiliates shall promptly notify UNIVERSITIES of all claims involving the Indemnitees and will advise UNIVERSITIES of the policy amounts that might be needed
to defend and pay any such claims. UNIVERSITIES shall promptly notify LICENSEE or its Designated Affiliates of any and all claims brought to their attention relating to LICENSEE’s or Designated Affiliates’ or LICENSEE’s or its
Designated Affiliates’ sublicensees’ indemnity obligations under this Agreement, and shall afford LICENSEE or its Designated Affiliates the opportunity to assume full control over the defense and settlement thereof. In no event will either
party be responsible for any settlement made without its prior written consent. 
 11.5. [RFS PHARMA REDACTED] 
 ARTICLE 12.                    TERM AND
TERMINATION 
 12.1. Term. Unless sooner terminated as otherwise provided in this Agreement, the term of this Agreement shall commence
on the date hereof and shall continue within a country until the date of expiration of the last to expire of the Licensed Patents in such country, including any renewals or extensions thereof in such country. In the event that there are no Valid
Claims within a country, this Agreement shall terminate within such country on the fifth anniversary of the date of the first commercial sale of a Licensed Product in such country. 
  

 - 21 - 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 12.2. Termination by UNIVERSITIES. Subject to Section 12.4, UNIVERSITIES shall have the
right to terminate this Agreement upon the occurrence of any one or more of the following events: 
 (a) failure of LICENSEE to make any
payment required pursuant to this Agreement when due; or 
 (b) lack of diligence as set forth in Article 3, it being understood and agreed,
however, that (i) a lack of diligence with respect to DAPD Licensed Products will not be grounds for termination of this Agreement with respect to Other Dioxolanyl Purine Licensed Products or DOT Licensed Products; (ii) a lack of diligence
with respect to Other Dioxolanyl Purine Licensed Products will not be grounds for termination of this Agreement with respect to DAPD Licensed Products or DOT Licensed Products; and (iii) a lack of diligence with respect to DOT Licensed Products
will not be grounds for termination of this Agreement with respect to DAPD Licensed Products or Other Dioxolanyl Purine Licensed Products; or 
 (c) subject to any events outside the control of LICENSEE, UNIVERSITIES may terminate this License Agreement as it relates to a specific patent and/ or specific countries if LICENSEE and all of its Designated Affiliates and sublicensees (in
writing) abandon or suspend for more than one year their intention to exploit such Licensed Patents Rights or Licensed Technology in such countries, or over a reasonably continuous period given the size and resources of LICENSEE or its Designated
Affiliates or sublicensees, or fail to take any reasonable steps to promote and market any derived Licensed Products having received the applicable regulatory approvals; or 
 (d) failure of LICENSEE to render reports to UNIVERSITIES as required by this Agreement; or 
 (e) the insolvency of LICENSEE; or 
 (f) the
institution of any proceeding by LICENSEE under any bankruptcy, insolvency, or moratorium law; or 
 (g) any assignment by LICENSEE of
substantially all of its assets for the benefit of creditors; or 
 (h) placement of LICENSEE’s assets in the hands of a trustee or a
receiver unless the receivership or trust is dissolved within [***] ([***]) days thereafter; or 
 (i) the material breach of any other term
of this Agreement. 
 12.3. Notice of Bankruptcy. LICENSEE must inform UNIVERSITIES of its intention to file a voluntary petition in
bankruptcy or of another’s intention to file an involuntary petition in bankruptcy to be received at least thirty (30) days prior to filing such a petition. A party’s filing without conforming to this requirement shall be deemed a
material, pre-petition incurable breach. 
 12.4. Exercise. UNIVERSITIES may exercise their right of termination under this Agreement
by giving LICENSEE, its trustees or receivers or assigns, [***] ([***]) days prior written notice of UNIVERSITIES’ election to terminate. Upon the expiration of such period, this Agreement shall automatically terminate unless the LICENSEE or
its Designated Affiliates has either removed the condition of termination, or, where such condition is by its nature not subject to cure within such [***] ([***]) days, commenced and is continuing with diligence and continuity to remove such
condition as soon as practicable; provided, however, that where LICENSEE disputes in good faith the right of UNIVERSITIES to terminate, such [***] ([***])-day period shall not start to run until such dispute is resolved, either by agreement of the
parties, 

  

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 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 
or through the dispute resolution process described in Article 14. Such notice and termination shall not prejudice UNIVERSITIES’ right to receive
royalties or other sums due hereunder and shall not prejudice any cause of action or claim of UNIVERSITIES accrued or to accrue on account of any breach or default by LICENSEE or its Designated Affiliates. 
 12.5. Failure to Enforce. The failure of UNIVERSITIES at any time, or for any period of time, to enforce any of the provisions of this Agreement
shall not be construed as a waiver of such provisions or as a waiver of the right of UNIVERSITIES thereafter to enforce each and every such provision. 
 12.6. Termination by LICENSEE. LICENSEE may terminate this Agreement at its sole discretion upon ninety (90) days’ written notice to UNIVERSITIES. 
 12.7. Development Data. Within [***] ([***]) days of the termination of this License Agreement for any reason, LICENSEE and its Designated
Affiliates shall, upon UNIVERSITIES’ request and with no need for additional consideration, grant UNIVERSITIES a non-exclusive, royalty free license (with the right to sublicense) to all of LICENSEE’s and its Designated Affiliates’
rights in any Licensed Patents and, to the extent required to make, use, sell or import any Licensed Product(s), other patents owned by, licensed to or controlled by LICENSEE and/or its Designated Affiliates (to the extent sublicensing is
permissible and subject to the terms thereof, including any third-party royalty obligations on Licensed Products under any such other patents, all of which royalty obligations shall be borne by UNIVERSITIES) and provide UNIVERSITIES with full and
complete copies of all Development Data (to the extent directly applicable to a Licensed Product) generated by LICENSEE or Designated Affiliates, or LICENSEE’s or Designated Affiliates’ sublicensees, contractors or agents in the course of
LICENSEE’s or its Designated Affiliates’ efforts to develop Licensed Product(s) or obtain governmental approval for the Sale of Licensed Product(s). UNIVERSITIES shall be authorized to provide Development Data to any third party with a
bona fide interest in licensing such Licensed Patents. Such data shall be provided on a confidential basis, provided, however, that if such third party concludes a license with UNIVERSITIES, such third party shall be free to use such data for all
purposes, including to obtain government approvals to sell products. UNIVERSITIES shall cooperate (but shall not be required to incur any expense) with any such third parties in pursuing governmental approval to sell any product covered by any
patent application or issued patent (which was formerly a Licensed Patent) licensed by UNIVERSITIES to such third party. 
 12.8.
Effects. In the event this Agreement is terminated for any reason whatsoever prior to its expiration, [RFS PHARMA REDACTED] LICENSEE shall return, or at UNIVERSITIES’ direction destroy, all plans, drawings, papers, notes, writings and
other documents, samples, organisms, biological materials and models pertaining to the Licensed Patents or Licensed Technology, retaining one archival paper copy of the Proprietary Information in its corporate legal department so that compliance
with any continuing obligations may be determined. Upon such termination of this Agreement, [RFS PHARMA REDACTED] LICENSEE and its Designated Affiliates and LICENSEE’s and its Designated Affiliates’ sublicensees shall cease
manufacturing, processing, producing, using, importing or Selling Licensed Products; provided, however, that LICENSEE and its Designated Affiliates and LICENSEE’s and its Designated Affiliates’ sublicensees may continue to Sell in the
ordinary course of business for a period of [***] ([***])[***] reasonable quantities of Licensed Products 

  

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which are fully manufactured and in LICENSEE’s and its Designated Affiliates and LICENSEE’s and its Designated Affiliates’ sublicensees’
normal inventory at the date of termination if (a) all monetary obligations of LICENSEE and its Designated Affiliates to UNIVERSITIES have been satisfied and (b) [RFS PHARMA REDACTED]. However, nothing herein shall be construed to
release either party of any obligation which matured prior to the effective date of such termination. If this Agreement is not terminated prior to its expiration in a country as described in Section 12.1, and, [RFS PHARMA REDACTED], then
LICENSEE and its Designated Affiliates shall, following such expiration in and as to such country, retain its rights and licenses as stated in Article 2 in perpetuity, but on a paid-up, royalty-free basis and with rights to sublicense without regard
to Section 2.4. 
 12.9. Survival. The provisions of Articles 3.5, 6, 9, 10, 11 and 12 of this Agreement shall remain in full
force and effect notwithstanding the termination of this Agreement. 
 ARTICLE
13.                    ASSIGNMENT 
 Except for an
assignment to an Affiliate or an assignment made pursuant to and as part of a merger, reorganization, sale of substantially all its assets, or similar transaction, LICENSEE or its Affiliates shall not grant, transfer, convey, or otherwise assign any
of its rights or delegate any of its obligations under this Agreement without the prior written consent of UNIVERSITIES, which consent shall not be unreasonably withheld, except as explicitly permitted under this Agreement. LICENSEE shall notify
UNIVERSITIES in writing of any such assignment. This Agreement shall be assignable by UNIVERSITIES to UGA, the University of Georgia Foundation, or any other nonprofit corporation which promotes the research purposes of UGA or EMORY. [RFS PHARMA
REDACTED]. 
 ARTICLE
14.                    ARBITRATION 
 Any dispute
related to this License Agreement shall be settled by arbitration. Arbitration shall be conducted under the Commercial Arbitration Rules of the American Arbitration Association by three arbitrators, one to be appointed by UNIVERSITIES, one to be
appointed by LICENSEE, and one to be appointed by the two arbitrators appointed by UNIVERSITIES and LICENSEE. Arbitration shall take place in Atlanta, Georgia, USA, and the decision of the arbitrators shall be enforceable, but not appealable, in any
court of competent jurisdiction. The fees and expenses incurred in connection with such arbitration shall be borne by the party initiating the arbitration proceeding (or equally by both parties if both parties jointly initiate such proceeding)
subject to reimbursement by the party which does not prevail in such proceeding promptly upon the termination thereof in the event that the party initiating such proceeding is the prevailing party. 
 ARTICLE 15.                    MISCELLANEOUS

 15.1. Export Controls. LICENSEE acknowledges that Licensed Products and Licensed Technology may be subject to United States laws
and regulations controlling the export of technical data, computer software, laboratory prototypes, and other commodities and that UNIVERSITIES’ obligations under this Agreement are contingent upon LICENSEE’s and its 

  

 - 24 - 

 
Designated Affiliates compliance with applicable United States export laws and regulations. The transfer of technical data and commodities may require a
license from the cognizant agency of the United States government or written assurances by LICENSEE and its Designated Affiliates that LICENSEE and its Designated Affiliates shall not export data or commodities to certain foreign countries without
the prior approval of certain United States agencies. UNIVERSITIES neither represent that an export license shall not be required nor that, if required, such export license shall issue. 
 15.2. Legal Compliance. LICENSEE and its Affiliates shall comply with all laws and regulations relating to its manufacture, processing, producing,
using, importing, Selling, or distributing of Licensed Products. LICENSEE and its Affiliates shall not take any action which would cause UNIVERSITIES or LICENSEE and its Affiliates to violate any laws and regulations. 
 15.3. Independent Contractor. LICENSEE’s and its Designated Affiliates’ relationship to UNIVERSITIES shall be that of a licensee only.
LICENSEE and its Designated Affiliates shall not be an agent of UNIVERSITIES and shall have no authority to act for or on behalf of UNIVERSITIES in any matter. Persons retained by LICENSEE and its Designated Affiliates as employees or agents shall
not by reason thereof be deemed to be employees or agents of UNIVERSITIES. 
 15.4. Patent Marking. LICENSEE and its Designated
Affiliates and their sublicensees shall mark Licensed Products Sold in the United States with United States patent numbers. Licensed Products manufactured or Sold in other countries shall be marked in compliance with the intellectual property laws
in force in such foreign countries. 
 15.5. Use of Names. LICENSEE, its Affiliates and their sublicensees shall obtain the prior
written approval of UNIVERSITIES, UGA, the Inventors, [RFS PHARMA REDACTED] prior to making use of their names for any commercial purpose, except as required by law. Neither party shall make any press release regarding this Agreement without
the prior written approval of the other party, such approval not to be unreasonably withheld, and in any event neither LICENSEE nor its Affiliates nor UNIVERSITIES shall disclose the terms and conditions of this Agreement without the other
party’s consent, except as required by law. Notwithstanding the foregoing, LICENSEE and its Designated Affiliates shall not be required to obtain the approval of the UNIVERSITIES for any press release by LICENSEE or its Designated Affiliates if
the UNIVERSITIES and UGA are not mentioned therein. 
 15.6. Place of Execution. This Agreement and any subsequent modifications or
amendments hereto shall be deemed to have been executed in the State of Georgia, U.S.A. 
 15.7. Governing Law. This Agreement and all
amendments, modifications, alterations, or supplements hereto, and the rights of the parties hereunder, shall be construed under and governed by the laws of the State of Georgia, USA, and of the United States of America. 
 15.8. Entire Agreement. This Agreement constitutes the entire agreement between UNIVERSITIES and LICENSEE with respect to the subject matter
hereof and shall not be modified, amended or terminated except as herein provided or except by another agreement in writing executed by the parties hereto. 
 15.9. Severability. All rights and restrictions contained herein may be exercised and shall be applicable and binding only to the extent that they do not violate any applicable laws and are intended to be
limited to the extent necessary so that they will not render this Agreement illegal, invalid or unenforceable. If any provision or portion of any provision of this Agreement not essential to the commercial purpose of this Agreement shall be held to
be illegal, invalid or unenforceable by a court of competent jurisdiction, it is the intention of the parties that the remaining provisions or portions thereof shall constitute their agreement with respect to the 

  

 - 25 - 

 
subject matter hereof, and all such remaining provisions or portions thereof shall remain in full force and effect. To the extent legally permissible, any
illegal, invalid or unenforceable provision of this Agreement shall be replaced by a valid provision which will implement the commercial purpose of the illegal, invalid or unenforceable provision. In the event that any provision essential to the
commercial purpose of this Agreement is held to be illegal, invalid or unenforceable and cannot be replaced by a valid provision which will implement the commercial purpose of this Agreement, this Agreement and the rights granted herein shall
terminate, or, where such provision is applicable only to a severable portion or aspect of this Agreement, then such portion or aspect shall terminate. 
 15.10. Force Majeure. Any delays in, or failure of, performance of any party to this Agreement shall not constitute default hereunder, or give rise to any claim for damages, if and to the extent caused by
occurrences beyond the control of the party affected, including, but not limited to, acts of God, strikes or other work stoppages, civil disturbances, fires, floods, explosions, riots, war, rebellion, sabotage, terrorism (as defined by the US
Department of Homeland Security), acts of governmental authority or failure of governmental authority to issue licenses or approvals which may be required. 
 15.11. Publications. UNIVERSITIES reserve the right to review all proposed scientific public disclosures of LICENSEE and its Designated Affiliates related to Licensed Products. LICENSEE and its Designated
Affiliates shall submit all abstracts at least five (5) days and all written manuscripts at least fifteen (15) days prior to their submission. UNIVERSITIES may comment upon such proposed public disclosures and LICENSEE and its Designated
Affiliates shall consider all of UNIVERSITIES’ comments in good faith. 
 ARTICLE
16.                    NOTICES 
 All notices and
other communications shall be hand delivered, sent by private overnight mail service, or sent by registered or certified U.S. mail, postage prepaid, return receipt requested, and addressed to the party to receive such notice or other communication
at the address given below, or such other address as may hereafter be designated by notice in writing: 
  

			
	If to UGARF:	  	Director, Technology Commercialization Office
		  	University of Georgia Research Foundation, Inc.
		  	Boyd Graduate Studies Research Center, 6th Floor
		  	Athens, Georgia 30602-7411
		  	USA
		
	With a copy to:	  	Legal Advisor
		  	University of Georgia Research Foundation, Inc.
		  	Boyd Graduate Studies Research Center, 6th Floor
		  	Athens, Georgia 30602-7411
		  	USA
		
	and:	  	Emory University
		  	Director, Office of Technology Transfer
		  	1784 N. Decatur Road, Suite 130
		  	Atlanta, Georgia 30322
		  	USA

  

 - 26 - 

			
	If to the LICENSEE:	  	RFS Pharma LLC
		  	Marlan B. Wilbanks
		  	Managing Director
		  	1795 Peachtree Rd. N.E.
		  	Atlanta, Georgia 30309
		  	USA
		
	With a copy to:	  	Dr. Raymond F. Schinazi
		  	2881 Peachtree Road, N.E.
		  	Unit 2204
		  	Atlanta, GA 30305
		  	USA

 Such notices or other communications shall be effective upon receipt by an employee, agent or representative of
the receiving party authorized to receive notices or other communications sent or delivered in the manner set forth above. 
 [Signature page
follows] 
  

 - 27 - 

 IN WITNESS WHEREOF, UNIVERSITIES and LICENSEE have caused this Agreement to be signed by their duly
authorized representatives, under seal, as of the day and year indicated above. 
  

									
	UNIVERSITY OF GEORGIA	 		 	RFS PHARMA LLC
	RESEARCH FOUNDATION, INC.	 		 	
					
	By:	 	/s/ Gordhan L. Patel	 		 	By:	 	/s/ Marlan B. Wilbanks
	Name:	 	Dr. Gordhan L. Patel	 		 	Name:	 	Marlan B. Wilbanks
	Title:	 	Executive Vice President	 		 	Title:	 	Managing Director
					
	Date:	 		 		 	Date:	 	
			
	EMORY UNIVERSITY	 		 	
					
	By:	 	/s/ Todd T. Sherer, Ph.D.	 		 		 	
	Name:	 	Todd T. Sherer, Ph.D.	 		 		 	
	Title:	 	 Assistant Vice President for Research and
 Director,
Office of Technology Transfer
	 		 		 	
					
	Date:	 		 		 		 	

 License Agreement Signature Page 
  

 - 28 - 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 Exhibit C 
 Licensed Patents 
 Licensed University Patents 
 [***] 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 Exhibit D 
 Pharmasset Development Plan 
 (See attached) 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 DOT Timelines to IND 
  

																	
	 ID
	  	 Task Name
	  	2006	  	2007	  	2008	  	2009	  	2010	  	2011	  	2012
	 1
	  	Identify Lead Candidate (or Prodrug)	  		  		  	[***]	  		  		  	
	 2
	  	Drug substance process development	  		  		  		  		  		  		  	
	 3
	  	Formulation Development	  		  		  		  		  		  		  	
	 4
	  	Drug product formulation	  		  		  		  		  		  		  	
	 5
	  	Analytical methods development	  		  		  		  		  		  		  	
	 6
	  	Impurity characterization	  		  		  		  		  		  		  	
	 7
	  	Drug substance and Drug product stability (6 mos)	  		  		  		  		  		  		  	
	 8
	  	Preclinical Tox/ ADME	  		  		  		  		  		  		  	
	 9
	  	Species 1- [***]	  		  		  		  		  		  		  	
	 10
	  	Species 1- [***]	  		  		  		  		  		  		  	
	 11
	  	Species 1- [***]	  		  		  		  		  		  		  	
	 12
	  	Species 2- [***]	  		  		  		  		  		  		  	
	 13
	  	Species 2- [***]	  		  		  		  		  		  		  	
	 14
	  	Species 2- [***]	  		  		  		  		  		  		  	
	 15
	  	ADME work	  		  		  		  		  		  		  	
	 16
	  	Safety Pharmacoloty	  		  		  		  		  		  	
	 17
	  	In vitro metabolism	  		  		  		  		  		  		  	
	 18
	  	Genotoxicity	  		  		  		  		  		  		  	
	 19
	  	Immunotoxicity	  		  		  		  		  		  		  	
	 20
	  	Drug interaction studies	  		  		  		  		  		  		  	
	 21
	  	Pre-IND meeting with FDA	  		  		  		  		  		  		  	
	 22
	  	File IND	  		  		  		  		  		  		  	
	 23
	  	Conduct Phase I	  		  		  		  		  		  		  	
	 24
	  	SAD	  		  		  		  		  		  		  	
	 25
	  	MAD	  		  		  		  		  		  		  	
	 26
	  	Preclinical Toxicology	  		  		  		  		  		  		  	
	 27
	  	[***] toxicology	  		  		  		  		  		  		  	
	 28
	  	[***] toxicology	  		  		  		  		  		  		  	
	 29
	  	Safety Pharmacology	  		  		  		  		  		  		  	
	 30
	  	Reprotoxicology	  		  		  		  		  		  		  	
	 31
	  	Carcinogenicity	  		  		  		  		  		  		  	
	 32
	  	Start Phase II	  		  		  		  		  		  		  	

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 Exhibit E 
 Founder, Officer and Director Agreement 
 [LETTERHEAD OF RFS PHARMA LLC] 
 [Date] 
 [Name] 
 [Street Address] 
 [City, State ZIP] 
  

	 	Re:	Covenant not to conduct certain research and development 

 Dear
[Name]: 
 Reference is hereby made to that certain License Agreement, dated as of November [4], 2005, by and between RFS Pharma LLC and
Pharmasset, Inc. (the “License Agreement”). 
 RFS Pharma LLC hereby requests your acknowledgement and agreement that, until the
full expiration of the License Agreement, you shall not, and shall not permit any entity controlled by you to, conduct any research or development activities independent of Emory University or the University of Georgia that relates exclusively to
(a) dioxolane thymine compounds, including prodrugs, as disclosed in PCT Patent Application Nos. [***] or [***], or (b) any Licensed Products (as such term is defined in the License Agreement). 
 Please indicate your acknowledgement and agreement to the foregoing by countersigning both copies of this letter in the space below. Please then return
one copy to me at the address above and keep the other copy for your records. We truly appreciate your cooperation. 
  

