Document:

Exhibit 10.2

 

[*****]
Indicates omitted information. This redacted information has been excluded because it is both (i) not material and (ii) of the type that
the registrant treats as private and confidential.

 

EXECUTION
COPY

 

AMENDMENT
NO. 34 TO TRANSFER AND ADMINISTRATION AGREEMENT

 

AMENDMENT
NO. 34 TO TRANSFER AND ADMINISTRATION AGREEMENT, dated as of September 20, 2022 (this “Amendment”), to that certain
Transfer and Administration Agreement dated as of March 21, 2001, as amended by Amendment No. 1 to Transfer and Administration Agreement
dated as of November 30, 2001, Amendment No. 2 to Transfer and Administration Agreement dated as of December 14, 2001, Amendment No.
3 to Transfer and Administration Agreement dated as of March 20, 2002, Amendment No. 4 to Transfer and Administration Agreement dated
as of March 29, 2002, Amendment No. 5 to Transfer and Administration Agreement dated as of May 22, 2002, Amendment No. 6 and Limited
Waiver to Transfer and Administration Agreement dated as of September 27, 2002, Amendment No. 7 to Transfer and Administration Agreement
dated as of February 19, 2003, Amendment No. 8 to Transfer and Administration Agreement dated as of April 14, 2003, Amendment No. 9 to
Transfer and Administration Agreement dated as of August 13, 2003, Amendment No. 10 to Transfer and Administration Agreement dated as
of February 18, 2004, Amendment No. 11 to Transfer and Administration Agreement dated as of August 13, 2004, Amendment No. 12 to Transfer
and Administration Agreement dated as of February 14, 2005, Amendment No. 13 to Transfer and Administration Agreement dated as of February
13, 2006, Amendment No. 14 to Transfer and Administration Agreement dated as of October 31, 2006, Amendment No. 15 to Transfer and Administration
Agreement dated as of February 12, 2007, Amendment No. 16 to Transfer and Administration Agreement dated as of March 27, 2007, Amendment
No. 17 to Transfer and Administration Agreement dated as of March 26, 2010, Amendment No. 18 to Transfer and Administration Agreement
dated as of December 15, 2010, Amendment No. 19 to Transfer and Administration Agreement dated as of February 14, 2011, Amendment No.
20 to Transfer and Administration Agreement dated as of December 7, 2011, Amendment No. 21 to Transfer and Administration Agreement dated
as of March 30, 2012, Amendment No. 22 to Transfer and Administration Agreement dated as of August 29, 2012, Amendment No. 23 to Transfer
and Administration Agreement dated as of July 29, 2013, Amendment No. 24 to Transfer and Administration Agreement dated as of March 24,
2014, Amendment No. 25 to Transfer and Administration Agreement dated as of March 9, 2015, Amendment No. 26 to Transfer and Administration
Agreement dated as of September 19, 2016, Amendment No. 27 to Transfer and Administration Agreement dated as of February 6, 2017, Amendment
No. 28 to Transfer and Administration Agreement dated as of July 13, 2017, Amendment No. 29 to Transfer and Administration Agreement
dated as of January 31, 2018, Amendment No. 30 to Transfer and Administration Agreement dated as of June 20, 2018, Amendment No. 31 to
Transfer and Administration Agreement dated as of December 21, 2018, Amendment No. 32 to Transfer and Administration Agreement dated
as of September 27, 2019 and Amendment No. 33 to Transfer and Administration Agreement dated as of March 18, 2021 (as so amended and
in effect, the “TAA”), by and among Arrow Electronics Funding Corporation, a Delaware corporation (the “SPV”),
Arrow Electronics, Inc., a New York corporation, individually (“Arrow”) and as the initial Master Servicer, the several
commercial paper conduits identified on Schedule A to the TAA and their respective permitted successors and assigns (the “Conduit
Investors”; each individually, a “Conduit Investor”), the agent bank set forth opposite the name of each
Conduit Investor on such Schedule A and its permitted successors and assigns (each a “Funding Agent”) with respect
to such Conduit Investor, the financial institutions identified on Schedule A to the TAA as Alternate Investors and their respective
permitted successors and assigns (the “Alternate Investors”; each individually, an “Alternate Investor”;
together with the Conduit Investors, the “Investors”; each individually, an “Investor”), Mizuho
Bank Ltd., as structuring agent (the “Structuring Agent”) and Bank of America, National Association, a national banking
association, as the administrative agent for the Investors (the “Administrative Agent”). Capitalized terms used and
not otherwise defined herein have the meanings assigned to such terms in the TAA.

 

     

     

    

 

PRELIMINARY
STATEMENTS:

 

WHEREAS,
the SPV, Arrow, the Funding Agents, the Investors and the Administrative Agent have entered into the TAA;

 

WHEREAS,
the SPV and Arrow have requested that the Funding Agents, the Investors and the Administrative Agent agree to make certain changes and
amendments to the TAA;

 

WHEREAS,
subject to the terms and conditions set forth herein, the Investors, the Funding Agents and the Administrative Agent are willing to make
such changes and amendments to the TAA;

 

NOW,
THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

 

SECTION
1. Amendment to the TAA. As of the date hereof, the TAA is hereby amended to incorporate the changes reflected in Exhibit A
hereto.

 

SECTION
2. Representations and Warranties of the SPV and Arrow. To induce the Investors, the Funding Agents and the Administrative Agent
to enter into this Amendment, the SPV and Arrow each makes the following representations and warranties (which representations and warranties
shall survive the execution and delivery of this Amendment) as of the date hereof and, after giving effect to the amendments set forth
herein as of the date hereof:

 

Section
2.1. Authority. The SPV and Arrow each has the requisite corporate power, authority and legal right to execute and deliver this
Amendment and to perform its obligations hereunder and under the Transaction Documents, including the TAA (as modified hereby). The execution,
delivery and performance by the SPV and Arrow of this Amendment and their performance of the Transaction Documents, including the TAA
(as modified hereby), have been duly approved by all necessary corporate action and no other corporate proceedings are necessary to consummate
such transactions.

 

Section
2.2. Enforceability. This Amendment has been duly executed and delivered by the SPV and Arrow. This Amendment is the legal, valid
and binding obligation of the SPV and Arrow, enforceable against the SPV and Arrow in accordance with its terms, subject to applicable
bankruptcy, insolvency, moratorium or other similar laws affecting the rights of creditors generally and the application of general principles
of equity (regardless of whether considered in a proceeding at law or in equity). The making and delivery of this Amendment and the performance
of the TAA, as amended by this Amendment, do not violate any provision of law or any regulation (except to the extent that the violation
thereof could not, in the aggregate, be expected to have a Material Adverse Effect or a material adverse effect on the condition (financial
or otherwise), business or properties of Arrow and the other Originators, taken as a whole), or its charter or by-laws, or result in
the breach of or constitute a default under or require any consent under any indenture or other agreement or instrument to which it is
a party or by which it or any of its properties may be bound or affected.

 

    2

     

    

 

Section
2.3. Representations and Warranties. The representations and warranties of Arrow and the SPV contained in the Transaction Documents
are true and correct on and as of the date hereof, as though made on and as of such date after giving effect to this Amendment, except
for representations and warranties made by the SPV or Arrow expressly stated to relate to an earlier date, in which case such representations
and warranties are true and correct as of such earlier date.

 

Section
2.4. No Termination Event. After giving effect to this Amendment, no event has occurred and is continuing that constitutes a Termination
Event or a Potential Termination Event.

 

SECTION
3. Conditions Precedent. This Amendment shall become effective on and be deemed effective (the “Effective Date”)
upon (i) the Administrative Agent’s having received counterparts of this Amendment, (ii) receipt by each Funding Agent of the amounts
set forth on Exhibit B attached hereto opposite such Funding Agent’s name, by wire transfer of immediately available funds
to the account specified by such Funding Agent, (iii) receipt by the Administrative Agent of a duly executed secretary’s certificate
of each of the SPV and Arrow, certifying the organization documents, incumbency of officers, and resolutions authorizing the execution
and delivery of this Amendment, and (iv) each Funding Agent shall have received for the benefit of itself and its Investors payment in
full of such fees and reimbursement of such expenses as may be due and payable by the SPV to such Funding Agent and Investor in connection
with this Amendment.

 

SECTION
4. Payment of Fees and Expenses. The SPV agrees to pay all fees and expenses (including reasonable attorney’s fees and expenses
of Morgan, Lewis & Bockius LLP) as may be due and payable by the SPV pursuant to Section 9.4 of the TAA in connection with this Amendment
and the transactions contemplated hereby.

 

SECTION
5. References to and Effect on the Transaction Documents.

 

Section
5.1. Except as specifically amended and modified hereby, each Transaction Document is and shall continue to be in full force and effect
and is hereby in all respects ratified and confirmed.

 

Section
5.2. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Investor,
Funding Agent or the Administrative Agent under any Transaction Document, nor constitute a waiver, amendment or modification of any provision
of any Transaction Document, except as expressly provided in Section 1 hereof.

 

    3

     

    

 

Section
5.3. This Amendment contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject
matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding
all prior oral or written understandings.

 

Section
5.4. Each reference in the TAA to “this Agreement”, “hereunder”, “hereof” or words of like import,
and each reference in any other Transaction Document to “the Transfer and Administration Agreement”, “thereunder”,
 “thereof” or words of like import, referring to the Agreement, shall mean and be a reference to the Agreement as amended
hereby.

 

SECTION
6. Reallocation. The parties hereto agree that upon the Effective Date and after giving effect to this Amendment, the Net Investment
shall be reallocated among the Purchaser Groups such that after giving effect to such reallocation, the portion of the Net Investment
funded by each Purchaser Group as a percentage of the total Net Investment shall equal such Purchaser Group’s Pro Rata Share. Each
applicable Investor shall make the payments specified in the flow of funds prepared by the Administrative Agent attached as Exhibit
C.

 

SECTION
7. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together
shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telefacsimile,
electronic mail, portable document format (PDF) or similar means shall be effective as delivery of a manually executed counterpart of
this Amendment.

 

SECTION
8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION
9. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE,
WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, RELATING TO OR INCIDENTAL TO THE RELATIONSHIP
BETWEEN THEM IN CONNECTION WITH THIS AMENDMENT OR ANY OTHER TRANSACTION DOCUMENT.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

Transfer and Administration Agreement

 (Arrow
Electronics)

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized,
as of the date first above written.

 

		ARROW ELECTRONICS FUNDING CORPORATION, 

asSPV
	 	 	 
	 	By:	/s/ William Dakin
	 	 	Name: William Dakin
	 	 	Title: Treasurer

 

	 	By:	/s/ Carine Jean-Claude
	 	 	Name: Carine Jean-Claude
	 	 	Title: Secretary

 

		ARROW
                                            ELECTRONICS, INC., 

                                            individually and as Master Servicer
	 	 	 
	 	By:	/s/ William Dakin
	 	 	Name: William Dakin
	 	 	Title: Vice President and Treasurer

 

	 	By:	/s/ Carine Jean-Claude
	 	 	Name: Carine Jean-Claude
	 	 	Title: Senior Vice President, Chief Legal Officer and Secretary

 

Signature Page to Amendment No. 34 to

Transfer and Administration Agreement

(Arrow Electronics)

 

     

     

    

 

		BANK
OF AMERICA, NATIONAL ASSOCIATION,

as a Funding Agent, as
Administrative Agent, and as an 

Alternate Investor

	 	 
	 	/s/ Chris Haynes
	 	Name: Chris Haynes
	 	Title: Senior Vice President

 

Signature Page to Amendment No. 34 to

Transfer and Administration Agreement

(Arrow Electronics)

 

     

     

    

 

		MIZUHO BANK, LTD., as a Funding Agent, as an Alternate Investor and as Structuring
         Agent
	 	 	 
	 	By:	/s/ Richard A. Burke
	 	 	Name: Richard A. Burke
	 	 	Title: Managing Director

 

Signature Page to Amendment No. 34 to

Transfer and Administration Agreement

(Arrow Electronics)

 

     

     

    

 

		WELLS FARGO BANK, N.A., as a Funding Agent and as an Alternate Investor
	 	 	 
	 	By:	/s/ Michael J. Landry
	 	 	Name: Michael J. Landry
	 	 	Title: Director        
	 	 	 
		SUMITOMO BANKING CORPORATION, as an Alternate Investor
	 	 	 
	 	By:	/s/ Irlen Mak
	 	 	Name: Irlen Mak
	 	 	Title: Director

 

Signature Page to Amendment No. 34 to

Transfer and Administration Agreement

(Arrow Electronics)

 

     

     

    

 

		SMBC NIKKO SECURITIES AMERICA, INC., 

as a Funding Agent
	 	 	 
	 	By:	/s/ Yukimi Konno
	 	 	Name: Yukimi Konno
	 	 	Title: Managing Director

 

Signature Page to Amendment No. 34 to

Transfer and Administration Agreement

(Arrow Electronics)

 

     

     

    

 

		TRUIST BANK, as a Funding Agent and as an Alternate Investor
	 	 	 
	 	By:	/s/ Paul Cornely
	 	 	Name: Paul Cornely
	 	 	Title: Vice President

 

Signature Page to Amendment No. 34 to

Transfer and Administration Agreement

(Arrow Electronics)

 

     

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION, as a Funding Agent and an Alternate Investor
	 	 	 
	 	By:	/s/ Imad Naja
	 	 	Name: Imad Naja    
	 	 	Title: Senior Vice President

 

Signature Page to Amendment No. 34 to

Transfer and Administration Agreement

(Arrow Electronics)

 

     

     

    

 

EXHIBIT
A

 

[Attached]

 

     

     

    

 

COMPOSITE
COPY: Showing Draft Amendment No. 3334
dated as of March
18September
20, 20212022

 

The
TAA formerly provided that a Conduit Investor had the option of being either a Match Funding Conduit Investor or a Pooled Funding Conduit
Investor. On March 27, 2007, (i) such option terminated, (ii) each Conduit Investor was thereupon and at all times thereafter deemed
to be a Pooled Funding Conduit Investor and (iii) each term or provision of the TAA, including, without limitation, Section 2.4(b),
relating to a Conduit Investor as a Match Funding Conduit Investor ceased to be operative or available.

 

 

Transfer
and Administration Agreement

 

by
and among

 

Arrow
Electronics Funding Corporation,

 

Arrow
Electronics, Inc.,

 

Individually
and as Master Servicer

 

The
Persons Parties hereto as Conduit Investors, 

Alternate Investors and Funding Agents

 

	Mizuho
    Bank Ltd.,

    as Structuring Agent	 	Bank
of America,

National 

Association,

as Administrative Agent

 

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

Page

 

	ARTICLE I DEFINITIONS	1
	 	 
	SECTION 1.1 . Certain Defined Terms	1
	SECTION 1.2 . Other Terms	23
	SECTION 1.3 . Computation of Time Periods	23
	SECTION 1.4 . Accounting Determinations	23
	 	 
	ARTICLE II PURCHASES AND SETTLEMENTS	24
	 	 
	SECTION 2.1 . Transfer of Affected Assets; Intended Characterization	24
	SECTION 2.2 . Purchase Price	25
	SECTION 2.3 . Investment Procedures	26
	SECTION 2.4 . [IS RESERVED AND IS SPECIFIED IN SCHEDULE I.]	28
	SECTION 2.5 . Yield, Fees and Other Costs and Expenses	28
	SECTION 2.6 . Deemed Collections	28
	SECTION 2.7 . Payments and Computations, Etc	29
	SECTION 2.8 . Reports	29
	SECTION 2.9 . Collection Account	29
	SECTION 2.10 . Sharing of Payments, Etc	30
	SECTION 2.11 . Right of Setoff	30
	SECTION 2.12 . [RESERVED]	30
	SECTION 2.13 . [RESERVED]	30
	SECTION 2.14 . [RESERVED]	30
	SECTION 2.15 . [RESERVED]	31
	SECTION 2.16 . Special Termination Date with Respect to a Particular Conduit Investor	31
	 	 
	ARTICLE III ADDITIONAL ALTERNATE INVESTOR PROVISIONS	31
	 	 
	SECTION 3.1 . Assignment to Alternate Investors	31
	SECTION 3.2 . [RESERVED.]	32
	SECTION 3.3 . Extension of Commitment Termination Date	32
	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	33
	 	
	SECTION 4.1 . Representations and Warranties of the SPV and the Master Servicer	33
	SECTION 4.2 . Additional Representations and Warranties of the Master Servicer	41
	 	 
	ARTICLE V CONDITIONS PRECEDENT	41
	 	 
	SECTION 5.1 . Conditions Precedent to Closing	41

 

     

     

    

 

	SECTION 5.2 . Conditions Precedent to All Investments and Reinvestments	45
	 	 
	ARTICLE VI COVENANTS	46
	 	 
	SECTION 6.1 . Affirmative Covenants of the SPV and Master Servicer	46
	SECTION 6.2 . Negative Covenants of the SPV and Master Servicer	52
	 	 
	ARTICLE VII ADMINISTRATION AND COLLECTIONS	55
	 	 
	SECTION 7.1 . Appointment of Master Servicer	55
	SECTION 7.2 . Duties of Master Servicer	56
	SECTION 7.3 . Blocked Account Arrangements	58
	SECTION 7.4 . Enforcement Rights After Designation of New Master Servicer	58
	SECTION 7.5 . Master Servicer Default	59
	SECTION 7.6 . Servicing Fee	60
	SECTION 7.7 . Protection of Ownership Interest of the Investors	60
	 	 
	ARTICLE VIII TERMINATION EVENTS	61
	 	 
	SECTION 8.1 . Termination Events	61
	SECTION 8.2 . Termination	64
	 	 
	ARTICLE IX INDEMNIFICATION; EXPENSES; RELATED MATTERS	64
	 	 
	SECTION 9.1 . Indemnities by the SPV	64
	SECTION 9.2 . Increased Cost and Reduced Return; Change in Requirements of Law	67
	SECTION 9.3 . Taxes	68
	SECTION 9.4 . Other Costs and Expenses; Breakage Costs	70
	SECTION 9.5 . Reconveyance Under Certain Circumstances	70
	SECTION 9.6 . Indemnities by the Master Servicer	71
	 	 
	ARTICLE X THE ADMINISTRATIVE AGENT	71
	 	 
	SECTION 10.1 . Appointment and Authorization of Administrative Agent	71
	SECTION 10.2 . Delegation of Duties	71
	SECTION 10.3 . Liability of Administrative Agent	72
	SECTION 10.4 . Reliance by Administrative Agent	72
	SECTION 10.5 . Notice of Termination Event, Potential Termination Event or Master Servicer Default	73
	SECTION 10.6 . Credit Decision; Disclosure of Information by the Administrative Agent	73
	SECTION 10.7 . Indemnification of the Administrative Agent	74
	SECTION 10.8 . Administrative Agent in Individual Capacity	74
	SECTION 10.9 . Resignation of Administrative Agent	75
	SECTION 10.10 . Payments by the Administrative Agent	75

 

    - ii -

     

    

 

	ARTICLE XI MISCELLANEOUS	76
	 	 
	SECTION 11.1 . Term of Agreement	76
	SECTION 11.2 . Waivers; Amendments	76
	SECTION 11.3 . Notices; Payment Information	77
	SECTION 11.4 . Governing Law; Submission to Jurisdiction; Appointment of Service Administrative Agent	77
	SECTION 11.5 . Integration	78
	SECTION 11.6 . Severability of Provisions	78
	SECTION 11.7 . Counterparts; Facsimile Delivery	79
	SECTION 11.8 . Successors and Assigns; Binding Effect	79
	SECTION 11.9 . Waiver of Confidentiality	81
	SECTION 11.10 . Confidentiality Agreement	82
	SECTION 11.11 . No Bankruptcy Petition Against the Conduit Investors	82
	SECTION 11.12 . No Recourse Against Conduit Investors, Stockholders, Officers or Directors	82
	SECTION 11.13 . U.S. Patriot Act	83
	SECTION 11.14 Acknowledgment and
    Consent to Bail-in of EEA Financial Institutions	83

 

Schedules

 

	Schedule A	Investors
	Schedule B	Match Funding Conduit Investors
	Schedule C	Excluded Receivables
	Schedule I	Yield and Interest Periods
	Schedule II	Calculation of Required Reserves
	Schedule III	Settlement Procedures
	Schedule IV	Calculation of Fees
	Schedule V	Agreed Upon Procedures
	Schedule 4.1(g)	List of Actions and Suits
	Schedule 4.1(i)	Location of Certain Offices and Records
	Schedule 4.1(j)	List of Subsidiaries, Divisions and Tradenames; FEIN
	Schedule 4.1(s)	List of Blocked Account Banks and Blocked Accounts
	Schedule 11.3	Address and Payment Information

 

Exhibits

 

	Exhibit A	Form of Assignment and Assumption Agreement
	Exhibit B	Form of Contract
	Exhibit C	Credit and Collection Policies and Practices
	Exhibit D	Form of Investment Request
	Exhibit E	Form of Optional Reduction Notice
	 Exhibit F	Form of Servicer Report
	Exhibit G	Form of SPV Secretary’s Certificate
	Exhibit H	Forms of Originator/Master Servicer Secretary’s Certificate

 

    - iii -

     

    

 

	Exhibit I-1	Form of Opinion of Robert E. Klatell, Counsel to the SPV, Originators and Master Servicer
	Exhibit I-2	Form of Opinion of Milbank, Tweed, Hadley & McCloy LLP, Counsel to the SPV, Originators and Master Servicer
	Exhibit J	Form of Extension Request

 

    - iv -

     

    

 

 

Transfer
and Administration Agreement

 

This
Transfer and Administration Agreement (this “Agreement”), dated
as of March 21, 2001, by and among Arrow Electronics Funding Corporation, a Delaware corporation (the “SPV”), Arrow
Electronics, Inc., a New York corporation, individually (“Arrow”) and as initial Master Servicer, the several commercial
paper conduits identified on Schedule A and their respective permitted successors and assigns (the “Conduit Investors”;
each individually, a “Conduit Investor”), the financial institutions from time to time parties hereto as Alternate
Investors, the agent bank set forth opposite the name of each Conduit Investor on Schedule A and its permitted successors and
assigns (each a “Funding Agent”) with respect to such Conduit Investor and Alternate Investor, Mizuho Bank, Ltd.,
as Structuring Agent and Bank of America, National Association, a national banking association (“Bank of America”),
as the Administrative Agent for the Conduit Investors and the Alternate Investors. Each Funding Agent, the related Alternate Investors
and the Conduit Investors set forth opposite the name of such Funding Agent shall comprise a purchaser group (each, a “Purchaser
Group”); provided, however, that no Purchaser Group is required to include a Conduit Investor.

 

ARTICLE
I 

DEFINITIONS

 

SECTION
1.1 . Certain Defined Terms. As used in this Agreement, the following terms shall
have the following meanings:

 

“Account
Bank” means (i) Bank of America, National Association or (ii) any other Qualified Institution reasonably acceptable to the
Administrative Agent.

 

“Account
Control Agreement” means an agreement in form reasonably acceptable to the Administrative Agent among the SPV, the Administrative
Agent, the Account Bank pursuant to which the Administrative Agent obtains “control” within the meaning of the UCC over the
Collection Account or such other account as may be applicable from time to time.

 

“Additional
Commitment Amendment” means an amendment to this Agreement pursuant to the provisions hereof, among the SPV, Arrow, the Administrative
Agent and a commercial paper conduit and the alternate investors related thereto providing for such commercial paper conduit and alternate
investors to become a party to this Agreement with a corresponding increase in the Facility Limit hereunder.

 

“Additional
Costs” is defined in Section 9.2(d).

 

    1

     

    

 

“Adjusted
Consolidated EBITDA” means for any fiscal period, without duplication (a) the Consolidated Net Income for such period,
plus (b) to the extent deducted from earnings in determining Consolidated Net Income for such period, the sum, in each case for such
period, of income taxes, interest expense, depreciation expense amortization expense, including amortization of any goodwill or
other intangibles, minus (c) to the extent included in determining Consolidated Net Income for such period, non-cash equity earnings
of unconsolidated CA Affiliates, plus (d) to the extent excluded in determining Consolidated Net Income for such period, cash
distributions received by Arrow from unconsolidated CA Affiliates, plus (e) to the extent deducted from earnings in determining
Consolidated Net Income for such period, the aggregate amount of all non-cash compensation expense paid to directors, officers and
employees, plus (f) to the extent deducted from earnings in determining Consolidated Net Income for such period, non-cash charges
due to impairments recorded in such period in accordance with the Financial Accounting Standards Board’s Statement of
Financial Accounting Standards No. 142, all as determined on a consolidated basis in accordance with GAAP plus (or minus) (g) losses
(or gains) related to the early extinguishment of notes, bonds or other fixed income obligations, plus (or minus) (h) losses (or
gains) due to integration or restructuring charges to the extent disclosed in public filings; provided that in determining
Adjusted Consolidated EBITDA for any period of four consecutive fiscal quarters during which any business is acquired by Arrow, such
Adjusted Consolidated EBITDA shall be measured on a pro forma basis to include the consolidated EBITDA of the acquired business
(determined for such business in the manner Adjusted Consolidated EBITDA is determined for Arrow, as described above in this
definition), plus identifiable, board-approved and publicly announced acquisition-related synergies which are expected to be
realized over a twelve-month period following such acquisition.

 

“Administrative
Agent” means Bank of America or an Affiliate thereof, as Administrative Agent for the Conduit Investors, the Funding Agents
and the Alternate Investors.

 

“Administrative
Agent-Related Persons” means the Administrative Agent, together with its Affiliates, and the officers, directors, employees,
agents and attorneys-in-fact of such Persons and their respective Affiliates.

 

“Administrative
Fee” means the fee payable to the Administrative Agent as set forth in the Fee Letter.

 

“Adverse
Claim” means a lien, security interest, charge or encumbrance, or other right or claim in, of or on any Person’s assets
or properties (including any UCC financing statement or any similar instrument filed against such Person’s assets or properties)
in favor of any other Person (including any bankruptcy trustee with respect to any Originator or the SPV) other than Permitted Liens.

 

“Affected
Assets” means, collectively, (a) the Receivables, (b) the Related Security, (c) all rights and remedies of the SPV under the
First Tier Agreement, together with all financing statements filed by the SPV against Arrow in connection therewith, (d) all Blocked
Accounts and all funds and investments therein and all Blocked Account Agreements, and (e) all proceeds of the foregoing.

 

“Affiliate”
means as to any Person, any other Person which, directly or indirectly, owns, is in control of, is controlled by, or is under common
control with, such Person, in each case whether beneficially, or as a trustee, guardian or other fiduciary. A Person shall be deemed
to control another Person if the controlling Person possesses, directly or indirectly, the power to direct or cause the direction of
the management or policies of the other Person, whether through the ownership of voting securities or membership interests, by contract,
or otherwise

 

“Aggregate
Commitment” means, at any time, the sum of the Commitments then in effect.

 

    2

     

    

 

“Aggregate
Unpaids” means, at any time, an amount equal to the sum of (a) the aggregate unpaid Yield accrued, (b) the Net Investment at
such time and (c) all other amounts owed (whether or not then due and payable) hereunder and under the other Transaction Documents by
the SPV or Arrow to the Administrative Agent, the Funding Agents, the Investors or the Indemnified Parties at such time, including all
Fees, expenses, breakage costs and indemnities or any amounts payable to a successor administrative agent pursuant to Section 10.9.

 

“Agreement”
is defined in the preamble.

 

“Allocable
Portion of Maximum Net Investment” means, with respect to each Alternate Investor, the dollar amount set forth opposite such
Alternate Investor’s name on Schedule A hereto under the heading “Allocable Portion of Maximum Net Investment”.

 

“Alternate
Investor Percentage” means, at any time, a fraction, expressed as a percentage, the numerator of which is the portion of the
Net Investment funded by the Alternate Investor(s) related to a particular Purchaser Group and the denominator of which is the Net Investment
funded through such Purchaser Group at such time.

 

“Alternate
Investors” means each financial institution identified as such on Schedule A and any other financial institution that
shall become a party to this Agreement pursuant to Section 11.8.

 

“Amendment
No. 26 Effective Date” means September 19, 2016.

 

“Amendment
No. 30 Effective Date” means June 20, 2018.

 

“Anti-Corruption
Laws” means Law of any jurisdiction applicable to Arrow or any of its Subsidiaries concerning or relating to bribery, money
laundering, terrorism financing, corruption, any predicate crime to money laundering, or any financial record keeping and reporting requirements
related thereto, including (a) the PATRIOT Act, (b) the U.S. Foreign Corrupt Practices Act of 1977, as amended, and (c) the U.K. Bribery
Act of 2010, as amended.

 

“Arrow”
means Arrow Electronics, Inc., a New York corporation.

 

“Arrow
ECS” means Arrow Enterprise Computing Solutions, Inc., a Delaware corporation.

 

“Arrow
ECS Receivable” means a Receivable originated by Arrow ECS.

 

“Arrow
Level 1 Rating Event” means five (5) Business Days following the withdrawal or downgrade of the long-term senior unsecured
debt rating of Arrow below either BBB- or Baa3 by S&P and Moody’s, respectively.

 

“Arrow
Level 2 Rating Event” means the withdrawal or downgrade of the long-term senior unsecured debt rating of Arrow below either
BB+ or Ba1 by S&P and Moody’s, respectively.

 

“Asset
Interest” is defined in Section 2.1(b).

 

    3

     

    

 

“Assignment
Amount” means, with respect to an Alternate Investor at the time of any assignment pursuant to this Agreement, an amount equal
to the least of (a) such Alternate Investor’s Special Pro Rata Share of the applicable Net Investment requested by the related
Conduit Investor to be assigned at such time; and (b) such Alternate Investor’s unused Commitment (minus the unrecovered principal
amount of such Alternate Investor’s investments in the Asset Interest pursuant to the Program Support Agreement to which it is
a party).

 

“Assignment
and Assumption Agreement” means an Assignment and Assumption Agreement substantially in any of the forms set forth in Exhibit
A.

 

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of
any liability of an EEA Financial Institution.

 

“Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described
in the EU Bail-In Legislation Schedule.

