Document:

EX-10.2

 EXHIBIT 10.2 

EXECUTION VERSION 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION

WF INVESTMENT HOLDINGS, LLC
 WELLS
FARGO SECURITIES, LLC
 550 S. TRYON STREET CHARLOTTE, NC 28202
	  	 CITIGROUP GLOBAL MARKETS INC.

390 GREENWICH STREET
 NEW YORK, NY
10013

 August 24, 2017 

Beacon Roofing Supply, Inc. 
 505 Huntmar Park Drive, Suite 300

 Herndon, VA 20170 
 Attention: Joseph Nowicki 

Project Alpine 

Commitment Letter 
 Senior
Secured Credit Facilities 
 Senior Unsecured Bridge Facility 

Ladies and Gentlemen: 
 Beacon Roofing Supply,
Inc., a Delaware corporation (the “Borrower”, “Holdings” or “you”), has advised Wells Fargo Bank, National Association (“Wells Fargo Bank”), WF
Investment Holdings, LLC (“WF Investments”), Wells Fargo Securities, LLC (“Wells Fargo Securities” and, collectively with Wells Fargo Bank and WF Investments, “WF”) and Citi (as
defined below) (each of the foregoing, as applicable, a “Commitment Party” and, collectively, the “Commitment Parties”, “we” or “us”) that the Borrower
desires to consummate the Transactions (as defined in Exhibit A hereto (such exhibit, the “Transactions Description”)). Capitalized terms used in this letter agreement but not defined herein shall have the meanings given to
them in the Exhibits (as defined below) hereto. For the purposes of this Commitment Letter and the Fee Letter referred to below, “Citi” shall mean Citigroup Global Markets Inc. (“CGMI”), Citibank,
N.A., Citicorp USA, Inc., Citicorp North America, Inc. and/or any of their affiliates as Citi shall determine to be appropriate to provide the services contemplated herein. 

Upon the terms and subject to the conditions described in this letter agreement and the attached Exhibit A, Exhibit B, Exhibit C, Exhibit D
and Exhibit E (collectively, the “Exhibits” and, together with this letter agreement, this “Commitment Letter”), (a) (i) Wells Fargo Bank is pleased to inform the Borrower of its several (but not
joint) commitment to provide 50.0% of the aggregate principal amount of each of the Senior Secured Facilities (as defined below) and (ii) WF Investments is pleased to inform the Borrower of its several (but not joint) commitment to provide
50.0% of the aggregate principal amount of the Bridge Facility (as defined in the Transactions Description) and (b) Citi is pleased to inform the Borrower of CGMI’s several (but not joint) commitment on behalf of Citi to provide 50.0% of
the aggregate principal amount of each of the Facilities (as defined below). Citi and Wells Fargo Bank, in 

 
their capacity as initial lenders of the Senior Secured Facilities, are each referred to herein as an “Initial Bank Lender”; Citi and WF Investments, in their capacity as
initial lenders of the Bridge Facility, are each referred to herein as an “Initial Bridge Lender”; the Initial Bank Lenders and the Initial Bridge Lenders, in such capacity, are each referred to as an “Initial
Lender” and collectively, as the “Initial Lenders”. 
 For the purposes of this Commitment Letter and
the Fee Letter referred to below, the term “Facilities” shall mean: (1) senior secured credit facilities comprised of the Term Loan Facility and the ABL Facility (each as defined in the Transactions Description, and
together, the “Senior Secured Facilities”) and (2) the Bridge Facility. 
 Section 1. Title and Roles. 

You hereby appoint (i) each of WF and Citi to act, and each of WF and Citi hereby agrees to act, as a joint bookrunner and joint lead
arranger with respect to the Facilities, including in connection with the amendment, extension, repricing, increase or replacement of indebtedness and/or commitments under the Existing ABL Credit Agreement (as defined in the Transactions
Description) in connection with the Transactions (together with any other agents, co-agents, joint bookrunners or joint lead arrangers appointed pursuant to this paragraph, each in such capacity, an
“Arranger” and, collectively in such capacities, the “Arrangers”) and each of WF and Citi hereby agrees to use commercially reasonable efforts to arrange and obtain consents for an amendment and
restatement of the Existing ABL Credit Agreement on the terms set forth on Exhibit C, including an extension of the maturity date thereunder to five years after the Closing Date (as defined therein), (ii) Citi to act, and Citi hereby agrees to act,
as sole administrative agent and collateral agent with respect to the Term Loan Facility, (iii) Wells Fargo Bank to act, and Wells Fargo Bank hereby agrees to act, as sole administrative agent and collateral agent with respect to the ABL
Facility and (iv) WF Investments (or an affiliate selected by it) to act, and WF Investments (or such affiliate) hereby agrees to act, as sole administrative agent with respect to the Bridge Facility, in each case upon the terms and subject to
the conditions described in this Commitment Letter. You agree that no additional agents, co-agents, bookrunners or lead arrangers will be appointed, or other titles conferred, and no compensation (other than
that expressly contemplated by this Commitment Letter and the Fee Letter referred to below) will be paid to any other person in order to obtain commitments to the Facilities unless you and the Commitment Parties shall so agree; provided that
you may, on or prior to September 6, 2017, appoint up to an aggregate of three additional agents, co-agents, joint bookrunners or joint lead arrangers (other than administrative or collateral agent), in
each case in a manner and with economics set forth in the immediately succeeding proviso (it being understood and agreed that, to the extent you appoint any additional agents, co-agents, joint bookrunners or
joint lead arrangers in respect of the Facilities, then, notwithstanding anything herein to the contrary, the commitments of the Initial Lenders as of the date hereof in respect of the Facilities will be permanently reduced (on a pro rata basis
according to the respective amounts of the Initial Lenders’ commitments in respect of the Facilities as of the date hereof) by the amount of the commitments of such appointed entities (or their relevant affiliates) in respect of each of the
Facilities upon the execution by such financial institution (and any relevant affiliate) of a customary amended and restated commitment letter and fee letter (or joinders thereto) in form and substance reasonably acceptable to you and us and,
thereafter, each such financial institution (and any relevant affiliate) shall constitute an “Arranger” and it or its relevant affiliate providing such commitment shall constitute a “Commitment Party” and the commitments of the
Commitment Parties in respect of the Facilities shall be several and not joint); provided, further, that, in connection with the appointment of any additional agents, co-agents, joint bookrunners
or joint lead arrangers for the Facilities in accordance with the immediately preceding proviso, (i) (a) the aggregate economics payable to all such additional agents, co-agents, joint

  
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bookrunners and joint lead arrangers and their respective affiliates in respect of the Term Loan Facility, Bridge Facility and ABL Facility shall not exceed 18%, 18% and 18%, respectively, of the
total economics which would be payable to the Commitment Parties as of the date hereof in respect of such Facility pursuant to the Arranger Fee Letter if no additional agents, co-agents, joint bookrunners or
joint lead arrangers are appointed by you and (b) the individual economics payable to any such additional agent, co-agent, joint bookrunner or joint lead arranger (together with its affiliates) in respect
of any Facilities shall not exceed 6% of the total economics which would be payable to the Commitment Parties as of the date hereof in respect of such Facility pursuant to the Arranger Fee Letter if no additional agents, co-agents, joint bookrunners or joint lead arrangers are appointed by you, (ii) each additional agent, co-agent, joint bookrunner and joint lead arranger (or its relevant
affiliate) so appointed by you shall provide commitments ratably across the Term Loan Facility and Bridge Facility and shall provide commitments for the ABL Facility equal to the greater of its corresponding ratable share thereof (determined by
reference to its ratable share of the other Facilities) and $150,000,000, (iii) the aggregate economics payable to any such additional agent, co-agent, joint bookrunner or joint lead arranger (or any relevant
affiliate thereof) in respect of the Facilities shall not be greater than an amount that is proportionate to the commitment of such additional agent, co-agent, joint bookrunner or joint lead arranger (or any
relevant affiliate thereof) under the applicable Facility (subject, in the case of the ABL Facility, to the provisions of the Arranger Fee Letter), (iv) each such additional agent, co-agent, joint bookrunner
or joint lead arranger (or any relevant affiliate thereof) so appointed by you shall have consented to the amendment and restatement of the Existing ABL Credit Agreement on terms consistent with those set forth on Exhibit C to this Commitment
Letter, (v) it is understood and agreed that any such additional agents, co-agents, joint bookrunners and joint lead arrangers shall not be physical bookrunners and that (a) Citi will have primary
authority for managing the syndication of the Term Loan Facility and (b) WF will have primary authority for managing the syndication of the ABL Facility and the Bridge Facility and (vi) it is further understood and agreed that (a) (x)
Citi shall have “left side” placement in any and all marketing materials or other documentation used in connection with the Term Loan Facility and shall hold the leading role and responsibilities conventionally associated with such
“left” placement and (y) WF will appear to the immediate “right” of Citi in such marketing materials or other documentation in respect of the Term Loan Facility and (b) (x) WF shall have “left side” placement
in any and all marketing materials or other documentation used in connection with the ABL Facility and the Bridge Facility and shall hold the leading role and responsibilities conventionally associated with such “left” placement and
(y) Citi will appear to the immediate “right” of WF in such marketing materials or other documentation in respect of the ABL Facility and the Bridge Facility. 

Section 2. Syndication. 
 The
Commitment Parties reserve the right, prior to and/or after the execution of the definitive documentation with respect to the Facilities (including any security agreements, intercreditor agreement, ancillary agreements and certificates or other
documents delivered in connection therewith) (collectively, the “Operative Documents”) to syndicate all or a portion of their commitments under the Facilities to one or more other banks, financial institutions, investors and
other lenders identified by us in consultation with you and subject to your consent (such consent not to be unreasonably withheld, conditioned or delayed) (the lenders providing any of the Facilities, together with the Initial Lenders, are
collectively referred to herein as the “Lenders”); provided that we agree not to syndicate our commitments to (x) certain banks, financial institutions, investors, other institutional lenders and other entities,
in each case, identified by name in writing to us prior to the date hereof, (y) those persons that are competitors of you, your subsidiaries or the Acquired Company that are identified by name in writing to us from time to time or (z) any
affiliates of the persons identified under clause (x) or (y) above that are clearly identifiable as such by name or identified by name in writing (such persons, collectively, the 

  
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“Disqualified Institutions”) and that none of the Disqualified Institutions may become a Lender or participant in respect of any of the Facilities. Subject to the
foregoing and subclause (vi) of the last sentence of Section 1 above, Citi and WF will manage all aspects of the syndication of the Facilities in consultation with the Borrower, including the timing of the commencement of syndication
efforts, the timing of all offers to potential Lenders, the determination of all amounts offered to potential Lenders, the selection of Lenders and the allocation of commitments among the Lenders. Notwithstanding any other provision of this
Commitment Letter to the contrary and notwithstanding any syndication, assignment or other transfer by any Initial Lender (other than in connection with any assignment to an additional Commitment Party, and upon designation of such additional
Commitment Party pursuant to Section 1, in respect of the amount allocated to such additional Commitment Party), (a) no Initial Lender shall be relieved, released or novated from its obligations hereunder (including its obligation to fund
its applicable percentage of the Facilities on the Closing Date) in connection with any syndication, assignment or other transfer until after the initial funding of the Facilities on the Closing Date, (b) no such syndication, assignment or
other transfer shall become effective with respect to any portion of the Initial Lenders’ commitments in respect of the Facilities until the initial funding of the Facilities on the Closing Date and (c) unless the Borrower agrees in
writing, each Initial Lender shall retain exclusive control over all rights and obligations with respect to its commitments in respect of the Facilities, including all rights with respect to consents, waivers, modifications, supplements and
amendments, until the Closing Date has occurred. 
 Without limiting your obligations to assist with syndication efforts as set forth
herein, it is understood that our commitments hereunder are not conditioned upon the syndication of, or receipt of commitments in respect of, the Facilities and in no event shall the commencement or successful completion of syndication of the
Facilities, nor the obligation to assist with syndication efforts as set forth herein (including, without limitation, any of your agreements in this paragraph or the following paragraph), constitute a condition to the commitment hereunder or the
funding of the Facilities on the Closing Date. The Arrangers may commence syndication efforts promptly upon the execution of this Commitment Letter and as part of their syndication effort it is the Arrangers’ intent to have Lenders commit to
the Facilities as soon as reasonably practicable (and in any event prior to the Closing Date). Until the earlier of (i) the 60th day following the date of the consummation of the Acquisition with the proceeds of the initial funding under any of
the Facilities (or, if any portion of the Term Loan Facility is funded into escrow as provided in the Arranger Fee Letter (as defined below), with the proceeds of such escrowed funds and the initial funding under the remainder of the Facilities)
(the date of such consummation and funding, the “Closing Date”) and (ii) the date upon which a Successful Syndication (as defined in the Arranger Fee Letter) is achieved (such earlier date, the “Syndication
Date”), the Borrower hereby agrees to assist, and use its commercially reasonable efforts to cause the Acquired Company to assist, us in achieving a syndication that is reasonably satisfactory to us and you as soon as reasonably
practicable after the date hereof. The Borrower’s assistance in achieving such syndication shall include but not be limited to: (i) making appropriate members of the senior management, representatives and
non-legal advisors of the Borrower (and, to the extent not in contravention of the Acquisition Agreement, using its commercially reasonable efforts to make appropriate members of the senior management,
representatives and non-legal advisors of the Acquired Company) available to participate in meetings and conference calls with potential Lenders and/or ratings agencies at such times and places as the
Arrangers may reasonably request; (ii) using its commercially reasonable efforts to ensure that the syndication efforts benefit from the existing lending relationships of the Borrower (and, to the extent practical and appropriate, of the
Acquired Company); (iii) assisting (including, using its commercially reasonable efforts to cause its non-legal advisors, and the Acquired Company and its non-legal
advisors, to assist) in the preparation (and/or providing to us) of a customary confidential information memorandum for each Facility, other customary marketing materials and any other 

  
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information reasonably requested by any Arranger with respect to the Borrower and its subsidiaries, the Acquired Company or the Transactions in connection with the syndication (collectively, the
“Company Materials”) and using its commercially reasonable efforts to ensure that the Arrangers shall have received as promptly as reasonably practicable after the date hereof and in any event no later than 15 business days
prior to the earlier of (x) the Closing Date and (y) December 8, 2017, all necessary information to complete each such confidential information memorandum (including executed customary authorization letters in respect thereof that
include a customary “10b-5” representation); (iv) using its commercially reasonable efforts (A) to procure a rating of each of the Facilities by Moody’s Investors Service, Inc.
(“Moody’s”) and Standard & Poor’s Rating Services (“S&P”) as promptly as reasonably practicable after the date hereof and in any event prior to the commencement of syndication of
any of the Facilities (but no specific rating) (it being understood that the Arrangers shall, in accordance with their customary practice, assist the Borrower in procuring credit ratings by providing assistance that would customarily be provided by
investment banks in their capacity as arrangers in connection with arranging credit facilities of a like nature) and (B) to maintain a corporate family rating or corporate rating, as applicable, of the Borrower from each of Moody’s and
S&P (but no specific rating) and (v) deliver to the Arrangers, promptly upon receipt thereof, all financial and other information reasonably requested by the Arrangers, including customary projections; provided that, for the purposes
of clause (iii) above, the date hereof through September 4, 2017, November 22, 2017 through November 24, 2017 and December 22, 2017 through January 1, 2018 shall not be deemed to be business days. You also agree to use
your commercially reasonable efforts to assist the Arrangers in obtaining field examinations and appraisals for the ABL Facility prior to the Closing Date. 

In addition, you agree to deliver to us prior to the Closing Date projected balance sheets, income statements, statements of cash flows and
availability of the Borrower and its subsidiaries giving effect to the Transactions and covering the term of the ABL Facility, which projections shall be on a monthly basis for the twelve-month period following the Closing Date, a quarterly basis
for the twelve-month period thereafter and on an annual basis thereafter for the term of the ABL Facility, in each case with the results and assumptions in all of such projections in form and substance reasonably satisfactory to the Arrangers and,
to the extent the Borrower may prepare them prior to the Closing Date, any updates and modifications to the projected financial statements of the Borrower and subsidiaries previously received by the Arrangers. 

The Borrower acknowledges that (i) the Arrangers may make available the Company Materials on a confidential basis to potential Lenders by
posting the Company Materials on Intralinks, SyndTrak Online, Debtdomain, the internet, email and/or similar electronic transmission systems (the “Platform”) and (ii) certain of the potential Lenders may be public side
Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to you, your subsidiaries, the Acquired Company or any securities of any thereof) (each, a
“Public Lender”). The Borrower agrees that at the request of any Arranger, it will assist us in preparing a version of the information package and presentation to be provided to potential Lenders that does not contain any
material non-public information concerning you, your subsidiaries, the Acquired Company or any securities of any thereof for purposes of United States federal and state securities laws (any such information,
“MNPI”). You also agree, at our request, to identify Company Materials that are suitable for distribution to Public Lenders by clearly and conspicuously marking the same as “PUBLIC” (it being understood that such
information shall nonetheless be subject to the confidentiality provisions contained herein). All information that is not specifically identified as “PUBLIC” (including Projections (as defined below)) shall be treated as being suitable
only for posting to private Lenders. By identifying any Company Materials as suitable for distribution to Public Lenders (including by marking any documents, information or other data “PUBLIC”) you shall be deemed to have authorized the
Commitment Parties and the Lenders to treat 

  
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such Company Materials as not containing MNPI. You also agree to provide us with customary authorization letters for inclusion in the Company Materials that represents that any Company Materials
identified as “PUBLIC” does not include MNPI and exculpates us with respect to any liability related to the use or misuse of the contents of the Company Materials by the recipients thereof. The Arrangers agree to treat any Company
Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Lender”. To ensure an orderly and effective syndication of each Facility, the Borrower agrees that,
until the Syndication Date, it will not, and will not permit any of its subsidiaries to (and the Borrower will use commercially reasonable efforts to not permit the Acquired Company to), syndicate, issue, place, arrange or attempt to syndicate,
issue, place or arrange, or announce or authorize the announcement of the syndication, issuance, placement or arrangement of, any debt facility or debt security (including, without limitation, the renewal of any thereof, but excluding the Facilities
and excluding any additional borrowings under any existing revolving credit facilities of the Borrower, the Acquired Company or any of their respective affiliates and any ordinary course capital leases, purchase money indebtedness, equipment
financings, letters of credit and surety bonds) without the prior written consent of the Arrangers if such syndication, issuance, placement or arrangement could reasonably be expected to impair the primary syndication of any of the Facilities. 

Section 3. Conditions. 
 The
commitments of each Commitment Party hereunder to fund its respective portion of the Facilities on the Closing Date and the agreements of each of the Arrangers to perform the services described herein are subject solely to the satisfaction (or
waiver by each of the Commitment Parties) of the following conditions precedent: (a) except as set forth in clause (iii) of Schedule 3.16 to the Acquisition Agreement (or as set forth in any other schedule to the Acquisition Agreement to
the extent that the relevance of any fact or item or contents set forth therein is reasonably apparent), since December 31, 2016, no Group Company (as defined in the Acquisition Agreement) has suffered a Material Adverse Effect (as defined
below) and no effect, development, event, change, state of facts, circumstance or occurrence exists that has had or is reasonably expected to have a Material Adverse Effect, (b) subject to the Limited Conditionality Provisions (as defined
below), the negotiation, execution and delivery of the Operative Documents by the Borrower and the Guarantors on the terms set forth in this Commitment Letter and with respect to any terms not specifically set forth herein, subject to the applicable
Documentation Principles, on terms reasonably satisfactory to the Borrower and the Arrangers, and (c) in the case of each of the Facilities, the satisfaction (or waiver by each of the Commitment Parties) of the other conditions set forth in
Exhibit E hereto (clauses (a), (b) and (c), collectively, the “Funding Conditions”); it being understood that there are no conditions (implied or otherwise) to the commitments hereunder other than the Funding Conditions (and
upon satisfaction or waiver of the Funding Conditions, the initial funding (and, if any portion of the Term Loan Facility is funded into escrow as provided in the Arranger Fee Letter, the release and application of the proceeds of such escrowed
funds) under the applicable Facilities shall occur (except to the extent of any gross proceeds from Notes or the Common Shares issued in lieu of the Bridge Facility or a portion thereof)). 

For purposes of this Commitment Letter, “Material Adverse Effect” means any effect, state of facts, development,
event, change, occurrence or circumstance that (x) has had, or is reasonably likely to have, individually or in the aggregate, a material adverse effect upon the financial condition, business, or results of operations of the Group Companies,
taken as a whole; provided, however, that any adverse effect, state of facts, development, event, change, occurrence or circumstance arising from or related to (i) conditions generally affecting the economy, credit or financial or capital
markets in the United States or elsewhere in the world, including any changes in interest or exchange rates, (ii) any national or international political or social conditions, including acts of war (whether or not declared),

  
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sabotage or terrorism, or any escalation or worsening of any such acts of war (whether or not declared), sabotage or terrorism, (iii) changes in GAAP, (iv) changes in any laws, rules,
regulations, orders, or other binding directives issued by any Governmental Entity, (v) any change that is generally applicable to the industries or markets in which the Group Companies operate, (vi) the public announcement of the
transactions contemplated by the Acquisition Agreement, (vii) any failure by Seller to meet any projections, forecasts or revenue or earnings predictions (provided that, unless subject to another exclusion set forth in this definition, the
underlying cause of any such change may be taken into account in determining whether there has been a Company Material Adverse Effect), (viii) any action required or contemplated by the Acquisition Agreement and/or the Ancillary Documents, including
the completion of the transactions contemplated thereby, (ix) any action taken by Seller or any of the Group Companies at Borrower’s written request, or (x) any change resulting from the consummation of the transactions contemplated
by the Acquisition Agreement or the Ancillary Documents, including any such change relating to the identity of, or facts and circumstances relating to, Seller and including any actions taken by the Group Companies’ customers, suppliers or
personnel, shall not be taken into account in determining whether a “Material Adverse Effect” has occurred; provided, however, that any change or effect referred to in clauses (i), (ii), (iii), (iv) and (v) immediately above may be
taken into account in determining whether a Material Adverse Effect has occurred to the extent that such change or effect has a materially disproportionate effect on the Group Companies relative to other companies in the industries or markets in
which the Group Companies operate or (y) would reasonably be expected to prevent the consummation of the transactions contemplated by the Acquisition Agreement. Capitalized terms used in this paragraph shall have the meanings ascribed to such
terms in the Acquisition Agreement as in effect on the date hereof. 
 Notwithstanding anything set forth in this Commitment Letter, the Fee
Letter or the Operative Documents, or any other letter agreement or other undertaking concerning the financing of the Transactions to the contrary, (i) the only representations and warranties, the making and accuracy of which shall be a
condition to availability of the Facilities on the Closing Date, shall be (x) such of the representations and warranties made by or on behalf of the Acquired Company in the Acquisition Agreement as are material to the interests of the Lenders
(in their capacities as such), but only to the extent that you (or any of your affiliates) have the right to terminate your (or its) obligations (or to refuse to consummate the Acquisition) under the Acquisition Agreement as a result of a breach of
any of such representations and warranties (to such extent, the “Acquisition Agreement Representations”) and (y) the Specified Representations (as defined below) made by the Borrower and Guarantors in the Operative
Documents and (ii) the terms of the Operative Documents shall be in a form such that they do not impair the availability of the Facilities on the Closing Date if the Funding Conditions are satisfied (it being understood that to the extent any
Collateral (other than Collateral in which a security interest may be perfected by (A) the filing of a UCC or PPSA financing statement, (B) taking delivery and possession of stock (or other equity interest) certificates of wholly-owned
subsidiaries and related stock powers executed in blank (other than certificates of “branch” subsidiaries of the Acquired Company that are lost or misplaced and cannot be reissued prior to the Closing Date after use of commercially
reasonable efforts) or (C) the filing of a short form security agreement with the United States Patent and Trademark Office or the United States Copyright Office or Canadian equivalent) cannot be delivered or a security interest therein cannot
be created or perfected on the Closing Date after your use of commercially reasonable efforts to do so, then the creation and/or perfection of the security interest in such Collateral shall not constitute a condition precedent to the availability of
the Facilities on the Closing Date but, instead, may be accomplished pursuant to arrangements and timing to be reasonably and mutually agreed by the parties hereto acting reasonably (but in any event no less than 90 days, with extensions available
in the reasonable discretion of the Term Loan Administrative Agent and the ABL Administrative Agent). For purposes hereof, “Specified Representations” means the representations and warranties set forth in the

  
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Operative Documents (with respect to the Borrower and its subsidiaries, after giving effect to the Transactions) relating to the legal existence of the Borrower and the Guarantors; power and
authority, due authorization, execution and delivery, in each case, related to the entering into, borrowing under, guaranteeing under, performance of, and, subject to the parenthetical beginning “it being understood” appearing in the
preceding sentence, granting of security interests in the Collateral pursuant to, the Operative Documents; the enforceability of the Operative Documents; the execution and performance of the Operative Documents not conflicting with or violating the
Borrower’s or any Guarantor’s organizational documents; Federal Reserve margin regulations; the Investment Company Act of 1940, as amended; solvency of the Borrower and its subsidiaries on a consolidated basis as of the Closing Date (after
giving effect to the Transactions and as determined pursuant to Exhibit E hereto); USA PATRIOT Act; use of proceeds not violating laws applicable to sanctioned persons and not violating laws and regulations promulgated by OFAC, anti-money laundering
or the Foreign Corrupt Practices Act; and, subject to the parenthetical beginning “it being understood” appearing in the preceding sentence, the creation, validity, perfection and priority (subject to customary permitted liens to be agreed
consistent with the Documentation Principles) of the security interests granted in the Collateral. The provisions of this paragraph are referred to as the “Limited Conditionality Provisions”. 

Section 4. Commitment Termination; Reduction. 

Each Commitment Party’s commitment hereunder and the other obligations set forth in this Commitment Letter will terminate on the earliest
of: (a) the consummation of the Acquisition with or without the funding of any of the Facilities, (b) February 28, 2018; provided that to the extent that the Termination Date (as defined in the Acquisition Agreement as in
effect on the date hereof) is extended in accordance with Section 7.1(b) of the Acquisition Agreement (as in effect on the date hereof), the date under this clause (b) shall automatically be extended to August 31, 2018 and
(c) the date the Acquisition Agreement is terminated (such earliest date, the “Termination Date”). In addition, except as each Commitment Party may otherwise hereafter agree in writing, notwithstanding anything to the
contrary contained herein, the commitment of each of Wells Fargo Bank and Citi hereunder with respect to the ABL Facility set forth in this Commitment Letter with respect thereto shall automatically be reduced to 50.0% of the ABL Facility Increase
(as defined below) for each of Wells Fargo Bank and Citi in the event that on or before September 6, 2017, the Arrangers receive consents of lenders under the Existing ABL Credit Agreement (it being understood that WF and Citi shall use
commercially reasonable efforts to obtain such consents), in form and substance satisfactory to you and the Arrangers, or additional Commitment Parties are designated pursuant to Section 1 that are lenders under the Existing ABL Credit
Agreement (or whose affiliates are lenders under the Existing ABL Credit Agreement) so that the sum of the commitments of the Commitment Parties under the Existing ABL Credit Agreement, together with the commitments of such lenders under the
Existing ABL Credit Agreement that have provided such consents, will constitute in the aggregate the percentage of the commitments for Required Lenders under the Existing ABL Credit Agreement as such term is defined therein for the approval of the
amendment and restatement of the Existing ABL Credit Agreement on terms consistent with those set forth on Exhibit C to this Commitment Letter. After giving effect to such reduction in the commitments of Wells Fargo Bank and Citi hereunder the sum
of (i) the commitments of lenders under the Existing ABL Credit Agreement as in effect on the date hereof plus (ii) the Commitments of Wells Fargo Bank and Citi hereunder in respect of the ABL Facility Increase will not be less than
$1,300,000,000. For purposes hereof, the term “ABL Facility Increase” means the amount equal to the increase in the aggregate amount of the commitments for the ABL Facility from the aggregate amount of the commitments in
effect under the Existing ABL Credit Agreement as of the date hereof. 

  
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 Section 5. Fees. 

As consideration for our commitments and other obligations hereunder and our agreement to perform the services described herein, you agree to
pay (or to cause to be paid) to us the fees set forth in this Commitment Letter and in the arranger fee letter dated the date hereof among you and the other parties thereto (such arranger fee letter, as amended, amended and restated, supplemented or
otherwise modified, the “Arranger Fee Letter”) and in the administrative agents fee letter dated the date hereof among you and the other parties thereto (such administrative agents fee letter, as amended, amended and
restated, supplemented or otherwise modified, together with the Arranger Fee Letter, the “Fee Letter”). The terms of the Fee Letter are an integral part of our commitments and other obligations hereunder and our agreement to
perform the services described herein and constitute part of this Commitment Letter for all purposes hereof. Each of the fees described in this Commitment Letter and the Fee Letter shall be nonrefundable when paid except as expressly set forth
therein. 
 Section 6. Indemnification. 

The Borrower shall indemnify and hold harmless each Commitment Party, its affiliates, and each Commitment Party’s and such
affiliates’ respective directors, officers, employees, agents, trustees, representatives, attorneys, consultants and advisors (each, an “Indemnified Person”) from and against any and all claims (including, without
limitation, shareholder actions), damages, losses, liabilities and expenses (including, without limitation, reasonable and documented out-of-pocket fees and
disbursements of counsel), that may be incurred by or asserted or awarded against any Indemnified Person (including, without limitation, in connection with or relating to any investigation, litigation or proceeding or the preparation of a defense in
connection therewith), in each case arising out of or in connection with or by reason of this Commitment Letter, the Fee Letter or the Operative Documents, or the transactions contemplated hereby or thereby or any use of the proceeds thereof (any of
the foregoing, a “Proceeding”), except to the extent such claim, damage, loss, liability or expense is (i) found in a final non-appealable judgment by a court of competent
jurisdiction to have resulted from the bad faith, gross negligence or willful misconduct of or material breach of its funding obligations hereunder by such Indemnified Person or any of its affiliates or (ii) the result of any Proceeding that is
not the result of an act or omission by you or any of your affiliates and that is brought by an Indemnified Person against any other Indemnified Person (other than any claims against any Commitment Party in its capacity or in fulfilling its role as
Arranger, administrative agent, collateral agent or any similar role under any of the Facilities). The foregoing indemnity, in the case of legal fees and expenses, is limited to one counsel to all Indemnified Persons taken as a whole and, solely in
the case of an actual or reasonably perceived conflict of interest, one additional counsel to all affected Indemnified Persons, taken as a whole and, if reasonably necessary, of one local counsel in any relevant material jurisdiction to all such
Indemnified Persons, taken as a whole and, solely in the case of such conflict of interest, one additional local counsel to all affected Indemnified Persons taken as a whole. In the case of an investigation, litigation or other proceeding to which
the indemnity in this paragraph applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Borrower, any of its directors, security holders or creditors, an Indemnified Person or any
other person, or an Indemnified Person is otherwise a party thereto and whether or not the Transactions are consummated. 
 In no event
shall any party hereto be liable on any theory of liability for any special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings); provided that nothing contained in
this paragraph shall limit your indemnity and reimbursement obligations for such damages awarded to third parties to the extent set forth in the immediately preceding paragraph. 

  
 9 

 You shall not be liable for any settlement of any Proceeding effected without your written
consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with your written consent or if there is a judgment in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Person from and
against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with the other provisions of this Section 6. 

You agree that, without our prior written consent, neither you nor any of your subsidiaries will settle, compromise or consent to the entry of
any judgment in any pending or threatened claim, action or proceeding in respect of which indemnification could be sought under the indemnification provision of this Commitment Letter (whether or not we or any other Indemnified Person is an actual
or potential party to such claim, action or proceeding), unless such settlement, compromise or consent includes an unconditional release of each Indemnified Person from all liability arising out of such claim, action or proceeding and does not
include a statement as to or an admission of fault, culpability or failure to act by or on behalf of any Indemnified Person. 
 The Borrower
acknowledges that information and other materials relative to the Operative Documents and the Transactions may be transmitted through the Platform. No Indemnified Person will be liable to the Borrower or any of its affiliates or any of its security
holders or creditors for any damages arising from the use by unauthorized persons of information or other materials sent through the Platform that are intercepted by such persons, except to the extent such liability is determined by a final non-appealable judgment by a court of competent jurisdiction to have resulted from the bad faith, gross negligence or willful misconduct of or material breach of its funding obligations hereunder by such Indemnified
Person or any of its affiliates. 
 Section 7. Costs and Expenses. 

The Borrower shall pay, or reimburse the Commitment Parties promptly following demand for (but in no event prior to the earlier of (a) the
Closing Date or (b) the termination of each Commitment Party’s commitments hereunder in accordance with the terms of Section 4 hereof), all reasonable and documented
out-of-pocket costs and expenses incurred by the Commitment Parties in connection with the Facilities and the preparation, negotiation, execution and delivery of this
Commitment Letter, the Fee Letter and the Operative Documents, including, without limitation, the reasonable fees, disbursements and other charges of counsel identified on the exhibits hereto, regardless of whether any of the transactions
contemplated hereby is consummated. The Borrower shall also pay all reasonable and documented out-of-pocket costs and expenses of the Commitment Parties (including,
without limitation, the reasonable fees, disbursements and other charges of counsel (limited to one counsel to all Commitment Parties taken as a whole and, solely in the case of an actual or reasonably perceived conflict of interest, one additional
counsel to all affected Commitment Parties, taken as a whole and, if reasonably necessary, of one local counsel in any relevant material jurisdiction to all such Commitment Parties, taken as a whole and, solely in the case of such conflict of
interest, one additional local counsel to all affected Commitment Parties taken as a whole)) incurred in connection with the enforcement of any of their rights and remedies hereunder. 