	
	Sincerely,
	
	   
	[Name]
	[Title]

  

	
	Acknowledged and agreed:
	
	   
	[Name]

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 Exhibit F 
 Letter Agreement with Universities 
 [LETTERHEAD OF RFS PHARMA LLC] 
 February 10, 2006 
 Robert R. Fincher 
 Chief Licensing Officer 
 University of Georgia Research Foundation, Inc. 
 Boyd Graduate Studies Research Center, 6th Floor 
 Athens, Georgia 30602-7411 
 Todd T. Sherer, Ph.D. 
 Director, Office of Technology Transfer 

Emory University 
 1784 N. Decatur Road, Suite 130 
 Atlanta, Georgia 30322 
  

	 	Re:	License Agreement between Pharmasset, Inc. and RFS Pharma LLC 

 Dear
[Names]: 
 The University of Georgia Research Foundation, Inc. and Emory University (collectively, the “Universities”) are parties
with RFS Pharma LLC (“RFSP”) to a License Agreement, dated October 24, 2004 (the “License Agreement”). As you know, RFSP and Pharmasset, Inc. (“Pharmasset”) propose to enter into a License Agreement (the “DOT
Sublicense Agreement”) pursuant to which RFSP will sublicense to Pharmasset certain rights under the License Agreement with respect to DOT (as such term is defined in the License Agreement). In accordance with Section 2.4 of the License
Agreement, the Universities have reviewed the proposed DOT Sublicense Agreement and have provided comments thereon, which comments RFSP and Pharmasset have considered in good faith. Unless otherwise specified, the defined terms in this letter shall
have the meaning set forth in the License Agreement. 
 RFSP would therefore appreciate your confirmation of the following points:

 1. Pursuant to Section 4.5(b)(i) of the License Agreement, the Universities are entitled to receive an amount equal to
[***]% of any royalties payable to RFSP by Pharmasset under the DOT Sublicense Agreement. In addition, Section 4.6 of the License Agreement provides that any payments to the Universities under Section 4.5(b) shall not be less 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 
than [***]% of what would have been received by the Universities had the applicable sublicensee’s Sales been made by RFSP or its Designated Affiliates.
Notwithstanding any of these provisions to the contrary, the Universities acknowledge and agree that, subject to this letter agreement, the following shall constitute payment in full under Section 4.5(b) and Section 4.6 under the License
Agreement with respect to Sales of DOT Licensed Products: (a) for that portion of Net Sales per Agreement Year (as such terms are defined in the DOT Sublicense Agreement) that is less than $[***], RFSP shall pay [***]% of the sublicense
royalties received from Pharmasset under the DOT Sublicense Agreement to the Universities in accordance with Section 4.5(b)(i) of the License Agreement, and (b) for that portion of Annual Net Sales per Agreement Year that equals and
exceeds $[***] (i) RFSP shall pay [***]% of the sublicense royalties received from Pharmasset under the DOT Sublicense Agreement to the Universities in accordance with Section 4.5(b)(i) of the License Agreement, (ii) Pharmasset shall
pay an additional amount equal to [***]% of such Net Sales directly to the Universities, and (iii) RFSP shall pay an additional amount equal to [***]% of such Net Sales to the Universities. The Universities acknowledge and agree that such
payments shall be in lieu of any other amounts payable to the Universities by RFSP under Sections 4.5(b) and 4.6 of the License Agreement. 
 2. For the avoidance of doubt: (i) any payments made directly by Pharmasset to the Universities shall not be subject to further payment by RFSP pursuant to Section 4.5 and (except for any payments by
Pharmasset pursuant to clause (b)(ii) of the second-to-last sentence of paragraph 1 above) shall be credited against any amounts owed by RFSP under the License Agreement; and (ii) the Universities acknowledge and agree that, in addition to any
other reductions permitted by Section 4.6 of the License Agreement pursuant to Section 4.8 thereof, any royalty amounts payable by Pharmasset to RFSP under the DOT Sublicense Agreement on a DOT Licensed Product in a particular country in
the Licensed Territory may be reduced in accordance with Section 5.4 of the DOT Sublicense Agreement by [***] percent (the “Generic Royalty Reduction”) effective on and after the date when Competition (as such term is defined in the
DOT Sublicense Agreement) occurs with respect to such DOT Licensed Product in such country. The Universities further acknowledge and agree that notwithstanding anything in the License Agreement or this letter agreement to the contrary, the Generic
Royalty Reduction, together with any applicable reduction permitted in accordance with Section 4.8 of the License Agreement , shall be permitted exceptions and reductions to the royalty obligations contemplated by Section 4.6 of the
License Agreement. 
 3. In consideration for the costs that RFSP has and is expected to incur in connection with the DOT
Sublicense Agreement, the Universities agree that the fee payable to RFSP for unreimbursed expenses in Section 4.3 of the DOT Sublicense Agreement, to the extent that these expenses are documented in writing to the Universities, shall not be
subject to the payment provisions of Section 4.5(a) of the License Agreement. 
 4. The Universities acknowledge and
agree that (a) each has reviewed the final sentence of Section 1.35 of the DOT Sublicense Agreement and (b) notwithstanding anything to the contrary contained in or otherwise required by the License Agreement, neither 

  

 2 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

 
RFSP nor Pharmasset shall be required to develop or commercialize any pharmaceutical product referred to in the final sentence of Section 1.35 of the
DOT Sublicense Agreement. 
 5. The Universities hereby acknowledge and agree that (a) they will use their reasonable
efforts to maintain the confidentiality of the Sublicense Agreement as if it were the subject of the confidentiality provisions contained in the License Agreement, and (b) subject to RFSP maintaining any confidentiality obligations of the
Universities under the “[***]” as defined in Section 1.24 of the License Agreement and the “[***]” as defined in Section 1.27 of the License Agreement, RFSP shall be entitled to submit the License Agreement to the
United States Securities and Exchange Commission in connection with any registered securities offering by Pharmasset (the “SEC Filings”) and shall provide the Universities with written notice of any such submitted License Agreement within
ten (10) days of its submission. RFSP hereby acknowledges and agrees to use its reasonable efforts to seek Pharmasset’s redaction of the License Agreement for any SEC filings on customary terms and conditions. For avoidance of doubt, the
Universities shall have the right to disclose the existence of the Sublicense Agreement and the parties thereto. 
 6. The
Universities and RFSP agree that the License Agreement is hereby amended pursuant to Section 15.8 of the License Agreement to the extent necessary to reflect and give effect to the provisions of this letter agreement For clarity, these
amendments to the License Agreement are effective only in connection with the DOT Sublicense Agreement between RFSP and Pharmasset and not to other sublicenses or sublicensees of RFSP. 
 Please indicate your acknowledgement and agreement to the foregoing by countersigning all three copies of this letter in the space below. Please then
return two copies to me at the address above and keep the other copy for your records. As ever, we very much appreciate your cooperation as we seek to continue development of these important potential pharmaceutical applications. 
  

	
	Sincerely,
	
	   
	William H. Ollinger Vice President of Finance

  

	cc.	Legal Advisor, University of Georgia Research Foundation, Inc. 

  

 3 

	
	Acknowledged and agreed:
	
	UNIVERSITY OF GEORGIA RESEARCH FOUNDATION, INC.
	
	/s/ Robert R. Fincher
	Robert R. Fincher
	Chief Licensing Officer
	
	EMORY UNIVERSITY
	
	/s/ Todd T. Sherer
	Todd T. Sherer, Ph.D.
	Director, Office of Technology Transfer

  

 4Indenture dated as of April 11, 2007

 Exhibit 4.1 
 EXECUTION COPY 
  

 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-B-F 
 Class A-1 5.3196% Asset Backed
Notes 
 Class A-2 5.31% Asset Backed Notes 
 Class A-3-A 5.16% Asset Backed Notes 
 Class A-3-B Floating Rate Asset Backed Notes 
 Class A-4 Floating Rate Asset Backed Notes 
  

 INDENTURE 
 Dated
as of April 11, 2007 
  

 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 Trustee and Trust Collateral Agent 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	 	 	  	Page
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	  	3
				
		  	SECTION 1.1	 	Definitions	  	3
		  	SECTION 1.2	 	Incorporation by Reference of Trust Indenture Act	  	11
		  	SECTION 1.3	 	Rules of Construction	  	11
		
	ARTICLE II THE NOTES	  	12
				
		  	SECTION 2.1	 	Form	  	12
		  	SECTION 2.2	 	Execution, Authentication and Delivery	  	12
		  	SECTION 2.3	 	Temporary Notes	  	13
		  	SECTION 2.4	 	Registration; Registration of Transfer and Exchange	  	13
		  	SECTION 2.5	 	Mutilated, Destroyed, Lost or Stolen Notes	  	15
		  	SECTION 2.6	 	Persons Deemed Owner	  	15
		  	SECTION 2.7	 	Payment of Principal and Interest; Defaulted Interest	  	16
		  	SECTION 2.8	 	Cancellation	  	17
		  	SECTION 2.9	 	Release of Collateral	  	17
		  	SECTION 2.10	 	Book-Entry Notes	  	17
		  	SECTION 2.11	 	Notices to Clearing Agency	  	18
		  	SECTION 2.12	 	Definitive Notes	  	18
		
	ARTICLE III COVENANTS	  	19
				
		  	SECTION 3.1	 	Payment of Principal and Interest	  	19
		  	SECTION 3.2	 	Maintenance of Office or Agency	  	19
		  	SECTION 3.3	 	Money for Payments to be Held in Trust	  	19
		  	SECTION 3.4	 	Existence	  	21
		  	SECTION 3.5	 	Protection of Trust Estate	  	21
		  	SECTION 3.6	 	Opinions as to Trust Estate	  	21
		  	SECTION 3.7	 	Performance of Obligations; Servicing of Receivables	  	22
		  	SECTION 3.8	 	Negative Covenants	  	23
		  	SECTION 3.9	 	Annual Statement as to Compliance	  	24
		  	SECTION 3.10	 	Issuer May Consolidate, Etc. Only on Certain Terms	  	24
		  	SECTION 3.11	 	Successor or Transferee	  	26
		  	SECTION 3.12	 	No Other Business	  	26
		  	SECTION 3.13	 	No Borrowing	  	26
		  	SECTION 3.14	 	Servicer’s Obligations	  	27
		  	SECTION 3.15	 	Guarantees, Loans, Advances and Other Liabilities	  	27
		  	SECTION 3.16	 	Capital Expenditures	  	27
		  	SECTION 3.17	 	Compliance with Laws	  	27
		  	SECTION 3.18	 	Restricted Payments	  	27
		  	SECTION 3.19	 	Notice of Events of Default	  	27
		  	SECTION 3.20	 	Further Instruments and Acts	  	27
		  	SECTION 3.21	 	Amendments of Sale and Servicing Agreement and Trust Agreement	  	27
		  	SECTION 3.22	 	Income Tax Characterization	  	28
		
	ARTICLE IV SATISFACTION AND DISCHARGE	  	28
				
		  	SECTION 4.1	 	Satisfaction and Discharge of Indenture	  	28
		  	SECTION 4.2	 	Application of Trust Money	  	29
		  	SECTION 4.3	 	Repayment of Moneys Held by Note Paying Agent	  	29
		
	ARTICLE V REMEDIES	  	29
				
		  	SECTION 5.1	 	Events of Default	  	29
		  	SECTION 5.2	 	Rights Upon Event of Default	  	31

  

 i 

							
		  	SECTION 5.3	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	32
		  	SECTION 5.4	 	Remedies	  	35
		  	SECTION 5.5	 	Optional Preservation of the Receivables	  	36
		  	SECTION 5.6	 	Priorities	  	36
		  	SECTION 5.7	 	Limitation of Suits	  	37
		  	SECTION 5.8	 	Unconditional Rights of Noteholders To Receive Principal and Interest	  	38
		  	SECTION 5.9	 	Restoration of Rights and Remedies	  	38
		  	SECTION 5.10	 	Rights and Remedies Cumulative	  	38
		  	SECTION 5.11	 	Delay or Omission Not a Waiver	  	38
		  	SECTION 5.12	 	Control by Noteholders	  	38
		  	SECTION 5.13	 	Waiver of Past Defaults	  	39
		  	SECTION 5.14	 	Undertaking for Costs	  	39
		  	SECTION 5.15	 	Waiver of Stay or Extension Laws	  	40
		  	SECTION 5.16	 	Action on Notes	  	40
		  	SECTION 5.17	 	Performance and Enforcement of Certain Obligations	  	40
		
	ARTICLE VI THE TRUSTEE AND THE TRUST COLLATERAL AGENT	  	41
				
		  	SECTION 6.1	 	Duties of Trustee	  	41
		  	SECTION 6.2	 	Rights of Trustee	  	42
		  	SECTION 6.3	 	Individual Rights of Trustee	  	44
		  	SECTION 6.4	 	Trustee’s Disclaimer	  	44
		  	SECTION 6.5	 	Notice of Defaults	  	44
		  	SECTION 6.6	 	Reports by Trustee to Holders	  	44
		  	SECTION 6.7	 	Compensation and Indemnity	  	44
		  	SECTION 6.8	 	Replacement of Trustee	  	45
		  	SECTION 6.9	 	Successor Trustee by Merger	  	46
		  	SECTION 6.10	 	Appointment of Co-Trustee or Separate Trustee	  	47
		  	SECTION 6.11	 	Eligibility: Disqualification	  	48
		  	SECTION 6.12	 	Preferential Collection of Claims Against Issuer	  	48
		  	SECTION 6.13	 	Appointment and Powers	  	48
		  	SECTION 6.14	 	Performance of Duties	  	49
		  	SECTION 6.15	 	Limitation on Liability	  	49
		  	SECTION 6.16	 	Reliance Upon Documents	  	50
		  	SECTION 6.17	 	Successor Trust Collateral Agent	  	50
		  	SECTION 6.18	 	Compensation	  	51
		  	SECTION 6.19	 	Representations and Warranties of the Trust Collateral Agent and the Issuer	  	51
		  	SECTION 6.20	 	Waiver of Setoffs	  	52
		  	SECTION 6.21	 	Control by the Controlling Party	  	52
		
	ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS	  	53
				
		  	SECTION 7.1	 	Issuer to Furnish to Trustee Names and Addresses of Noteholders	  	53
		  	SECTION 7.2	 	Preservation of Information; Communications to Noteholders	  	53
		  	SECTION 7.3	 	Reports by Issuer	  	53
		  	SECTION 7.4	 	Reports by Trustee	  	54
		
	ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES	  	54
				
		  	SECTION 8.1	 	Collection of Money	  	54
		  	SECTION 8.2	 	Release of Trust Estate	  	54
		  	SECTION 8.3	 	Opinion of Counsel	  	55
		
	ARTICLE IX SUPPLEMENTAL INDENTURES	  	55
				
		  	SECTION 9.1	 	Supplemental Indentures Without Consent of Noteholders	  	55
		  	SECTION 9.2	 	Supplemental Indentures with Consent of Noteholders	  	56
		  	SECTION 9.3	 	Execution of Supplemental Indentures	  	58
		  	SECTION 9.4	 	Effect of Supplemental Indenture	  	58
		  	SECTION 9.5	 	Conformity With Trust Indenture Act	  	58

  

 ii 

							
		  	SECTION 9.6	 	Reference in Notes to Supplemental Indentures	  	58
		
	ARTICLE X REDEMPTION OF NOTES	  	59
				
		  	SECTION 10.1	 	Redemption	  	59
		  	SECTION 10.2	 	Form of Redemption	  	59
		  	SECTION 10.3	 	Notes Payable on Redemption Date	  	60
		
	ARTICLE XI MISCELLANEOUS	  	60
				
		  	SECTION 11.1	 	Compliance Certificates and Opinions, etc	  	60
		  	SECTION 11.2	 	Form of Documents Delivered to Trustee	  	62
		  	SECTION 11.3	 	Acts of Noteholders.	  	62
		  	SECTION 11.4	 	Notices, etc., to Trustee, Issuer, Insurer and Rating Agencies	  	63
		  	SECTION 11.5	 	Notices to Noteholders; Waiver	  	64
		  	SECTION 11.6	 	[Reserved]	  	65
		  	SECTION 11.7	 	Conflict with Trust Indenture Act	  	65
		  	SECTION 11.8	 	Effect of Headings and Table of Contents	  	65
		  	SECTION 11.9	 	Successors and Assigns	  	65
		  	SECTION 11.10	 	Separability	  	65
		  	SECTION 11.11	 	Benefits of Indenture	  	65
		  	SECTION 11.12	 	Legal Holidays	  	66
		  	SECTION 11.13	 	GOVERNING LAW	  	66
		  	SECTION 11.14	 	Counterparts	  	66
		  	SECTION 11.15	 	Recording of Indenture	  	66
		  	SECTION 11.16	 	Trust Obligation	  	66
		  	SECTION 11.17	 	No Petition	  	67
		  	SECTION 11.18	 	Inspection	  	67
		
	EXHIBITS	  	
				
		  	EXHIBIT A-1	 	Form of Class A-1 Note	  	
		  	EXHIBIT A-2	 	Form of Class A-2 Note	  	
		  	EXHIBIT A-3-A	 	Form of Class A-3-A Note	  	
		  	EXHIBIT A-3-B	 	Form of Class A-3-B Note	  	
		  	EXHIBIT A-4	 	Form of Class A-4 Note	  	
		
	SCHEDULES	  	
				
		  	SCHEDULE A	 	Representations and Warranties of the Issuer	  	

  

 iii 

 INDENTURE dated as of April 11, 2007, between AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-B-F, a
Delaware statutory trust (the “Issuer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”) and Trust Collateral Agent (as defined below). 
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuer’s Class A-1
5.3196% Asset Backed Notes (the “Class A-1 Notes”), the Class A-2 5.31% Asset Backed Notes (the “Class A-2 Notes”), the Class A-3-A 5.16% Asset Backed Notes (the “Class A-3-A Notes”), the Class
A-3-B LIBOR plus 0.02% Asset Backed Notes (the “Class A-3-B Notes”) and the Class A-4 LIBOR plus 0.05% Asset Backed Notes (the “Class A-4 Notes” and together with the Class A-1 Notes, the Class A-2 Notes, the Class
A-3-A Notes and the Class A-3-B Notes, the “Notes”). 
 As security for the payment and performance by the Issuer of its
obligations under this Indenture and the Notes, the Issuer has agreed to assign the Collateral (as defined below) as collateral to the Trust Collateral Agent for the benefit of the Trustee on behalf of the Noteholders. 
 Financial Security Assurance Inc. (the “Insurer”) has issued and delivered a financial guaranty insurance policy, dated the Closing Date
(with endorsements, the “Note Policy”), pursuant to which the Insurer guarantees Scheduled Payments, as defined in the Insurance Agreement. 
 As an inducement to the Insurer to issue and deliver the Note Policy, the Issuer and the Insurer have executed and delivered the Insurance and Indemnity Agreement, dated as of April 11, 2007 (as amended from time to
time, the “Insurance Agreement”), among the Insurer, the Issuer, AmeriCredit Financial Services, Inc., AmeriCredit Corp. and AFS SenSub Corp. 
 As an additional inducement to the Insurer to issue the Note Policy, and as security for the performance by the Issuer of the Insurer Issuer Secured Obligations and as security for the performance by the Issuer of the
Trustee Issuer Secured Obligations, the Issuer has agreed to assign the Collateral (as defined below) as collateral to the Trust Collateral Agent for the benefit of the Issuer Secured Parties, as their respective interests may appear. 
  

 1 

 GRANTING CLAUSE 
 The Issuer hereby Grants to the Trust Collateral Agent at the Closing Date, for the benefit of the Issuer Secured Parties, all of the Issuer’s right, title and interest in and to the following property, whether
now existing or hereafter acquired or arising (a) the Receivables and all monies received thereon after the Cutoff Date; (b) the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any other
interest of the Issuer in the Financed Vehicles; (c) any proceeds with respect to the Receivables repurchased by a Dealer, pursuant to a Dealer Agreement, as a result of a breach of representation or warranty in the related Dealer Agreement or
repurchased by a Third-Party Lender, pursuant to an Auto Loan Purchase and Sale Agreement, as a result of a breach of representation or warranty in the related Auto Loan Purchase and Sale Agreement; (d) all rights under any Service Contracts on
the related Financed Vehicles; (e) any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the
Receivables; (f) the Trust Accounts and the Lockbox Account and all funds on deposit from time to time in the Trust Accounts and the Lockbox Account, and in all investments and proceeds thereof and all rights of the Issuer therein (including
all income thereon); (g) the Issuer’s rights and benefits, but none of its obligations or burdens, under the Purchase Agreement, including the delivery requirements, representations and warranties and the cure and repurchase obligations of
AmeriCredit under the Purchase Agreement; (h) all items contained in the Receivable Files and any and all other documents that AmeriCredit keeps on file in accordance with its customary procedures relating to the Receivables, the Obligors or
the Financed Vehicles, (i) the Issuer’s rights and benefits, but none of its obligations or burdens, under the Sale and Servicing Agreement (including all rights of the Seller under the Purchase Agreement assigned to the Issuer pursuant to
the Sale and Servicing Agreement); (j) the Issuer’s rights and benefits, but none of its obligations or burdens under the Swap Agreement (the “Swap Collateral”); (k) all of the Issuer’s (i) Accounts,
(ii) Chattel Paper, (iii) Documents, (iv) Instruments and (v) General Intangibles (as such terms are defined in the UCC) relative to the property described in (a) through (j);; and (l) all present and future claims,
demands, causes and choses of action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion,
voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any
and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”). The
Spread Account, amounts on deposit therein and the proceeds thereof do not constitute Collateral and are not subject to this Grant. 
 The
foregoing Grant is made in trust to the Trust Collateral Agent, for the benefit of the Trustee on behalf of the Noteholders and for the benefit of the Insurer and the Swap Provider. The Trust Collateral Agent hereby acknowledges such Grant, accepts
the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the end that the interests of such parties, recognizing the priorities of their respective interests
may be adequately and effectively protected. 
  