 

“Bank
of America” is defined in the preamble.

 

“Bankruptcy
Code” means the Bankruptcy Reform Act of 1978, 11 U.S.C. §§ 101 et seq.

 

“Base
Rate” is defined in Section 2.4.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation,
which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of
Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial
Markets Association.

 

“Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230.

 

“Billing
Date” means the 5th day of each calendar month or if such day is not a Business Day, the next succeeding Business Day.

 

“Billing
Statement” means a statement prepared by each Funding Agent with respect to the prior calendar month, setting forth the Aggregate
Unpaids due and owing to each related Investor (other than with respect to Yield), and specifying the nature of such Aggregate Unpaids,
including without limitation, any Fees due and owing to such Investor and any breakage costs incurred by any such Investor.

 

“Blocked
Account” means an account maintained by the SPV or an Originator as Master Servicer or Sub-Servicer, as applicable, at a Blocked
Account Bank for the purpose of receiving Collections, set forth in Schedule 4.1(s) or any account added as a Blocked Account
pursuant to and in accordance with Section 4.1(s) and which, if not maintained at and in the name of the Administrative Agent,
is subject to a Blocked Account Agreement (or will become subject to such an agreement as provided in the definition of “Net Pool
Balance”).

 

“Blocked
Account Agreement” means an agreement among the SPV or an Originator, the Administrative Agent and a Blocked Account Bank in
substantially the form of Exhibit E, or as otherwise may be acceptable to the Administrative Agent in its sole discretion.

 

    4

     

    

 

“Blocked
Account Bank” means each of the banks set forth in Schedule 4.1(s), as such Schedule 4.1(s) may be modified pursuant
to Section 4.1(s).

 

“Business
Day” means any day excluding Saturday, Sunday and any day on which banks in
New York, New York or Charlotte, North Carolina are
authorized or required by law
to close,
and, when used with respect to the determination of any Offshore Rate or any notice with respect thereto, any such day which is also
a day for trading by and between banks in United States dollar deposits in the London interbank market under
the Laws of, or are in fact closed in, New York, New York or the state where the Administrative Agent’s office is located.

 

“CA
Affiliate” means, as to any Person, (a) any other Person (other than a CA Subsidiary) which, directly or indirectly, is in
control of, is controlled by, or is under common control with, such Person or (b) any Person who is a director or officer of Arrow or
any of its CA Subsidiaries. For purposes of this definition, “control” of a Person means the power, directly or indirectly,
either to (i) vote 10% or more of the securities having ordinary voting power for the election of directors of such Person or (ii) direct
or cause the direction of the management and policies of such Person, whether by contract or otherwise.

 

“CA
Permitted Receivables Securitization” means any transaction involving one or more sales, contributions or other conveyances
by Arrow or any CA Subsidiary of any CA Receivables to a special purpose entity (which may be a CA Subsidiary or CA Affiliate of Arrow),
which special purpose entity finances such sales, contributions or other conveyances by in turn conveying an interest in such CA Receivables
to one or more CA Receivable Financiers, provided that such transaction shall not involve any recourse to Arrow or any CA Subsidiary
(other than such special purpose entity) for any reason other than (i) repurchases of non-eligible CA Receivables, (ii) indemnification
for losses (including any adjustments for dilutions), other than credit losses related to the CA Receivables conveyed in such transaction
and (iii) payment of costs, fees, expenses and indemnities relating to such transaction.

 

“CA
Receivable Financier” means any Person (other than a CA Subsidiary or CA Affiliate of Arrow) that finances the acquisition
by a special purpose entity of CA Receivables from Arrow or any CA Subsidiary.

 

“CA
Receivables” means all accounts receivable of Arrow or any of its CA Subsidiaries, and all proceeds thereof and rights (contractual
and other) and collateral related thereto.

 

“CA
Subsidiary” means, as to any Person, a corporation, partnership or other entity of which shares of stock or other ownership
interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening
of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are
at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or
both, by such Person. Unless otherwise qualified, all references to a “CA Subsidiary” or to “CA Subsidiaries”
in this Agreement shall refer to a CA Subsidiary or CA Subsidiaries of Arrow.

 

“Calculation
Period” is defined on Schedule II.

 

“CDW
Corporation Receivables”
is defined in Schedule II.

 

“Closing
Date” means March 22, 2001.

 

    5

     

    

 

“Code”
means the Internal Revenue Code of 1986.

 

“Collateral
Trustee” means, with respect to a Conduit Investor, a Collateral Trustee for the benefit of the holders of such Conduit Investor’s
Commercial Paper appointed pursuant to such Conduit Investor’s program documents.

 

“Collection
Account” means, (a) the segregated account in the name of the SPV as set forth on Schedule 11.3 or (b) such other segregated
account established at an Account Bank in the name of the Administrative Agent or SPV as set forth in a prior written notice by the SPV
to the Administrative Agent and each of the Funding Agents and established and maintained pursuant to Section 2.9.

 

“Collections”
means, with respect to Receivables, all cash collections and other cash proceeds of Receivables, including all finance charges, if any,
and cash proceeds of Related Security and all Deemed Collections.

 

“Commercial
Paper” means the promissory notes issued or to be issued by the Conduit Investors in the commercial paper market.

 

“Commitment”
means, with respect to each Alternate Investor, as the context requires, the commitment of such Alternate Investor to make Investments
and to pay Assignment Amounts in accordance herewith in an amount not to exceed the amount described in the following clause (b),
and (b) the dollar amount set forth opposite such Alternate Investor’s name on Schedule A hereto under the heading “Alternate
Investor(s) Commitment” (or (i) in the case of an Alternate Investor which becomes a party hereto pursuant to an Assignment and
Assumption Agreement, as set forth in such Assignment and Assumption Agreement and (ii) in the case of an Alternate Investor which becomes
a party hereto pursuant to an Additional Commitment Amendment, as specified in such Additional Commitment Amendment), minus the
dollar amount of any Commitment or portion thereof assigned by such Alternate Investor pursuant to an Assignment and Assumption Agreement,
plus the dollar amount of any increase to such Alternate Investor’s Commitment consented to by such Alternate Investor prior to
the time of determination; provided, however, that in the event that the Facility Limit is reduced, the aggregate of the
Commitments of all the Alternate Investors shall be reduced in a like amount and the Commitment of each Alternate Investor shall be reduced
in proportion to such reduction.

 

“Commitment
Termination Date” means the earlier to occur of (a) March
15September
20, 20242025 (or
such later date to which the Commitment Termination Date shall have been extended in accordance with Section 3.3) and (b) the
date upon which the Termination Date is declared or automatically occurs pursuant to Section 8.2.

 

“Concentration
Percentage” is defined in Schedule II.

 

“Conduit
Assignee” means, with respect to any Conduit Investor, any commercial paper conduit that issues commercial paper rated at least
A-1 by S&P and P1 by Moody’s and sponsored or administered by the Funding Agent with respect to such Conduit Investor and designated
by such Funding Agent to accept an assignment from such Conduit Investor of all or a portion of such Conduit Investor’s rights
and obligations pursuant to Section 11.8(d)

 

    6

     

    

 

“Conduit
Funding Limit” means, with respect to any Conduit Investor, the amount set forth opposite such Conduit Investor’s name
on Schedule A, as the same may be reduced from time to time pursuant to the terms hereof.

 

“Conduit
Investor” is defined in the preamble.

 

“Conduit
Investor Percentage” means at any time with respect to any Conduit Investor, a fraction expressed as a percentage, the numerator
of which is the portion of the Net Investment funded by such Conduit Investor and the denominator of which the Net Investment funded
through such Conduit Investor's related Purchaser Group at such time.

 

“Consolidated
Cash Interest Expense” means for any period, (a) the amount which  would, in conformity with GAAP,
be set forth opposite the caption “interest expense” or any like caption on a consolidated income statement of Arrow and
its CA Subsidiaries minus (b) the amount of non-cash interest (including interest paid by the issuance of additional securities) included
in such amount; provided that in the event of the consummation of any CA Permitted Receivables Securitization (including the transactions
contemplated hereunder), “Consolidated Cash Interest Expense” shall be adjusted to include (without duplication) an amount
equal to the interest (or other fees in the nature of interest or discount) accrued and paid or payable in cash for such period by the
special purpose entity to the CA Receivable Financiers under such CA  Permitted Receivables Securitization.

 

“Consolidated
Interest Coverage Ratio” means for any period, the ratio of (a) Adjusted Consolidated EBITDA to (b) Consolidated
Cash Interest Expense for such period.

 

“Consolidated
Leverage Ratio” means on any date, the ratio of (a) Consolidated Total Debt on such date to (b) Adjusted Consolidated EBITDA
for the period of four consecutive fiscal quarters most recently ended on or prior to such date.

 

“Consolidated
Net Income” means for any fiscal period, the consolidated net income (or loss) of Arrow and its CA Subsidiaries after excluding
all unusual, extraordinary and non-recurring gains and after adding all unusual, extraordinary and non-recurring losses, in all cases
of Arrow and its CA Subsidiaries determined on a consolidated basis during the relevant period in accordance with GAAP.

 

“Consolidated
Total Debt” means at the date of determination thereof, (i) all Indebtedness of Arrow and its CA Subsidiaries (excluding Indebtedness
of Arrow owing to any of its CA Subsidiaries or Indebtedness of any CA Subsidiary owing to Arrow or any other CA Subsidiary of Arrow),
as determined on a consolidated basis in accordance with GAAP plus (ii) without duplication of amounts included in clause (i)
above, an amount equal to the aggregate unpaid amount of cash proceeds advanced by the CA Receivables Financiers to the special purpose
entity under any CA Permitted Receivables Securitization at the date of determination.

 

“Contract”
means, in relation to any Receivable, any and all contracts, instruments, agreements, leases, invoices, notes, or other writings pursuant
to which such Receivable arises or which evidence such Receivable or under which an Obligor becomes or is obligated to make payment in
respect of such Receivable.

 

“Credit
and Collection Policy” means, collectively, the Originators’ credit and collection policies and practices, relating to
Contracts and Receivables as set forth in Exhibit C, as modified, from time to time, in compliance with Sections 6.1(a)(vii)
and 6.2(c).

 

    7

     

    

 

“Credit
Memo” means a credit to the account of an Obligor.

 

“Deemed
Collections” means any Collections on any Receivable deemed to have been received pursuant to Section 2.6.

 

“Default
Ratio” is defined in Schedule II.

 

“Defaulted
Receivable” means as of any date of determination, a Receivable (a) as to which any payment, or part thereof, remains unpaid
for 91 days or more from the original scheduled due date for such Receivable; (b) as to which an Event of Bankruptcy has occurred and
is continuing with respect to the Obligor thereof; (c) which has been identified by the SPV, the related Originator or the Master Servicer
as uncollectible; or (d) which, consistent with the Credit and Collection Policy, would be written off as uncollectible.

 

“Delinquency
Ratio” is defined in Schedule II.

 

“Delinquent
Receivable” means as of any date of determination, a Receivable as to which any payment, or part thereof, remains unpaid for
61 days or more from the original scheduled due date for such Receivable.

 

“Dilution”
has the meaning ascribed to such term in Schedule II.

 

“Dilution
Ratio” is defined in Schedule II.

 

“Dividing
Person” has the meaning assigned to it in the definition of “Division.”

 

“Division”
means the division of the assets, liabilities and/or obligations of a Person (the “Dividing
Person”) among two or more Persons (whether pursuant to a “plan of division” or  similar arrangement), which
may or may not include the Dividing Person and pursuant to which the Dividing Person may or
may not survive.

 

“Dollar”
or “$” means the lawful currency of the United States.

 

“Early
Adoption Increased Costs” has the meaning provided in Section 9.2(a).

 

“EEA
Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject
to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution
described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary
of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA
Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA
Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

    8

     

    

 

“Eligible
Investments” means highly rated short-term debt or the other highly rated liquid investments in which each Conduit Investor
is permitted to invest cash pursuant to its commercial paper program documents.

 

“Eligible
Receivable” means, at any time, any Receivable:

 

(a)            which
was originated or acquired (through an acquisition of all or substantially all of the target company’s assets), by an Originator
in the ordinary course of its business;

 

(b)            (i) which arises pursuant to a Contract with respect to which each of the related Originator and the SPV
has performed all obligations (if any) required to be performed by it thereunder, including shipment of the merchandise and/or the performance
of the services purchased thereunder; (ii) which has been billed to the relevant Obligor; and (iii) which according to the Contract related
thereto, is required to be paid in full within no more than 180 days of the original billing date therefor;

 

(c)            which
satisfies all applicable requirements of the Credit and Collection Policy;

 

(d)           which
has been sold or contributed to the SPV pursuant to (and in accordance with) the First Tier Agreement, which does not arise from
the sale of any inventory subject to any Adverse Claim and to which the SPV has good and marketable title, free and clear of all Adverse
Claims;

 

(e)            as
to which at the time of the purchase by the Administrative Agent on behalf of the Funding Agents for the benefit of the Investors thereof
hereunder the Administrative Agent has not notified the SPV that either such Receivable or any class of Receivables of which such Receivable
is a part is not acceptable for purchase hereunder, as determined by the Funding Agents in their reasonable discretion, (A) because of
the nature of the business of the Obligor or (B) because of a potential conflict of interest between the interests of the SPV or the
Originator, on the one hand, and any Investor, any Funding Agent, Conduit Investor, any Program Support Provider, any Alternate Investor
or any of their Affiliates, on the other hand;

 

(f)            the Obligor of which is a U.S. Obligor or a Permitted Foreign Obligor, is not an Affiliate or employee of
any Originator;

 

(g)          
the Obligor of which has been directed to make all payments to a Blocked Account;

 

(h)           the Obligor of which at the time of creation of an interest therein hereunder, is not the Obligor of Extended
Defaulted Receivables for which the Unpaid Balances of all such Extended Defaulted Receivables exceeds 33% of the Unpaid Balances of
all Receivables for which it is the Obligor;

 

(i)            which
under the related Contract and applicable Law is assignable without the consent of, or notice to, the Obligor thereunder unless such
consent has been obtained and is in effect or such notice has been given;

 

    9

     

    

 

(j)            which,
together with the related Contract, is in full force and effect and constitutes the legal, valid and binding obligation of the related
Obligor enforceable against such Obligor in accordance with its terms and is not subject to any litigation, material dispute, legal right
of offset, counterclaim or other defense;

 

(k)            which
is invoiced, denominated and payable only in Dollars;

 

(l)             [RESERVED];

 

(m)           which
is not a Defaulted Receivable at the time of the purchase thereof by the Administrative Agent, on behalf of the Funding Agents for the
Investors, hereunder;

 

(n)           which is not a Delinquent Receivable at the time of the purchase thereof by the Administrative Agent, on
behalf of the Funding Agents for the Investors, hereunder;

 

(o)           which
has not been compromised, adjusted or modified (including by the extension of time for payment or the granting of any discounts, allowances
or credits); provided, however, that, in the event such Receivable is so comprised, adjusted or modified, and to the extent
quantifiable, only the dollar amount of such portion of such Receivable that is the subject of such comprise, adjustment or modification
shall be deemed to be ineligible pursuant to the terms of this clause (o);

 

(p)           which
is an “account” or “general intangible” and is not evidenced by an “instrument” or “chattel
paper” within the meaning of Article 9 of the UCC of all applicable jurisdictions;

 

(q)           which
is an “eligible asset” as defined in Rule 3a-7 under the Investment Company Act of 1940;

 

(r)            which,
together with the Contract related thereto, does not contravene in any material respect any Laws applicable thereto (including Laws relating
to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy)
and with respect to which no part of the Contract related thereto is in violation of any such Law in any material respect;

 

(s)            the
assignment of which under the First Tier Agreement by Arrow to the SPV and hereunder by the SPV to the Administrative Agent for the benefit
of the Funding Agents on behalf of the Investors does not violate, conflict or contravene any applicable Law or any contractual or other
restriction, limitation or encumbrance;

 

(t)            which
(together with the Related Security related thereto) has been the subject of either a valid transfer and assignment from, or the grant
of a first priority perfected security interest (subject to Permitted Liens) therein by, the SPV to the Administrative Agent, on behalf
of the Funding Agents for the benefit of the Investors, of all of the SPV’s right, title and interest therein; and

 

(u)           as
to which no Tax is applicable, solely as a result of withholding by the Obligor thereof or any assessment on the SPV or any Investor.

 

    10

     

    

 

“ERISA”
means the U.S. Employee Retirement Income Security Act of 1974 and any regulations promulgated and rulings issued thereunder.

 

“ERISA
Affiliate” means, with respect to any Person, any corporation, partnership, trust, sole proprietorship or trade or business
which, together with such Person, is treated as a single employer under Section 414(b) or (c) of the Code or, with respect to any liability
for contributions under Section 302(c) of ERISA, Section 414(m) or Section 414(o) of the Code.

 

“EU
Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor
person), as in effect from time to time.

 

“Event
of Bankruptcy” means, with respect to any Person, (a) that such Person or any Significant Subsidiary of such Person (i) shall
generally not pay its debts as such debts become due, (ii) shall admit in writing its inability, or shall be deemed under any applicable
Law to be unable, to pay its debts generally or (iii) shall enter into an arrangement or compromise with creditors or shall make a general
assignment for the benefit of creditors; (b) any proceeding shall be instituted by or against such Person or any Significant Subsidiary
of such Person seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment,
protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of
debtors, or seeking the entry of an order for relief or the appointment of a receiver, receiver and manager, trustee, provisional liquidator,
liquidator, provisional supervisor or other similar official for it or any substantial part of its property or assets; or (c) such Person
or any Significant Subsidiary of such Person shall take any corporate, partnership or other similar appropriate action to authorize any
of the actions set forth in the preceding clauses (a) or (b).

 

“Excluded
Taxes” means, with respect to any particular Indemnified Party, Taxes that are (1) both (A) imposed (i) by the jurisdiction
in which such Indemnified Party is a resident, organized or in which its principal office is located, a taxing authority thereof or therein
or (ii) by any other taxing authority of a United States jurisdiction as a result of such Indemnified Party doing business or maintaining
an office in such jurisdiction (other than any such Taxes imposed solely by reason of (x) having entered into, executed, delivered, performed,
not performed or enforced or failed to enforce the Agreement or any documents relating thereto or (y) any of the transactions contemplated
therein) and also (B) imposed on, based on or measured by the net income or gross receipts of such Indemnified Party or are branch, capital
or franchise taxes, (2) imposed under FATCA and (3) attributable to an Indemnified Party’s failure to comply with Section 9.3(e)
or (g).

 

“Extended
Defaulted Receivable” mean any Receivable for which any payments, or part thereof, remains unpaid for 91 days or more from
the scheduled due date for such Receivables.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and
any agreement entered into pursuant to Section 1471(b)(1) of the Code, and any legislation, rules, agreements and practices adopted pursuant
to any intergovernmental agreement entered into by any other jurisdiction.

 

    11

     

    

 

“Facility
Limit” means the sum of each of the Allocable Portion of Maximum Net Investment set forth opposite each Alternate Investor’s
name on Schedule A attached hereto; provided that such amount may not at any time exceed the aggregate Commitments then in effect.

 

“Federal
Funds Rate” is defined in Section 2.4.

 

“Fee
Letter” means the confidential letter agreement dated March 21, 2001 among the SPV, Arrow, and the Administrative Agent with
respect to certain fees to be paid by the SPV and Arrow to Bank of America, National Association and Bank of America Securities LLC.

 

“Fees”
means any of the fees payable pursuant to the Fee Letter or as set forth on Schedule IV hereto.

 

“Final
Payout Date” means the earliest date, after the Termination Date, on which the Net Investment has been reduced to zero, all
accrued Servicing Fees have been paid in full and all other Aggregate Unpaids have been paid in full in cash.

 

“Financing
Lease” means any lease of property, real or personal, the obligations of the lessee in respect of which are required in accordance
with GAAP to be capitalized on a balance sheet of the lessee.

 

“First
Tier Agreement” means the Sale Agreement dated as of March 21, 2001 between Arrow and the SPV.

 

“Fitch”
means Fitch Ratings, Inc., or any successor that is a nationally recognized statistical rating organization.

 

“Fluctuation
Factor” is defined in Section 2.4.

 

“Funding
Account” means the account established pursuant to Section 2.9(b) or such other account as notified to the Investors
and Funding Agents from time to time by the Administrative Agent.

 

“Funding
Agent” is defined in the preamble.

 

“GAAP”
means generally accepted accounting principles in the United States, in effect from time to time.

 

“Guarantee
Obligation” means, as to any Person (the “guaranteeing person”), any obligation of (a) the guaranteeing
person or (b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation of which the
guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing
any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the
 “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of
the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or
indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor,
(iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of
the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner
of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall
not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation
of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary
obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be
liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount
for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation
shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by Arrow in good
faith.

 

    12

     

    

 

“Hedging
Agreements” means, (a) Interest Rate Agreements and (b) any swap, futures, forward or option agreements or other agreements
or arrangements designed to limit or eliminate the risk and/or exposure of a Person to fluctuations in currency exchange rates.

 

“Indebtedness”
means, of any Person at any date, without duplication, (a) the principal amount of all indebtedness of such Person for borrowed money
or for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary course of business
and payable in accordance with customary practices), (b) the principal amount of any other indebtedness of such Person which is evidenced
by a note, bond, debenture or similar instrument, (c) the portion of all obligations of such Person under Financing Leases which must
be capitalized in accordance with GAAP, (d) the principal or stated amount of all obligations of such Person in respect of letters of
credit, banker’s acceptances or similar obligations issued or created for the account of such Person, (e) all liabilities arising
under Hedging Agreements of such Person, (f) the principal or stated amount of all Guarantee Obligations of such Person (other than guarantees
by Arrow or any Subsidiary in respect of current trade liabilities of Arrow or any Subsidiary incurred in the ordinary course of business
and payable in accordance with customary terms), and (g) the principal amount of all liabilities secured by any lien on any property
owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof.

 

“Indemnified
Amounts” is defined in Section 9.1.

 

“Indemnified
Parties” is defined in Section 9.1.

 

“Interest
Component” means, at any time of determination, with respect to Commercial Paper issued by a Conduit Investor, the aggregate
Yield accrued and to accrue through the end of the current Interest Period for the portion of the Investment.

 

“Interest
Period” is defined in Section 2.4.

 

“Interest
Rate Agreement” means, any interest rate protection agreement, interest rate future, interest rate option, interest rate swap,
interest rate cap or other interest rate hedge or arrangement under which Arrow is a party or a beneficiary.

 

“Investment”
is defined in Section 2.2(a).

 

“Investment
Date” is defined in Section 2.3(a).

 

    13

     

    

 

“Investment
Deficit” is defined in Section 2.3(f).

 

“Investment
Request” means each request substantially in the form of Exhibit D.

 

“Investor(s)”
means any of the Conduit Investors and/or the Alternate Investors, as the context may require.

 

“Investor
Interest” means on any day, with respect to any Investor, the beneficial interest of such Investor in the Affected Assets,
which beneficial interest shall equal the product of (i) the Unpaid Balance of all Receivables and (ii) a fraction, the numerator of
which is the aggregate portion of the Net Investment funded by such Investor and the denominator of which is the Net Investment.

 

“Law”
means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree, judgment
or award of any Official Body.

 

“Majority
Investors” means, at any time, each of the Alternate Investors which hold Commitments aggregating in excess of 50% of the Maximum
Net Investment as of such date (or, if the Commitments shall have been terminated, one or more Alternate Investors whose aggregate pro rata
shares of the Net Investment exceed 50% of the aggregate share of the Net Investment held by all Alternate Investors).

 

“Master
Servicer” is defined in Section 7.1.

 

“Master
Servicer Default” is defined in Section 7.5.

 

“Master
Servicer Report” means a report, in substantially the form attached hereto as Exhibit F or in such other form as is
mutually agreed to by the SPV, the Master Servicer and the Administrative Agent, furnished by the Master Servicer pursuant to Section
2.8.

 

“Match
Funding Conduit Investor” means each Conduit Investor that is identified on Schedule B as a Match Funding Conduit Investor,
until such time as any such Match Funding Conduit Investor notifies the SPV and the Administrative Agent that such Conduit Investor desires
to be treated as a Pooled Funding Conduit Investor for all purposes of this Agreement.

 

“Material
Adverse Effect” means any event or condition which would have a material adverse effect on (a) the collectibility of the Receivables,
(b) the condition (financial or otherwise), businesses or properties of the SPV, (c) the ability of the SPV, the Master Servicer, the
Seller under the First Tier Agreement or any Originator to perform its respective obligations under the Transaction Documents to which
it is a party, or (d) the interests of the Administrative Agent, Funding Agents or the Investors under the Transaction Documents, including
the first priority perfected ownership or security interest (subject to Permitted Liens) in the Affected Assets in favor of the Administrative
Agent on behalf of the Funding Agents for the benefit of the Investors.

 

“Maximum
Net Investment” means the sum of each of the Allocable Portions of Maximum Net Investment set forth opposite each Alternate
Investor’s name on Schedule A attached hereto.

 

“Microsoft
Singapore Receivables” is defined in Schedule II.

 

    14

     

    

 

“Moody’s”
means Moody’s Investors Service, Inc., or any successor that is a nationally recognized statistical rating organization.

 

“Multiemployer
Plan” is defined in Section 4001(a)(3) of ERISA.

 

“Net
Investment” means, at any time, the amount equal to (a) the sum of the cash amounts paid to the SPV in respect of Investments
pursuant to Sections 2.2(a) and 2.3 together with the amount of any funding under a Program Support Agreement allocated
to the Interest Component at the time of such funding less (b) the aggregate amount of Collections theretofore received and applied
by the Administrative Agent to reduce such Net Investment pursuant to Section 2.12; provided that the Net Investment shall
be restored and reinstated in the amount of any Collections so received and applied if at any time the distribution of such Collections
is rescinded or must otherwise be returned for any reason; and provided further, that the Net Investment shall be increased by
the amount described in Section 3.1(a) as described therein.

 

“Net
Pool Balance” means, at any time, (a) the aggregate Unpaid Balances of Eligible Receivables at such time, minus (b)
the sum of (i) the aggregate Unpaid Balances of such Eligible Receivables that have become Delinquent Receivables after the time of purchase
thereof, (ii) the aggregate Unpaid Balances of such Eligible Receivables that have become Defaulted Receivables after the time of purchase
thereof, (iii) the aggregate, for all Obligors, of the amount by which the Unpaid Balances of such Eligible Receivables (other than Delinquent
Receivables and Defaulted Receivables) of each Obligor exceeds the product of (A) the Concentration Percentage for such Obligor, multiplied
by (B) the aggregate Unpaid Balances of all of the Eligible Receivables (other than Delinquent Receivables and Defaulted Receivables),
the aggregate, for all Obligors, of the amount by which the aggregate Unpaid Balances of Eligible Receivables (other than Delinquent
Receivables and Defaulted Receivables) that are required to be paid in full within 61 to 90 days of the original billing date therefor
exceeds 45.0% of the aggregate Unpaid Balances of all Receivables, (v) the aggregate, for all Obligors, of the amount by which the aggregate
Unpaid Balances of Eligible Receivables (other than Delinquent Receivables and Defaulted Receivables) that are required to be paid in
full within 91 to 120 days of the original billing date therefor exceeds 7.5% of the aggregate Unpaid Balances of all Receivables, (vi)
the amount by which the aggregate Unpaid Balances of Eligible Receivables (other
than Microsoft Singapore Receivables) that
are owing from Permitted Foreign Obligors which are residents of, or organized in, any Permitted Foreign Jurisdiction within a Special
Foreign Rating Tier (as set forth in the definition of Special Foreign Concentration Percentage) exceeds the applicable Special Foreign
Concentration Percentage for such Special Foreign Rating Tier of the aggregate Unpaid Balances of all Receivables, (vii) (after giving
effect to the computation set forth in the foregoing clause (vi)), the amount by which the aggregate Unpaid Balances of Eligible Receivables
that are owing from all Permitted Foreign Obligors (other
than Microsoft Singapore Receivables) exceeds
12.5% of the aggregate Unpaid Balances of all Receivables, (viii) the
amount by which the aggregate Unpaid Balances of Microsoft Singapore Receivables exceeds 15% of the aggregate Unpaid Balances of all
Receivables[reserved],
(ix) the amount by which the aggregate Unpaid Balances of Eligible Receivables that are owing from Obligors that are U.S. Official Bodies
exceeds 3.0% of the aggregate Unpaid Balances of all Receivables, (x) the aggregate, for all Obligors, of the amount by which the aggregate
Unpaid Balances of Eligible Receivables (other than Delinquent Receivables and Defaulted Receivables) that are required to be paid in
full within 121 to 150 days of the original billing date therefor exceeds 5.0% of the aggregate Unpaid Balances of all Receivables and
(xi) the aggregate, for all Obligors, of the amount by which the aggregate Unpaid Balances of Eligible Receivables (other than Delinquent
Receivables and Defaulted Receivables) that are required to be paid in full within 151 to 180 days of the original billing date therefor
exceeds 1.0% of the aggregate Unpaid Balances of all Receivables.

 

    15

     

    

 

“Obligor”
means, with respect to any Receivable, the Person obligated to make payments in respect of such Receivable pursuant to a Contract.

 

“Official
Body” means any government or political subdivision or any agency, authority, bureau, central bank, commission, department
or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, in each case whether
foreign or domestic (including any supra-national bodies such as the European Union or the European Central Bank).

 

“Offshore
Rate” is defined in Section 2.4.

 

“Optional
Reduction Notice” means each notice substantially in the form of Exhibit E.

 

“Originator”
means any of Arrow, Arrow ECS and Richardson RFPD and such other originators as may be designated from time to time by the SPV with
the consent of the Administrative Agent and each Investor.

 

“Originator
Sale Agreement” means any Originator Sale Agreement between an Originator (other than Arrow) and Arrow as the same may be amended,
restated, modified or supplemented with the consent of the Administrative Agent at the direction of the Majority Investors.

 

“Other
SPV” means any Person other than the SPV that has entered into a receivables purchase agreement, loan and security agreement,
note purchase agreement, transfer and administration agreement or any other similar agreement with any Conduit Investor.