Section 8. Confidentiality 
 The
Borrower agrees that this Commitment Letter and the Fee Letter are for its confidential use only and that neither their existence nor the terms hereof will be disclosed by it to any person other than its subsidiaries and the officers, directors,
employees, managers, members, partners, accountants, attorneys and other advisors of the Borrower and its subsidiaries (the “Borrower  

  
 10 

 
Representatives”), and then only on a confidential and “need to know” basis in connection with the transactions contemplated hereby; provided, however,
that the Borrower may disclose this Commitment Letter and the contents hereof and, except to the extent specified below, the Fee Letter and the contents thereof: (a) as may be compelled in (i) a judicial or administrative proceeding or in
any proceeding or pursuant to the order of any court or administrative agency or upon the request or demand of any regulatory authority or (ii) as otherwise required by law or in any required filings with the Securities and Exchange Commission
and to the extent required by applicable regulatory authorities or stock exchanges (but, with respect to this clause (ii) in the case of the Fee Letter and the contents thereof, only as part of disclosure of aggregate sources and uses with
respect to the Transactions) (it being understood and acknowledged that the Borrower intends to make this Commitment Letter, but not the Fee Letter, publicly available by filing it with the Securities and Exchange Commission on EDGAR); (b) to
Moody’s or S&P in connection with obtaining a rating of the Facilities (but in the case of the Fee Letter and the contents thereof, only as part of disclosure of aggregate sources and uses with respect to the Transactions); (c) to the
Acquired Company and its controlling persons and the officers, directors, employees, managers, members, partners, accountants, attorneys and other advisors of any of the foregoing who are directly involved in the consideration of this matter, in
each case on a confidential and “need to know” basis in connection with the transactions contemplated hereby (but in the case of the Fee Letter and the contents thereof, redacted in respect of the amounts, percentages and basis points of
compensation set forth therein and the pricing and other terms of the “flex provisions” and “securities demand provisions”); (d) in syndication or other marketing materials relating to the Facilities (but in the case of the Fee
Letter and the contents thereof, only as part of disclosure of aggregate sources and uses with respect to the Transactions) or (e) with our prior written consent. 

Each Commitment Party, on behalf of itself and its affiliates, agrees that it will use all confidential information provided to it or its
affiliates by or on behalf of you hereunder solely for the purpose of providing the services which are the subject of this Commitment Letter and shall treat confidentially all such information; provided that nothing herein shall prevent any
Commitment Party from disclosing any such information (a) pursuant to the order of any court or administrative agency or otherwise as required by applicable law or regulation or as requested by a governmental authority (in which case such
Commitment Party, to the extent permitted by law and except with respect to any audit or examination conducted by bank accountants or any governmental bank authority exercising examination or regulatory authority, agrees to inform you promptly
thereof), (b) upon the request or demand of any regulatory authority having jurisdiction over such Commitment Party or any of its affiliates, (c) to the extent that such information becomes publicly available other than by reason of disclosure
by any Commitment Party in violation of this paragraph, (d) to the extent that such information is received by any Commitment Party from a third party that is not, in each case to such Commitment Party’s knowledge, (i) in such third
party’s possession illegally or (ii) subject to confidentiality obligations to you or any of your affiliates, to the Acquired Company or any of its affiliates, (e) to the extent that such information is independently developed by any
Commitment Party, (f) to any of the Commitment Parties’ affiliates and any of their respective employees, legal counsel, independent auditors and other experts or agents who need to know such information in connection with the Facilities
and are informed of the confidential nature of such information, (g) to prospective Lenders, participants or assignees of obligations under the Facilities (other than any Disqualified Institution), in each case who agree to be bound by the
terms of this paragraph (or language substantially similar to this paragraph) pursuant to standard syndication practices, or to lenders, participants or assignees of obligations under the Existing ABL Credit Agreement in connection with the ABL
Facility in accordance with the confidentiality provisions of the Existing ABL Credit Agreement, (h) to Moody’s or S&P in connection with obtaining a rating of the Facilities in consultation and coordination with you or (i) for
the purposes of establishing a “due diligence” defense. The Commitment Parties’ obligations under this paragraph 

  
 11 

 
shall automatically terminate and be superseded by the confidentiality provisions in the Operative Documents upon the execution and delivery thereof and, in the event the Operative Documents have
not been executed and delivered, shall expire on the date occurring 24 months after the date hereof. Nothing in this paragraph shall apply to any information received by a Commitment Party or its affiliates pursuant to its relationship as an
agent, lender or issuing bank, as the case may be, under the Existing Term Loan Credit Agreement (as defined in Exhibit B) or the Existing ABL Credit Agreement (which information will be subject to the applicable terms of each such agreement). 

You acknowledge that neither any of the Commitment Parties nor any of their affiliates provide accounting, tax or legal advice. You further
acknowledge that the Commitment Parties and their affiliates may be providing debt financing, equity capital or other services (including, without limitation, financial advisory services) to other persons in respect of which you, the Acquired
Company and your and its respective affiliates may have conflicting interests regarding the transactions described herein and otherwise. You also acknowledge that none of the Commitment Parties or their affiliates has any obligation to use in
connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained by them from other persons. As you know, the Commitment Parties are full service securities firms engaged, either
directly or through their affiliates, in various activities, including securities trading, commodities trading, investment management, financing and brokerage activities and financial planning and benefits counseling for both companies and
individuals. In the ordinary course of these activities, the Commitment Parties and their respective affiliates actively engage in commodities trading or trade the debt and equity securities (or related derivative securities) and financial
instruments (including bank loans and other obligations) of the Borrower and other companies which may be the subject of the arrangements contemplated by this Commitment Letter for their own account and for the accounts of their customers and may at
any time hold long and short positions in such securities and financial instruments. The Commitment Parties or their affiliates also co-invest with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities and financial instruments of
you, the Acquired Company or other companies which may be the subject of the arrangements contemplated by this Commitment Letter or engage in commodities trading with any thereof. 

In addition, the Borrower and WF each acknowledge that the Borrower has retained Citi as financial advisor (in such capacity, the
“Financial Advisor”) in connection with the Acquisition. The Borrower and WF each agree not to assert any claim that the Borrower or WF might allege based on any actual or potential conflicts of interest that might be
asserted to arise or result from, on the one hand, the engagement of the Financial Advisor and, on the other hand, Citi and its affiliates’ relationships with the Borrower or each other as described and referred to herein. 

Section 9. Representations and Warranties. 

The Borrower represents and warrants (which representation and warranty, in the case of any information relating to the Acquired Company prior
to the Acquisition, is to the best of the Borrower’s knowledge) that all factual written information, other than Projections, other forward-looking information and information of a general economic or industry-specific nature, that has been or
will hereafter be made available to any of the Commitment Parties or any Lender by or on behalf of the Borrower or any of its representatives in connection with the transactions contemplated hereby (the “Information”) is and
will be, when furnished, true and correct in all material respects and does not and will not, taken as a whole, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained
therein not materially misleading in light of the 

  
 12 

 
circumstances under which such statements were or are made (after giving effect to all supplements and updates thereto provided prior to the Syndication Date) and (ii) all financial
projections, if any, that have been or will be prepared by or on behalf of the Borrower or any of its representatives and made available to any of the Commitment Parties, any Lender or any potential Lender in connection with the transactions
contemplated hereby (the “Projections”) have been or will be prepared in good faith based upon assumptions that are believed by you to be reasonable at the time made and at the time the related financial projections are made
available (it being understood that such Projections are as to future events and are not to be viewed as facts, that actual results during the period or periods covered by any such Projections may differ significantly from the projected results and
that such differences may be material, that such Projections are subject to significant uncertainties and contingencies many of which are beyond your control, and that no assurance can be given that the projected results will be realized). If, at
any time from the date hereof until the later of the Closing Date and the Syndication Date, you become aware that any of the representations and warranties in the preceding sentence would be incorrect in any material respect if the Information or
Projections were being furnished, and such representations and warranties were being made, at such time, then you agree to (or, in the case of Information or Projections relating to the Acquired Company and its affiliates, to use commercially
reasonable efforts to) promptly supplement the Information and/or Projections so that the representations and warranties contained in this paragraph remain true and correct in all material respects under those circumstances. It is understood and
agreed that our commitments hereunder are not conditioned upon the accuracy of the representations made in this Section 9 and in no event shall the accuracy of such representations in and of itself constitute a condition to the commitments
hereunder or the funding of the Facilities on the Closing Date. 
 In arranging and syndicating the Facilities, the Commitment Parties will
be entitled to use, and to rely on the representations and warranties in the preceding paragraph relating to, any information furnished to us by or on behalf of the Borrower and its affiliates without responsibility for independent verification
thereof. 
 Section 10. Assignments. 

The Borrower may not assign or delegate any of its rights or obligations under this Commitment Letter or the Fee Letter without our prior
written consent, and any attempted assignment without such consent shall be null and void. No Commitment Party may assign or delegate any of its rights or obligations under this Commitment Letter or its commitment hereunder (except to one or more of
its affiliates) other than as expressly permitted hereunder without the Borrower’s prior written consent, and any attempted assignment or delegation without such consent shall be null and void. 

Section 11. Amendments. 
 Neither
this Commitment Letter nor the Fee Letter may be amended or any provision hereof waived or modified except by an instrument in writing signed by each party hereto or thereto, as applicable. 

Section 12. Governing Law, Etc. 

This Commitment Letter (and any claim, controversy or dispute arising under or related to any of the foregoing, whether based on contract, tort
or otherwise) shall be governed by, and construed in accordance with, the law of the State of New York, without giving effect to any conflicts of law principles which would result in the application of the laws of another state; provided,
however, that (i) the interpretation of the definition of Material Adverse Effect (and whether a Material Adverse Effect 

  
 13 

 
has occurred), (ii) the determination of the accuracy of any Acquisition Agreement Representations and whether as a result of any inaccuracy thereof you (or any of your affiliates) have the right
to terminate your (or its) obligations (or to refuse to consummate the Acquisition) under the Acquisition Agreement and (iii) the determination of whether the Acquisition has been consummated in accordance with the terms of the Acquisition
Agreement, in each case shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other
jurisdiction) that would cause the application of the law of any jurisdiction other than the State of Delaware. 
 Each party hereto
irrevocably waives all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Commitment Letter, the Fee Letter, the Operative Documents, the transactions
contemplated hereby or thereby or the actions of the parties hereto or any of their affiliates in the negotiation, performance or enforcement of this Commitment Letter. 

Each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of any state or federal court sitting in The
City of New York, Borough of Manhattan, over any suit, action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter, the Operative Documents, the transactions contemplated hereby or thereby or the actions of the parties
hereto or thereto or any of their affiliates in the negotiation, performance or enforcement of this Commitment Letter, the Fee Letter or the Operative Documents, and agrees that all claims in respect of any such action or proceeding shall be
brought, heard and determined only in such New York State court or, to the extent permitted by law, in such federal court. Service of any process, summons, notice or document by registered mail addressed to any such party shall be effective service
of process against such person for any suit, action or proceeding brought in any such court. Each of the parties hereto irrevocably and unconditionally waives any objection to the laying of venue of any such suit, action or proceeding brought in any
such court and any claim that any such suit, action or proceeding has been brought in an inconvenient forum. A final judgment in any such suit, action or proceeding brought in any such court may be enforced in any other courts to whose jurisdiction
such party is or may be subject by suit upon judgment. 
 Section 13. Payments. 

All payments under this Commitment Letter and the Fee Letter will, except as otherwise provided herein, be made in U.S. Dollars in New York,
New York. 
 To the fullest extent permitted by law, the Borrower will make all payments under this Commitment Letter and the Fee Letter
regardless of any defense or counterclaim, including, without limitation, any defense or counterclaim based on any law, rule or policy which is now or hereafter promulgated by any governmental authority or regulatory body and which may adversely
affect the Borrower’s obligation to make, or the right of the Commitment Parties to receive, such payments. 
 Section 14. Miscellaneous.

 This Commitment Letter and the Fee Letter contain the entire agreement between the parties relating to the subject matter hereof and
supersede all oral statements and prior writings with respect thereto. Section headings herein are for convenience only and are not a part of this Commitment Letter. This Commitment Letter and the Fee Letter are solely for the benefit of the parties
hereto and thereto (and Indemnified Persons, to the extent set forth in Section 6), and no other person shall acquire or 

  
 14 

 
have any rights under or by virtue of this Commitment Letter or the Fee Letter. This Commitment Letter is not intended to create a fiduciary relationship among the parties hereto, and the
Borrower waives, to the fullest extent permitted by law, any claims it may have against any of the Commitment Parties or any of their affiliates for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the transactions
contemplated by this Commitment Letter and agrees that none of the Commitment Parties or any of their affiliates shall have any liability (whether direct or indirect) to the Borrower or any of its affiliates in respect of such a fiduciary duty claim
or to any person asserting such a fiduciary duty claim on behalf of or in right of the Borrower or any of its affiliates. Any and all services to be provided by any of the Commitment Parties hereunder may be performed, and any and all rights of any
of the Commitment Parties hereunder may be exercised, by or through any of such Commitment Party’s affiliates and branches, and, in connection with the provision of such services, each Commitment Party may exchange with such affiliates and
branches information concerning the Borrower and the other companies that may be the subject of the transactions contemplated by this Commitment Letter and, to the extent so employed, such affiliates and branches shall be entitled to the benefits
afforded to the Commitment Parties hereunder, subject to the confidentiality provisions herein. 
 The indemnification, compensation,
reimbursement, sharing of information, absence of fiduciary relationships, jurisdiction, governing law, venue, waiver of jury trial, syndication, market flex and confidentiality provisions contained herein and in the Fee Letter shall remain in full
force and effect regardless of whether the Operative Documents shall be executed and delivered and notwithstanding the termination or expiration of this Commitment Letter or the Commitment Parties’ commitments hereunder; provided that
your obligations under this Commitment Letter (other than your obligations with respect to (a) assistance to be provided in connection with the syndication thereof (including supplementing and/or correcting Information and Projections) prior to
the Syndication Date and (b) confidentiality) shall be superseded by the provisions of the Operative Documents upon the initial funding thereunder, in each case solely to the extent covered thereby. 

We hereby notify you that pursuant to the requirements of the USA Patriot Act, Title III of Pub. L.
107-56 (signed into law October 26, 2001) (the “Patriot Act”), we and the other Lenders may be required to obtain, verify and record information that identifies the borrower and
each guarantor under the Operative Documents, which information includes the name, address and tax identification number and other customary information regarding any such borrower or guarantor that will allow us and the other Lenders to identify
any such borrower or guarantor in accordance with the Patriot Act. We and the other Lenders may also request corporate formation documents, or other forms of identification, to verify the information provided. This notice is given in accordance with
the requirements of the Patriot Act and is effective as to each Lender. The Borrower hereby acknowledges and agrees that the Commitment Parties shall be permitted to share any or all such information with the Lenders. 

Each of the parties hereto agrees that, if accepted by you in the manner required herein, each of this Commitment Letter and the Fee Letter is
a binding and enforceable agreement with respect to the subject matter contained herein or therein (including an obligation to negotiate in good faith); it being acknowledged and agreed that the funding of the Facilities is subject solely to the
conditions specified herein, including the execution and delivery of the Operative Documents by the parties hereto in a manner consistent with this Commitment Letter (including the applicable Documentation Principles); provided that nothing
contained in this Commitment Letter obligates you or any of your affiliates to consummate the Acquisition or the other Transactions or to draw down any portion of the Facilities. 

  
 15 

 If any term, provision, covenant or restriction contained in this Commitment Letter is held by a
court of competent jurisdiction to be invalid, void or unenforceable or against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated. The Borrower and the Commitment Parties shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that
of the invalid, void or unenforceable provisions. 
 This Commitment Letter may be executed in counterparts, each of which will be deemed an
original, but all of which taken together will constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile or electronic (pdf) transmission shall be as effective as delivery
of a manually executed counterpart hereof. 
 If the foregoing correctly sets forth our agreement with you, please indicate your acceptance
of the terms of this Commitment Letter and of the Fee Letter by returning executed counterparts to this Commitment Letter and the Fee Letter to Scott Joyce, Wells Fargo Securities, LLC, 550 S. Tryon Street, Charlotte, NC 28202 (or by electronic
(pdf) transmission to scott.joyce@wellsfargo.com) and Justin Tichauer, Citigroup Global Markets Inc., 390 Greenwich Street, New York, New York 10013 (or by electronic (pdf) transmission to justin.s.tichauer@citi.com) at or before 11:59 p.m. (New
York City time) on August 24, 2017. If you do not return such executed counterparts prior to the date and time provided above, the commitment and other obligations of the Commitment Parties set forth in this Commitment Letter will automatically
terminate. Please arrange for the executed originals to follow by next-day courier. 
 [Signature
Pages Follow] 

  
 16 

 
			
	Very truly yours,
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Anwar S. Young

		 	Name: Anwar S. Young
		 	Title: Authorized Signatory

  

			
	WF INVESTMENT HOLDINGS, LLC
		
	By:	 	 /s/ Scott Yarbrough

		 	Name: Scott Yarbrough
		 	Title: Managing Director

  

			
	WELLS FARGO SECURITIES, LLC
		
	By:	 	 /s/ Scott Joyce

		 	Name: Scott Joyce
		 	Title: Managing Director

  
 [SIGNATURE
PAGE TO COMMITMENT LETTER] 

 
			
	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	 /s/ Justin Tichauer

		 	Name: Justin Tichauer
		 	Title: Managing Director

  
 [SIGNATURE
PAGE TO COMMITMENT LETTER] 

					
	 ACCEPTED and agreed to as of the date

first written above:

	
	BEACON ROOFING SUPPLY, INC.
		
	By:	 	 /s/ Joseph M. Nowicki

		 	Name:	 	Joseph M. Nowicki
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 [SIGNATURE
PAGE TO COMMITMENT LETTER] 

 Exhibit A 

to 
 Commitment Letter

 Transactions Description 

All capitalized terms used herein but not defined herein shall have the meanings provided in the letter agreement to which this Exhibit A is
attached or in the other Exhibits to such letter agreement, as applicable. The following transactions are referred to herein collectively as the “Transactions”. 

 

	 	1.	On the Closing Date (or on a prior date if required to be funded into escrow as provided in the Arranger Fee Letter), the Borrower will obtain a senior secured term loan “B” credit facility in an aggregate
principal amount of up to $970,000,000 with the terms set forth in Exhibit B to the Commitment Letter (the “Term Loan Facility”) and use the net proceeds thereof to (a) repay in full all outstanding indebtedness, pay
accrued and unpaid interest, fees and expenses, and terminate all commitments, under the Existing Term Loan Credit Agreement (as defined in Exhibit B), (b) finance the purchase price of the Acquisition and (c) pay any costs, fees and expenses
in connection therewith. 

  

	 	2.	On the Closing Date, the Borrower will obtain a senior secured asset-based revolving credit facility in an aggregate principal amount of up to $1,300,000,000 with the terms set forth in Exhibit C to the Commitment
Letter (the “ABL Facility”) of which (a) up to $382,000,000 may be borrowed on the Closing Date to finance the purchase price of the Acquisition and (b) up to the Closing Date ABL Borrowing Amount (as defined in
Exhibit C) less the amount borrowed pursuant to clause (a) may be borrowed on the Closing Date to (x) refinance outstanding indebtedness, pay accrued and unpaid interest, fees and expenses, and terminate all commitments, under the
Existing ABL Credit Agreement (as defined below), and which it is anticipated will be an amendment and restatement of the Credit Agreement, dated as of October 1, 2015, among the US Borrowers and Canadian Borrowers (each as defined in Exhibit
C), Wells Fargo Bank, National Association, as administrative agent, swingline lender and issuing bank, the other lenders, agents and other parties party thereto from time to time (as amended, amended and restated, supplemented or otherwise modified
through the date hereof, the “Existing ABL Credit Agreement”), and (y) pay any costs, fees and expenses in connection therewith. 

  

	 	3.	The Borrower (a) will issue and sell senior notes (such notes, whether issued by the Borrower or a subsidiary of the Borrower, the “Notes”) in a Rule 144A exempt offering or other
private placement on or prior to the Closing Date yielding $1,300,000,000 in gross proceeds (less the Equity Bridge Reduction Amount (as defined below)) and/or (b) will obtain, if and to the extent that the issuance and sale of any Notes
on or prior to the Closing Date yields gross proceeds less than $1,300,000,000 minus the Equity Bridge Reduction Amount, a senior unsecured bridge facility in an aggregate principal amount of up to $1,300,000,000 (less any gross proceeds from
Notes issued on or prior to the Closing Date and less the Equity Bridge Reduction Amount) with the terms set forth in Exhibit D to the Commitment Letter (the “Bridge Facility”). The “Equity Bridge
Reduction Amount” means the greater of (i) the amount, if any, by which the aggregate gross proceeds from the Equity Financing (as defined below) is in excess of $498,000,000 and (ii) the amount, if any, by which the sum of
(x) $400,000,000 (less the aggregate gross proceeds (if any), up to $400,000,000, from any Preferred Equity Financing consummated prior to the Closing Date and included in subclause (y)) and (y) the aggregate gross proceeds from any
Equity Financing consummated prior to the Closing Date, is in excess of $498,000,000. 

  
 A-1 

	 	4.	The Borrower will issue and sell shares of a newly-designated series of preferred stock of the Borrower with terms reasonably satisfactory to the Arrangers (it being understood that the terms of the preferred stock set
forth in the Investment Agreement and the Certificate of Designation (each as identified and defined in Exhibit E) are satisfactory to the Arrangers) yielding gross proceeds of (i) no less than $400,000,000 and (ii) no greater than
$498,000,000 in a private placement on or prior to the Closing Date to an investor previously identified to the Arrangers (such shares, the “Preferred Shares”, and such issuance and sale, the “Preferred Equity
Financing”). The Borrower may also issue and sell shares of its common stock (the “Common Shares”) after the date hereof and on or prior to the Closing Date (each, a “Common Equity
Financing” and, together with the Preferred Equity Financing, the “Equity Financing”). 

  

	 	5.	The Borrower will use the proceeds of the Facilities (and the Notes, as applicable), together with the proceeds of the Equity Financing, for the purpose of
(a) financing the acquisition (the “Acquisition”) by the Borrower or one of its wholly-owned subsidiaries of 100% of the outstanding capital stock of Allied Building Products Corp., a New Jersey corporation
(“Alpine”) and Kapalama Kilgos Acquisition Corp., a Delaware corporation (“Kilauea” and, together with Alpine and their respective subsidiaries, the “Acquired Company”),
pursuant to the Stock Purchase Agreement, dated as of the date hereof by and among the Borrower, Oldcastle, Inc., a Delaware corporation, and Oldcastle Distribution, Inc., a Delaware corporation (together with all schedules, exhibits and annexes
thereto, the “Acquisition Agreement”), (b) repaying in full all outstanding indebtedness for borrowed money, including accrued and unpaid interest, fees and expenses, of the Acquired Company and the Borrower and their
respective subsidiaries, and terminating all commitments with respect thereto, other than (i) indebtedness of the Acquired Company permitted to remain outstanding under the Acquisition Agreement, (ii) $300,000,000 aggregate principal amount of
the Borrower’s 6.375% Senior Notes due 2023 (the “Existing Notes”), (iii) ordinary course capital leases, purchase money indebtedness, equipment financings, letters of credit and surety bonds, (iv) indebtedness
owing by any Loan Party to another Loan Party, (v) certain other limited indebtedness that the Borrower and the Commitment Parties reasonably agree may remain outstanding after the Closing Date (collectively, “Surviving
Indebtedness”), and (vi) the Facilities and (c) paying the fees, costs and expenses referred to below. 

  

	 	6.	The Borrower will pay all fees, costs and expenses incurred in connection with the foregoing transactions (including debt prepayment premiums, if any). 

  
 A-2 

 Exhibit B 

to 
 Commitment Letter

 Beacon Roofing Supply, Inc. 

$970,000,000 Senior Secured Term Loan B Facility 

Summary of Principal Terms and Conditions 

All capitalized terms used herein but not defined herein shall have the meanings provided in the letter agreement to which this Exhibit B is
attached or in the other Exhibits to such letter agreement, as applicable. 
  

			
	Borrower:	  	Beacon Roofing Supply, Inc., a Delaware corporation (the “Borrower”).
		
	 Administrative Agent;
 Collateral
Agent:
	  	Citi will act as sole administrative agent and collateral agent (in such capacities, the “Term Loan Administrative Agent”) for a syndicate of banks, financial institutions, investors and other
lenders, excluding any Disqualified Institutions, in respect of the Term Loan Facility, and will perform the duties customarily associated with such roles.
		
	Syndication Agent	  	WF will act as sole syndication agent (in such capacity, the “Term Loan B Syndication Agent” and, together with the Term Loan Administrative Agent, the “Term Loan B
Agents”), and will perform the duties customarily associated with such role.
		
	Arrangers:	  	Citi and WF, together with any other joint bookrunner or joint lead arranger appointed pursuant to the Commitment Letter, will each act as a joint bookrunner and joint lead arranger (collectively, in such capacities, the
“Arrangers”) for the Term Loan Facility referred to below, and will perform the duties customarily associated with such roles.
		
	Term Loan Facility:	  	A seven-year senior secured term loan B facility in an aggregate principal amount of up to $970,000,000 (the “Term Loan Facility”).
		
	Purpose:	  	The proceeds of the Term Loan Facility will be used by the Borrower on the Closing Date to (a) repay in full all outstanding indebtedness, pay any accrued and unpaid interest, fees and expenses, and terminate any commitments,
under the Existing Term Loan Credit Agreement and (b) consummate the other Transactions, including the payment of fees, costs and expenses in connection therewith.
		
	Availability:	  	The full amount of the Term Loan Facility must be drawn in a single drawing on the Closing Date (or on a prior date if required to be funded into escrow as provided in the Arranger Fee Letter). Amounts borrowed under the Term Loan
Facility and repaid may not be reborrowed.

  
 B-1 

			
		
	Maturity and Amortization:	  	The Term Loan Facility will mature on the date that is seven years after the Closing Date. The Term Loan Facility will amortize in equal quarterly installments in an aggregate annual amount equal to 1.00% of the initial aggregate
principal amount of the Term Loan Facility, with the balance due on the maturity of the Term Loan Facility.
		
	Uncommitted Incremental Facilities:	  	The Borrower shall be entitled on one or more occasions to incur additional term loans (the “Incremental Term Loans”) under (x) the Term Loan Facility (each, an “Incremental Term
Increase”), or (y) a newly established tranche of term loans (an “Incremental Term Facility”), in each case (x) under the Operative Documents in an aggregate principal amount not to exceed the greater
of (A) $675,000,000 and (B) such other amount, so long as on a pro forma basis after giving effect to the incurrence of any such Incremental Term Increase or Incremental Term Facility, as applicable (and after giving effect to any acquisition
consummated concurrently therewith and all other appropriate pro forma adjustment events and calculated as if any Incremental Term Increase or Incremental Term Facility, as applicable, were fully drawn on the effective date thereof), the senior
secured leverage ratio (to be defined in a manner to be reasonably agreed) is equal to or less than 3.50 to 1.00 and (y) except as provided above, on substantially the same terms as set forth in the Existing Term Loan Credit Agreement, subject
to the Term Loan Documentation Principles.
		
		  	Nothing contained herein or in the Commitment Letter constitutes, or shall be deemed to constitute, a commitment by any person to provide any Incremental Term Increase or Incremental Term Facility.
		
	Guarantees:	  	All obligations of the Borrower under the Term Loan Facility will be unconditionally guaranteed on a joint and several basis and on a senior secured basis (the “Guarantees”) by each direct or indirect
domestic subsidiary of the Borrower (whether owned on the Closing Date or formed or acquired thereafter, including any such subsidiary acquired in the Acquisition) (the “Guarantors”), in each case subject to customary
exceptions and limitations to be substantially the same as those applicable to the guarantee requirements of the Existing Term Loan Credit Agreement and the Subsidiary Guaranty Agreement, dated as of October 1, 2015, among certain subsidiaries
of the Borrower, as Subsidiary Guarantors (as defined therein), and Citibank, N.A., as Administrative Agent (as defined therein) (as amended, amended and restated, supplemented or otherwise modified through the date hereof, the “Existing
TLB Guaranty Agreement”).

  
 B-2 

			
		
	Security:	  	Subject to the Limited Conditionality Provisions, all obligations of the Borrower under the Term Loan Facility and the Guarantees will be secured (1) on a first-priority basis by substantially all the assets of the Borrower and
each of the Guarantors, whether owned on the Closing Date or thereafter acquired consisting of the Term Loan Priority Collateral (as defined in the Intercreditor Agreement, dated as of October 1, 2015, among Wells Fargo Bank, National
Association, as the ABL Agent (as defined therein), and Citibank, N.A., as Term Loan Agent (as defined therein) (as amended, amended and restated, supplemented or otherwise modified through the date hereof, the “Existing Intercreditor
Agreement”)), and (2) on a second-priority basis (junior only to the security interest securing obligations under the ABL Facility) with respect to the ABL Priority Collateral (as defined in the Existing Intercreditor Agreement),
except, in the case of each of clauses (1) and (2), Excluded Assets (as defined in the Existing Intercreditor Agreement), and in each case subject to customary exceptions to be substantially the same as those applicable to the collateral
requirements of the Existing Term Loan Credit Agreement and the Collateral Agreement, dated as of October 1, 2015, among the Borrower, certain subsidiaries of the Borrower, as Grantors (as defined therein), and Citibank, N.A., as Administrative
Agent (as defined therein) (as amended, amended and restated, supplemented or otherwise modified through the date hereof, the “Existing TLB Collateral Agreement”). “Collateral” means the Term Loan
Priority Collateral and the ABL Priority Collateral.
		
		  	Subject to the Limited Conditionality Provisions, all the above-described pledges, security interests and mortgages shall be created on terms, and pursuant to documentation to be substantially the same as those that secure the
obligations under the Existing Term Loan Credit Agreement, and none of the Collateral shall be subject to any other liens (other than in favor of the ABL Facility), subject to customary exceptions to be substantially the same as those applicable to
the collateral requirements of the Existing Term Loan Credit Agreement and the Existing TLB Collateral Agreement, subject to the Term Loan Documentation Principles.
		
	Intercreditor Agreement:	  	The lien priority, relative rights and other creditors’ rights issues in respect of the Term Loan Facility and the ABL Facility will be set forth in the Existing Intercreditor Agreement or in another customary intercreditor
agreement for a crossing-lien collateral structure that is substantially the same as the Existing Intercreditor Agreement (the “Intercreditor Agreement”).
		
	Mandatory Prepayments:	  	The loans under the Term Loan Facility shall be prepaid pursuant to mandatory prepayment provisions that will be substantially the same as the mandatory prepayment provisions of the Existing Term Loan Credit Agreement,
subject to the Term Loan Documentation Principles.

  
 B-3 

			
		
	Voluntary Prepayments:	  	Voluntary prepayments with respect to the Term Loan Facility may be made at any time, on notice and in minimum principal amounts the same as provided in the Existing Term Loan Credit Agreement, without premium or penalty (except as
otherwise provided below under the caption “Call Protection”); provided that voluntary prepayments of LIBOR Loans made on a date other than the last day of an interest period applicable thereto shall be subject to customary breakage
costs. Each voluntary prepayment of loans under the Term Loan Facility shall be applied to the remaining installments thereof as directed by the Borrower.
		
	Call Protection:	  	The occurrence of any Repricing Event (to be defined in a manner substantially the same as in the Existing Term Loan Credit Agreement) prior to the date that is six months after the Closing Date will require payment of a fee (the
“Prepayment Fee”) in an amount equal to 1.00% of the aggregate principal amount of the loans under the Term Loan Facility subject to such Repricing Event.
		
	Interest Rates:	  	At the Borrower’s option, loans under the Term Loan Facility may be maintained from time to time as (x) “Base Rate Loans”, which shall bear interest at the Base Rate in effect from time to time plus the
Applicable Margin or (y) “LIBOR Loans”, which shall bear interest at the London interbank offered rate for U.S. dollars (adjusted for statutory reserve requirements) as determined by the Term Loan Administrative Agent for the
respective interest period (or, if greater at any time, the LIBOR Floor, if applicable) plus the Applicable Margin.
		
		  	“Applicable Margin” shall mean a percentage per annum equal to in the case of loans under the Term Loan Facility (x) maintained as Base Rate Loans, 1.75%, and (y) maintained as LIBOR Loans,
2.75%.
		
		  	“Base Rate” shall mean the highest of (w) the rate that the Term Loan Administrative Agent announces from time to time as its prime lending rate, as in effect from time to time, (x) 1/2 of 1% in
excess of the federal funds effective rate, (y) the London interbank offered rate for U.S. dollars for an interest period of one month (adjusted for statutory reserve requirements) plus 1.00% and (z) 1.00% per annum.
		
		  	“LIBOR Floor” shall mean 0.00% per annum.
		
		  	Interest periods of 1, 2, 3 and 6 months or, to the extent agreed to by all applicable Lenders, 12 months, shall be available in the case of LIBOR Loans.

  
 B-4 

			
		
		  	Interest in respect of Base Rate Loans shall be payable quarterly in arrears on the last business day of each calendar quarter. Interest in respect of LIBOR Loans shall be payable in arrears at the end of the applicable interest
period and every three months in the case of interest periods in excess of three months. Interest will also be payable at the time of repayment of any loans and at maturity. All interest on Base Rate Loans and LIBOR Loans shall be based on a 360-day year and actual days elapsed (or, in the case of Base Rate Loans determined by reference to the prime lending rate or the federal funds effective rate, a 365/366-day
year and actual days elapsed).
		
		  	Any principal payable under or in respect of the Term Loan Facility not paid when due shall bear interest at the applicable interest rate plus 2.00% per annum. Other overdue amounts (including overdue interest) with respect to the
Term Loan Facility shall bear interest at the interest rate applicable to Base Rate Loans under the Term Loan Facility plus 2.00% per annum.
		
	Original Issue Discount/Upfront Fees:	  	The loans under the Term Loan Facility will be issued to the Lenders participating in the Term Loan Facility at a price of 99.50% (or such greater or lower percentage determined pursuant to the terms of the Arranger Fee Letter) of
their principal amount.
		
		  	Notwithstanding the foregoing, (a) all calculations of interest and fees in respect of loans under the Term Loan Facility will be calculated on the basis of their full stated principal amount and (b) at the option of the
Arrangers, any original issue discount may instead be effected in the form of an upfront fee to the applicable Lenders.
		
	Conditions Precedent:	  	The funding of the loans under the Term Loan Facility shall be subject to only those conditions precedent set forth in Section 3 of the Commitment Letter and in Exhibit E to the Commitment Letter.
		