 2 

 ARTICLE I 
 Definitions and Incorporation by Reference 
 SECTION 1.1 Definitions. Except as otherwise
specified herein, the following terms have the respective meanings set forth below for all purposes of this Indenture. 
 “Act” has the meaning specified in Section 11.3(a). 
 “Affiliate” means, with respect to any
specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. A Person shall not be deemed to be an Affiliate of any person solely because such other Person has the contractual right or obligation to manage such Person unless such other Person controls such Person through equity ownership or
otherwise. 
 “Authorized Officer” means, with respect to the Issuer and the Servicer, any officer or agent acting pursuant
to a power of attorney of the Owner Trustee or the Servicer, as applicable, who is authorized to act for the Owner Trustee or the Servicer, as applicable, in matters relating to the Issuer and who is identified on the list of Authorized Officers
delivered by each of the Owner Trustee and the Servicer to the Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 
 “Basic Documents” means this Indenture, the Certificate of Trust, the Trust Agreement, as amended, the Sale and Servicing Agreement, the Spread Account Agreement, the Underwriting Agreement, the
Lockbox Agreement, the Insurance Agreement, the Swap Agreement, the Indemnification Agreement, the Custodian Agreement and other documents and certificates delivered in connection therewith. 
 “Benefit Plan Entity” has the meaning specified in Section 2.4. 
 “Book Entry Notes” means a beneficial interest in the Notes, ownership and transfers of which shall be made through book entries by a
Clearing Agency as described in Section 2.10. 
 “Business Day” means any day other than a Saturday, a Sunday, legal
holiday or other day on which commercial banking institutions located in Wilmington, Delaware, Fort Worth, Texas, New York, New York, Minneapolis, Minnesota or any other location of any successor Servicer, successor Owner Trustee or successor Trust
Collateral Agent are authorized or obligated by law, executive order or governmental decree to be closed. 
 “Certificate”
means a trust certificate evidencing the beneficial interest of a Certificateholder in the Trust. 
  

 3 

 “Certificateholder” means the Person in whose name a Certificate is registered on the
Certificate Register. 
 “Certificate of Trust” means the certificate of trust of the Issuer substantially in the form of
Exhibit B to the Trust Agreement. 
 “Class A-1 Interest Rate” means 5.3196% per annum (computed on the basis of a
360-day year and the actual number of days in the related Interest Period). 
 “Class A-1 Notes” means the Class A-1
5.3196% Asset Backed Notes, substantially in the form of Exhibit A-1. 
 “Class A-2 Interest Rate” means 5.31% per
annum (computed on the basis of a 360-day year consisting of twelve 30-day months). 
 “Class A-2 Notes” means the
Class A-2 5.31% Asset Backed Notes, substantially in the form of Exhibit A-2. 
 “Class A-3-A Interest Rate” means
5.16% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months). 
 “Class A-3-A Notes”
means the Class A-3-A 5.16% Asset Backed Notes, substantially in the form of Exhibit A-3-A. 
 “Class A-3-B Interest
Rate” means LIBOR plus 0.02% per annum (computed on the basis of a 360-day year and the actual number of days in the related Interest Period). 
 “Class A-3-B Notes” means the Class A-3-B Floating Rate Asset Backed Notes, substantially in the form of Exhibit A-3-B. 
 “Class A-4 Interest Rate” means LIBOR plus 0.05% per annum (computed on the basis of a 360-day year and the actual number of days
in the related Interest Period). 
 “Class A-4 Notes” means the Class A-4 Floating Rate Asset Backed Notes,
substantially in the form of Exhibit A-4. 
 “Clearing Agency” means an organization registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act. 
 “Clearing Agency Participant” means a broker, dealer,
bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 
 “Closing Date” means April 19, 2007. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder. 
 “Collateral” has the meaning specified in the Granting Clause of this Indenture. 
  

 4 

 “Controlling Party” means the Insurer, so long as no Insurer Default shall have occurred
and be continuing, and the Trust Collateral Agent, for the benefit of the Noteholders, for so long as an Insurer Default shall have occurred and be continuing. 
 “Corporate Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust business shall be administered which office at date of the execution of this
Indenture is located at Sixth Street and Marquette Avenue, MAC N9311-161, Minneapolis, Minnesota 55479 (facsimile number (612) 667-3464), Attention: Corporate Trust Office, or at such other address as the Trustee may designate from time to time
by notice to the Noteholders, the Insurer, the Servicer and the Issuer, or the principal corporate trust office of any successor Trustee (the address of which the successor Trustee will notify the Noteholders and the Issuer). 
 “Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. 
 “Definitive Notes” has the meaning specified in Section 2.10. 
 “Distribution Date” has the meaning specified in the Sale and Servicing Agreement. 
 “ERISA” has the meaning specified in Section 2.4. 
 “Event of Default” has the meaning specified in Section 5.1. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 “Executive Officer” means, with respect to any
corporation, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, any Executive Vice President, any Senior Vice President, any Vice President, the Secretary or the Treasurer of such corporation; and with respect
to any partnership, any general partner thereof. 
 “Final Scheduled Distribution Date” means with respect to (i) the
Class A-1 Notes, the May 6, 2008 Distribution Date, (ii) the Class A-2 Notes, the January 6, 2011 Distribution Date, (iii) the Class A-3-A Notes, the April 6, 2012 Distribution Date, (iv) the
Class A-3-B Notes, the April 6, 2012 Distribution Date and (v) the Class A-4 Notes, the December 6, 2013 Distribution Date. 
 “Grant” means mortgage, pledge, bargain, warrant, alienate, remise, release, convey, assign, transfer, create, grant a lien upon and a security interest in and right of set-off against, deposit, set
over and confirm pursuant to this Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and
continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other
agreements, to exercise all rights and options, to bring proceedings in the name of the Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect
thereto. 
  

 5 

 “Holder” or “Noteholder” means the Person in whose name a Note is
registered on the Note Register. 
 “Indebtedness” means, with respect to any Person at any time, (a) indebtedness or
liability of such Person for borrowed money whether or not evidenced by bonds, debentures, notes or other instruments, or for the deferred purchase price of property or services (including trade obligations); (b) obligations of such Person as
lessee under leases which should have been or should be, in accordance with generally accepted accounting principles, recorded as capital leases; (c) current liabilities of such Person in respect of unfunded vested benefits under plans covered
by Title IV of ERISA; (d) obligations issued for or liabilities incurred on the account of such Person; (e) obligations or liabilities of such Person arising under acceptance facilities; (f) obligations of such Person under any
guarantees, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to assure a creditor
against loss; (g) obligations of such Person secured by any lien on property or assets of such Person, whether or not the obligations have been assumed by such Person; or (h) obligations of such Person under any interest rate or currency
exchange agreement. 
 “Indenture” means this Indenture as amended and supplemented from time to time. 
 “Independent” means, when used with respect to any specified Person, that the Person (a) is in fact independent of the Issuer, any
other obligor upon the Notes, the Seller and any Affiliate of any of the foregoing persons, (b) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, the Seller or any
Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director
or Person performing similar functions. 
 “Independent Certificate” means a certificate or opinion to be delivered to the
Trust Collateral Agent under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1, prepared by an Independent appraiser or other expert appointed by an Issuer Order and approved by the Trust
Collateral Agent in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Indenture and that the signer is Independent within the meaning thereof.

 “Insurance Agreement Indenture Cross Default” has the meaning specified therefor in the Insurance Agreement. 

“Insured Distribution Date” has the meaning specified in the Sale and Servicing Agreement. 
 “Insurer Issuer Secured Obligations” means all amounts and obligations which the Issuer may at any time owe to or on behalf of the
Insurer under this Indenture, the Insurance Agreement or any other Basic Document. 
  

 6 

 “Interest Rate” means, with respect to the (i) Class A-1 Notes, the
Class A-1 Interest Rate, (ii) Class A-2 Notes, the Class A-2 Interest Rate, (iii) Class A-3-A Notes, the Class A-3-A Interest Rate, (iv) Class A-3-B Notes, the Class A-3-B Interest Rate and
(v) Class A-4 Notes, the Class A-4 Interest Rate. 
 “Issuer” means the party named as such in this Indenture
until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the Notes. 
 “Issuer Order” and “Issuer Request” means a written order or request signed in the name of the Issuer by any one of its
Authorized Officers and delivered to the Trustee. 
 “Issuer Secured Obligations” means the Insurer Issuer Secured
Obligations, the Trustee Issuer Secured Obligations and the Swap Provider Issuer Secured Obligations. 
 “Issuer Secured
Parties” means each of the Trustee in respect of the Trustee Issuer Secured Obligations, the Insurer in respect of the Insurer Issuer Secured Obligations and the Swap Provider in respect of the Swap Provider Issuer Secured Obligations.

 “Note” means a Class A-1 Note, a Class A-2 Note, a Class A-3-A Note, a Class A-3-B Note or a
Class A-4 Note. 
 “Note Owner” means, with respect to a Book-Entry Note, the person who is the owner of such
Book-Entry Note, as reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with
the rules of such Clearing Agency). 
 “Note Paying Agent” means the Trustee or any other Person that meets the eligibility
standards for the Trustee specified in Section 6.11 and is authorized by the Issuer to make the payments to and distributions from the Collection Account and the Note Distribution Account, including payment of principal of or interest on the
Notes on behalf of the Issuer. 
 “Note Policy” means the insurance policy issued by the Insurer with respect to the Notes,
including any endorsements thereto. 
 “Note Register” and “Note Registrar” have the respective meanings
specified in Section 2.4. 
 “Notice of Default” has the meaning set forth in Section 5.1 hereof. 
 “Officer’s Certificate” means a certificate signed by any Authorized Officer of the Owner Trustee, under the circumstances
described in, and otherwise complying with, the applicable requirements of Section 11.1 and TIA § 314, and delivered to the Trustee. Unless otherwise specified, any reference in this Indenture to an Officer’s Certificate shall be
to an Officer’s Certificate of any Authorized Officer of the Issuer. 
  

 7 

 “Opinion of Counsel” means one or more written opinions of counsel who may, except as
otherwise expressly provided in this Indenture, be employees of or counsel to the Issuer and who shall be satisfactory to the Trustee and, if addressed to the Insurer, satisfactory to the Insurer, and which shall comply with any applicable
requirements of Section 11.1, and shall be in form and substance satisfactory to the Trustee, and if addressed to the Insurer, satisfactory to the Insurer. 
 “Outstanding” means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture except: 
 (i) Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for cancellation; 
 (ii) Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Trustee or any
Note Paying Agent in trust for the Noteholders (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor, satisfactory to the Trustee); and

 (iii) Notes in exchange for or in lieu of other Notes which have been authenticated and delivered pursuant to this
Indenture unless proof satisfactory to the Trustee is presented that any such Notes are held by a bona fide purchaser; 
 provided, however,
that Notes which have been paid with proceeds of the Note Policy shall continue to remain Outstanding for purposes of this Indenture until the Insurer has been paid as subrogee hereunder or reimbursed pursuant to the Insurance Agreement as evidenced
by a written notice from the Insurer delivered to the Trustee, and the Insurer shall be deemed to be the Holder thereof to the extent of any payments thereon made by the Insurer; provided, further, that in determining whether the
Holders of the requisite Outstanding Amount of the Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the
Seller or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes that a Responsible Officer of the Trustee either actually knows to be so owned or has received written notice thereof shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded
as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any
of the foregoing Persons. 
 “Outstanding Amount” means the aggregate principal amount of all Notes, or class of Notes, as
applicable, Outstanding at the date of determination. 
 “Predecessor Note” means, with respect to any particular Note,
every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 in lieu of a mutilated, lost, destroyed
or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
  

 8 

 “Proceeding” means any suit in equity, action at law or other judicial or administrative
proceeding. 
 “Prohibited Transaction Class Exemption” means U.S. Department of Labor prohibited transaction class
exemption 84-14, 90-1, 91-38, 95-60 or 96-23, or any similar prohibited transaction class exemption issued by the U.S. Department of Labor. 
 “Rating Agency” means each of Moody’s, Standard & Poor’s and Fitch, so long as such Persons maintain a rating on the Notes; and if any of Moody’s, Standard & Poor’s or Fitch no longer
maintains a rating on the Notes, such other nationally recognized statistical rating organization selected by the Seller and (so long as an Insurer Default shall not have occurred and be continuing) acceptable to the Insurer. 
 “Rating Agency Condition” means, with respect to any action, that each of Moody’s and Standard & Poor’s shall have
been given 10 days (or such shorter period as shall be acceptable to each of Moody’s and Standard & Poor’s) prior notice thereof and that each of Moody’s and Standard & Poor’s shall have notified the Seller, the
Servicer, the Insurer, the Trustee, the Owner Trustee and the Issuer in writing that such action will not result in a reduction or withdrawal of the then current rating of the Notes without regard to the Note Policy. 
 “Record Date” means, with respect to a Distribution Date or Redemption Date, the close of business on the Business Day immediately
preceding such Distribution Date or Redemption Date. 
 “Redemption Date” means in the case of a redemption of the Notes
pursuant to Section 10.1(a) or a payment to Noteholders pursuant to Section 10.1(b), the Distribution Date specified by the Servicer or the Issuer pursuant to Section 10.1(a) or 10.1(b) as applicable. 
 “Redemption Price” means (a) in the case of a redemption of the Notes pursuant to Section 10.1(a), an amount equal to the
unpaid principal amount of the then outstanding principal amount of each class of Notes being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date, or (b) in the case of a payment made to Noteholders pursuant
to Section 10.1(b), the amount on deposit in the Note Distribution Account, but not in excess of the amount specified in clause (a) above. 
 “Responsible Officer” means, with respect to the Trustee or the Trust Collateral Agent, any officer within the Corporate Trust Office of the Trustee, including any Executive Vice President, Senior
Vice President, Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer of the Trustee or the Trust Collateral Agent customarily performing functions similar to those performed by any of the above
designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 
 “Sale and Servicing Agreement” means the Sale and Servicing Agreement dated as of April 11, 2007, among the Issuer, the Seller, the
Servicer and the Trustee as Backup Servicer and Trust Collateral Agent, as the same may be amended or supplemented from time to time. 
  

 9 

 “Scheduled Payments” has the meaning specified in the Note Policy. 
 “State” means any one of the 50 states of the United States of America or the District of Columbia. 
 “Statutory Exemption” means the statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code.

 “Swap Agreement” means the ISDA Master Agreement, dated April 19, 2007, between the Issuer and the Swap Provider,
including the Schedule thereto, the Credit Support Annex thereto, the Confirmation relating to the Class A-3-B Notes and the Confirmation relating to the Class A-4 Notes, together with any replacement swap agreement (which replacement swap
agreement has been approved by the Insurer, so long as no Insurer Default has occurred and is continuing); provided, that no additional swap agreement shall be a “Swap Agreement” under the Basic Documents for so long as the Swap
Agreement is outstanding without the prior, written consent of the Swap Provider unless the Swap Agreement has terminated. 
 “Swap
Policy” means the interest swap insurance policy issued by the Insurer to the Swap Provider with respect to the Swap Agreement, including any endorsements thereto. 
 “Swap Provider” means Lehman Brothers Special Financing Inc., with respect to the Class A-3-B Notes and the Class A-4 Notes,
together with any replacement Swap Provider (which must be approved by the Insurer so long as no Insurer Default has occurred and is continuing). 
 “Swap Provider Issuer Secured Obligations” means all amounts and obligations which the Issuer may at any time owe to or on behalf of the Swap Provider under this Indenture, the Sale and Servicing Agreement, the Swap
Agreement or any other Basic Document. 
 “Termination Date” means the latest of (i) the expiration of the Note Policy
and the return of the Note Policy to the Insurer for cancellation, (ii) the expiration of the Swap Policy and the return of the Swap Policy to the Insurer for cancellation, (iii) the date on which the Insurer shall have received payment
and performance of all Insurer Issuer Secured Obligations and (iv) the date on which the Trustee shall have received payment and performance of all Trustee Issuer Secured Obligations. 
 “Trust Collateral Agent” means, initially, Wells Fargo Bank, National Association, in its capacity as collateral agent on behalf of the
Issuer Secured Parties, including its successors-in-interest, until and unless a successor Person shall have become the Trust Collateral Agent pursuant to Section 6.17 hereof, and thereafter “Trust Collateral Agent” shall mean such
successor Person. 
 “Trust Estate” means all money, instruments, rights and other property that are subject or intended to
be subject to the lien and security interest of this Indenture for the benefit of the Noteholders (including all property and interests Granted to the Trust Collateral Agent), including all proceeds thereof. 
  

 10 

 “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939,
as amended and as in force on the date hereof, unless otherwise specifically provided. 
 “Trustee” means Wells Fargo Bank,
National Association, a national banking association, not in its individual capacity but as trustee under this Indenture, or any successor trustee under this Indenture. 
 “Trustee Issuer Secured Obligations” means all amounts and obligations which the Issuer may at any time owe to or on behalf of the Trustee for the benefit of the Noteholders under this Indenture, the
Notes or any Basic Document. 
 “UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in
effect in the relevant jurisdiction, as amended from time to time. 
 Capitalized terms used herein and not otherwise defined herein shall
have the meanings assigned to them in the Sale and Servicing Agreement or the Trust Agreement. 
 SECTION 1.2 Incorporation by Reference
of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

 “Commission” means the Securities and Exchange Commission. 
 “indenture securities” means the Notes. 
 “indenture security holder” means a Noteholder. 
 “indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 
 “obligor” on the indenture securities means the Issuer. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by such definitions. 
 SECTION 1.3 Rules of Construction. Unless the context otherwise requires: 
 (i) a term has the meaning assigned to it; 
 (ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles as in effect from time to time; 
  

 11 

 (iii) “or” is not exclusive; 
 (iv) “including” means including without limitation; and 
 (v) words in the singular include the plural and words in the plural include the singular. 
 ARTICLE II 
 The Notes 
 SECTION 2.1 Form. The Class A-1 Notes, the Class A-2 Notes, the Class A-3-A Notes, the Class A-3-B Notes and the
Class A-4 Notes, in each case together with the Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibits A-1, A-2, A-3-A, A-3-B and A-4, respectively, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 
 The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
 Each Note shall
be dated the date of its authentication. The terms of the Notes set forth in Exhibits A-1, A-2, A-3-A, A-3-B and A-4 are part of the terms of this Indenture. 
 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual
or facsimile. 
 Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall
bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 
 The Trustee shall, upon receipt of the Note Policy and Issuer Order, authenticate and deliver Class A-1 Notes for original issue in an aggregate
principal amount of $275,000,000, Class A-2 Notes for original issue in the aggregate principal amount of $435,000,000, Class A-3-A Notes for original issue in an aggregate principal amount of $150,000,000, Class A-3-B Notes for
original issue in an aggregate principal amount of $190,000,000 and Class A-4 Notes for original issue in an aggregate principal amount of $450,000,000. The Class A-1 Notes, Class A-2 Notes, Class A-3-A Notes, Class A-3-B
Notes and Class A-4 Notes outstanding at any time may not exceed such amounts except as provided in Section 2.5. 
  

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 The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral
multiples thereof (except for one Note of each class which may be issued in a denomination other than an integral multiple of $1,000). 
 No
Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Trustee by the
manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
 SECTION 2.3 Temporary Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order the Trustee
shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with
the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 
 If
temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary
Notes at the office or agency of the Issuer to be maintained as provided in Section 3.2, without charge to the Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Trustee shall
authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive
Notes. 
 SECTION 2.4 Registration; Registration of Transfer and Exchange. The Issuer shall cause to be kept a register (the
“Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The Trustee shall be “Note
Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume
the duties of Note Registrar. 
 If a Person other than the Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the
Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Trustee shall have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Noteholders of the Notes and the
principal amounts and number of such Notes. 
 Subject to Sections 2.10 and 2.12 hereof, upon surrender for registration of transfer of any
Note at the office or agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401(1) of the UCC are met the Issuer shall execute and upon 

  

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its request the Trustee shall authenticate and the Noteholder shall obtain from the Trustee, in the name of the designated transferee or transferees, one or
more new Notes, in any authorized denominations, of the same class and a like aggregate principal amount. 
 At the option of the Noteholder,
Notes may be exchanged for other Notes in any authorized denominations, of the same class and a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for
exchange, subject to Sections 2.10 and 2.12 hereof, if the requirements of Section 8-401(1) of the UCC are met the Issuer shall execute and upon its request the Trustee shall authenticate and the Noteholder shall obtain from the Trustee, the
Notes which the Noteholder making the exchange is entitled to receive. 
 All Notes issued upon any registration of transfer or exchange of
Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 
 Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by a written
instrument of transfer in the form attached to Exhibits A-1, A-2, A-3-A, A-3-B and A-4 duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require. 
 Notwithstanding the foregoing, in the case of any sale or other transfer of a Definitive Note, the transferor of such Definitive Note shall be required
to represent and warrant in writing that the prospective transferee either (a) is not (i) an employee benefit plan (as defined in section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)),
which is subject to the provisions of Title I of ERISA, (ii) a plan (as defined in section 4975(e)(1) of the Code), which is subject to Section 4975 of the Code, or (iii) an entity whose underlying assets are deemed to be assets of a
plan described in (i) or (ii) above by reason of such plan’s investment in the entity (any such entity described in clauses (i) through (iii), a “Benefit Plan Entity”) or (b) is a Benefit Plan Entity and the
acquisition and holding of the Definitive Note by such prospective transferee is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption. Each transferee of a Book Entry Note that is a Benefit Plan Entity shall be deemed to
represent that its acquisition and holding of the Book Entry Note is covered by a Prohibited Transaction Class Exemption. 
 No service
charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or 9.6 not involving any transfer. 
  