 

“Pension
Plan” means an employee pension benefit plan as defined in Section 3(2) of ERISA, which is subject to Title IV of ERISA (other
than a Multiemployer Plan) and to which the Originator, the SPV or an ERISA Affiliate of either may have any liability, including any
liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA or by reason of being deemed to
be a contributing sponsor under Section 4069 of ERISA.

 

“Permitted
Foreign Jurisdiction” means, at any time, a country or territory which is not the subject of Sanctions.

 

“Permitted
Foreign Obligor” means a Person that (i) if a natural person, is a resident of a Permitted Foreign Jurisdiction (ii) if a corporation
or other business organization, is organized under the laws of a Permitted Foreign Jurisdiction or any political subdivision thereof.
For the avoidance of doubt, no Official Body shall be considered to be a “Permitted Foreign Obligor.”

 

“Permitted
Investment Date” means each Settlement Date or such other Business Day within five days of the delivery of a Master Servicer
Report.

 

    16

     

    

 

“Permitted
Lien” means any lien, security interest, charge or encumbrance relating solely to Receivables with Allied Signal, Inc. as the
Obligor, at any time when such Receivables are not treated as “Eligible Receivables” hereunder.

 

“Person”
means an individual, partnership, limited liability company, corporation, joint stock company, trust (including a business trust), unincorporated
association, joint venture, firm, enterprise, Official Body or any other entity.

 

“Pooled
Funding Conduit Investor” means each Conduit Investor that is not a Match Funding Conduit Investor.

 

“Potential
Termination Event” means an event which but for the lapse of time or the giving of notice, or both, would constitute a Termination
Event.

 

“Pro
Rata Share” means, on any date of determination, with respect to each Purchaser Group, the ratio (expressed as a percentage)
of (i) the Allocable Portion of Maximum Net Investment to (ii) the Maximum Net Investment at such time.

 

“Program
Support Agreement” means any agreement entered into by any Program Support Provider providing for (i) cash collateral,
(ii) the issuance of one or more letters of credit for the account of a Conduit Investor, (iii) the issuance of one or more surety
bonds for which such Conduit Investor is obligated to reimburse the applicable Program Support Provider for any drawings thereunder,
(iv) the sale by such Conduit Investor to any Program Support Provider of the Asset Interest (or portions thereof or participations
therein) and/or the making of loans and/or (iv) other extensions of credit to such Conduit Investor in connection
with such Conduit Investor’s commercial paper program, together with any letter of credit, surety bond or other instrument
issued thereunder.

 

“Program
Support Provider” means any Person now or hereafter extending credit or having a commitment to extend credit to or for the
account of, or to make purchases from, a Conduit Investor or providing cash collateral or issuing a letter of credit, surety bond or
other instrument to support any obligations arising under or in connection with such Conduit Investor’s commercial paper program.

 

“Purchase
Termination Date” is defined in Section 7.1 of the First Tier Agreement.

 

“Purchaser
Group” is defined in the preamble.

 

“Qualified
Institution” means a depository institution or trust company organized under the laws of the United States of America or any
one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (i) (a) that has either (1) a long-term
unsecured debt rating of “A” or better by S&P and “A2” or better by Moody’s or (2) a short-term unsecured
debt rating or certificate of deposit rating of “A-1” or better by S&P or “P-1” or better by Moody’s,
(b) the parent corporation of which has either (1) a long-term unsecured debt rating of “A” or better by S&P and “A2”
or better by Moody’s or (2) a short-term unsecured debt rating or certificate of deposit rating of “A-1” or better
by S&P and “P-1” or better by Moody’s or (c) is otherwise acceptable to the Administrative Agent and (iii) the
deposits of which are insured by the Federal Deposit Insurance Corporation.

 

“Rate
Type” is defined in Section 2.4.

 

    17

     

    

 

“Ratings”
means the actual or implied senior unsecured non-credit enhanced debt ratings of Arrow in effect from time to time by Moody’s or
S&P, as the case may be, the bank debt rating of Arrow in effect from time to time by Moody’s or the corporate credit rating
of Arrow in effect from time to time by S&P.

 

“Receivable”
means any indebtedness and other obligations owed by any Obligor to an Originator (without giving effect to any transfer under the First
Tier Agreement or any Originator Sale Agreement) under a Contract or any right of the SPV to payment from or on behalf of an Obligor,
whether constituting an account, chattel paper, instrument or general intangible, (i) arising in connection with the sale or lease of
goods or the rendering of services in the ordinary course of business by such Originator, and includes the obligation to pay any finance
charges, fees and other charges with respect thereto, (ii) denominated in Dollars, and (iii) the Obligor of which is a U.S. Obligor or
a Permitted Foreign Obligor and is not an Affiliate or employee of any Originator. Notwithstanding the foregoing, the following indebtedness
and obligations shall not constitute “Receivables” for purposes of this Agreement: (a) receivables identified on the systems
of an Originator, comprising those set forth on Schedule C; and (b) receivables identified by Arrow in a written notice to the
Administrative Agent as receivables which are to be subject to the Agreement for the Purchase and Sale of Accounts Receivable dated as
of August19, 2016 between Arrow ECS and IBM Credit LLC (or other similar agreement replacing or supplementing such agreement) and
with respect to which the Administrative Agent (acting in its sole discretion), Arrow, the SPV and Arrow ECS have executed a partial
release of such receivables as is customary amongst the parties.

 

“Recipient”
is defined in Section 2.10.

 

“Records”
means all Contracts and other documents, purchase orders, invoices, agreements, books, records and any other media, materials or devices
for the storage of information (including tapes, disks, punch cards, computer programs and databases and related property) maintained
by the SPV, the related Originator or the Master Servicer with respect to the Receivables, any other Affected Assets or the Obligors.

 

“Reinvestment”
is defined in Section 2.2(b).

 

“Reinvestment
Period” means the period commencing on the Closing Date and ending on the Termination Date.

 

“Related
Alternate Investor” means, with respect to any Conduit Investor, each Alternate Investor set forth opposite such Conduit Investor’s
name on Schedule A (and any transferee of any such Alternate Investor pursuant to Section 11.8).

 

“Related
Commercial Paper” means, at any time of determination, Commercial Paper the proceeds of which are then allocated by the Related
Funding Agent as the source of funding the acquisition or maintenance of, the Asset Interest.

 

“Related
Funding Agent” means, with respect to any Conduit Investor, the Funding Agent set forth opposite such Conduit Investor’s
name on Schedule A.

 

“Related
Security” means, with respect to any Receivable, all of the Originator’s (without giving effect to any transfer under
the Originator Sale Agreement), Arrow’s (without giving effect to any transfer under the First Tier Agreement) or the SPV’s
rights, title and interest in, to and under:

 

    18

     

    

 

 

(a)       any goods (including returned or repossessed goods) and documentation or title evidencing the shipment or
storage of any goods relating to any sale giving rise to such Receivable;

 

(b)       all other security interests or liens and property subject thereto from time to time, if any, purporting
to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all financing
statements and other filings signed by an Obligor relating thereto;

 

(c)       the
Contract and all guarantees, indemnities, warranties, insurance (and proceeds and premium refunds thereof) or other agreements or arrangements
of any kind from time to time supporting or securing payment of such Receivable, whether pursuant to the Contract related to such Receivable
or otherwise;

 

(d)       all
Records related to such Receivable;

 

(e)       [RESERVED];
and

 

(f)        all Collections on and other proceeds of any of the foregoing.=

 

“Remittance
Date” means the 10th day of each month, or if such day is not a Business Day, the next succeeding Business Day.

 

“Renewal
Date” means December 7, 2011.

 

“Reportable
Event” means any event, transaction or circumstance which is required to be reported with respect to any Pension Plan under
Section 4043 of ERISA and the applicable regulations thereunder (other than an event for which the 30 day notice period is waived).

 

“Reporting
Date” means each of the following dates: (i) at any time other than during the occurrence and continuance of an Arrow Level
1 Rating Event, the 18th day of each calendar month or if such day is not a Business Day, the next succeeding Business Day, (ii) at
any time during the occurrence and continuance of an Arrow Level 1 Rating Event, the third Business Day
of the week, and (iii) after the occurrence of a Termination Event, within two (2) Business Days after a request from the Administrative
Agent; provided, however, that upon and after the occurrence of an Arrow Level 2 Rating Event, the Reporting Date shall
be each Business Day of the week.

 

“Required
Funding Agents” means, at any time, Funding Agents that are Affiliates of Alternate Investors that hold Commitments aggregating
at least 67% of the Maximum Net Investment as of such date (or, if the Commitments shall have been terminated, one or more Funding Agents
that are Affiliates of Alternate Investors whose aggregate pro rata shares of the Net Investment exceeds 67% of the
aggregate share of the Net Investment held by all Alternate Investors).

 

    19

     

    

 

“Required
Reserves” is defined in Schedule II.

 

“Rescindable
Amount” is defined in Section 2.17.

 

“Restricted
Payments” is defined in Section 6.2(k).

 

“Richardson
RFPD” means Richardson RFPD, Inc., a Delaware corporation.

 

“Sanctioned
Country” means a country, region or territory which is, or whose government is, the subject or target of any Sanctions.

 

“Sanctioned
Person” means any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office
of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council,
the European Union, any member state of the European, Union Her Majesty’s Treasury of the United Kingdom or other relevant sanctions
authority or otherwise subject to any Sanctions (b) any Person located, operating, organized or resident in a Sanctioned Country or (c)
any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b).

 

“Sanctions”
means economic or financial sanctions, sectoral sanctions, secondary sanctions, restrictive measures, trade embargoes and anti-terrorism
laws, including but not limited to those enacted, imposed, administered or enforced from time to time by (a) the U.S. government, including
those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or
(b) the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United
Kingdom or other relevant sanctions authority with jurisdiction over the SPV, the initial Master Servicer or any Originator.

 

“Servicing
Fee” [*****]

 

“Settlement
Date” means (a) prior to the Termination Date, the 23rd day of each calendar month (or if such day is not a Business Day, the
next succeeding Business Day) or such other day as the SPV, the Administrative Agent and the Majority Investors may from time to time
mutually agree, and (b) for any portion of Investment on and after the Termination Date, each day selected from time to time by the Majority
Investors (it being understood that the Majority Investors may select such Settlement Date to occur as frequently as daily) or, in the
absence of any such selection, the date which would be the Settlement Date for such portion of Investment pursuant to clause (a)
of this definition.

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., or any successor that is a nationally
recognized statistical rating organization.

 

“Significant
Subsidiary” means any Subsidiary that, directly or indirectly, accounts for more than five percent (5%) of the assets of Arrow
and its Subsidiaries, determined on a consolidated basis in accordance with GAAP.

 

“Special
Foreign Concentration Percentage” is defined in Schedule II.

 

    20

     

    

 

“Special
Pro Rata Share” means, for an Alternate Investor, the Commitment of such Alternate Investor, divided by the sum of the Commitments
of all Related Alternate Investors (or, if the Commitments shall have been terminated, the portion of the Net Investment funded by such
Alternate Investor divided by the aggregate Net Investment funded by such Alternate Investor and its Related Alternate Investors).

 

“Special
Termination Date” means with respect to any Conduit Investor and its Related Alternate Investors, five (5) Business Days prior
to the Commitment Termination Date if such Conduit Investor or its Related Alternate Investors do not agree to extend the Commitment
Termination Date.

 

“SPV”
means Arrow Electronics Funding Corporation, a Delaware corporation.

 

“Structuring
Agent” means Mizuho Bank, Ltd. or an Affiliate thereof, as Structuring Agent.

 

“Sub-Servicer”
is defined in Section 7.1(d).

 

“Subordinated
Obligations” has the meaning assigned to it in Section 1.1 of the First Tier Agreement.

 

“Subsidiary”
means, with respect to any Person, any corporation or other Person (a) of which securities or other ownership interests having ordinary
voting power to elect a majority of the board of directors or other Persons performing similar functions are at the time directly or
indirectly owned by such Person or (b) that is directly or indirectly controlled by such Person within the meaning of control under Section
15 of the Securities Act of 1933.

 

“Tangible
Net Worth” means the total of all assets appearing on a balance sheet prepared for the SPV in accordance with GAAP, after deducting
therefrom (without duplication of deductions):

 

(i)        any write-up in the book carrying value of any asset resulting from a revaluation thereof subsequent to
Closing Date;

 

(ii)       all reserves required by GAAP, including but not limited to reserves for liabilities, fixed or contingent,
deferred income taxes, obsolescence, depletion, insurance, and inventory valuation, which are not deducted from assets;

 

(iii)     
all Indebtedness of the SPV, including the Subordinated Obligations; and

 

(iv)     
the book value of all assets which would be treated as intangibles under GAAP, including, without limitation,
good will, trademarks, trade names, patents, copyrights and licenses.

 

“Taxes”
shall have the meaning specified in Section 9.3.

 

“Termination
Date” means the earliest of (a) the Business Day designated by the SPV to the Administrative Agent and each Funding Agent as
the Termination Date at any time following not less than thirty (30) days’ written notice to the Administrative Agent and Funding
Agents, (b) the day upon which the Termination Date is declared or automatically occurs pursuant to Section 8.2, (c) the day which
is five (5) Business Days prior to the Commitment Termination Date, (d) the Purchase Termination Date and (e) the day designated by the
Administrative Agent to the SPV as the Termination Date as a result of the failure of the Master Servicer to comply with its obligations
under Section 6.1(s).

 

    21

     

    

 

“Termination
Event” is defined in Section 8.1.

 

“Transaction
Costs” is defined in Section 9.4(a).

 

“Transaction
Documents” means, collectively, this Agreement, the First Tier Agreement, the Originator Sale Agreements, the Fee Letter, the
Blocked Account Agreements, and all of the other instruments, documents, amendments and other agreements executed and delivered by the
Master Servicer, any Originator or the SPV in connection with any of the foregoing.

 

“UCC”
means the Uniform Commercial Code as in effect in the applicable jurisdiction or jurisdictions.

 

“Unpaid
Balance” of any Receivable means, at any time, the unpaid principal amount thereof.

 

“U.S.”
or “United States” means the United States of America.

 

“U.S.
Obligor” means a Person that (i) if a natural person, is a resident of the United States or (ii) if a corporation or other
business organization, is either organized under the laws of the United States or any political subdivision thereof or has its chief
executive office located in the United States.

 

“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA
Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion
powers are described in the EU Bail-In Legislation Schedule.

 

“Yield”
is defined in Section 2.4.

 

“Yield
Payment Date” means, with respect to a Conduit Investor and its Related Alternate Investor, each Remittance Date.

 

“Yield
Rate” is defined in Section 2.4.

 

    22

     

    

 

SECTION
1.2. Other Terms. All terms defined directly or by incorporation herein shall have the defined
meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of
this Agreement and all such certificates and other documents, unless the context otherwise requires: (a) accounting terms not
otherwise defined herein, and accounting terms partly defined herein to the extent not defined, shall have the respective meanings
given to them under, and shall be construed in accordance with, GAAP; (provided that all terms of an accounting or financial
nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made without giving
effect to (i)   any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement
of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a
similar result or effect) to value any Indebtedness or other liabilities of Arrow or any Subsidiary at “fair value”, as
defined therein and (ii)   any treatment of Indebtedness in respect of convertible debt instruments under Accounting
Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar
result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall
at all times be valued at the full stated principal amount thereof). Notwithstanding anything in this Agreement to the contrary, for
purposes of interpreting any provision contained herein or determining compliance with any covenant or any other provision contained
herein, including for calculating compliance with the financial covenants in this Agreement, the effects of Accounting Standards
Codification 842 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect)
on leases and debt obligations shall, in each case, be disregarded; (b) terms used in Article 9 of the UCC in the State of New York,
and not specifically defined herein, are used herein as defined in such Article 9; (c) references to any amount as on deposit or
outstanding on any particular date means such amount at the close of business on such day; (d) the words “hereof,”
 “herein” and “hereunder” and words of similar import refer to this Agreement (or the certificate or other
document in which they are used) as a whole and not to any particular provision of this Agreement (or such certificate or document);
(e) references to any Section, Schedule or Exhibit are references to Sections, Schedules and Exhibits in or to this Agreement (or
the certificate or other document in which the reference is made) and references to any paragraph, subsection, clause or other
subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or
definition; (f) the term “including” means “including without limitation”; (g) references to any Law refer
to that Law as amended from time to time and include any successor Law; (h) references to any agreement refer to that agreement as
from time to time amended or supplemented or as the terms of such agreement are waived or modified in accordance with its terms; (i)
references to any Person include that Person’s successors and permitted assigns; and (j) headings are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

 

SECTION
1.3. Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of
a period of time from a specified date to a later specified date, the word “from” means “from and including”,
the words “to” and “until” each means “to but excluding”, and the word “within” means
 “from and excluding a specified date and to and including a later specified date”.

 

SECTION
1.4. Accounting Determinations. Unless otherwise specified herein, all accounting determinations
for purposes of calculating or determining compliance with the terms found in Section 1.1 or the Termination Events found in Section
8.1 and otherwise to be made under this Agreement shall be made in accordance with GAAP applied on a basis consistent in all material
respects with that used in preparing the financial statements referred to in Section 6.1(a)(i). If GAAP shall change from the
basis used in preparing such financial statements, the certificates required to be delivered pursuant to Section 6.1(a)(iii) demonstrating
compliance with the covenants contained herein shall set forth calculations setting forth the adjustments necessary to demonstrate how
Arrow is in compliance with the financial covenants based upon GAAP as in effect on September 27, 2019.

 

    23

     

    

 

ARTICLE
II

 PURCHASES AND SETTLEMENTS

 

SECTION
2.1.   Transfer of Affected Assets; Intended Characterization. (a)    Sale of
Asset Interest. In consideration of the payment by the Administrative Agent (on behalf of the Funding Agents
on behalf of the Conduit Investors and/or the Alternate Investors) of the amount of the initial Net Investment on the Closing Date and
the Administrative Agent’s agreement (on behalf of the Funding Agents on behalf of the Conduit Investors or the Alternate Investors)
to make payments to the SPV from time to time in accordance with Section 2.2, effective upon the SPV’s receipt of payment
for such initial Net Investment on the Closing Date, the SPV hereby sells, conveys, transfers and assigns to the Administrative Agent,
on behalf of the Funding Agents on behalf of the Conduit Investors or the Alternate Investors, as applicable, all of the SPV’s
right, title and interest in, to and under (i) all Receivables existing on the Closing Date or thereafter arising or acquired by the
SPV from time to time prior to the Final Payout Date and (ii) all other Affected Assets, whether existing on the Closing Date or thereafter
arising at any time. The Alternate Investors’ several obligations to make purchases from the SPV hereunder shall terminate on the
Termination Date.

 

(a)      
Purchase of Asset Interest. Subject to the terms and conditions hereof, the Administrative Agent
on behalf of the Funding Agents (on behalf of their related Conduit Investors and/or the Related Alternate Investors as applicable) hereby
purchases and accepts from the SPV an undivided percentage ownership interest in the Receivables and all other Affected Assets sold,
assigned and transferred pursuant to subsection (a). The Funding Agents’ right, title and interest in and to the Receivables
and all other Affected Assets hereunder is herein called the “Asset Interest”. The Funding Agents shall hold the Asset
Interest on behalf of their related Conduit Investors and Related Alternate Investors in accordance with the related Investor Interest,
from time to time. To the extent a Funding Agent holds the Asset Interest on behalf of the Related Alternate Investors, such Funding
Agent shall hold the Alternate Investor Percentage of the Asset Interest on behalf of such Alternate Investors pro rata
in accordance with their respective outstanding portions of the Net Investment funded by them.

 

(b)       Obligations
Not Assumed. The foregoing sale, assignment and transfer does not constitute and is not intended to result in the creation, or an
assumption by any Funding Agent, the Administrative Agent or any Investor, of any obligation of the SPV, any Originator, or any other
Person under or in connection with the Receivables or any other Affected Asset, all of which shall remain the obligations and liabilities
of the SPV and the applicable Originator.

 

(c)       Intended
Characterization; Grant of Security Interest.

 

(i)       The
SPV, each Funding Agent, the Administrative Agent and the Investors intend that the sale, assignment and transfer of the Affected
Assets to the Funding Agent (on behalf of their related Conduit Investors and/or the Related Alternate Investors as applicable)
hereunder shall be treated as a sale for all purposes, other than U.S. federal and state income tax purposes. If
notwithstanding the intent of the parties, the sale, assignment and transfer of the Affected Assets to the Funding Agents shall be
characterized as a secured loan and not a sale for all purposes (other than U.S. federal and state income tax purposes) or any such
sale shall for any reason be ineffective or unenforceable (any of the foregoing being a “Recharacterization”) (as
to which the foregoing shall constitute indebtedness of the SPV secured by the Affected Assets), such sale, assignment and transfer
of the Affected Assets shall be treated as the grant of, and the SPV hereby does grant, a security interest in the Affected Assets
to secure the payment and performance of the SPV’s obligations for the benefit of the Funding Agents (on behalf of the related
Conduit Investors and/or the Related Alternate Investors as applicable) hereunder and under the other Transaction Documents or as
may be determined in connection therewith by applicable Law. In the case of any Recharacterization, the SPV represents and warrants
that each remittance of Collections to the Administrative Agent, any Funding Agent or any Purchaser Group hereunder will have been
(i) in payment of a debt incurred in the ordinary course of business or financial affairs of the SPV and (ii) made in the ordinary
course of business or financial affairs of the SPV.

 

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(i)       The parties hereto acknowledge that Arrow and the SPV intend that the sale, assignment and transfer of the
Receivables and Related Security to the SPV under the First Tier Agreement shall be treated as a sale for all purposes, and each of the
parties hereto is relying on such treatment. If, notwithstanding the intent of Arrow and the SPV, the sale, assignment and transfer of
the Receivables and Related Security under the First Tier Agreement shall for any reason be characterized as a secured loan and not a
sale or such sale shall for any reason be ineffective or unenforceable, each of Arrow and the SPV represents and warrants as to itself
that each remittance of Collections by Arrow to the SPV under the First Tier Agreement will have been (i) in payment of a debt incurred
by Arrow in the ordinary course of business or financial affairs of Arrow and the SPV and (ii) made in the ordinary course of business
or financial affairs of Arrow and the SPV.

 

(ii)      Each of the parties hereto further expressly acknowledges and agrees that the Commitments of the Alternate
Investors hereunder, regardless of the intended true sale nature of the overall transaction, are financial accommodations (within the
meaning of Section 365(c)(2) of the Bankruptcy Code) to or for the benefit of the SPV.

 

SECTION
2.2.   Purchase Price. Subject to the terms and conditions hereof, including Article V, in consideration
for the sale, assignment and transfer of the Affected Assets by the SPV to the Funding Agents (on behalf of their related Conduit Investors
and/or the Related Alternate Investors as applicable) hereunder:

 

(a)       Investments.
On the Closing Date, and thereafter from time to time during the Reinvestment Period, on request of the SPV in accordance with Section
2.3, each Funding Agent (on behalf of its related Conduit Investors or the Related Alternate Investors as determined pursuant to
Section 2.3) shall deposit in the Funding Account for payment to the SPV from funds received from the related Investors pursuant
to Section 2.3(d) an amount equal in each instance to the least of (i) its Purchaser Group’s Pro Rata Share of the amount
requested by the SPV under Section 2.3(a), (ii) its Purchaser Group’s Pro Rata Share of the largest amount that will not
cause (A) the Net Investment to exceed the Maximum Net Investment or (B) the sum of the Net Investment and the Required Reserves to exceed
the Net Pool Balance and (iii) the largest amount which will not cause such Investor to exceed its Conduit Funding Limit or Commitment,
as applicable. Each such payment is herein called an “Investment”.

 

(b)       Reinvestments.
On each Business Day during the Reinvestment Period, the Master Servicer, on behalf of the Administrative Agent (on behalf of the Funding
Agents for the benefit of the Conduit Investors and/or the Alternate Investors as applicable), shall pay to the SPV, out of Collections
of Receivables, the amount available for Reinvestment in accordance with Section 2.12(a)(iii). Each such payment is hereinafter
called a “Reinvestment”. All Reinvestments with respect to the Conduit Investor Percentage and the Alternate Investor
Percentage of the Asset Interest shall be made ratably on behalf of the Conduit Investors and Alternate Investors, as applicable, pro rata
in accordance with their respective outstanding portions of the Alternate Investor Percentage and Conduit Investor Percentage, as
applicable, of the Net Investment funded by them.

 

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(c)       Deferred
Purchase Price. On each Business Day on and after the Final Payout Date, the Master Servicer, on behalf of the Administrative Agent
on behalf of the Funding Agents for the benefit of the Investors, shall pay to the SPV an amount equal to the Collections of Receivables
received by the SPV less the accrued and unpaid Servicing Fee (and the SPV (or the Master Servicer on its behalf) shall apply such Collections
in the manner described in Section 2.14).

 

(d)      
SPV Payments Limited to Collections. Notwithstanding any provision contained in this Agreement to
the contrary, the Administrative Agent shall not, and shall not be obligated (whether on behalf of the Funding Agents for the benefits
of the Conduit Investors or the Alternate Investors, as applicable), to pay any amount to the SPV as the purchase price of Receivables
pursuant to subsections (b) and (c) above except to the extent of Collections on Receivables available for distribution
to the SPV in accordance with this Agreement. Any amount which the Administrative Agent (whether on behalf of the Funding Agents for
the benefit of the Conduit Investors or the Alternate Investors, if applicable) does not pay pursuant to the preceding sentence shall
not constitute a claim (as defined in § 101 of the Bankruptcy Code) against or corporate obligation of the Administrative Agent,
any Funding Agent or any Investor for any such insufficiency unless and until such amount becomes available for distribution to the SPV
under Section 2.12.

 

SECTION
2.3.    Investment Procedures.

 

(a)       
Notice. The SPV shall request an Investment hereunder, by request to the Administrative Agent, with
a copy to each Funding Agent, given by email or facsimile in the form of an Investment Request by no later than 12:00 p.m. (New York
City time) on the same Business Day of the proposed date of such Investment. Each such Investment Request shall specify (i) the desired
amount of such Investment (which shall be at least $5,000,000 or an integral multiple of $1,000,000 in excess thereof (or, to the extent
that the then available unused portion of the Maximum Net Investment is less than such amount, such lesser amount) up to the entire available
unused portion of the Maximum Net Investment), including the aggregate Pro Rata Shares per Purchaser Group of such Investment and (ii)
the desired date of such Investment (the “Investment Date”) which shall be a Permitted Investment Date.

 

 (b)       [Reserved].

 

(c)       Conduit
Investor Acceptance or Rejection; Investment Request Irrevocable.

 

(i)       Each
Funding Agent will promptly notify the related Conduit Investor of each Funding Agent’s receipt of any
Investment Request. Each Conduit Investor shall instruct such Funding Agent to accept or reject (on such Conduit Investor’s
behalf) such Investment Request by notice given to the SPV, the Administrative Agent and such Funding Agent by telephone or
facsimile by no later than 1:00 p.m. (New York City time) on the requested Investment Date. Failure by a Conduit Investor to timely
deliver such notice shall be deemed to be an acceptance of such Investment Request. If more than one Conduit Investor in any
Purchaser Group accepts an Investment Request, the portion of such Investment Request to be funded by each Conduit Investor in such
Purchaser Group shall be determined by the Related Funding Agent in its sole discretion.

 

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(ii)      Each Investment Request shall be irrevocable and binding on the SPV, and the SPV shall indemnify each Investor
against any loss or expense incurred by such Investor, either directly or indirectly (including, in the case of a Conduit Investor, through
a Program Support Agreement) as a result of any failure by the SPV to complete such Investment, including any loss (including loss of
profit) or expense incurred by a Funding Agent or any Investor, either directly or indirectly (including, in the case of a Conduit Investor,
pursuant to a Program Support Agreement) by reason of the liquidation or reemployment of funds acquired by such Investor (or the applicable
Program Support Provider(s)) (including funds obtained by issuing commercial paper or promissory notes or obtaining deposits or loans
from third parties) in order to fund such Investment.

 

(d)       Alternate
Investor’s Commitment. Subject to Section 2.2(b) concerning Reinvestments, at no time will a Conduit Investor have any
obligation to fund an Investment or Reinvestment. At any time when all Conduit Investors in a Purchaser Group have rejected a request
for Investment or a Conduit Investor has failed to make an Investment in connection with an Investment Request it has accepted (or the
portion thereof determined by the Related Funding Agent), the Related Funding Agent shall so notify the Related Alternate Investors and
such Alternate Investors shall make such Investment, on a pro rata basis, in accordance with their respective Special Pro Rata
Shares. Notwithstanding anything contained in this Section 2.3(d) or elsewhere in this Agreement to the contrary, no Alternate
Investor shall be obligated to provide any Funding Agent or the SPV with funds in connection with an Investment in an amount that would
result in the portion of the Net Investment then funded by it exceeding its Allocable Portion of Maximum Net Investment then in effect
(minus the unrecovered principal amount of such Alternate Investor’s investment in the Asset Interest pursuant to the Program
Support Agreement to which it is a party). The obligation of each Alternate Investor to remit its Special Pro Rata Share of any such
Investment shall be several from that of each other Alternate Investor, and the failure of any Alternate Investor to so make such amount
available to the Related Funding Agent shall not relieve any other Alternate Investor of its obligation hereunder.

 

(e)      
Payment of Investment. On any Investment Date, each Conduit Investor and/or Alternate Investor, as
the case may be, shall, not later than 2:00 p.m. (New York City time) on such date, remit its share of the aggregate amount of such Investment
(determined pursuant to Section 2.2(a)) to the Funding Account specified from time to time by the Administrative Agent to each
Funding Agent by notice to such Persons by wire transfer of same day funds. Following the Administrative Agent’s receipt of funds
from the Investors as aforesaid, the Administrative Agent shall promptly (but in no event later than 3:00 p.m. (New York City time) on
such day) remit such funds in the Funding Account in respect of each Investment to the SPV’s account designated pursuant to Section
11.3, by wire transfer of same day funds.