	Documentation:	  	The Operative Documents with respect to the Term Loan Facility shall be negotiated in good faith and shall be consistent with this Commitment Letter and the Fee Letter and, in each case except as otherwise expressly provided herein
or in the Fee Letter, based on (but no less favorable to the Borrower than) the Existing Term Loan Credit Agreement, the Existing TLB Guaranty Agreement, the Existing TLB Collateral Agreement and related security agreements executed and delivered in
connection therewith, with additions, deletions, modifications and other changes as you and the Arrangers shall reasonably agree (i) to permit and give effect to the Transactions and other transactions contemplated hereby, (ii) to provide
for and give effect to the Guarantees and the security over the Collateral and the arrangements contemplated by the Intercreditor Agreement, (iii) to reflect changes in law or accounting standards or cure mistakes or defects, (iv) to
reflect reasonable administrative, agency and operational requirements of the Term Loan Administrative Agent, and (v) to reflect the operational and strategic requirements of the Borrower and its subsidiaries and the Acquired Company in light
of their consolidated capital structure, size, industry and practices, in each case, after giving effect to the Transactions, including as reflected

  
 B-5 

			
		
		  	in the Projections. The “Existing Term Loan Credit Agreement” means the Term Loan Credit Agreement, dated as of October 1, 2015, among the Borrower, Citibank, N.A., as administrative agent and collateral
agent, the other lenders, agents and other parties party thereto from time to time (as amended, amended and restated, supplemented or otherwise modified through the date hereof). This paragraph and the provisions herein are referred to as the
“Term Loan Documentation Principles”. The Term Loan Documentation Principles, the ABL Documentation Principles and the Bridge Documentation Principles are referred to herein, collectively, as the “Documentation
Principles”.
		
	Financial Maintenance Covenant:	  	None.
		
	Representations and Warranties; Affirmative Covenants; Negative Covenants; Events of Default; Voting; Cost and Yield Protection; Assignments and Participation; Expenses and Indemnification; Governing Law; Forum:	  	Substantially the same as the Existing Term Loan Credit Agreement, subject to the Term Loan Documentation Principles (it being understood that (a) the documentation for the Term Loan Facility shall include a restriction
limiting the Borrower’s ability to amend or modify the terms of preferred shares, including the Preferred Shares, in a manner materially adverse to the lenders under the Term Loan Facility, (b) the Preferred Shares shall not be treated as
debt for any purpose under the Term Loan Facility, including for purposes of calculating any financial ratios, covenants or tests thereunder and (c) the payment of any dividends in respect of the Preferred Shares that are made in cash under and
in accordance with the Certificate of Designation shall be permitted under the Term Loan Facility, in an amount not to exceed $40 million in any fiscal year, so long as no default or event of default shall have occurred and be continuing at the
time of or as a consequence of such payment).
		
	Counsel to Term Loan B Agents and Arrangers:	  	Cravath, Swaine & Moore LLP

  
 B-6 

 Exhibit C 

to 
 Commitment Letter

 Beacon Roofing Supply, Inc. 

$1,300,000,000 Senior Secured Asset-Based Revolving Loan Facility   

Summary of Principal Terms and Conditions 

All capitalized terms used herein but not defined herein shall have the meanings provided in the letter agreement to which this Exhibit C is
attached or in the other Exhibits to such letter agreement as applicable. 
  

			
		
	Borrowers:	  	Each of the wholly-owned subsidiaries of Holdings organized under the laws of a jurisdiction in the United States or Canada with assets to be included in the Borrowing Base after giving effect to the Acquisition (individually, a
“Borrower” and collectively, “Borrowers”). Such subsidiaries organized under the laws of a jurisdiction in Canada are referred to herein as “Canadian Borrowers” and such
subsidiaries organized under the laws of a jurisdiction in the United States are referred to herein as “US Borrowers”. All references to subsidiaries of Holdings include such subsidiaries after giving effect to the
Transactions.
		
	Guarantors:	  	Holdings and all of its existing and subsequently acquired or organized direct or indirect subsidiaries that are not Borrowers and are required to provide Guarantees as set forth herein (individually, a
“Guarantor” and collectively, the “Guarantors”, and together with Borrowers, individually a “Loan Party” and collectively, “Loan Parties”).
		
	ABL Administrative and Collateral Agent:	  	Wells Fargo Bank, National Association will act as sole administrative and collateral agent (in such capacities, “ABL Administrative Agent”) for a syndicate of banks, financial institutions and other lenders,
excluding any Disqualified Institutions, in respect of the ABL Facility.
		
	Syndication Agent:	  	Citi will act as sole syndication agent (in such capacity, the “ABL Syndication Agent”, and together with ABL Administrative Agent, the “ABL Agents”).
		
	Joint Lead Arrangers and Joint Bookrunners:	  	
Wells Fargo Bank, National Association and Citigroup Global Markets Inc. (collectively, in such capacity, the “Lead Arrangers”), together with any other joint book runner and joint lead arranger appointed
pursuant to the Commitment Letter, will each act as joint book runner and joint lead arranger (together with the Lead Arrangers, collectively, “Arrangers”).
		
	Lenders:	  	Wells Fargo Bank, National Association (and/or such other affiliate or branch as it may designate), Citi and such other institutions as may become parties to the financing arrangements as lenders (collectively,
“Lenders”), but excluding Disqualified Institutions.

  
 C-1 

			
	Letter of Credit Issuers:	  	Wells Fargo and any other Lender so designated by Holdings from time to time and reasonably acceptable to ABL Administrative Agent (in such capacity, each an “Issuing Bank”).
		
	Swingline Lender:	  	Wells Fargo Bank, National Association (and/or such other affiliate or branch as it may designate) (in such capacity, “Swingline Lender”).
		
	ABL Facility:	  	 The ABL Facility will consist of:
  

(a) a senior secured revolving credit and letter of credit facility provided to US Borrowers of up to the US Loan Limit (the “US
Facility”); and
  
 (b) a senior secured revolving credit and letter of
credit facility provided to the Canadian Borrowers of up to the Canadian Loan Limit (the “Canadian Facility”).
  

The US Facility and the Canadian Facility are individually and collectively, the “ABL Facility.” The term “Maximum
Credit” as used herein means the aggregate of the commitments of Lenders for the US Facility and the Canadian Facility.
  

A Canadian affiliate of ABL Administrative Agent may be the Lender for such Canadian facility and/or agent or
sub-agent. Notwithstanding anything to the contrary contained herein, the ABL Loan Documents may include additional customary provisions to reflect applicable matters of Canadian law (whether Federal or
Provincial). All references to “$” herein are to the lawful currency of the United States of America.
  

Loan Parties will appoint Holdings to act as the agent for Loan Parties for all purposes of dealing with ABL Administrative Agent, Issuing Banks, and Lenders,
including requesting Revolving Loans and Letters of Credit.

		
	Availability:	  	The revolving loans under the ABL Facility (“Revolving Loans”) will be available to each Borrower outstanding at any one time of up to the lesser of the aggregate commitments of Lenders in the Canadian
Facility or the US Facility, as applicable, or the applicable Borrowing Base of the Borrowers as described below and subject to the terms and conditions of the ABL Loan Documents. The Canadian Facility will be a subfacility included in the ABL Loan
Documents to be provided in Canadian dollars and US dollars to the Canadian Borrowers of up to the equivalent of a $100,000,000, subject to any Facility Increase (the “Canadian Loan Limit”), and subject to the Canadian
Borrowing Base. The US Facility will be provided in US dollars to the US Borrowers in an amount of up to $1,200,000,000, subject to any Facility Increase (the “US Loan Limit”, and together with the Canadian Loan Limit, a
“Loan Limit”) and subject to the US Borrowing Base.

  
 C-2 

			
		
		  	 Borrowers shall have the right one time during each 12 month period on such terms and conditions as ABL Administrative Agent and Borrowers
may agree to decrease the US Loan Limit and contemporaneously increase the Canadian Loan Limit by the same amount (provided, that, in no event shall the Canadian Loan Limit be greater than the equivalent of $125,000,000).

 
 Revolving Loans may be drawn, repaid and reborrowed.

		
	Letter of Credit Subfacility:	  	 A portion of the ABL Facility will be available for letters of credit arranged by ABL Administrative Agent and issued by an Issuing Bank
(“Letters of Credit”) in an aggregate amount at any time outstanding not to exceed $80,000,000. Letters of Credit will reduce the amount of the Revolving Loans available under the applicable Borrowing Base and the applicable
Loan Limit.
  
 Letters of Credit will be issued by the Issuing Bank and each Lender will
purchase an irrevocable and unconditional participation in each Letter of Credit.

		
	Swing Line Facility:	  	 A portion of the ABL Facility will be available as swing line loans (“Swing Line Loans”) with a sublimit on Swing
Line Loans to Borrowers outstanding at any time in an amount up to $130,000,000 (allocated between the US Facility and Canadian Facility in amounts to be agreed). Swing Line Loans will reduce the amount of the Revolving Loans available under the
applicable Borrowing Base and the applicable Loan Limit. The term “Revolving Loans” as used herein includes Swing Line Loans, except as otherwise provided herein.

 
 Swing Line Loans will be made available by Swing Line Lender and each Lender will purchase
an irrevocable and unconditional participation in each Swing Line Loan.

		
	Purpose:	  	The proceeds of the Revolving Loans under the ABL Facility and the Letters of Credit will be used by Borrowers (a) on the Closing Date, (i) to refinance outstanding indebtedness and pay any accrued and unpaid interest,
fees and expenses under the Existing ABL Credit Agreement and (ii) after the application of the proceeds of the Term Loan Facility and Bridge Facility thereto, for the payment of a portion of the consideration payable for the Acquisition
(provided, that, in no event will the aggregate amount of the Revolving Loans and Letters of Credit on the Closing Date for the purposes under clause (ii) exceed $382,000,000 nor will the aggregate amount of the Revolving Loans and
Letters of Credit on the Closing Date for the purposes under clause (i) and (ii) together exceed (A) if the Closing Date occurs between the date hereof and November 30, 2017, $900,000,000, (B) if the Closing Date occurs between
December 1, 2017 and April 30, 2018, $800,000,000 or (C) if the Closing Date occurs between May 1, 2018 and August 31, 2018, $900,000,000 (the applicable borrowing amount referred to in the foregoing clauses (A), (B) or (C),
the “Closing Date ABL Borrowing Amount”), and (b) after the Closing Date, for working capital of Borrowers and their subsidiaries and other general corporate purposes including funding capital expenditures and permitted
acquisitions.

  
 C-3 

			
		
	Unrestricted Subsidiaries:	  	Substantially the same as the Existing ABL Credit Agreement, subject to the ABL Documentation Principles.
		
	Facility Increase:	  	Substantially the same as the Existing ABL Credit Agreement, subject to modification based on the ABL Documentation Principles and with any increase in Incremental Commitments (as defined in the Existing ABL Credit Agreement) not to
exceed $500,000,000 in the aggregate.
		
	Guarantees:	  	Substantially the same as the Existing ABL Credit Agreement, the US Guaranty Agreement (as defined in the Existing ABL Credit Agreement) and the Canadian Guaranty Agreement (as defined in the Existing ABL Credit Agreement), subject
to the ABL Documentation Principles.
		
	Borrowing Base:	  	 Subject to the terms below with respect to the Alternative Closing Borrowing Base:

 
 US Borrowing Base. The Revolving Loans to US Borrowers under the US Facility
(“US Revolving Loans”) and Letters of Credit for the account of US Borrowers will be subject to availability under the US Borrowing Base calculated as follows:

 
 (a)    the amount equal to
85% multiplied by the net amount of eligible accounts of US Borrowers; plus
  

(b)    the amount equal to the lesser of: (i) 70% multiplied by the value of each category of
eligible inventory of US Borrowers or (ii) 85% of the Net Recovery Percentage of each category of eligible inventory of US Borrowers multiplied by the value thereof; minus
  

(c)    applicable reserves established by ABL Administrative Agent in its Permitted Discretion in
accordance with the terms of the ABL Loan Documents.
  
 Canadian Borrowing Base.
The Revolving Loans to Canadian Borrowers under the Canadian Facility (“Canadian Revolving Loans”) and Letters of Credit for the account of Canadian Borrowers will be subject to availability under the Canadian Borrowing Base
calculated as follows:
  

(a)    the amount equal to 85% multiplied by the net amount of eligible accounts of Canadian
Borrowers; plus
  

(b)    the amount equal to the lesser of: (i) 70% multiplied by the value of each category of
eligible inventory of Canadian Borrowers or (ii) 85% of the Net Recovery Percentage of each category of eligible inventory of Canadian Borrowers multiplied by the value thereof; minus

  
 C-4 

			
		  	 (c)    applicable reserves established by ABL Administrative Agent in its
Permitted Discretion in accordance with the terms of the ABL Loan Documents.
  
 The US
Borrowing Base and the Canadian Borrowing Base are referred to herein as the “Borrowing Base”; provided, that, if the Alternative Closing Borrowing Base (as defined below) is in effect, then the amount available on the
Closing Date (but not on any date thereafter) will be the greater of (A) the Closing Date ABL Borrowing Amount or (B) the Borrowing Base.
  

The “value” of each category of eligible inventory will be determined at the lower of cost or market, consistent with the current practices of
Holdings in effect immediately prior to the Closing Date, without regard to the portion of the value of inventory equal to intercompany profit on the sale thereof or to the extent applicable, write ups or write downs in value with respect to
currency exchange rates.
  
 The term “Net Recovery Percentage”
means the fraction, expressed as a percentage (a) the numerator of which is the amount equal to the recovery on the aggregate amount of the applicable category of eligible inventory at such time on a “net orderly liquidation value”
(i.e., net of costs and expenses incurred in connection with liquidation) basis determined by reference to the most recent inventory appraisal received by ABL Administrative Agent in accordance with the requirements of the ABL Loan Documents, and
(b) the denominator of which is the cost of the aggregate amount of the eligible inventory subject to such appraisal.
  

The term “Permitted Discretion” as used in this Term Sheet with reference to ABL Administrative Agent, shall mean a determination made
in good faith in the exercise of its reasonable business judgment based on how an asset-based lender with similar rights providing a credit facility of the type set forth herein would act in similar circumstances at the time with the information
then available to it.
  
 The right of ABL Administrative Agent to establish reserves will
be in accordance with its customary practices in the exercise of its Permitted Discretion and as may be applicable under the circumstances based on its field examination and other due diligence. The amount of any reserve established by ABL
Administrative Agent shall have a reasonable relationship to the event, condition or other matter which is the basis for such reserve as determined by ABL Administrative Agent in good faith and to the extent that such reserve is in respect of
amounts that may be payable to third parties ABL Administrative Agent may deduct such reserve from the Maximum Credit at any time that such limit is less than the amount of the Borrowing Base. ABL Administrative Agent will provide notice to Holdings
as agent for Borrowers of any new categories of reserves that may be established after the Closing Date or any changes in the methodology of the calculation of an existing category of reserves and will consult with Holdings in connection with the
basis for such new categories of reserves to the extent Holdings is available in a reasonably timely manner, provided, that, no such consultation shall be required at any time a default or event of default exists or has occurred and
is

  
 C-5 

			
		
		  	continuing. New categories of reserves may be established after the Closing Date by ABL Administrative Agent in the exercise of its Permitted Discretion based on either: (i) an event, condition or other circumstance arising
after the Closing Date, or (ii) an event, condition or other circumstance existing on the Closing Date to the extent that such event, condition or circumstance has not been identified by a Borrower to the field examiners of ABL Administrative
Agent prior to the Closing Date (except to the extent that it may have been identified but ABL Administrative Agent has elected not to establish a reserve with respect thereto as of the Closing Date).
		
	Alternative Closing Borrowing Base:	  	 In the event that as of the Closing Date, ABL Administrative Agent has not received a current third party appraisal of the inventory or a
final report from the field examinations of the business and collateral of the Acquired Company, the Borrowing Base shall be deemed to be, for purposes of the initial Revolving Loans and Letters of Credit on the Closing Date, the Alternative Closing
Borrowing Base. The “Alternative Closing Borrowing Base” means after the Closing Date the amount equal to (a) the Borrowing Base calculated as provided above, plus (b) (i) if the Closing Date occurs between the date
hereof and November 30, 2017, $300,000,000, (ii) if the Closing Date occurs between December 1, 2017 and April 30, 2018, $275,000,000 or (iii) if the Closing Date occurs between May 1, 2018 and August 31, 2018,
$300,000,000.
  
 The Alternative Closing Borrowing Base shall only be in effect until the
earlier of 60 days after the Closing Date (or such later date as may be agreed by ABL Administrative Agent) or the date ABL Administrative Agent has received the current third party appraisals with respect to the inventory of the Acquired Company
and an acceptable draft report or the final report from a current field examination of the Acquired Company, provided, that, ABL Administrative Agent may adjust, in its Permitted Discretion, the Alternative Closing Borrowing Base as to reserves and
including only eligible accounts and eligible inventory based on any field examination results at the time that it receives such results and as to the inventory at the time that it receives any appraisal with respect thereto. On and after the
receipt by ABL Administrative Agent of the field examination results and appraisals as provided below, Revolving Loans and Letters of Credit shall be provided to Borrowers subject to the terms and conditions of the ABL Loan Documents and
availability under the Borrowing Base, which will be calculated in a manner consistent with the definition of the term Borrowing Base as set forth above.
  

In the event that ABL Administrative Agent has not received a current third party appraisal of the inventory and a final report from the field examinations of
the business and collateral of the Acquired Company prior to the Closing Date, Borrowers shall use commercially reasonable efforts to provide ABL Administrative Agent and the field examiners and appraisers sufficient access and information to
complete such field examinations and appraisal on or before the 60th day after the Closing Date (or such later date as may be agreed by ABL Administrative Agent) and the Lead Arrangers and Holdings each agree to cooperate in good faith to cause such
field examinations and

  
 C-6 

			
		
		  	appraisals with respect to the Acquired Company to be completed as soon as practicable. If ABL Administrative Agent has not received such appraisals and final report from the field examinations on or prior to the 60th day after the
Closing Date (or such later date as may be agreed by ABL Administrative Agent), availability with respect to the collateral of the Acquired Company shall be zero on and after such 60th day (or such later date as may be agreed by ABL Administrative
Agent) until ABL Administrative Agent’s receipt and reasonable opportunity to review the results of such appraisal and final report from the field examination.
		
	Eligibility:	  	Criteria for determining eligible accounts and eligible inventory will be in accordance with ABL Administrative Agent’s customary practices and consistent with asset-based lending facilities for other similarly situated
companies in similar businesses as Borrowers for which it is an agent, and as appropriate under the circumstances as reasonably determined by ABL Administrative Agent pursuant to field examinations and other due diligence and as otherwise may be
reasonably acceptable to Holdings (but in no event will the eligibility criteria be less favorable than as set forth in the Existing ABL Credit Agreement), subject to (a) the ABL Documentation Principles, and (b) such modifications as ABL
Administrative Agent may otherwise reasonably require in respect of the eligible accounts and eligible inventory of the Acquired Company in its Permitted Discretion.
		
	Mandatory Prepayments:	  	Substantially the same as the Existing ABL Credit Agreement, subject to the ABL Documentation Principles.
		
	Optional Prepayments:	  	Substantially the same as the Existing ABL Credit Agreement, subject to the ABL Documentation Principles.
		
	Interest and Fees:	  	See Schedules 1 and 2 to this Exhibit C.
		
	Security:	  	 Subject to the Limited Conditionality Provisions, to secure all obligations of each Loan Party under the ABL Facility (and including ABL Bank
Product Obligations) (1) on a first-priority basis by substantially all the assets of each Loan Party, whether owned on the Closing Date or thereafter acquired consisting of the ABL Priority Collateral (as defined in the Existing Intercreditor
Agreement), and (2) on a second-priority basis (junior only to the security interest securing obligations under the Term Loan Facility) with respect to the Term Loan Priority Collateral (as defined in the Existing Intercreditor Agreement), but
excluding, in the case of each of clauses (1) and (2), Excluded Assets (as defined in the Existing Intercreditor Agreement).
  

Subject to Limited Conditionality Provisions, all the above-described pledges, security interest and mortgages shall be created on terms, and pursuant to
documentation consistent with the ABL Documentation Principles (including, without limitation, in the case of fee interests in real property, by customary items such as satisfactory title insurance and surveys and subject to
the

  
 C-7 

			
		
		  	 delivery of flood certificates and evidence of satisfactory flood insurance, as required by applicable law), and none of the Collateral shall
be subject to any other liens (other than in favor of the ABL Facility and the Term Loan Facility), subject to customary exceptions to be mutually agreed.
  

As to specific items of Collateral, ABL Administrative Agent may determine not to perfect its security interest therein based on the minimal value thereof
relative to the costs of such perfection.
  
 “ABL Bank Product
Obligations” means any obligation on account of (a) any Cash Management Services furnished to any of the Loan Parties or any of their subsidiaries and/or (b) any transaction with ABL Administrative Agent or any Lender or any
of their affiliates, which arises out of any Bank Product entered into with any Loan Party and any such person, as each may be amended from time to time.
  

“Bank Products” means any services of facilities provided to any Loan Party by any Lender or any of its affiliates (but excluding Cash
Management Services) including, without limitation, on account of (a) swap contracts, (b) merchant services constituting a line of credit, and (c) supply chain finance services including, without limitation, trade payable services and
supplier accounts receivable purchases, but excluding any factoring services.
  

“Cash Management Services” means any one or more of the following types or services or facilities provided to any Loan Party by any
Lender or any of its affiliates: (a) ACH transactions, (b) cash management services, including, without limitation, controlled disbursement services, treasury, depository, overdraft, and electronic funds transfer services, (c) foreign
exchange facilities, (d) credit or debit cards, (e) credit card processing services, and (f) purchase cards.

		
	Intercreditor Agreement:	  	The lien priority, relative rights and other creditors’ rights issues in respect of the Term Loan Facility and the ABL Facility will be set forth in the Intercreditor Agreement, which shall be reasonably satisfactory to
Borrowers, the Term Loan Administrative Agent and ABL Administrative Agent.
		
	Closing Date:	  	The date on which the initial borrowings under the ABL Facility are made (the “Closing Date”).
		
	Term:	  	The ABL Facility maturity date is October 1, 2020 (the “Maturity Date”); except to the extent each Lender may agree to a Maturity Date of 5 years from the Closing Date.
		
	Documentation:	  	The definitive loan documentation (collectively, the “ABL Loan Documents”) will be mutually agreed upon, the definitive terms of which (including materiality thresholds, baskets, exceptions, qualifications
and grace periods) will be negotiated in good faith, and will be consistent with the terms set forth in the Commitment Letter (including this Term Sheet), as modified in

  
 C-8 

			
		  	 accordance with the flex provisions of the Fee Letter and based on (but no less favorable to the Borrower than) the Existing ABL Credit
Agreement and related documents executed and delivered in connection therewith, with additions, deletions, modifications and other changes as Borrower and Arrangers shall reasonably agree and subject to modifications to reflect the terms hereof, to
give effect to the Transactions (including the Term Loan Facility, the Bridge Facility, the Equity Financing), the Acquisition and other transactions contemplated hereby, to provide for and give effect to the Guarantees and the security over the
Collateral and the arrangements contemplated by the Intercreditor Agreement, to reflect changes in law or accounting standards (including, but not limited, to EU bail-in provisions, anti-terrorism, anti-money
laundering, FCPA and know your customer provisions) or cure mistakes or defects, to reflect reasonable administrative, agency and operational requirements of ABL Administrative Agent and to reflect the operational and strategic requirements of
Holdings and its subsidiaries and the Acquired Company in light of their consolidated capital structure, size, industry, projected performance (including as reflected in the Projections), reporting and accounting systems, Excess Availability,
collateral and practices of Holdings, the Acquired Company and their subsidiaries, and shall contain such modifications as Borrowers and ABL Administrative Agent shall mutually agree, provided, that, notwithstanding anything to the contrary
contained herein, in no event will any of the terms of the ABL Facility include changes from the Existing ABL Credit Agreement that require the approval of more than Required Lenders under the Existing ABL Credit Agreement, except to the extent that
such additional approvals are obtained and in full force and effect (collectively, the “ABL Documentation Principles”)
  

Borrowers shall use commercially reasonable efforts to obtain collateral access agreements prior to the Closing Date at locations where Collateral of the
Acquired Company in excess of $2,500,000 is located and thereafter to the extent not delivered prior to the Closing Date. To the extent that ABL Administrative Agent has not received a reasonably acceptable collateral access agreement for a leased
or third party location in a jurisdiction where the landlord or other third party may have a lien on any of the Collateral of the Acquired Company under applicable law or under the terms of the applicable lease, it may establish a reserve in respect
of amounts payable under the applicable lease or other agreement with such lessor or other third party (which reserve, as to any one such location, will not exceed three months of rent or other payments owing to the applicable lessor or other third
party) (it being understood that to the extent a reserve is imposed then no collateral access agreement shall be required). The delivery of such collateral access agreement shall not be a condition of closing.

		
	Representations and Warranties:	  	Substantially the same as the Existing ABL Credit Agreement, subject to the ABL Documentation Principles.
		
	Affirmative Covenants:	  	Substantially the same as the Existing ABL Credit Agreement, subject to the ABL Documentation Principles.

  
 C-9 

			
	Collateral and Financial Reporting:	  	 The ABL Loan Documents will provide for the following collateral and financial reporting:

 
 (a) monthly borrowing base certificates, (i) so long as Adjusted Excess Availability
is not less than the greater of (A) 15.0% of the Loan Cap and (B) $135,000,000 for any 5 consecutive business days and no event of default exists, otherwise weekly and (ii) Borrowers may at any time at their option elect to deliver borrowing
base certificates on a weekly basis, provided, that, at any time borrowing base certificates are delivered on a weekly basis under clause (i) or (ii), it shall continue for not less than four consecutive weeks;

 
 (b) field examinations and appraisals as ABL Administrative Agent may from time to time
require, but no more than:
  

(i)     1 field examination and 1 appraisal of inventory in any 12 month period at the
expense of Borrowers so long as Adjusted Excess Availability is not less than the greater of (A) 15.0% of the Loan Cap or (B) $135,000,000 during such 12 months,
  

(ii)    2 field examinations and 2 appraisals in any 12 month period at the expense of Borrowers
if at any time Adjusted Excess Availability during such 12 months is less than or equal to the greater of (A) 15.0% of the Loan Cap or (B) $135,000,000,
  

(iii)  such other field examinations and appraisals as ABL Administrative Agent may request at any time upon
the occurrence and during the continuance of an event of default at the expense of Borrowers or at any time at the expense of ABL Administrative Agent;
  

(c) quarterly financial statements (including management discussion and analysis), except so long as a default or event of default shall have occurred and be
continuing, then monthly financial statements;
  
 (d) annual audited financial statements
(including management discussion and analysis) and projections;
  
 (e) other financial
and collateral reports to be agreed.
  
 The term “Loan Cap”
means, at any time, the lesser of the Maximum Credit or the Borrowing Base at such time (or to the extent that the Alternative Closing Borrowing Base is then applicable, the Alternative Closing Borrowing Base).

 
 The term “Adjusted Excess Availability” as used herein means at
any time, the sum of (a) the Excess Availability, plus (b) Specified Suppressed Availability, plus (c) Qualified Cash.
 The term
“Excess Availability” as used herein means at any time, the amount equal to (a) the Loan Cap minus (b) Revolving Loans, unreimbursed drawings under Letters of Credit and amounts available under Letters of
Credit.

  
 C-10 

			
		  	 The term “Specified Suppressed Availability” means the lesser of: (a) the amount by which the Borrowing Base exceeds
the Maximum Credit at such time or (b) the amount equal to 7.5% of the Maximum Credit less the amount of the Qualified Cash included in the calculation of Adjusted Excess Availability, provided, that, if Excess Availability is less than
the greater of (i) 5.0% of the Loan Cap or (ii) $45,000,000, Specified Suppressed Availability shall be zero.
  

The term “Qualified Cash” means unrestricted cash and cash equivalents of a Loan Party that are subject to the valid, enforceable and
first priority perfected security interest and pledge of ABL Administrative Agent in an investment account or deposit account at ABL Administrative Agent or another institution reasonably satisfactory to ABL Administrative Agent subject to a control
agreement (which will limit the terms of withdrawal of such funds by a Loan Party subject to certain conditions) and free and clear of any pledge, security interest, lien, claim or other encumbrance (other than in favor of ABL Administrative Agent
and other than in favor of the depository bank or securities intermediary where the deposit account or investment account is maintained for its reasonable and customary fees and charges related to such account), are available for use by such Loan
Party without condition or restriction (other than in favor of ABL Administrative Agent), and for which ABL Administrative Agent shall have received evidence, in form and substance reasonably satisfactory to ABL Administrative Agent, of the amount
of such cash or cash equivalents held in such deposit account or investment account as of the applicable date of the calculation of the Excess Availability and the satisfaction of the other conditions herein; provided, that, if Excess
Availability is less than the greater of (i) 5.0% of the Loan Cap or (ii) $45,000,000, Qualified Cash shall be zero.

		
	Cash Management:	  	 Substantially the same as the Existing ABL Credit Agreement, subject to the ABL Documentation Principles (including the change to the
definition of the term “Cash Dominion Event” as set forth below), and Borrowers shall cause the Acquired Company to establish, not later than 90 days after the Closing Date (or such later date as ABL Administrative Agent may agree in its
reasonable discretion), a cash management system in form and substance reasonably satisfactory to ABL Administrative Agent; provided, that the Acquired Company shall be under no obligation to move its deposit accounts or cash management
system to Wells Fargo Bank or any other depository institution.
  
 “Cash
Dominion Event” means (a) Adjusted Excess Availability is less than the greater of (i) 10.0% of the Loan Cap at any time or (ii) $90,000,000, for any 5 consecutive business days or (b) a Specified Event of Default exists or
has occurred and be continuing; provided, that,
  

(i)     to the extent that the Cash Dominion Event has occurred due to clause (a) of
this definition, if Adjusted Excess Availability shall be equal to or greater than the amount in clause (a) of this definition for at least 30 consecutive days, the Cash Dominion Event shall no longer be deemed to exist or be continuing until
such time as Adjusted Excess Availability may again be less than such amount and

  
 C-11 

			
		  	 (ii)    to the extent that the Cash Dominion Event has occurred due to clause
(b) of this definition, if such event of default is cured or waived or otherwise no longer exists for a period of at least 30 consecutive days, the Cash Dominion Event shall no longer be deemed to exist or be continuing.

 
 The term “Specified Event of Default” means any event of default
arising in connection with (i) a failure to make any payment when due, (ii) any insolvency proceeding (whether voluntary or involuntary), (iii) the failure to deliver a borrowing base certificate or other required borrowing base report,
(iv) if ABL Administrative Agent determines in the exercise of its Permitted Discretion that such event shall be a “Specified Event of Default,” any representation or warranty contained in any borrowing base certificate being
incorrect or (v) the failure to comply with representations and covenants relating to cash management or any financial covenant.

		
	Negative Covenants:	  	 Substantially the same as the Existing ABL Credit Agreement, subject to the ABL Documentation Principles (including the changes with respect
to permitted acquisitions described below, the change of the definition of the term “Payment Conditions” as set forth below and the changes in respect of the Preferred Shares as set forth below).

 
 The negative covenant governing acquisitions will expressly allow an acquisition, which
satisfies the following conditions: (a) ABL Administrative Agent receives at least 10 business days prior notice; (b) Borrowers certify to ABL Administrative Agent that the acquisition is approved by the board of directors of the entity
being acquired; (c) the entity or business being acquired is in the same or reasonably related or ancillary business as Borrowers; (d) if the transaction involves a Loan Party, such party is the surviving person and no change of control
occurs; (e) the entity being acquired (unless not required to be a Guarantor) will deliver joinders to the credit documents and any certificated stock or comparable certificates to ABL Administrative Agent; (f) if the consideration for the
acquisition (or series of related acquisitions) exceeds $85,000,000, then: (i) Borrowers will deliver a compliance certificate to ABL Administrative Agent at least 5 business days prior to the acquisition showing the Loan Parties are in
compliance with the financial covenant (as if there were a Compliance Period), (ii) each of the Payment Conditions is satisfied, and (iii) Borrowers will deliver financial statements on a pro forma basis after giving effect to such acquisition
and all indebtedness incurred in connection therewith; (g) Borrowers will deliver to ABL Administrative Agent copies of substantially final acquisition documents in form and substance reasonably satisfactory to ABL Administrative Agent;
(h) no default or event of default exists immediately before or after such acquisition; (i) if the consideration for the acquisition (or series of related acquisitions) exceeds $85,000,000, the entity being acquired has positive
consolidated EBITDA for the 4 fiscal quarters immediately prior to the acquisition; and (j) Borrowers deliver to ABL Administrative Agent a certificate that all of the requirements above are satisfied, and provides such other documents
reasonably requested by ABL Administrative Agent.

  
 C-12 

			
		  	 Notwithstanding anything to the contrary set forth above, in the case of any acquisition where the aggregate amount of the consideration
payable in respect thereof is less than or equal to $85,000,000, then as to such acquisition instead of satisfying each of the Payment Conditions, Borrowers shall only be required to have the daily average of the Adjusted Excess Availability for the
immediately preceding 45 consecutive day period be not less than the greater of (i) 12.5% of the Loan Cap or (ii) $112,500,000, and after giving effect to the acquisition and the making of any payment in respect thereof, on a pro forma basis using
the most recent calculation of the Borrowing Base immediately prior to any such payment, the Adjusted Excess Availability shall be not less than such amount..
  

Assets of any new domestic or foreign subsidiary acquired pursuant to an acquisition will only be eligible after a satisfactory field examination, appraisal
and legal diligence and subject to reserves and eligibility criteria based thereon (provided, that, in the case of asset substantially similar to those of Borrowers prior to the acquisition, such assets that otherwise satisfy the applicable
eligibility criteria may be included in the Borrowing Base prior to the field examination or appraisal, but in no event shall the aggregate amount of such assets included in the Borrowing Base exceed the lesser of (i) 5.0% of the Loan Cap or (ii)
$65,000,000.
  