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 The preceding provisions of this section notwithstanding, the Issuer shall not be required to make and
the Note Registrar shall not register transfers or exchanges of Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with respect to the Note. 
 SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Trustee, or the Trustee receives
evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Trustee and the Insurer (unless an Insurer Default shall have occurred and be continuing) such security or indemnity as may be
required by it to hold the Issuer, the Trustee and the Insurer harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Trustee that such Note has been acquired by a bona fide purchaser, and provided that the requirements of
Section 8-405 of the UCC are met, the Issuer shall execute and upon its request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided,
however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer
may direct the Trustee, in writing, to pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date, without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen
Note pursuant to the proviso to the preceding sentence, a bona fide purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer, the Trustee and the Insurer shall be entitled
to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a bona fide
purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Trustee in connection therewith. 
 Upon the issuance of any replacement Note under this Section, the Issuer may require the payment by the Holder of such Note of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Trustee) connected therewith. 
 Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with
any and all other Notes duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 2.6 Persons
Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Issuer, the Trustee and any agent of the Issuer or the Trustee, or the Insurer may treat the Person in whose name any Note is registered (as of the Record Date)
as the owner of such Note for the purpose of receiving payments of principal of 

  

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and interest, if any on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Insurer, the
Trustee nor any agent of the Issuer or the Trustee shall be affected by notice to the contrary. 
 SECTION 2.7 Payment of Principal and
Interest; Defaulted Interest. 
 (a) The Notes shall accrue interest as provided in the forms of the Class A-1 Note, the
Class A-2 Note, the Class A-3-A Note, the Class A-3-B Note and the Class A-4 Note set forth in Exhibits A-1, A-2, A-3-A, A-3-B and A-4, respectively, and such interest shall be due and payable on each Distribution Date and each
Insured Distribution Date, as specified therein. Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the Issuer on the applicable Distribution Date or Insured Distribution Date shall
be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date, by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date,
except that, unless Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment
will be made by wire transfer in immediately available funds to the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Distribution Date or Insured Distribution Date or on the
Final Scheduled Distribution Date (and except for the Redemption Price for any Note called for redemption pursuant to Section 10.1(a)) which shall be payable as provided below. The funds represented by any such checks returned undelivered shall
be held in accordance with Section 3.3. 
 (b) The principal of each Note shall be payable in installments on each Distribution Date or
Insured Distribution Date, as applicable, as provided in the forms of the Class A-1 Note, the Class A-2 Note, the Class A-3-A Note, the Class A-3-B Note and the Class A-4 Note set forth in Exhibits A-1, A-2, A-3-A, A-3-B and
A-4, respectively. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, (i) on the date on which an Event of Default shall have occurred and be continuing if no Insurer
Default has occurred or (ii) if an Insurer Default has occurred and is continuing, if the Trustee or the Noteholders representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and
payable in the manner provided in Section 5.2. All principal payments on each class of Notes shall be made pro rata to the Noteholders of such class entitled thereto. Upon written notice from the Issuer, the Trustee shall notify the Person in
whose name a Note is registered at the close of business on the Record Date preceding the Distribution Date on which the Issuer expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed or
transmitted by facsimile prior to such final Distribution Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2. 
 (c) If the Issuer defaults in a payment of interest on the Notes, and such default is waived by the Controlling Party, the Issuer shall pay defaulted interest (plus interest on 

  

 16 

 
such defaulted interest to the extent lawful) at the applicable Interest Rate in any lawful manner. The Issuer may pay such defaulted interest to the Persons
who are Noteholders on the immediately following Insured Distribution Date, and, if such amount is not paid on such following Insured Distribution Date, then on a subsequent special record date, which date shall be at least five Business Days prior
to the payment date. The Issuer shall fix or cause to be fixed any such special record date and payment date, and, at least 15 days before any such special record date, the Issuer shall mail to each Noteholder and the Trustee a notice that states
the special record date, the payment date and the amount of defaulted interest to be paid. 
 (d) Promptly following the date on which all
principal of and interest on the Notes has been paid in full and the Notes have been surrendered to the Trustee, the Trustee shall, if the Insurer has paid any amount in respect of the Notes under the Note Policy or otherwise which has not been
reimbursed to it, deliver such surrendered Notes to the Insurer. 
 SECTION 2.8 Cancellation. Subject to Section 2.7(d), all
Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by the Trustee. Subject to Section 2.7(d),
the Issuer may at any time deliver to the Trustee for cancellation of any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by
the Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section, except as expressly permitted by this Indenture. Subject to Section 2.7(d), all canceled Notes may be held or disposed of
by the Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall timely direct by an Issuer Order that they be destroyed or returned to it; provided that such Issuer Order is timely and the
Notes have not been previously disposed of by the Trustee. 
 SECTION 2.9 Release of Collateral. The Trust Collateral Agent shall, on
the earlier of (i) the Termination Date and (ii) the Redemption Date (if the Notes are redeemed in full on such date), release any remaining portion of the Trust Estate from the lien created by this Indenture and deposit in the Collection
Account any funds then on deposit in any other Trust Account. 
 SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance,
will be issued in the form of typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. Such Notes shall initially be registered on the Note
Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and
until definitive, fully registered Notes (the “Definitive Notes”) have been issued to Note Owners pursuant to Section 2.12: 
 (i) the provisions of this Section shall be in full force and effect; 
 (ii) the Note
Registrar and the Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole
Holder of the Notes, and shall have no obligation to the Note Owners; 
  

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

 (v) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders
evidencing a specified percentage of the Outstanding Amount of the Notes, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency
Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Trustee; and 
 (vi) Note Owners may receive copies of any reports sent to Noteholders pursuant to this Indenture, upon written request, together with a
certification that they are Note Owners and payment of reproduction and postage expenses associated with the distribution of such reports, from the Trustee at the Corporate Trust Office. 
 SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Trustee shall give all such notices and communications specified herein to be given to the Noteholders to the Clearing Agency, and shall have no
obligation to the Note Owners. 
 SECTION 2.12 Definitive Notes. If (i) the Servicer advises the Trustee in writing that the
Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Servicer is unable to locate a qualified successor or (ii) after the occurrence of an Event of Default, Note Owners
representing beneficial interests aggregating at least a majority of the Outstanding Amount of the Notes advise the Trustee through the Clearing Agency in writing that the continuation of a book entry system through the Clearing Agency is no longer
in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the
Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Trustee shall authenticate the Definitive Notes in accordance with the
instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected 
 in relying on, such instructions. Upon the issuance of Definitive Notes, the Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 
  

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 ARTICLE III 
 Covenants 
 SECTION 3.1 Payment of Principal and Interest. The Issuer will duly and punctually
pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, the Issuer will cause to be distributed all amounts on deposit in the Note Distribution Account on a
Distribution Date deposited therein pursuant to the Sale and Servicing Agreement (i) for the benefit of the Class A-l Notes, to Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to Class A-2
Noteholders, (iii) for the benefit of the Class A-3-A Notes, to Class A-3-A Noteholders, (iv) for the benefit of the Class A-3-B Notes, to Class A-3-B Noteholders and (v) for the benefit of the Class A-4
Notes, to Class A-4 Noteholders. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of
this Indenture. 
 SECTION 3.2 Maintenance of Office or Agency. The Issuer will maintain in New York, New York, an office or agency
where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Trustee to serve as its
agent for the foregoing purposes. The Issuer will give prompt written notice to the Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency
or shall fail to furnish the Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Trustee as its agent to receive all such surrenders, notices
and demands. 
 SECTION 3.3 Money for Payments to be Held in Trust. On or before each Distribution Date, Insured Distribution Date and
Redemption Date, the Issuer shall deposit or cause to be deposited in the Note Distribution Account from the Collection Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the
benefit of the Persons entitled thereto and (unless the Note Paying Agent is the Trustee) shall promptly notify the Trustee of its action or failure so to act. 
 The Issuer will cause each Note Paying Agent other than the Trustee to execute and deliver to the Trustee and the Insurer an instrument in which such Note Paying Agent shall agree with the Trustee (and if the Trustee
acts as Note Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Note Paying Agent will: 
 (i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay
such sums to such Persons as herein provided; 
  

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 (ii) give the Trustee notice of any default by the Issuer (or any other obligor upon the
Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes; 
 (iii)
at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Note Paying Agent; 
 (iv) immediately resign as a Note Paying Agent and forthwith pay to the Trustee all sums held by it in trust for the payment of Notes if
at any time it ceases to meet the standards required to be met by a Note Paying Agent at the time of its appointment; and 
 (v) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in
connection therewith. 
 The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any
other purpose, by Issuer Order direct any Note Paying Agent to pay to the Trustee all sums held in trust by such Note Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which the sums were held by such Note Paying
Agent; and upon such a payment by any Note Paying Agent to the Trustee, such Note Paying Agent shall be released from all further liability with respect to such money. 
 Subject to applicable laws with respect to the escheat of funds, any money held by the Trustee or any Note Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for
two years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request with the consent of the Insurer (unless an Insurer Default shall have occurred and be continuing) and shall be
deposited by the Trustee in the Collection Account; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all
liability of the Trustee or such Note Paying Agent with respect to such trust money shall thereupon cease; provided, however, that if such money or any portion thereof had been previously deposited by the Insurer or the Trust
Collateral Agent with the Trustee for the payment of principal or interest on the Notes, to the extent any amounts are owing to the Insurer, such amounts shall be paid promptly to the Insurer upon the Trustee’s receipt of a written request by
the Insurer to such effect; and provided, further, that the Trustee or such Note Paying Agent, before being required to make any such repayment, shall at the expense of the Issuer cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general circulation in New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date
of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Trustee shall also adopt and employ, at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but
not limited to, mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in moneys due and payable but not claimed is determinable from the records of the
Trustee or of any Note Paying Agent, at the last address of record for each such Holder). 
  

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 SECTION 3.4 Existence. Except as otherwise permitted by the provisions of Section 3.10, the
Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other state or of
the United States of America, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 
 SECTION 3.5 Protection of Trust Estate. The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Issuer Secured
Parties to be prior to all other liens in respect of the Trust Estate, and the Issuer shall take all actions necessary to obtain and maintain, in favor of the Trust Collateral Agent, for the benefit of the Issuer Secured Parties, a first lien on and
a first priority, perfected security interest in the Trust Estate. The Issuer will from time to time prepare (or shall cause to be prepared), execute and deliver all such supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to: 
 (i) Grant more effectively all or any portion of the Trust Estate; 
 (ii) maintain or
preserve the lien and security interest (and the priority thereof) in favor of the Trust Collateral Agent for the benefit of the Issuer Secured Parties created by this Indenture or carry out more effectively the purposes hereof; 
 (iii) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture; 
 (iv) enforce any of the Collateral; 
 (v) preserve and defend title to the Trust Estate and the rights of the Trust Collateral Agent in such Trust Estate against the claims of all persons and parties; and 
 (vi) pay all taxes or assessments levied or assessed upon the Trust Estate when due. 
 The Issuer hereby designates the Trust Collateral Agent its agent and attorney-in-fact to execute any financing statement, continuation statement or other instrument
required by the Trust Collateral Agent pursuant to this Section. 
 SECTION 3.6 Opinions as to Trust Estate. 
 (a) On the Closing Date, the Issuer shall furnish to the Trustee, the Trust Collateral Agent, the Swap Provider and the Insurer an Opinion of Counsel
either stating that, in 

  

 21 

 
the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and
any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and security interest in favor of the Trust
Collateral Agent, for the benefit of the Issuer Secured Parties, created by this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest
effective. 
 (b) Within 120 days after the beginning of each calendar year, beginning with the first calendar year beginning more than six
months after the Closing Date, the Issuer shall furnish to the Trustee, Trust Collateral Agent, the Swap Provider and the Insurer an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to
the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as are
necessary to maintain the lien and security interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such
Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation
statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until January 31 in the following calendar year. 
 SECTION 3.7 Performance of Obligations; Servicing of Receivables. 
 (a) The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under
any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as
ordered by any bankruptcy or other court or as expressly provided in this Indenture, the Basic Documents or such other instrument or agreement. 
 (b) The Issuer may contract with other Persons acceptable to the Insurer (so long as no Insurer Default shall have occurred and be continuing) to assist it in performing its duties under this Indenture, and any performance of such duties by
a Person identified to the Trustee and the Insurer in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer to assist the Issuer in performing its duties
under this Indenture. 
 (c) The Issuer will punctually perform and observe all of its obligations and agreements contained in this
Indenture, the Basic Documents and in the instruments and agreements included in the Trust Estate, including, but not limited to, preparing (or causing to prepared) and filing (or causing to be filed) all UCC financing statements and continuation
statements required to be filed by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not
waive, amend, modify, 

  

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supplement or terminate any Basic Document or any provision thereof without the consent of the Trustee, the Insurer and the Holders of at least a majority of
the Outstanding Amount of the Notes. 
 (d) If a responsible officer of the Owner Trustee shall have actual knowledge of the occurrence of a
Servicer Termination Event under the Sale and Servicing Agreement, the Issuer shall promptly notify the Trustee, the Insurer and the Rating Agencies thereof in accordance with Section 11.4, and shall specify in such notice the action, if any,
the Issuer is taking in respect of such default. If a Servicer Termination Event shall arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the
Issuer shall take all reasonable steps available to it to remedy such failure. 
 (e) The Issuer agrees that it will not waive timely
performance or observance by the Servicer, AmeriCredit or the Seller of their respective duties under the Basic Documents (x) without the prior consent of the Insurer (unless an Insurer Default shall have occurred and be continuing) or
(y) if the effect thereof would adversely affect the Holders of the Notes. 
 SECTION 3.8 Negative Covenants. So long as any
Notes are Outstanding, the Issuer shall not: 
 (i) except as expressly permitted by this Indenture or the Basic Documents,
sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless directed to do so by the Controlling Party; 
 (ii) claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts
properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; or 
 (iii) (A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien in favor of the Trust Collateral Agent
created by this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted
hereby, (B) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or
any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on a Financed Vehicle and arising solely as a result of an action or omission of the related
Obligor), (C) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate, or (D) amend, modify or fail to comply
with the provisions of the Basic Documents without the prior written consent of the Controlling Party. 
  

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 SECTION 3.9 Annual Statement as to Compliance. The Issuer will deliver to the Trustee and the
Insurer, within 120 days after the end of each fiscal year of the Issuer (commencing with the fiscal year ended December 31, 2007), and otherwise in compliance with the requirements of TIA Section 314(a)(4) an Officer’s Certificate
stating, as to the Authorized Officer signing such Officer’s Certificate, that 
 (i) a review of the activities of the
Issuer during such year and of performance under this Indenture has been made under such Authorized Officer’s supervision; and 
 (ii) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants under this Indenture and the other Basic Documents throughout such year, or, if there has been a
default in the compliance of any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof. 
 SECTION 3.10 Issuer May Consolidate, Etc. Only on Certain Terms. 
 (a) The Issuer shall not
consolidate or merge with or into any other Person, unless 
 (i) the Person (if other than the Issuer) formed by or surviving
such consolidation or merger shall be a Person organized and existing under the laws of the United States of America or any state and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, the Swap Provider and the Insurer (so long as no Insurer Default shall have occurred and be continuing), the due and punctual payment of the principal of and interest on all Notes and the performance or observance of
every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein; 
 (ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction; 
 (iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Trustee, the Swap Provider and the Insurer (so long as no Insurer Default shall have occurred and be continuing)) to the effect that
such transaction will not for federal income tax purposes, cause the Issuer to be treated as an association (or publicly traded partnership) taxable as a corporation, create a reissuance of the Notes or cause the Notes that were characterized as
debt at the time of their issuance to fail to qualify as debt; 
 (v) any action as is necessary to maintain the lien and
security interest created by this Indenture shall have been taken; 
  

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 (vi) the Issuer shall have delivered to the Trustee, the Swap Provider and the Insurer an
Officers’ Certificate and an Opinion of Counsel each stating that such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have
been complied with (including any filing required by the Exchange Act); and 
 (vii) so long as no Insurer Default shall have
occurred and be continuing, the Issuer shall have given the Insurer written notice of such consolidation or merger at least 20 Business Days prior to the consummation of such action and shall have received the prior written approval of the Insurer
of such consolidation or merger and the Issuer or the Person (if other than the Issuer) formed by or surviving such consolidation or merger has a net worth, immediately after such consolidation or merger, that is (a) greater than zero and
(b) not less than the net worth of the Issuer immediately prior to giving effect to such consolidation or merger. 
 (b) The Issuer
shall not convey or transfer all or substantially all of its properties or assets, including those included in the Trust Estate, to any Person, unless 
 (i) the Person that acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized
and existing under the laws of the United States of America or any state, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the Swap Provider and the Insurer
(so long as no Insurer Default shall have occurred and be continuing), the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture and each of the
Basic Documents on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and
subordinate to the rights of the Issuer Secured Parties, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense arising
under or related to this Indenture and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of persons, then one specified Person) shall prepare (or cause to be prepared) and make all filings
with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 
 (ii)
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction; 
 (iv) the Issuer
shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Trustee, the Swap Provider and the Insurer (so long as no Insurer Default shall have occurred and be continuing)) to the effect that such transaction will not
for federal income tax purposes, cause the Issuer to be treated as an association 

  

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(or publicly traded partnership) taxable as a corporation, create a reissuance of the Notes or cause the Notes that were characterized as debt at the time of
their issuance to fail to qualify as debt; 
 (v) any action as is necessary to maintain the lien and security interest
created by this Indenture shall have been taken; 
 (vi) the Issuer shall have delivered to the Trustee, the Swap Provider and
the Insurer an Officers’ Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such
transaction have been complied with (including any filing required by the Exchange Act); and 
 (vii) so long as no Insurer
Default shall have occurred and be continuing, the Issuer shall have given the Insurer written notice of such conveyance or transfer at least 20 Business Days prior to the consummation of such action and shall have received the prior written
approval of the Insurer of such conveyance or transfer and the Issuer or the Person (if other than the Issuer) formed by or surviving such conveyance or transfer has a net worth, immediately after such conveyance or transfer, that is
(a) greater than zero and (b) not less than the net worth of the Issuer immediately prior to giving effect to such conveyance or transfer. 
 SECTION 3.11 Successor or Transferee. 
 (a) Upon any consolidation or merger of the Issuer in
accordance with Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with
the same effect as if such Person had been named as the Issuer herein. 
 (b) Upon a conveyance or transfer of all the assets and properties
of the Issuer pursuant to Section 3.10 (b), AmeriCredit Automobile Receivables Trust 2007-B-F will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes
immediately upon the delivery of written notice to the Trustee stating that AmeriCredit Automobile Receivables Trust 2007-B-F is to be so released. 
 SECTION 3.12 No Other Business. The Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing the Receivables in the manner contemplated by this Indenture and the Basic Documents and
activities incidental thereto. 
 SECTION 3.13 No Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise become
liable, directly or indirectly, for any Indebtedness except for (i) the Notes, (ii) obligations owing from time to time to the Insurer under the Insurance Agreement and (iii) any other Indebtedness permitted by or arising under the
Basic Documents. The proceeds of the Notes shall be used exclusively to fund the Issuer’s purchase of the Receivables and the other assets specified in the Sale and Servicing Agreement, to fund the Spread Account and to pay the Issuer’s
organizational, transactional and start-up expenses. 
  