 

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(f)       Administrative
Agent May Advance Funds. Unless the Administrative Agent shall have received notice from a Funding Agent that any related Investor
will not make its share of any Investment available on the applicable Investment Date therefor, the Administrative Agent may (but shall
have no obligation to) make any such Investor’s share of any such Investment available to the SPV in anticipation of the receipt
by the Administrative Agent of such amount from the applicable Investor. To the extent any such Investor or Funding Agent on behalf of
such Investor fails to remit any such amount to the Administrative Agent after any such advance by the Administrative Agent on such Investment
Date, such Investor, on the one hand, and the SPV, on the other hand, shall be required to pay such amount to the Administrative Agent
for its own account, together with interest thereon at a per annum rate equal to the Federal Funds Rate, in the case of such Investor,
or the Base Rate, in the case of the SPV, to the Administrative Agent upon its demand therefor (provided that a Conduit Investor
shall have no obligation to pay such interest amounts except to the extent that it shall have sufficient funds to pay the face amount
of its Commercial Paper in full). Until such amount shall be repaid, such amount shall be deemed to be Net Investment paid by the Administrative
Agent and the Administrative Agent shall be deemed to be the owner of an interest in the Asset Interest hereunder to the extent of such
Investment. Upon the payment of such amount to the Administrative Agent (i) by the SPV, the amount of the aggregate Net Investment shall
be reduced by such amount or (ii) by such Investor, such payment shall constitute such Investor’s payment of its share of the applicable
Investment.

 

SECTION
2.4.    [IS RESERVED AND IS SPECIFIED IN SCHEDULE I.]

 

SECTION
2.5.   Yield, Fees and Other Costs and Expenses. Notwithstanding any limitation on recourse herein,
the SPV shall pay, as and when due in accordance with this Agreement, all Fees, Yield, all amounts payable pursuant to Article IX,
if any, and the Servicing Fees. On each Remittance Date, to the extent not paid pursuant to Section 2.12 for any reason, the SPV
shall pay to the Administrative Agent, for the benefit of the Funding Agents on behalf of the Conduit Investors or the Alternate Investors,
as applicable, an amount equal to the accrued and unpaid Yield in respect of the prior calendar month. Nothing in this Agreement shall
limit in any way the obligations of the SPV to pay the amounts set forth in this Section 2.5.

 

SECTION
2.6.  Deemed Collections. (a) Dilutions. If on any day the Unpaid Balance of a Receivable is
reduced or such Receivable is canceled as a result of any Dilution, the SPV shall be deemed to have received on such day a Collection
of such Receivable in the amount of the Unpaid Balance (as determined immediately prior to such Dilution) of such Receivable (if such
Receivable is canceled) or, otherwise in the amount of such reduction, and the SPV shall pay to the Master Servicer an amount equal to
such Deemed Collection and such amount shall be applied by the Master Servicer as a Collection in accordance with Section 2.12.

 

(b)       Breach
of Representation or Warranty. If on any day any of the representations or warranties in Article IV was or becomes untrue
with respect to a Receivable (whether on or after the date of transfer thereof to the Administrative Agent, for the benefit of the
Funding Agents, on behalf of the Investors, as contemplated hereunder), the SPV shall be deemed to have received on such day a
Collection of such Receivable in full and the SPV shall on such day pay to the Master Servicer an amount equal to the Unpaid Balance
of such Receivable and such amount shall be allocated and applied by the Master Servicer as a Collection in accordance with Section
2.12. Notwithstanding the foregoing, any representation or warranty made with respect to a Receivable in respect of the criteria
set forth in clause (e), (h) or (m) of the definition of “Eligible Receivable” in Section 1.1 shall
be made with respect to such criteria solely as of the date such Receivable was purchased hereunder.

 

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SECTION
2.7.   Payments and Computations, Etc. All amounts to be paid or deposited by the SPV or the Master
Servicer hereunder shall be paid or deposited in accordance with the terms hereof no later than 1:00 p.m. (New York City time) on the
day when due in immediately available funds; if such amounts are payable to the Administrative Agent (whether on behalf of any Funding
Agent, any Investor or otherwise) they shall be paid or deposited in the account designated pursuant to Section 11.3, until otherwise
notified by the Administrative Agent. The SPV shall, to the extent permitted by Law, pay to the Administrative Agent, for the benefit
of the Funding Agents, on behalf of the Investors, upon demand, interest on all amounts not paid or deposited when due hereunder at a
rate equal to [*****] per annum, plus the Base Rate. All computations of Yield and all per annum fees hereunder
shall be made on the basis of a year of 360 days for the actual number of days (including the first but excluding the last day) elapsed.
Any computations by the Administrative Agent of amounts payable by the SPV hereunder shall be binding upon the SPV absent manifest error.

 

SECTION
2.8.   Reports. By no later than 4:00 p.m. (New York City time) on each Reporting Date, the Master
Servicer shall prepare and forward to the Administrative Agent a Master Servicer Report, as at, and for the Calculation Period ending
on, the immediately preceding Month End Date; provided, however, that with respect to a Master Servicer Report delivered
on a weekly basis, the information shall be provided as of the Friday of the preceding week and with respect to a Master Servicer Report
delivered more frequently than weekly, the information shall be provided as of the Business Day immediately prior to such Reporting Date.
The Master Servicer Report shall be certified by the SPV and the Master Servicer. The Administrative Agent shall promptly provide a copy
of such Master Servicer Report to each Investor.

 

SECTION
2.9.   Collection Account. (a) The SPV shall establish and at all times maintain the Collection Account,
bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Administrative Agent, for the
benefit of the Funding Agents, on behalf of the Investors. If at any time the Collection Account is not maintained at or in the name
of the Administrative Agent, such account shall be subject to an Account Control Agreement. The Administrative Agent shall have exclusive
dominion and control over the Collection Account and all monies, instruments and other property from time to time in the Collection Account.
On and after the occurrence of a Termination Event or a Potential Termination Event (which Potential Termination Event is not capable
of being cured), the Master Servicer shall remit daily within one Business Day of receipt to the Collection Account all Collections received.
Funds on deposit in the Collection Account (other than investment earnings) shall be invested by the Administrative Agent, in the name
of the Administrative Agent for the benefit of the Funding Agents on behalf of the Investors, in Eligible Investments that will mature
so that such funds will be available so as to permit amounts in the Collection Account to be paid and applied on the next Settlement
Date and otherwise in accordance with the provisions of Section 2.12; provided that such funds shall not reduce the Net
Investment or accrued Yield hereunder until so applied under Section 2.12. On each Remittance Date, all interest and earnings
(net of losses and investment expenses) on funds on deposit in the Collection Account shall be applied as Collections set aside for the
Administrative Agent in accordance with Section 2.12. On the Final Payout Date, any funds remaining on deposit in the Collection
Account shall be paid to the SPV for application as set forth in Section 2.14.

 

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(b)  
The Administrative Agent shall establish in its name on or before the day of the initial Investment hereunder and shall maintain the
Funding Account for the benefit of the Funding Agents, on behalf of the Conduit Investors and the Alternate Investors, into which all
payments received by the Administrative Agent from the Funding Agents and the Investors shall be deposited pursuant to Section 2.3(d).
The Administrative Agent shall have the sole right of withdrawal from the Funding Account.

 

SECTION
2.10. Sharing of Payments, Etc. If any Investor (for purposes of this Section 2.10 only, being
a “Recipient”) shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of setoff,
or otherwise) on account of the portion of the Asset Interest owned by it (other than pursuant to the Fee Letter, or Article IX
and other than as a result of the differences in the timing of the applications of Collections pursuant to Section 2.12 and other
than a result of the different methods for calculating Yield) in excess of its ratable share of payments on account of the Asset Interest
obtained by the Investors entitled thereto, such Recipient shall forthwith purchase from the Investors entitled to a share of such amount
participations in the portions of the Asset Interest owned by such Persons as shall be necessary to cause such Recipient to share the
excess payment ratably with each such other Person entitled thereto; provided, however, that if all or any portion of such
excess payment is thereafter recovered from such Recipient, such purchase from each such other Person shall be rescinded and each such
other Person shall repay to the Recipient the purchase price paid by such Recipient for such participation to the extent of such recovery,
together with an amount equal to such other Person’s ratable share (according to the proportion of (a) the amount of such other
Person’s required payment to (b) the total amount so recovered from the Recipient) of any interest or other amount paid or payable
by the Recipient in respect of the total amount so recovered.

 

SECTION
2.11. Right of Setoff. Without in any way limiting the provisions of Section 2.10, the Administrative
Agent, each Funding Agent and each Investor is hereby authorized (in addition to any other rights it may have) at any time after the
occurrence of the Termination Date due to the occurrence of a Termination Event or during the continuance of a Potential Termination
Event (which Potential Termination Event is not capable of being cured) to set-off, appropriate and apply (without presentment, demand,
protest or other notice which are hereby expressly waived) any deposits and any other indebtedness held or owing by the Administrative
Agent, such Funding Agent or such Investor to, or for the account of, the SPV against the amount of the Aggregate Unpaids owing by the
SPV to such Person or to the Administrative Agent, or such Funding Agent on behalf of such Person (even if contingent or unmatured).

 

[SECTIONS
2.12 THROUGH 2.15 ARE RESERVED AND SPECIFIED IN SCHEDULE III (SETTLEMENT PROCEDURES).]

 

SECTION
2.12. [RESERVED]

 

SECTION
2.13. [RESERVED]

 

SECTION
2.14. [RESERVED]

 

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SECTION
2.15. [RESERVED]

 

SECTION
2.16. Special Termination Date with Respect to a Particular Conduit Investor. Notwithstanding anything
to the contrary contained in this Agreement, if there shall occur a Special Termination Date with respect to a Conduit Investor or its
Related Alternate Investors, then, from and after such Special Termination Date, (a) no further Investments or Reinvestments shall be
made by such Conduit Investors or Related Alternate Investor, (b) the Administrative Agent shall distribute Collections to such Conduit
Investor or Related Alternate Investor in accordance with the provisions of Sections 2.12 and 2.13 applicable to a Special Termination
Date, (c) in all respects, the provisions of this Agreement with respect to a Termination Date shall be deemed to apply with respect
to such Conduit Investor or Related Alternate Investor for which a Special Termination Date has occurred, other than as explicitly set
forth herein, and (d) all provisions of this Agreement shall continue to apply to the other Conduit Investors and Related Alternate Investors.

 

SECTION
2.17. Payments by SPV; Presumptions by Administrative Agent. Unless the Administrative Agent shall
have received notice from the SPV prior to the date on which any payment is due to the Administrative Agent for the account of the Funding
Agents or Investors hereunder that the SPV will not make such payment, the Administrative Agent may assume that the SPV has made such
payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Funding Agents or Investors,
as the case may be, the amount due.

 

With
respect to any payment that the Administrative Agent makes for the account of the Funding Agents or Investors hereunder as to which the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of the following applies (such
payment referred to as the “Rescindable Amount”) : (1) the SPV has not in fact made such payment; (2) the Administrative
Agent has made a payment in excess of the amount so paid by the SPV (whether or not then owed); or (3) the Administrative agent has for
any reason otherwise erroneously made such payment; then each of the Funding Agents or Investors, as the case may be, severally agrees
to repay to the Administrative Agent forthwith on demand the Rescindable Amount so distributed to such Funding Agent or Investor, in
immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding
the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation.

 

A
notice of the Administrative Agent to any Funding Agent, any Investor or the SPV with respect to any amount owing under this section
shall be conclusive, absent manifest error.

 

ARTICLE
III

ADDITIONAL
ALTERNATE INVESTOR PROVISIONS

 

SECTION
3.1.   Assignment to Alternate Investors.

 

(a)      
SPV’s Obligation to Pay Certain Amounts; Additional Assignment Amount. The SPV shall pay to
the Administrative Agent, on behalf of a Funding Agent, for the account of the related Conduit Investors, in connection with any assignment
by any such Conduit Investor to the Related Alternate Investors pursuant to this Agreement, an aggregate amount equal to all Yield to
accrue through the end of the current Interest Period to the extent attributable to the portion of the Net Investment so assigned to
such Alternate Investors (as determined immediately prior to giving effect to such assignment), plus all other accrued Aggregate
Unpaids (other than the Net Investment and other than any Yield not described above) payable to any such Conduit Investor in respect
of such portion of the Net Investment so assigned. If the SPV fails to make payment of such amounts at or prior to the time of assignment
by any such Conduit Investor to the Related Alternate Investors, such amount shall be paid by the Alternate Investors (in accordance
with their respective Special Pro Rata Shares) to any such Conduit Investor as additional consideration for the interests assigned to
the Alternate Investors and the amount of the “Net Investment” hereunder held by the Alternate Investors shall be increased
by an amount equal to the additional amount so paid by the Alternate Investors.

 

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(b)      
Payments to Funding Agent’s Account. After any assignment in whole by a Conduit Investor to
the Related Alternate Investors pursuant to this Agreement at any time on or after the Conduit Investment Termination Date, all payments
to be made hereunder by the SPV or the Master Servicer to such Conduit Investor shall be made to the Related Funding Agent’s account
as such account shall have been designated by such Funding Agent to the Administrative Agent, the SPV and the Master Servicer. [RESERVED.]

 

SECTION
3.3.   Extension of Commitment Termination Date. (a) The SPV may, at any time during the period which
is no more than sixty (60) days or less than thirty (30) days immediately preceding the Commitment Termination Date then in effect, request
that such Commitment Termination Date be extended for an additional 364 days. Any such request shall be in writing, in substantially
the form of Exhibit J (an “Extension Request”), and delivered to the Administrative Agent (which shall be promptly
forwarded by the Administrative Agent to each Alternate Investor), and shall be subject to the following conditions: (i) such extension
shall be at each Alternate Investor’s sole and absolute discretion, including in respect of any extension or renewal fee that may
be payable at the time of such extension, (ii) no Alternate Investor shall have any obligation to extend the Commitment Termination Date
at any time, and (iii) any such extension with respect to any Alternate Investor shall be effective only upon the written agreement of
the Administrative Agent, such Alternate Investor, the SPV and the Master Servicer, as evidenced by their execution of a counterpart
signature page to the applicable Extension Request. Each Alternate Investor will respond to any such request no later than the fifteenth
day prior to the Commitment Termination Date (the “Response Deadline”), provided, that a failure by any Alternate
Investor to respond by the Response Deadline shall be deemed to be a rejection of the requested extension. (b) If at any time the SPV
requests that the Alternate Investors extend the Commitment Termination Date in accordance with Section 3.3(a), and some but less than
all the Alternate Investors consent to such renewal as of the applicable Response Deadline, the SPV may arrange for an assignment to
one or more financial institutions of all the rights and obligations hereunder of each such non-consenting Alternate Investor in accordance
with Section 11.8, provided that any such financial institution shall be acceptable to the Related Funding Agent in its sole and
absolute discretion. Any such assignment shall become effective on the then-current Commitment Termination Date. Each Alternate Investor
which does not so consent to any renewal shall cooperate fully with the SPV in effectuating the administrative details of any such assignment.
If none or less than all the Commitments of the non-renewing Alternate Investors are so assigned as provided above and the aggregate
Conduit Investor Percentage of the related Conduit Investors equals 100%, then (i) the extended Commitment Termination Date shall be
effective solely with respect to the renewing Alternate Investors, (ii) the Facility Limit shall automatically be reduced by an amount
equal to the aggregate of the Commitments of all non-renewing Alternate Investors, (iii) the Conduit Funding Limit of the related Conduit
Investors shall automatically be reduced by an amount equal to the aggregate of the Commitments of all non-renewing Related Alternate
Investors, and (iv) this Agreement and the Commitments of the renewing Alternate Investors shall remain in effect in accordance with
their terms notwithstanding the expiration of the Commitments of such non-renewing Alternate Investors.

 

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SECTION
3.4    Increase to Facility Limit. The SPV may, from time to time upon at least thirty (30) days (or such lesser number of days agreed
to by the Funding Agents) prior written notice, increase the Aggregate Commitment by up to $500,000,000 in the aggregate by (a) adding
a new Purchaser Group and/or (b) causing one or more existing Alternate Investors in one or more Purchaser Groups to increase its Commitment
or their Commitments, as applicable. Each notice of a proposed increase in the Aggregate Commitment shall specify (i) the proposed date
such increase shall become effective, (ii) the proposed amount of such increase (which amount shall be at least $50,000,000 or an integral
multiple of $1,000,000 in excess thereof), and whether such proposed increase is proposed to be reflected in the Commitment of an Alternate
Investor in a new Purchaser Group (and the amount of such Commitment) or is requested to be provided by the Alternate Investors in existing
Purchaser Groups (and the aggregate amount requested to be provided by the existing Alternate Investors), or both. If all or any portion
of such proposed increase is to be effectuated by the addition of a new Purchaser Group, then the Investors and the Funding Agent in
such new Purchaser Group shall become parties to this Agreement by executing and delivering to the Administrative Agent, the Funding
Agents, the SPV and the Master Servicer an Assignment and Assumption Agreement (with appropriate deletions of the assignment provisions)
setting forth the Commitment of the Alternate Investor in such new Purchaser Group. If all or a portion of such increase is proposed
to be effectuated by an increase in the Commitment of one or more existing Alternate Investors, then that portion of such increase shall
(i) become effective, if, and only if, one or more Funding Agents (on behalf of the related Alternate Investors) approves such increase
by delivering a written confirmation of such approval to the Administrative Agent, the Funding Agents and the SPV, setting forth the
amount of increase applicable to such Alternate Investor’s Commitment Aggregate Commitment, and (ii) shall be effective solely
with respect to the approving Alternate Investors and solely with respect to the amount set forth in their related Funding Agents’
written confirmations. Schedule A shall be revised to reflect each increase in the Aggregate Commitment, the applicable Commitments of
the Alternate Investors in the Purchaser Group in connection with such increase, and other appropriate changes. Nothing contained herein
shall constitute a commitment on the part of any Alternate Investor hereunder to agree to any proposed increase in its Commitment in
connection with a proposed increase in the Aggregate Commitment.

 

ARTICLE
IV

 REPRESENTATIONS AND WARRANTIES

 

SECTION
4.1.   Representations and Warranties of the SPV and the Master Servicer.

 

Each
of the SPV and the Master Servicer represents and warrants to each Funding Agent, the Administrative Agent and each Investor,
as to itself, that, on the Closing Date and on each Investment Date and Reinvestment Date:

 

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(a)       Corporate
Existence and Power. It (i) is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction
of incorporation, (ii) has all corporate power and all licenses, authorizations, consents and approvals of all Official Bodies required
to carry on its business in each jurisdiction in which its business is now and proposed to be conducted (except where the failure to
have any such licenses, authorizations, consents and approvals would not individually or in the aggregate have a Material Adverse Effect)
and (iii) is duly qualified to do business and is in good standing in every other jurisdiction in which the nature of its business requires
it to be so qualified, except where the failure to be so qualified or in good standing would not have a Material Adverse Effect.

 

(b)       Corporate
and Governmental Authorization; Contravention. The execution, delivery and performance by it of this Agreement and the other Transaction
Documents to which it is a party are (i) within the its corporate powers, (ii) have been duly authorized by all necessary corporate and
shareholder action, (iii) require no action by or in respect of, or filing with, any Official Body or official thereof (except as contemplated
by Sections 5.1(f), 5.1(g) and 7.7, all of which have been (or as of the Closing Date will have been) duly made
and in full force and effect), (iv) do not contravene or constitute a default under (A) its articles of incorporation or by-laws, (B)
any Law applicable to it, except to the extent (solely in the case of the Master Servicer) that the failure to comply therewith could
not, in the aggregate, be expected to have a Material Adverse Effect or a material adverse effect on the condition (financial or otherwise),
business or properties of Arrow and the other Originators, taken as a whole, (C) any contractual restriction binding on or affecting
it or its property or (D) any order, writ, judgment, award, injunction, decree or other instrument binding on or affecting it or its
property, or (v) result in the creation or imposition of any Adverse Claim upon or with respect to its property or the property of any
of its Subsidiaries (except as contemplated hereby).

 

(c)       Binding
Effect. Each of this Agreement and the other Transaction Documents to which it is a party has been duly executed and delivered and
constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy,
insolvency, moratorium or other similar laws affecting the rights of creditors generally and the application of general principles of
equity (regardless of whether considered in a proceeding at law or in equity).

 

(d)       Perfection.
In the case of the SPV, it is the owner of all of the Receivables and other Affected Assets, free and clear of all Adverse Claims (other
than any Adverse Claim arising hereunder), and upon the making of the initial Investment on the Closing Date and at all times thereafter
until the Final Payout Date, all financing statements and other documents required to be recorded or filed in order to perfect and protect
the first priority perfected ownership or security interest (subject to Permitted Liens) of the Administrative Agent for the benefit
of each Funding Agent on behalf of the related Investors in the Asset Interest against all creditors of and purchasers from the SPV,
Arrow and the other Originators will have been duly filed in each filing office necessary for such purpose and all filing
fees and taxes, if any, payable in connection with such filings shall have been paid in full.

 

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(e)       Accuracy
of Information. The information included in the Beneficial Ownership Certification is true and correct in all respects. All other
information heretofore furnished by it (including the Master Servicer Reports and its financial statements) to any Investor, any Funding
Agent or the Administrative Agent for purposes of or in connection with this Agreement or any transaction contemplated hereby was true,
complete and accurate in every material respect, on the date such information is stated or certified, and no such item contains or contained
any untrue statement of a material fact or omits or did omit to state a material fact necessary in order to make the statements contained
therein, in the light of the circumstances under which (and as of the date) they were made, not misleading.

 

(f)        Tax Status; GAAP Treatment. It has (i) in the case of the SPV, timely filed all tax returns (federal,
state and local) required to be filed and, in the case of the Master Servicer, filed all material tax returns (federal, state and local)
required to be filed and (ii) paid or made adequate provision for the payment of all taxes, assessments and other governmental charges
and, solely with respect to the Master Servicer, other than those which, individually or in the aggregate, would not result in liability
in excess of $5,000,000.

 

(g)       Action,
Suits. It is not in violation of any order of Official Body or arbitrator which could not, in the aggregate, be expected to have
a Material Adverse Effect or a material adverse effect on the condition (financial or otherwise), businesses or properties of Arrow and
the other Originators, taken as a whole. Except as set forth in Schedule 4.1(g), there are no actions, suits, litigation or proceedings
pending, or to its knowledge, threatened, against or affecting it or any of its Subsidiaries or their respective properties, in or before
any Official Body or arbitrator which in each case with respect to the Master Servicer or any of its Subsidiaries (other than the SPV),
if adversely determined could have a Material Adverse Effect.

 

(h)       
Use of Proceeds. In the case of the SPV, no proceeds of any Investment or Reinvestment will be used
by it (i) to acquire any security in any transaction which is subject to Section 13 or 14 of the Securities Exchange Act of 1934, (ii)
to acquire any equity security of a class which is registered pursuant to Section 12 of such act (iii) for any other purpose that violates
applicable Law, including Regulation U of the Federal Reserve Board, (iv) for the purpose of funding, financing or facilitating any activities,
business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (v) in a manner that would result in the violation
of any Sanctions applicable to the SPV.

 

(i)       
Principal Place of Business; Chief Executive Office; Location of Records. Its principal place of
business, chief executive office and the offices where it keeps all its material Records, are located at the address(es) described on
Schedule 4.1(i) or such other locations notified to the Administrative Agent in accordance with Section 7.7 in jurisdictions
where all action required by Section 7.7 has been taken and completed.

 

(j)        Subsidiaries;
Tradenames, Etc. In the case of the SPV, as of the Closing Date: (i) it has only the Subsidiaries and divisions listed on Schedule
4.1(j); and (ii) it has,within the last five (5) years, operated only under the tradenames identified in Schedule
4.1(j), and, within the last five (5) years, has not changed its name, the location of its chief executive office, merged with or
into or consolidated with any other Person or been the subject of any proceeding under the Bankruptcy Code, except as disclosed in Schedule
4.1(j). Schedule 4.1(j) also lists the correct Federal Employer Identification Number of the SPV.

 

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(k)      
Good Title. In the case of the SPV, upon each Investment and Reinvestment, the Administrative Agent
for the benefit of each Funding Agent, on behalf of the related Investors shall acquire a valid and enforceable perfected first priority
ownership interest (subject to Permitted Liens) or a first priority perfected security interest (subject to Permitted Liens) in each
Receivable and all other Affected Assets that exist on the date of such Investment or Reinvestment, with respect thereto, free and clear
of any Adverse Claim (other than that created by the Administrative Agent, any Funding Agent or any Investor).

 

(l)       
Nature of Receivables. Each Receivable (i) represented by it to be an Eligible Receivable in any
Master Servicer Report or (ii) included in the calculation of the Net Pool Balance in fact satisfies at such time the definition of “Eligible
Receivable” set forth herein and, in the case of clause (ii) above, is not a Receivable of the type described in clauses
(b)(i) or (b)(ii) of the definition of “Net Pool Balance”. It has no knowledge of any fact (including any defaults
by the Obligor thereunder on any other Receivable) that would cause it or should have caused it to expect any payments on such Receivable
not to be paid in full when due or that is reasonably likely to cause or result in any other Material Adverse Effect with respect to
such Receivable.

 

(m)     
Coverage Requirement;. The sum of the Net Investment, plus the Required Reserves does not
exceed the Net Pool Balance.

 

(n)      
Credit and Collection Policy. Since July 15, 2016, there have been no material changes in the Credit
and Collection Policy other than in accordance with this Agreement. Since such date, no material adverse change has occurred in the overall
rate of collection of the Receivables other than as disclosed in writing to the Administrative Agent and each Funding Agent. It has at
all times materially complied with the Credit and Collection Policy with regard to each Receivable.

 

(o)      
Material Adverse Effect. Since December 31, 2015, there has been no Material Adverse Effect.

 

(p)      
No Termination Event. In the case of the SPV, no event has occurred and is continuing and no condition
exists, or would result from any Investment or Reinvestment or from the application of the proceeds therefrom, which constitutes or may
be reasonable be expected to constitute a Termination Event or a Potential Termination Event. In the case of the Master Servicer, no
Master Servicer Default has occurred and is continuing to exist.

 

(q)       Not
an Investment Company; Volcker Compliance. It is not, and is not controlled by, an “investment company” within the
meaning of the Investment Company Act of 1940, or is exempt from all provisions of such act. The SPV is excluded from the definition of
 “investment company” pursuant to Section 3(c)(5) of the Investment Company Act of 1940, among other possible exclusions
or exemptions.

 

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(r)       
ERISA. No steps have been taken by any Person to terminate any Pension Plan the assets of which will
not be sufficient to satisfy all of its benefit liabilities (as determined under Title IV of ERISA) on the date of such termination.
Neither Arrow, the SPV nor any ERISA Affiliates of either such Person has incurred any withdrawal liability (which has not been satisfied)
under Title IV of ERISA with respect to any Multiemployer Plan. No contribution failure has occurred with respect to any Pension Plan
sufficient to give rise to a lien under Section 303(k) of ERISA, and each Pension Plan has been administered in all material respects
in compliance with its terms and applicable provisions of ERISA and the Code.

 

(s)      
Blocked Accounts. The names and addresses of all the Blocked Account Banks, together with the account
numbers of the Blocked Accounts at such Blocked Account Banks, are specified in Schedule 4.1(s) (or at such other Blocked Account
Banks and/or with such other Blocked Accounts as have been notified to the Administrative Agent and for which Blocked Account Agreements
have been executed in accordance with Section 7.3 and delivered to the Master Servicer). All Blocked Accounts are subject to Blocked
Account Agreements (or will become subject to a Blocked Account Agreement following the Amendment No. 26 Effective Date as set forth
in the definition of “Net Pool Balance”). All Obligors have been instructed to make payment to a Blocked Account and only
Collections are deposited into the Blocked Accounts, except for other amounts that are withdrawn from such Blocked Accounts within one
Business Day of such amounts becoming available for transfer therefrom.

 

(t)       
Bulk Sales. In the case of the SPV, no transaction contemplated hereby or by the First Tier Agreement
requires compliance with any bulk sales act or similar law.

 

(u)       Transfers
Under First Tier Agreement. In the case of the SPV, each Receivable has been purchased by it from Arrow pursuant to, and in accordance
with, the terms of the First Tier Agreement. In the case of Arrow, each Receivable has either been originated by Arrow or purchased by
Arrow from an Originator pursuant to, and in accordance with, the terms of the applicable Originator Sale Agreement.

 

(v)       Preference;
Voidability. In the case of the SPV, it shall have given reasonably equivalent value to Arrow in consideration for the transfer to
it of the Affected Assets from Arrow, and each such transfer shall not have been made for or on account of an antecedent debt owed by
Arrow to it and no such transfer is or may be voidable under any section of the Bankruptcy Code.