 “Payment Conditions” means, at the time of
determination with respect to any specified transaction or payment the following:
  
 (a)
as of the date of any such transaction or payment, and after giving effect thereto, no Specified Event of Default shall exist or have occurred and be continuing,
  

(b) as of the date of any such transaction or payment, and after giving effect thereto, either:

 
 (i)     the daily
average of the Adjusted Excess Availability for the immediately preceding 45 consecutive day period shall be not less than the greater of (A) 17.5% of the Loan Cap or (B) $157,500,000 and after giving effect to the transaction or payment, on a pro
forma basis using the most recent calculation of the Borrowing Base immediately prior to any such payment or transaction, the Adjusted Excess Availability shall be not less than the greater of such amounts, or

 
 (ii)    both (A) on a
pro forma basis using the most recent calculation of the Borrowing Base immediately prior to any such payment or transaction, the daily average of the Adjusted Excess Availability for the immediately preceding 45 consecutive day period shall be not
less than the greater of (1) 12.5% of the Loan Cap or (2) $112,500,000 and after giving effect to the transaction or payment, on a pro forma basis using the most recent calculation of the Borrowing Base immediately prior to any such payment or
transaction, the Adjusted Excess

  
 C-13 

			
		  	 Availability shall be not less than the greater of such amounts, and (B) as of the date of any such transaction or
payment, and after giving effect thereto, on a pro forma basis, the Fixed Charge Coverage Ratio for the immediately preceding 4 fiscal quarters (or 12 consecutive fiscal months at any time Borrowers are required to provide monthly financial
statements) ending on the last day of the applicable fiscal period prior to the date of such payment or transaction for which ABL Administrative Agent has received financial statements shall be at least 1.00 to 1.00;

 
 (c) ABL Administrative Agent shall receive 10 business days prior written notice of such
payments and transactions, and
  
 (d) ABL Administrative Agent shall have received a
certificate of an authorized officer of Borrowers certifying as to compliance with the preceding clauses and demonstrating (in reasonable detail) the calculations required thereby.

 
 The ABL Loan Documents shall (a) include a restriction limiting the ability of
Holdings to amend or modify the terms of the Preferred Shares after the Closing Date in a manner materially adverse to the Lenders and (b) permit the payment of dividends in respect of the Preferred Shares that are made in cash under and in
accordance with the Certificate of Designation, in an amount not to exceed $40 million in any fiscal year, so long as no default or event of default shall have occurred and be continuing at the time of or as a consequence of such payment. The
Preferred Shares shall not be treated as debt for any purpose under the ABL Facility, including for purposes of calculating any financial ratios, covenants or tests thereunder; provided, that, any dividends paid pursuant to clause (b) of the
previous sentence shall be treated as fixed charges for purposes of calculating the Fixed Charge Coverage Ratio.

		
	Financial Covenant:	  	 Minimum Fixed Charge Coverage Ratio of 1.00 to 1.00 as of the end of each fiscal quarter, based on the 4 immediately preceding quarters for
which ABL Administrative Agent has received financial statements (or such other period or periods as ABL Administrative Agent and Holdings may agree for periods prior to the first anniversary of the Closing Date and at any time Borrowers are
required to deliver monthly financial statements, as of the end of each fiscal month based on the 12 immediately preceding months for which financial statements have been received), provided, that, compliance with such financial covenant shall only
be required during a Compliance Period, in which case such financial covenant shall be tested as of the last day of the then most recently completed fiscal period for which financial statements have been delivered and for each quarter end (or month
end as applicable) thereafter until the Compliance Period ends. The definitions used for purposes of the Fixed Charge Coverage Ratio will be as set forth in the Existing ABL Credit Agreement.

 
 “Compliance Period” means at any time Adjusted Excess Availability
is less than the greater of (i) 10.0% of the Loan Cap or (ii) $90,000,000 and shall continue for the period until Adjusted Excess Availability has been greater than such amount for a period of at least 30 consecutive
days.

  
 C-14 

			
		
	Events of Default:	  	Substantially the same as the Existing ABL Credit Agreement, subject to the ABL Documentation Principles.
		
	Conditions Precedent to all Borrowings:	  	Substantially the same as the Existing ABL Credit Agreement, subject to the ABL Documentation Principles.
		
	Conditions Precedent to Initial Borrowings:	  	The conditions precedent to the initial borrowings under the ABL Facility will only be those conditions precedent set forth in Section 3 of the Commitment Letter and Exhibit E to the Commitment Letter.
		
	Assignments and Participations:	  	Substantially the same as the Existing ABL Credit Agreement, subject to the ABL Documentation Principles.
		
	Amendments and Waivers:	  	Substantially the same as the Existing ABL Credit Agreement, subject to the ABL Documentation Principles.
		
	Cost and Yield Protections:	  	Customary for facilities and transactions of this type, including customary tax gross-up provisions and including provisions relating to Dodd-Frank, Basel III and FATCA.
		
	Governing Law:	  	New York but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the State of New York (other than certain security documents that will be
governed by local law as applicable or as the parties may otherwise agree).
		
	Expenses, Waivers and Indemnity:	  	Substantially the same as the Existing ABL Credit Agreement, subject to the ABL Documentation Principles.

  
 C-15 

 SCHEDULE 1 

TO 
 EXHIBIT C 

TO 
 COMMITMENT LETTER 

Interest and Certain Fees 
  

			
	Interest Rate Options:	  	 Borrowers may elect that Revolving Loans (other than Swing Line Loans) bear interest at a rate per annum equal to (a) with respect to
Revolving Loans denominated in US dollars (i) the US Base Rate plus the Applicable Margin or (ii) the LIBOR Rate plus the Applicable Margin and (b) with respect to Revolving Loans denominated in Canadian dollars (i) the Canadian
Base Rate plus the Applicable Margin or (ii) the Canadian BA Rate plus the Applicable Margin. Swing Line Loans will bear interest at a rate per annum equal to the US Base Rate or Canadian Base Rate (as applicable) plus the Applicable
Margin.
  
 As used herein:

 
 “Applicable Margin” means, with respect to Revolving Loans, other
than Swing Line Loans, a percentage determined in accordance with the pricing grid attached hereto as Schedule 2 to the ABL Term Sheet.
  

“Canadian BA Rate” means (a) for a Lender that is a Canadian Reference Bank, the CDOR Rate, and (b) for any other Lender, the
CDOR Rate plus 0.10%.
  
 “Canadian Base Rate” means, for any day,
a rate per annum equal to the greater of (a) the CDOR Rate existing on such day (which rate shall be calculated based upon an interest period of one month), plus one percentage point, and (b) the “prime rate” for Canadian Dollar
commercial loans made in Canada as reported by Thomson Reuters under Reuters Instrument Code <CAPRIME=> on the “CA Prime Rate (Domestic Interest Rate) – Composite Display” page (or any successor page or such other commercially
available service or source (including the Canadian Dollar “prime rate” announced by a Schedule I bank under the Bank Act (Canada)) as ABL Administrative Agent may designate from time to time).

 
 “Canadian Reference Bank” means any one or more of The Bank of
Nova Scotia, Bank of Montreal, Royal Bank of Canada, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce or National Bank of Canada, as ABL Administrative Agent may determine.

 
 “CDOR Rate” means the average rate per annum as reported on the
Reuters Screen CDOR Page (or any successor page or such other page or commercially available service displaying Canadian interbank bid rates for Canadian Dollar bankers’ acceptances as ABL Administrative Agent may designate from time to time,
or if no such substitute service is available, the rate quoted by a Schedule I bank under the Bank Act (Canada) selected by ABL Administrative Agent at which such bank is offering to purchase Canadian Dollar
bankers’

  
 C-16 

			
		  	 acceptances) as of 10:00 a.m. Eastern (Toronto) time on the date of commencement of the requested interest period, for a term, and in an
amount, comparable to the interest period and the amount of the Canadian BA Rate Loan requested (and, if any such rate is below zero, then such rate shall be deemed to be zero).

 
 “Eurodollar Reserve Percentage” means, for any day, the percentage
(expressed as a decimal) which is in effect for such day as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining reserve requirements (including, without limitation, any basic, supplemental or
emergency reserves) in respect of eurocurrency liabilities or any similar category of liabilities for a member bank of the Federal Reserve System in New York City.
  

“LIBOR” means:
  

(a) for any interest rate calculation with respect to a LIBOR Rate Loan, the rate of interest per annum determined on the basis of the rate for deposits in US
Dollars for a period equal to the applicable interest period which appears on Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m. (London time) two business days prior to the first day of the applicable
interest period (and if any such rate is below zero, LIBOR shall be deemed to be zero). If, for any reason, such rate does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page), then “LIBOR” shall be determined by
ABL Administrative Agent to be the arithmetic average of the rate per annum at which deposits in US Dollars in minimum amounts of at least $5,000,000 would be offered by first class banks in the London interbank market to ABL Administrative Agent at
approximately 11:00 a.m. (London time) two business days prior to the first day of the applicable interest period for a period equal to such interest period; and
  

(b) for any interest rate calculation with respect to a US Base Rate Loan, the rate of interest per annum determined on the basis of the rate for deposits in
US Dollars in minimum amounts of at least $5,000,000 for a period equal to one month (commencing on the date of determination of such interest rate) which appears on the Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately
11:00 a.m. (London time) on such date of determination, or, if such date is not a business day, then the immediately preceding business day (and if any such rate is below zero, LIBOR shall be deemed to be zero). If, for any reason, such rate does
not appear on Reuters Screen LIBOR01 Page (or any applicable successor page) then “LIBOR” for such US Base Rate Loan shall be determined by ABL Administrative Agent to be the arithmetic average of the rate per annum at which deposits in US
Dollars in minimum amounts of at least $5,000,000, as applicable, would be offered by first class banks in the London interbank market to ABL Administrative Agent at approximately 11:00 a.m. (London time) on such date of determination for a period
equal to one month commencing on such date of determination.
  
 “LIBOR
Rate” means with respect to each interest period for any LIBOR Rate Loan, the rate per annum determined by ABL Administrative Agent by dividing (a) LIBOR for such interest period by (b) a percentage equal to: (i) one
minus (ii) the Eurodollar Reserve Percentage.

  
 C-17 

			
		  	 “US Base Rate” means the greatest of (a) the Federal Funds Rate plus
 1⁄2%, (b) the LIBOR Rate (which rate shall be calculated based upon an Interest Period of one month and shall be determined on a daily basis), plus one
percentage point, and (c) the rate of interest announced, from time to time, within Wells Fargo at its principal office in San Francisco as its “prime rate”, with the understanding that the “prime rate” is one of Wells
Fargo’s base rates (not necessarily the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto and is evidenced by the recording thereof after its
announcement in such internal publications as Wells Fargo may designate (and, if any such announced rate is below zero, then the rate determined pursuant to this clause (d) shall be deemed to be zero).

 
 Interest rate reference terms will be subject to customary provisions, including
applicable reserve requirements, limits on the number of outstanding LIBOR Rate loans and minimum amounts of each LIBOR Rate loan.

		
	Unused Line Fee:	  	Borrowers shall pay to ABL Administrative Agent, for the account of Lenders (to the extent and in accordance with the arrangements by and among Lenders) an unused line fee calculated at 0.25% per annum multiplied by the difference
between the Maximum Credit and the average outstanding Revolving Loans and Letters of Credit during the immediately preceding quarter, payable quarterly in arrears. Swing Line Loans will not be considered in the calculation of the unused line
fee.
		
	Letter of Credit Fees:	  	Borrowers shall pay to (a) ABL Administrative Agent, for the account of Lenders (to the extent and in accordance with the arrangements by and among Lenders), on the daily outstanding balance of Letters of Credit, a letter of
credit fee calculated at a rate per annum based on the then Applicable Margin for Revolving Loans using the LIBOR Rate and (b) to Issuing Bank, a fronting fee equal to 0.125% per annum, in each case under clauses (a) and (b), payable
quarterly in arrears. In addition, Borrowers shall pay customary issuance, arranging and other fees of the Issuing Bank.
		
	Default Rate:	  	After a bankruptcy or payment default and for so long as the same is continuing, or at the election of the Required Lenders, upon the occurrence of any other event of default and for so long as the same is continuing, the applicable
rates of interest and rate for letter of credit fees shall be increased by 2% per annum above the otherwise then applicable rates.
		
	Rate and Fee Basis; Payment Dates:	  	All per annum rates and fees will be computed on basis of actual days elapsed over a 360 day year (or 365 or 366 days, as the case may be, in the case of Revolving Loans for which the Base Rate is used). In the case of Revolving
Loans for which the LIBOR Rate is used, interest is payable on the last day of each relevant interest period or in the case of an interest period longer than 3 months, then within 3 months, in arrears, and in the case of Revolving Loans for which
the Base Rate is used, interest is payable quarterly in arrears.

  
 C-18 

 SCHEDULE 2 

TO 
 EXHIBIT C 

TO 
 COMMITMENT LETTER 

 

															
	Tier	  	Quarterly Average Excess Availability	  	Applicable
LIBOR Margin	 	 	Applicable
Base Rate
Margin	 	 	 Applicable

Canadian BA
Rate

Margin
	 
	 1
	  	Equal to or greater than 66 2/3% of the Maximum Credit	  	 	1.25	% 	 	 	0.25	% 	 	 	1.25	% 
	 2
	  	Greater than or equal to 33 1/3% of the Maximum Credit but less than 66 2/3% of the Maximum Credit	  	 	1.50	% 	 	 	0.50	% 	 	 	1.50	% 
	 3
	  	Less than 33 1/3% of the Maximum Credit	  	 	1.75	% 	 	 	0.75	% 	 	 	1.75	% 

 The Applicable Margin for the interest rates shall be the applicable percentage calculated based on the percentage set forth
in Tier 2 of the chart above until the last day of the first full calendar quarter after the Closing Date. The interest rates will be adjusted every three months thereafter based on the chart above 

The Applicable Margin shall be calculated and established once every three months, effective as of the first day of such three month period and shall remain
in effect until adjusted thereafter as of the last day of the month at the end of such three month period. 
 The term “Applicable
Margin” as used in the Term Sheet means, at any time (subject to the paragraph above): (a) as to Revolving Loans for which interest is calculated based on the US Base Rate or the Canadian Base Rate, the Applicable Base Rate Margin set
forth above, (b) as to Revolving Loans for which interest is calculated based on the LIBOR Rate, the Applicable LIBOR Margin set forth above, and (c) as to Revolving Loans for which interest is calculated based on the Canadian BA Rate, the
Applicable Canadian BA Rate Margin as set forth above, in each case determined if the Quarterly Average Excess Availability for the immediately preceding three month period is at or within the amounts indicated for such percentage. 

The term “Quarterly Average Excess Availability” shall mean, at any time, the daily average of the aggregate amount of the Excess
Availability for the immediately preceding three month period, commencing on the first day of such three month period 

  
 C-19 

 Exhibit D 

to 
 Commitment Letter

 Beacon Roofing Supply, Inc. 

$1,300,000,000 Senior Unsecured Bridge Facility 

Summary of Principal Terms and Conditions 

All capitalized terms used herein but not defined herein shall have the meanings provided in the letter agreement to which this Exhibit D is
attached or in the other Exhibits to such letter agreement, as applicable. 
  

			
	Borrower:	  	The Borrower under the Term Loan Facility.
		
	Joint Lead Arrangers and Joint Bookrunning Managers:	  	Wells Fargo Securities and CGMI will act as the joint lead arrangers and joint bookrunning managers (in such capacity, the “Bridge Arrangers”).
		
	Lenders:	  	WF Investments and CGMI (or one or more of their respective affiliates) and a syndicate of financial institutions and other entities arranged by the Bridge Arrangers with your reasonable approval (excluding Disqualified
Institutions) (the “Bridge Lenders”).
		
	Administrative Agent:	  	WF Investments (in such capacity, the “Bridge Administrative Agent”).
		
	Syndication Agent:	  	CGMI will act as sole syndication agent (in such capacity, the “Bridge Syndication Agent” and, together with the Bridge Administrative Agent, the “Bridge Agents”).
		
	Bridge Loans:	  	Unsecured senior bridge facility (the “Bridge Facility”) consisting of bridge loans (the “Bridge Loans”) in an aggregate principal amount of (A) $1,300,000,000 less (B) the
aggregate gross proceeds of the Notes, if any, issued on or prior to the Closing Date (including pursuant to an escrow arrangement) and less the Equity Bridge Reduction Amount.
		
	Purpose:	  	The proceeds of the Bridge Loans will be used by the Borrower on the Closing Date to consummate the Transactions, including the payment of fees, costs and expenses in connection therewith.
		
	Availability:	  	The full amount of the Bridge Facility must be drawn in a single drawing on the Closing Date. Amounts borrowed under the Bridge Facility and repaid or prepaid may not be reborrowed.
		
	Documentation:	  	The Operative Documents with respect to the Bridge Loans (collectively, the “Bridge Loan Documentation”) will include, among other items, a bridge loan agreement, guarantees and other appropriate documents,
including an exhibit with the form of the indenture in connection with the issuance of any Exchange Notes as contemplated below.

  
 D-1 

			
		
		  	The Bridge Loan Documentation shall be negotiated in good faith and shall be consistent with the Commitment Letter (including this Exhibit D) and the Fee Letter and, in each case except as otherwise expressly provided herein or in
the Fee Letter, based on (but no less favorable to the Borrower than) the Indenture, dated as of October 1, 2015, by and among the Borrower, the subsidiary guarantors party thereto, and U.S. Bank National Association, as trustee (as amended,
supplemented or otherwise modified through the date hereof, the “Existing Indenture”), as modified to reflect the nature of the Bridge Facility as a credit agreement, with additions, deletions, modifications and other changes
as you and the Bridge Arrangers reasonably agree (i) to permit and give effect to the Transactions and other transactions contemplated hereby, (ii) to provide for and give effect to the Guarantees, (iii) to reflect changes in law or
accounting standards or cure mistakes or defects, (iv) to reflect reasonable administrative, agency and operational requirements of the Bridge Administrative Agent, and (v) to reflect the operational and strategic requirements of the
Borrower and its subsidiaries and the Acquired Company in light of their consolidated capital structure, size, industry and practices, in each case, after giving effect to the Transactions, including as reflected in the Projections. The provisions
of this paragraph are referred to as the “Bridge Documentation Principles.”
		
	Ranking:	  	The Bridge Loans and the Guarantees thereof will be senior debt of the Borrower and the Guarantors, respectively, pari passu with all other unsecured senior debt of the Borrower and the Guarantors.
		
	Guarantors:	  	The guarantors under the Term Loan Facility (each a “Guarantor”; and its guarantee is referred to herein as a “Guarantee”).
		
	Security:	  	None.
		
	Interest:	  	Interest rates and fees in connection with the Bridge Loans and the Exchange Notes will be as specified in the Arranger Fee Letter and on Schedule I attached hereto.
		
	Maturity/Exchange:	  	The Bridge Loans will mature on the date (the “Initial Maturity Date”) that is twelve months after the Closing Date. If any Bridge Loan has not been repaid in full on or prior to the Initial Maturity Date,
subject to payment of the Bridge Rollover Fee (as defined in the Arranger Fee Letter), the Bridge Loans will automatically be converted into term loans (each, an “Extended Term Loan”) due on the date that is eight years after
the Closing Date. The Extended Term Loans will be governed by the provisions of the Bridge Loan Documentation and will have the same terms as the Bridge Loans except as expressly set forth on Schedule II hereto.

  
 D-2 

			
		  	Lenders under the Extended Term Loans will have the option at any time or from time to time to receive Senior Unsecured Exchange Notes (the “Exchange Notes”) in exchange for such Extended Term Loans having
the terms set forth on Schedule III hereto; provided that the Borrower may defer the issuance of Exchange Notes until such time as the Borrower has received requests to issue an aggregate principal amount of Exchange Notes equal
to at least $100,000,000.
		
	Mandatory Prepayment:	  	 Subject to any restrictions set forth in the Operative Documents with respect to the Senior Secured Facilities and the Intercreditor
Agreement (solely with respect to clauses (b) and (c) below), the Borrower will be required to prepay the Bridge Loans on a pro rata basis, at par plus accrued and unpaid interest with:

 
 (a)    100% of the net cash
proceeds from the issuance of the Notes and/or any other indebtedness (other than the Senior Secured Facilities) by the Borrower or any of its subsidiaries, subject to baskets and other exceptions to be mutually agreed upon;

 
 (b)    100% of the net cash
proceeds from any issuance of equity securities of, or from any capital contribution to, the Borrower, subject to exceptions to be mutually agreed upon; and
  

(c)    100% of the net cash proceeds of all non-ordinary
course asset sales, insurance and condemnation recoveries and other asset dispositions by the Borrower or any of its subsidiaries, subject to reinvestment rights and exceptions to be mutually agreed upon,

 
 provided that with respect to clause (b) and (c) above the Bridge Loan
Documentation shall provide that such net proceeds may be applied to prepay either of the Senior Secured Facilities in lieu of the Bridge Facility if required under the terms of the Operative Documents with respect to the applicable Senior Secured
Facility.
  
 Each such prepayment will be made together with accrued interest to the date
of prepayment, but without premium or penalty (except breakage costs related to prepayments not made on the last day of the relevant interest period).
  

In the event any Bridge Lender or affiliate of a Bridge Lender purchases Securities from the Borrower pursuant to the securities demand provisions in the
Arranger Fee Letter, the net cash proceeds received by the Borrower in respect of such Securities may, at the option of such Bridge Lender or affiliate, be applied first to prepay the Bridge Loans of such Bridge Lender or affiliate rather than pro
rata (provided that if there is more than one such Bridge Lender or affiliate then such net cash proceeds will be applied pro rata to prepay the Bridge Loans of all such Bridge Lenders or affiliates in proportion to such Bridge Lenders’
or affiliates’ principal amount of Securities purchased from the Borrower) prior to being applied to prepay the Bridge Loans held by other Bridge Lenders.

  
 D-3 

			
		
	Change of Control:	  	Upon any change of control (to be defined in the Bridge Loan Documentation), the Borrower will be required to offer to prepay the entire outstanding principal amount of the Bridge Loans (plus any accrued and unpaid interest) at par
plus a prepayment fee equal to 1% of such outstanding principal amount.
		
	Voluntary Prepayment:	  	Subject to the provisions of the Senior Secured Facilities, the Bridge Loans may be prepaid at any time, in whole or in part, at the option of the Borrower, upon notice and in a minimum principal amount and in multiples to be agreed
upon, at 100% of the principal amount of the Bridge Loans prepaid, plus all accrued and unpaid interest and fees (including any breakage costs) to the date of the repayment.
		
	Conditions Precedent to Funding:	  	The funding of the loans under the Bridge Facility shall be subject to only those conditions precedent set forth in Section 3 of the Commitment Letter and in Exhibit E to the Commitment Letter.
		
	Representations and Warranties:	  	Subject to the Bridge Documentation Principles and the Limited Conditionality Provisions, the Bridge Loan Documentation will contain usual and customary representations and warranties for facilities of this type and substantially
similar to the representations and warranties contained in the Operative Documents with respect to the Term Loan Facility (subject to the Term Loan Documentation Principles), with such changes as are reasonably appropriate in connection with the
Bridge Facility.
		
	Covenants:	  	 Subject to the Bridge Documentation Principles and the Limited Conditionality Provisions, the Bridge Loan Documentation will contain
affirmative covenants comparable to those contained in the Operative Documents with respect to the Term Loan Facility (and also including a covenant to comply with the securities demand provisions in the Arranger Fee Letter, a customary offering
cooperation covenant and a covenant to use all commercially reasonable efforts to refinance the Bridge Loans as soon as practicable) and incurrence-based negative covenants consistent with the Bridge Documentation Principles; provided that
prior to the Initial Maturity Date, the indebtedness, lien and restricted payments covenants may be more restrictive than those contained in the Operative Documents with respect to the Term Loan Facility and/or the Existing Indenture.

The Bridge Loan Documentation will not include any financial maintenance covenants.

		
	Events of Default:	  	Prior to the Initial Maturity Date, the Bridge Loan Documentation will contain events of default (and, as appropriate, grace periods and threshold amounts) consistent with the Bridge Documentation Principles (and no more restrictive
than those set forth in the Operative Documents with respect to the Term Loan Facility), including without limitation an event of default for failure to pay fees specified in the Fee Letter.

  
 D-4 

			
		
	Yield Protection and Increased Costs:	  	Usual and customary for facilities similar to the Bridge Facility including customary tax gross up provisions.
		
	Assignments and Participations:	  	 Consents. Each Bridge Lender will, subject in certain circumstances to the approval of the Bridge Administrative Agent and the
Borrower (such consent not to be unreasonably withheld or delayed), be permitted to make assignments in acceptable minimum amounts. Participations will be permitted without the consent of the Borrower or the Bridge Administrative Agent.

 
 No Assignment or Participation to Certain Persons. No assignment or participation
may be made to natural persons, the Borrower or any of its affiliates or subsidiaries or to any Disqualified Institution.

		
	Required Lenders:	  	On any date of determination, those Bridge Lenders who collectively hold more than 50% of the aggregate outstanding Bridge Loans (the “Required Lenders”).
		
	Amendments and Waivers:	  	Amendments and waivers of the provisions of the Bridge Loan Documentation will require the approval of the Required Lenders, except that (a) the consent of all Bridge Lenders directly adversely affected thereby will be required
with respect to: (i) reductions of principal, interest, fees or other amounts, (ii) except as provided under “Maturity/Exchange” above, extensions of scheduled maturities or times for payment (other than for purposes of
administrative convenience), (iii) increases in the amount of any Bridge Lender’s commitment, (iv) additional restrictions on the right to exchange Extended Term Loans for Exchange Notes or any amendment to the rate of such exchange,
(v) changes in call dates or call prices (other than notice provisions) and (vi) changes in pro rata sharing provisions, and (b) the consent of 100% of the Bridge Lenders will be required with respect to customary matters, including
(i) to permit the Borrower to assign its rights under the Bridge Loan Documentation, (ii) to modify any voting percentages and (iii) to release of all or substantially all of the value of the Guarantees (other than in connection with
transactions permitted pursuant to the Bridge Loan Documentation), and (c) the consent of the Bridge Administrative Agent will be required to amend, modify or otherwise affect its rights and duties.
		
	Indemnification:	  	Substantially similar to the Operative Documents with respect to the Term Loan Facility
		
	Expenses:	  	The Borrower shall pay (a) all reasonable out-of-pocket expenses (including, without limitation, reasonable fees and expenses of counsel thereto)
of the Bridge Administrative Agent (promptly following written demand therefore) associated with the syndication of the Bridge Facility and the preparation, negotiation, execution,

  
 D-5 

			
		
		  	delivery and administration of the Bridge Loan Documentation and any amendment or waiver with respect thereto and (b) all reasonable out-of-pocket
expenses (including, without limitation, reasonable fees and expenses of counsel thereto) of the Bridge Administrative Agent and the Bridge Lenders promptly following written demand therefore in connection with the enforcement of the Bridge Loan
Documentation or protection of rights (in each case subject to restrictions and limitations substantially similar to those set forth in the Operative Documents with respect to the Term Loan Facility).
		
	Governing Law and Forum:	  	Substantially similar to the Operative Documents with respect to the Term Loan Facility
		
	Waiver of Jury Trial and Punitive and Consequential Damages:	  	Substantially similar to the Operative Documents with respect to the Term Loan Facility
		
	Counsel for the Bridge Arrangers and the Bridge Agents:	  	Cravath, Swaine & Moore LLP.

  
 D-6 

 Schedule I 

to 
 Exhibit D 

to 
 Commitment Letter

 Interest Rates on the Bridge Loans 

All capitalized terms used herein but not defined herein shall have the meanings provided in the letter agreement to which this Schedule I to
Exhibit D is attached or in the Exhibits to such letter agreement, as applicable. 
  

			
	Interest Rate:	  	 The Bridge Loans will bear interest for the first three month period commencing on the Closing Date at a variable rate per annum (the
“Applicable Interest Rate”) equal to the sum of (a) the three-month LIBOR Rate plus (b) a spread equal to 4.75%.
  

The Applicable Interest Rate will increase by an additional 0.50% following each three-month period after the Closing Date. Notwithstanding the
foregoing, the interest rate on the Bridge Loans will not at any time prior to the Initial Maturity Date exceed the Total Cap (as defined in the Arranger Fee Letter).
  

Interest will be payable quarterly in arrears and on the Initial Maturity Date and will be calculated on the basis of the actual number of days elapsed in a
year of 360 days.
  
 Upon the occurrence of a Demand Failure Event (as defined in the
Arranger Fee Letter), all outstanding Bridge Loans will accrue interest at the Total Cap.
  

The “LIBOR Rate” will be defined and calculated as specified in the Operative Documents with respect to the Term Loan Facility; provided that
at no time will the LIBOR Rate be deemed to be less than 0.00% per annum.
  

	Default Rate:	  	(a) Automatically upon the occurrence and during the continuance of any payment event of default or upon a bankruptcy event of default of the Borrower or any Guarantor or (b) at the election of the Required Lenders, upon the
occurrence and during the continuance of any other event of default, all outstanding principal, fees and other obligations under the Bridge Facility will bear interest at a rate per annum of 2.00% in excess of the rate then applicable to the Bridge
Loans, payable on demand of the Bridge Administrative Agent. Such Default Rate may be in excess of any cap or limitation on yield or interest rate set forth in the Commitment Letter or in the Fee Letter.

  
 D-I-1 

 Schedule II 

to 
 Exhibit D 

to 
 Commitment Letter

 Extended Term Loans 

Summary of Proposed Terms and Conditions 

All capitalized terms used herein but not defined herein shall have the meanings provided in the letter agreement to which this Schedule II to
Exhibit D is attached or in the Exhibits to such letter agreement, as applicable. 
  

			
		
	Borrower:	  	The Borrower.
		
	Guarantors:	  	Same as the Guarantors of the Bridge Loans.
		
	Security:	  	None.
		
	Ranking:	  	Same as the Bridge Loans.
		
	Maturity:	  	Eight years from the Closing Date.
		
	Interest Rate:	  	The Extended Term Loans will bear interest at the Total Cap.
		
	Default Rate:	  	Same as the default rate for the Bridge Loans.
		
	Mandatory Prepayment:	  	Same as the Bridge Loans.
		
	Voluntary Prepayment:	  	The Extended Term Loans may be prepaid, in whole or in part, in minimum denominations to be agreed, at par, plus accrued and unpaid interest upon not less than one business day’s prior written notice, at the option of
the Borrower at any time.
		
	Change of Control:	  	Same as the Bridge Loans.
		
	Covenants, Events of Default and Offers to Repurchase:	  	The covenants, events of default and offers to repurchase (other than with respect to a change of control as described above) that would be applicable to the Exchange Notes, if issued, will also be applicable to the Extended Term
Loans in lieu of the corresponding provisions applicable to the Bridge Loans.
		
	Governing Law and Forum:	  	Same as the Bridge Loans.

  
 D-II-1 

 Schedule III 

to 
 Exhibit D 

to 
 Commitment Letter

 Exchange Notes 

Summary of Proposed Terms and Conditions 

All capitalized terms used herein but not defined herein shall have the meanings provided in the letter agreement to which this Schedule III
to Exhibit D is attached or in the Exhibits to such letter agreement, as applicable. 
  

			
		
	Issuer:	  	The Borrower.
		
	Guarantors:	  	Same as the Guarantors of the Bridge Loans.
		
	Security:	  	None.
		
	Principal Amount:	  	The Exchange Notes will be available only in exchange for the Extended Term Loans. The principal amount of the Exchange Notes will equal 100% of the aggregate principal amount of the outstanding Extended Term Loans for which they
are exchanged and will have the same ranking as the Extended Term Loans for which they are exchanged.
		
	Ranking:	  	Same as the Bridge Loans.
		
	Maturity:	  	Eight years from the Closing Date.
		
	Interest Rate:	  	The Exchange Notes will bear interest at the Total Cap.
		
	Default Rate:	  	Same as the default rate for the Bridge Loans.
		
	Mandatory Redemption:	  	No mandatory redemption provisions other than 101% change of control put and customary asset sale offer to redeem provisions, subject to the Bridge Documentation Principles.
		
	Optional Redemption:	  	The Exchange Notes will be non-callable until the third anniversary of the Closing Date. Thereafter, each Exchange Note will be callable at par plus accrued interest plus a
premium equal to 75% of the interest rate on such Exchange Note, which premium shall decline ratably on each subsequent anniversary of the Closing Date to zero on the date that is two years prior to the maturity date of the Exchange Notes.
		
	Registration Rights:	  	None.

  

			
	Right to Resell Notes:	  	Any Bridge Lender (and any subsequent holder) will have the absolute and unconditional right to resell the Exchange Notes to one or more third parties, whether by assignment or participation and subject to compliance with applicable
securities laws.

  
 D-III-1 

			
		
	Covenants; Events of Default:	  	The Exchange Notes shall be subject to covenants and events of default that are consistent with the Bridge Documentation Principles and based on those contained in the preliminary offering memorandum or prospectus, if any, used to
market the Notes.
		
	Defeasance; Satisfaction; and
Discharge:	  	The Exchange Notes shall be subject to defeasance and satisfaction and discharge provisions that are consistent with the Bridge Documentation Principles and based on those contained in the preliminary offering memorandum or
prospectus, if any, used to market the Notes.
		
	Governing Law
and Forum:	  	Same as the Bridge Loans.
		
	Counsel to the Bridge Arrangers:	  	Cravath, Swaine & Moore LLP.

  
 D-III-2 

 Exhibit E 

to 
 Commitment Letter

 Summary of Additional Conditions Precedent 

All capitalized terms used herein but not defined herein shall have the meanings provided in the letter agreement to which this Exhibit E is
attached or in the other Exhibits to such letter agreement, as applicable. The initial borrowing under the Facilities shall be subject to the following additional conditions precedent: 

 

	 	1.	The Acquisition shall be consummated substantially contemporaneously with the initial funding under the Facilities (or, if any portion of the Term Loan Facility is funded into escrow as provided in the Arranger Fee
Letter, substantially contemporaneously with the application of the proceeds of such escrowed funds to consummate the Acquisition and the initial funding under the remainder of the Facilities) in accordance with the terms described in the
Acquisition Agreement (together with all schedules, exhibits and annexes thereto) (without any amendment, modification, supplement or waiver thereof or any consent thereunder that is material and adverse to the Lenders or the Arrangers without the
prior written consent of the Arrangers, which consent shall not be unreasonably withheld, conditioned or delayed (it being understood and agreed that (x) any decrease in the purchase price of less than 15% shall not be deemed to be materially
adverse to the Lenders or the Arrangers if the amounts to be funded under the Facilities are reduced by the full amount of such decrease with such decrease to be allocated among the Facilities as determined by the Arrangers, (y) any decrease in
the purchase price of 15% or greater shall be deemed to be materially adverse to the Lenders and Arrangers and (z) any increase in the purchase price of less than 15% shall not be deemed to be materially adverse to the Lenders or the Arrangers
if the amount of such increase is funded with proceeds of additional equity)). The Acquisition Agreement (together with all schedules, exhibits and annexes thereto) shall be in form and substance reasonably satisfactory to the Arrangers;
provided that the Arrangers agree that the Acquisition Agreement (together with all schedules, exhibits and annexes thereto) provided to the Arrangers on August 23, 2017 at 5:15 p.m. Eastern Time is satisfactory in form and substance to
the Arrangers. 