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 SECTION 3.14 Servicer’s Obligations. The Issuer shall cause the Servicer to comply with
Sections 4.9, 4.10 and 4.11 of the Sale and Servicing Agreement. 
 SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities.
Except as contemplated by the Sale and Servicing Agreement or this Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment
or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire
(or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 
 SECTION 3.16 Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 
 SECTION 3.17 Compliance with Laws. The Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would,
individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any Basic Document. 
 SECTION 3.18 Restricted Payments. The Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction
of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the
Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided,
however, that the Issuer may make, or cause to be made, distributions to the Servicer, the Owner Trustee, the Trustee and the Certificateholders as permitted by, and to the extent funds are available for such purpose under, the Sale and
Servicing Agreement or Trust Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture and the Basic Documents. 
 SECTION 3.19 Notice of Events of Default. Upon a responsible officer of the Owner Trustee having actual knowledge thereof, the Issuer agrees to
give the Trustee, the Insurer and the Rating Agencies prompt written notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement. 
 SECTION 3.20 Further Instruments and Acts. Upon request of the Trustee or the Insurer, the Issuer will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 SECTION 3.21 Amendments of Sale and Servicing Agreement and Trust Agreement. The Issuer shall not agree to any amendment to Section 12.1 of the Sale and 
  

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Servicing Agreement or Section 10.1 of the Trust Agreement to eliminate the requirements thereunder that the Trustee or the Holders of the Notes consent
to amendments thereto as provided therein. 
 SECTION 3.22 Income Tax Characterization. For purposes of federal income, state and
local income and franchise and any other income taxes, the Issuer will treat the Notes as indebtedness and hereby instructs the Trustee, and each Noteholder (or beneficial Note Owner) shall be deemed, by virtue of acquisition of an interest in such
Note, to have agreed, to treat the Notes as indebtedness for all applicable tax reporting purposes. 
 ARTICLE IV 
 Satisfaction and Discharge 
 SECTION
4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed,
lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.20, 3.21 and 3.22, (v) the rights, obligations and immunities of
the Trustee hereunder (including the rights of the Trustee under Section 6.7 and the obligations of the Trustee under Section 4.2) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited
with the Trustee payable to all or any of them, and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when 

(A) either 
 (1) all Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (ii) Notes for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been delivered to the Trustee for cancellation and the Note
Policy has expired and been returned to the Insurer for cancellation; or 
 (2) all Notes not theretofore delivered to the
Trustee for cancellation 
 (i) have become due and payable, 
 (ii) will become due and payable at their respective Final Scheduled Distribution Dates within one year, or 
 (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Issuer, 
 and the Issuer, in the case of (i), (ii) or
(iii) above, has irrevocably deposited or caused to be irrevocably deposited with the Trust Collateral Agent cash or direct 

  

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obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such
purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation when due to the Final Scheduled Distribution Date or Redemption Date (if Notes shall have been
called for redemption pursuant to Section 10.1(a)) as the case may be; 
 (B) the Issuer has paid or caused to be paid
all Insurer Issuer Secured Obligations, all Trustee Issuer Secured Obligations and all Swap Provider Issuer Secured Obligations. 
 SECTION
4.2 Application of Trust Money. All moneys deposited with the Trustee pursuant to Section 4.1 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes, this Indenture and the other Basic Documents,
to the payment, either directly or through any Note Paying Agent, as the Trustee may determine, to the Holders of the particular Notes for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to
become due thereon for principal and interest; but such moneys need not be segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by law. 
 SECTION 4.3 Repayment of Moneys Held by Note Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the
Notes, all moneys then held by any Note Paying Agent other than the Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Trustee to be held and applied according to
Section 3.3 and thereupon such Note Paying Agent shall be released from all further liability with respect to such moneys. 
 ARTICLE V

 Remedies 
 SECTION 5.1
Events of Default. “Event of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of
law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (i) default in the payment of any interest on any Note when the same becomes due and payable, and such default shall continue for a period of five days (solely for purposes of this clause, (x) a payment due on a
Distribution Date shall not be considered “due” until the immediately following Insured Distribution Date and (y) a payment on the Notes funded by the Insurer or by the Collateral Agent pursuant to the Spread Account Agreement shall
be deemed to be a payment made by the Issuer); or 
 (ii) default in the payment of the principal of or any installment of the
principal of any Note when the same becomes due and payable (solely for purposes of this clause, (x) a payment due on a Distribution Date shall not be considered “due” until 

  

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the immediately following Insured Distribution Date and (y) a payment on the Notes funded by the Insurer or by the Collateral Agent pursuant to the
Spread Account Agreement, shall be deemed to be a payment made by the Issuer); or 
 (iii) so long as an Insurer Default shall
not have occurred and be continuing, an Insurance Agreement Indenture Cross Default shall have occurred; provided, however, that the occurrence of an Insurance Agreement Indenture Cross Default may not form the basis of an Event of
Default unless the Insurer shall, upon prior written notice to the Rating Agencies, have delivered to the Issuer and the Trustee and not rescinded a written notice specifying that such Insurance Agreement Indenture Cross Default constitutes an Event
of Default under the Indenture; or 
 (iv) so long as an Insurer Default shall have occurred and be continuing, default in the
observance or performance of any covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any
representation or warranty of the Issuer made in this Indenture, in any Basic Document or in any certificate or any other writing delivered pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the
time when the same shall have been made, and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a
period of 30 days (or for such longer period, not in excess of 90 days, as may be reasonably necessary to remedy such default; provided that such default is capable of remedy within 90 days or less and the Servicer on behalf of the Owner Trustee
delivers an Officer’s Certificate to the Trustee to the effect that the Issuer has commenced, or will promptly commence and diligently pursue, all reasonable efforts to remedy such default) after there shall have been given, by registered or
certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% of the Outstanding Amount of the Notes, a written notice specifying such default or incorrect representation or warranty and requiring it to
be remedied and stating that such notice is a “Notice of Default” hereunder; or 
 (v) so long as an Insurer
Default shall have occurred and be continuing, the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust Estate in an involuntary case under any applicable
federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust
Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 
 (vi) so long as an Insurer Default shall have occurred and be continuing, the commencement by the Issuer of a voluntary case under any
applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the
appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for 

  

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any substantial part of the Trust Estate, or the making by the Issuer of any general assignment for the benefit of creditors, or the failure by the Issuer
generally to pay its debts as such debts become due, or the taking of action by the Issuer in furtherance of any of the foregoing; or 
 (vii) the Issuer becoming taxable as an association or a publicly traded partnership taxable as a corporation for federal or state income tax purposes. 
 The Issuer shall deliver to the Trustee and the Insurer, within five days after the occurrence thereof, written notice in the form of an Officer’s
Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (iii), its status and what action the Issuer is taking or proposes to take with respect thereto. 
 SECTION 5.2 Rights Upon Event of Default. 
 (a) If an Insurer Default shall not have occurred and be continuing and an Event of Default shall have occurred and be continuing, the Trustee shall, at the written direction of the Insurer declare that the Notes shall become immediately
due and payable at par, together with accrued interest thereon. If an Event of Default shall have occurred and be continuing, the Controlling Party may exercise any of the remedies specified in Section 5.4(a). In the event of any acceleration
of any Notes by operation of this Section 5.2, the Trustee shall continue to be entitled to make claims under the Note Policy pursuant to the Sale and Servicing Agreement for Scheduled Payments on the Notes and the Swap Provider shall continue
to be entitled to make claims under the Swap Policy pursuant to the terms of the Swap Policy. Payments under the Note Policy following acceleration of any Notes shall be applied by the Trustee: 
 FIRST: to Noteholders for amounts due and unpaid on the Notes for interest, ratably, without preference or priority of any kind, according
to the amounts due and payable on the Notes for interest; and 
 SECOND: first, to the Noteholders of the Class A-1 Notes
for principal until paid off and, second, ratably and without preference or priority, to the Noteholders of the Class A-2 Notes, the Class A-3-A Notes, the Class A-3-B and Class A-4 Notes for principal; provided that payments
that are made under the Note Policy to pay a Class’s principal in full on the Insured Distribution Date immediately following its Final Scheduled Distribution Date shall be paid only to the Noteholders of such Class. 
 Payments under the Swap Policy following acceleration of the Notes shall be applied to pay the Swap Provider amounts due and unpaid pursuant to the Swap
Agreement and the Sale and Servicing Agreement. 
 (b) In the event any Notes are accelerated due to an Event of Default, the Insurer shall
have the right (in addition to its obligation to pay Scheduled Payments on the Notes in accordance with the Note Policy and to pay amounts due under the Swap Policy), but not the obligation, to make payments under the Note Policy or otherwise of
interest and principal due on such Notes, in whole or in part, on any date or dates following such acceleration as the Insurer, in its sole discretion, shall elect. 
  

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 (c) If an Insurer Default shall have occurred and be continuing and an Event of Default shall have
occurred and be continuing, the Trustee in its discretion may, or, if so requested in writing by Holders holding Notes representing not less than a majority of the Outstanding Amount of the Notes, shall declare by written notice to the Issuer that
the Notes become, whereupon they shall become, immediately due and payable at par, together with accrued interest thereon. 
 (d) At any time
after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article V provided, then the Insurer in its sole discretion, or if
an Insurer Default has occurred and is continuing, the Noteholders representing a majority of the Outstanding Amount of the Notes, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if:

 (i) the Issuer has paid or deposited with the Trustee a sum sufficient to pay: 
 (A) all payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes and
under the Swap Agreement if the Event of Default giving rise to such acceleration had not occurred; and 
 (B) all sums paid
or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel; and 
 (ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.13. 
 No such rescission shall affect any subsequent default or impair any right consequent thereto. 
 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. 
 (a) The Issuer covenants that if (i) default is made in the payment of any interest on any Note when the same becomes due and payable, and such
default continues for a period of five days, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable, the Issuer will pay to the Trustee, for the benefit
of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue
installments of interest, at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances
of the Trustee and its agents and counsel. 
 (b) Each Issuer Secured Party hereby irrevocably and unconditionally appoints the Controlling
Party as the true and lawful attorney-in-fact of such Issuer Secured 

  

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Party for so long as such Issuer Secured Party is not the Controlling Party, with full power of substitution, to execute, acknowledge and deliver any notice,
document, certificate, paper, pleading or instrument and to do in the name of the Controlling Party as well as in the name, place and stead of such Issuer Secured Party such acts, things and deeds for or on behalf of and in the name of such Issuer
Secured Party under this Indenture (including specifically under Section 5.4) and under the Basic Documents which such Issuer Secured Party could or might do or which may be necessary, desirable or convenient in such Controlling Party’s
sole discretion to effect the purposes contemplated hereunder and under the Basic Documents and, without limitation, following the occurrence of an Event of Default, exercise full right, power and authority to take, or defer from taking, any and all
acts with respect to the administration, maintenance or disposition of the Trust Estate. 
 (c) If an Event of Default occurs and is
continuing, the Trustee may in its discretion but with the consent of the Controlling Party and shall, at the direction of the Controlling Party, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate
Proceedings as the Trustee or the Controlling Party shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Indenture or by law. 
 (d)
Notwithstanding anything to the contrary contained in this Indenture (including, without limitation, Sections 5.4(a), 5.12, 5.13 and 5.17), if the Issuer fails to perform its obligations under Section 10.1(b) hereof when and as due, the Trustee
shall, at the written direction of the Controlling Party, or if an Insurer Default shall have occurred and be continuing, at the written direction of a majority of the Noteholders, proceed to protect and enforce its rights and the rights of the
Noteholders by such appropriate proceedings as the Controlling Party or the Noteholders shall deem most effective to protect and enforce any such rights, whether for specific performance of any covenant or agreement in this Indenture or in aid of
the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Indenture or by law. 
 (e) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, proceedings under Title 11 of the United
States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for
or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other
obligor, the Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions
of this Section, shall be entitled and empowered, by intervention in such proceedings or otherwise: 
 (i) to file and prove a
claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or 

  

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

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 SECTION 5.4 Remedies. 
 (a) If an Event of Default shall have occurred and be continuing, the Controlling Party may do one or more of the following (subject to Section 5.5):

 (i) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable
on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such moneys adjudged due; 
 (ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;

 (iii) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce
the rights and remedies of the Trustee and the Holders of the Notes; and 
 (iv) direct the Trust Collateral Agent to sell the
Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that 
 (A) if the Insurer is the Controlling Party, the Insurer may not sell or otherwise liquidate the Trust Estate following an Insurance
Agreement Indenture Cross Default unless: 
 (I) such Insurance Agreement Indenture Cross Default arises from a claim being
made on the Note Policy, from a termination of the Swap Agreement or from the bankruptcy, insolvency, receivership or liquidation of the Trust or the Seller, or 
 (II) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due
and unpaid upon such Notes for principal and interest; or 
 (B) if the Trustee is the Controlling Party, the Trustee may not
sell or otherwise liquidate the Trust Estate following an Event of Default unless 
 (I) such Event of Default is of the type
described in Section 5.1(i) or (ii); or 
 (II) either 
 (x) the Holders of 100% of the Outstanding Amount of the Notes consent thereto and sufficient funds exist to discharge amounts due to the
Swap Provider, or 
 (y) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to
discharge in full all amounts 

  

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then due and unpaid upon such Notes for principal and interest and amounts due to the Insurer and amounts due to the Swap Provider, or 
 (z) the Trustee determines that the Trust Estate will not continue to provide
sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Trustee provides prior written notice to the Rating Agencies and obtains the consent
of Holders of 66  2/3% of the Outstanding Amount of the Notes and sufficient funds exist to discharge amounts due
to the Swap Provider. 
 In determining such sufficiency or insufficiency with respect to clauses (x), (y) and (z), the Trustee
may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such
purpose. 
 SECTION 5.5 Optional Preservation of the Receivables. If the Trustee is the Controlling Party and if the Notes have been
declared to be due and payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee may, but need not, elect to direct the Trust Collateral Agent to maintain
possession of the Trust Estate. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes and amounts due to the Insurer, and the Trustee shall
take such desire into account when determining whether or not to direct the Trust Collateral Agent to maintain possession of the Trust Estate. In determining whether to direct the Trust Collateral Agent to maintain possession of the Trust Estate,
the Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate
for such purpose. 
 SECTION 5.6 Priorities. 
 (a) Following (1) the acceleration of the Notes pursuant to Section 5.2 or (2) if an Insurer Default shall have occurred and be continuing, the occurrence of an Event of Default pursuant to
Section 5.1(i), 5.1(ii), 5.1(v), 5.1(vi) or 5.1(vii) of this Indenture or (3) the receipt of Insolvency Proceeds pursuant to Section 10.1(b) of the Sale and Servicing Agreement, the amounts on deposit in the Collection Account, and
with respect to clauses SECOND and THIRD hereof, the Available Funds, including any money or property collected pursuant to Section 5.4 of this Indenture and any such Insolvency Proceeds, shall be applied by the Trust Collateral Agent on the
related Distribution Date in the following order of priority: 
 FIRST: amounts due and owing and required to be distributed
to the Servicer (provided there is no Servicer Termination Event), the Swap Provider (other than any Swap Termination Payments due under the Swap Agreement), the Lockbox Bank, the Owner Trustee, the Trustee, Backup Servicer and the Trust Collateral
Agent, respectively, pursuant to priorities (i), (ii) and (iii) of Section 5.7(a) of the Sale and Servicing 

  

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Agreement and not previously distributed, in the order of such priorities as set forth therein and without preference or priority of any kind and without
regard to any caps set forth in clauses (ii) and (iii) of Section 5.7(a) of the Sale and Servicing Agreement; 
 SECOND: to Noteholders for amounts due and unpaid on the Notes for interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for interest; 
 THIRD: to Noteholders for amounts due and unpaid on the Notes for principal, first, to the Noteholders of the Class A-1 Notes until
paid off and, second, ratably, without preference or priority of any kind to the Noteholders of the Class A-2 Notes, Class A-3-A Notes, Class A-3-B Notes and Class A-4 Notes, according to the amounts due and payable on the Notes
for principal; 
 FOURTH: amounts due and owing and required to be distributed to the Insurer pursuant to priority
(VI) of Section 5.7(A) of the Sale and Servicing Agreement and not previously distributed; 
 FIFTH: to the Swap
Provider, Swap Termination Payments; and 
 SIXTH: to the Collateral Agent to be applied as provided in the Spread Account
Agreement. 
 (b) The Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section 5.6. At
least 15 days before such record date the Issuer shall mail to each Noteholder and the Trustee a notice that states the record date, the payment date and the amount to be paid. 
 SECTION 5.7 Limitation of Suits. No Holder of any Note shall have any right to institute any proceeding, judicial or otherwise, with respect to
this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (i) such Holder
has previously given written notice to the Trustee of a continuing Event of Default; 
 (ii) the Holders of not less than 25%
of the Outstanding Amount of the Notes have made written request to the Trustee to institute such Proceeding in respect of such Event of Default in its own name as Trustee hereunder; 
 (iii) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and
liabilities to be incurred in complying with such request; 
 (iv) the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute such Proceedings; 
  

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 (v) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority of the Outstanding Amount of the Notes; and 
 (vi) an Insurer Default
shall have occurred and be continuing; 
 it being understood and intended that no one or more Noteholders shall have any right in any manner whatever by
virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this
Indenture, except in the manner herein provided. 
 SECTION 5.8 Unconditional Rights of Noteholders To Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates
thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such
Holder. 
 SECTION 5.9 Restoration of Rights and Remedies. If the Controlling Party or any Noteholder has instituted any Proceeding to
enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such Noteholder, then and in every such case the Issuer, the Trustee and the
Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Noteholders shall continue as though no
such Proceeding had been instituted. 
 SECTION 5.10 Rights and Remedies Cumulative. No right or remedy herein conferred upon or
reserved to the Controlling Party or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 SECTION 5.11 Delay or Omission Not a Waiver. No delay or omission of the Trustee, the Controlling Party, the Insurer or any Holder
of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given
by this Article V or by law to the Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Noteholders, as the case may be. 
 SECTION 5.12 Control by Noteholders. If the Trustee is the Controlling Party, the Holders of a majority of the Outstanding Amount of the Notes
shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee with respect to the Notes or exercising any trust or power conferred on the Trustee; provided that 
  

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 (i) such direction shall not be in conflict with any rule of law or with this Indenture;

 (ii) subject to the express terms of Section 5.4, any direction to the Trustee to sell or liquidate the Trust Estate
shall be by the Noteholders representing not less than 100% of the Outstanding Amount of the Notes; 
 (iii) if the conditions
set forth in Section 5.5 have been satisfied and the Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Trustee by Noteholders representing less than 100% of the Outstanding Amount of the Notes to sell
or liquidate the Trust Estate shall be of no force and effect; and 
 (iv) the Trustee may take any other action deemed proper
by the Trustee that is not inconsistent with such direction; 
 provided, however, that, subject to Article VI, the Trustee need not take any
action that it determines might involve it in liability, financial or otherwise, without receiving indemnity satisfactory to it, or might materially adversely affect the rights of any Noteholders not consenting to such action. 
 SECTION 5.13 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.4,
the Insurer or, if an Insurer Default shall have occurred and be continuing, the Noteholders of not less than a majority of the Outstanding Amount of the Notes may waive any past Default or Event of Default and its consequences except a Default
(a) in payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the
Issuer, the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 

Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 
 SECTION 5.14 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs and expenses, including reasonable attorneys’ fees and expenses, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but 

  

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the provisions of this Section shall not apply to (a) any suit instituted by the Trustee, (b) any suit instituted by any Noteholder, or group of
Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the
respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 
 SECTION 5.15 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 SECTION 5.16 Action on Notes. The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not
be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Trustee or the Noteholders shall be impaired by the recovery of
any judgment by the Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. 
 SECTION 5.17 Performance and Enforcement of Certain Obligations. 
 (a) Promptly following a request from the Trustee to do so and at the Servicer’s expense, the Issuer agrees to take all such lawful action as the Trustee may request to compel or secure the performance and
observance by the Seller and the Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Sale and Servicing Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies,
powers and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Trustee, including the transmission of notices of default on the part of the Seller
or the Servicer thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the Seller or the Servicer of each of their obligations under the Sale and Servicing Agreement. 
 (b) If the Trustee is the Controlling Party and if an Event of Default has occurred and is
continuing, the Trustee may, and, at the written direction of the Holders of 66- 2/3% of the Outstanding Amount
of the Notes shall, subject to Article VI, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement, including the right or power to
take any action to compel or secure performance or observance by the Seller or the Servicer of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and
Servicing Agreement, and any right of the Issuer to take such action shall be suspended. 
  

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 ARTICLE VI 
 The Trustee and the Trust Collateral Agent 
 SECTION 6.1 Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and the Basic
Documents to which it is a Party and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 (ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; however, the Trustee shall examine the certificates and opinions to determine whether or not
they conform on their face to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent
action, its own negligent failure to act or its own willful misconduct, except that: 
 (i) this paragraph does not limit the
effect of paragraph (b) of this Section; 
 (ii) the Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.12. 
 (d) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. 
 (e) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the
Sale and Servicing Agreement. 
 (f) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or indemnity reasonably satisfactory to it
against such risk or liability is not assured to it. 
  

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 (g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA. 
 (h) The Trustee
shall, upon two Business Days’ prior notice to the Trustee, permit any representative of the Insurer at the expense of the Trust, during the Trustee’s normal business hours, to examine all books of account, records, reports and other
papers of the Trustee relating to the Notes, to make copies and extracts therefrom and to discuss the Trustee’s affairs and actions, as such affairs and actions relate to the Trustee’s duties with respect to the Notes, with the
Trustee’s officers and employees responsible for carrying out the Trustee’s duties with respect to the Notes. 
 (i) The Trustee
shall, and hereby agrees that it will, perform all of the obligations and duties required of it under the Sale and Servicing Agreement. 
 (j) The Trustee shall, and hereby agrees that it will, hold the Note Policy in trust, and will hold any proceeds of any claim on the Note Policy in trust solely for the use and benefit of the Noteholders. 
 (k) Without limiting the generality of this Section 6.1, the Trustee shall have no duty (i) to see to any recording, filing or depositing of
this Indenture or any agreement referred to herein or any financing statement evidencing a security interest in the Financed Vehicles, or to see to the maintenance of any such recording or filing or depositing or to any recording, refiling or
redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Obligors or to effect or maintain any such insurance, (iii) to see to the payment or discharge of any tax, assessment or other governmental charge or any
Lien or encumbrance of any kind owing with respect to, assessed or levied against any part of the Trust, (iv) to confirm or verify the contents of any reports or certificates delivered to the Trustee pursuant to this Indenture or the Sale and
Servicing Agreement believed by the Trustee to be genuine and to have been signed or presented by the proper party or parties, or (v) to inspect the Financed Vehicles at any time or ascertain or inquire as to the performance of observance of
any of the Issuer’s, the Seller’s or the Servicer’s representations, warranties or covenants or the Servicer’s duties and obligations as Servicer and as custodian of the Receivable Files under the Sale and Servicing Agreement.