 

(w)     
Nonconsolidation. The SPV is operated in such a manner that the separate corporate existence of the
SPV, on the one hand, and each Originator or any Affiliate thereof, on the other, would not be disregarded in the event of the bankruptcy
or insolvency of any Originator or any Affiliate thereof and, without limiting the generality of the foregoing:

 

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(i)      the SPV is a limited purpose corporation whose activities are restricted in its certificate of incorporation
to activities related to purchasing or otherwise acquiring receivables (including the Receivables) and related assets and rights and
conducting any related or incidental business or activities it deems necessary or appropriate to carry out its primary purpose, including
entering into agreements like the Transaction Documents;

 

(ii)     the SPV has not engaged, and does not presently engage, in any activity other than those activities expressly
permitted hereunder and under the other Transaction Documents, nor has the SPV entered into any agreement other than this Agreement,
the other Transaction Documents to which it is a party, and with the prior written consent of the Investors, each Funding Agent and the
Administrative Agent, any other agreement necessary to carry out more effectively the provisions and purposes hereof or thereof;

 

(iii)    (A) the SPV maintains its own deposit account or accounts, separate from those of any of its Affiliates,
with commercial banking institutions, (B) the funds of the SPV are not and have not been diverted to any other Person or for other than
the corporate use of the SPV and (C) except as may be expressly permitted by this Agreement, the funds of the SPV are not and have not
been commingled with those of any of its Affiliates;

 

(iv)    
to the extent that the SPV contracts or does business with vendors or service providers where the goods
and services provided are partially for the benefit of any other Person, the costs incurred in so doing are fairly allocated to or among
the SPV and such entities for whose benefit the goods and services are provided, and each of the SPV and each such entity bears its fair
share of such costs; and all material transactions between the SPV and any of its Affiliates shall be only on an arm’s-length basis;

 

(v)     the SPV maintains stationery through which all business correspondence and communication are conducted,
in each case separate from those of each Originator and its respective Affiliates;

 

(vi)    the SPV conducts its affairs strictly in accordance with its certificate of incorporation and observes all
necessary, appropriate and customary corporate formalities, including (A) holding all regular and special stockholders’ and directors’
meetings appropriate to authorize all corporate action (which, in the case of regular stockholders’ and directors’ meetings,
are held at least annually), (B) keeping separate and accurate minutes of such meetings, (C) passing all resolutions or consents necessary
to authorize actions taken or to be taken, and (D) maintaining accurate and separate books, records and accounts, including intercompany
transaction accounts;

 

(vii)   all
decisions with respect to its business and daily operations are independently made by the SPV (although the officer making any
particular decision may also be an employee, officer or director of an Affiliate of the SPV) and are not dictated by any Affiliate
of the SPV (it being understood that the Master Servicer, which is an Affiliate of the SPV, will undertake and perform all of the
operations, functions and obligations of it set forth herein and it may appoint Sub-Servicers, which may be Affiliates
of the SPV, to perform certain of such operations, functions and obligations);

 

    38

     

    

 

 

(viii)     the SPV acts solely in its own corporate name and through its own authorized officers and agents, and no
Affiliate of the SPV shall be appointed to act as its agent, except as expressly contemplated by this Agreement;

 

(ix)        no Affiliate of the SPV advances funds to the SPV, other than as is otherwise provided herein or in the
other Transaction Documents, and no Affiliate of the SPV otherwise supplies funds to, or guaranties debts of, the SPV; provided,
however, that an Affiliate of the SPV may provide funds to the SPV in connection with the capitalization of the SPV;

 

(x)         other than organizational expenses and as expressly provided in the Transaction Documents, the SPV pays
all expenses, indebtedness and other obligations incurred by it;

 

(xi)        the SPV does not guarantee, and is not otherwise liable, with respect to any obligation of any of its Affiliates;

 

(xii)       any financial reports required of the SPV comply with generally accepted accounting principles and are issued
separately from, but may be consolidated with, any reports prepared for any of its Affiliates;

 

(xiii)      at all times the SPV is adequately capitalized to engage in the transactions contemplated in its certificate
of incorporation;

 

(xiv)      the financial statements and books and records of the SPV and Arrow reflect the separate corporate existence
of the SPV;

 

(xv)       the SPV does not act as agent for any Originator or any Affiliate thereof, but instead presents itself to
the public as a corporation separate from each such member and independently engaged in the business of purchasing and financing Receivables;

 

(xvi)      the SPV maintains a three-person board of directors, including at least one independent director, who has
never been, and shall at no time be a stockholder, director, officer, employee or associate, or any relative of the foregoing, of any
Originator or any Affiliate thereof (other than the SPV and any other bankruptcy-remote special purpose entity formed for the sole purpose
of securitizing, or facilitating the securitization of, financial assets of any Originator or any Affiliate thereof), all as provided
in its certificate or articles of incorporation, and is otherwise reasonably acceptable to the Investors, the Funding Agents and the
Administrative Agent; and

 

(xvii)     the
bylaws or the certificate or articles of incorporation of the SPV require the affirmative vote of the independent director before a
voluntary petition under Section 301 of the Bankruptcy Code may be filed by the SPV, and the SPV to maintain correct
and complete books and records of account and minutes of the meetings and other proceedings of its stockholders and board of
directors.

 

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(x)        
Dilution. In the case of the Master Servicer, upon the issuance of a Credit Memo relating to a specific
Receivable, the amount of such Credit Memo is applied against such Receivable, and the Unpaid Balance of such Receivable is aged in accordance
with the original due date of such Receivable.

 

(y)        
Representations and Warranties in other Related Documents. In the case of the SPV, each of the representations
and warranties made by it contained in the Transaction Documents (other than this Agreement) was true, complete and correct in all respects
and it hereby makes, as of the date that such representation or warranty was made or deemed made, each such representation and warranty
to, and for the benefit of, each Funding Agent, the Administrative Agent and the Investors as if the same were set forth in full herein.

 

(z)        
No Master Servicer Default. In the case of the Master Servicer, no event has occurred and is continuing
and no condition exists, or would result from a purchase in respect of any Investment or Reinvestment or from the application of the
proceeds therefrom, which constitutes or may reasonably be expected to constitute a Master Servicer Default.

 

(aa)        
Identity and Location. (i) Set forth below is a complete, correct and current list of the SPV and
all of the Originators, (ii) the legal name of each such entity is correctly set forth below, and such name is the name that appears
in the articles of incorporation or other applicable formation documents filed in its jurisdiction of organization, and (iii) the jurisdiction
of organization of each such entity is set forth opposite the name of such entity below and such entity is organized solely under the
laws of such jurisdiction.

 

	SPV/Originator	Jurisdiction
    of Organization
	Arrow
    Electronics Funding Corporation	Delaware
	Arrow
    Electronics, Inc.	New
    York
	Arrow
    Enterprise Computing Solutions, Inc.	Delaware
	Richardson
    RFPD, Inc.	Delaware

 

(bb)        Anti-Corruption
Laws and Sanctions. Arrow has implemented and maintains in effect policies and procedures designed to ensure compliance by Arrow,
any Person that is an Affiliate of Arrow under the definition of Affiliate, its Subsidiaries and their respective directors, officers,
employees and, to the extent commercially reasonable, agents with Anti-Corruption Laws and applicable Sanctions. Arrow, its Affiliates,
its Subsidiaries and their respective officers and employees and, to the knowledge of Arrow, its directors, advisors and agents, are
in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) Arrow, any Affiliate, or any Subsidiary
or, to the knowledge of Arrow, any of their respective directors, officers or employees, or (b) to the knowledge of Arrow, any advisor
or agent of Arrow, any Affiliate or any subsidiary that will act in any capacity with or benefit from the facility established hereby
(i) is a Sanctioned Person; (ii) is controlled by or is acting on behalf of a Sanctioned Person; (iii) to its knowledge is under investigation
for an alleged breach of Sanction(s) by an Official Body that enforces Sanctions; or (iv) will fund any payment of Aggregate Unpaids
with proceeds derived from any transaction that would be prohibited by Sanctions. The transactions contemplated by this Agreement will
not violate Anti-Corruption Laws or applicable Sanctions.

 

(cc)        
Risk
Retention. On each Investment Date, Arrow owns a material net economic interest in the Receivables of not less than 5% of the Unpaid
Balance of the Receivables in accordance with Article 405 of CRR.

 

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SECTION
4.2. Additional Representations and Warranties of the Master Servicer. The Master Servicer represents
and warrants on the Closing Date and on each Investment Date and Reinvestment Date to each Funding Agent, to the Administrative Agent
and the Investors, which representation and warranty shall survive the execution and delivery of this Agreement, that each of the representations
and warranties of the Master Servicer (whether made by the Master Servicer in its capacity as an Originator or as the Master Servicer)
contained in any Transaction Document (other than this Agreement) was true, complete and correct as of the date made or deemed made and,
if made by the Master Servicer in its capacity as an Originator, applies with equal force to the Master Servicer in its capacity as Master
Servicer, and the Master Servicer hereby so makes each such representation and warranty to, and for the benefit of, each Funding Agent,
the Administrative Agent and the Investors as if the same were set forth in full herein.

 

ARTICLE
V 

CONDITIONS PRECEDENT

 

SECTION
5.1. Conditions Precedent to Closing. The occurrence of the Closing Date and the
effectiveness of the Commitments hereunder shall be subject to the conditions precedent that (i) the SPV or Arrow shall have paid in
full (A) all amounts required to be paid by either of them on or prior to the Closing Date pursuant to the Fee Letter or otherwise
hereunder and (B) the fees and expenses described in clause (i) of Section 9.4(a) and invoiced prior to the Closing
Date, and (ii) the Administrative Agent shall have received, sufficient original (unless otherwise indicated) copies for itself and
each of the Investors and the Administrative Agent’s counsel, of each of the following documents, each in form and substance
satisfactory to the Administrative Agent and each Funding Agent.

 

(a)        
A duly executed counterpart of this Agreement, the First Tier Agreement, the Fee Letter and each of the
other Transaction Documents executed by the Originators, the SPV and the Master Servicer, as applicable.

 

(b)        
A certificate, substantially in the form of Exhibit G, of the secretary or assistant secretary of
the SPV, certifying and (in the case of clauses (i) through (iii) below) attaching as exhibits thereto, among other things:

 

(i)             the
articles of incorporation, charter or other organizing document (including a limited liability company agreement, if applicable) of the
SPV (certified by the Secretary of State or other similar official of the SPV’s jurisdiction of incorporation or organization,
as applicable, as of a recent date);

 

(ii)            the
by-laws of the SPV;

 

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(iii)           
resolutions of the board of directors or other governing body of the of the SPV authorizing the execution,
delivery and performance by the SPV of this Agreement, the First Tier Agreement and the other Transaction Documents to be delivered by
the SPV hereunder or thereunder and all other documents evidencing necessary corporate action (including shareholder consents) and government
approvals, if any; and

 

(iv)            
the incumbency, authority and signature of each officer of the SPV executing the Transaction Documents or
any certificates or other documents delivered hereunder or thereunder on behalf of the SPV.

 

(c)        
A certificate, substantially in the form of Exhibit H of the secretary or assistant secretary of
each Originator and the Master Servicer certifying and (in the case of clauses (i) through (iii) below) attaching as exhibits
thereto, among other things:

 

(i)                
the articles of incorporation, charter or other organizing document (including a limited liability company
agreement, if applicable) of such Originator or Master Servicer (certified by the Secretary of State or other similar official of its
jurisdiction of incorporation or organization, as applicable, as of a recent date);

 

(ii)            the
by-laws of such Originator or the Master Servicer;

 

(iii)           
resolutions of the board of directors or other governing body of such Originator or the Master Servicer
authorizing the execution, delivery and performance by it of this Agreement, the First Tier Agreement and the other Transaction Documents
to be delivered by it hereunder or thereunder and all other documents evidencing necessary corporate action (including shareholder consents)
and government approvals, if any; and

 

(iv)            
the incumbency, authority and signature of each officer of such Originator or the Master Servicer executing
the Transaction Documents or any certificates or other documents delivered hereunder or thereunder on its behalf.

 

(d)        
A good standing certificate for the SPV issued by the Secretary of State or a similar official of the SPV’s
jurisdiction of incorporation or organization, as applicable, and certificates of qualification as a foreign corporation issued by the
Secretaries of State or other similar officials of each jurisdiction where such qualification is material to the transactions contemplated
by this Agreement and the other Transaction Documents, in each case, dated as of a recent date.

 

(e)         A
good standing certificate for each Originator and the Master Servicer issued by the Secretary of State or a similar official of its
jurisdiction of incorporation or organization, as applicable, and certificates of qualification as a foreign corporation issued by the
Secretaries of State or other similar officials of each jurisdiction where such qualification is material to the transactions
contemplated by this Agreement and the other Transaction Documents, in each case, dated as of a recent date.

 

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(f)         
Acknowledgment copies of proper financing statements (Form UCC-1), filed on or before the initial Investment
Date naming the SPV, as debtor, in favor of the Administrative Agent, as secured party, for the benefit of the Investors or other similar
instruments or documents as may be necessary or in the reasonable opinion of the Administrative Agent desirable under the UCC of all
appropriate jurisdictions or any comparable law to perfect the Administrative Agent’s ownership or security interest in all Receivables
and the other Affected Assets.

 

(g)        
Acknowledgment copies of proper financing statements (Form UCC-1), filed on or before the initial Investment
Date naming Arrow, as debtor, in favor of the SPV, as secured party and Administrative Agent for the benefit of the Investors, assignee
or other similar instruments or documents as may be necessary or in the reasonable opinion of the Administrative Agent desirable under
the UCC of all appropriate jurisdictions or any comparable law to perfect the Administrative Agent’s ownership or security interest
in all Receivables and the other Affected Assets.

 

(h)        
Acknowledgment copies of proper financing statements (Form UCC-1) filed on or before the initial Investment
Date naming the applicable Originator, as the debtor, in favor of Arrow, as secured party, and the Administrative Agent, for the benefit
of the Investors, as assignee, or other similar instruments or documents as may be necessary or in the reasonable opinion of the Administrative
Agent desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect the SPV’s ownership interest in
all Receivables and the other Affected Assets.

 

(i)          
Copies of proper financing statements (Form UCC-3), if any, filed on or before the initial Investment Date
necessary to terminate all security interests and other rights of any Person in Receivables or the other Affected Assets previously granted
by SPV.

 

(j)          
Copies of proper financing statements (Form UCC-3) or appropriate acknowledgments, waivers or consents,
if any, filed or obtained on or before the initial Investment Date necessary to terminate all security interests and other rights of
any Person in Receivables or the other Affected Assets previously granted by any Originator.

 

(k)         Certified
copies of requests for information or copies (Form UCC-11) (or a similar search report certified by parties acceptable to the
Administrative Agent) dated a date reasonably near the date of the initial Investment listing all effective financing statements
which name the SPV or an Originator (under their respective present names and any previous names) as debtor and which are filed in
jurisdictions in which the filings were made pursuant to clauses (f) or (g) above and such other jurisdictions where
the Administrative Agent may reasonably request together with copies of such financing statements (none of which shall cover any
Receivables, other Affected Assets or Contracts), and similar search reports with respect to federal tax liens and liens of the
Pension Benefit Guaranty Corporation in such jurisdictions, showing no such liens on any of the Receivables, other
Affected Assets or Contracts.

 

    43

     

    

 

(l)          
Executed copies of the Blocked Account Agreements relating to each of the Blocked Accounts.

 

(m)            
A favorable opinion of Milbank, Tweed, Hadley & McCloy LLP, (i) special counsel to the SPV, the Master
Servicer and the Originators, substantially in the form set forth in Exhibit I-2, including the time period over which UCC financing
statements filed in all appropriate jurisdictions remain effective and as to such other matters as any Funding Agent may reasonably request,
(ii) a favorable opinion of Davies, Ward, Phillips & Vineberg LLP, special counsel to the SPV, the Master Servicer and the Originator,
substantially in the form set forth in Exhibit I-3, and (iii) a favorable opinion of Robert E. Klatell, counsel to the SPV, the Master
Servicer and certain Originators substantially in the form set forth in Exhibit I-1.

 

(n)        
A favorable opinion of Milbank, Tweed, Hadley & McCloy LLP, special counsel to the SPV, the Master Servicer
and the Originators, covering certain bankruptcy and insolvency matters in form and substance satisfactory to the Administrative Agent,
Administrative Agent’s counsel and each Funding Agent.

 

(o)        
A listing in form reasonably acceptable to the Administrative Agent setting forth all Receivables and the
Unpaid Balances thereon as of March 2, 2001 and such other information as the Administrative Agent may reasonably request.

 

(p)        
Satisfactory results of a review and audit by the Administrative Agent and each Investor (including discussions
with the Originators’ independent accountants) of the Originators’ collection, operating and reporting systems, Credit and
Collection Policy, historical receivables data and accounts, including satisfactory results of a review of the Originators’ operating
location(s) and satisfactory review and approval of the Eligible Receivables in existence on the date of the initial purchase under the
First Tier Agreement and a written outside audit report of a nationally-recognized accounting firm as to such matters.

 

(q)        
A Master Servicer Report as of March 2, 2001 showing the calculation of the Net Investment and Required
Reserves after giving effect to the initial Investment.

 

(r)         
Evidence of the appointment of Arrow as agent for process as required by Section 11.4(c).

 

(s)         
Evidence that each of the Collection Account and the Funding Account required to be established hereunder
has been established.

 

(t)          
To the extent required by each Conduit Investor’s commercial paper program documents, a letter from
the applicable rating agencies confirming that such Conduit Investor’s participation in the transaction contemplated by this Agreement
will not result in the withdrawal or downgrading of the rating of such Conduit Investor’s commercial paper.

 

(u)        
Such other approvals, documents, instruments, certificates and opinions as the Administrative Agent, any
Funding Agent or any Investor, may reasonably request.

 

    44

     

    

 

SECTION
5.2. Conditions Precedent to All Investments and Reinvestments. Each Investment and Reinvestment
hereunder (including the initial Investment) shall be subject to the conditions precedent that (i) the Closing Date shall have occurred,
(ii) the Administrative Agent shall have received such approvals, documents, instruments, certificates and opinions as the Administrative
Agent may reasonably request, and (iii) on the date of such Investment or Reinvestment the following statements shall be true (and the
SPV by accepting the amount of such Investment or Reinvestment shall be deemed to have certified that):

 

(a)        
The representations and warranties contained in Sections 4.1 and 4.2 are true, complete and
correct on and as of such day as though made on and as of such day and shall be deemed to have been made on such day;

 

(b)        
In the case of a Reinvestment, the amount of the Reinvestment will not exceed the amount available therefor
under Section 2.12, and in the case of an Investment, the amount of such Investment will not exceed the amount available therefor
under Section 2.2 and after giving effect thereto, the sum of the Net Investment and Required Reserves will not exceed the Net
Pool Balance;

 

(c)        
In the case of an Investment, the Administrative Agent shall have received an Investment Request, appropriately
completed, within the time period required by Section 2.3;

 

(d)          
In the case of an Investment, the Administrative Agent shall have received a Master Servicer Report (i)
at any time other than during the occurrence and continuance of an Arrow Level 1 Rating Event, dated no more than five (5) days prior
to the proposed Investment Date, and (ii) at any time during the occurrence and continuance of an Arrow Level 1 Rating Event, dated no
later than the last Business Day of the week immediately prior to the week of such proposed Investment Date, provided, however,
that upon and after the occurrence of an Arrow Level 2 Rating Event, such Master Servicer Report shall be dated no later than the Business
Day immediately prior to such proposed Investment Date, and in each such case, the information contained in Master Servicer Report shall
be true, complete and correct; and

 

(e)          
No Termination Event or Potential Termination Event has occurred and is continuing.

 

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ARTICLE
VI 

COVENANTS

 

SECTION
6.1. Affirmative Covenants of the SPV and Master Servicer. At all times from the date hereof to the
Final Payout Date, unless the Majority Investors shall otherwise consent in writing:

 

(a)         Reporting
Requirements. The SPV shall maintain, for itself and each of its Subsidiaries, a system of accounting established and
administered in accordance with GAAP, and furnish to the Administrative Agent who shall in turn promptly forward each
of the reports outlined below to each of the Investors:

 

(i)                
Annual Reporting. Within one hundred twenty (120) days after the close of the SPV’s and Arrow’s
fiscal years, (A) financial statements, audited by a nationally-recognized accounting firm in accordance with GAAP on a consolidated
basis for Arrow and its consolidated Subsidiaries, in each case, including balance sheets as of the end of such period, related statements
of operations, shareholder’s equity and cash flows, accompanied by an unqualified audit report certified by independent certified
public accountants (without a “going concern” or like qualification or exception and without any qualifications or exception
as to the scope of the audit), acceptable to the Administrative Agent, prepared in accordance with GAAP, and (B) unaudited financial
statements of the SPV, to include balance sheets as of the end of such period and the related statements of operations, prepared in accordance
with GAAP and certified by an officer of the SPV, provided that in lieu of furnishing such financial statements of Arrow and its
consolidated Subsidiaries, it may furnish to the Administrative Agent Arrow’s Form 10-K filed with the Securities and Exchange
Commission.

 

(ii)              
Quarterly Reporting. Within sixty (60) days after the close of the first three quarterly periods
of each of the SPV’s and Arrow’s fiscal years, for (A) Arrow and its consolidated Subsidiaries, consolidated unaudited balance
sheets as at the close of each such period and consolidated related statements of operations, shareholder’s equity and cash flows
for the period from the beginning of such fiscal year to the end of such quarter, all certified by its chief financial officer, and (B)
unaudited financial statements of the SPV, to include balance sheets as of the end of such period and the related statements of operations,
prepared in accordance with GAAP and certified by an officer of the SPV, provided that in lieu of furnishing such unaudited consolidated
balance sheet of Arrow and its consolidated Subsidiaries, it may furnish to the Administrative Agent Arrow’s Form 10-Q filed with
the Securities and Exchange Commission.

 

(iii)           
Compliance Certificate. Together with the financial statements required hereunder, a compliance certificate
signed by the SPV’s or Arrow’s, as applicable, chief financial officer stating that (A) the attached financial statements
have been prepared in accordance with GAAP and accurately reflect the financial condition of the SPV or Arrow and its consolidated Subsidiaries
as applicable and (B) to the best of such Person’s knowledge, no Termination Event or Potential Termination Event exists, or if
any Termination Event or Potential Termination Event exists, stating the nature and status thereof and showing the computation of, and
showing compliance with, the financial ratio set forth in Section 8.1(p) and 8.1(o).

 

(iv)            
Shareholders Statements and Reports. Promptly upon the furnishing thereof to the shareholders of
the SPV, Arrow or any Originator, copies of all financial statements, reports and proxy statements so furnished.

 

(v)               SEC
Filings. Promptly upon the filing thereof, copies of all registration statements and annual, quarterly, monthly or other regular
reports which Arrow or any Subsidiary of Arrow files (or causes to be filed) with the Securities and Exchange
Commission.

 

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(vi)            
Notice of Termination Events or Potential Termination Events; Etc. (A) As soon as possible and in
any event within two (2) Business Days after the SPV or the Master Servicer obtains knowledge of each and any Termination Event or Potential
Termination Event, a statement of the chief financial officer or chief accounting officer of the SPV setting forth details of such Termination
Event or Potential Termination Event and the action which the SPV proposes to take with respect thereto, which information shall be updated
promptly from time to time; (B) promptly after the SPV obtains knowledge thereof, notice of any litigation, investigation or proceeding
that may exist at any time between the SPV and any Person that may result in a Material Adverse Effect or any litigation or proceeding
relating to any Transaction Document; and (C) promptly after the occurrence thereof, notice of a Material Adverse Effect.

 

(vii)          
Change in Credit and Collection Policy and Debt Ratings. Within ten (10) Business Days after the
date any material change in or amendment to the Credit and Collection Policy is made, a copy of such change in or amendment to the Credit
and Collection Policy then in effect indicating such change or amendment. Within five (5) days after the date of any change in Arrow’s
public or private debt ratings, if any, a written certification of Arrow’s public and private debt ratings after giving effect
to any such change.

 

(viii)       
Credit and Collection Policy. Within ninety (90) days after the close of each of Arrow’s and
the SPV’s fiscal years, a complete copy of the Credit and Collection Policy then in effect, if requested by the Administrative
Agent.

 

(ix)            
ERISA. Promptly after the filing, giving or receiving thereof, copies of all reports and notices
with respect to any Reportable Event pertaining to any Pension Plan and copies of any notice by any Person of its intent to terminate
any Pension Plan or any notice received by any Person regarding withdrawal liability from any Multiemployer Plan, and promptly upon the
occurrence thereof, written notice of any contribution failure with respect to any Pension Plan sufficient to give rise to a lien under
Section 303(k) of ERISA.

 

(x)              
Change in Accountants or Accounting Policy. Promptly, notice of any change in the accountants or
any material change in the accounting policy of either the SPV, Arrow or any Originator.

 

(xi)            
Modification of Systems. The Master Servicer agrees, promptly after the replacement or any material
modification of any computer, automation or other operating systems (in respect of hardware or software) used to perform its services
as Master Servicer or to make any calculations or report hereunder or otherwise relating to the Receivables, to give notice of any such
replacement or modification to the Administrative Agent to the extent such replacement or material modification could be expected to
have a Material Adverse Effect.

 

    47

     

    

 

(xii)          
Litigation. As soon as possible, and in any event within ten Business Days of the Master Servicer’s
knowledge thereof, the Master Servicer shall give the Administrative Agent and Funding Agents notice of (i) any litigation, investigation
or proceedings against the SPV which may exist at any time, and (ii) any material adverse development in any such previously disclosed
litigation. No notices, waivers or communications in respect of the matters disclosed pursuant to the preceding sentence shall be required
except that the Master Servicer shall give the Administrative Agent and each Funding Agent prompt notice of any final court decisions,
at the trial level or on appeal, whether favorable or adverse, and if any judgments are rendered against the Master Servicer in respect
of such matters, the amount and terms of such judgment and provisions which the Master Servicer has made to pay such judgments.

 

(xiii)       
Other Information. Such other information (including non-financial information) as the Administrative
Agent, any Funding Agent or any Investor may from time to time reasonably request with respect to any Originator or the SPV.

 

(b)        
Conduct of Business; Ownership.   (iii) Each of the SPV and the Master Servicer shall, and the Master
Servicer shall cause each of its Subsidiaries which are Originators to, carry on and conduct its business in substantially the same manner
and in substantially the same fields of enterprise as it is presently conducted and do all things necessary to remain duly organized
and validly existing as a domestic corporation in its jurisdiction of incorporation. The SPV shall at all times be a wholly-owned Subsidiary
of Arrow.

 

(i)          Each of the SPV and the Master Servicer shall, and the Master Servicer shall cause each of its Subsidiaries
which are Originators to, do all things necessary to remain in good standing as a domestic corporation in its jurisdiction of incorporation
and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted.

 

(c)        
Compliance with Laws, Etc. Each of the SPV and the Master Servicer shall, and the Master Servicer
shall cause each of its Subsidiaries to, comply with all Laws to which it or its respective properties may be subject and preserve and
maintain its corporate existence, rights, franchises, qualifications and privileges except to the extent that the failure to comply therewith
would not be expected to have a Material Adverse Effect or a material adverse effect on the condition (financial or otherwise), business
or properties of Arrow and the other Originators, taken as a whole. Arrow shall maintain in effect and enforce policies and procedures
designed to ensure compliance by Arrow, any Person that is an Affiliate of Arrow, its Subsidiaries and their respective directors, officers,
employees and, to the extent commercially reasonable, agents with Anti-Corruption Laws and applicable Sanctions. Each of the SPV and
the Master Servicer shall ensure it does not use any of the proceeds relating to this Agreement or the First Tier Agreement in violation
of any Anti-Corruption Laws or applicable Sanctions.

 

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(d)         Furnishing
of Information and Inspection of Records. Each of the SPV and the Master Servicer shall furnish to the Administrative Agent from
time to time such information with respect to the Affected Assets as the Administrative Agent may reasonably request,
including listings identifying the Obligor and the Unpaid Balance for each Receivable. Each of the SPV and the Master Servicer
shall, at any time and from time to time during regular business hours, as reasonably requested by the Administrative Agent, permit
the Administrative Agent, any Funding Agent or any Investor, or their respective agents or representatives, (i) to examine and make
copies of and take abstracts from all books, records and documents (including computer tapes and disks) relating to the Receivables
or other Affected Assets, including the related Contracts and (ii) to visit the offices and properties of the SPV, the Originators
or the Master Servicer, as applicable, for the purpose of examining such materials described in clause (i), and to discuss
matters relating to the Affected Assets or the SPV’s, the Originators’ or the Master Servicer’s performance
hereunder, under the Contracts and under the other Transaction Documents to which such Person is a party with any of the officers,
directors, employees or independent public accountants of the SPV, the Originators or the Master Servicer, as applicable, having
knowledge of such matters.

 

(e)        
Keeping of Records and Books of Account. Each of the SPV and the Master Servicer shall maintain and
implement administrative and operating procedures (including an ability to recreate records evidencing Receivables and related Contracts
in the event of the destruction of the originals thereof), and keep and maintain, all documents, books, computer tapes, disks, records
and other information reasonably necessary or advisable for the collection of all Receivables (including records adequate to permit the
daily identification of each new Receivable and all Collections of and adjustments to each existing Receivable). Each of the SPV and
the Master Servicer shall give the Administrative Agent and each Funding Agent prompt notice of any material change in its administrative
and operating procedures referred to in the previous sentence.

 

(f)         
Performance and Compliance with Receivables and Contracts and Credit and Collection Policy. Each
of the SPV and the Master Servicer shall, (i) at its own expense, timely and fully perform and comply with all material provisions, covenants
and other promises required to be observed by it under the Contracts related to the Receivables; and (ii) timely and fully comply in
all material respects with the Credit and Collection Policy in regard to each Receivable and the related Contract.

 

(g)        
Notice of Administrative Agent’s Interest. In the event that the SPV or any Originator shall
sell or otherwise transfer any interest in accounts receivable or any other financial assets (other than as contemplated by the Transaction
Documents), any computer tapes or files or other documents or instruments which contain information with respect to the Receivables and
which is provided by the Master Servicer in connection with any such sale or transfer shall disclose the SPV’s ownership of the
Receivables and the Administrative Agent’s interest therein.

 

(h)        
Collections. Each of the SPV and the Master Servicer shall instruct all Obligors to cause all Collections
to be deposited directly to a Blocked Account or to post office boxes to which only Blocked Account Banks have access and shall cause
all items and amounts relating to such Collections received in such post office boxes to be removed and deposited into a Blocked Account
on a daily basis.

 

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(i)          
Collections Received. Each of the SPV and the Master Servicer shall hold in trust, and deposit, immediately,
but in any event not later than one Business Day of its receipt thereof, to a Blocked Account or, if required by Section 2.9,
to the Collection Account, all Collections received by it from time to time.

 

(j)          
Blocked Accounts. Each Blocked Account shall at all times be subject to a Blocked Account Agreement
(or will become subject to a Blocked Account Agreement following the Amendment No. 26 Effective Date as set forth in the definition of
 “Net Pool Balance”). Upon and after the occurrence of an Arrow Level 2 Rating Event, the SPV and the Master Servicer shall
promptly, but in no event more than thirty (30) days following the occurrence of such an Arrow Level 2 Rating Event, instruct all Obligors
with respect to outstanding Receivables which have been identified and released pursuant to clause (b) of the definition of “Receivable”
to make payments with respect to such released Receivables to an account other than a Blocked Account and shall use reasonable efforts
to ensure Obligor compliance with such instruction.