  

	 	2.	The Borrower shall have received gross proceeds from the Equity Financing in an amount not less than $498,000,000. The Preferred Equity Financing shall be consummated substantially contemporaneously with the initial
funding under the Facilities (or, if any portion of the Term Loan Facility is funded into escrow as provided in the Arranger Fee Letter, substantially contemporaneously with the application of the proceeds of such escrowed funds to consummate the
Acquisition and the initial funding under the remainder of the Facilities) in accordance with the terms described in the Investment Agreement by and among the Borrower, CD&R Boulder Holdings, L.P. and Clayton, Dubilier & Rice Fund IX,
L.P. (together with all schedules, exhibits and annexes thereto, the “Investment Agreement”) and the Certificate of Designation, in each case provided to the Arrangers on August 23, 2017 at 6:03 p.m. Eastern Time (each
without any amendment, modification, supplement or waiver thereof or any consent thereunder that is material and adverse to the Lenders or the Arrangers without the prior written consent of the Arrangers, which consent shall not be unreasonably
withheld, conditioned or delayed), it being acknowledged and agreed by the Arrangers that such Investment Agreement and Certificate of Designation, and the terms of the Preferred Shares set forth therein, are satisfactory in form and substance to
the Arrangers. 

  
 E-1 

	 	3.	The Acquisition Agreement Representations shall be true and correct to the extent required by the Limited Conditionality Provisions and the Specified Representations shall be true and correct in all material respects
(or in all respects, if qualified by materiality). 

  

	 	4.	Subject to the Limited Conditionality Provisions, the Arrangers shall have received customary legal opinions, perfection certificates, UCC financing statements, collateral and security documents consistent with the
Commitment Letter, corporate documents and officers’ and public officials’ certifications; a customary notice of borrowing; lien search results (to the extent requested at least ten business days prior to the Closing Date); organizational
documents; customary evidence of authorization to enter into the Operative Documents; and good standing certificates in jurisdictions of formation/organization, in each case of the Borrower and the Guarantors. The Term Loan Administrative Agent and
the ABL Administrative Agent shall have received a customary solvency certificate from the chief financial officer of the Borrower in the form attached hereto as Annex E-I. 

 

	 	5.	After giving effect to the consummation of the Transactions, the Borrower and its subsidiaries (including, without limitation, the Acquired Company) shall have no outstanding debt for borrowed money or outstanding
preferred equity other than (a) debt under the Facilities, (b) Surviving Indebtedness and (c) the Preferred Shares. 

  

	 	6.	Subject in all respects to the Limited Conditionality Provisions, (a) the Term Loan Administrative Agent shall have a perfected, (i) first priority lien on and security interest in all Term Loan Priority
Collateral and (ii) second priority lien on and security interest in all ABL Priority Collateral and (b) the ABL Administrative Agent shall have a perfected, (i) first priority lien on and security interest in all ABL Priority
Collateral and (ii) second priority lien on and security interest in all Term Loan Priority Collateral (in the case of each of clauses (a) and (b), free and clear of all liens, other than liens securing Surviving Indebtedness (excluding
the Existing Notes) and other customary exceptions to be agreed upon). 

  

	 	7.	All fees required to be paid on the Closing Date pursuant to the Commitment Letter and the Fee Letter and out-of-pocket expenses required
to be paid on the Closing Date pursuant to the Commitment Letter (to the extent invoiced at least three days prior to the Closing Date) shall, upon the initial borrowing under the Facilities, have been paid. 

 

	 	8.	Each of the Arrangers shall have received, at least five business days prior to the Closing Date, all documentation and other information required by regulatory authorities under applicable “know your
customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act, that such Arranger has requested at least 11 business days prior to the Closing Date. 

 

	 	9.	 The Arrangers shall have received (a) (i) audited consolidated balance sheets and related statements of
income and cash flows of the Borrower and its consolidated subsidiaries for the three most recently completed fiscal years ended at least 60 days prior to the Closing Date (it being acknowledged that the Arrangers have previously received such
financial statements for the fiscal years ended September 30, 2014, 2015 and 2016) and (ii) unaudited consolidated balance sheets and related statements of income and cash flows of the Borrower and its consolidated subsidiaries for each
fiscal quarter (other than any fourth fiscal quarter) ended after the most recent audited financial statements delivered pursuant to clause (a)(i) above and at least 45 days prior to the Closing Date (it being acknowledged that the Arrangers have
previously received such financial statements through and including the fiscal quarter ended June 30, 2017), (b) (i) audited combined balance sheets and related statements of income and cash flows of the Acquired

  
 E-2 

	 	
Company for the three most recently completed fiscal years ended at least 90 days prior to the Closing Date (it being acknowledged that the Arrangers have previously received such financial
statements for the fiscal years ended December 27, 2014, January 2, 2016 and December 31, 2016) and (ii) unaudited combined balance sheets and related statements of income and cash flows of the Acquired Company for each fiscal
quarter ended after the most recent audited financial statements delivered pursuant to clause (b)(i) above and at least 45 days prior to the Closing Date (it being acknowledged that the Arrangers have previously received such financial statements
through and including the fiscal quarter ended July 1, 2017) and (c) a pro forma consolidated balance sheet and related pro forma consolidated statement of income of the Borrower as of, and for the twelve-month period ending on, the last
day of the most recently completed four-fiscal quarter period for which financial statements of the Borrower pursuant to clause (a) above has been delivered, in each case prepared after giving effect to the Transactions as if the Transactions
had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such income statement). 

  

	 	10.	The Arrangers shall have received the financial statements required to be delivered pursuant to paragraph 9 above and all other financial, marketing and other information customarily provided by borrowers in the
preparation of a confidential information memorandum for the syndication of each of the Facilities (the “Required Information”). The Arrangers shall have been afforded a period (the “Marketing Period”)
of 15 consecutive business days (ending on the business day immediately prior to the Closing Date) after receipt of the Required Information to syndicate each of the Facilities; provided that (x) such 15 consecutive business day period
will not commence earlier than September 5, 2017, (y) such 15 consecutive business day period shall not be required to be consecutive to the extent it would include November 23, 2017 through November 26, 2017 (which dates shall
not count for purposes of satisfying the 15 consecutive business day requirement) and (z) if such period has not ended on or before December 21, 2017, it shall not commence earlier than January 2, 2018. 

 

	 	11.	The ABL Administrative Agent shall have received a closing borrowing base certificate using, if applicable, the Alternative Closing Borrowing Base and otherwise consistent with the Commitment Letter. 

 

	 	12.	 With respect to the Bridge Facility, (a) investment banks satisfactory to Wells Fargo Securities and Citi
(each, an “Investment Bank”) shall have been engaged to publicly sell or privately place the Notes and the Investment Banks and the Arrangers shall have received a complete printed preliminary prospectus or preliminary
offering memorandum or preliminary private placement memorandum (collectively, an “Offering Document”) suitable for use in a customary high-yield road show relating to the issuance of the Notes, which contains all audited and
unaudited historical and pro forma financial statements (including, in the case of audited financial statements, the auditors’ report thereon) and other data to be included therein (including other financial data of the type and form
customarily included in offering memoranda), and all other data that the Securities and Exchange Commission would require in a registered offering of such Notes (other than those items customarily excluded from a Rule 144A offering memorandum) or
would be necessary for the Investment Banks to receive customary “comfort” (including “negative assurance” comfort) from independent accountants in connection with the offering of the Notes (provided that clause
(a) of this condition shall be satisfied if such Offering Document excludes sections that would customarily be provided by an Investment Bank (including a “Description of Notes”), but is otherwise complete) and (b) the Investment
Banks shall have been afforded a period of at least 15 consecutive business days following receipt of an Offering Document, that includes information satisfying clause (a) above for the entirety of such period, to seek to place the Notes with
qualified purchasers thereof; provided that (x) such 15 consecutive 

  
 E-3 

	 	
business day period will not commence earlier than September 5, 2017, (y) such 15 consecutive business day period shall not be required to be consecutive to the extent it would include
November 23, 2017 through November 26, 2017 (which dates shall not count for purposes of satisfying the 15 consecutive business day requirement) and (z) if such period has not ended on or before December 21, 2017, it shall not
commence earlier than January 2, 2018. The comfort letters to be provided by the independent accountants of the Borrower and the Acquired Company shall be in customary form, and the auditors shall be prepared to deliver such letters at the
pricing date (it being understood that receipt of the comfort letter shall not be a condition for commencing such 15 business day period). If the Borrower shall in good faith reasonably believe that it has delivered the Offering Document required to
be delivered pursuant to clause (a) of this paragraph (12), the Borrower may deliver to the Arrangers written notice to that effect (stating when it believes it completed any such delivery), in which case the Borrower shall be deemed to have
satisfied its requirements to deliver an Offering Document under clause (a) of this paragraph (12) on the date such notice is received by the Arrangers and the 15 business day marketing period under clause (b) above shall commence as
follows: (x) subject to clause (y) and (z) below, on the date such notice is received by the Arrangers; (y) if such notice is received prior to September 5, 2017, on September 5, 2017; or (z) if such notice is received
after December 21, 2017 and prior to January 2, 2018, on January 2, 2018, in each case unless the Arrangers in good faith reasonably believe that the Borrower has not delivered the Offering Document required to be delivered pursuant
clause (a) of this paragraph (12) and, within three business days after their receipt of such notice from the Borrower, the Arrangers deliver a written notice to the Borrower to that effect (stating with specificity which information is
required to satisfy the Borrower’s requirements under clause (a) of this paragraph (12) for purposes of compliance with this condition only). 

  
 E-4 

 Annex E-I 

FORM OF SOLVENCY CERTIFICATE 

[            ], 201[    ] 

This Solvency Certificate (this “Certificate”) is furnished to the Administrative Agent and the Lenders pursuant to
Section [            ] of the Credit Agreement, dated as of                     
        , 201[    ], among [                    
        ] (the “Credit Agreement”). Unless otherwise defined herein, capitalized terms used in this Certificate shall have the meanings set forth in the Credit Agreement. 

I, [                 ], the Chief Financial Officer of the
Borrower (after giving effect to the Transactions), in that capacity only and not in my individual capacity (and without personal liability), DO HEREBY CERTIFY on behalf of the Borrower that as of the date hereof, after giving effect to the
consummation of the Transactions (including the execution and delivery of the Acquisition Agreement and the Credit Agreement, the making of the Loans and the use of proceeds of such Loans on the date hereof): 

 

	 	1.	The sum of the liabilities (including contingent liabilities) of the Borrower and its subsidiaries, on a consolidated basis, does not exceed the fair value of the present assets of the Borrower and its subsidiaries, on
a consolidated basis. 

  

	 	2.	The present fair saleable value of the assets of the Borrower and its subsidiaries, on a consolidated basis, is greater than the total amount that will be required to pay the probable liabilities (including contingent
liabilities) of the Borrower and its subsidiaries as they become absolute and matured. 

  

	 	3.	The capital of the Borrower and its subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business as contemplated on the date hereof. 

 

	 	4.	The Borrower and its subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will incur, debts or other liabilities, including current obligations, beyond their ability
to pay such debts or other liabilities as they become due (whether at maturity or otherwise). 

  

	 	5.	The Borrower and its subsidiaries, on a consolidated basis, are “solvent” within the meaning given to that term and similar terms under applicable laws relating to fraudulent transfers and conveyances.

  

	 	6.	For purposes of this Certificate, the amount of any contingent liability has been computed as the amount that, in light of all of the facts and circumstances existing as of the date hereof, represents the amount that
can reasonably be expected to become an actual or matured liability. 

  

	 	7.	In reaching the conclusions set forth in this Certificate, the undersigned has (i) reviewed the Credit Agreement and other Loan Documents referred to therein and such other documents deemed relevant,
(ii) reviewed the financial statements (including the pro forma financial statements) referred to in Section [ ] of the Credit Agreement (the “Financial Statements”) and (iii) made such other investigations and
inquiries as the undersigned has deemed appropriate. 

  
 E-I-1 

	 	8.	The financial information and assumptions which underlie and form the basis for the representations made in this Certificate were fair and reasonable when made and were made in good faith and continue to be fair and
reasonable as of the date hereof. 

  

	 	9.	The undersigned confirms and acknowledges that the Administrative Agent and the Lenders are relying on the truth and accuracy of this Certificate in connection with the Commitments and Loans under the Credit Agreement.

 [Remainder of Page Intentionally Left Blank] 

  
 E-I-2 

 IN WITNESS WHEREOF, I have executed this Certificate this as of the date first written above.

  

			
	[                    ]
		
	By:	 	  

		 	Name:
		 	Title: Chief Financial Officer

  
 E-I-3EX-4.1

 Exhibit 4.1 

INDENTURE 
 NISSAN AUTO
RECEIVABLES 2017-B OWNER TRUST, 
 as Issuer 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Indenture Trustee 

Dated as of August 23, 2017 

  

					
		 		 	(Nissan 2017-B Indenture)

							
	ARTICLE I	 	DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	2	 
			
	 SECTION 1.01
	 	 Definitions
	  	 	2	 
			
	 SECTION 1.02
	 	 Usage of Terms
	  	 	2	 
			
	 SECTION 1.03
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	2	 
			
	ARTICLE II	 	THE NOTES	  	 	3	 
			
	 SECTION 2.01
	 	 Form
	  	 	3	 
			
	 SECTION 2.02
	 	 Execution, Authentication and Delivery
	  	 	3	 
			
	 SECTION 2.03
	 	 Temporary Notes
	  	 	4	 
			
	 SECTION 2.04
	 	 Registration; Registration of Transfer and Exchange
	  	 	4	 
			
	 SECTION 2.05
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	6	 
			
	 SECTION 2.06
	 	 Persons Deemed Owners
	  	 	7	 
			
	 SECTION 2.07
	 	 Payments of Principal and Interest
	  	 	7	 
			
	 SECTION 2.08
	 	 Cancellation
	  	 	8	 
			
	 SECTION 2.09
	 	 Release of Collateral
	  	 	8	 
			
	 SECTION 2.10
	 	 Book-Entry Notes
	  	 	8	 
			
	 SECTION 2.11
	 	 Notices to Clearing Agency
	  	 	9	 
			
	 SECTION 2.12
	 	 Definitive Notes
	  	 	9	 
			
	 SECTION 2.13
	 	 Tax Treatment
	  	 	10	 
			
	 SECTION 2.14
	 	 Calculation Agent
	  	 	11	 
			
	ARTICLE III	 	COVENANTS, REPRESENTATIONS AND WARRANTIES	  	 	11	 
			
	 SECTION 3.01
	 	 Payment of Principal and Interest
	  	 	11	 
			
	 SECTION 3.02
	 	 Maintenance of Office or Agency
	  	 	12	 
			
	 SECTION 3.03
	 	 Money for Payments To Be Held in Trust
	  	 	12	 
			
	 SECTION 3.04
	 	 Existence
	  	 	14	 
			
	 SECTION 3.05
	 	 Protection of Owner Trust Estate
	  	 	14	 
			
	 SECTION 3.06
	 	 Opinions as to Owner Trust Estate
	  	 	14	 
			
	 SECTION 3.07
	 	 Performance of Obligations; Servicing of Receivables
	  	 	15	 
			
	 SECTION 3.08
	 	 Negative Covenants
	  	 	16	 
			
	 SECTION 3.09
	 	 Annual Statement as to Compliance
	  	 	17	 
			
	 SECTION 3.10
	 	 Issuer May Consolidate, etc., Only on Certain Terms
	  	 	17	 
			
	 SECTION 3.11
	 	 Successor or Transferee
	  	 	19	 
			
	 SECTION 3.12
	 	 No Other Business
	  	 	19	 
			
	 SECTION 3.13
	 	 No Borrowing
	  	 	19	 

  

					
		 	-i-	 	(Nissan 2017-B Indenture)

							
	 SECTION 3.14
	 	 Guarantees, Loans, Advances and Other Liabilities
	  	 	19	 
			
	 SECTION 3.15
	 	 Capital Expenditures
	  	 	19	 
			
	 SECTION 3.16
	 	 Removal of Administrator
	  	 	19	 
			
	 SECTION 3.17
	 	 Restricted Payments
	  	 	20	 
			
	 SECTION 3.18
	 	 Notice of Events of Default
	  	 	20	 
			
	 SECTION 3.19
	 	 Further Instruments and Actions
	  	 	20	 
			
	 SECTION 3.20
	 	 Representations and Warranties
	  	 	20	 
			
	ARTICLE IV	 	SATISFACTION AND DISCHARGE	  	 	21	 
			
	 SECTION 4.01
	 	 Satisfaction and Discharge of Indenture
	  	 	21	 
			
	 SECTION 4.02
	 	 Application of Trust Money
	  	 	22	 
			
	 SECTION 4.03
	 	 Repayment of Moneys Held by Paying Agent
	  	 	22	 
			
	 ARTICLE V
	 	REMEDIES	  	 	22	 
			
	 SECTION 5.01
	 	 Events of Default
	  	 	22	 
			
	 SECTION 5.02
	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	23	 
			
	 SECTION 5.03
	 	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	 	24	 
			
	 SECTION 5.04
	 	 Remedies; Priorities
	  	 	26	 
			
	 SECTION 5.05
	 	 Optional Preservation of the Collateral
	  	 	28	 
			
	 SECTION 5.06
	 	 Limitation of Suits
	  	 	28	 
			
	 SECTION 5.07
	 	 Rights of Noteholders to Receive Principal and Interest
	  	 	29	 
			
	 SECTION 5.08
	 	 Restoration of Rights and Remedies
	  	 	29	 
			
	 SECTION 5.09
	 	 Rights and Remedies Cumulative
	  	 	29	 
			
	 SECTION 5.10
	 	 Delay or Omission Not a Waiver
	  	 	29	 
			
	 SECTION 5.11
	 	 Control by Noteholders
	  	 	29	 
			
	 SECTION 5.12
	 	 Waiver of Past Defaults
	  	 	30	 
			
	 SECTION 5.13
	 	 Undertaking for Costs
	  	 	30	 
			
	 SECTION 5.14
	 	 Waiver of Stay or Extension Laws
	  	 	30	 
			
	 SECTION 5.15
	 	 Action on Notes
	  	 	31	 
			
	 SECTION 5.16
	 	 Performance and Enforcement of Certain Obligations
	  	 	31	 
			
	ARTICLE VI	 	THE INDENTURE TRUSTEE	  	 	31	 
			
	 SECTION 6.01
	 	 Duties of Indenture Trustee
	  	 	31	 
			
	 SECTION 6.02
	 	 Rights of Indenture Trustee
	  	 	33	 
			
	 SECTION 6.03
	 	 Individual Rights of Indenture Trustee
	  	 	35	 

  

					
		 	-ii-	 	(Nissan 2017-B Indenture)

							
	 SECTION 6.04
	 	 Indenture Trustee’s Disclaimer
	  	 	35	 
			
	 SECTION 6.05
	 	 Notice of Defaults
	  	 	36	 
			
	 SECTION 6.06
	 	 Reports by Indenture Trustee to Holders
	  	 	36	 
			
	 SECTION 6.07
	 	 Compensation and Indemnity
	  	 	36	 
			
	 SECTION 6.08
	 	 Replacement of Indenture Trustee
	  	 	37	 
			
	 SECTION 6.09
	 	 Successor Indenture Trustee by Merger
	  	 	38	 
			
	 SECTION 6.10
	 	 Appointment of Co-Indenture Trustee or Separate Indenture
Trustee
	  	 	38	 
			
	 SECTION 6.11
	 	 Eligibility; Disqualification
	  	 	39	 
			
	 SECTION 6.12
	 	 Preferential Collection of Claims Against Issuer
	  	 	40	 
			
	ARTICLE VII	 	NOTEHOLDERS’ LISTS AND REPORTS	  	 	40	 
			
	 SECTION 7.01
	 	 Note Registrar To Furnish Names and Addresses of Noteholders
	  	 	40	 
			
	 SECTION 7.02
	 	 Preservation of Information; Communications to Noteholders
	  	 	40	 
			
	 SECTION 7.03
	 	 Reports by Issuer
	  	 	41	 
			
	 SECTION 7.04
	 	 Reports by Indenture Trustee
	  	 	41	 
			
	 SECTION 7.05
	 	 Indenture Trustee Website
	  	 	42	 
			
	 SECTION 7.06
	 	 Information to be Provided by the Indenture Trustee
	  	 	42	 
			
	 SECTION 7.07
	 	 Noteholder Demand for Repurchase; Dispute Resolution
	  	 	42	 
			
	 SECTION 7.08
	 	 Asset Review Voting
	  	 	43	 
			
	ARTICLE VIII	 	ACCOUNTS, DISBURSEMENTS AND RELEASES	  	 	44	 
			
	 SECTION 8.01
	 	 Collection of Money
	  	 	44	 
			
	 SECTION 8.02
	 	 Accounts
	  	 	44	 
			
	 SECTION 8.03
	 	 General Provisions Regarding Accounts
	  	 	45	 
			
	 SECTION 8.04
	 	 Release of Owner Trust Estate
	  	 	46	 
			
	 SECTION 8.05
	 	 Release of Receivables Upon Purchase by the Seller or the Servicer
	  	 	46	 
			
	 SECTION 8.06
	 	 Opinion of Counsel
	  	 	46	 
			
	ARTICLE IX	 	SUPPLEMENTAL INDENTURES	  	 	47	 
			
	 SECTION 9.01
	 	 Supplemental Indentures Without Consent of Noteholders
	  	 	47	 
			
	 SECTION 9.02
	 	 Supplemental Indentures with Consent of Noteholders
	  	 	48	 
			
	 SECTION 9.03
	 	 Execution of Supplemental Indentures
	  	 	49	 
			
	 SECTION 9.04
	 	 Effect of Supplemental Indenture
	  	 	50	 
			
	 SECTION 9.05
	 	 Conformity with Trust Indenture Act
	  	 	50	 
			
	 SECTION 9.06
	 	 Reference in Notes to Supplemental Indentures
	  	 	50	 

  

					
		 	-iii-	 	(Nissan 2017-B Indenture)

							
			
	ARTICLE X	 	REDEMPTION OF NOTES	  	 	50	 
			
	 SECTION 10.01
	 	 Optional Purchase of All Receivables
	  	 	50	 
			
	 SECTION 10.02
	 	 Form of Redemption Notice
	  	 	51	 
			
	 SECTION 10.03
	 	 Notes Payable on Redemption Date
	  	 	51	 
			
	ARTICLE XI	 	MISCELLANEOUS	  	 	51	 
			
	 SECTION 11.01
	 	 Compliance Certificates and Opinions, etc
	  	 	51	 
			
	 SECTION 11.02
	 	 Form of Documents Delivered to Indenture Trustee
	  	 	53	 
			
	 SECTION 11.03
	 	 Acts of Noteholders
	  	 	53	 
			
	 SECTION 11.04
	 	 Notices to Indenture Trustee, Issuer and Rating Agencies
	  	 	54	 
			
	 SECTION 11.05
	 	 Notices to Noteholders; Waiver
	  	 	55	 
			
	 SECTION 11.06
	 	 Alternate Payment and Notice Provisions
	  	 	55	 
			
	 SECTION 11.07
	 	 Conflict with Trust Indenture Act
	  	 	55	 
			
	 SECTION 11.08
	 	 Effect of Headings and Table of Contents
	  	 	55	 
			
	 SECTION 11.09
	 	 Successors and Assigns
	  	 	56	 
			
	 SECTION 11.10
	 	 Severability
	  	 	56	 
			
	 SECTION 11.11
	 	 Benefits of Indenture
	  	 	56	 
			
	 SECTION 11.12
	 	 Governing Law
	  	 	56	 
			
	 SECTION 11.13
	 	 Counterparts
	  	 	56	 
			
	 SECTION 11.14
	 	 Recording of Indenture
	  	 	56	 
			
	 SECTION 11.15
	 	 Trust Obligation
	  	 	56	 
			
	 SECTION 11.16
	 	 No Petition
	  	 	57	 
			
	 SECTION 11.17
	 	 Inspection
	  	 	57	 
		
	 EXHIBIT A     FORM OF CLASS
[A-1] [A-2a] [A-2b] [A-3] [A-4] NOTE
	  			
	 EXHIBIT B     FORM OF ASSET REPURCHASE DEMAND ACTIVITY
REPORT
	  			

  

					
		 	-iv-	 	(Nissan 2017-B Indenture)

					
	 TIA

Section
	  	 Indenture

Section
	 
	 CROSS-REFERENCE TABLE

(not part of this Indenture)
	  
  

	 (§)310(a) (1)
	  	 	6.11	 
	 (a) (2)
	  	 	6.11	 
	 (a) (3)
	  	 	6.10(b)(1)	 
	 (a) (4)
	  	 	N.A.	 
	 (a) (5)
	  	 	6.11	 
	 (b)
	  	 	5.04	 
		  	 	6.08 6.11	 
	 (c)
	  	 	N.A.	 
	 (§)311(a)
	  	 	6.12	 
	 (b)
	  	 	6.12	 
	 (c)
	  	 	N.A.	 
	 (§)312(a)
	  	 	7.01	 
	 (b)
	  	 	7.01	 
		  	 	7.02(b)	 
	 (c)
	  	 	7.02(c)	 
	 (§)313(a)
	  	 	7.04	 
	 (b) (1)
	  	 	N.A.	 
	 (b) (2)
	  	 	7.04	 
	 (c)
	  	 	7.04	 
		  	 	11.04	 
	 (d)
	  	 	7.04	 
	 (§)314(a)
	  	 	7.03	 
		  	 
 
 
	3.09
 11.04

7.04
	
 
  

	 (b)
	  	 	3.06	 
		  	 	11.14	 
	 (c) (1)
	  	 	11.01	 
		  	 
	6.02
8.05(b)	 
 
	 (c) (2)
	  	 	11.01	 
		  	 
 
 

	3.06
 3.10

6.02
8.05(b)
8.06
	 
  

 
 
 

	 (c) (3)
	  	 	11.01	 
	 (d)
	  	 	11.01(c)	 

  

					
		 	-v-	 	(Nissan 2017-B Indenture)

					
	 TIA

Section
	  	 Indenture

Section
	 
	 (e)
	  	 	11.01	 
	 (f)
	  	 	N.A.	 
	 (§)315(a)
	  	 	6.01	 
	 (b)
	  	 	6.05	 
	 (c)
	  	 	N.A.	 
	 (d)
	  	 	6.01(c)	 
	 (e)
	  	 	5.13	 
	 (§)316(a)(1) (A)
	  	 	5.11	 
	 (a) (1) (B)
	  	 	5.12	 
	 (a) (2)
	  	 	N.A.	 
	 (b)
	  	 	5.07	 
		  	 
 
	9.02
 5.13(c),
	 
  

	 (c)
	  	 	N.A.	 
	 (§)317(a) (1)
	  	 	5.04	 
	 (a) (2)
	  	 	5.03(c)	 
		  	 
 
	5.03(d)
 5.04
	 
  

	 (b)
	  	 	3.03	 
	 (§)318(a)
	  	 	11.07	 

  
 N.A. means
not applicable 

  

					
		 	-vi-	 	(Nissan 2017-B Indenture)

 INDENTURE dated as of August 23, 2017 (this “Indenture”), between NISSAN
AUTO RECEIVABLES 2017-B OWNER TRUST, a Delaware statutory trust (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee and not in its individual capacity (the
“Indenture Trustee”). 
 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 1.27000% Asset Backed Notes, Class A-1 (the “Class A-1 Notes”), 1.56% Asset Backed
Notes, Class A-2a (the “Class A-2a Notes”), LIBOR + 0.10% Asset Backed Notes,
Class A-2b (the “Class A-2b Notes,” and together with the Class A-2a Notes, the
“Class A-2 Notes”), 1.75% Asset Backed Notes, Class A-3 (the
“Class A-3 Notes”), 1.95% Asset Backed Notes, Class A-4 (the
“Class A-4 Notes”, and collectively with the Class A-1 Notes, the Class A-2 Notes
and the Class A-3 Notes, the “Notes”): 
 GRANTING CLAUSE 

The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes all of
the Issuer’s right, title and interest, whether now owned or hereafter acquired, in and to the following (collectively, the “Collateral”): 

(i)    the Receivables (including all related Receivable Files) and all monies due thereon or paid thereunder or in
respect thereof after the Cut-off Date; 
 (ii)    the Accounts and amounts on
deposit in the Accounts; 
 (iii)    the security interests in the Financed Vehicles granted by the Obligors pursuant to
the Receivables and any related property; 
 (iv)    any proceeds from claims on any physical damage, credit life,
credit disability or other insurance policies covering the Financed Vehicles or the Obligors; 
 (v)    payments in
respect of any Dealer Recourse with respect to the Receivables; 
 (vi)    the Sale and Servicing Agreement, the
Purchase Agreement and the Assignment; 
 (vii)    the right of the Issuer to realize upon any property (including the
right to receive future Net Liquidation Proceeds) that shall have secured a Receivable; 
 (viii)    rebates of premiums
and other amounts relating to insurance policies and other items financed under the Receivables in effect as of the Cut-off Date; 

(ix)    all other assets comprising the Owner Trust Estate; and 

(x)    all proceeds of the foregoing. 

The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the
Notes, equally and ratably without prejudice, priority or distinction, and to secure compliance with the provisions of this Indenture, and subject to the subordinate claims thereon of the Holders of the Certificates, all as provided in this
Indenture. 

  

					
		 	1	 	(Nissan 2017-B Indenture)

 The Indenture Trustee, as Indenture Trustee on behalf of the Holders of the Notes, 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 best of its ability to the end that the interests of the Holders of the Notes
may be adequately and effectively protected. 
 ARTICLE I 

Definitions and Incorporation by Reference 

SECTION 1.01 Definitions. Except as otherwise specified herein or if the context may otherwise require, capitalized terms used but not
otherwise defined herein have the meanings ascribed thereto in the Sale and Servicing Agreement, dated as of the date hereof (the “Sale and Servicing Agreement”), by and among Nissan Auto Receivables Corporation II, as seller,
Nissan Motor Acceptance Corporation, as servicer, the Issuer and the Indenture Trustee. 
 SECTION 1.02 Usage of Terms. With respect
to all terms in this Indenture, the singular includes the plural and the plural the singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of
reproducing words in a visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments and restatements and supplements thereto or changes therein entered into in accordance with their
respective terms and not prohibited by this Indenture; references to Persons include their permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors
thereto; and the term “including” means “including without limitation.” 
 SECTION 1.03 Incorporation by Reference of
Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Indenture Trustee. 

“obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities. 

  

					
		 	2	 	(NAROT 2017-B Indenture)

 All other TIA terms used in this Indenture that are defined in the TIA, defined in the TIA by
reference to another statute or defined by Commission rule have the meanings so assigned to them. 
 ARTICLE II 

The Notes 
 SECTION 2.01
Form. The Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the
Class A-3 Notes and the Class A-4 Notes, in each case, together with the Indenture Trustee’s certificate of authentication, shall be in substantially the
form set forth as Exhibit A, 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 thereof. 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 Exhibit A are part of the terms of this
Indenture. 
 SECTION 2.02 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its
Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. The Indenture Trustee shall upon Issuer Order
authenticate and deliver the Class A-1 Notes for original issue in an aggregate principal amount of $330,000,000, the Class A-2a Notes for original issue in an
aggregate principal amount of $350,000,000, the Class A-2b Notes for original issue in an aggregate principal amount of $189,000,000, the Class A-3 Notes for
original issue in an aggregate principal amount of $389,000,000, and the Class A-4 Notes for original issue in an aggregate principal amount of $124,620,000. The aggregate principal amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.05. The Notes shall be issuable as registered Notes in minimum denominations of $1,000 and any integral multiple of $1,000
in excess thereof; provided that any Retained Notes shall be issued as Definitive Notes and the holder of such Retained Notes shall be a Note Owner and a Noteholder for all purposes of this Indenture. Each Note shall be dated the date of its
authentication. 
 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 included in Exhibit A, as the case may be, executed by the Indenture Trustee by the manual 

  

					
		 	3	 	(NAROT 2017-B Indenture)

 
or facsimile 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 2.03 Temporary Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and upon
receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver, temporary Notes that 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 3.02, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes of any Class, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver in exchange
therefor, a like principal amount of Definitive Notes of such Class 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 2.04 Registration; Registration of Transfer and Exchange. 

(a)    The Note Registrar shall maintain a Note Register in which, subject to such reasonable regulations as it may
prescribe, the Note Registrar shall provide for the registration of Notes and transfers and exchanges of Notes as provided in this Indenture. The Indenture Trustee is hereby initially appointed Note Registrar for the purpose of registering Notes and
transfers and exchanges of Notes as provided in this Indenture. In the event that, subsequent to the Closing Date, the Indenture Trustee notifies the Issuer that it is unable to act as Note Registrar, the Issuer shall appoint another bank or trust
company, having an office or agency located in St. Paul, Minnesota, agreeing to act in accordance with the provisions of this Indenture applicable to it, and otherwise acceptable to the Indenture Trustee, to act as successor Note Registrar under
this Indenture. 
 If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the
Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all
reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Holders of the
Notes and the principal amounts and number of such Notes. 
 (b)    Upon the proper surrender for registration of
transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.02, the Issuer shall execute, and the Indenture Trustee shall authenticate in the name of the designated transferee or
transferees, one or more new Notes of the same Class in authorized denominations of a like aggregate principal amount. 

  

					
		 	4	 	(NAROT 2017-B Indenture)

 (c)    At the option of the Holder, Notes may be exchanged for other Notes of
the same Class in any authorized denominations, of 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, the Issuer shall execute, and the
Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive. Every Note presented or surrendered for registration of transfer or exchange
shall be accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee and the Note Registrar duly executed by the Holder thereof or his attorney duly authorized in writing. 

(d)    No service charge shall be made for any registration of transfer or exchange of Notes, but the Indenture Trustee
may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Notes. 