 (l) In no event shall Wells Fargo Bank, National Association, in any of its capacities hereunder, be deemed to have assumed any duties of
the Owner Trustee under the Delaware Statutory Trust Statute, common law, or the Trust Agreement. 
 SECTION 6.2 Rights of Trustee.

 (a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper
person. The Trustee need not investigate any fact or matter stated in the document. 
  

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 (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an
Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 
 (c) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or
a custodian or nominee, and the Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, AmeriCredit Financial Services, Inc., or any other such agent, attorney, custodian or nominee appointed with
due care by it hereunder. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to
be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 
 (e) The Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes
shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 (f) The Trustee shall be under no obligation to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture, at the
request, order or direction of any of the Noteholders or the Controlling Party, pursuant to the provisions of this Indenture, unless such Noteholders or the Controlling Party shall have offered to the Trustee reasonable security or indemnity against
the costs, expenses and liabilities that may be incurred therein or thereby; provided, however, that the Trustee shall, upon the occurrence of an Event of Default (that has not been cured), exercise the rights and powers vested in it
by this Indenture with reasonable care and skill. 
 (g) The Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the Insurer (so long as no Insurer Default shall have
occurred and be continuing) or (if an Insurer Default shall have occurred and be continuing) by the Noteholders evidencing not less than 25% of the Outstanding Amount thereof; provided, however, that if the payment within a reasonable
time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this
Indenture or the Sale and Servicing Agreement, the Trustee may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Person making
such request, or, if paid by the Trustee, shall be reimbursed by the Person making such request upon demand. 
 (h) The Trustee shall not be
liable for any losses on investments except for losses resulting from the failure of the Trustee to make an investment in accordance with instructions given in accordance hereunder. If the Trustee acts as the Note Paying Agent or Note Registrar, the
rights and protections afforded to the Trustee shall be afforded to the Note Paying Agent and Note Registrar. 
  

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 SECTION 6.3 Individual Rights of Trustee. The Trustee in its individual or any other capacity may
become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. Any Note Paying Agent, Note Registrar, co-registrar or co-Note Paying Agent may do the same with
like rights. However, the Trustee must comply with Sections 6.11 and 6.12. 
 SECTION 6.4 Trustee’s Disclaimer. The Trustee shall
not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Trust Estate or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible
for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. 
 SECTION 6.5 Notice of Defaults. If an Event of Default occurs and is continuing and if it is either known by, or written notice of the existence
thereof has been delivered to, a Responsible Officer of the Trustee, the Trustee shall mail to each Noteholder notice of the Default within 90 days after such knowledge or notice occurs. Except in the case of a Default in payment of principal of or
interest on any Note (including payments pursuant to the mandatory redemption provisions of such Note), the Trustee may withhold the notice to the Noteholder if and so long as it in good faith determines that withholding the notice is in the
interests of Noteholders. 
 SECTION 6.6 Reports by Trustee to Holders. At the end of each calendar year, the Trustee shall deliver to
each person who at any time during the calendar year was a Noteholder a statement as to the aggregate amounts of interest and principal paid to the Noteholder, to the extent required by the Code, and any other information as may be reasonably
required to enable such Holder to prepare its federal and state income tax returns. 
 SECTION 6.7 Compensation and Indemnity.

 (a) Pursuant to Section 5.7(a) of the Sale and Servicing Agreement, the Issuer shall, or shall cause the Servicer to, pay to the
Trustee, the Trust Collateral Agent and the Backup Servicer (subject to any applicable caps) from time to time compensation for its services. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express
trust. The Issuer shall cause the Servicer to reimburse the Trustee, the Trust Collateral Agent and the Backup Servicer (subject to any applicable caps) for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection,
in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s, the Trust Collateral Agent’s and the Backup Servicer’s agents,
counsel, accountants and experts. The Issuer shall cause the Servicer to indemnify the Trustee, the Trust Collateral Agent, the Backup Servicer and their respective officers, directors, employees and agents against any and all loss, liability or
expense (including attorneys’ fees and expenses) incurred by each of them in connection with the acceptance or the administration of this Trust and the performance of its duties hereunder. The Trustee, the Trust 

  

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Collateral Agent or the Backup Servicer shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the
Trustee, the Collateral Agent, the Trust Collateral Agent or the Backup Servicer to so notify the Issuer and the Servicer shall not relieve the Issuer of its obligations hereunder or the Servicer of its obligations under Article XI of the Sale and
Servicing Agreement. The Issuer shall cause the Servicer to defend the claim, and the Trustee, the Trust Collateral Agent or the Backup Servicer may have separate counsel and the Issuer shall cause the Servicer to pay the fees and expenses of such
counsel. Neither the Issuer nor the Servicer need to reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee, the Trust Collateral Agent or the Backup Servicer through the Trustee’s, the Trust
Collateral Agent’s or the Backup Servicer’s own willful misconduct, negligence or bad faith. 
 (b) The Issuer’s payment
obligations to the Trustee, the Trust Collateral Agent or the Backup Servicer pursuant to this Section shall survive the discharge of this Indenture or the earlier resignation or removal of the Trustee or the Trust Collateral Agent or the Backup
Servicer. When the Trustee, the Collateral Agent, the Trust Collateral Agent or the Backup Servicer incurs expenses after the occurrence of a Default specified in Section 5.1(v) or (vi) with respect to the Issuer, the expenses are intended
to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or similar law. Notwithstanding anything else set forth in this Indenture or the Basic Documents, the
Trustee agrees that the obligations of the Issuer (but not the Servicer) to the Trustee hereunder and under the Basic Documents shall be recourse to the Trust Estate only and specifically shall not be recourse to the assets of the Certificateholder
or any Noteholder. In addition, the Trustee agrees that its recourse to the Issuer, the Trust Estate, the Seller and amounts held pursuant to the Spread Account Agreement shall be limited to the right to receive the distributions referred to in
Section 5.7(a) of the Sale and Servicing Agreement. 
 SECTION 6.8 Replacement of Trustee. The Trustee may resign at any time by
so notifying the Issuer and the Insurer. The Issuer may and, at the request of the Insurer (unless an Insurer Default shall have occurred and be continuing) shall, remove the Trustee, if: 
 (i) the Trustee fails to comply with Section 6.11; 
 (ii) a court having jurisdiction in the premises in respect of the Trustee in an involuntary case or proceeding under federal or State
banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or State bankruptcy, insolvency or other similar law, shall have entered a decree or order granting relief or appointing a receiver, liquidator, assignee,
custodian, trustee, conservator, sequestrator (or similar official) for the Trustee or for any substantial part of the Trustee’s property, or ordering the winding-up or liquidation of the Trustee’s affairs; 
 (iii) an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future federal or State
bankruptcy, insolvency or similar law is commenced with respect to the Trustee and such case is not dismissed within 60 days; 
  

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 (iv) the Trustee commences a voluntary case under any federal or state banking or
bankruptcy laws, as now or hereafter constituted, or any other applicable federal or State bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee,
conservator, sequestrator (or other similar official) for the Trustee or for any substantial part of the Trustee’s property, or makes any assignment for the benefit of creditors or fails generally to pay its debts as such debts become due or
takes any action in furtherance of any of the foregoing; or 
 (v) the Trustee otherwise becomes incapable of acting.

 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being
referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee acceptable to the Insurer (so long as an Insurer Default shall not have occurred and be continuing). If the Issuer fails to appoint such a successor
Trustee, the Insurer may appoint a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee, the Swap Provider, the Insurer and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the retiring Trustee
under this Indenture subject to satisfaction of the Rating Agency Condition. The successor Trustee shall mail a notice of its succession to Noteholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor
Trustee. 
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Issuer, the Insurer or the Holders of a majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee fails to comply with Section 6.11, any Noteholder (with the prior written consent of the Insurer, so long as an Insurer Default shall
not have occurred and be continuing) may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Trustee
pursuant to Section 6.8 and payment of all fees and expenses owed to the outgoing Trustee. 
 Notwithstanding the replacement of the
Trustee pursuant to this Section, the Issuer’s and the Servicer’s obligations under Section 6.7 shall continue for the benefit of the retiring Trustee. 
 SECTION 6.9 Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or
banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor Trustee. The Trustee shall provide the Rating Agencies and the Insurer prior written notice of any such
transaction. 
  

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 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee
shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes
so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee;
and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 
 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee. 
 (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the
Trustee with the consent of the Insurer (so long as an Insurer Default shall not have occurred and be continuing) shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees,
or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the
other provisions of this Section, such powers, duties, obligations, rights and trusts as the Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8 hereof. 
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or
performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Trustee joining in such act), except to the extent that under any
law of any jurisdiction in which any particular act or acts are to be performed the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title
to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Trustee; 
 (ii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder, including acts or
omissions of predecessor or successor trustees; and 
  

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 (iii) the Trustee may at any time accept the resignation of or remove any separate
trustee or co-trustee. 
 (c) Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the
then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and
co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the
provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. Every such instrument shall be filed with the Trustee.

 (d) Any separate trustee or co-trustee may at any time constitute the Trustee, its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, dissolve, become insolvent, become incapable of acting, resign
or be removed, all of its estates, properties, rights, remedies and trusts shall invest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
 (e) Any and all amounts relating to the fees and expenses of the co-trustee or separate trustee will be borne by the Trust Estate. 
 SECTION 6.11 Eligibility: Disqualification. The Trustee shall at all times satisfy the requirements of TIA § 310(a). The Trustee shall
have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it shall have a long term debt rating of BBB-, or an equivalent rating, or better by the Rating Agencies. The
Trustee shall provide copies of such reports to the Insurer upon request. The Trustee shall comply with TIA § 310(b), including the optional provision permitted by the second sentence of TIA § 310(b)(9); provided,
however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA
§ 310(b)(1) are met. 
 SECTION 6.12 Preferential Collection of Claims Against Issuer. The Trustee shall comply with TIA
§ 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 
 SECTION 6.13 Appointment and Powers. Subject to the terms and conditions hereof, each of the Issuer Secured Parties hereby appoints Wells Fargo
Bank, National Association, as the Trust Collateral Agent with respect to the Collateral, and Wells Fargo Bank, National Association hereby accepts such appointment and agrees to act as Trust Collateral Agent with respect to the Collateral for the
Issuer Secured Parties, to maintain custody and possession of such Collateral (except as otherwise provided hereunder) and to perform the other duties of the Trust Collateral Agent in accordance with the provisions of this Indenture and the other
Basic Documents. Each Issuer Secured Party hereby authorizes the Trust Collateral Agent 

  

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to take such action on its behalf, and to exercise such rights, remedies, powers and privileges hereunder, as the Controlling Party may direct and as are
specifically authorized to be exercised by the Trust Collateral Agent by the terms hereof, together with such actions, rights, remedies, powers and privileges as are reasonably incidental thereto, including, but not limited to, the execution of any
powers of attorney. The Trust Collateral Agent shall act upon and in compliance with the written instructions of the Controlling Party delivered pursuant to this Indenture promptly following receipt of such written instructions; provided that
neither the Trustee nor the Trust Collateral Agent shall act upon its own accord or in accordance with any instructions (i) if such actions are not authorized by, or in violation of the provisions of, this Indenture, (ii) if such actions
are in violation of any applicable law, rule or regulation or (iii) with respect to actions for which the Trustee has been directed to act but for which the Trustee has not received reasonable indemnity. Receipt of such instructions shall not
be a condition to the exercise by the Trust Collateral Agent of its express duties hereunder, except where this Indenture provides that the Trust Collateral Agent is permitted to act only following and in accordance with such instructions.

 SECTION 6.14 Performance of Duties. The Trust Collateral Agent shall have no duties or responsibilities except those expressly set
forth in this Indenture and the other Basic Documents to which the Trust Collateral Agent is a party or as directed by the Controlling Party in accordance with this Indenture. The Trust Collateral Agent shall not be required to take any
discretionary actions hereunder except at the written direction and with reasonable security and indemnity satisfactory to the Trust Collateral Agent. The Trust Collateral Agent shall, and hereby agrees that it will, subject to this Article, perform
all of the duties and obligations required of it under the Sale and Servicing Agreement. 
 SECTION 6.15 Limitation on Liability.
Neither the Trust Collateral Agent nor any of its directors, officers or employees shall be liable for any action taken or omitted to be taken by it or them hereunder, or in connection herewith, except that the Trust Collateral Agent shall be liable
for its negligence, bad faith or willful misconduct; nor shall the Trust Collateral Agent be responsible for the validity, effectiveness, value, sufficiency or enforceability against the Issuer of this Indenture or any of the Collateral (or any part
thereof). Notwithstanding any term or provision of this Indenture, the Trust Collateral Agent shall incur no liability to the Issuer or the Issuer Secured Parties for any action taken or omitted by the Trust Collateral Agent in connection with the
Collateral, except for the negligence, bad faith or willful misconduct on the part of the Trust Collateral Agent, and, further, shall incur no liability to the Issuer Secured Parties except for negligence, bad faith or willful misconduct in carrying
out its duties to the Issuer Secured Parties. The Trust Collateral Agent shall be protected and shall incur no liability to any such party in relying upon the accuracy, acting in reliance upon the contents, and assuming the genuineness of any
notice, demand, certificate, signature, instrument or other document reasonably believed by the Trust Collateral Agent to be genuine and to have been duly executed by the appropriate signatory, and (absent actual knowledge to the contrary by a
Responsible Officer of the Trust Collateral Agent) the Trust Collateral Agent shall not be required to make any independent investigation with respect thereto. The Trust Collateral Agent shall at all times be free independently to establish to its
reasonable satisfaction, but shall have no duty to independently verify, the existence or nonexistence of facts that are a condition to the exercise or enforcement of any right or remedy hereunder or under any of the Basic Documents. The Trust
Collateral Agent may consult with counsel, and shall not be liable for any action taken 

  

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or omitted to be taken by it hereunder in good faith and in accordance with the advice of such counsel. The Trust Collateral Agent shall not be under any
obligation to exercise any of the remedial rights or powers vested in it by this Indenture or to follow any direction from the Controlling Party or risk its own funds or otherwise incur financial liability in the performance of any of its duties
hereunder unless it shall have received reasonable security or indemnity satisfactory to the Trust Collateral Agent against the costs, expenses and liabilities which might be incurred by it. 
 SECTION 6.16 Reliance Upon Documents. In the absence of negligence, bad faith or willful misconduct on its part, the Trust Collateral Agent shall
be entitled to conclusively rely on any communication, instrument, paper or other document reasonably believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons and shall have no liability in acting, or
omitting to act, where such action or omission to act is in reasonable reliance upon any statement or opinion contained in any such document or instrument. 
 SECTION 6.17 Successor Trust Collateral Agent. 
 (a) Merger. Any Person into which the Trust
Collateral Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer its trust business and assets as a whole or substantially as a whole, or any Person resulting from any such conversion, merger,
consolidation, sale or transfer to which the Trust Collateral Agent is a party, shall (provided it is otherwise qualified to serve as the Trust Collateral Agent hereunder) be and become a successor Trust Collateral Agent hereunder and be vested with
all of the title to and interest in the Collateral and all of the trusts, powers, discretions, immunities, privileges and other matters as was its predecessor without the execution or filing of any instrument or any further act, deed or conveyance
on the part of any of the parties hereto, anything herein to the contrary notwithstanding, except to the extent, if any, that any such action is necessary to perfect, or continue the perfection of, the security interest of the Issuer Secured Parties
in the Collateral; provided that any such successor shall also be the successor Trustee under Section 6.9. 
 (b)
Resignation. The Trust Collateral Agent and any successor Trust Collateral Agent may resign at any time by so notifying the Issuer and the Insurer; provided that the Trust Collateral Agent shall not so resign unless it shall also resign as
Trustee hereunder. 
 (c) Removal. The Trust Collateral Agent may be removed by the Controlling Party at any time (and should be
removed at any time that the Trustee has been removed), with or without cause, by an instrument or concurrent instruments in writing delivered to the Trust Collateral Agent, the other Issuer Secured Party and the Issuer. A temporary successor may be
removed at any time to allow a successor Trust Collateral Agent to be appointed pursuant to subsection (d) below. Any removal pursuant to the provisions of this subsection (c) shall take effect only upon the date which is the latest of
(i) the effective date of the appointment of a successor Trust Collateral Agent and the acceptance in writing by such successor Trust Collateral Agent of such appointment and of its obligation to perform its duties hereunder in accordance with
the provisions hereof, and (ii) receipt by the Controlling Party of an Opinion of Counsel to the effect described in Section 3.6. 
  

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 (d) Acceptance by Successor. The Controlling Party shall have the sole right to appoint each
successor Trust Collateral Agent. Every temporary or permanent successor Trust Collateral Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Trustee, each Issuer Secured Party and the Issuer an instrument
in writing accepting such appointment hereunder and the relevant predecessor shall execute, acknowledge and deliver such other documents and instruments as will effectuate the delivery of all Collateral to the successor Trust Collateral Agent,
whereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, duties and obligations of its predecessor. Such predecessor shall, nevertheless, on the written
request of either Issuer Secured Party or the Issuer, execute and deliver an instrument transferring to such successor all the estates, properties, rights and powers of such predecessor hereunder. In the event that any instrument in writing from the
Issuer or an Issuer Secured Party is reasonably required by a successor Trust Collateral Agent to more fully and certainly vest in such successor the estates, properties, rights, powers, duties and obligations vested or intended to be vested
hereunder in the Trust Collateral Agent, any and all such written instruments shall, at the request of the temporary or permanent successor Trust Collateral Agent, be forthwith executed, acknowledged and delivered by the Trustee or the Issuer, as
the case may be. The designation of any successor Trust Collateral Agent and the instrument or instruments removing any Trust Collateral Agent and appointing a successor hereunder, together with all other instruments provided for herein, shall be
maintained with the records relating to the Collateral and, to the extent required by applicable law, filed or recorded by the successor Trust Collateral Agent in each place where such filing or recording is necessary to effect the transfer of the
Collateral to the successor Trust Collateral Agent or to protect or continue the perfection of the security interests granted hereunder. 
 SECTION 6.18 Compensation. The Trust Collateral Agent shall not be entitled to any compensation for the performance of its duties hereunder other than the compensation it is entitled to receive in its capacity as Trustee. 

SECTION 6.19 Representations and Warranties of the Trust Collateral Agent and the Issuer. (A) The Trust Collateral Agent represents and
warrants to the Issuer and to each Issuer Secured Party as follows: 
 (a) Due Organization. The Trust Collateral Agent is a national
banking association and is duly authorized and licensed under applicable law to conduct its business as presently conducted. 
 (b)
Corporate Power. The Trust Collateral Agent has all requisite right, power and authority to execute and deliver this Indenture and to perform all of its duties as Trust Collateral Agent hereunder. 
 (c) Due Authorization. The execution and delivery by the Trust Collateral Agent of this Indenture and the other Transaction Documents to which it
is a party, and the performance by the Trust Collateral Agent of its duties hereunder and thereunder, have been duly authorized by all necessary corporate proceedings and no further approvals or filings, including any governmental approvals, are
required for the valid execution and delivery by the Trust Collateral Agent, or the performance by the Trust Collateral Agent, of this Indenture and such other Basic Documents. 
  

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 (d) Valid and Binding Indenture. The Trust Collateral Agent has duly executed and delivered this
Indenture and each other Basic Document to which it is a party, and each of this Indenture and each such other Basic Document constitutes the legal, valid and binding obligation of the Trust Collateral Agent, enforceable against the Trust Collateral
Agent in accordance with its terms, except as (i) such enforceability may be limited by bankruptcy, insolvency, reorganization and similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) the
availability of equitable remedies may be limited by equitable principles of general applicability. 
 (e) No Conflicts. The execution
and delivery of each Basic Document to which it is a party by the Trust Collateral Agent and the performance by the Trust Collateral Agent of its obligations thereunder, in its capacity as Trust Collateral Agent or otherwise, do not conflict with or
result in any violation of (i) any law or regulation of the United States of America governing the banking or trust powers of the Trust Collateral Agent or (ii) the articles of incorporation and by-laws of the Trust Collateral Agent.

 (f) No Actions. To the best of the Trust Collateral Agent’s knowledge, there are no actions, proceedings or investigations
known to the Trust Collateral Agent, either pending or threatened in writing, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality which would, if adversely determined, affect in any material
respect the consummation, validity or enforceability against the Trust Collateral Agent, in its capacity as Trust Collateral Agent or otherwise, of any Basic Document. 
 (B) The Issuer hereby represents and warrants that each of the representations and warranties set forth on the Schedule of Representations attached hereto as Schedule A is true and correct. Such representations and
warranties speak as of the execution and delivery of this Indenture and as of the Closing Date, but shall survive the pledge of the Receivables to the Trust Collateral Agent and shall not be waived. 
 SECTION 6.20 Waiver of Setoffs. The Trust Collateral Agent hereby expressly waives any and all rights of setoff that the Trust Collateral Agent
may otherwise at any time have under applicable law with respect to any Trust Account and agrees that amounts in the Trust Accounts shall at all times be held and applied solely in accordance with the provisions hereof and the Sale and Servicing
Agreement. 
 SECTION 6.21 Control by the Controlling Party. The Trust Collateral Agent shall comply with notices and instructions
given by the Issuer only if accompanied by the written consent of the Controlling Party, except that if any Event of Default shall have occurred and be continuing, the Trust Collateral Agent shall act upon and comply with notices and instructions
given by the Controlling Party alone in the place and stead of the Issuer. 
  