 

(k)          [RESERVED].

 

(l)          
Separate Business; Nonconsolidation. The SPV shall not (i) engage in any business not permitted by
its articles of incorporation or by-laws as in effect on the Closing Date or (ii) conduct its business or act in any other manner which
is inconsistent with Section 4.1(w). The officers and directors of the SPV (as appropriate) shall make decisions with respect
to the business and daily operations of the SPV independent of and not dictated by Arrow or any other controlling Person.

 

(m)      
Corporate Documents. The SPV shall only amend, alter, change or repeal its articles of incorporation
with the prior written consent of the Majority Investors.

 

(n)        
Change in Accountants or Accounting Policies. The Master Servicer shall promptly notify the Administrative
Agent of any change in its accountants or any material change in its accounting policy.

 

(o)        
Ownership Interest, Etc. The SPV shall, at its expense, take all action necessary or desirable to
establish and maintain a valid and enforceable ownership or security interest in the Receivables, the Related Security and proceeds with
respect thereto, and a first priority perfected security interest (subject to Permitted Liens) in the Affected Assets, in each case free
and clear of any Adverse Claim (other than that created or imposed by the Administrative Agent, any Funding Agent or any Investor), in
favor of the Administrative Agent, on behalf of the Funding Agents, for the benefit of the Investors, including taking such action to
perfect, protect or more fully evidence the interest of the Administrative Agent, as the Administrative Agent may reasonably request.

 

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(p)         Enforcement
of First Tier Agreement. The SPV, on its own behalf and on behalf of the Administrative Agent, each Funding Agent and each
Investor, shall promptly enforce all covenants and obligations of Arrow contained in the First Tier Agreement and shall cause the
enforcement (to the extent of the SPV’s rights under the First Tier Agreement) of all commitments and obligations of Arrow and
the other Originators contained in the Originator Sale Agreements (it being agreed that the Administrative Agent, on
behalf of the Funding Agents for the benefit of the Investors, shall be entitled to enforce such rights against Arrow if the SPV
does not enforce such rights following notice from the Administrative Agent). The SPV shall deliver consents, approvals, directions,
notices, waivers and take such other actions available to it as a party under the First Tier Agreement as may be directed by the
Administrative Agent acting at the direction of the Majority Investors.

 

(q)        
Financial Covenant. The SPV shall maintain at all times a Tangible Net Worth greater than $1.00.

 

(r)            
Risk Retention. On any date on or prior to the Commitment Termination Date on which the Net Investment
is greater than zero (1) Arrow, in its capacity as an “originator” under the CRR shall own the equity interests in the SPV;
(2) Arrow shall own a material net economic interest in the Receivables of not less than 5% of the aggregate Unpaid Balance of the Receivables
in accordance with Articles 404-410 of the Capital Requirements Regulation No. 575/2013 of the European Parliament and of the Council
of 26 June 2013 and any related guidelines and regulatory technical standards or implementing technical standards published by the European
Banking Authority and adopted by the European Commission (as amended, “CRR”); (3) Arrow shall not enter into any credit
risk mitigation, short positions or any other hedges with respect to the equity interests or the Affected Assets, except to the extent
permitted under Article 405 of the CRR; (4) in each Master Servicer Report, Arrow shall represent (a) that it continues to own such material
net economic interest in accordance with CRR and (b) that no credit risk mitigation, short positions or any other hedges with respect
to such material net economic interest have been entered into, except to the extent permitted under Article 405 of the CRR; and (5) Arrow
shall provide to any Investor which is subject to CRR all information which such Investor would reasonably require in order for such
Investor to comply with its obligations under Article 405 of the CRR.

 

(s)          Rating
Confirmation. Upon written request of any Funding Agent(s), such Funding Agent shall (at such Funding Agent’s expense
(including reasonable legal expenses of the Master Servicer, up to $5,000) and with the reasonable cooperation of the Master
Servicer), obtain a rating, in form satisfactory to the requesting Funding Agent, of the facility contemplated by this Agreement
(the “External Rating”) from S&P, Moody’s, Fitch or another nationally-recognized rating agency
reasonably acceptable to the requesting Funding Agent within sixty (60) days from the date of such written request, at least equal
to the implied rating of “A” established by the Administrative Agent as of the Renewal Date (the "Implied
Rating"). Except as set forth in the next succeeding paragraph or if any change in Law or any change in regulatory
guidelines by any Official Body requires an additional External Rating, once the External Rating has been obtained, no Funding Agent
may request another External Rating hereunder. If the External Rating is less than the Implied Rating, then the Master Servicer may
effect a Ratings Cure (as defined below). The Master Servicer may effect only one such Ratings Cure prior to obtaining an External
Rating that is equal to or better than the Implied Rating. A “Ratings Cure” means the satisfaction by the Master
Servicer of each of the following conditions: (i) promptly following receipt of the External Rating, the Master Servicer notifies
the Administrative Agent of its intention to effect a Ratings Cure, (ii) the Master Servicer takes, or causes the SPV to take, any
actions permitted under this Agreement and the First Tier Agreement that Master Servicer reasonably believes would improve the rating
of the facility contemplated by this Agreement and (iii) within thirty (30) days following receipt of the External Rating, obtains a
new external rating of the facility contemplated by this Agreement from the rating agency that provided the External Rating (or,
with the Administrative Agent's consent, from another nationally-recognized rating agency) and such new rating is at least equal to
the Implied Rating.

 

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(t)          
Regulation W Compliance. The SPV agrees to respond promptly to any reasonable requests for information
related to its use of proceeds relating to this Agreement or the First Tier Agreement to the extent required by any Investor or Funding
Agent in connection with such Investor’s or Funding Agent’s determination of its compliance with Section 23A of the Federal
Reserve Act (12 U.S.C. § 371c) and the Federal Reserve Board’s Regulation W (12 C.F.R. Part 223). The SPV shall not to its
actual knowledge use the proceeds of any Investment hereunder to purchase any asset or securities from any Investor’s or Funding
Agent’s “affiliate” as such term is defined in 12 C.F.R. Part 223. In connection with each Investment Request hereunder,
the SPV shall be deemed to have represented and warranted to the Administrative Agent on the related Investment Date that, to its actual
knowledge, the proceeds of such Investment will not be used by the SPV to, directly or indirectly, either (x) purchase any asset or securities
from any Investor’s or Funding Agent’s “affiliate” as such term is defined in 12 C.F.R. Part 223 or (y) invest
in any fund sponsored by an Investor, Funding Agent or Affiliate thereof.

 

(u)        
Know Your Customer Requirements. Promptly following any request therefor, the SPV, the initial Master
Servicer and each Originator shall provide such information and documentation reasonably requested by the Administrative Agent, any Funding
Agent or any Investor for purposes of compliance with applicable “know your customer” requirements under the PATRIOT Act,
the Beneficial Ownership Regulation or other applicable anti-money laundering laws.

 

SECTION
6.2. Negative Covenants of the SPV and Master Servicer. At all times from the date hereof to the
Final Payout Date, unless the Majority Investors shall otherwise consent in writing:

 

(a)        
No Sales, Liens, Etc. (i) Except as otherwise contemplated herein and in the First Tier Agreement,
neither the SPV nor the Master Servicer shall, nor shall either of them permit any of its respective Subsidiaries to, sell, assign (by
operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon (or the filing of any financing
statement) or with respect to (A) any of the Affected Assets, or (B) any inventory or goods, the sale of which may give rise to a Receivable,
or assign any right to receive income in respect thereof and (ii) the SPV shall not issue any security to, or sell, transfer or otherwise
dispose of any of its property or other assets (including the property sold to it by Arrow under Section 2.1 of the First Tier Agreement)
to, any Person other than an Affiliate (which Affiliate is not a special purpose entity organized for the sole purpose of issuing asset
backed securities) or except as otherwise expressly provided for in the Transaction Documents.

 

(b)         No
Extension or Amendment of Receivables. Except as otherwise permitted in Section 7.2, neither the SPV nor the Master
Servicer shall extend, amend or otherwise modify the terms of any Receivable, or amend, modify or waive any term or
condition of any Contract related thereto.

 

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(c)        
No Change in Business or Credit and Collection Policy. Neither the SPV nor the Master Servicer shall
make any change in the character of its business or in the Credit and Collection Policy, which change would, in either case, impair the
collectibility of any Receivable or otherwise have a Material Adverse Effect.

 

(d)        
No Subsidiaries, Mergers, Etc. Neither the SPV nor the Master Servicer shall consolidate, amalgamate
or merge with or into, or sell, lease or transfer all or substantially all of its assets to, any other Person, provided, however, the
Master Servicer may merge with another Person (including,
in each case, pursuant to a Division) if
(i) the Master Servicer is the corporation surviving such merger and (ii) immediately after giving effect to such merger, no Termination
Event or Potential Termination shall have occurred and be continuing. The SPV shall not form or create any Subsidiary.

 

(e)        
Change in Payment Instructions to Obligors. Neither the SPV nor the Master Servicer shall add or
terminate any bank as a Blocked Account Bank or any account as a Blocked Account to or from those listed in Schedule 4.1(s) or
make any change in its instructions to Obligors regarding payments to be made to any Blocked Account, unless (i) such instructions are
to deposit such payments to another existing Blocked Account or to the Collection Account or (ii) the Administrative Agent shall have
received written notice of such addition, termination or change at least ten (10) days prior thereto and the Administrative Agent shall
have received a Blocked Account Agreement executed by each new Blocked Account Bank or an existing Blocked Account Bank with respect
to each new Blocked Account, as applicable.

 

(f)         
Deposits to Lock-Box Accounts. Neither the SPV nor the Master Servicer shall (and Arrow shall cause
each other Originator not to) deposit or otherwise credit, or cause to be so deposited or credited, to any Blocked Account or the Collection
Account cash or cash proceeds other than Collections or permit to be so deposited or credited any such cash or cash proceeds to the Blocked
Account or the Collection Account, unless such cash or cash proceeds are withdrawn from the applicable Blocked Account or Collection
Account within one Business Day of such cash or cash proceeds becoming available for transfer therefrom.”

 

(g)        
Change of Name, Etc. The SPV shall not change its name, identity or structure (including a merger)
or the location of its chief executive office or any other change which could render any UCC financing statement filed in connection
with this Agreement or any other Transaction Document to become “seriously misleading” under the UCC, unless at least thirty
(30) days prior to the effective date of any such change the SPV delivers to the Administrative Agent (i) such documents, instruments
or agreements, executed by the SPV as are necessary to reflect such change and to continue the perfection of the Administrative Agent’s
ownership interests or security interests in the Affected Assets and (ii) new or revised Blocked Account Agreements executed by the Blocked
Account Banks which reflect such change and enable the Administrative Agent to continue to exercise its rights contained in Section
7.3.

 

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(h)        
Amendment to First Tier Agreement. The SPV shall not amend, modify, or supplement the First Tier
Agreement or waive any provision thereof or permit an amendment, modification or supplementing of the Originator Sale Agreements (to
the extent of the SPV’s rights under the First Tier Agreement with respect thereto), in each case except with the prior written
consent of the Administrative Agent acting at the direction of the Majority Investors; nor shall the SPV take, or permit Arrow to take
(to the extent of the SPV’s rights under the First Tier Agreement), any other action under the First Tier Agreement or the Originator
Sale Agreements that could have a Material Adverse Effect on the Administrative Agent, any Funding Agent or any Investor or which is
inconsistent with the terms of this Agreement.

 

(i)          
Other Debt. Except as provided herein, the SPV shall not create, incur, assume or suffer to exist
any indebtedness whether current or funded, or any other liability other than (i) indebtedness of the SPV representing fees, expenses
and indemnities arising hereunder or under the First Tier Agreement for the purchase price of the Receivables and other Affected Assets
under the First Tier Agreement, and (ii) other indebtedness incurred in the ordinary course of its business in an amount not to exceed
$9,500 at any time outstanding.

 

(j)          
Payment to Arrow. The SPV shall not (i) acquire any Receivable other than through, under, and pursuant
to the terms of, the First Tier Agreement or (ii) pay for the acquisition of any such Receivable other than by (in each case in accordance
with the First Tier Agreement): (x) the SPV making a cash payment to Arrow from available cash; (y) the SPV making a payment to Arrow
from the proceeds of a subordinated loan made by Arrow to the SPV, evidenced by one or more subordinated promissory notes or (z) at the
election of Arrow, treating a portion or all of the purchase price of such Receivable as a contribution to the capital of the SPV.

 

(k)        
Restricted Payments. The SPV shall not (A) purchase or redeem any shares of its capital stock, (B)
prepay, purchase or redeem any Indebtedness, (C) lend or advance any funds or (D) repay any loans or advances to, for or from any of
its Affiliates (the amounts described in clauses (A) through (D) being referred to as “Restricted Payments”),
except that the SPV may (1) make Restricted Payments out of funds received pursuant to Section 2.2 and (2) may make other Restricted
Payments (including the payment of dividends) if, after giving effect thereto, no Termination Event or Potential Termination Event shall
have occurred and be continuing.

 

(l)         [Reserved].

 

(m)       Released
Receivables. As of any date of determination, the aggregate Unpaid Balance of Receivables identified by Arrow and released by
the Administrative Agent pursuant to clause (b) of the definition of “Receivable” during the related Determination
Period (as defined below) shall not exceed an amount equal to 10.0% of the average daily aggregate Unpaid Balance of all Receivables
during such related Determination Period; provided, that no Receivables shall be identified or released pursuant to clause
(b) of the definition of “Receivable” if the credit quality of all Arrow ECS Receivables, taken as a whole, after giving
effect to such release shall be materially inferior to the credit quality of all Arrow ECS Receivables, taken as a whole,
immediately prior to such release. Determination Period means, with respect to any date of determination, (i) during
the first twelve (12) calendar months following the Amendment No. 26 Effective Date, the period beginning on the Amendment No. 26
Effective Date and ending on such date of determination and (ii) thereafter, the immediately trailing twelve (12) calendar
months.

 

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ARTICLE
VII 

ADMINISTRATION AND COLLECTIONS

 

SECTION
7.1. Appointment of Master Servicer.

 

(a)        
The servicing, administering and collection of the Receivables shall be conducted by the Person (the “Master
Servicer”) so designated from time to time as Master Servicer in accordance with this Section 7.1. Each of the SPV,
the Administrative Agent, the Funding Agents and the Investors hereby appoints as its agent the Master Servicer, from time to time designated
pursuant to this Section 7.1, to enforce its respective rights and interests in and under the Affected Assets. To the extent permitted
by applicable law, each of the SPV and Arrow (to the extent not then acting as Master Servicer hereunder) hereby grants to any Master
Servicer appointed hereunder an irrevocable power of attorney to take any and all steps in the SPV’s and/or Arrow’s name
and on behalf of the SPV or Arrow as necessary or desirable, in the reasonable determination of the Master Servicer, to collect all amounts
due under any and all Receivables, including endorsing the SPV’s and/or Arrow’s name on checks and other instruments representing
Collections and enforcing such Receivables and the related Contracts and to take all such other actions set forth in this Article
VII. Until the Administrative Agent gives notice to Arrow (in accordance with this Section 7.1) of the designation of a new
Master Servicer, Arrow is hereby designated as, and hereby agrees to perform the duties and obligations of, the Master Servicer pursuant
to the terms hereof. Upon the occurrence of a Termination Event or a Potential Termination Event (which Potential Termination Event is
not capable of being cured), the Administrative Agent may (with the consent of the Majority Investors), and upon the direction of the
Majority Investors shall, designate as Master Servicer any Person (including itself) to succeed Arrow or any successor Master Servicer,
on the condition in each case that any such Person so designated shall agree to perform the duties and obligations of the Master Servicer
pursuant to the terms hereof.

 

(b)        
Upon the designation of a successor Master Servicer as set forth above, Arrow agrees that it will terminate
its activities as Master Servicer hereunder in a manner which the Administrative Agent determines will facilitate the transition of the
performance of such activities to the new Master Servicer, and Arrow shall cooperate with and assist such new Master Servicer. Such cooperation
shall include access to and transfer of records and use by the new Master Servicer of all records, licenses, hardware or software necessary
or reasonably desirable to collect the Receivables and the Related Security.

 

(c)         Arrow
acknowledges that each of the SPV, the Administrative Agent, the Funding Agents and the Investors have relied on Arrow’s
agreement to act as Master Servicer hereunder in making their decision to execute and deliver this Agreement.
Accordingly, Arrow agrees that it will not voluntarily resign as Master Servicer.

 

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(d)        
The Master Servicer may delegate its duties and obligations hereunder to any subservicer (each, a “Sub-Servicer”);
provided that, in each such delegation, (i) such Sub-Servicer shall agree in writing to perform the duties and obligations of the Master
Servicer pursuant to the terms hereof, (ii) the Master Servicer shall remain primarily liable to the SPV, the Administrative Agent, the
Funding Agents and the Investors for the performance of the duties and obligations so delegated, (iii) the SPV, the Administrative Agent,
the Funding Agents, the Investors and each Originator shall have the right to look solely to the Master Servicer for performance and
(iv) the terms of any agreement with any Sub-Servicer shall provide that the Administrative Agent may terminate such agreement upon the
termination of the Master Servicer hereunder by giving notice of its desire to terminate such agreement to the Master Servicer (and the
Master Servicer shall provide appropriate notice to such Sub-Servicer).

 

(e)        
Arrow hereby irrevocably agrees that if at any time it shall cease to be the Master Servicer hereunder,
it shall act (if the then current Master Servicer so requests) as the data-processing agent of the Master Servicer and, in such capacity,
Arrow shall conduct, for a reasonable fee as may be agreed between Arrow and the Administrative Agent, the data-processing functions
of the administration of the Receivables and the Collections thereon in substantially the same way that Arrow conducted such data-processing
functions while it acted as the Master Servicer.

 

SECTION
7.2. Duties of Master Servicer.

 

(a)         The
Master Servicer shall take or cause to be taken all such action as may be necessary or advisable to collect each Receivable from
time to time, all in accordance with this Agreement and all applicable Law, with reasonable care and diligence, and in accordance
with the Credit and Collection Policy. The Master Servicer shall set aside (and, if applicable, segregate) and hold in trust for the
account of the SPV, the Administrative Agent, the Funding Agents and the Investors the amount of the Collections to which each is
entitled in accordance with Article II. So long as no Termination Event or Potential Termination Event shall have occurred
and is continuing, the Master Servicer may, in accordance with the Credit and Collection Policy, extend the maturity of any
Receivable (but not beyond ten (10) days) and extend the maturity or adjust the Unpaid Balance of any Defaulted Receivable as the
Master Servicer may determine to be appropriate to maximize Collections thereof; provided, however, that (i) such
extension or adjustment shall not alter the status of such Receivable as a Defaulted Receivable or limit the rights of the SPV, the
Investors, the Funding Agents or the Administrative Agent under this Agreement and (ii) if a Termination Event or Potential
Termination Event has occurred and Arrow is still acting as Master Servicer, Arrow may make such extension or adjustment only upon
the prior written approval of the Administrative Agent. The SPV shall deliver to the Master Servicer and the Master Servicer shall
hold in trust for the SPV and the Administrative Agent, for the benefit of the Funding Agents on behalf of the Investors, in
accordance with their respective interests, all Records which evidence or relate to any Affected Asset. Notwithstanding anything to
the contrary contained herein, the Administrative Agent shall have the right in its reasonable discretion to direct the Master Servicer
(whether Arrow, any other Originator or any other Person is the Master Servicer) to commence or settle any legal action to enforce
collection of any Receivable or to foreclose upon or repossess any Affected Asset provided, however, that upon the
occurrence of a Termination Event or Potential Termination Event (which Potential Termination Event is not capable of being cured),
the Administrative Agent shall have the absolute and unlimited right to so direct the Master Servicer. The Master Servicer shall not
make the Administrative Agent, any Funding Agent or any Investor a party to any litigation without the prior written consent of such
Person. At any time when a Termination Event or Potential Termination Event (which Potential Termination Event is not capable of
being cured) exists, the Administrative Agent may notify any Obligor of its interest in the Receivables and the other Affected
Assets.

 

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(b)        
The Master Servicer shall, as soon as practicable following receipt thereof, turn over to the SPV all collections
from any Person of indebtedness of such Person which are not on account of a Receivable. Notwithstanding anything to the contrary contained
in this Article VII, the Master Servicer, if not the SPV, Arrow, any Affiliate of the SPV, or Arrow, shall have no obligation
to collect, enforce or take any other action described in this Article VII with respect to any indebtedness that is not included
in the Asset Interest other than to deliver to the SPV the Collections and documents with respect to any such indebtedness as described
above in this Section 7.2(b).

 

(c)        
The Funding Agents may engage twice during any twelve-month period, commencing October 27, 2010, at the
Master Servicer’s sole expense, the services of a specialty audit firm or a firm of independent public accountants that is acceptable
to the Funding Agents, to furnish an agreed-upon procedures report to the Funding Agents substantially in compliance with the procedures
set forth in Schedule V or any additional procedures as the Funding Agents reasonably deem appropriate; provided that, if the
senior unsecured debt of Arrow is rated below BBB- or Baa3 by S&P or Moody’s, respectively, the Funding Agents retain the right
to request such reports on a reasonable, more frequent basis, at the Master Servicer’s sole expense. An audit report of such firm
shall be delivered to the Funding Agents not later than the last Business Day of each calendar year and at such other times as may be
specified by the Administrative Agent.

 

(d)        
Any payment by an Obligor in respect of any indebtedness owed by it to an Originator shall, except as otherwise
specified by such Obligor, required by contract or law or clearly indicated by facts or circumstances (including by way of example an
equivalence of a payment and the amount of a particular invoice) after due investigation in accordance with such Originator’s Credit
and Collection Policy, and unless otherwise instructed by the Administrative Agent, upon the occurrence of a Termination Date, be applied
as a Collection of any Receivable of such Obligor (starting with the oldest such Receivable) to the extent of any amounts then due and
payable thereunder before being applied to any other receivable or other indebtedness of such Obligor.

 

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SECTION
7.3. Blocked Account Arrangements. Prior to the initial Investment hereunder, the SPV, Arrow and
each other Originator shall enter into Blocked Account Agreements with all of the Blocked Account Banks, and deliver original
counterparts thereof to the Administrative Agent. Upon the occurrence of a Termination Event or a Potential Termination Event (which
Potential Termination Event is not capable of being cured), the Administrative Agent may at any time thereafter give
notice to each Blocked Account Bank that the Administrative Agent is exercising its rights under the Blocked Account Agreements to
do any or all of the following: (i) to have the exclusive ownership and control of the Blocked Account Accounts transferred to the
Administrative Agent and to exercise exclusive dominion and control over the funds deposited therein, (ii) to have the proceeds that
are sent to the respective Blocked Accounts be redirected pursuant to its instructions rather than deposited in the applicable
Blocked Account, and (iii) to take any or all other actions permitted under the applicable Blocked Account Agreement. Arrow hereby
agrees that if the Administrative Agent, at any time, takes any action set forth in the preceding sentence, the Administrative Agent
shall have exclusive control of the proceeds (including Collections) of all Receivables and Arrow hereby further agrees to take any
other action that the Administrative Agent may reasonably request to transfer such control. Any proceeds of Receivables received by
Arrow, as Master Servicer or otherwise, thereafter shall be sent immediately to the Administrative Agent. The parties hereto hereby
acknowledge that if at any time the Administrative Agent takes control of any Blocked Account, the Administrative Agent shall not
have any rights to the funds therein in excess of the unpaid amounts due to SPV, the Administrative Agent and the Investors or any
other Person hereunder and the Administrative Agent shall distribute or cause to be distributed such funds in accordance with Section
7.2(b) (including the proviso thereto) and Article II (in each case as if such funds were held by the Master Servicer
thereunder); provided, however, that the Administrative Agent shall not be under any obligation to remit any such
funds to the SPV, Arrow or any other Person unless and until the Administrative Agent has received from such Person evidence
satisfactory to the Administrative Agent that the Originator or such Person is entitled to such funds hereunder and under applicable
Law.

 

SECTION
7.4. Enforcement Rights After Designation of New Master Servicer.

 

(a)        
At any time following the occurrence of a Termination Event or a Potential Termination Event (which Potential
Termination Event is not capable of being cured):

 

(i)                
the Administrative Agent may, and upon the direction of the Majority Investors shall, direct the Obligors
that payment of all amounts payable under any Receivable be made directly to the Administrative Agent or its designee;

 

(ii)              
the SPV shall, at the Administrative Agent’s request (which request shall be made at the direction
of the Majority Investors or in the Administrative Agent’s sole discretion) and at the SPV’s expense, give notice of the
Administrative Agent’s, the SPV’s, and/or the Investors’ ownership of the Receivables and (in the case of the Administrative
Agent) interest in the Asset Interest to each Obligor and direct that payments be made directly to the Administrative Agent or its designee,
except that if the SPV fails to so notify each Obligor, the Administrative Agent may so notify the Obligors; and

 

(iii)            the
SPV shall, at the Administrative Agent’s request (which request shall be made at the direction of the Majority Investors or in
the Administrative Agent’s sole discretion), (A) assemble all of the Records and shall make the same available to the
Administrative Agent or its designee at a place selected by the Administrative Agent or its designee, and (B)
segregate all cash, checks and other instruments received by it from time to time constituting Collections of Receivables in a
manner acceptable to the Administrative Agent and shall, promptly upon receipt, remit all such cash, checks and instruments, duly
endorsed or with duly executed instruments of transfer, to the Administrative Agent or its designee.

 

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(b)        
The SPV and Arrow hereby authorizes the Administrative Agent, and irrevocably appoints the Administrative
Agent as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the SPV or Arrow, as
applicable, which appointment is coupled with an interest, to take any and all steps in the name of the SPV or Arrow, as applicable,
and on behalf of the SPV or Arrow, as applicable, necessary or desirable, in the determination of the Administrative Agent, to collect
any and all amounts or portions thereof due under any and all Receivables or Related Security, including endorsing the name of Arrow
on checks and other instruments representing Collections and enforcing such Receivables, Related Security and the related Contracts.
Notwithstanding anything to the contrary contained in this subsection (b), none of the powers conferred upon such attorney-in-fact
pursuant to the immediately preceding sentence shall subject such attorney-in-fact to any liability if any action taken by it shall prove
to be inadequate or invalid, nor shall they confer any obligations upon such attorney-in-fact in any manner whatsoever.

 

SECTION
7.5.     Master Servicer Default.The occurrence of any one or more of
the following events shall constitute a “Master Servicer Default”:

 

(a)        
The Master Servicer (i) shall fail to make any payment or deposit required to be made by it hereunder within
one (1) Business Day of when due or the Master Servicer shall fail to observe or perform any term, covenant or agreement on the Master
Servicer’s part to be performed under Sections 6.1(b)(i) (conduct of business, ownership), 6.1(f) (compliance with
receivables and credit and collection policy), 6.1(h) (obligor payments), 6.1(i) (handling collections), 6.2(a)
(no sales or liens), 6.2(c) (no change in business or policy), 6.2(d) (no subsidiaries, mergers), 6.2(e) (no change
in obligor payments), or 6.2(f) (no change in handling collections) (any of the preceding parenthetical phrases in this clause
(i) are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof), (ii)
shall fail to deliver the Master Servicer Report or comply with any other covenant, agreement or term required to be observed or performed
by it under Section 2.8 and such failure shall remain unremedied for two (2) Business Days, (iii) shall fail to observe or perform
any other term, covenant or agreement to be observed or performed by it under Section 2.9, 2.12 or 2.15, or (iv)
shall fail to observe or perform any other term, covenant or agreement hereunder or under any of the other Transaction Documents to which
such Person is a party or by which such Person is bound, and such failure shall remain unremedied for twenty (20) days; or

 

(b)        
any representation, warranty, certification or statement made by the Master Servicer in this Agreement,
the First Tier Agreement, the Originator Sale Agreements or in any of the other Transaction Documents or in any certificate or report
delivered by it pursuant to any of the foregoing shall prove to have been incorrect in any material respect when made or deemed made;
or

 

(c)        
failure of the Master Servicer or any of its Subsidiaries (other than the SPV) to pay when due (after giving
effect to any applicable grace period) any amounts due under any agreement under which any Indebtedness greater than $100,000,000 (or
its equivalent in any other currency) is governed; or the default by the Master Servicer or any of its Subsidiaries in the performance
of any term, provision or condition contained in any agreement under which any Indebtedness greater than $100,000,000 (or its equivalent
in any other currency) was created or is governed, regardless of whether such event is an “event of default” or “default”
under any such agreement if the effect of such default is to cause, or permit the holder(s) or any trustee or agent on behalf of holder(s)
of such Indebtedness to cause such Indebtedness to become due and payable or required to become prepaid (other than by a regularly scheduled
payment) prior to the scheduled date of maturity thereof; or

 

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(d)        
any Event of Bankruptcy shall occur with respect to the Master Servicer or any of its Significant Subsidiaries;
or

 

(e)        
there shall have occurred an event which, materially and adversely affects the Master Servicer’s ability
to either collect the Receivables or to perform its obligations as Master Servicer under this Agreement.

 

SECTION
7.6.     Servicing Fee. The Master Servicer shall be paid a Servicing Fee
in accordance with Section 2.12 and subject to the priorities therein. If the Master Servicer is not the SPV or Arrow or an Affiliate
of the SPV or Arrow, the Master Servicer, by giving three (3) Business Days’ prior written notice to the Administrative Agent,
may revise the percentage used to calculate the Servicing Fee so long as the revised percentage will not result in a Servicing Fee that
exceeds [*****] of the reasonable and appropriate out-of-pocket costs and expenses of such Master Servicer incurred in connection with
the performance of its obligations hereunder as documented to the reasonable satisfaction of the Administrative Agent; provided, however,
that at any time after the Net Investment, plus Required Reserves exceeds the Net Pool Balance, any compensation to the Master
Servicer in excess of the Servicing Fee initially provided for herein shall be an obligation of the SPV and shall not be payable, in
whole or in part, from Collections allocated to the Investors.