(e)    All Notes surrendered for registration of transfer or exchange shall be canceled and subsequently destroyed by the
Indenture Trustee. 
 (f)    By acquiring a Note (or any interest therein), each Note Owner (and if the Note Owner is
any type of employee benefit plan or arrangement, its fiduciary) will be deemed to (i) represent, warrant and covenant that either (A) it is not, and is not acquiring or holding the Note (or any interest therein) for, on behalf of or with
the assets of a Benefit Plan or any other employee benefit plan or arrangement that is subject to Similar Law; or (B) the acquisition, holding and disposition of the Note (or any interest therein) does not and will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any Similar Law and (ii) acknowledge and agree that the Notes are not eligible for purchase by Benefit Plans
or any other employee benefit plan or arrangement that is subject to Similar Law at any time that the ratings on the Notes are below investment grade or the Notes have been characterized as other than indebtedness for applicable local law purposes.
In addition, each purchaser and transferee that is a Benefit Plan and its Plan Fiduciary is deemed to represent and warrant by its acquisition of a Note (or interest therein) that the decision to acquire the Note has been made by the Plan Fiduciary
and the Plan Fiduciary is an “independent fiduciary with financial expertise” as described in 29 C.F.R. Sec. 2510.3-21(c)(1). Specifically, this requires the Benefit Plan and Plan Fiduciary to
represent and warrant that: (a) the Plan Fiduciary is independent of the Transaction Parties, and the Plan Fiduciary either: (i) is a bank as defined in Section 202 of the Advisers Act or similar institution that is regulated and
supervised and subject to periodic examination by a U.S. state or U.S. federal agency, (ii) is an insurance carrier which is qualified under the laws of more than one U.S. state to perform the services of managing, acquiring or disposing of
assets of an “employee benefit plan” as defined in Section 3(3) of ERISA or “plan” described in Section 4975 of the Code, (iii) is an investment adviser registered under the Advisers Act, or, if not registered an
as investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act, is registered as an investment adviser under the laws of the U.S. state in which it maintains its principal office and place of
business, (iv) is a broker-dealer registered under the Exchange Act or (v) holds, or has under its management or control, total assets of at least U.S. $50 million (provided that this clause
(v) shall not be satisfied if the Plan Fiduciary is an individual directing his or her own individual retirement account or plan account or relative of such individual); (b) the Plan Fiduciary is

  

					
		 	5	 	(NAROT 2017-B Indenture)

 
capable of evaluating investment risks independently, both in general and with respect to particular transactions and investment strategies, including the acquisition by the Benefit Plan of the
Notes; (c) the Plan Fiduciary is a “fiduciary” with respect to the Benefit Plan within the meaning of Section 3(21) of ERISA, Section 4975 of the Code, or both, and is responsible for exercising independent judgment in
evaluating the Benefit Plan’s acquisition of the Notes, (d) none of the Transaction Parties has exercised any authority to cause the Benefit Plan to invest in the Notes or to negotiate the terms of the Benefit Plan’s investment in the
Notes; and (e) the Plan Fiduciary has been informed by the Transaction Parties: (i) that no such Transaction Party is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity, and that no such entity has
given investment advice or otherwise made a recommendation, in connection with the Benefit Plan’s acquisition of the Notes and (ii) of the existence and nature of each such Transaction Party’s financial interests in the Benefit
Plan’s acquisition of the Notes. 
 (g)    The Retained Notes, if any (or interests therein), will not be
transferred (other than to a Person specified in the definition of Retained Notes) unless a written opinion of counsel, which counsel and opinion shall be acceptable to the Indenture Trustee, is delivered to the Indenture Trustee to the effect that,
for federal income tax purposes, such Notes after such transfer will be treated as debt and, if there are other Notes of the same Class as such transferred Notes which are not Retained Notes prior to such transfer, for such purposes such Notes
will be fungible with such other Notes of the same Class; provided, however, that fungibility need not take into account whether Notes are, or are not, Definitive Notes. 

(h)    No Retained Note has been or will be registered under the Securities Act or any other applicable securities or
“blue sky” laws of any state or other jurisdiction, and no Retained Note or any interest therein may be resold, assigned, pledged or otherwise transferred except in compliance with the registration requirements of the Securities Act or any
other applicable Securities or “blue sky” laws, pursuant to an exemption therefrom or in a transaction not subject thereto. 

(i)    Each Retained Note will bear a legend to the following effect: 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION,
AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN
A TRANSACTION NOT SUBJECT THERETO. 
 SECTION 2.05 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is
surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be
required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuer shall execute, and
upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of the 

  

					
		 	6	 	(NAROT 2017-B Indenture)

 
same Class. In connection with the issuance of any new Note under this Section 2.05, the Issuer may require 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. 
 If, after the delivery of such replacement Note or
payment of a destroyed, lost or stolen Note, a protected purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such
replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a protected purchaser, and
shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 

Every replacement Note issued pursuant to this Section 2.05 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 of the same Class duly issued hereunder. 
 The provisions of this
Section 2.05 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 2.06 Persons Deemed Owners. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if
any, on such Note and for all other purposes whatsoever, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary. 

SECTION 2.07 Payments of Principal and Interest. 

(a)    The Class A-1 Notes, the
Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes and the
Class A-4 Notes shall accrue interest during each Interest Period at the Class A-1 Interest Rate, the Class A-2a
Interest Rate, the Class A-2b Interest Rate, the Class A-3 Interest Rate and the Class A-4 Interest Rate,
respectively, and such interest shall be payable on each related Distribution Date as specified in the applicable Note by applying amounts available pursuant to Section 5.06 of the Sale and Servicing Agreement and
Section 3.01 of this Indenture. Any installment of interest or principal payable on any Note that is punctually paid or duly provided for by the Issuer on the applicable 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 wire transfer in immediately available funds to the account designated by such nominee, except for the final installment of principal payable with respect to
such Note on a Distribution Date or on the applicable Final Scheduled Distribution Date, which shall be payable as provided below. 

  

					
		 	7	 	(NAROT 2017-B Indenture)

 (b)    The principal of each Note shall be payable in installments on each
Distribution Date by applying amounts available pursuant to Section 5.06 of the Sale and Servicing Agreement. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on
the earlier of (i) from and after the date on which the Notes have been declared to be immediately due and payable in the manner provided in Section 5.02 in connection with an Event of Default and (ii) with
respect to any Class of Notes, on the Final Scheduled Payment Date or the Redemption Date for that Class. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto. The
Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Distribution Date on which the final installment of principal of and interest on such Note will be paid. Such
notice shall be mailed or transmitted by facsimile not less than 10 nor more than 30 days prior to such final Distribution Date, 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. 
 SECTION 2.08 Cancellation. All
Notes surrendered for payment, registration of transfer or exchange shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by the Indenture Trustee. The Issuer may
at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the
Indenture 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. All canceled Notes may be held or disposed of by the Indenture Trustee
in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it; provided, that such Issuer Order is timely and the Notes have
not been previously disposed of by the Indenture Trustee. 
 SECTION 2.09 Release of Collateral. Subject to Sections 8.05 and
11.01 and the terms of the Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with
TIA Sections 314(c) and 314(d)(l) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates. 

SECTION 2.10 Book-Entry Notes. The Notes (other than any Retained 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, or a custodian therefor, by, or on behalf of, the Issuer. The Book-Entry Notes shall be registered initially on the
Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner thereof will receive a Definitive Note representing such Note Owner’s interest in such Note (other than in the case of any Retained
Notes), except as provided in Section 2.12. Except for any Retained Notes, and, otherwise, unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to such Note Owners pursuant
to Section 2.12: 
 (a)    the provisions of this Section shall be in full force and effect;

  

					
		 	8	 	(NAROT 2017-B Indenture)

 (b)    the Note Registrar and the Indenture Trustee shall be entitled to deal
with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the authorized representative of the Note Owners; 

(c)    to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the
provisions of this Section shall control; 
 (d)    the rights of Note Owners shall be exercised only through the
Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant to the Note Depository Agreement. Unless and until Definitive Notes are
issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing
Agency Participants; and 
 (e)    whenever this Indenture requires or permits actions to be taken based upon
instructions or directions of Holders of Notes evidencing a specified percentage of the Outstanding Amount of the Notes or of the Notes of any Class, 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 Indenture
Trustee. 
 SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under
this Indenture, unless and until Definitive Notes shall have been issued to such Note Owners pursuant to Section 2.12, and except with respect to notices and communications to any Holders of Retained Notes, the Indenture
Trustee shall give all such notices and communications specified herein to be given to Holders of the Notes to the Clearing Agency and shall be deemed to have been given as of the date of delivery to the Clearing Agency. 

SECTION 2.12 Definitive Notes. Except for any Retained Notes (which shall be originally issued as Definitive Notes), if (i) the
Seller, the Owner Trustee or the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Book-Entry Notes and the Seller, the Owner
Trustee or the Administrator are unable to locate a qualified successor (and if the Administrator has made such determination, the Administrator has given written notice thereof to the Indenture Trustee), (ii) the Seller, the Indenture Trustee or
the Administrator, at its option and to the extent permitted by law, advises each other such party in writing that it elects to terminate the book-entry system through the Clearing Agency, or (iii) after the occurrence of an Event of Default or
a Servicer Default, Note Owners representing beneficial interests aggregating a majority of the Outstanding Amount of the Notes of all Classes advise the Indenture Trustee and the Clearing Agency in writing that the continuation of a book-entry
system through the Clearing Agency or a successor thereto is no longer in the best interests of 

  

					
		 	9	 	(NAROT 2017-B Indenture)

 
the Note Owners acting together as a single Class, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of such event and of the availability of
Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and
the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions
and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. The Indenture Trustee, Issuer and
Administrator shall not be liable for any inability to locate a qualified successor Clearing Agency. From and after the date of issuance of Definitive Notes, all notices to be given to Noteholders will be mailed thereto at their addresses of record
in the Note Register as of the relevant Record Date. Such notices will be deemed to have been given as of the date of mailing. Interest and principal payments on the Definitive Notes on each Distribution Date will be made to the holders in whose
names the related Definitive Notes, as applicable, were registered at the close of business on the related Record Date. Payments will be made by check mailed to the address of such holders as they appear on the Note Register, except that a
Noteholder having original denominations aggregating at least $1 million may request payment by wire transfer of funds pursuant to written instructions delivered to the Indenture Trustee at least five Business Days prior to the Distribution
Date. The final payment on any Definitive Notes will be made only upon presentation and surrender of the Definitive Notes at the office or agency specified in the notice of final payment to Noteholders. From and after the Closing Date, the Holder of
a Definitive Note (other than any Retained Note) and the Issuer may elect for such Note to be issued in the form of a Book-Entry Note provided the Clearing Agency is then willing and able to discharge its responsibilities with respect to the Book
Entry Notes. In connection with such election, the Issuer and the Indenture Trustee shall upon Issuer Order execute, authenticate and deliver the Book-Entry Note and documents related thereto in accordance with the terms hereof and the Issuer Order.

 SECTION 2.13 Tax Treatment. 

(a)    The Issuer has entered into this Indenture, and the Notes (other than the Retained Notes, if any) will be issued,
with the intention that, for federal, state and local income, single business and franchise tax purposes, the Notes will qualify as indebtedness secured by the Owner Trust Estate. The Issuer, by entering into this Indenture, and each Noteholder, by
its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes (other than the Retained Notes, if any) for federal, state and local income, single business and franchise
tax purposes as indebtedness secured by the Owner Trust Estate. 
 (b)    Each Note Owner and Noteholder, by the
purchase of such Note or its acceptance of a beneficial interest therein, acknowledges that interest on the Notes will be treated as United States source interest, and, as such, United States withholding tax may apply. Each such Note Owner and
each Noteholder further agrees, upon request, to provide any certifications that may be required under applicable law, regulations or procedures to evidence such status and understands that if it ceases to satisfy the foregoing requirements or
provide requested 

  

					
		 	10	 	(NAROT 2017-B Indenture)

 
documentation, payments to it under the Notes may be subject to United States withholding tax (without any corresponding gross-up). Without limiting the
foregoing, such recipient shall deliver to the Issuer, with a copy to the Indenture Trustee, at the time or times prescribed by the Code and at such time or times reasonably requested by the Issuer or the Indenture Trustee, such documentation
prescribed by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Issuer or the Indenture Trustee to comply with their respective obligations under FATCA, to
determine that such recipient has complied with such recipient’s obligations under FATCA, or to determine the amount to deduct and withhold from such payment. 

(c)    Notwithstanding the foregoing, to the extent the Issuer is treated as a partnership for federal, state or local
income or franchise purposes and a Noteholder (or Note Owner, as applicable) is treated as a partner in such partnership, the Noteholders (and Note Owners, as applicable) agree that any tax, penalty, interest or other obligation imposed under the
Internal Revenue Code with respect to the income tax items arising from such partnership shall be the sole obligation of the Noteholder (or Note Owner, as applicable) to whom such items are allocated and not of such partnership. 

SECTION 2.14 Calculation Agent. U.S. Bank National Association is hereby designated calculation agent with respect to each Floating
Rate Note (including any successor or replacement calculation agent designated from time to time by agreement of the parties hereto, the “Calculation Agent”), and in such capacity, on each Interest Determination Date, will
(a) calculate the Interest Rate with respect to each Class of the Floating Rate Notes if the Floating Rate Note Balance is greater than zero on such Interest Determination Date and (b) deliver to the Servicer written notice on such
Interest Determination Date of such Interest Rate. All determinations of interest by the Calculation Agent shall, in the absence of manifest error, be conclusive for all purposes and binding on the Noteholders of the Floating Rate Notes. All
percentages resulting from any calculation on the Floating Rate Notes will be rounded to the nearest one hundred-thousandth of a percentage point, with five millionths of a percentage point rounded upwards (e.g., 9.876545% (or 0.09876545) would be
rounded to 9.87655% (or 0.0987655)), and all dollar amounts used in or resulting from that calculation on the Floating Rate Note will be rounded to the nearest cent (with one-half cent being rounded upwards).
The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, the Issuer will promptly appoint as a replacement Calculation Agent a leading bank which is
engaged in transactions in Eurodollar deposits and which does not control or is not controlled by or under common control with the Issuer or its Affiliates. The Calculation Agent may not resign its duties without a successor having been duly
appointed. 
 ARTICLE III 

Covenants, Representations and Warranties 

SECTION 3.01 Payment of Principal and Interest. In accordance with the terms of this Indenture, the Issuer will duly and punctually
(i) pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture and (ii) cause the Servicer to direct the Indenture Trustee to release from the Collection Account all other amounts
distributable or payable in accordance with the Sale and Servicing Agreement. Amounts 

  

					
		 	11	 	(NAROT 2017-B Indenture)

 
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 3.02 Maintenance of Office or Agency. The Issuer will maintain in St. Paul, Minnesota, an
office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the
Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall
fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the
Indenture Trustee as its agent to receive all such surrenders, notices and demands. 
 SECTION 3.03 Money for Payments To Be Held in
Trust. As provided in Sections 8.02 and 8.03, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Collection Account, the Reserve Account, pursuant to Sections
8.02 and 8.03 shall be made on behalf of the Issuer by the Indenture Trustee or by the Paying Agent, and no amounts so withdrawn from such accounts for payments of Notes shall be paid over to the Issuer, the Owner Trustee or the
Administrator except as provided in this Section 3.03. 
 On or before each Distribution Date, the Issuer shall
deposit in the Collection Account or, in accordance with the Sale and Servicing Agreement, cause to be deposited (including the provision of instructions to the Indenture Trustee to make any required withdrawals from the Reserve Account, and to
deposit such amounts in the Collection Account) an aggregate sum sufficient to pay the amounts then becoming due under the Notes and the Certificates, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless the
Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act. 
 The Indenture
Trustee, as Paying Agent, hereby agrees with the Issuer that it will, and the Issuer will cause each Paying Agent other than the Indenture Trustee, as a condition to its acceptance of its appointment as Paying Agent, to execute and deliver to the
Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee, subject to the provisions of this Section 3.03, that such Paying Agent will: 

(a)    hold all sums held by it for the payment of amounts due with respect to the Notes or for release to the Issuer for
payment on the Certificates 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 or release such sums to such Persons as herein provided; 

(b)    give the Indenture 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 or the release of any amounts to the Issuer to be paid to the Certificateholders; 

  

					
		 	12	 	(NAROT 2017-B Indenture)

 (c)    at any time during the continuance of any such default, upon the
written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

(d)    immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for
the payment of Notes (or for release to the Issuer) if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; 

(e)    comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes
or Certificates (or assisting the Issuer to withhold from payment to the Certificateholders) of any applicable withholding taxes imposed thereon, including FATCA Withholding Tax (including obtaining and retaining from Persons entitled to payments
with respect to the Notes any Tax Information and making any withholdings with respect to the Notes as required by the Code (including FATCA) and paying over such withheld amounts to the appropriate governmental authority); and 

(f)    comply with any applicable reporting requirements in connection with any payments made by it on any Notes and any
withholding of taxes therefrom, and, upon request, provide any Tax Information to the Issuer. 
 The Issuer may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture
Trustee upon the same trusts as those upon which the sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money.

 Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed after such amount has become due and payable and after the Indenture Trustee has taken the steps described in this paragraph shall be discharged from such trust and be paid
to Second Harvest Food Bank of Tennessee upon presentation thereto of an Issuer Request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Indenture
Trustee or such Paying Agent with respect to such trust money shall thereupon cease. In the event that any Noteholder shall not surrender its Notes for retirement within six months after the date specified in the written notice of final payment
described in Section 2.07, the Indenture Trustee will give a second written notice to the registered Noteholders that have not surrendered their Notes for final payment and retirement. If within one year after such second
notice any Notes have not been surrendered, the Indenture Trustee shall, at the expense and direction 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 The City of 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 paid to Second Harvest Food Bank of Middle Tennessee. The Indenture Trustee shall also adopt and employ, at the expense and direction of the Issuer, any other reasonable means of notification of such repayment specified by the
Issuer or the Administrator. 

  

					
		 	13	 	(NAROT 2017-B Indenture)

 SECTION 3.04 Existence. The Issuer will keep in full effect its existence, rights and
franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuer
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 Owner Trust Estate. 

SECTION 3.05 Protection of Owner Trust Estate. The Issuer will from time to time 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: 

(a)    maintain or preserve the lien and security interest (and the priority thereof) of this Indenture or carry out more
effectively the purposes hereof; 
 (b)    perfect, publish notice of or protect the validity of any Grant made or to be
made by this Indenture; 
 (c)    enforce any of the Collateral; or 

(d)    preserve and defend title to the Owner Trust Estate and the rights of the Indenture Trustee and the Noteholders in
such Owner Trust Estate against the claims of all persons and parties. 
 The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to authorize, file and/or execute any financing statement, continuation statement or other instrument required to be executed and/or filed pursuant to this
Section 3.05. 
 SECTION 3.06 Opinions as to Owner Trust Estate. 

(a)    On the Closing Date, the Issuer shall furnish or cause to be furnished to the Indenture Trustee an Opinion of
Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the execution, recording and filing of this Indenture, any indentures supplemental hereto, any requisite financing statements and continuation
statements and any other requisite documents necessary to perfect and make effective the lien and security interest of this Indenture or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security
interest effective. 
 (b)    The Issuer shall furnish or cause to be furnished to the Indenture Trustee an Opinion of
Counsel, dated as of a date within 90 days after the beginning of each fiscal year of the Issuer, beginning in 2018, either stating that, in the opinion of such counsel, such action has been taken with respect to the execution, recording, filing or re-recording and refiling of this Indenture, any indentures supplemental hereto, any financing statements and continuation 

  

					
		 	14	 	(NAROT 2017-B Indenture)

 
statements and any other requisite documents necessary to maintain the lien and security interest created by this Indenture 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 execution, recording, filing or re-recording and refiling of this Indenture, any indentures supplemental
hereto, any financing statements and continuation statements and any other documents that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until the date in the following calendar year on
which such Opinion of Counsel must again be delivered. 
 SECTION 3.07 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 Owner 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 expressly provided in the Basic Documents. 

(b)    The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any
performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator
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 the Basic Documents and in the instruments and agreements included in the Owner Trust Estate, including but not limited to filing or causing to be filed all UCC financing statements and
continuation statements required to be filed by the terms of the Trust Agreement, this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. 

(d)    As promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s rights and
powers pursuant to Section 8.01 of the Sale and Servicing Agreement, the Indenture Trustee shall appoint a successor servicer (the “Successor Servicer”), and such Successor Servicer shall accept its appointment by a written
assumption in a form acceptable to the Indenture Trustee. In the event that a Successor Servicer has not been appointed and accepted its appointment as set forth in Section 8.02 of the Sale and Servicing Agreement, the Indenture Trustee without
further action shall automatically be appointed the Successor Servicer and shall thereafter be entitled to the Total Servicing Fee. Notwithstanding the above, the Indenture Trustee shall, if it shall be legally unable so to act, appoint or petition
a court of competent jurisdiction to appoint, and the predecessor Servicer, if no successor Servicer has been appointed at the time the predecessor Servicer has ceased to act, may petition a court of competent jurisdiction to appoint, any
established institution having a net worth of not less than $100,000,000 and whose regular business shall include the servicing of automobile and/or light-duty truck receivables, as the successor to the Servicer under the Sale and Servicing
Agreement. Upon such appointment, the Indenture Trustee will be released from the duties and obligations of acting as Successor Servicer, such release effective upon the effective date of the servicing agreement entered into between the Successor
Servicer and the Issuer. 

  

					
		 	15	 	(NAROT 2017-B Indenture)

 In connection with any such appointment, the Indenture Trustee may make such arrangements for the
compensation of such successor as it and such Successor Servicer shall agree, subject to the limitations set forth below and in the Sale and Servicing Agreement, and in accordance with Section 8.02 of the Sale and Servicing Agreement, the
Issuer shall enter into an agreement with such Successor Servicer for the servicing of the Receivables (such agreement to be in form and substance satisfactory to the Indenture Trustee). If the Indenture Trustee shall succeed to the Servicer’s
duties as servicer of the Receivables as provided herein, it shall do so in its individual capacity and not in its capacity as Indenture Trustee and, accordingly, the provisions of Article VI hereof shall be inapplicable to the Indenture Trustee in
its duties as Successor Servicer and the servicing of the Receivables. In case the Indenture Trustee shall become the Successor Servicer, the Indenture Trustee shall be entitled to appoint as a subservicer any one of its Affiliates, provided
that the Indenture Trustee, in its capacity as Successor Servicer, shall remain fully liable for the actions and omissions of such Affiliate. 

(e)    Upon any termination of the Servicer’s rights and powers pursuant to the Sale and Servicing Agreement, the
Issuer shall promptly notify the Indenture Trustee and the Owner Trustee. As soon as a Successor Servicer is appointed, the Issuer shall notify the Indenture Trustee and the Owner Trustee of such appointment, specifying in such notice the name and
address of such Successor Servicer. 
 SECTION 3.08 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not:

 (a)    except as expressly permitted by Basic Documents, sell, transfer, exchange or otherwise dispose of any of the
properties or assets of the Issuer, including those included in the Owner Trust Estate, unless directed to do so by the Indenture Trustee; 

(b)    claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other
than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Owner Trust Estate;

 (c)    except as may be expressly permitted hereby, (A) permit the validity or effectiveness of this Indenture
to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture,
(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 Owner 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 any of the Financed Vehicles 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 Owner Trust Estate, or (D) dissolve or liquidate
in whole or in part; or 

  

					
		 	16	 	(NAROT 2017-B Indenture)

 (d)    assume or incur any indebtedness other than the Notes or as expressly
contemplated by this Indenture or by the Basic Documents. 
 SECTION 3.09 Annual Statement as to Compliance. The Issuer will cause
the Servicer to deliver to the Indenture Trustee concurrently with its delivery thereof to the Issuer the annual statement of compliance described in Section 4.10 of the Sale and Servicing Agreement. In addition, on the same date annually upon
which such annual statement of compliance is to be delivered by the Servicer, the Issuer shall deliver to the Indenture Trustee an Officer’s Certificate, 

(a)    stating, as to the Authorized Officer signing such Officer’s Certificate, that a review of the activities of
the Issuer during such year and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 

(b)    furnishing, to the extent of the Authorized Officer’s knowledge, information regarding the Issuer’s
compliance with all conditions and covenants under this Indenture throughout such year in all material respects. 
 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: 
 (1)    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 or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee,
in form satisfactory to the Indenture Trustee, the duty to make 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; 
 (2)    immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be continuing; 
 (3)    the Rating Agency Condition shall have
been satisfied with respect to such transaction; 
 (4)    the Issuer shall have received an Opinion of Counsel (and
shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to the Issuer, any Noteholder or any Certificateholder; 

(5)    any action that is necessary to maintain each lien and security interest created by the Trust Agreement, the Sale
and Servicing Agreement or this Indenture shall have been taken; and 

  

					
		 	17	 	(NAROT 2017-B Indenture)

 (6)    the Issuer shall have delivered to the Indenture Trustee an
Officer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger and any related supplemental indenture complies with this Article III and that all conditions precedent provided in this Indenture relating to such
transaction have been complied with (including any filing required by the Exchange Act). 
 (b)    The Issuer shall not
convey or transfer any of its properties or assets, including those included in the Owner Trust Estate, to any Person, unless: 

(1)    the Person that acquires by conveyance or transfer such properties and assets of the Issuer 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 or the District of Columbia, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture
Trustee, in form satisfactory to the Indenture Trustee, the duty to make 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, (C) expressly agrees 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 Holders of
the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuer, the Owner Trustee and the Indenture Trustee against and from any loss, liability or expense arising
under or related to this Indenture and the Notes, and (E) expressly agrees by means of such supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings that counsel satisfactory to such
purchaser or transferee and the Indenture Trustee determines must be made with (1) the Commission (and any other appropriate Person) required by the Exchange Act or the appropriate authorities in any state in which the Notes have been sold
pursuant to any qualification or exemption under the securities or “blue sky” laws of such state, in connection with the Notes or (2) the Internal Revenue Service or the relevant state or local taxing authorities of any jurisdiction;

 (2)    immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and
be continuing; 
 (3)    the Rating Agency Condition shall have been satisfied with respect to such transaction; 

(4)    the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture
Trustee) to the effect that such transaction will not have any material adverse tax consequence to the Issuer, any Noteholder or any Certificateholder; 

(5)    any action that is necessary to maintain each lien and security interest created by the Trust Agreement, the Sale
and Servicing Agreement or this Indenture shall have been taken; and 
 (6)    the Issuer shall have delivered to the
Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such 

  

					
		 	18	 	(NAROT 2017-B Indenture)

 
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). 
 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), Nissan Auto Receivables 2017-B Owner Trust 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 and the Certificates immediately upon the delivery of written notice to the Indenture Trustee stating that Nissan Auto Receivables 2017-B Owner Trust is to be so released.

 SECTION 3.12 No Other Business. Unless and until the Issuer shall have been released from its duties and obligations hereunder,
the Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing the Receivables and other property comprising the Owner Trust Estate in the manner contemplated by the Basic Documents and activities
incidental thereto. 
 SECTION 3.13 No Borrowing. Unless and until the Issuer shall have been released from its duties and
obligations hereunder, the Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for the Notes or other obligations permitted hereunder (including the obligation to reimburse
certain expenses of the Servicer) or under another Basic Document (including indemnification expenses of the Issuer and certain fees and expenses of the Administrator). 

SECTION 3.14 Guarantees, Loans, Advances and Other Liabilities. Unless and until the Issuer shall have been released from its duties
and obligations hereunder, except as contemplated by the Sale and Servicing Agreement, this Indenture, or the other Basic Documents, 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 3.15 Capital Expenditures. Unless and until the Issuer shall have been released from its duties and obligations hereunder, the
Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 

SECTION 3.16 Removal of Administrator. So long as any Notes are Outstanding, the Issuer shall not remove the Administrator without
cause unless the Rating Agency Condition shall have been satisfied in connection therewith. 

  

					
		 	19	 	(NAROT 2017-B Indenture)

 SECTION 3.17 Restricted Payments. The Issuer will not, directly or indirectly, make
payments to or distributions from the Collection Account except in accordance with the Basic Documents. 
 SECTION 3.18 Notice of Events
of Default. The Issuer shall give the Indenture Trustee, the Owner Trustee, and the Administrator (and the Administrator will provide notice thereof to each Rating Agency) prompt written notice of each Event of Default hereunder, each Servicer
Default and each default on the part of the Seller of its obligations under the Sale and Servicing Agreement and NMAC of its obligations under the Purchase Agreement. 

The Indenture Trustee shall notify each Noteholder of record in writing of any Event of Default promptly upon an Authorized Officer obtaining
actual knowledge thereof. Such notices will be provided in accordance with Section 2.11. 
 SECTION 3.19
Further Instruments and Actions. Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose
of this Indenture. 
 SECTION 3.20 Representations and Warranties. The Issuer makes the following representations and warranties.
Such representations and warranties speak as of the Closing Date, but shall survive the Closing Date. Notwithstanding anything to the contrary, the Indenture Trustee shall not waive any breach of representations or warranties in this
Section 3.20 without the written consent of at least a majority of the Outstanding Amount of the Notes, voting as a single class. 

(a)    This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the
Collateral in favor of the Indenture Trustee (to the extent such security interest can be perfected by the filing of a financing statement), which security interest is prior to all other Liens, and is enforceable as such as against creditors of any
purchasers from the Issuer. 
 (b)    The Issuer has taken all steps necessary to perfect its security interest against
the Obligor in the property securing the Receivables. 
 (c)    The Receivables constitute “tangible chattel
paper” or “electronic chattel paper” within the meaning of the applicable UCC. 
 (d)    The Issuer owns
and has good and marketable title to the Collateral free and clear of any Lien, claim or encumbrance of any Person. 

(e)    The Issuer has caused or will have caused, within ten days after the Closing Date, 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 Collateral (to the extent such security interest can be perfected by the filing of a financing
statement) granted to the Indenture Trustee hereunder. 
 (f)    Other than the security interest granted to the
Indenture Trustee pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or 

  

					
		 	20	 	(NAROT 2017-B Indenture)

 
otherwise conveyed any of the Collateral. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that includes a description of collateral
covering the Collateral other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or a financing statement as to which the security interest covering the Receivables has been released. The Issuer
is not aware of any judgment or tax lien filings against the Issuer. 
 (g)    The Servicer, as an agent of the Issuer,
and to the extent allowed by law, has in its possession all originals or authoritative copies of the tangible records constituting or forming a part of the Collateral. The Servicer shall at all times maintain control, as defined in Section 9-105 of the UCC, of all electronic chattel paper. The Receivable Files that constitute or evidence the Collateral do not have any marks or notations indicating that they have been pledged, assigned or
otherwise conveyed by the Issuer to any Person other than the Indenture Trustee. All financing statements filed or to be filed against the Issuer in favor of the Indenture Trustee in connection herewith describing the Collateral contain a statement
to the following effect: “A purchase of or security interest in any collateral described in this financing statement, except as permitted in the Indenture, will violate the rights of the Indenture Trustee.” 

ARTICLE IV 
 Satisfaction
and Discharge 
 SECTION 4.01 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 3.03, 3.04, 3.05, 3.08, 3.10, 3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture
Trustee under Section 6.07 and the obligations of the Indenture Trustee under Sections 3.03 and 4.02), and (vi) the rights of the Noteholders and the Certificateholders as beneficiaries hereof with
respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture with respect to the Notes, when: 
 (a)    either (1) all Notes theretofore authenticated and
delivered (other than Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.05 and 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 3.03) have been delivered to the Indenture Trustee for cancellation or (2) all Notes not
theretofore delivered to the Indenture Trustee for cancellation have become due and payable or will become due and payable within one year (either because the Final Scheduled Distribution Date for the
Class A-4 Notes is within one year or because the Indenture Trustee has received notice of the exercise of the option granted pursuant to Section 9.01 of the Sale and Servicing Agreement) and the
Issuer has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States 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 Indenture Trustee for cancellation when due; 

  

					
		 	21	 	(NAROT 2017-B Indenture)

 (b)    the Issuer has paid or caused to be paid all other sums payable
hereunder by the Issuer (but without taking into account any payments to the Designated Account for distribution to the Certificateholder); and 

(c)    the Issuer has delivered to the Indenture Trustee, an Officer’s Certificate, an Opinion of Counsel (if
required by the TIA) and an Independent Certificate from a firm of certified public accountants (if required by the TIA and if such discharge is not related to a redemption of the Notes in accordance with Article X), each meeting the
applicable requirements of Section 11.01 and, subject to Section 11.02, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture
have been complied with. 
 SECTION 4.02 Application of Trust Money. All moneys deposited with the Indenture Trustee pursuant to
Section 4.01 hereof shall be held in trust and (a) applied by it in accordance with the provisions of the Notes and this Indenture to the payment, either directly or through any Paying Agent, as the Indenture Trustee
may determine, to the Holders of the particular Notes for the payment of which such moneys have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest or (b) released to the Owner Trustee
for application pursuant to the Trust Agreement or the Sale and Servicing Agreement; 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 4.03 Repayment of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect
to the Notes, all moneys then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied
according to Section 3.03 or 4.02 and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 

ARTICLE V 
 Remedies

 SECTION 5.01 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): 
 (a)    default in the payment of any interest on any Note when the same becomes
due and payable, and such default shall continue for a period of five days; 
 (b)    default in the payment of the
principal of any Note on the Final Scheduled Distribution Date or the Redemption Date; 
 (c)    a material 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 

  

					
		 	22	 	(NAROT 2017-B Indenture)

 
the observance or performance of which is elsewhere in this Section specifically dealt with) which shall continue or not be cured for a period of 90 days after there shall have been given, by
registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least a majority of the Outstanding Amount of the Notes, acting together as a single class, a written notice
specifying such default; 
 (d)    any representation or warranty of the Issuer made in this Indenture or in any
certificate or other writing delivered pursuant hereto or in connection herewith shall prove 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 60 days after there shall have been given, by registered or certified mail, to the
Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Holders of at least a majority of the Outstanding Amount of the Notes, acting together as a single Class, a written notice specifying such incorrect representation; or

 (e)    an Insolvency Event shall have occurred with respect to the Issuer. 