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 ARTICLE VII 
 Noteholders’ Lists and Reports 
 SECTION 7.1 Issuer to Furnish to Trustee Names and Addresses
of Noteholders. The Issuer will furnish or cause to be furnished to the Trustee (a) not more than five days after the earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in such form as the
Trustee may reasonably require, of the names and addresses of the Holders as of such Record Date, (b) at such other times as the Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar
form and content as of a date not more than 10 days prior to the time such list is furnished; provided, however, that so long as the Trustee is the Note Registrar, no such list shall be required to be furnished. If Definitive Notes
have been issued pursuant to Section 2.12, the Trustee or, if the Trustee is not the Note Registrar, the Issuer shall furnish to the Insurer in writing on an annual basis on each June 30 and at such other times as the Insurer may request a
copy of the list. 
 SECTION 7.2 Preservation of Information; Communications to Noteholders. 
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders contained in the most recent
list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Note Registrar. The Trustee may destroy any list furnished to it as provided in such Section 7.1
upon receipt of a new list so furnished. 
 (b) Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with
respect to their rights under this Indenture or under the Notes. 
 (c) The Issuer, the Trustee and the Note Registrar shall have the
protection of TIA § 312(c). 
 SECTION 7.3 Reports by Issuer. 
 (a) The Issuer shall: 
 (i)
file with the Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) which the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
 (ii) file with the Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission such
additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 
  

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 (iii) supply to the Trustee (and the Trustee shall transmit by mail to all Noteholders
described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be required by rules and regulations
prescribed from time to time by the Commission. 
 (b) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on
December 31 of each year. 
 SECTION 7.4 Reports by Trustee. If required by TIA § 313(a), within 60 days after each
May 31, beginning with May 31, 2008, the Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Trustee also shall comply with TIA
§ 313(b). 
 A copy of each report at the time of its mailing to Noteholders shall be filed by the Trustee with the Commission and
each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Trustee if and when the Notes are listed on any stock exchange. 
 ARTICLE VIII 
 Accounts, Disbursements and Releases 
 SECTION 8.1 Collection of Money. Except as otherwise expressly provided herein, the Trustee may demand payment or delivery of, and shall receive
and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Trust Collateral Agent pursuant to this Indenture and the Sale and Servicing
Agreement. The Trustee shall apply all such money received by it, or cause the Trust Collateral Agent to apply all money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise expressly provided in
this Indenture or in the Sale and Servicing Agreement, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Trustee may take such action as may be appropriate to
enforce such payment or performance, including the institution and prosecution of appropriate proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed
thereafter as provided in Article V. 
 SECTION 8.2 Release of Trust Estate. 
 (a) Subject to the payment of its fees and expenses and other amounts pursuant to Section 6.7 and all amounts due to the Insurer under the Basic
Documents, the Trust Collateral Agent may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, in a manner and under circumstances that are not inconsistent with the
provisions of this Indenture. No party relying upon an instrument executed by the Trust Collateral Agent as provided in this Article VIII shall be bound to ascertain the Trust Collateral Agent’s authority, inquire into the satisfaction of any
conditions precedent or see to the application of any moneys. 
  

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 (b) The Trust Collateral Agent shall, at such time as there are no Notes outstanding and all sums due the
Trustee pursuant to Section 6.7 have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in
the Trust Accounts. 
 SECTION 8.3 Opinion of Counsel. The Trust Collateral Agent shall receive at least seven days’ notice when
requested by the Issuer to take any action pursuant to Section 8.2(a), accompanied by copies of any instruments involved, and the Trustee shall also require as a condition to such action, an Opinion of Counsel in form and substance satisfactory
to the Trustee and the Insurer and addressed to the Trustee and the Insurer, stating that all conditions precedent to the taking of such action have been complied with. Counsel rendering any such opinion may rely, without independent investigation,
on the accuracy and validity of any certificate or other instrument delivered to the Trustee in connection with any such action. 
 ARTICLE IX

 Supplemental Indentures 
 SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. 
 (a) Without the consent of the Holders of any Notes but
with the consent of the Insurer (unless an Insurer Default shall have occurred and be continuing) and the consent of the Swap Provider (unless such indenture supplemental hereto could not reasonably be expected to have a material adverse effect on
the Swap Provider) and with prior notice to the Rating Agencies by the Issuer, as evidenced to the Trustee, the Issuer and the Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Trustee, for any of the following purposes: 
 (i) to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey
and confirm unto the Trust Collateral Agent any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 
 (ii) to evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuer, and the assumption
by any such successor of the covenants of the Issuer herein and in the Notes contained; 
 (iii) to add to the covenants of
the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon the Issuer; 
 (iv) to convey, transfer, assign, mortgage or pledge any property to or with the Trust Collateral Agent; 
 (v) to
cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture which may be inconsistent with any other provision herein or 

  

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in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental
indenture; provided that such action shall not adversely affect the interests of the Holders of the Notes; 
 (vi) to
evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the
trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or 
 (vii) to modify, eliminate or add
to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be
expressly required by the TIA. 
 The Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make
any further appropriate agreements and stipulations that may be therein contained. 
 (b) The Issuer and the Trustee, when authorized by an
Issuer Order, may, also without the consent of any of the Holders of the Notes but with prior notice to the Rating Agencies by the Issuer and with the prior written consent of the Insurer (unless an Insurer Default shall have occurred and be
continuing) and the written consent of the Swap Provider (unless such indenture supplemental hereto could not reasonably be expected to have a material adverse effect on the Swap Provider), as evidenced to the Trustee, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture;
provided, however, that such action shall not, as evidenced by an Opinion of Counsel delivered to the Trustee and the Insurer, adversely affect in any material respect the interests of any Noteholder. 
 (c) Notwithstanding the foregoing, if an Insurer Default has occurred and is continuing, no amendment under Section 9.1 or 9.2 shall materially
adversely affect the Insurer without the Insurer’s prior written consent. 
 SECTION 9.2 Supplemental Indentures with Consent of
Noteholders. The Issuer and the Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating Agencies, with the written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing), with the
written consent of the Swap Provider (unless such indenture supplemental hereto could not reasonably be expected to have a material adverse effect on the Swap Provider), and with the consent of the Holders of not less than a majority of the
Outstanding Amount of the Notes, by Act of such Holders delivered to the Issuer and the Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of
the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided however, that if an Insurer Default has occurred and is continuing, such supplemental indenture will not
materially and adversely affect the interest of the Insurer; provided further, that, subject to the express rights of the Insurer under the Basic Documents, no such supplemental indenture shall, without the consent of the Holder of each Outstanding
Note affected thereby: 
  

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 (i) change the date of payment of any installment of principal of or interest on any
Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto, change the provision of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Trust
Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable; 
 (ii) impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds
available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 
 (iii) reduce the percentage of the Outstanding Amount of the Notes, the consent of the Holders of which is required for any such
supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture; 
 (iv) modify or alter the provisions of the proviso to the definition of the term “Outstanding”; 
 (v) reduce the percentage of the Outstanding Amount of the Notes required to direct the Trustee to direct the Issuer to sell or liquidate
the Trust Estate pursuant to Section 5.4; 
 (vi) modify any provision of this Section except to increase any percentage
specified herein or to provide that certain additional provisions of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; 
 (vii) modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest
or principal due on any Note on any Distribution Date or any Insured Distribution Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders to the benefit of any provisions
for the mandatory redemption of the Notes contained herein; or 
 (viii) permit the creation of any lien ranking prior to or
on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in any of the Basic Documents, terminate the lien of this Indenture on any property at any time
subject hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture. 
 The Trustee may determine whether
or not any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Trustee shall not be liable
for any such determination made in good faith. 
  

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 It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of
any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Promptly after the
execution by the Issuer and the Trustee of any supplemental indenture pursuant to this Section, the Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the
substance of such supplemental indenture. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
 SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the amendments or modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive and shall be fully protected in relying upon, an Opinion of Counsel (a copy of which shall be
delivered to the Insurer) stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the
Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 
 SECTION 9.4 Effect of Supplemental
Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the
respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 SECTION 9.5 Conformity With Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 
 SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Trustee
shall, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Issuer,
to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Trustee in exchange for Outstanding Notes. 
  

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 ARTICLE X 
 Redemption of Notes 
 SECTION 10.1 Redemption. 
 (a) The Notes shall be redeemed in whole, but not in part, on any Distribution Date on which the Servicer or Seller exercises its option to purchase the
Trust Estate pursuant to Section 10.1(a) of the Sale and Servicing Agreement, for a purchase price equal to the Redemption Price; provided, however, that no such redemption may be effected unless the Issuer has available funds
sufficient to pay the Redemption Price plus all amounts due and payable to the Insurer under the Insurance Agreement on such Distribution Date plus all amounts due and payable to the Swap Provider under the Swap Agreement on such Distribution Date.
The Servicer or the Issuer shall furnish the Insurer and the Rating Agencies notice of such redemption. If the Notes are to be redeemed pursuant to this Section 10.1(a), the Servicer or the Issuer shall furnish notice of such election to the
Trustee not later than 25 days prior to the Redemption Date and the Issuer shall deposit with the Trustee in the Collection Account the amount required to be so deposited pursuant to Section 10.1(a) of the Sale and Servicing Agreement,
whereupon all outstanding Notes shall be due and payable on the Redemption Date subject to the furnishing of a notice complying with Section 10.2 to each Holder of Notes. 
 (b) In the event that the assets of the Trust are distributed pursuant to Section 8.1 of the Trust Agreement, all amounts on deposit in the Note
Distribution Account shall be paid to the Noteholders up to the Outstanding Amount of the Notes and all accrued and unpaid interest thereon. If amounts are to be paid to Noteholders pursuant to this Section 10.1(b), the Servicer or the Issuer
shall, to the extent practicable, furnish notice of such event to the Trustee not later than 45 days prior to the Redemption Date, whereupon all such amounts shall be payable on the Redemption Date. 
 SECTION 10.2 Form of Redemption. 
 (a) Notice of redemption under Section 10.1(a) shall be given by the Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of
Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s address appearing in the Note Register. 
 All notices of redemption shall state: 
 (i) the Redemption Date; 
 (ii) the Redemption Price; 
 (iii) that the Record Date otherwise applicable to such Redemption Date is not applicable and that payments shall be made only upon presentation and surrender of such Notes and the place where such Notes are to be
surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.2); and 
  

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 (iv) that interest on the Notes shall cease to accrue on the Redemption Date. 

Notice of redemption of the Notes shall be given by the Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or
any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note. 
 (b) Prior
notice of redemption under Section 10.1(b) is not required to be given to Noteholders. 
 SECTION 10.3 Notes Payable on Redemption
Date. The Notes to be redeemed shall, following notice of redemption, as required by Section 10.2 (in the case of redemption pursuant to Section 10.1(a)), on the Redemption Date, become due and payable at the Redemption Price, and
(unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price.

 ARTICLE XI 
 Miscellaneous

 SECTION 11.1 Compliance Certificates and Opinions, etc. Upon any application or request by the Issuer to the Trustee or the
Trust Collateral Agent to take any action under any provision of this Indenture, the Issuer shall furnish to the Trustee or the Trust Collateral Agent, as the case may be, and to the Insurer (i) an Officer’s Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been
complied with and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case of any such application or request as to which
the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 
 (a) Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
 (i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the
definitions herein relating thereto; 
 (ii) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based; 
 (iii) a statement that, in the
opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

 

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 (iv) a statement as to whether, in the opinion of each such signatory such condition or
covenant has been complied with. 
 (b)(i) Prior to the deposit of any Collateral or other property or securities with the Trust Collateral
Agent that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the
Trust Collateral Agent and the Insurer an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the Collateral or other property or
securities to be so deposited. 
 (ii) Whenever the Issuer is required to furnish to the Trust Collateral Agent and the Insurer an
Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Trust Collateral Agent and the Insurer an Independent Certificate as to the
same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth
in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value
thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% percent of the Outstanding Amount of the Notes. 
 (iii) Other than with respect to the release of any Purchased Receivables, Sold Receivables or Liquidated Receivables, whenever any
property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Trust Collateral Agent and the Insurer an Officer’s Certificate certifying or stating the opinion of each person signing such
certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in
contravention of the provisions hereof. 
 (iv) Whenever the Issuer is required to furnish to the Trustee and the Insurer an
Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Trust Collateral Agent and the Insurer an Independent Certificate as to
the same matters if the fair value of the property or securities and of all other property other than Purchased Receivables, Sold Receivables and Defaulted Receivables, or securities released from the lien of this Indenture since the commencement of
the then current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any
release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1 percent of the then Outstanding Amount of the Notes. 
 (v) Notwithstanding Section 2.9 or any other provision of this Section, the Issuer may (A) collect, liquidate, sell or otherwise
dispose of Receivables as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Basic Documents. 
  

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 SECTION 11.2 Form of Documents Delivered to Trustee. In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate
or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion
is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the
Seller or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or
execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this Indenture, in connection with any application or certificate or report to the Trustee, it is provided that the Issuer shall deliver any
document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of
such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or
report. The foregoing shall not, however, be construed to affect the Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 
 SECTION 11.3 Acts of Noteholders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the
Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such
instrument or instruments. 

  

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Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to
Section 6.1) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section. In the event the Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders,
each representing less than a majority of the Outstanding Amount of the Notes, the Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture. 
 (b) The fact and date of the execution by any person of any such instrument or writing may be proved in any customary manner of the Trustee. 

(c) The ownership of Notes shall be proved by the Note Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or
in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
 SECTION 11.4 Notices, etc., to Trustee, Issuer, Insurer and Rating Agencies. Any request, demand, authorization, direction, notice, consent,
waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to or filed with: 
 (a) The Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested and shall be deemed to have been
duly given upon receipt to the Trustee at its Corporate Trust Office, or 
 (b) The Issuer by the Trustee or by any Noteholder shall be
sufficient for every purpose hereunder if personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested and shall deemed to have been duly given upon receipt to the Issuer addressed to: AmeriCredit
Automobile Receivables Trust 2007-B-F, in care of Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, or at any other address previously furnished in writing to the Trustee
by Issuer. The Issuer shall promptly transmit any notice received by it from the Noteholders to the Trustee. 
  

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 (c) The Insurer by the Issuer or the Trustee shall be sufficient for any purpose hereunder if in writing
and mailed by registered mail or personally delivered or telexed or telecopied to the recipient as follows: 
  

					
	To the Insurer:	  	Financial Security Assurance Inc.
		  	31 West 52nd Street
		  	New York, NY 10019
		  	Attention: Transaction Oversight Department
		  	Re: AmeriCredit Receivables-Backed Notes Series
		  	2007-B-F, Policy No. 51831A-N
			
		  	Telex No.:	  	(212) 688-3101
		  	Confirmation:	  	(212) 826-0100
		  	Telecopy Nos.:	  	(212) 339-3518 or
		  		  	(212) 339-3529

 (In each case in which notice or other communication to the Insurer refers to an Event of Default, a claim on the
Note Policy or with respect to which failure on the part of the Insurer to respond shall be deemed to constitute consent or acceptance, then a copy of such notice or other communication should also be sent to the attention of the General Counsel and
the Head—Financial Guaranty Group “URGENT MATERIAL ENCLOSED.”) 
 Notices required to be given to the Rating Agencies
by the Issuer, the Trustee or the Owner Trustee shall be in writing, personally delivered, electronically delivered, delivered by overnight courier or mailed certified mail, return receipt requested to (i) in the case of Moody’s, at the
following address: Moody’s Investors Service, 99 Church Street, New York, New York 10007, (ii) in the case of Standard & Poor’s, via electronic delivery to Servicer_reports@sandp.com; for any information not available in
electronic format, send hard copies to: Standard & Poor’s Ratings Services, 55 Water Street, 41st floor, New York, New York 10041, Attention: ABS Surveillance Group and (iii) in the case of Fitch, at the following address: Fitch,
Inc., One State Street Plaza, New York, New York 10004; or as to each of the foregoing, at such other address as shall be designated by written notice to the other parties. 
 SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and
not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall
affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner here in provided shall conclusively be presumed to have been duly given. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such
a waiver. 
  

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 In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or
similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee
shall be deemed to be a sufficient giving of such notice. 
 Where this Indenture provides for notice to the Rating Agencies, failure to give
such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 
 SECTION 11.6 [Reserved]. 
 SECTION 11.7 Conflict with Trust Indenture Act. If any provision
hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 
 The provisions of TIA §§ 310 through 317 that impose duties on any person (including the provisions automatically deemed included herein
unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 
 SECTION
11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 SECTION 11.9 Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and
assigns, whether so expressed or not. All agreements of the Trustee in this Indenture shall bind its successors. All agreements of the Trust Collateral Agent in this Indenture shall bind its successors. 
 SECTION 11.10 Separability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 11.11 Benefits
of Indenture. The Insurer and its successors and assigns shall be a third-party beneficiary to the provisions of this Indenture, and shall be entitled to rely upon and directly to enforce such provisions of this Indenture so long as no Insurer
Default shall have occurred and be continuing. The Swap Provider shall be a third-party beneficiary to the provisions of this Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, the Swap Provider and the Noteholders, and any other party secured hereunder, and any other person with an Ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy
or claim under this Indenture. The Insurer may disclaim any of its rights and powers under this Indenture (in which case the Trustee may exercise such right or power hereunder), but not its duties and obligations under the Note Policy, upon delivery
of a written notice to the Trustee. 
  

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 In exercising any of its voting rights, rights to direct or consent or any other rights as the Insurer
under this Indenture or any other Basic Document, subject to the terms and conditions of this Indenture, the Insurer shall not have any obligation or duty to any Person to consider or take into account the interests of any Person and shall not be
liable to any Person for any action taken by it or at its discretion or any failure by it to act or to direct that any action be taken, without regard to whether such inaction or action benefits or adversely affects any Noteholder, the Issuer or any
other Person. 
 SECTION 11.12 Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day,
then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date an which nominally due, and no
interest shall accrue for the period from and after any such nominal date. 
 SECTION 11.13 GOVERNING LAW. THIS INDENTURE SHALL BE
CONSTRUED IN ACCORDANCE WITH, AND THIS INDENTURE AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS INDENTURE SHALL BE, GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN
SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 SECTION 11.14 Counterparts. This Indenture may be executed in
any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to
be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Trustee or any other counsel reasonably acceptable to the Trustee and the Insurer) to the effect that such recording is necessary either
for the protection of the Noteholders or any other person secured hereunder or for the enforcement of any right or remedy granted to the Trustee or the Trust Collateral Agent under this Indenture or the Collateral Agent under the Spread Account
Agreement. 
 SECTION 11.16 Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the
Issuer, the Seller, the Servicer, the Backup Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee on the Notes or under this Indenture, any other Basic Document or any certificate or other writing delivered in connection herewith
or therewith, against (i) the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any
partner, owner, beneficiary, agent, officer, director, employee or agent of the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Backup Servicer, the Owner Trustee, the Trust 

  

 66 

 
Collateral Agent or the Trustee or of any successor or assign of the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust Collateral Agent or
the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee, the Trust Collateral Agent, the Backup Servicer 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. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI,
VII and VIII of the Trust Agreement. 
 SECTION 11.17 No Petition. The Trustee and the Trust Collateral Agent, by entering into this
Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they will not at any time institute against the Seller, or the Issuer, or join in any institution against the Seller, or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the Basic
Documents. 
 SECTION 11.18 Inspection. The Issuer agrees that, on reasonable prior notice, it will permit any representative of the
Trustee or of the Insurer, during the Issuer’s normal business hours, to examine all the books of account, records, reports, and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by independent
certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and independent certified public accountants, all at such reasonable times and as often as may be reasonably
requested. Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly known, (ii) disclosure of any and all information
(A) if required to do so by any applicable statute, law, rule or regulation, (B) to any government agency or regulatory body having or claiming authority to regulate or oversee any respects of the Trustee’s business or that of its
affiliates, (C) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Trustee or an affiliate or an officer, director, employer or
shareholder thereof is a party, (D) in any preliminary or final offering circular, registration statement or contract or other document pertaining to the transactions contemplated by the Indenture approved in advance by the Servicer or the
Issuer or (E) to any independent or internal auditor, agent, employee or attorney of the Trustee having a need to know the same, provided that the Trustee advises such recipient of the confidential nature of the information being disclosed, or
(iii) any other disclosure authorized by the Servicer or the Issuer. 
 [SIGNATURE PAGE FOLLOWS] 
  

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

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-B-F,
		
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee
		
	 By:
	 	 /s/ Michele C. Harra

	 Name:
	 	Michele C. Harra
	 Title:
	 	Financial Services Officer
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not
in its individual capacity but solely as Trustee and Trust Collateral Agent

		
	 By:
	 	 /s/ Marianna C. Stershic

	 Name:
	 	Marianna C. Stershic
	 Title:
	 	Vice President

 [Indenture] 

 EXHIBIT A-1 
  

			
	REGISTERED	  	
		  	$275,000,000            
	No. RB-A-1	  	

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 03063B AA1 
 Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-B-F 
 CLASS A-1 5.3196% ASSET BACKED NOTE

 AmeriCredit Automobile Receivables Trust 2007-B-F, a statutory trust organized and existing under the laws of the State of Delaware
(herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of TWO HUNDRED SEVENTY-FIVE MILLION DOLLARS payable on each Distribution Date in an
amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $275,000,000 and the denominator of which is $275,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class A-1 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the May 6, 2008 Distribution Date (the “Final
Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue
for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from April 19, 2007. Interest will be computed on the basis of a
360-day year and the actual number of days in the related Interest Period. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and 

  

 A-1-1 

 
private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above
and then to the unpaid principal of this Note. 
 The Notes are entitled to the benefits of a financial guaranty insurance policy (the
“Note Policy”) issued by Financial Security Assurance Inc. (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable Amount and the
Noteholders’ Principal Distributable Amount with respect to each Distribution Date will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in the Indenture and the related Sale and Servicing Agreement. The
Record Date applicable to any Insured Distribution Date is the Record Date applicable to the related Distribution Date. 
 Reference is made
to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose. 
  