 

SECTION
7.7.     Protection of Ownership Interest of the Investors. Each of Arrow
and the SPV agrees that it shall, and Arrow shall cause each other Originator, from time to time, at its expense to, promptly execute
and deliver all instruments and documents and take all actions as may be necessary or as the Administrative Agent may reasonably request
in order to perfect or protect the Asset Interest or to enable the Administrative Agent, the Funding Agents or the Investors to exercise
or enforce any of their respective rights hereunder. Without limiting the foregoing, each of Arrow and the SPV shall, and Arrow shall
cause each other Originator to, upon the request of the Administrative Agent, acting at the written direction of any Funding Agent or
Investor, in order to accurately reflect this purchase and sale transaction, (i) execute and file such financing or continuation statements
or change statements or amendments thereto or any registrations, instruments or notices or assignments thereof (as otherwise permitted
to be executed and filed pursuant hereto) as may be requested by the Administrative Agent, at the direction of any Funding Agent or Investor,
and (ii) mark its respective master data processing records and other documents with a legend describing the conveyance to the to the
Administrative Agent, on behalf of the Funding Agents for the benefit of the Investors, of the Asset Interest. Each of
Arrow and the SPV shall, and Arrow shall cause each other Originator to, upon the reasonable request of the Administrative Agent, at
the direction of any Funding Agent or Investor, obtain such additional search reports as the Administrative Agent at the direction of
any Funding Agent or Investor shall request. To the fullest extent permitted by applicable law, the Administrative Agent shall be permitted
to sign and file continuation statements and amendments thereto and assignments thereof without the SPV’s or Arrow’s signature.
Carbon, photographic or other reproduction of this Agreement or any financing statement shall be sufficient as a financing statement.
Neither Arrow nor the SPV shall, nor shall Arrow permit any Originator to, change its respective name, identity or corporate structure
which could cause any UCC financing statement filed in connection with this Agreement to become “seriously misleading” (within
the meaning of Section 9-402(7) of the UCC as in effect in the States of New York, Colorado, Delaware and any other applicable state,
as applicable, with respect to each such entity) nor relocate its respective chief executive office unless it shall have:

 

(A)
given the Administrative Agent at least thirty (30) days prior notice thereof and (B) prepared at the SPV’s expense and delivered
to the Administrative Agent all financing statements, instruments and other documents necessary to preserve and protect the Asset Interest
as requested by the Administrative Agent in connection with such change or relocation. Any filings under the UCC or otherwise that are
occasioned by such change in name or location shall be made at the expense of the SPV.

 

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ARTICLE
VIII

TERMINATION
EVENTS

 

SECTION
8.1.    Termination Events. The occurrence of any one or more of the following
events shall constitute a “Termination Event”:

 

(a)        
the SPV, Arrow, any Originator or the Master Servicer shall fail to make any payment or deposit to be made
by it hereunder, under the First Tier Agreement or under any Originator Sale Agreement within one Business Day of when due hereunder
or thereunder; or

 

(b)        
any representation, warranty, certification or statement made or deemed made by the SPV, Arrow or any Originator
in this Agreement, any other Transaction Document to which it is a party or in any other information, report or document delivered pursuant
hereto or thereto shall prove to have been incorrect in any material respect when made or deemed made or delivered; or

 

(c)        
the SPV, Arrow, any Originator or the Master Servicer shall default in the performance of any payment or
undertaking (other than those covered by clause (a) above) (i) to be performed or observed under Sections 6.1(a)(vi) (notice
of termination), 6.1(a)(vii) (notice of changes to credit and collection policy), 6.1(b)(i) (conduct of business, ownership),
6.1(f) (compliance with receivables and credit and collection policy), 6.1(g) (notice of Administrative Agent’s interest),
6.1(h) (obligor payments), 6.1(i) (handling collections), 6.1(k) (sale treatment), 6.1(l) (nonconsolidation),
6.1(q) (financial covenant), 6.2(a) (no sales or liens), 6.2(c) (no change in business or policy), 6.2(d)
(no subsidiaries, mergers), 6.2(e) (no change in obligor payments), 6.2(f) (no change in handling collections),
6.2(g) (no name change), 6.2(h) (no amendment), 6.2(i) (no debt), 6.2(j) (payment to originator) (any of
the preceding parenthetical phrases in this clause (i) are for purposes of reference only and shall not otherwise affect the meaning
or interpretation of any provision hereof) or (ii) to be performed or observed under any other provision of this Agreement or any provision
of any other Transaction Document to which it is a party and such default in the case of this clause (ii) shall continue for twenty
(20) days; or

 

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(d)        
any Event of Bankruptcy shall occur with respect to the SPV, Arrow or any Significant Subsidiary of Arrow
or any Subsidiary of the SPV; or

 

(e)        
the Administrative Agent, on behalf of the Funding Agents for the benefit of the Investors, shall for any
reason fail or cease to have a valid and enforceable perfected first priority ownership or security interest (subject to Permitted Liens)
in the Affected Assets, free and clear of any Adverse Claim; or

 

(f)        
a Master Servicer Default shall have occurred; or

 

(g)        
on any date, the sum of the Net Investment (as determined after giving effect to all distributions pursuant
to this Agreement on such date), plus the Required Reserves shall exceed the Net Pool Balance (as such Required Reserves and Net
Pool Balance are shown in the most recent Master Servicer Report delivered on or prior to such date); or

 

(h)        
the average Default Ratio for any period of three (3) consecutive months exceeds 4.0%; or

 

(i)          
the average Delinquency Ratio for any period of three (3) consecutive months exceeds 6.0%; or

 

(j)          
the average Dilution Ratio for any period of three (3) consecutive months exceeds 11.0%; or

 

(k)        
failure of the SPV, Arrow or any Subsidiary of the SPV or Arrow to pay when due any amounts due (after giving
effect to any applicable grace period) under any agreement to which any such Person is a party and under which any Indebtedness greater
than $5,000 in the case of the SPV or any Subsidiary of the SPV, or $100,000,000 (or its equivalent in any other currency),
in the case of Arrow or any Subsidiary of Arrow (other than the SPV) is governed; or the default by the SPV, Arrow or any Subsidiary
of the SPV or Arrow in the performance of any term, provision or condition contained in any agreement to which any such Person is a party
and under which any Indebtedness owing by the SPV, Arrow or any Subsidiary of the SPV or Arrow greater than such respective amounts was
created or is governed, regardless of whether such event is an “event of default” or “default” under any such
agreement if the effect of such default is to cause, or to permit the holder(s) or any trustee or agent acting on behalf of holder(s)
of such Indebtedness to cause such Indebtedness to become due and payable prior to its stated maturity; or

 

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(l)          
there shall be a “change of control” with respect to Arrow, an Originator or the SPV (for the
purposes of this clause only “change in control” means:

 

(i)     
the failure of Arrow to own, free and clear of any Adverse Claim and on a fully diluted basis, 100% of the outstanding shares of voting
stock of the SPV or more than 50% of the outstanding shares of the voting stock any Originator (other than Arrow), or

 

(ii)     (1)
less than a majority of the members of Arrow’s board of directors shall be persons who either (x) were serving as directors on
the Closing Date or (y) were nominated as directors and approved by the vote of the majority of the directors who are directors referred
to in clause (x) above or this clause (y); or

 

    (2)
the stockholders of Arrow shall approve any plan or proposal for the liquidation or dissolution of Arrow; or

 

(iii)     a
Person or group of Persons acting in concert (other than the direct or indirect beneficial owners of the outstanding shares of the voting
stock of Arrow as of the Closing Date) shall, as a result of a tender or exchange offer, open market purchases, privately negotiated
purchases or otherwise, have become the direct or indirect beneficial owner (within the meaning of Rule 13d-3 under the Securities Exchange
Act of 1934, as amended from time to time) of securities of Arrow representing 40% or more of the combined voting power of the outstanding
voting securities for the election of directors or shall have the right to elect a majority of the board of directors of Arrow.

 

(m)      
any Person shall institute steps to terminate any Pension Plan if the assets of such Pension Plan will not
be sufficient to satisfy all of its benefit liabilities (as determined under Title IV of ERISA) at the time of such termination, or a
contribution failure occurs with respect to any Pension Plan which is sufficient to give rise to a lien under Section 303(k) of ERISA,
or any Person shall incur any liability with respect to the withdrawal or partial withdrawal from any Pension Plan or Multiemployer Plan,
which in each case could be reasonably expected to cause a Material Adverse Effect or a material adverse effect on the condition (financial
or otherwise), business or properties of Arrow or the other Originators, taken as a whole; or

 

(n)        
any material provision of this Agreement or any other Transaction Document to which an Originator, Arrow
or the SPV is a party shall cease to be in full force and effect or an Originator, Arrow or the SPV shall so state in writing; or

 

(o)        
the Consolidated Leverage Ratio on the last day of any fiscal quarter exceeds 4.00 to 1.00; or

 

(p)        
the Consolidated Interest Coverage Ratio for any period of four consecutive fiscal quarters of Arrow
is less than 3.00 to 1.00[RESERVED];
or

 

(q)        
the SPV shall cease making purchases under the First Tier Agreement or the First Tier Agreement shall be
terminated for any reason; or

 

(r)        [RESERVED];
or

 

(s)
        the Master Servicer shall fail to comply with its obligations
under Section 6.1(s).

 

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SECTION
8.2.    Termination. Upon the occurrence of any Termination Event, the Administrative Agent may (unless
otherwise instructed by all the Investors), or at the direction of any Investor shall, by notice to the SPV and the Master Servicer,
declare the Termination Date to have occurred; provided, however, that in the case of any event described in Section
8.1(d) or 8.1(e), the Termination Date shall be deemed to have occurred automatically upon the occurrence of such event. Upon
any such declaration or automatic occurrence, the Administrative Agent shall have, in addition to all other rights and remedies under
this Agreement or otherwise, all other rights and remedies provided under the UCC of the applicable jurisdiction and other applicable
laws, all of which rights shall be cumulative.

 

ARTICLE
IX

INDEMNIFICATION;
EXPENSES; RELATED MATTERS

 

SECTION
9.1.     Indemnities by the SPV. Without limiting any other rights which the Indemnified
Parties may have hereunder or under applicable Law, the SPV hereby agrees to indemnify the Investors, each Funding Agent, the Administrative
Agent, the Administrator, the Program Support Providers and their respective officers, directors, employees, counsel and other agents
(collectively, “Indemnified Parties”) from and against any and all damages, losses, claims, liabilities, costs and
expenses, including reasonable attorneys’ fees (which such attorneys may be employees of the Program Support Providers, the Funding
Agents or the Administrative Agent, as applicable) and disbursements (all of the foregoing being collectively referred to as “Indemnified
Amounts”) awarded against or incurred by any of them in any action or proceeding between the SPV, Arrow or an Originator (including,
in its capacity as the Master Servicer or any Affiliate of Arrow acting as Master Servicer) and any of the Indemnified Parties or between
any of the Indemnified Parties and any third party or otherwise arising out of or as a result of this Agreement, the other Transaction
Documents, the ownership or maintenance, either directly or indirectly, by the Administrative Agent, any Funding Agent or any Investor
of the Asset Interest or any of the other transactions contemplated hereby or thereby, excluding, however, (i) Indemnified Amounts to
the extent resulting from gross negligence or willful misconduct on the part of such Indemnified Party, (ii) Indemnified Amounts in respect
of Taxes, which shall be governed exclusively by Section 9.2 and 9.3, except that Taxes representing losses, claims or damages with respect
to a non-Tax claim (including, for greater certainty, all items specifically set out in this Section 9.1) will be covered by this
Section 9.1, (iii) recourse (except as otherwise specifically provided in this Agreement) for uncollectible Receivables and (iv)
any expenses, costs or related amounts (including attorneys’ fees) incurred by an Indemnified Party with respect to any action
or proceeding to the extent the SPV, Arrow, and/or an Originator shall be the prevailing party against such Indemnified Party. Without
limiting the generality of the foregoing, the SPV shall indemnify each Indemnified Party for Indemnified Amounts relating to or resulting
from:

 

(a)        
any representation or warranty made by the SPV or any Originator (including, Arrow or any of its Affiliates
in the capacity as the Master Servicer) or any officers of the SPV or Arrow or any other Originator (including, in its capacity as the
Master Servicer or any Affiliate of an Originator acting as Master Servicer) under or in connection with this Agreement, the First Tier
Agreement, any Originator Sale Agreement any of the other Transaction Documents, any Master Servicer Report or any other information
or report delivered by the SPV or the Master Servicer pursuant hereto, or pursuant to any of the other Transaction Documents which shall
have been incomplete, false or incorrect in any respect when made or deemed made;

 

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(b)        
the failure by the SPV or any Originator (including Arrow, in its capacity as the Master Servicer or any
Affiliate of Arrow acting as a Sub-Servicer) to comply with any applicable Law with respect to any Receivable or the related Contract,
or the nonconformity of any Receivable or the related Contract with any such applicable Law;

 

(c)        
the failure (i) to vest and maintain vested in the Administrative Agent, for the benefit of the Funding
Agents, on behalf of the Investors, a first priority, perfected ownership interest in the Asset Interest free and clear of any lien,
security interest, charge or encumbrance, or other right or claims in or on the Asset Interest or (ii) to create or maintain a valid
and perfected first priority security interest in favor of the Administrative Agent, for the benefit of the Funding Agents, on behalf
of the Investors, in the Affected Assets, free and clear of any lien, security interest, charge or encumbrance, or other right or claims
in or on the Affected Assets;

 

(d)        
the failure to file, or any delay in filing, financing statements, continuation statements, or other similar
instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with respect to any of the Affected Assets;

 

(e)        
any dispute, claim, offset or defense (other than discharge in bankruptcy) of the Obligor to the payment
of any Receivable (including a defense based on such Receivable or the related Contract not being the legal, valid and binding obligation
of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from the sale of merchandise or services
related to such Receivable or the furnishing or failure to furnish such merchandise or services, or from any breach or alleged breach
of any provision of the Receivables or the related Contracts restricting assignment of any Receivables;

 

(f)         
any failure of the Master Servicer to perform its duties or obligations in accordance with the provisions
hereof;

 

(g)        
any products liability claim or personal injury or property damage suit or other similar or related claim
or action of whatever sort arising out of or in connection with merchandise or services which are the subject of any Receivable;

 

(h)        
the transfer of an interest in any Receivable other than an Eligible Receivable; 

 

(i)          
the transfer of an interest in any Receivable other than an Eligible the failure by the SPV, any Originator
or the Master Servicer to comply with any term, provision or covenant contained in this Agreement or any of the other Transaction Documents
to which it is a party or to perform any of its respective duties or obligations under the Receivables or related Contracts;

 

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(j)          
the Net Investment exceeding the Net Pool Balance, minus the Required Reserves at any time;

 

(k)        
the failure of the SPV, Arrow or any Originator to pay or remit when due any taxes, including sales, excise,
goods and services, harmonized sales, value added or personal property taxes payable by such Person in connection with any of the Receivables
or this Agreement;

 

(l)          
any repayment by any Indemnified Party of any amount previously distributed in reduction of Net Investment
which such Indemnified Party believes in good faith is required to be made;

 

(m)      
the commingling by the SPV, any Originator or the Master Servicer of Collections of Receivables at any time
with any other funds;

 

(n)        
any investigation, litigation or proceeding related to this Agreement, any of the other Transaction Documents,
the use of proceeds of Investments by the SPV or any Originator, the ownership of the Asset Interest, or any Affected Asset;

 

(o)        
failure of any Blocked Account Bank to remit any amounts held in the Blocked Accounts or any related lock-boxes
pursuant to the instructions of the Master Servicer, the SPV, the related Originator or the Administrative Agent (to the extent such
Person is entitled to give such instructions in accordance with the terms hereof and of any applicable Blocked Account Agreement) whether
by reason of the exercise of set-off rights or otherwise;

 

(p)        
any inability to obtain any judgment in or utilize the court or other adjudication system of, any state
in which an Obligor may be located as a result of the failure of the SPV or any Originator to qualify to do business or file any notice
of business activity report or any similar report;

 

(q)        
any attempt by any Person to void, rescind or set-aside any transfer by any Originator to Arrow or Arrow
to the SPV of any Receivable or Related Security under statutory provisions or common law or equitable action, including any provision
of the Bankruptcy Code or other insolvency law;

 

(r)         
any action taken by the SPV, any Originator, or the Master Servicer (if any Originator or any Affiliate
or designee of an Originator) in the enforcement or collection of any Receivable;

 

(s)         
the use of the proceeds of any Investment or Reinvestment; or

 

(t)          
the transactions contemplated hereby being characterized as other than debt for the purposes of the Code.

 

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SECTION
9.2.      Increased Cost and Reduced Return; Change in Requirements of
Law. (a) If after the Closing Date, (x) the adoption of or change in any Law or in the interpretation or application thereof (y)
any directive, guidance or request (whether or not having the force of law) from any central bank or any other Official Body or (z) compliance,
application or implementation by any Indemnified Party with the foregoing subclauses (x) or (y):

 

(i)       imposes
or modifies any reserve, fee, tax (other than Taxes which are covered by Section 9.3 or Excluded Taxes), assessment, insurance
charge, special deposit or similar requirement against assets of, deposits with or for the account of, any liabilities of or any credit
or liquidity extended by, any of the Indemnified Parties in respect of or in connection with this Agreement, the other Transaction Documents
or any Program Support Agreement;

 

(ii)      has
the effect of reducing an Indemnified Party’s rate of return in respect of this Agreement on such Indemnified Party’s capital
to a level below that which such Indemnified Party would have achieved but for the occurrences set forth in this subsection (a);

 

(iii)     affects
or would affect the amount of the capital required to be maintained by such Indemnified Party; or

 

(iv)    causes
an internal capital or liquidity charge or other imputed cost to be assessed upon such Indemnified Party, which in the sole discretion
of such Indemnified Party is allocable to the SPV or to the transactions contemplated by this Agreement;

 

and
the result of any of the foregoing is to impose a cost on, or increase the cost to, any Indemnified Party of its commitment under any
Transaction Document or Program Support Agreement or of purchasing, maintaining or funding any interest acquired under any Transaction
Document or Program Support Agreement, then, upon written demand, the SPV shall pay to the Administrative Agent for the account of such
Indemnified Party such additional amounts as will compensate such Indemnified Party for such new or increased cost. For the avoidance
of doubt, the SPV acknowledges that this Section 9.2 permits any Indemnified Party to institute measures in anticipation of a
Law (including, without limitation, the imposition of internal charges on the Indemnified Party’s interests or obligations under
this Agreement), and allows any Indemnified Party to commence allocating charges to or seeking compensation from the SPV under this Section
9.2 in connection with such measures (such amounts being referred to as “Early Adoption Increased Costs”), in
advance of the effective date of such Law, and the SPV agrees to pay such Early Adoption Increased Costs to the Indemnified Party, following
demand therefor without regard to whether such effective date has occurred. In the event that any Indemnified Party seeks compensation
for Early Adoption Increased Costs from the SPV, such Indemnified Party shall notify each Funding Agent of such request.

 

(b)        
The applicable Funding Agent shall promptly notify the SPV and the Administrative Agent of any event of
which it has knowledge, occurring after the date hereof, which will entitle an Indemnified Party to compensation pursuant to this Section
9.2; provided that no failure to give or any delay in giving such notice shall affect the Indemnified Party’s right
to receive such compensation. A notice by such Funding Agent or the applicable Indemnified Party claiming compensation under this Section
9.2 and setting forth the additional amount or amounts to be paid to it hereunder shall be conclusive in the absence of manifest
error. In determining such amount, such Funding Agent or any applicable Indemnified Party may use any reasonable averaging and attributing
methods.

 

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(c)        
Anything in this Section 9.2 to the contrary notwithstanding, if any Conduit Investor enters into
agreements for the acquisition of interests in receivables from one or more Other SPVs, such Conduit Investor shall allocate the liability
for any amounts under this Section 9.2 which are in connection with a Program Support Agreement or the credit or liquidity support
provided by a Program Support Provider (“Additional Costs”) to the SPV and each Other SPV; provided, however,
that if such Additional Costs are attributable to the SPV, any Originator or the Master Servicer and not attributable to any Other SPV,
the SPV shall be solely liable for such Additional Costs or if such Additional Costs are attributable to Other SPVs and not attributable
to the SPV, any Originator or the Master Servicer, such Other SPVs shall be solely liable for such Additional Costs.

 

SECTION
9.3.     Taxes.

 

(a)        
All payments and distributions made hereunder by or on behalf of the SPV or the Master Servicer (each, a
 “payor”) to any Indemnified Party (each, a “recipient”) shall be made free and clear of and without
deduction for any present or future income, excise, stamp or franchise taxes and any other taxes, fees, duties, withholdings or other
charges of any nature whatsoever imposed by any taxing authority (such items being called “Taxes”), unless required
by applicable law or administrative practice.

 

(b)        
In the event that any withholding or deduction from any payment made by the payor hereunder is required
in respect of any Taxes, then such payor shall:

 

(i)        
pay directly to the relevant authority the full amount required to be so withheld or deducted;

 

(ii)        promptly
forward to the Administrative Agent an official receipt or other documentation satisfactory to the Administrative Agent evidencing such
payment to such authority; and

 

(iii)       pay
to the recipient such additional amount or amounts as is necessary to ensure that the net amount actually received by the recipient will
equal the full amount such recipient would have received had no such withholding or deduction of Taxes, other than Excluded Taxes been
required.

 

(c)        
If any Taxes are directly asserted against any recipient with respect to any payment received by such recipient
hereunder, the recipient may pay such Taxes and the payor will promptly pay such additional amounts (including any penalties, interest
or expenses) as shall be necessary in order that the net amount received by the recipient after the payment of such Taxes
other than Excluded Taxes (including any Taxes on such additional amount) shall equal the amount such recipient would have received had
such Taxes other than Excluded Taxes not been asserted.

 

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(d)        
If the payor fails to pay any Taxes when due to the appropriate taxing authority or fails to remit to the
recipient the required receipts or other required documentary evidence, the payor shall indemnify the recipient for any incremental Taxes,
interest, or penalties that may become payable by any recipient as a result of any such failure.

 

(e)        
Each Investor that is not a United States person within the meaning of section 7701(A)(30) of the Code shall
on the Closing Date (or if later, the date on which such person first becomes an Investor hereunder by assignment or otherwise) provide
to the Administrative Agent to be forwarded to the relevant payor either (i) a duly completed IRS Form W-8ECI, (ii) a duly completed
IRS Form W-8BEN or Form W-8BEN-E, as applicable, in each case entitling such Investor to a complete exemption from withholding on payments
and distributions hereunder (which in the case of a form W-8BEN or Form W-8BEN-E, as applicable, is based on its entitlement to exemption
under an applicable income tax treaty).

 

(f)         
If a payment made to an Investor under any Transaction Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Investor were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Code, as applicable), such Investor shall deliver to Arrow and the Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by Arrow or the Administrative Agent such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Arrow
or the Administrative Agent as may be necessary for Arrow and the Administrative Agent to comply with their obligations under FATCA and
to determine that such Investor has complied with such Investor’s obligations under FATCA or to determine the amount to deduct
and withhold from such payment. Solely for purposes of this clause (f), “FATCA” shall include any amendments made to FATCA
after the date of this Agreement.

 

(g)        
In addition to the obligations under Section 9.3(e), any Indemnified Party that is entitled to an exemption
from or reduction of withholding tax under the law of the jurisdiction in which the applicable payor is resident for tax purposes, or
any treaty to which such jurisdiction is a party, with respect to any payments made to it shall deliver to the Administrative Agent and
the applicable payor, at the time or times prescribed by applicable law or as otherwise reasonably requested by the applicable payor
or the Administrative Agent, such properly completed and executed documentation prescribed by applicable law as will permit such payments
to be made without withholding or at a reduced rate of withholding. In addition, any Indemnified Party, if requested by the applicable
payor or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the
applicable payor or Administrative Agent as will enable the applicable payor to determine whether or not such Indemnified Party is subject
to withholding or information reporting requirements. Notwithstanding anything to the contrary in this Section 9.3(g), but without limiting
any Indemnified Party’s obligations under Section 9.3(e), no Indemnified Party shall
be required to deliver any documentation that it is not legally eligible to deliver or that would, in the reasonable judgement
of such Indemnified Party, subject such Indemnified Party to any material unreimbursed cost or expense or would materially prejudice
the legal or commercial position of such Indemnified Party.

 

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SECTION
9.4.    Other Costs and Expenses; Breakage Costs. (a) The SPV agrees, upon receipt
of a written invoice, to pay or cause to be paid, and to hold the Investors, the Funding Agents and the Administrative Agent harmless
against liability for the payment of, all reasonable out-of-pocket expenses (including attorneys’, accountants’, rating agencies’,
and other third parties’ fees and expenses, any filing fees and expenses incurred by officers or employees of any Investor and/or
the Administrative Agent) or intangible, documentary or recording taxes incurred by or on behalf of the any Investor, any Funding Agent
or the Administrative Agent (i) in connection with the preparation, negotiation, execution and delivery of this Agreement, the other
Transaction Documents and any documents or instruments delivered pursuant hereto and thereto and the transactions contemplated hereby
or thereby (including the perfection or protection of the Asset Interest) (which payment of attorneys’ fees and expenses, in the
case of this clause (i) shall be limited to Dechert LLP, Sidley Austin LLP or any other attorneys’ fees and expenses of an attorney
approved in advance by the Master Servicer) and (ii) from time to time (A) relating to any amendments, waivers or consents under this
Agreement and the other Transaction Documents, (B) arising in connection with any Investor’s, any Funding Agent’s or the
Administrative Agent’s enforcement or preservation of rights (including the perfection and protection of the Asset Interest under
this Agreement), or (C) arising in connection with any dispute, disagreement, litigation or preparation for litigation involving this
Agreement or any of the other Transaction Documents (all of such amounts, collectively, “Transaction Costs”).

 

(b)        The
SPV shall pay the Administrative Agent for the account of each Investor, as applicable, on demand, such amount or amounts as shall compensate
such Investor for any loss (including loss of profit), cost or expense incurred by it (as reasonably determined by the applicable Funding
Agent) as a result of any reduction of any portion of Investment of such Investor other than on the last day of the related Interest
Period (determined without regard for clause (ii) of paragraph (a) of the definition thereof) funding such portion of Investment of such
Investor, such compensation to be (i) limited to an amount equal to any loss or expense suffered by the Investors during the period from
the date of receipt of such repayment to (but excluding) the maturity date of such Commercial Paper (or other financing source) and (ii)
net of the income, if any, received by the recipient of such reductions from investing the proceeds of such reductions of such portion
of Investment. The determination by the Related Funding Agent of the amount of any such loss or expense shall be set forth in a written
notice to the SPV and Administrative Agent in reasonable detail and shall be conclusive, absent manifest error.

 

SECTION
9.5.    Reconveyance Under Certain Circumstances. The SPV agrees to accept the
reconveyance from the Administrative Agent, on behalf of the Funding Agents for the benefit of the Investors, of the Asset Interest if
the Administrative Agent notifies SPV of a material breach of any representation or warranty made or deemed made pursuant to Article
IV and the SPV shall fail to cure such breach within fifteen (15) days (or, in the case of the representations and warranties in
Sections 4.1(d) and 4.1(k), three (3) days) of such notice. The reconveyance price shall be paid by the SPV to the Administrative
Agent, for the account of the Investors, as applicable in immediately available funds on such 15th day (or 3rd day, if applicable) in
an amount equal to the Aggregate Unpaids.

 

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SECTION
9.6.    Indemnities by the Master Servicer. Without limiting any other rights
which the Administrative Agent, the Funding Agents or the Investors or the other Indemnified Parties may have hereunder or under applicable
law, the Master Servicer hereby agrees to indemnify (without recourse, except as otherwise specifically provided in this Agreement) the
Indemnified Parties from and against any and all Indemnified Amounts arising out of or resulting from (whether directly or indirectly)
(a) the failure of any information contained in any Master Servicer Report (to the extent provided by the Master Servicer) to be true
and correct, or the failure of any other information provided to any Indemnified Party by, or on behalf of, the Master Servicer to be
true and correct, (b) the failure of any representation, warranty or statement made or deemed made by the Master Servicer (or any of
its officers) under or in connection with this Agreement to have been true and correct as of the date made or deemed made, (c) the failure
by the Master Servicer to comply with any applicable Law with respect to any Receivable or the related Contract, (d) any dispute, claim,
offset or defense of the Obligor to the payment of any Receivable resulting from or related to the collection activities in respect of
such Receivable, or (e) any failure of the Master Servicer to perform its duties or obligations in accordance with the provisions hereof.

 

ARTICLE
X

THE
ADMINISTRATIVE AGENT

 

SECTION
10.1.   Appointment and Authorization of Administrative Agent. Each of the Investors
and the Funding Agents hereby irrevocably appoints, designates and authorizes the Administrative Agent to take such action on its behalf
under the provisions of this Agreement and each other Transaction Document and to exercise such powers and perform such duties as are
expressly delegated to the Administrative Agent by the terms of this Agreement and any other Transaction Document, together with such
other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere in this Agreement
or in any other Transaction Document, the Administrative Agent shall not have any duties or responsibilities, except those expressly
set forth in this Agreement, nor shall the Administrative Agent have or be deemed to have any fiduciary relationship with any Investor
or Funding Agent, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement
or any other Transaction Document or otherwise exist against the Administrative Agent. Without limiting the generality of the foregoing
sentence, the use of the term “agent” in this Agreement with reference to the Administrative Agent is not intended to connote
any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used
merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting
parties.

 

SECTION
10.2.  Delegation of Duties. The Administrative Agent may execute any of its duties under
this Agreement or any other Transaction Document by or through agents, employees or attorneys-in-fact and shall be entitled to advice
of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the
negligence or misconduct of any Administrative Agent or attorney-in-fact that it selects with reasonable care.