SECTION 5.02 Acceleration of Maturity; Rescission and Annulment. If an Event of Default should occur and be continuing, then and in
every such case the Indenture Trustee or the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class may declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the
Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid principal amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 

At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has
been obtained by the Indenture Trustee as hereinafter in this Article V provided, the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class, by written notice to the Issuer and the Indenture Trustee, may rescind and
annul such declaration and its consequences if: 
 (a)    the Issuer has paid or deposited with the Indenture Trustee a
sum sufficient to pay: 
 (1)    all payments of principal of and interest on the Notes and all other amounts that
would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; and 

(2)    all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel. 
 (b)    all Events of Default, other
than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.12. 

  

					
		 	23	 	(NAROT 2017-B Indenture)

 No such rescission shall affect any subsequent default or impair any right consequent thereto.

 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 

(a)    The Issuer covenants that if (i) default is made in the payment of any interest on any Note when the same
becomes due and payable, and such default continues for a period of five days, or (ii) default is made in the payment of the principal of any Note at the related Final Scheduled Distribution Date or Redemption Date, the Issuer will, upon demand
of the Indenture Trustee, pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on the 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 rate borne by the Notes and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 

(b)    In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own
name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or other obligor upon
such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the moneys adjudged or decreed to be payable. 

(c)    If an Event of Default occurs and the maturity of the Notes is accelerated, the Indenture Trustee may, as more
particularly provided in Section 5.04, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders and, incidentally thereto, the Certificateholders, by such appropriate Proceedings as the
Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other
proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law, or the Indenture Trustee may elect to maintain the Collateral and continue to apply the proceeds from the Collateral in accordance with
Section 5.04(b). 
 (d)    In case there shall be pending, relative to the Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest in the Owner 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 judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, then, irrespective of whether the principal of any Notes shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any 

  

					
		 	24	 	(NAROT 2017-B Indenture)

 
demand pursuant to the provisions of this Section, the Indenture Trustee shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

(1)    to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of
the Notes, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture
Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or
bad faith) and of the Noteholders allowed in such Proceedings; 
 (2)    unless prohibited by applicable law and
regulations, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

(3)    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 Indenture Trustee on their behalf; and 

(4)    to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Indenture Trustee or the Holders of Notes allowed in any judicial proceedings relative to the Issuer, its creditors and its property. 

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 Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor
Indenture Trustee except as a result of negligence or bad faith. 
 (e)    Nothing herein contained shall be deemed to
authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to
authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

(f)    All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by
the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for
the ratable benefit of the Holders of the Notes. 

  

					
		 	25	 	(NAROT 2017-B Indenture)

 (g)    In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder
a party to any such Proceedings. 
 SECTION 5.04 Remedies; Priorities. 

(a)    If an Event of Default shall have occurred and resulted in the acceleration of the Notes, the Indenture Trustee
shall make payments as set forth in Section 5.04(b) of this Indenture, rather than pursuant to Section 5.06(a) of the Sale and Servicing Agreement. 

(b)    Notwithstanding the provisions of Section 5.06(a) of the Sale and Servicing Agreement, if the Indenture
Trustee collects any money or property pursuant to this Article V and the Notes have been accelerated, it shall make the following deposits and distributions on such Distribution Date, to the extent of Available Amounts on deposit in the Collection
Account for such Distribution Date, in the following order of priority: 
 (1)    pro rata, to the Indenture Trustee
and the Owner Trustee, any accrued and unpaid fees, expenses and indemnity payments due pursuant to this Indenture and the Trust Agreement, respectively, but only to the extent that such fees, expenses or indemnity payments have not been paid by the
Administrator and have been outstanding for at least sixty (60) days; 
 (2)    to the Asset Representations
Reviewer, any accrued and unpaid fees, expenses and indemnity payments due pursuant to the Asset Representations Review Agreement, but only to the extent that such fees, expenses or indemnity payments have not been paid by the Sponsor and have been
outstanding for at least sixty (60) days; 
 (3)    to the Servicer, the Base Servicing Fee and any unpaid Base
Servicing Fees from one or more prior Collection Periods; 
 (4)    on a pro rata basis (based on the amounts
distributable pursuant to this clause to each Class of Noteholders), to the Class A-1 Noteholders, the Noteholders’ Interest Distributable Amount for such Class, to the Class A-2a Noteholders, the Noteholders’ Interest Distributable Amount for such Class, to the Class A-2b Noteholders, the Noteholders’ Interest
Distributable Amount for such Class, to the Class A-3 Noteholders, the Noteholders’ Interest Distributable Amount for such Class, and to the Class A-4
Noteholders, the Noteholders’ Interest Distributable Amount for such Class; 
 (5)    to the Class A-1 Noteholders, until the total amount paid to such Noteholders in respect of principal from the Closing Date is equal to the Original Principal Amount for such Class of Notes, and then to the Class A-2a Noteholders, the Class A-2b Noteholders, the Class A-3 Noteholders and the
Class A-4 Noteholders on a pro rata basis (based on the Outstanding Amount of each such Class), until the total amount paid to such Noteholders in respect of principal from the Closing Date is equal to
the Original Principal Amount for such Class of Notes; and 

  

					
		 	26	 	(NAROT 2017-B Indenture)

 (6)    any remaining Available Amounts to the Designated Account for
distribution to the Certificateholders. 
 (c)    If the Indenture Trustee, as a result of the operation of
Section 5.04(a), is deemed to have a conflict of interest under the TIA and is required to resign as Indenture Trustee hereunder, the Issuer shall, pursuant to Section 6.08, cause the Servicer to
appoint a successor Indenture Trustee. 
 (d)    In accordance with Section 5.03(c), if an
Event of Default shall have occurred and resulted in the acceleration of the Notes, the Indenture Trustee may do one or more of the following (subject to Section 5.05): 

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

(2)    institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to
the Collateral; 
 (3)    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 Indenture Trustee and the Noteholders, including electing to maintain the Collateral and to continue to apply the proceeds from the Collateral in accordance with
Section 5.04(b); and 
 (4)    sell the Collateral or any portion thereof or rights or
interest therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Collateral following an Event of
Default, other than an Event of Default described in Section 5.01(a) or (b), unless (A) the Holders of 100% of the Outstanding Amount of the Notes consent thereto, or (B) the proceeds of such sale or
liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon the Notes for principal and interest at the date of such sale or liquidation, (C) the Indenture Trustee determines that the
Owner Trust Estate may not continue to provide sufficient funds on an ongoing basis to make all payments 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 Indenture
Trustee obtains the consent of Holders of at least 66 2/3% of the Outstanding Amount of the Notes, voting as a single class, or (D) the Servicer exercises its option to purchase the Receivables pursuant to Section 9.01 of the Sale and
Servicing Agreement and Section 10.01 hereof. In determining such sufficiency or insufficiency with respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Owner Trust Estate for such purpose. 

(e)    The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this
Section. At least 15 days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the related record date, payment date and amount to be paid. 

  

					
		 	27	 	(NAROT 2017-B Indenture)

 SECTION 5.05 Optional Preservation of the Collateral. If the Notes have been declared to
be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, unless otherwise directed by the Holders of at
least a majority of the Outstanding Amount of the Notes, voting as a single class, but need not, elect to maintain possession of the Collateral and direct the Issuer, Servicer and Administrator not to take steps to liquidate the Receivables. 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 the Indenture Trustee shall take such desire into account when determining whether or not
to maintain possession of the Collateral. In determining whether to maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose. 
 SECTION 5.06
Limitation of Suits. Except to the extent expressly set forth in Section 7.07 of this Indenture or Section 10.13 of the Sale and Servicing Agreement, no Holder of any Note shall have any right to institute any
Proceeding, judicial or otherwise, with respect to this Indenture or the other Basic Documents, or for the appointment of a receiver or trustee, or for any other remedy hereunder unless such Holder has previously given written notice to the
Indenture Trustee of a continuing Event of Default or breach of the Basic Documents by a party thereto (an “Action”), and: 

(a)    the Event of Default or Action, as applicable, arises from the Servicer’s failure to remit payments when due;
or 
 (b)    the Holders of not less than 25% of the Outstanding Amount of the Notes, voting as a single class have made
written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default or Action, as applicable in its own name as Indenture Trustee hereunder and have offered to the Indenture Trustee reasonable indemnity against
the costs, expenses and liabilities to be incurred in complying with such request, the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings, and no direction
inconsistent with that written request has been given to the Indenture Trustee during the 60-day period by the holders of a majority in principal amount of those outstanding Notes (or relevant class or classes
of Notes). 
 It is understood and intended that no one or more Holders of Notes 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 Holders of Notes 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. 
 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity
from two or more groups of Holders of Notes, each representing less than a majority of the Outstanding Amount of the Notes, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other
provisions of this Indenture. 

  

					
		 	28	 	(NAROT 2017-B Indenture)

 SECTION 5.07 Rights of Noteholders to Receive Principal and Interest. Notwithstanding any
other provisions in this Indenture, the Holder of any Note shall have the right 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 and in this Indenture (in
each case with reference to the calculations to be made pursuant to the Sale and Servicing Agreement), 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 5.08 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce
any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture
Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall
continue as though no such Proceeding had been instituted. 
 SECTION 5.09 Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right
or remedy. 
 SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Holder of any Note to
exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article
V or by law to the Indenture Trustee or the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or the Noteholders, as the case may be. 

SECTION 5.11 Control by Noteholders. The Holders of a majority of the Outstanding Amount of the Notes, voting as a single class, shall
have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided that:

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

  

					
		 	29	 	(NAROT 2017-B Indenture)

 (b)    any direction to the Indenture Trustee to sell or liquidate the
Collateral shall be by Holders of Notes representing not less than the applicable percentage of the Outstanding Amount of the Notes set forth in Section 5.04(d)(4); and 

(c)    the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent
with such direction. 
 Notwithstanding the rights of Noteholders set forth in this Section, subject to
Section 6.01, the Indenture Trustee need not take any action that it determines might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to such action. 

SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.02 or the liquidation or sale of the Collateral pursuant to Section 5.04, the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class, may waive any past
Default or Event of Default and its consequences except a Default or Event of Default in (a) payment of principal or interest on the Notes or (b) an Event of Default in respect of a covenant or provision hereof that cannot be modified or
amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively. 

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 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note or Note Owner by such
Holder’s acceptance of such Note or beneficial interest therein, as the case may be, shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or
in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion
assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section
shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or a 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. 

SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture;
and the Issuer (to the extent that it may lawfully do so) hereby expressly 

  

					
		 	30	 	(NAROT 2017-B Indenture)

 
waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and
permit the execution of every such power as though no such law had been enacted. 
 SECTION 5.15 Action on Notes. The Indenture
Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor
any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Owner Trust
Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.04(a). 

SECTION 5.16 Performance and Enforcement of Certain Obligations. 

(a)    Promptly following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuer
shall take all such lawful action as the Indenture 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 or to each other under or in
connection with the Sale and Servicing Agreement, or by the Seller of its remedies under or in connection with the Purchase Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in
connection with each such agreement to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller 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 respective obligations under the Sale and Servicing Agreement or the Purchase Agreement. 

(b)    If an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which
direction shall be in writing or by telephone, confirmed in writing promptly thereafter) of the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class, shall, exercise all rights, remedies, powers, privileges and
claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement, the Purchase Agreement, or against the Administrator under the Administration Agreement, including the right or power to take any
action to compel or secure performance or observance by the Seller, the Servicer or the Administrator, of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension, or waiver
thereunder and any right of the Issuer to take such action shall be suspended. 
 ARTICLE VI 

The Indenture Trustee 

SECTION 6.01 Duties of Indenture Trustee. The Indenture Trustee, both prior to and after the occurrence of a Servicer Default under the
Sale and Servicing Agreement, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. 

  

					
		 	31	 	(NAROT 2017-B Indenture)

 (a)    The Indenture Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they
conform on their face to the requirements of this Indenture. 
 (b)    No provision of this Indenture shall be construed
to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, its own bad faith or its own willful misfeasance; provided, however, that: 

(1)    the duties and obligations of the Indenture Trustee shall be determined solely by the express provisions of this
Indenture, the Indenture Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, no implied covenants or obligations shall be read into this Indenture against the
Indenture Trustee, the permissive right of the Indenture Trustee to do things enumerated in this Indenture shall not be construed as a duty and, in the absence of bad faith on the part of the Indenture Trustee, the Indenture Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Indenture Trustee and conforming on their face to the requirements of this Indenture; 

(2)    the Indenture Trustee shall not be personally liable for an error of judgment made in good faith, unless it shall
be proved that the Indenture Trustee was negligent in performing its duties in accordance with the terms of this Indenture; and 

(3)    the Indenture Trustee shall not be personally liable with respect to any action taken, suffered or omitted to be
taken in good faith in accordance with the direction of the Holders of at least a majority of the Outstanding Amount of the Notes, voting as a single class, relating to the time, method and place of conducting any proceeding for any remedy available
to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture Trustee under this Indenture. 

(c)    The Indenture Trustee shall not be required to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties under this Indenture, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that the repayment of such funds or adequate indemnity against such risk or liability
is not reasonably assured to it. 
 (d)    All information obtained by the Indenture Trustee regarding the Obligors and
the Receivables contained in the Issuer, whether upon the exercise of its rights under this Indenture or otherwise, shall be maintained by the Indenture Trustee in confidence and shall not be disclosed to any other Person, unless such disclosure is
required by any applicable law or regulation or pursuant to subpoena. 
 (e)    If (i) pursuant to
Section 3.02 of the Sale and Servicing Agreement, an Authorized Officer of the Indenture Trustee has actual knowledge or receives written notice that a representation or warranty with respect to a Receivable was incorrect as of the time
specified with respect to such representation and warranty and such incorrectness materially and adversely 

  

					
		 	32	 	(NAROT 2017-B Indenture)

 
affects such Receivable, or (ii) pursuant to Section 4.06 of the Sale and Servicing Agreement, an Authorized Officer of the Indenture Trustee discovers that a covenant of the Servicer
has been breached with respect to a Receivable that would materially and adversely affect such Receivable, the Indenture Trustee shall give prompt written notice to the Servicer and the Owner Trustee of such incorrectness. 

(f)    The Indenture Trustee shall not be deemed to have knowledge of any Default or Event of Default, breach of
representation or warranty or other event unless an Authorized Officer has actual knowledge thereof or has received written notice thereof in accordance with the provisions of this Indenture. For the avoidance of doubt, receipt by the Indenture
Trustee of a Review Report shall not constitute actual knowledge of any breach of representation or warranty. 

(g)    In no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications systems or services. 
 (h)    In
no event shall the Indenture Trustee be liable for any costs, expenses and/or liabilities that could be allocated to a requesting party. 

(i)    The Indenture Trustee shall not be obligated to monitor, supervise or enforce the performance of the Depositor or
the Sponsor under the Basic Documents, except as otherwise expressly specified herein. 
 SECTION 6.02 Rights of Indenture
Trustee. 
 (a)    Except as otherwise provided in Section 6.01: 

(1)    the Indenture Trustee may rely and shall be protected in acting or refraining from acting upon any resolution,
Officer’s Certificate, certificate of an authorized signatory, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document believed by it
to be genuine and to have been signed or presented by the proper party or parties, including, without limitation, provided to it via email or other suitable means of electronic distribution as permitted in writing by the Indenture Trustee; 

(2)    the Indenture Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken or suffered or omitted by it under this Indenture in good faith and in accordance with such advice or Opinion of Counsel; 

(3)    other than in connection with an Asset Review pursuant to Sections 7.08(a) or (b), the Indenture
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or the Sale and Servicing Agreement, or to institute, conduct or defend any litigation under this Indenture, or in relation to this Indenture
or 

  

					
		 	33	 	(NAROT 2017-B Indenture)

 
the Sale and Servicing Agreement, at the request, order or direction of any of the Noteholders pursuant to the provisions of this Indenture or the Sale and Servicing Agreement, unless such
Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred by it, its agents and its counsel in compliance with such request, order or direction; 

(4)    the Indenture Trustee shall not be personally liable for any action taken, suffered or omitted by it in good faith
and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(5)    the Indenture Trustee shall not be bound to recalculate, reverify, or make any investigation into the facts of
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 Holders of Notes evidencing not less than 25%
of the aggregate Outstanding Amount of the Notes; provided, however, that if the payment within a reasonable time to the Indenture 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 Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture, the Indenture 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 Administrator or, if paid by the Indenture Trustee, shall be reimbursed by the Administrator upon demand; and nothing in this
clause shall derogate from the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors; 

(6)    the Indenture Trustee may execute any of the trusts or powers under this Indenture or perform any duties under
this Indenture either directly or by or through agents or attorneys or a custodian, and the Indenture Trustee shall not be liable for the misconduct of such agents or attorneys if such agents or attorneys have been selected by the Indenture Trustee
with reasonable care; 
 (7)    in order to comply with laws, rules, regulations and executive orders in effect from
time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Indenture Trustee is required to obtain, verify and record certain
information relating to individuals and entities which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties agrees to provide the Indenture Trustee upon its reasonable request from time to time such
identifying information and documentation as may be reasonably available for such party in order to enable the Indenture Trustee to comply with Applicable Law; 

(8)    the rights, privileges, protections, immunities and benefits given to the Indenture Trustee herein, including the
right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in its capacities as Indenture Trustee, Paying Agent and Secured Party under the Basic Documents; and 

(9)    all communications, notices, instruction and other documents to be received by the Indenture Trustee (with the
exception of those for which a non-electronic 

  

					
		 	34	 	(NAROT 2017-B Indenture)

 
signature is expressly requested by the Indenture Trustee) may be provided to it via email with receipt confirmed via reply email, if requested, or other suitable means of electronic distribution
as permitted in writing by the Indenture Trustee. 
 (10)    Before the Indenture Trustee acts or refrains from acting,
it may require an Officer’s Certificate (with respect to factual matters) and/or an Opinion of Counsel (with respect to matters of law), as applicable. The Indenture Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on such Officer’s Certificate or Opinion of Counsel. 
 (11)    The Indenture Trustee will not
be responsible for special, indirect, punitive, or consequential damages. 
 (b)    No Noteholder will have any right to
institute any proceeding with respect to this Indenture except upon satisfying the conditions set forth in Section 5.06. 

SECTION 6.03 Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the
Holder, beneficial 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 Indenture Trustee. Any Paying Agent, Note Registrar,
co-registrar or co-paying agent may do the same with like rights. However, in so doing the Indenture Trustee must comply with Sections 6.11 and 6.12. 

SECTION 6.04 Indenture Trustee’s Disclaimer. The Indenture Trustee makes no representations as to the validity or
sufficiency of this Indenture or the Notes (other than the execution by the Indenture Trustee on behalf of the Issuer of, and the certificate of authentication on, the Notes), or of the Certificates. The Indenture Trustee shall have no obligation to
perform any of the duties of the Servicer or the Administrator unless explicitly set forth in this Indenture. The Indenture Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and
enforceability of the Notes or any Receivable, any ownership interest in any Financed Vehicle, or the maintenance of any such ownership interest, or for or with respect to the efficacy of the Issuer or its ability to generate the payments to be
distributed to Noteholders under this Indenture, including without limitation the validity of the assignment of the Receivables to the Issuer or of any intervening assignment; the existence, condition, location and ownership of any Receivable or
Financed Vehicle; the existence and enforceability of any physical damage or credit life or credit disability insurance; the existence and contents of any retail installment sales contract or any computer or other record thereof; the completeness of
any retail installment sales contract; the performance or enforcement of any retail installment sales contract; the compliance by the Issuer with any covenant or the breach by the Issuer, Seller or Servicer of any warranty or representation made
under this Indenture or in any Basic Document or other related document and the accuracy of any such warranty or representation prior to the Indenture Trustee’s receipt of notice or other discovery of any noncompliance therewith or any breach
thereof; the acts or omissions of the Issuer, Seller or the Servicer; or any action by the Indenture Trustee taken at the instruction of the Issuer or Servicer, provided, however, that the foregoing shall not relieve the Indenture
Trustee of its obligation to perform its duties under this Indenture. Except with respect to a claim based on the failure of the Indenture Trustee to perform its duties under this Indenture or based on the Indenture Trustee’s willful
misconduct, 

  

					
		 	35	 	(NAROT 2017-B Indenture)

 
bad faith or negligence, no recourse shall be had for any claim based on any provision of this Indenture, the Notes or Certificates or assignment thereof against the institution serving as the
Indenture Trustee in its individual capacity. The Indenture Trustee shall not have any personal obligation, liability or duty whatsoever to any Noteholder or any other Person with respect to any such claim, and any such claim shall be asserted
solely against the Issuer or any indemnitor who shall furnish indemnity as provided in this Indenture. The Indenture Trustee shall not be accountable for the use or application by the Issuer of any of the Notes or of the proceeds of such Notes, or
for the use or application of any funds paid to the Servicer in respect of the Notes. 
 SECTION 6.05 Notice of Defaults. If an
Authorized Officer of the Indenture Trustee has actual knowledge or has received written notice that a Default has occurred and is continuing, the Indenture Trustee shall mail to each Noteholder notice of such Default within 10 days of the
occurrence thereof. Except in the case of a Default in payment of principal of or interest on any Note, the Indenture Trustee may withhold such notice if and so long as a committee of its Authorized Officers in good faith determines that withholding
the notice is in the interests of Noteholders. 
 SECTION 6.06 Reports by Indenture Trustee to Holders. The Indenture Trustee shall
deliver or cause to be delivered annually to each Noteholder of record such information as may be required to enable such Person to prepare its federal and state income tax returns. 

SECTION 6.07 Compensation and Indemnity. The Administrator shall pay to the Indenture Trustee from time to time reasonable compensation
for its services as have been separately agreed upon between the Administrator and the Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Administrator
shall reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it, in addition to the compensation for its services. Such expenses
shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts including in connection with the Indenture Trustee’s performance of its obligations
under Section 10.13 of the Sale and Servicing Agreement and Sections 7.07 and 7.08 of this Indenture. The Administrator shall indemnify the Indenture Trustee against any and all loss, liability or expense
(including reasonable attorneys’ fees and expenses) incurred by it in connection with the administration of this Indenture or any of the Basic Documents and the performance of its duties hereunder or thereunder, including legal fees and
expenses incurred in connection with the enforcement by such Person of any indemnification or other obligation of the Issuer or Administrator. The Indenture Trustee shall notify the Administrator promptly of any claim for which it may seek
indemnity. Failure by the Indenture Trustee to so notify the Administrator shall not relieve the Administrator of its obligations hereunder. The Administrator shall defend any such claim, and the Indenture Trustee may have separate counsel and the
Administrator shall pay the fees and expenses of such counsel. The Administrator shall not reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful
misconduct, negligence or bad faith. To the extent not paid by the Administrator and outstanding for at least 60 days, such fees and indemnities shall be paid by the Issuer pursuant to Section 5.06 of the Sale and Servicing Agreement,
provided, that prior to such payment pursuant to the Sale and Servicing Agreement, the Indenture Trustee shall notify the Administrator in writing that such fees and indemnities have been outstanding for at least 60 days. If such fees and
indemnities are paid pursuant to Section 5.06 of the Sale and Servicing Agreement, the Administrator shall reimburse the Issuer in full for such payments. 

  

					
		 	36	 	(NAROT 2017-B Indenture)

 The Administrator’s payment obligations to the Indenture Trustee pursuant to this Section
shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.01(e) 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. 

SECTION 6.08 Replacement of Indenture Trustee. The Indenture Trustee may resign at any time by providing 30 days prior written notice
of its resignation to the Issuer. Noteholders representing a majority of the Outstanding Amount may remove the Indenture Trustee at any time and appoint a successor Indenture Trustee with 30 days prior written notice to the Indenture Trustee and the
Owner Trustee in writing. The Administrator may remove the Indenture Trustee if: 
 (a)    the Indenture Trustee fails
to comply with Section 6.11; 
 (b)    the Indenture Trustee is adjudged a bankrupt or
insolvent; 
 (c)    a receiver or other public officer takes charge of the Indenture Trustee or its property; or 

(d)    the Indenture Trustee otherwise becomes legally or practically incapable of fulfilling its duties hereunder. 

If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee
in such event being referred to herein as the retiring Indenture Trustee), the Servicer shall promptly appoint a successor Indenture Trustee. The successor Indenture Trustee shall pay all reasonable costs and expenses incurred in connection with
removing and replacing the Indenture Trustee for a series of Notes and transferring the predecessor Indenture Trustee’s duties and obligations to the successor Indenture Trustee. To the extent not paid by the successor Indenture Trustee, the
Administrator shall pay all reasonable costs and expenses incurred in connection with removing and replacing the Indenture Trustee for a series of Notes and transferring the predecessor Indenture Trustee’s duties and obligations to the
successor Indenture Trustee. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this
Section 6.08. 
 A successor Indenture Trustee shall deliver a written acceptance of its appointment to the
retiring Indenture Trustee, the Servicer, the Owner Trustee and the Administrator. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers
and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to the Noteholders and the Certificateholders. The retiring Indenture Trustee shall promptly transfer all property held
by it as Indenture Trustee to the successor Indenture Trustee. 

  

					
		 	37	 	(NAROT 2017-B Indenture)

 If a successor Indenture Trustee does not take office within 30 days after the retiring Indenture
Trustee resigns or is removed, the retiring Indenture Trustee, the Administrator 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 Indenture Trustee.

 If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may at any time thereafter petition
any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s and the Administrator’s obligations
under Section 6.07 shall continue for the benefit of the retiring Indenture Trustee. 
 SECTION 6.09 Successor
Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another Person, the resulting, surviving or transferee corporation
without any further act shall be the successor Indenture Trustee if such surviving Person or transferee corporation or banking shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall
provide the Issuer, the Owner Trustee and the Administrator reasonable prior written notice of any such transaction (and the Administrator will provide notice thereof to each Rating Agency pursuant to Section 1(d) of the Administration
Agreement). 
 In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall
succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such
Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor
to the Indenture Trustee; 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 Indenture Trustee shall have. 

SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture 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 Owner Trust Estate may at the time be located, the Indenture Trustee 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 Issuer, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders, such title to the Owner Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or
desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a 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 6.08 hereof. 

  

					
		 	38	 	(NAROT 2017-B Indenture)

 (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: 

(1)    all rights, powers, duties and obligations conferred or imposed upon such separate trustee or co-trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that
such separate trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in and/or directing such act), except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Owner 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 Indenture Trustee; 

(2)    no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder;
and 
 (3)    the Indenture 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 Indenture
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 thereupon conferred,
shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, including every provision
of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. 

(d)    Any separate trustee or co-trustee may at any time constitute the Indenture
Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on
its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
 SECTION 6.11
Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA Section 310(a). The Indenture 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 or its parent shall have a long-term debt rating of “Baa3” or better by Moody’s, or its equivalent rating or better by Fitch, or otherwise acceptable to the Rating Agencies. The
Indenture Trustee shall comply with TIA Section 310(b), including the optional provision permitted by the second sentence of TIA Section 310(b)(9); provided, however, that there shall be excluded from the operation of TIA
Section 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 Section 310(b)(1) are met. 

  

					
		 	39	 	(NAROT 2017-B Indenture)

 SECTION 6.12 Preferential Collection of Claims Against Issuer. The Indenture Trustee shall
comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 

ARTICLE VII 

Noteholders’ Lists and Reports 

SECTION 7.01 Note Registrar To Furnish Names and Addresses of Noteholders. The Note Registrar shall furnish or cause to be furnished to
the Indenture Trustee, the Owner Trustee, the Servicer or the Administrator, within 15 days after receipt by the Note Registrar of a written request therefrom, a list of the names and addresses of the Noteholders of any Class as of the most
recent Record Date. If three or more Noteholders, or one or more Holders evidencing not less than 25% of the Outstanding Amount of the Notes (hereinafter referred to as “Applicants”), apply in writing to the Indenture Trustee, and such
application states that the Applicants desire to communicate with other Noteholders with respect to their rights under this Indenture or under the Notes and such application is accompanied by a copy of the communication that such Applicants propose
to transmit, then the Indenture Trustee shall, within five Business Days after the receipt of such application, afford such Applicants access, during normal business hours, to the current list of Noteholders. Such Indenture Trustee may elect not to
afford the requesting Noteholders access to the list of Noteholders if it agrees to mail the desired communication by proxy, on behalf of and at the expense of the requesting Noteholders, to all Noteholders. Every Noteholder, by receiving and
holding a Note, agrees with the Indenture Trustee and the Issuer that none of the Indenture Trustee, the Owner Trustee, the Issuer, the Servicer or the Administrator shall be held accountable by reason of the disclosure of any such information as to
the names and addresses of the Noteholders under this Indenture, regardless of the source from which such information was derived. 
 If the
Indenture Trustee shall cease to be the Note Registrar, then thereafter the Administrator will furnish or cause to be furnished to the Indenture Trustee not more than five days after the most recent Record Date or at such other times as the
Indenture Trustee reasonably may request in writing, a list, in such form as the Indenture Trustee reasonably may require, of the names and addresses of the Holders of Notes as of such Record Date. 

SECTION 7.02 Preservation of Information; Communications to Noteholders. 

(a)    The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of
the Holders of Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note
Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished. 

  

					
		 	40	 	(NAROT 2017-B Indenture)

 (b)    Noteholders may communicate pursuant to TIA Section 312(b) with
other Noteholders with respect to their rights under this Indenture or under the Notes. 
 (c)    The Issuer, the
Indenture Trustee and the Note Registrar shall have the protection of TIA Section 3.12(c). 
 SECTION 7.03 Reports by Issuer.

 (a)    The Issuer shall: 

(1)    file with the Indenture 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) that the Issuer may be required to file
with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
 (2)    file with the Indenture Trustee
and the Commission in accordance with the 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 
 (3)    supply to the Indenture
Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of
this Section 7.03(a) and 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 March 31 of each year. 

SECTION 7.04 Reports by Indenture Trustee. If required by TIA Section 313(a), within 60 days after the end of each Fiscal Year of
the Issuer, beginning with the fiscal year ending March 31, 2018, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report dated as of such date that sets forth information required by TIA
Section 313(a), including any change to its eligibility and qualification to continue as Indenture Trustee under this Indenture, any amounts advanced by it under this Indenture, the amount, interest rate and maturity date of certain
indebtedness owed by the Issuer to such Indenture Trustee, in its individual capacity, the property and funds physically held by such Indenture Trustee in its capacity as such, and any action taken by it that materially affects the Notes and that
has not been previously reported. The Indenture Trustee also shall comply with TIA Section 313(b). 
 A copy of each report at the time
of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock
exchange. 

  

					
		 	41	 	(NAROT 2017-B Indenture)

 SECTION 7.05 Indenture Trustee Website. The Indenture Trustee may make available to the
Noteholders, via the Indenture Trustee’s website, all reports or notices required to be provided by the Indenture Trustee under the terms of this Indenture and, with the consent or at the direction of the Servicer, such other information
regarding the Notes as the Indenture Trustee may have in its possession. Any information that is disseminated in accordance with the provisions of this Section 7.05 shall not be required to be disseminated in any other form
or manner. Except for documents prepared by the Indenture Trustee and subject to its obligations under this Indenture, the Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such documents and will
assume no responsibility therefor. 
 The Indenture Trustee’s internet website shall be initially located at https://www.usbank.com/abs
or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the parties hereto. In connection with providing access to the Trustee’s internet website, the Indenture Trustee may require registration
and the acceptance of a disclaimer. 
 SECTION 7.06 Information to be Provided by the Indenture Trustee. The Indenture Trustee shall
provide the Issuer and the Servicer (each, a “Nissan Party,” and collectively, the “Nissan Parties”) with (i) notification pursuant to Section 6.01(e), as soon as practicable and in any event
within ten Business Days, (ii) not later than the tenth day of each calendar month (or, if such day is not a Business Day, the immediately following Business Day), beginning September 11, 2017, a report substantially in the form of Exhibit
B with respect to any demands communicated to an Authorized Officer of the Indenture Trustee during the immediately preceding calendar month (or, in the case of the initial notice, since the Closing Date) for the repurchase of any Receivable
pursuant to Section 3.02 of the Sale and Servicing Agreement, and (iii) promptly upon the request by a Nissan Party, any information in its possession reasonably requested by a Nissan Party to facilitate compliance by the Nissan Parties
with Rule 15Ga-1 under the Exchange Act and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Indenture Trustee be deemed to be a “securitizer” as defined in Section 15G(a) of
the Exchange Act, nor shall it have any responsibility for making any filing required to be made by a securitizer under the Exchange Act or Regulation AB. 

SECTION 7.07 Noteholder Demand for Repurchase; Dispute Resolution. 

(a)    If an Investor becomes aware of a breach of NMAC’s representations and warranties in Section 3.2(b) of the
Purchase Agreement or the Seller’s representations and warranties in Section 3.01 of the Sale and Servicing Agreement that would require NMAC or the Seller, as applicable, to repurchase a Receivable pursuant to Section 4.3 of the
Purchase Agreement or Section 3.02 of the Sale and Servicing Agreement, as applicable, such Investor (the “Requesting Investor”) may, or by written notice to the Indenture Trustee may direct the Indenture Trustee to, notify
NMAC or the Seller, as applicable, in writing of such breach and request that NMAC or the Seller, as applicable, repurchase the related Receivable. Any such request, and any related direction to the Indenture Trustee, shall identify the Receivable,
as well as the related breach of representation or warranty. If the Requesting Investor is a Note Owner, then each written notice from such Requesting Investor must be accompanied by Verification Documents. Upon receipt of any written notice of a
repurchase request that complies with the requirements of this Section 7.07(a), the Indenture Trustee shall forward such written notice to 

  

					
		 	42	 	(NAROT 2017-B Indenture)

 
NMAC or the Seller and request that NMAC or the Seller, as applicable, repurchase the related Receivable pursuant to Section 4.3 of the Purchase Agreement or Section 3.02 of the Sale
and Servicing Agreement, as applicable. For avoidance of doubt, following delivery of such notice and request to NMAC or the Seller, the Indenture Trustee shall have no responsibility or liability for the determination by NMAC or the Seller, as
applicable, to repurchase or not to repurchase the related Receivable or for monitoring whether or not such repurchase occurs. 

(b)    If a Requesting Investor requests, or directs the Indenture Trustee to request, the repurchase of a Receivable
pursuant to clause (a) above, and the repurchase request has not been fulfilled or otherwise resolved to the reasonable satisfaction of such Requesting Investor, within 180 days of the receipt of notice of the request by NMAC or the
Seller, as applicable, the Requesting Investor may, or by written notice to the Indenture Trustee may direct the Indenture Trustee to, refer the matter to either mediation or arbitration pursuant to Section 10.13 of the Sale and Servicing
Agreement. 
 SECTION 7.08 Asset Review Voting.  