 A-1-2 

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

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-B-F
		
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By:	 	  

	Name:	 	
	Title:	 	

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

									
	 Date:
	 	April 19, 2007	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee
					
		 		 		 	By:	 	  

		 		 		 		 	Authorized Signer

  

 A-1-3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-1 5.3196% Asset Backed Notes (herein called the “Class A-1 Notes”), all issued under an Indenture dated as
of April 11, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term includes
any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the
Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3-A Notes, the Class A-3-B Notes and the Class A-4 Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral
pledged as security therefor as provided in the Indenture. 
 Principal of the Class A-1 Notes will be payable on each Distribution Date in
an amount described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing May 7, 2007. If AmeriCredit is no longer
acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution Date and
the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately due and payable in the manner provided in the Indenture, so
long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be continuing and the Trustee or the
Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class A-1 Notes shall
be made pro rata to the Class A-1 Noteholders entitled thereto. 
 Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears 

  

 A-1-4 

 
on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal
amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such purposes located in Minneapolis, Minnesota. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-1 Interest Rate to the extent lawful. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly
executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or
participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any such registration of transfer or exchange. 
 If this Note has been issued as a Definitive Note, the Note
Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan Entity or (b) it is a Benefit Plan Entity and its acquisition and
holding of this Note is covered by a Prohibited Transaction Class Exemption. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to represent
that its acquisition and holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect
to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee
in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, 

  

 A-1-5 

 
beneficiary, agent, officer, director or employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed (it being understood that the 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, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and
franchise and any other income taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and
the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the
Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of
Holders of the Notes issued thereunder. 
 The term “Issuer” as used in this Note includes any successor to the Issuer under
the Indenture. 
 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of
the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth. 
 This Note and the Indenture shall be construed in accordance with the laws of
the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  

 A-1-6 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust Company
in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, 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 by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as
expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing 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 Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

 

 A-1-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
  

					
	 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
	  	  
	  	
		  	(name and address of assignee)	  	

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

							
	 Dated
	 	  
	 	1	 	  

		 		 		 	Signature Guaranteed:
			
	  
	 		 	  

	 1
	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it
appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

  

 A-1-8 

 EXHIBIT A-2 
  

			
	REGISTERED	 	$435,000,000                
		
	No. RB-A-2	 	

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 03063B AB9 
 Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-B-F 
 CLASS A-2 5.31% ASSET BACKED NOTE

 AmeriCredit Automobile Receivables Trust 2007-B-F, a statutory trust organized and existing under the laws of the State of Delaware
(herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FOUR HUNDRED THIRTY-FIVE MILLION DOLLARS payable on each Distribution Date in an amount
equal to the result obtained by multiplying (i) a fraction the numerator of which is $435,000,000 and the denominator of which is $435,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal
on the Class A-2 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the January 6, 2011 Distribution Date (the “Final Scheduled Distribution
Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution
Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from April 19, 2007. Interest will be computed on the basis of a 360 day year consisting of
twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The
principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and 

  

 A-2-1 

 
private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above
and then to the unpaid principal of this Note. 
 The Notes are entitled to the benefits of a financial guaranty insurance policy (the
“Note Policy”) issued by Financial Security Assurance Inc. (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable Amount and the
Noteholders’ Principal Distributable Amount with respect to each Distribution Date will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in the Indenture and the related Sale and Servicing Agreement. The
Record Date applicable to any Insured Distribution Date is the Record Date applicable to the related Distribution Date. 
 Reference is made
to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose. 
  

 A-2-2 

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

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-B-F
		
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

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

									
	 Date:
	 	 April 19, 2007
	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee
					
		 		 		 	By:	 	  

		 		 		 		 	Authorized Signer

  

 A-2-3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-2 5.31% Asset Backed Notes (herein called the “Class A-2 Notes”), all issued under an Indenture dated as
of April 11, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term includes
any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the
Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3-A Notes, the Class A-3-B Notes and the Class A-4 Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture. 
 Principal of the Class A-2 Notes will be payable on each Distribution Date in an amount described
on the face hereof. “Distribution Date” means the sixth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing May 7, 2007. If AmeriCredit is no longer acting as Servicer,
the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution Date and
the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately due and payable in the manner provided in the Indenture, so
long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be continuing and the Trustee or the
Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class A-2 Notes shall
be made pro rata to the Class A-2 Noteholders entitled thereto. 
 Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears 

  

 A-2-4 

 
on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal
amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such purposes located in Minneapolis, Minnesota. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-2 Interest Rate to the extent lawful. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly
executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or
participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any such registration of transfer or exchange. 
 If this Note has been issued as a Definitive Note, the Note
Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan Entity or (b) it is a Benefit Plan Entity and its acquisition and
holding of this Note is covered by a Prohibited Transaction Class Exemption. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to represent
that its acquisition and holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect
to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee
in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, 

  

 A-2-5 

 
beneficiary, agent, officer, director or employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed (it being understood that the 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, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and
franchise and any other income taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and
the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the
Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of
Holders of the Notes issued thereunder. 
 The term “Issuer” as used in this Note includes any successor to the Issuer under
the Indenture. 
 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of
the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth. 
 This Note and the Indenture shall be construed in accordance with the laws of
the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  

 A-2-6 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust Company
in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, 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 by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as
expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing 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 Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

 

 A-2-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
  

					
	 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
	  	  
	  	
		  	(name and address of assignee)	  	

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

							
	 Dated
	 	  
	 	1	 	  

		 		 		 	Signature Guaranteed:
			
	  
	 		 	  

	 1
	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it
appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

  

 A-2-8 

 EXHIBIT A-3-A 
  

			
	REGISTERED	 	$150,000,000                
		
	No. RB-A-3-A	 	

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 03063B AC7 
 Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-B-F 
 CLASS A-3-A 5.16% ASSET BACKED NOTE

 AmeriCredit Automobile Receivables Trust 2007-B-F, a statutory trust organized and existing under the laws of the State of Delaware
(herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE HUNDRED FIFTY MILLION DOLLARS payable on each Distribution Date in an amount equal
to the result obtained by multiplying (i) a fraction the numerator of which is $150,000,000 and the denominator of which is $150,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the
Class A-3-A Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the April 6, 2012 Distribution Date (the “Final Scheduled Distribution
Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution
Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from April 19, 2007. Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The
principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and 

  

 A-3-A-1 

 
private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above
and then to the unpaid principal of this Note. 
 The Notes are entitled to the benefits of a financial guaranty insurance policy (the
“Note Policy”) issued by Financial Security Assurance Inc. (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable Amount and the
Noteholders’ Principal Distributable Amount with respect to each Distribution Date will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in the Indenture and the related Sale and Servicing Agreement. The
Record Date applicable to any Insured Distribution Date is the Record Date applicable to the related Distribution Date. 
 Reference is made
to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose. 
  

 A-3-A-2 

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

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-B-F
		
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

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

									
	 Date:
	 	April 19, 2007	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee
					
		 		 		 	By:	 	  

		 		 		 		 	Authorized Signer

  

 A-3-A-3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-3-A 5.16% Asset Backed Notes (herein called the “Class A-3-A Notes”), all issued under an Indenture dated
as of April 11, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term includes
any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the
Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3-A Notes, the Class A-3-B Notes and the Class A-4 Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture. 
 Principal of the Class A-3-A Notes will be payable on each Distribution Date in an amount described
on the face hereof. “Distribution Date” means the sixth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing May 7, 2007. If AmeriCredit is no longer acting as Servicer, the
distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As
described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the
date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately due and payable in the manner provided in the Indenture, so long as an Insurer Default shall not have occurred and be
continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be continuing and the Trustee or the Holders of the Notes representing not less than a majority of
the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class A-3-A Notes shall be made pro rata to the Class A-3-A Noteholders entitled
thereto. 
 Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any,
to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears 

  

 A-3-A-4 

 
on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal
amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such purposes located in Minneapolis, Minnesota. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-3-A Interest Rate to the extent lawful. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly
executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or
participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any such registration of transfer or exchange. 
 If this Note has been issued as a Definitive Note, the Note
Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan Entity or (b) it is a Benefit Plan Entity and its acquisition and
holding of this Note is covered by a Prohibited Transaction Class Exemption. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to represent
that its acquisition and holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect
to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee
in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, 

  

 A-3-A-5 

 
beneficiary, agent, officer, director or employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed (it being understood that the 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, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and
franchise and any other income taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and
the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the
Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of
Holders of the Notes issued thereunder. 
 The term “Issuer” as used in this Note includes any successor to the Issuer under
the Indenture. 
 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of
the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth. 
 This Note and the Indenture shall be construed in accordance with the laws of
the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  

 A-3-A-6 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust Company
in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, 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 by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as
expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing 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 Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

 

 A-3-A-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
  

					
	 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
	  	  
	  	
		  	(name and address of assignee)	  	

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

							
	 Dated
	 	  
	 	1	 	  

		 		 		 	Signature Guaranteed:
			
	  
	 		 	  

	 1
	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it
appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

  

 A-3-A-8 

 EXHIBIT A-3-B 
  

			
	REGISTERED	 	$190,000,000                
		
	No. RB-A-3-B	 	

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 03063B AD5 
 Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-B-F 
 CLASS A-3-B FLOATING RATE ASSET
BACKED NOTE 
 AmeriCredit Automobile Receivables Trust 2007-B-F, a statutory trust organized and existing under the laws of the State of
Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE HUNDRED NINETY MILLION DOLLARS payable on each Distribution Date in an
amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $190,000,000 and the denominator of which is $190,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of
principal on the Class A-3-B Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the April 6, 2012 Distribution Date (the “Final Scheduled
Distribution Date”). The Issuer will pay interest on this Note at the rate per annum equal to LIBOR plus 0.02% on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will
accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from April 19, 2007. Interest will be computed on the basis of a
360-day year and the actual number of days in the related Interest Period. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and 

  

 A-3-B-1 

 
private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above
and then to the unpaid principal of this Note. 
 The Notes are entitled to the benefits of a financial guaranty insurance policy (the
“Note Policy”) issued by Financial Security Assurance Inc. (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable Amount and the
Noteholders’ Principal Distributable Amount with respect to each Distribution Date will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in the Indenture and the related Sale and Servicing Agreement. The
Record Date applicable to any Insured Distribution Date is the Record Date applicable to the related Distribution Date. 
 Reference is made
to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose. 
  

 A-3-B-2 

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

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-B-F
		
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

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

									
	 Date:
	 	April 19, 2007	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee
					
		 		 		 	By:	 	  

		 		 		 		 	Authorized Signer

  

 A-3-B-3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-3-B LIBOR plus 0.02% Asset Backed Notes (herein called the “Class A-3-B Notes”), all issued under an
Indenture dated as of April 11, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as trustee (the “Trustee,”
which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this
Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3-A Notes, the Class A-3-B Notes and the Class A-4 Notes (together, the
“Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
 Principal of the Class A-3-B Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing May 7, 2007. If AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final
Scheduled Distribution Date. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier
of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately due and payable
in the manner provided in the Indenture, so long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred
and be continuing and the Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All
principal payments on the Class A-3-B Notes shall be made pro rata to the Class A-3-B Noteholders entitled thereto. 
 Payments of interest
on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such 

  

 A-3-B-4 

 
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent
appointed for such purposes located in Minneapolis, Minnesota. 
 The Issuer shall pay interest on overdue installments of interest at the
Class A-3-B Interest Rate to the extent lawful. 
 As provided in the Indenture and subject to certain limitations set forth therein, the
transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of
the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 If this Note
has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan Entity or (b) it is a
Benefit Plan Entity and its acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a
Benefit Plan Entity shall be deemed to represent that its acquisition and holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees
(i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its 

  

 A-3-B-5 

 
individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the
Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the 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, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as
of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding
Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance
by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of
law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  

 A-3-B-6 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust Company
in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, 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 by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as
expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing 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 Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

 

 A-3-B-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
  

					
	 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
	  	  
	  	
		  	(name and address of assignee)	  	

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

							
	 Dated
	 	  
	 	1	 	  

		 		 		 	Signature Guaranteed:
			
	  
	 		 	  

	 1
	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it
appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

  

 A-3-B-8 

 EXHIBIT A-4 
  

			
	REGISTERED	 	$450,000,000                
		
	No. RB-A-4	 	

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 03063B AE3 
 Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-B-F 
 CLASS A-4 FLOATING RATE ASSET BACKED
NOTE 
 AmeriCredit Automobile Receivables Trust 2007-B-F, a statutory trust organized and existing under the laws of the State of Delaware
(herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FOUR HUNDRED FIFTY MILLION DOLLARS payable on each Distribution Date in an amount equal
to the result obtained by multiplying (i) a fraction the numerator of which is $450,000,000 and the denominator of which is $450,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the
Class A-4 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the December 6, 2013 Distribution Date (the “Final Scheduled Distribution
Date”). The Issuer will pay interest on this Note at the rate per annum equal to LIBOR plus 0.05% on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each
Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from April 19, 2007. Interest will be computed on the basis of a 360-day year and
the actual number of days in the related Interest Period. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and 

  

 A-4-1 

 
private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above
and then to the unpaid principal of this Note. 
 The Notes are entitled to the benefits of a financial guaranty insurance policy (the
“Note Policy”) issued by Financial Security Assurance Inc. (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments of the Noteholders’ Interest Distributable Amount and the
Noteholders’ Principal Distributable Amount with respect to each Distribution Date will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in the Indenture and the related Sale and Servicing Agreement. The
Record Date applicable to any Insured Distribution Date is the Record Date applicable to the related Distribution Date. 
 Reference is made
to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose. 
  

 A-4-2 

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

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-B-F
		
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

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

									
	 Date:
	 	April 19, 2007	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee
					
		 		 		 	By:	 	  

		 		 		 		 	Authorized Signer

  

 A-4-3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-4 LIBOR plus 0.05% Asset Backed Notes (herein called the “Class A-4 Notes”), all issued under an Indenture
dated as of April 11, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term
includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined
in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3-A Notes, the Class A-3-B Notes and the Class A-4 Notes (together, the “Notes”) are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. 
 Principal of the Class A-4 Notes will be payable on each
Distribution Date in an amount described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing May 7, 2007. If AmeriCredit
is no longer acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution Date and
the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately due and payable in the manner provided in the Indenture, so
long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be continuing and the Trustee or the
Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class A-4 Notes shall
be made pro rata to the Class A-4 Noteholders entitled thereto. 
 Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. Such 

  

 A-4-4 

 
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by
notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent
appointed for such purposes located in Minneapolis, Minnesota. 
 The Issuer shall pay interest on overdue installments of interest at the
Class A-4 Interest Rate to the extent lawful. 
 As provided in the Indenture and subject to certain limitations set forth therein, the
transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of
the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 If this Note
has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan Entity or (b) it is a
Benefit Plan Entity and its acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a
Benefit Plan Entity shall be deemed to represent that its acquisition and holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees
(i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its 

  

 A-4-5 

 
individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the
Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the 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, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as
of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding
Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance
by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of
law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  

 A-4-6 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust Company
in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, 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 by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as
expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing 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 Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

 

 A-4-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
  

					
	 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
	  	  
	  	
		  	(name and address of assignee)	  	

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

							
	 Dated
	 	  
	 	1	 	  

		 		 		 	Signature Guaranteed:
			
	  
	 		 	  

	 1
	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it
appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

  

 A-4-8 

 SCHEDULE A 
 REPRESENTATIONS AND WARRANTIES OF THE ISSUER 
 Representations and Warranties Regarding the Receivables:

 1. Security Interest in Financed Vehicle. This Indenture creates a valid and continuing Security Interest (as defined in the
applicable UCC) in the Receivables in favor of the Trust Collateral Agent, which Security Interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Seller. The Issuer owns and has good and
marketable title to the Receivables free and clear of any Lien (other than the Lien in favor of the Trust Collateral Agent), claim or encumbrance of any Person. 
 2. All Filings Made. The Issuer has taken all steps necessary to perfect the Trust Collateral Agent’s security interest in the property securing the Receivables, provided that, if not done as of the
Closing Date, the Issuer will cause, within ten days of the Closing Date, the filing of all appropriate financing statements in the proper filing office in the State of Delaware under applicable law in order to perfect the security interest in the
Receivables granted to the Trust Collateral Agent hereunder. 
 3. No Impairment. The Issuer has not done anything to convey any right
to any Person that would result in such Person having a right to payments due under the Receivable or otherwise to impair the rights of the Insurer, the Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the proceeds
thereof. Other than the security interest granted to the Trust Collateral Agent pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Issuer has not
authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering the Receivables other than any financing statement relating to the security interest granted to the Trust
Collateral Agent hereunder or that has been terminated. The Issuer is not aware of any judgment or tax lien filings against it. 
 4.
Chattel Paper. The Receivables constitute “tangible chattel paper” or “electronic chattel paper” within the meaning of the UCC as in effect in the States of Texas, New York, Nevada and Delaware. 
 5. Good Title. Immediately prior to the pledge of the Receivables to the Trust Collateral Agent pursuant to this Indenture, the Issuer was the sole
owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of this Agreement, the Trust shall have good and indefeasible title to and will be the sole owner of such Receivables, free of any Lien. No
Dealer or Third-Party Lender has a participation in, or other right to receive, proceeds of any Receivable. The Issuer has not taken any action to convey any right to any Person that would result in such Person having a right to payments received
under the related Insurance Policies or the related Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments or Third-Party Lender Assignments or to payments due under such Receivables. 
  

 Sched. A-1 

 6. Possession of Original Copy. The Servicer, as Custodian on behalf of the Issuer, has in its
possession or control the original contract (or with respect to “electronic chattel paper”, the authoritative copy) that constitutes or evidences the Receivable. 
 7. One Original. There is only one original executed copy (or with respect to “electronic chattel paper”, one authoritative copy) of each Contract. With respect to Contracts that are “electronic
chattel paper”, each authoritative copy (a) is unique, identifiable and unalterable (other than with the participation of the Trust Collateral Agent in the case of an addition or amendment of an identified assignee and other than a
revision that is readily identifiable as an authorized or unauthorized revision), (b) has been marked with a legend to the following effect: “Authoritative Copy” and (c) has been communicated to and is maintained by or on behalf
of the Custodian. 
 8. Not an Authoritative Copy. With respect to Contracts that are “electronic chattel paper”, the Seller
has marked all copies of each such Contract other than an authoritative copy with a legend to the following effect: “This is not an authoritative copy.” 
 9. Revisions. With respect to Contracts that are “electronic chattel paper”, the related Receivables have been established in a manner such that (a) all copies or revisions that add or change an
identified assignee of the authoritative copy of each such Contract must be made with the participation of the Trust Collateral Agent and (b) all revisions of the authoritative copy of each such Contract must be readily identifiable as an
authorized or unauthorized revision. 
 10. Pledge or Assignment. With respect to Contracts that are “electronic chattel
paper”, the authoritative copy of each Contract communicated to the Custodian has no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trust Collateral Agent. 
 Representations and Warranties Regarding the Swap Collateral: 
 1. This Agreement creates a valid and continuing Security Interest (as defined in the applicable UCC) in the Swap Collateral in favor of the Trust Collateral Agent, which Security Interest is prior to all other Liens, and is enforceable as
such as against creditors of and purchasers from the Issuer. 
 2. The Swap Collateral constitutes “general intangibles” within the
meaning of the applicable UCC. 
 3. The Issuer owns and has good and marketable title to the Swap Collateral free and clear of any Lien,
claim or encumbrance of any Person. 
 4. The Issuer has received all consents and approvals required by the terms of the Swap Agreement to
pledge the Swap Collateral hereunder to the Trust Collateral Agent. 
 5. The Issuer has caused or will have caused, within ten days, the
filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Swap Collateral granted to the Trust Collateral Agent hereunder.

  

 Sched. A-2 

 6. Other than the security interest granted to the Trust Collateral Agent pursuant to this Agreement, the
Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Swap Collateral. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a
description of collateral covering the Swap Collateral other than any financing statement relating to the security interest granted to the Trust Collateral Agent hereunder or that has been terminated. 
  

 Sched. A-3

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