(a)    If the Delinquency Percentage on any Distribution Date exceeds the Delinquency Trigger, then Noteholders (if the
Notes are represented by Definitive Notes) or Note Owners (if the Notes are represented by Book-Entry Notes) holding at least 5% of the Outstanding Amount as of the filing of the Form 10-D that disclosed that
the Delinquency Percentage exceed the Delinquency Trigger (the “Instituting Noteholders”) may elect to initiate a vote to determine whether the Asset Representations Reviewer should conduct an Asset Review by giving written notice
to the Indenture Trustee of their desire to institute such a vote within 90 days after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger. If any
Instituting Noteholder is not a Noteholder as reflected on the Note Register, the Indenture Trustee may require such Instituting Noteholder to provide Verification Documents to confirm that such Instituting Noteholder is, in fact, a Note
Owner. If the Instituting Noteholders initiate a vote as described in this clause (a), the Indenture Trustee shall submit the matter to a vote of all Noteholders, which shall be through the Clearing Agency if the Notes are represented by
Book-Entry Notes. The Indenture Trustee may set a Record Date for purposes of determining the identity of Noteholders or Note Owners, as applicable, entitled to vote in accordance with TIA Section 316(c). The vote will remain open
until the 120th day after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger. The
“Noteholder Direction” shall be deemed to have occurred if Noteholders representing at least a majority of the voting Noteholders vote in favor of directing an Asset Review of the Subject Receivables by the Asset Representations
Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Seller will disclose whether or not a Noteholder Direction has occurred. 

(b)    Within 5 Business Days of the Review Satisfaction Date, the Indenture Trustee will send a Review Notice to NMAC,
the Seller, the Servicer and the Asset Representations Reviewer. 
 (c)    Notwithstanding clauses (a) and
(b) of this Section 7.08, a Noteholder (if the Notes are represented by Definitive Notes) or Note Owner (if the Notes are represented by Book-Entry Notes) need not direct that an Asset Review be performed prior to
(i) notifying (or 

  

					
		 	43	 	(NAROT 2017-B Indenture)

 
directing the Indenture Trustee to notify) NMAC or the Seller, as applicable, of a breach of NMAC’s representations and warranties in Section 3.2(b) of the Purchase Agreement or the
Seller’s representations and warranties in Section 3.01 of the Sale and Servicing Agreement that would require NMAC or the Seller, as applicable, to repurchase a Receivable pursuant to Section 4.3 of the Purchase Agreement or
Section 3.02 of the Sale and Servicing Agreement, as applicable or (ii) referring the matter, at its discretion, to either mediation or arbitration pursuant to Section 10.13 of the Sale and Servicing Agreement. 

(d)    For the avoidance of doubt, the Indenture Trustee shall not be required to (i) determine whether, or give
notice to Noteholders that, a Delinquency Trigger has occurred or (ii) determine which assets are subject to an Asset Review by the Asset Representations Reviewer. 

ARTICLE VIII 
 Accounts,
Disbursements and Releases 
 SECTION 8.01 Collection of Money. Except as otherwise expressly provided herein, the Indenture
Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee
pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance
under any agreement or instrument that is part of the Owner Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.
Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 

SECTION 8.02 Accounts. 

(a)    On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the
Indenture Trustee until the outstanding amount of the Notes is zero, and thereafter, in the name of the Issuer, the Collection Account as provided in Section 5.01 of the Sale and Servicing Agreement. 

(b)    On or prior to the Closing Date, the Issuer will cause the Servicer to establish and maintain in the name of the
Indenture Trustee, until the outstanding amount of the Notes is zero, the Reserve Account as provided in Section 5.01 of the Sale and Servicing Agreement. On or prior to the Closing Date, the Issuer shall cause to be deposited an amount equal
to the Reserve Account Initial Deposit into the Reserve Account. 
 (c)    The Indenture Trustee shall transfer all
amounts remaining on deposit in the Collection Account on the Distribution Date on which the Notes of all Classes have been paid in full (or substantially all of the Collateral is otherwise released from the lien of this Indenture) to the Designated
Account and shall take all necessary or appropriate actions to transfer all of its right, title and interest in the Collection Account, all funds or investments held therein and all proceeds thereof, whether or not on behalf of the Securityholders,
to the Owner 

  

					
		 	44	 	(NAROT 2017-B Indenture)

 
Trustee for the benefit of the Certificateholders, subject to the limitations set forth herein with respect to amounts held for payment to Noteholders that do not promptly deliver a Note for
payment on such Distribution Date. 
 SECTION 8.03 General Provisions Regarding Accounts. 

(a)    So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in
the Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee at the written direction of the Servicer, subject to the provisions of Section 5.01 of the Sale and Servicing Agreement. All income or other gain
from investments of moneys deposited in the Collection Account shall be deposited by the Indenture Trustee in the Collection Account and paid to the Servicer as servicing compensation on any Business Day on or after which such amount is deposited in
the Collection Account, and any loss resulting from such investments shall be charged to such account. Subject to the provisions of Section 5.07 of the Sale and Servicing Agreement, all income or other gain from investments of moneys deposited
in the Reserve Account shall be paid to the Servicer on any Business Day on or after which such amount is deposited in the Reserve Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct
the Indenture Trustee, and the Issuer shall cause the Servicer not, to make any investment of any funds or to sell any investment held in the Accounts unless the security interest Granted and perfected in such account will continue to be perfected
in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the
Servicer shall deliver to the Indenture Trustee an Opinion of Counsel, reasonably acceptable to the Indenture Trustee, to such effect. 

(b)    Subject to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by
reason of any insufficiency in the Collection Account or the Reserve Account resulting from any loss on any Eligible Investment included therein at the direction of the Servicer, except for losses attributable to the Indenture Trustee’s failure
to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with the terms thereof. 

(c)    If (i) the Servicer shall have failed to give investment directions for any funds on deposit in the Collection
Account or the Reserve Account to the Indenture Trustee by 5:00 p.m. Eastern Time (or such other time as may be agreed by the Servicer and Indenture Trustee) on any Business Day or (ii) a Default or Event of Default shall have occurred and be
continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.02 or (iii) if such Notes shall have been declared due and payable following an Event of Default,
amounts collected or receivable from the Owner Trust Estate are being applied in accordance with Section 5.05 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable,
invest and reinvest funds in the Accounts in an Eligible Investment specified in an interest-bearing money market deposit account at U.S. Bank National Association. 

(d)    Except as otherwise provided hereunder or agreed in writing among the parties hereto, the Servicer shall retain the
authority to institute, participate and join in any plan 

  

					
		 	45	 	(NAROT 2017-B Indenture)

 
of reorganization, readjustment, merger or consolidation with respect to the issuer of any securities held hereunder, and, in general, to exercise each and every other power or right with respect
to each such asset or investment as individuals generally have and enjoy with respect to their own assets and investment, including power to vote upon any securities 

SECTION 8.04 Release of Owner Trust Estate. 

(a)    Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture
Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that
are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the
satisfaction of any conditions precedent or see to the application of any moneys. 
 (b)    The Indenture Trustee shall,
at such time as there are no Notes outstanding and all sums due the Indenture Trustee pursuant to Section 6.07 (as certified by an authorized officer of the Issuer in the officer’s certificate delivered to the Trustee)
have been paid, release any remaining portion of the Owner Trust Estate that secured the Notes from the lien of this Indenture and release to or to the order of the Issuer, any funds entitled thereto then on deposit in the Collection Account and the
Reserve Account. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.04(b) only upon receipt of an Officer’s Certificate and (if required by the TIA) Independent
Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01. 

SECTION 8.05 Release of Receivables Upon Purchase by the Seller or the Servicer. 

(a)    Upon repurchase of any Receivable by the Seller pursuant to Section 3.02 of the Sale and Servicing Agreement or
any purchase of any Receivable by the Servicer pursuant to Section 4.06 or Section 9.01 of the Sale and Servicing Agreement, the Indenture Trustee, on behalf of the Noteholders, shall, without further action, be deemed to release from the
Lien of this Indenture such repurchased Receivable, all monies due or to become due with respect thereto and all proceeds thereof and the other property with respect to such Receivable, and all security and any documents relating thereto, and the
Seller or the Servicer, as applicable, shall thereupon own each such Receivable, and all such related security and documents, free of any further obligation to the Issuer, the Indenture Trustee or the Noteholders with respect thereto. 

(b)    The Indenture Trustee shall execute such documents and instruments and take such other actions as shall be
reasonably requested by the Seller or the Servicer, as the case may be, to effect the release of such Receivable pursuant hereto and the assignment of such Receivable by the Issuer pursuant to Section 9.02 of the Sale and Servicing Agreement.

 SECTION 8.06 Opinion of Counsel. The Indenture Trustee shall receive at least seven days notice when requested by the Issuer to
take any action pursuant to Section 8.04(a) (provided that the Indenture Trustee in its discretion may waive such notice), accompanied by copies of any instruments involved, and the Indenture Trustee may also require (and
shall require, to extent 

  

					
		 	46	 	(NAROT 2017-B Indenture)

 
required by the TIA), except in connection with any action contemplated by Section 8.04(b), as a condition to such action, an Opinion of Counsel, in form and substance
satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action
will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as
to the fair value of the Owner Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with
any such action. 
 ARTICLE IX 

Supplemental Indentures 

SECTION 9.01 Supplemental Indentures Without Consent of Noteholders. 

(a)    Without the consent of the Holders of any Notes or any Certificates and with prior written notice by the Issuer to
the Administrator (and the Administrator will provide notice thereof to each Rating Agency pursuant to Section 1(d) of the Administration Agreement), the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from
time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Indenture Trustee, for any of the following purposes: 

(1)    to correct or amplify the description of any property at any time subject to the lien of this Indenture, or to
better assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 

(2)    to evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuer,
and the assumption by any such successor of the covenants of the Issuer contained herein and in the Notes; 
 (3)    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; 

(4)    to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 

(5)    to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be
inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture to the extent such action shall not
adversely affect the interests of the Holders of the Notes; 
 (6)    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 

  

					
		 	47	 	(NAROT 2017-B Indenture)

 (7)    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 Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate
agreements and stipulations that may be therein contained. 
 (b)    The Issuer and the Indenture Trustee, when
authorized by an Issuer Order, without the consent of any Noteholder or any other Person, may 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 subject to the satisfaction of one of the following conditions: (i) the Issuer delivers an Officer’s Certificate or
Opinion of Counsel to the Indenture Trustee to the effect that such supplemental indenture will not materially and adversely affect the interests of the Noteholders; or (ii) the Rating Agency Condition is satisfied with respect to such
supplemental indenture; provided, however, that in the event that any Certificates are then held by anyone other than the Administrator or any of its Affiliates, this Indenture may only be amended by the Issuer and the Indenture
Trustee if, in addition, (i) the Holders of the Certificates evidencing a majority of the Certificate Balance consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Administrator or
an Opinion of Counsel delivered to the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary to obtain the consent of the Certificateholders to approve the particular form of any proposed
amendment or consent, but it will be sufficient if such consent approves the substance thereof. 
 SECTION 9.02 Supplemental Indentures
with Consent of Noteholders. Subject to subsection (b) of Section 9.01, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may, with prior written notice by the Issuer to the
Administrator (and the Administrator will provide notice thereof to each Rating Agency pursuant to Section 1(d) of the Administration Agreement) and with the consent of the Holders of a majority of the Outstanding Amount of the Notes, voting as
a single class by Action of such Holders delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that no such supplemental indenture entered into in accordance with this
Section 9.02 shall, without the consent of the Holder of each Outstanding Note affected thereby: 

(1)    change the due date of any installment of principal of or interest on any Note, or reduce the principal amount
thereof, the Interest Rate thereon or redemption price therefor, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable; 

(2)    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; 

  

					
		 	48	 	(NAROT 2017-B Indenture)

 (3)    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; 
 (4)    modify or alter the provisions of the proviso to the definition
of the term “Outstanding”; 
 (5)    reduce the percentage of the Outstanding Amount of the Notes required to
direct the Indenture Trustee to sell or liquidate the Owner Trust Estate if the proceeds of that sale would be insufficient to pay the principal amount of and accrued but unpaid interest on the Notes pursuant to
Section 5.04(d)(4); 
 (6)    reduce any percentage required to amend the sections of the
Indenture that specify the applicable percentage of Outstanding Amount of the Notes necessary to amend the Indenture; or 

(7)    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 Owner Trust Estate or, except as otherwise permitted or contemplated herein, 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 Indenture Trustee may in its discretion determine whether or not any Notes would be adversely 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 Indenture Trustee shall not be liable for any such determination made
in good faith. 
 Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this
Section, the Indenture Trustee shall mail to the Holders of the Notes and to the Certificateholders 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 Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

SECTION 9.03 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee and the Owner Trustee shall be entitled to receive upon request therefor and (in the case of the case of the Indenture
Trustee, subject to Sections 6.01 and 6.02) shall be fully protected in relying upon, an Opinion of Counsel from external counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.
No amendment or modification of this Indenture which adversely affects the Owner Trustee shall be effective without its prior written consent. The Indenture Trustee and the Owner Trustee may, but shall not be obligated to, enter into any such
supplemental indenture that affects the Indenture Trustee’s or the Owner Trustee’s, as applicable, own rights, duties, liabilities or immunities under this Indenture or otherwise. 

  

					
		 	49	 	(NAROT 2017-B Indenture)

 SECTION 9.04 Effect of Supplemental Indenture. Upon the execution of any supplemental
indenture pursuant to the provisions hereof, this Indenture shall be deemed to be modified and amended in accordance therewith with respect to the Notes, and the respective rights, limitations of rights, obligations, duties, liabilities and
immunities under this Indenture of the Indenture 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 9.05 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 9.06 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Indenture Trustee
shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee
in exchange for Outstanding Notes. 
 ARTICLE X 

Redemption of Notes 

SECTION 10.01 Optional Purchase of All Receivables. If NMAC, as Servicer, shall notify the Owner Trustee and the Indenture Trustee of
its intention to exercise the option granted to it in Section 9.01 of the Sale and Servicing Agreement to purchase the Collateral (other than the Reserve Account), then the Indenture Trustee shall give written notice thereof to each Noteholder,
in accordance with Section 10.02, as soon as practicable after their receipt of notice from the Servicer. Upon deposit by the Servicer or any successor to the Servicer of the amount necessary to effect such purchase of the
Collateral (other than the Reserve Account), the Indenture Trustee shall make the final distributions to the Noteholders and the other distributions as set forth in Section 5.06 of the Sale and Servicing Agreement and shall promptly transfer
all of its right, title and interest in and to any amounts or investments remaining on deposit in the Accounts to the Owner Trustee (in any event excluding any portion thereof necessary to make distributions to Noteholders described in
Section 3.03), and release from the lien of this Indenture all of the remaining Collateral in accordance with Sections 8.04 and 8.05. The Indenture Trustee shall execute, deliver and file all agreements,
certificates, instruments or other documents necessary or reasonably requested by the Issuer in order to effect such release and the transfer to the Issuer of the Collateral. 

  

					
		 	50	 	(NAROT 2017-B Indenture)

 SECTION 10.02 Form of Redemption Notice. Notice of redemption under
Section 10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, mailed to each Holder of Notes as of the close of business on the Record Date of the month preceding the month of the applicable
Redemption Date at such Holder’s address appearing in the Note Register. In addition, the Administrator shall notify each Rating Agency upon the redemption of the Notes, pursuant to the Administration Agreement. 

All notices of redemption shall state: 

(a)    the Redemption Date; 

(b)    the Redemption Price; 

(c)    the place where the Notes to be redeemed 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 3.02); and 

(d)    that on the Redemption Date, the Redemption Price will become due and payable upon each such Note and that interest
thereon shall cease to accrue from and after the Redemption Date. 
 Notice of redemption of the Notes shall be given by the Indenture
Trustee in the name and at the expense of the Issuer. In addition, the Issuer shall notify the Owner Trustee upon redemption of the Notes. Failure to give notice of redemption (or any defect therein) to any Noteholder shall not impair or affect the
validity of the redemption of any other Note. 
 SECTION 10.03 Notes Payable on Redemption Date. The Notes to be redeemed shall,
following notice of redemption as required by Section 10.02, become due and payable on the Redemption Date 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
11.01 Compliance Certificates and Opinions, etc. 
 (a)    Upon any application or request by the Issuer to the
Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall, upon written request therefor from the Indenture Trustee, furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (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 such written request from the Indenture Trustee need be furnished (and only such expressly required documents need be delivered in connection therewith).

  

					
		 	51	 	(NAROT 2017-B Indenture)

 (b)    Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include: 
 (1)    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; 

(2)    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; 
 (3)    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 

(4)    a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied
with. 
 (c)    Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that
is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.01(a) or elsewhere in this Indenture,
furnish to the Indenture Trustee (if so requested by the Indenture Trustee or required by the TIA) 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. 
 Whenever the Issuer would be required to
furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signatory thereof as to the matters described in this clause (c) if such an Officer’s Certificate had been requested by the Indenture
Trustee or required by the TIA, regardless of whether such an Officer’s Certificate was so requested or required, the Issuer shall deliver to the Indenture Trustee 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 calendar year of the Issuer, as set forth in the certificates delivered pursuant
to clause (c), 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 one percent of the Outstanding Amount of the Notes. 
 Whenever any property or securities are
to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of
such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 

  

					
		 	52	 	(NAROT 2017-B Indenture)

 Notwithstanding Section 2.09 or any other provision of this Section,
the Issuer may, without compliance with the requirements of the other provisions of this Section, (i) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Basic
Documents, and (ii) make cash payments out of the Accounts as and to the extent permitted or required by the Basic Documents. 

SECTION 11.02 Form of Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such officer’s certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the
Servicer, the Seller, the Issuer or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Issuer or the Administrator, unless such counsel knows, or in the exercise
of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any
Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

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

SECTION 11.03 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 

  

					
		 	53	 	(NAROT 2017-B Indenture)

 
and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly
provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Action” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section. 

(b)    The fact and date of the execution by any person of any such instrument or writing may be proved in any manner that
the Indenture Trustee deems sufficient. 
 (c)    The ownership of Notes shall be proved by the Note Register. 

(d)    Any request, demand, authorization, direction, notice, consent, waiver or other action by 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 Indenture Trustee or the Issuer in reliance thereon, whether or
not notation of such action is made upon such Note. 
 SECTION 11.04 Notices to Indenture Trustee, Issuer and Rating Agencies. Any
request, demand, authorization, direction, notice, consent, waiver or Action of Noteholders or other documents provided or permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, consent, waiver
or Action of Noteholders is to be made upon, given or furnished to or filed with (a) the Issuer, to Nissan Auto Receivables 2017-B Owner Trust, c/o Wilmington Trust, National Association, Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Nissan Auto Receivables 2017-B Owner Trust, with a copy to Nissan Motor Acceptance Corporation, One Nissan Way, Franklin, Tennessee
37067, Attention: Treasurer, or at such other address as shall be designated by written notice to the Indenture Trustee, and (b) the Indenture Trustee, to U.S. Bank National Association, 190 South LaSalle Street, 7th Floor, Chicago, IL 60603,
Attention: NAROT 2017-B. 
 Notices required to be given to the Rating Agencies hereunder shall be
in writing, personally delivered or mailed by certified mail, return receipt requested, to: (i) in the case of Moody’s, at the following address: Moody’s Investor Service, ABS Monitoring Department, 7 World Trade Center, 250 Greenwich
Street, New York, New York 10007, and (ii) in the case of Fitch, at the following address: Fitch Ratings, Inc., 33 Whitehall Street, New York, New York 10004, Attention: Asset Backed Securities Group, or as to each of the foregoing, at such
other address as shall be designated by written notice to the other parties; provided, however, that all notices, requests, reports, consents or other communications deliverable to any Rating Agency hereunder or under any other Basic Document shall
be deemed to be delivered if a copy of such notice, request, report, consent or other communication has been posted on any website maintained by or on behalf of NMAC pursuant to a commitment to any Rating Agency relating to the Notes in accordance
with 17 C.F.R. 240 17g-5(a)(3). 

  

					
		 	54	 	(NAROT 2017-B Indenture)

 SECTION 11.05 Notices to Noteholders; Waiver. Where this Indenture provides for notice to
Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note
Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any
notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

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

SECTION 11.06 Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the
contrary, the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture
for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 

SECTION 11.07 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof
that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

The provisions of TIA Sections 310 through 317 that impose duties on any person (including the provisions automatically deemed included herein
unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 
 SECTION
11.08 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. 

  

					
		 	55	 	(NAROT 2017-B Indenture)

 SECTION 11.09 Successors and Assigns. All covenants and agreements in this Indenture and
the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents. 

SECTION 11.10 Severability. If any one or more of the covenants, agreements, provisions or terms of this Indenture shall be for any
reason whatsoever held invalid or unenforceable in any jurisdiction, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Indenture and shall in no way
affect the validity or enforceability of the other provisions of this Indenture or of the Notes or the Certificates or the rights of the Holders thereof. 

SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other
than the parties hereto, the Owner Trustee and their successors hereunder, the Noteholders, any other party secured hereunder and any other Person with an ownership interest in any part of the Owner Trust Estate, any benefit or any legal or
equitable right, remedy or claim under this Indenture. 
 SECTION 11.12 Governing Law. THIS INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 11.13
Counterparts. This Indenture may be executed simultaneously in any number of counterparts, each of which shall be deemed to be an original, and all of which shall constitute but one and the same instrument. 

SECTION 11.14 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 Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording
is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

SECTION 11.15 Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the
Owner Trustee or the Indenture Trustee on the Notes or Certificates or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) the Seller, any Certificateholder or other owner of a beneficial interest in the Issuer, (iii) NMAC or (iv) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee or the Owner Trustee in its individual capacity, any Certificateholder or other owner of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner
Trustee in 

  

					
		 	56	 	(NAROT 2017-B Indenture)

 
its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual
capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to
such entity. 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 11.16 No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by
accepting a Note, hereby covenant and agree that they shall not, prior to the date which is one year and one day after the payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy
Remote Party, acquiesce, petition or otherwise invoke or cause such Bankruptcy Remote Party to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against such Bankruptcy Remote Party under any
federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of such Bankruptcy Remote Party or any substantial part of its property, or ordering
the winding up or liquidation of the affairs of such Bankruptcy Remote Party. 
 SECTION 11.17 Inspection. The Issuer agrees that, on
reasonable prior notice, it will permit any representative of the Indenture Trustee, 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 (at the expense of the requesting party) 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. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent
disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations
hereunder. 
 [The remainder of this page intentionally left blank] 

  

					
		 	57	 	(NAROT 2017-B Indenture)

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

					
	NISSAN AUTO RECEIVABLES 2017-B OWNER TRUST
		
	By:	 	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Owner Trustee

			
		 	By:	 	/s/ Eric A. Kardash
		 	Name:	 	Eric A. Kardash
		 	Title:	 	Assistant Vice President
	
	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	/s/ Jessica J. Elliott
	Name:	 	Jessica J. Elliott
	Title:	 	Vice President

  

					
		 	S-1	 	(Nissan 2017-B Indenture)

 STATE OF DELAWARE              ) 

                          
                              ) ss 

COUNTY OF NEW CASTLE       ) 

Sworn to and subscribed before me this 17th day of August, 2017, by Eric A. Kardash. 

 

			
	 /s/ Ronald Brulotte

	 Notary Public

		
	Name:	 	Ronald Brulotte

 
			
	My Commission Expires:	 	 6-19-2019

 Notary Seal 

  

					
		 	S-2	 	(Nissan 2017-B Indenture)

 STATE OF ILLINOIS             ) 

                          
                       ) ss 
 COUNTY OF
COOK              ) 
 Sworn to and subscribed before me this 17th day of August, 2017, by Jessica J. Elliott. 
  

			
	 /s/ Christopher J. Nuxoll

	 Notary Public

		
	Name:	 	Christopher J. Nuxoll

 
			
	My Commission Expires:	 	 4-15-2018

 Notary Seal 

  

					
		 	S-3	 	(Nissan 2017-B Indenture)

 EXHIBIT A 

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

[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.]1 
 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. 

THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR NISSAN AUTO RECEIVABLES CORPORATION
II, NISSAN MOTOR ACCEPTANCE CORPORATION, NISSAN NORTH AMERICA, INC., NISSAN MOTOR CO., LTD., ANY TRUSTEE OR ANY OF THEIR AFFILIATES. THE PRINCIPAL AND INTEREST ON THIS NOTE IS PAYABLE SOLELY FROM PAYMENTS ON THE RECEIVABLES AND AMOUNTS ON DEPOSIT IN
THE RESERVE ACCOUNT. 
 EACH PURCHASER AND TRANSFEREE (AND IF THE PURCHASER OR TRANSFEREE IS ANY TYPE OF EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, ITS FIDUCIARY) OF THIS NOTE (OR ANY INTEREST HEREIN) WILL BE DEEMED TO (A) REPRESENT, WARRANT AND COVENANT THAT EITHER (I) IT IS NOT, AND IS NOT ACQUIRING OR HOLDING THE NOTE (OR ANY INTEREST HEREIN) FOR, ON BEHALF OF OR WITH
THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, A “PLAN” DESCRIBED IN AND SUBJECT
TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE ENTITY
(EACH OF THE FOREGOING, AN “ERISA INVESTOR”), OR ANY OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE
CODE (“SIMILAR LAW”) (EACH, A “BENEFIT PLAN”) OR (II) (1) THE ACQUISITION, HOLDING AND DISPOSITION OF THE NOTE (OR ANY 

 

	1 	 For Book-Entry Notes only. 

  

					
		 		 	(Nissan 2017-B Indenture)

 
INTEREST HEREIN) DOES NOT AND WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR
LAW AND (2) IF THE PURCHASER OR TRANSFEREE IS AN ERISA INVESTOR, THE DECISION TO ACQUIRE THIS NOTE WAS MADE BY AN AUTHORIZED FIDUCIARY THAT IS AN “INDEPENDENT FIDUCIARY WITH FINANCIAL EXPERTISE,” AS DESCRIBED IN 29 C.F.R. SECTION 2510.3-21(c)(1) AND (B) ACKNOWLEDGE AND AGREE THAT THE NOTES ARE NOT ELIGIBLE FOR PURCHASE BY BENEFIT PLANS AT ANY TIME THAT THE RATINGS ON THE NOTES ARE BELOW INVESTMENT GRADE OR THE NOTES HAVE BEEN
CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES. 
 [THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR
ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO.] 

  

					
		 		 	(Nissan 2017-B Indenture)

 NISSAN AUTO RECEIVABLES 2017-B OWNER TRUST 

[LIBOR +] [    ]% ASSET BACKED NOTES, 

CLASS [A-1] [A-2a]
[A-2b] [A-3] [A-4] 
  

			
	No. R-            	  	 $            

CUSIP NO.            

ISIN No.             

 Nissan Auto Receivables 2017-B Owner Trust, 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
                    , or registered assigns, the principal sum of
                    DOLLARS ($        ) payable on each Distribution Date in an aggregate amount, if any,
payable from the Collection Account in respect of the principal on the Class [A-1] [A-2a] [A-2b]
[A-3] [A-4] Notes pursuant to Section 3.01 of the Indenture dated as of August 23, 2017 (the “Indenture”), between the Issuer and U.S. Bank National
Association, as Indenture Trustee (the “Indenture Trustee”) and Sections 5.06(a), (b) and (c) of the Sale and Servicing Agreement dated as of August 23, 2017 (the “Sale and Servicing Agreement”), among the Issuer, NARC
II, as Seller, NMAC, as Servicer, and the Indenture Trustee (which amounts shall be limited to the portion of Available Amounts specified in such sections); provided, however, that the entire unpaid principal amount of this Note shall
be due and payable on the Distribution Date occurring on                     (the “Class [A-1] [A-2a] [A-2b] [A-3] [A-4] Final Scheduled Distribution Date”). Capitalized terms used but
not defined herein have the meanings ascribed thereto in the Indenture and the Sale and Servicing Agreement, as the case may be. 
 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, on the principal amount of this Note outstanding on the preceding Distribution
Date (after giving effect to all payments of principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture. Interest on this Note will accrue for each Distribution Date, (for the Class A-1 Notes and the Class A-2b Notes) during the period from (and including) the Distribution Date during the calendar month preceding such Distribution Date (or
in the case of the first Distribution Date, or if no interest has yet been paid, from (and including) the Closing Date) to (but excluding) such Distribution Date (for the Class A-2a Notes, Class A-3 Notes and Class A-4 Notes) during the period from (and including) the 15th day of the preceding calendar month (or in the case of the first Distribution
Date, or if no interest has yet been paid, from (and including) the Closing Date) to (but excluding) the 15th day of the month in which such Distribution Date occurs. Interest will be computed on the basis specified in the Indenture for each
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 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. 

  

					
		 		 	(Nissan 2017-B Indenture)

 Reference is made to the further provisions of this Note set forth on the reverse hereof, which
shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been
executed by the Indenture Trustee 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. 

  

					
		 		 	(Nissan 2017-B Indenture)

 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. 
 Date:
                     
  

					
	NISSAN AUTO RECEIVABLES 2017-B
	OWNER TRUST
		
	By:	 	 WILMINGTON TRUST, NATIONAL

ASSOCIATION, not in its individual
 capacity but solely as Owner
Trustee under
 the Trust Agreement

			
		 	By:	 	                                     
                                         
          
		 		 	Name:
		 		 	Title:

  

					
		 		 	(Nissan 2017-B Indenture)

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

Date:                      

 

			
	 U.S. BANK NATIONAL ASSOCIATION, not in

its individual capacity but solely as Indenture

Trustee

		
	By:	 	                                     
                                         
                 
		 	Name:
		 	Title:

  

					
		 		 	(Nissan 2017-B Indenture)

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as [LIBOR +] [    ]% Asset Backed Notes,
Class [A-1] [A-2a] [A-2b] [A-3] [A-4] (herein
called the “Class [A-1] [A-2a] [A-2b] [A-3]
[A-4] Notes”), all issued under the Indenture, to which Indentures and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of
the Issuer, the Indenture Trustee and the Holders of the Notes. The Class [A-1] [A-2a] [A-2b]
[A-3] [A-4] Notes are subject to all terms of the Indenture. 

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, (collectively, the “Notes”) are and, except as otherwise provided in the Indenture and the Sale and Servicing
Agreement, will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
 Principal of
the Class [A-1] [A-2a] [A-2b] [A-3] [A-4] Notes
will be payable on each Distribution Date in an amount described in the Indenture. “Distribution Date” means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
September 15, 2017. 
 Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable
on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class, have declared the Notes to be immediately due and
payable in the manner provided in Section 5.02 of the Indenture or following the exercise by the Servicer of its option to purchase the Receivables pursuant to Section 9.01 of the Sale and Servicing Agreement and Section 10.01 of the
Indenture. In case of an unrescinded acceleration upon an Event of Default, all payments of interest and principal will be made to the Noteholders as set forth in Section 5.06(c) of the Sale and Servicing Agreement. In case of the optional
purchase of the Receivables, all interest and all principal payments on the Class [A-1] [A-2a] [A-2b] [A-3] [A-4] Notes shall be made pro rata to the Class [A-1] [A-2a] [A-2b] [A-3] [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 paid to the Person in whose name of such Note (or one or more Predecessor Notes) is registered on the Record Date by wire transfer in immediately available funds to the account designated by such nominee,
except for the final installment of principal payable with respect to such Note on a Distribution Date or on the applicable Final Scheduled Distribution Date, which shall be payable as provided below. 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 Indenture Trustee, in the name
of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof 

  

					
		 		 	(Nissan 2017-B Indenture)

 
as of the Record Date preceding such Distribution Date by notice mailed or transmitted by facsimile 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 Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in St. Paul, Minnesota. 

The Issuer shall pay interest on overdue installments of interest at the Class [A-1] [A-2a] [A-2b] [A-3] [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, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee as set forth in Section 2.04 of the Indenture, 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. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note,
covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered
in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) the Seller or any owner of a beneficial interest in the Issuer, (iii) NMAC or (iv) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

 The Holder of this Note by its acceptance hereof agrees that, except as expressly provided in 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. 

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
by accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time file, join in the filing of, or cooperate with or encourage others to file against a Bankruptcy Remote Party, any bankruptcy,

  

					
		 		 	(Nissan 2017-B Indenture)

 
reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the
Indenture or the Basic Documents. 
 The Issuer has entered into the Indenture and this Note is issued with the intention that, for federal,
state and local income, single business and franchise tax purposes, the Notes (other than the Retained Notes, if any) will qualify as indebtedness of the Issuer secured by the Owner Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes (other than the Retained Notes, if any) for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuer. 

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee 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 none of the Issuer, the Indenture Trustee or 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 and the Indenture Trustee, when
authorized by an Issuer Order, with prior notice to the Rating Agencies and with the consent of the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class. Section 5.12 of the Indenture also contains provisions
permitting the Holders of a majority of the Outstanding Amount of the Notes, voting as a single class, 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 or 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 Indenture 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 Indenture Trustee and the Holders of Notes 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 (other than Section 5-1401 of the 

  

					
		 		 	(Nissan 2017-B Indenture)

 
General Obligations Law of the State of New York), and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. In the event
of any conflict or inconsistency between the terms of this Note and the terms of the Basic Documents, the terms of the Basic Documents shall control. 

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 to
pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

  

					
		 		 	(Nissan 2017-B Indenture)

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:
                     
 FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto: 
  

 
 (name and address of assignee) 

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

	
	
Dated:                     
                                        
*/

	
	 Signature Guaranteed:

	
	
                      
                                         
         */

  

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

  

					
		 		 	(Nissan 2017-B Indenture)

 Exhibit B 

ASSET REPURCHASE DEMAND ACTIVITY REPORT 

Reporting Period: 
  

	☒	Check here if nothing to report. 

  

																	
	 	  	 	 	  	Activity During Period	 
	 Transaction
	  	Loan No.	 	  	Date of Reputed Demand	 	  	Party Making Reputed Demand	 	  	Date of Withdrawal of Reputed Demand	 
	 NAROT 2017-B
	  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  

					
		 		 	(Nissan 2017-B Indenture)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]