 

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SECTION
10.3.  Liability of Administrative Agent. No Administrative Agent-Related Person shall
(a) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Transaction
Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct), or (ii) be responsible
in any manner to any Investor or Funding Agent for any recital, statement, representation or warranty made by the SPV, any Originator
or the Master Servicer, or any officer thereof, contained in this Agreement or in any other Transaction Document, or in any certificate,
report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with,
this Agreement or any other Transaction Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement or any other Transaction Document, or for any failure of the SPV, any Originator, the Master Servicer or any other party to
any Transaction Document to perform its obligations hereunder or thereunder. No Administrative Agent-Related Person shall be under any
obligation to any Investor to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions
of, this Agreement or any other Transaction Document, or to inspect the properties, books or records of the SPV, any Originator or the
Master Servicer or any of their respective Affiliates.

 

SECTION
10.4.   Reliance by Administrative Agent.

 

(a)        
The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing,
resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, statement or other document
or conversation believed by it to be genuine and correct and to have been signed, sent or made by or on behalf of the proper Person or
Persons, and upon advice and statements of legal counsel (including counsel to the SPV, the Originators and the Master Servicer), independent
accountants and other experts selected by the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing
to take any action under this Agreement or any other Transaction Document unless it shall first receive such advice or concurrence of
the Funding Agents, on behalf of the Conduit Investors or the Majority Investors, as applicable, as it deems appropriate and, if it so
requests, it shall first be indemnified to its satisfaction by the Investors or Funding Agents, as applicable, against any and all liability
and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in
all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Transaction Document in accordance
with a request or consent of the Funding Agents, on behalf of the Conduit Investors or the Majority Investors, as applicable, or, if
required hereunder, all Investors and such request and any action taken or failure to act pursuant thereto shall be binding upon all
of the Funding Agents and Investors.

 

(b)        
For purposes of determining compliance with the conditions specified in Article V, each Funding Agent
and Investor that has executed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each
document or other matter either sent by the Administrative Agent to such Funding Agent or Investor for consent, approval,
acceptance or satisfaction, or required thereunder to be consented to or approved by or acceptable or satisfactory to such Funding Agent
or Investor.

 

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SECTION
10.5.   Notice of Termination Event, Potential Termination Event or Master Servicer Default.
The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Potential Termination Event, a Termination
Event or a Master Servicer Default, unless the Administrative Agent has received written notice from a Funding Agent, an Investor, the
Master Servicer or the SPV referring to this Agreement, describing such Potential Termination Event, Termination Event or Master Servicer
Default and stating that such notice is a “Notice of Termination Event or Potential Termination Event” or “Notice of
Master Servicer Default,” as applicable. The Administrative Agent will notify the Investors and the Funding Agents of its receipt
of any such notice. The Administrative Agent shall (subject to Section 10.4) take such action with respect to such Potential Termination
Event, Termination Event or Master Servicer Default as may be requested by the Majority Investors (except as otherwise explicitly set
forth herein), provided, however, that, unless and until the Administrative Agent shall have received any such request,
the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such
Potential Termination Event, Termination Event or Master Servicer Default as it shall deem advisable or in the best interest of the Investors.

 

SECTION
10.6.   Credit Decision; Disclosure of Information by the Administrative Agent.Each
Investor and Funding Agent acknowledges that none of the Administrative Agent-Related Persons has made any representation or warranty
to it, and that no act by the Administrative Agent hereinafter taken, including any consent to and acceptance of any assignment or review
of the affairs of the SPV, the Master Servicer, the Originators or any of their respective Affiliates, shall be deemed to constitute
any representation or warranty by any Administrative Agent-Related Person to any Investor or Funding Agent as to any matter, including
whether the Administrative Agent-Related Persons have disclosed material information in their possession. Each Investor and Funding Agent,
including any Investor or Funding Agent by assignment, represents to the Administrative Agent that it has, independently and without
reliance upon any Administrative Agent-Related Person and based on such documents and information as it has deemed appropriate, made
its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness
of the SPV, the Master Servicer, the Originators or their respective Affiliates, and all applicable bank regulatory laws relating to
the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the SPV hereunder.
Each Investor and Funding Agent also represents that it shall, independently and without reliance upon any Administrative Agent-Related
Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis,
appraisals and decisions in taking or not taking action under this Agreement and the other Transaction Documents, and to make such investigations
as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness
of the SPV, the Master Servicer or the Originators. Except for notices, reports and other documents expressly herein required to be furnished
to the Investors or the Funding Agents by the Administrative Agent herein, the Administrative Agent shall not have any duty or responsibility
to provide any Investor or Funding Agent with any credit or other information concerning the business, prospects, operations, property,
financial and other condition or creditworthiness of the SPV, the Master Servicer, the Originators or their respective
Affiliates which may come into the possession of any of the Administrative Agent-Related Persons.

 

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SECTION
10.7.   Indemnification of the Administrative Agent. Whether or not the transactions
contemplated hereby are consummated, each of the Alternate Investors shall indemnify upon demand each Administrative Agent-Related Person
(to the extent not reimbursed by or on behalf of the SPV (including by the Seller under the First Tier Agreement or the Master Servicer
hereunder) and without limiting the obligation of the SPV to do so), pro rata based upon such Alternate Investor’s
Allocable Portion of Maximum Net Investment relative to the Maximum Net Investment, and hold harmless each Administrative Agent-Related
Person from and against any and all Indemnified Amounts incurred by it; provided, however, that no Alternate Investor shall
be liable for the payment to any Administrative Agent-Related Person of any portion of such Indemnified Amounts resulting from such Person’s
gross negligence or willful misconduct; provided, however, that no action taken in accordance with the directions of the
Majority Investors shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limitation
of the foregoing, each Funding Agent and Alternate Investor shall reimburse the Administrative Agent upon demand for its ratable share
of any costs or out-of-pocket expenses (including attorney’s fees) incurred by the Administrative Agent in connection with the
preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings
or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Transaction Document, or
any document contemplated by or referred to herein, to the extent that the Administrative Agent is not reimbursed for such expenses by
or on behalf of the SPV (including by the Seller under the First Tier Agreement or the Master Servicer hereunder). The undertaking in
this Section shall survive payment on the Final Payout Date and the resignation or replacement of the Administrative Agent.

 

SECTION
10.8.  Administrative Agent in Individual Capacity. Bank of America (and any successor
acting as Administrative Agent) and its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from,
acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with
any of the SPV, any Originator and the Master Servicer or any of their Subsidiaries or Affiliates as though Bank of America were not
the Administrative Agent or an Alternate Investor hereunder and without notice to or consent of the Investors or the Funding Agents.
The Funding Agents and the Investors acknowledge that, pursuant to such activities, Bank of America or its Affiliates may receive information
regarding the SPV, the Originators, the Master Servicer or their respective Affiliates (including information that may be subject to
confidentiality obligations in favor of such Person) and acknowledge that the Administrative Agent shall be under no obligation to provide
such information to them. With respect to its Commitment, Bank of America (and any successor acting as Administrative Agent) in its capacity
as an Alternate Investor hereunder shall have the same rights and powers under this Agreement as any other Alternate Investor and may
exercise the same as though it were not the Administrative Agent or an Alternate Investor, and the term “Alternate Investor”
or “Alternate Investors” shall, unless the context otherwise indicates, include the Administrative Agent in its individual
capacity.

 

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SECTION
10.9.  Resignation of Administrative Agent. The Administrative Agent may resign as Administrative
Agent upon thirty (30) days’ notice to the Funding Agents and the Investors. If the Administrative Agent resigns
under this Agreement, the Majority Investors shall appoint from among the Alternate Investors a successor agent for the Investors. If
no successor agent is appointed prior to the effective date of the resignation of the Administrative Agent, the Administrative Agent
may appoint, after consulting with the Investors and Arrow a successor agent from among the Alternate Investors. Upon the acceptance
of its appointment as successor agent hereunder, such successor agent shall succeed to all the rights, powers and duties of the retiring
Administrative Agent and the term “Administrative Agent” shall mean such successor agent and the retiring Administrative
Agent’s appointment, powers and duties as Administrative Agent shall be terminated. After any retiring Administrative Agent’s
resignation hereunder as Administrative Agent, the provisions of this Section 10.9 and Sections 10.3 and 10.7 shall
inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent under this Agreement.
If no successor agent has accepted appointment as Administrative Agent by the date which is thirty (30) days following a retiring Administrative
Agent’s notice of resignation, the retiring Administrative Agent may engage a third-party to act as Administrative Agent, after
consulting with the SPV, the Master Servicer and the Investors. The Administrative Agent’s resignation shall become effective upon
the acceptance of such Person as administrative agent. Any fees payable to the successor administrative agent in excess of the Administrative
Fee then payable to the resigning Administrative Agent shall be paid by the Alternate Investors and reimbursed by the SPV as an Aggregate
Unpaid.

 

SECTION
10.10. Payments by the Administrative Agent. Unless specifically allocated to an Alternate Investor
or an Indemnified Party pursuant to the terms of this Agreement, all amounts received by the Administrative Agent on behalf of the Alternate
Investors shall be paid by the Administrative Agent to the Alternate Investors (at their respective accounts specified in their respective
Assignment and Assumption Agreements) pro rata in accordance with their respective outstanding funded portions of
the Net Investment on the Business Day received by the Administrative Agent, unless such amounts are received after 12:00 noon on such
Business Day, in which case the Administrative Agent shall use its reasonable efforts to pay such amounts to the Alternate Investors
on such Business Day, but, in any event, shall pay such amounts to the Alternate Investors not later than the following Business Day.

 

SECTION
10.11. Recovery of Erroneous Payments. Without limitation of any other provision in this Agreement,
if at any time the Administrative Agent makes a payment hereunder in error to any Funding Agent or any Investor (the “Credit
Party”), whether or not in respect of an Obligation due and owing by the SPV at such time, where such payment is a Rescindable
Amount, then in any such event, each Credit Party receiving a Rescindable Amount severally agrees to repay to the Administrative Agent
forthwith on demand the Rescindable Amount received by such Credit Party in immediately available funds in the currency so received,
with interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding the date of
payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation. Each Credit Party irrevocably waives any and all defenses, including any “discharge
for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of
a debt owed by another) or similar defense to its obligation to return any Rescindable Amount. The Administrative Agent shall inform
each Credit Party promptly upon determining that any payment made to such Credit Party comprised, in whole or in part, a Rescindable
Amount.

 

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ARTICLE
XI

MISCELLANEOUS

 

SECTION
11.1.  Term of Agreement. This
Agreement shall terminate on the Final Payout Date; provided, however, that (i) the rights and remedies of the Administrative
Agent, the Investors and the Funding Agents with respect to any representation and warranty made or deemed to be made by the SPV pursuant
to this Agreement, (ii) the indemnification and payment provisions of Article IX, (iii) the provisions of Section 10.7
and (iv) the agreements set forth in Sections 2.2(c), 11.11 and 11.12, shall be continuing and shall survive any
termination of this Agreement.

 

SECTION
11.2.  Waivers; Amendments.

 

(a)        
No failure or delay on the part of the Administrative Agent, any Funding Agent, any Conduit Investor or
any Alternate Investor in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any
single or partial exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other
power, right or remedy. The rights and remedies herein provided shall be cumulative and nonexclusive of any rights or remedies provided
by law.

 

(b)        
Any provision of this Agreement or any other Transaction Document may be amended or waived if, but only
if, such amendment or waiver is in writing and is signed by the SPV, Arrow, the applicable Originator, the Master Servicer and the Required
Funding Agents (and, if Article X or the rights or duties of the Administrative Agent are affected thereby, by the Administrative
Agent, and if the rights or duties of any Funding Agent are affected thereby solely in its role as a Funding Agent and not in its capacity
as an Investor, such Funding Agent) and if such amendment is material, the Rating Agencies have provided rating confirmation, to the
extent required by the terms and conditions of the commercial paper program of any Conduit Investor, of such Conduit Investor’s
Commercial Paper; provided that no such amendment or waiver shall, unless signed by each Alternate Investor directly affected
thereby, (i) increase the Commitment of an Alternate Investor, (ii) reduce the Net Investment or change the definition of “Yield”
(or any of its component definitions) or reduce any fees or other amounts payable hereunder, (iii) postpone any date fixed for the payment
of any scheduled distribution in respect of the Net Investment or Yield with respect thereto or any fees or other amounts payable hereunder
or for termination of any Commitment, (iv) change the percentage of the Commitments of Alternate Investors which shall be required for
the Alternate Investors or any of them to take any action under this Section 11.2(b) or any other provision of this Agreement,
(v) change the definition of “Required Reserves” (or any of its component definitions) or the definition of “Delinquency
Ratio”, (vi) release any material portion of the property with respect to which a security or ownership interest therein has been
granted hereunder to the Administrative Agent or the Alternate Investors, (vii) extend or permit the extension of the Commitment Termination
Date (it being understood that a waiver of a Termination Event shall not constitute an extension or increase in the Commitment of any
Alternate Investor), (viii) change the required percentage for voting requirements under this Agreement or any other Transaction
Document or (ix) amend or modify any defined term (or any defined term used directly or indirectly in such defined term) used in clauses
(i) through (viii) above in a manner which would circumvent the intention of the restrictions set forth in such clauses; and
provided, further, that the signature of the SPV or any Originator shall not be required for the effectiveness of any amendment
which modifies the representations, warranties, covenants or responsibilities of the Master Servicer at any time when the Master Servicer
is not Arrow or any Affiliate of Arrow or a successor Master Servicer designated by the Administrative Agent pursuant to Section 7.1.
Notwithstanding the foregoing provisions of this Section 11.2(b), in connection solely with an Additional Commitment Amendment
to this Agreement, the consent solely of the SPV, Arrow and the Administrative Agent (which consent shall not be unreasonably withheld
or delayed) shall be required and this Agreement shall be amended by such Additional Commitment Amendment if such amendment is in writing
and signed by each of the SPV, Arrow and the Administrative Agent and such Additional Commitment Amendment does not increase the Conduit
Funding Limit for any Conduit Investor or the Commitment of any Alternate Investor without such Conduit Investor’s and/or Alternate
Investor’s consent in its sole discretion.

 

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SECTION
11.3.  Notices; Payment Information. Except as provided below, all communications and notices
provided for hereunder shall be in writing (including facsimile or email or electronic transmission or similar writing) and shall be
given to the other party at its address or facsimile number set forth in Schedule 11.3 or at such other address or facsimile number
as such party may hereafter specify for the purposes of notice to such party. Each such notice or other communication shall be effective
(i) if given by facsimile, when such facsimile is transmitted to the facsimile number specified in this Section 11.3 and confirmation
is received, (ii) if given by mail, three (3) Business Days following such posting, if postage prepaid, and if sent via
U.S. certified or registered mail, (iii) if given by overnight courier, one (1) Business Day after deposit thereof with a national overnight
courier service, or (iv) if given by any other means, when received at the address specified in this Section 11.3, provided that
an Investment Request shall only be effective upon receipt by the Administrative Agent. However, anything in this Section 11.3
to the contrary notwithstanding, the SPV hereby authorizes the Administrative Agent, the Funding Agents and the Investors to make investments
in Permitted Investments and to make Investments based on telephonic notices made by any Person which the Conduit Investor in good faith
believes to be acting on behalf of the SPV. The SPV agrees to deliver promptly to the Administrative Agent, each Funding Agent and Conduit
Investor a written confirmation of each telephonic notice signed by an authorized officer of SPV. However, the absence of such confirmation
shall not affect the validity of such notice. If the written confirmation differs in any material respect from the action taken by the
Administrative Agent, the records of the Administrative Agent shall govern.

 

SECTION
11.4.  Governing Law; Submission to Jurisdiction; Appointment of Service Administrative Agent.

 

(a)        
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT
REFERENCE TO THE CONFLICTS OF LAW PRINCIPLES THEREOF OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE
PARTIES HERETO HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
AND OF ANY NEW YORK STATE COURT SITTING IN THE COUNTY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO
THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM. NOTHING IN THIS SECTION 11.4 SHALL AFFECT THE RIGHT OF THE INVESTORS TO BRING ANY ACTION OR PROCEEDING
AGAINST ANY OF THE SPV, ANY ORIGINATOR OR THE MASTER SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER JURISDICTIONS.

 

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(b)        
EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE,
WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, RELATING TO OR INCIDENTAL TO THE RELATIONSHIP
BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS.

 

(c)        
The SPV and the Master Servicer each hereby appoint, and Arrow shall cause each Originator to appoint, Arrow
located at 50 Marcus Drive, Melville, New York 11747, as the authorized agent upon whom process may be served in any action arising out
of or based upon this Agreement, the other Transaction Documents to which such Person is a party or the transactions contemplated hereby
or thereby that may be instituted in the United States District Court for the Southern District of New York and of any New York State
court sitting in The County of New York by any Investor, the Administrative Agent, any Funding Agent or any successor or assignee of
any of them.

 

SECTION
11.5.   Integration. This Agreement contains the final and complete integration of
all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire Agreement among
the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings.

 

SECTION
11.6.  Severability of Provisions. If any one or more of the provisions of this Agreement
shall for any reason whatsoever be held invalid, then such provisions shall be deemed severable from the remaining provisions of this
Agreement and shall in no way affect the validity or enforceability of such other provisions.

 

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SECTION
11.7. Counterparts; Facsimile Delivery; Electronic Signatures and Records. This Agreement may be
executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall
be deemed to be an original and all of which when taken together shall constitute one and the same Agreement. Delivery by facsimile of
an executed signature page of this Agreement shall be effective as delivery of an executed counterpart hereof. This Agreement and any
document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to
this Agreement (each a “Communication”), including Communications required to be in writing, may be in the form of an Electronic
Record and may be executed using Electronic Signatures. Each of the parties hereto agrees that any Electronic Signature on or associated
with any Communication shall be valid and binding on such party to the same extent as a manual, original signature, and that any Communication
entered into by Electronic Signature, will constitute its legal, valid and binding obligation enforceable against it in accordance with
the terms thereof to the same extent as if a manually executed original signature was delivered.Any Communication may be executed
in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts are one
and the same Communication.For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use
or acceptance by the Administrative Agent and each of the Investors of a manually signed paper Communication which has been converted
into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for
transmission, delivery and/or retention. Each of the Administrative Agent and each of the Investors may, at its option, create one or
more copies of any Communication in the form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed
created in the ordinary course of such Person’s business, and destroy the original paper document. All Communications in the form
of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal
effect, validity and enforceability as a paper record. Notwithstanding anything contained herein to the contrary, the Administrative
Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Administrative
Agent pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a) to the extent the Administrative
Agent has agreed to accept such Electronic Signature, the Administrative Agent and each of the Investors shall be entitled to rely on
any such Electronic Signature purportedly given by or on behalf of the SPV or Master Servicer without further verification and (b) upon
the request of the Administrative Agent or any Investor, any Electronic Signature shall be promptly followed by such manually executed
counterpart. For purposes hereof, “Electronic Record” and “Electronic Signature” shall have the
meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.

 

SECTION
11.8. Successors and Assigns; Binding Effect.

 

(a)        
This Agreement shall be binding on the parties hereto and their respective successors and assigns; provided,
however, that none of the SPV, the Master Servicer, any Originator (including Arrow) may assign any of its rights or delegate
any of its duties hereunder, or under the First Tier Agreement, or under any Originator Sale Agreement, as applicable or under any of
the other Transaction Documents to which it is a party without the prior written consent of each Funding Agent. Except as provided in
clause (b) below, no provision of this Agreement shall in any manner restrict the ability of any Investor to assign, participate,
grant security interests in, or otherwise transfer any portion of the Asset Interest, including without limitation, the right of any
Conduit Investor to assign its rights and obligations hereunder to its Related Alternate Investors without the consent of any other party
hereto.

 

(b)        
Any Alternate Investor may assign all or any portion of its Commitment and its interest in the Net Investment,
the Asset Interest and its other rights and obligations hereunder to any Person with notice to the Administrative Agent and the written
approval of the Related Funding Agent, on behalf of the Conduit Investors and, so long as no Termination Event has occurred and is continuing,
the SPV (which approval of the SPV shall not be unreasonably withheld). In connection with any such assignment, the assignor shall deliver
to the assignee(s) an Assignment and Assumption Agreement, duly executed, assigning to such assignee a pro rata interest
in such assignor’s Commitment and other obligations hereunder and in the Net Investment, the Asset Interest and other rights hereunder,
and such assignor shall promptly execute and deliver all further instruments and documents, and take all further action, that the assignee
may reasonably request, in order to protect, or more fully evidence the assignee’s right, title and interest in and to such interest
and to enable the Administrative Agent, on behalf of such assignee, to exercise or enforce any rights hereunder and under the other Transaction
Documents to which such assignor is or, immediately prior to such assignment, was a party. Upon any such assignment, (i) the assignee
shall have all of the rights and obligations of the assignor hereunder and under the other Transaction Documents to which such assignor
is or, immediately prior to such assignment, was a party with respect to such assignor’s Commitment and interest in the Net Investment
and the Asset Interest for all purposes of this Agreement and under the other Transaction Documents to which such assignor is or, immediately
prior to such assignment, was a party and (ii) the assignor shall have no further obligations with respect to the portion of its Commitment
which has been assigned and shall relinquish its rights with respect to the portion of its interest in the Net Investment and the Asset
Interest which has been assigned for all purposes of this Agreement and under the other Transaction Documents to which such assignor
is or, immediately prior to such assignment, was a party. No such assignment shall be effective unless a fully executed copy of the related
Assignment and Assumption Agreement shall be delivered to the Administrative Agent and the SPV. All costs and expenses (including reasonable
attorney fees) of the Administrative Agent, the assignor Alternate Investor and the assignee Alternate Investor incurred in connection
with any assignment hereunder shall be borne by the assignor.

 

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(c)        
By executing and delivering an Assignment and Assumption Agreement, the assignor and assignee thereunder
confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Assumption
Agreement, the assignor makes no representation or warranty and assumes no responsibility with respect to any statements, warranties
or representations made in or in connection with this Agreement, the other Transaction Documents or any other instrument or document
furnished pursuant hereto or thereto or the execution, legality, validity, enforceability, genuineness, sufficiency or value or this
Agreement, the other Transaction Documents or any such other instrument or document; (ii) the assignor makes no representation or warranty
and assumes no responsibility with respect to the financial condition of the SPV, Arrow, any Originator other than Arrow or the Master
Servicer or the performance or observance by the SPV, Arrow, any Originator other than Arrow or the Master Servicer of any of their respective
obligations under this Agreement, the First Tier Agreement, the other Transaction Documents or any other instrument or document furnished
pursuant hereto; (iii) such assignee confirms that it has received a copy of this Agreement, the First Tier Agreement, each other Transaction
Document and such other instruments, documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into such Assignment and Assumption Agreement and to purchase such interest; (iv) such assignee will, independently and without
reliance upon the Administrative Agent, or any of its Affiliates, or the assignor and based on such agreements, documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement
and the other Transaction Documents; (v) such assignee appoints and authorizes the Administrative Agent to take such action as agent
on its behalf and to exercise such powers as provided (and subject to all restrictions set forth) in this Agreement, the other Transaction
Documents and any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the
terms hereof or thereof, together with such powers as are reasonably incidental thereto and to enforce its respective rights and interests
in and under this Agreement, the other Transaction Documents and the Affected Assets; (vi) such assignee agrees that it will perform
in accordance with their terms all of the obligations which by the terms of this Agreement and the other Transaction Documents are required
to be performed by it as the assignee of the assignor; and (vii) such assignee agrees that it will not institute against the Conduit
Investor any proceeding of the type referred to in Section 11.11 prior to the date which is one year and one day after the payment
in full of all Commercial Paper issued by the Conduit Investor.

 

(d)        
Without limiting the foregoing, a Conduit Investor may, from time to time, with prior or concurrent notice
to SPV, the Master Servicer and the Administrative Agent, in one transaction or a series of transactions, assign all or a portion of
its Net Investment and its rights and obligations under this Agreement and any other Transaction Documents to which it is a party to
a Conduit Assignee. Upon and to the extent of such assignment by the Conduit Investor to a Conduit Assignee, (i) such Conduit Assignee
shall be the owner of the assigned portion of the applicable Net Investment, (ii) the related administrator for such Conduit Assignee
will act as the Funding Agent for such Conduit Assignee, with all corresponding rights and powers, express or implied, granted to the
Related Funding Agent hereunder or under the other Transaction Documents, (iii) such Conduit Assignee and its liquidity support provider(s)
and credit support provider(s) and other related parties shall have the benefit of all the rights and protections provided to such Conduit
Investor and its Program Support Provider(s) herein and in the other Transaction Documents (including any limitation on recourse against
such Conduit Assignee or related parties, any agreement not to file or join in the filing of a petition to commence an insolvency proceeding
against such Conduit Assignee, and the right to assign to another Conduit Assignee as provided in this paragraph), (iv) such Conduit
Assignee shall assume all (or the assigned or assumed portion) of such Conduit Investor’s obligations, if any, hereunder or any
other Transaction Document, and such Conduit Investor shall be released from such obligations, in each case to the extent of such assignment,
and the obligations of such Conduit Investor and such Conduit Assignee shall be several and not joint, (v) all distributions in respect
of the Net Investment shall be made to the applicable Funding Agent, on behalf of such Conduit Investor and such Conduit Assignee on
a pro rata basis according to their respective interests, (vi) [reserved], (vii) the defined terms and other terms
and provisions of this Agreement and the other Transaction Documents shall be interpreted in accordance with the foregoing, and (viii)
if requested by the Funding Agent with respect to the Conduit Assignee, the parties will execute and deliver such further agreements
and documents and take such other actions as the Funding Agent may reasonably request to evidence and give effect to the foregoing.No
assignment by such Conduit Investor to a Conduit Assignee of all or any portion of the Net Investment shall in any way diminish the Related
Alternate Investors’ obligation under Section 2.3 to fund any Investment not funded by such Conduit Investor or such Conduit
Assignee or to acquire from the Conduit Investor or such Conduit Assignee all or any portion of the Net Investment pursuant to Section
3.1.

 

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(e)        
In the event that a Conduit Investor makes an assignment to a Conduit Assignee in accordance with clause
(d) above, the Related Alternate Investors: (i) if requested by the applicable Funding Agent, shall terminate their participation
in the applicable Program Support Agreement to the extent of such assignment, (ii) if requested by the applicable Funding Agent, shall
execute (either directly or through a participation agreement, as determined by such Funding Agent) the program support agreement related
to such Conduit Assignee, to the extent of such assignment, the terms of which shall be substantially similar to those of the participation
or other agreement entered into by such Alternate Investor with respect to the applicable Program Support Agreement (or which shall be
otherwise reasonably satisfactory to such Funding Agent and the Alternate Investors), (iii) if requested by such Conduit Investor, shall
enter into such agreements as requested by such Conduit Investor pursuant to which they shall be obligated to provide funding to such
Conduit Assignee on substantially the same terms and conditions as is provided for in this Agreement in respect of such Conduit Investor
(or which agreements shall be otherwise reasonably satisfactory to such Conduit Investor and the Related Alternate Investors), and (iv)
shall take such actions as the Administrative Agent and the Funding Agent shall reasonably request in connection therewith.

 

(f)         
Each of the SPV, the Master Servicer and Arrow hereby agrees and consents to the assignment by a Conduit
Investor from time to time of all or any part of its rights under, interest in and title to this Agreement and the Asset Interest to
any Program Support Provider.

 

(g)        
Notwithstanding any other provision of this Agreement to the contrary, any Investor may at any time pledge
or grant a security interest in all or any portion of its rights (including, without limitation, any portion of Investment and any rights
to payment of Yield and Fees) under this Agreement to secure obligations of such Investor to a Federal Reserve Bank, without notice to
or consent of the SPV or the Administrative Agent; provided, that no such pledge or grant of a security interest shall release
an Investor from any of its obligations hereunder, or substitute any such pledgee or grantee for such Investor as a party hereto.

 

(h)        
For the avoidance of doubt and notwithstanding any other provision of this Agreement to the contrary, each
Conduit Investor may at any time pledge, grant a security interest in or otherwise transfer all or any portion of its interest in the
Affected Assets or under this Agreement to a Collateral Trustee, in each case without notice to or consent of the SPV or the Servicer,
but such pledge, grant or transfer shall not relieve any such Conduit Investor from its obligations hereunder.

 

SECTION
11.9. Waiver of Confidentiality. Each of the SPV, the Master Servicer and Arrow hereby consents to
the disclosure, solely for the purposes related to the Transaction Documents and the transactions contemplated thereby, of any non-public
information with respect to it received by the Administrative Agent, any Funding Agent, or any Investor to any other Investor or potential
Investor, the Administrative Agent, any nationally recognized statistical rating organization rating a Conduit Investor’s Commercial
Paper, any dealer or placement agent of or depositary for such Conduit Investor’s Commercial Paper, its administrator, any Collateral
Trustee, any Program Support Provider or any of such Person’s counsel or accountants in relation to this Agreement or any other
Transaction Document.

 

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SECTION
11.10. Confidentiality Agreement. Each of the SPV, the Master Servicer and Arrow (collectively, the
 “Arrow Parties”) on the one hand, and each of the Administrative Agent, each Investor and each Funding Agent (collectively,
the “Investor Parties”), on the other hand, hereby agrees that it will not disclose the contents of this Agreement
or any other Transaction Document or any other proprietary or confidential information of or with respect to any Arrow Party (in the
case of the Investor Parties) or with respect to any Investor, the Funding Agent, the Administrative Agent or any Program Support Provider
(in the case of the Arrow Parties) to any other Person except (a) its auditors and attorneys, employees or financial advisors (other
than any commercial bank) and any nationally recognized statistical rating organization, provided such auditors, attorneys, employees,
financial advisors or rating agencies are informed of the highly confidential nature of such information, (b) to any commercial paper
conduits and their related funding agents and alternate investors in connection with an Additional Commitment Amendment, (c) as otherwise
required by applicable law or order of a court of competent jurisdiction or (d) by each Investor (or any administrative agent on its
behalf), to a nationally recognized statistical rating organization in compliance with Rule 17g-5 under the Securities Exchange Act of
1934 (or to any other rating agency in compliance with any similar rule or regulation in any relevant jurisdiction).

 

SECTION
11.11. No Bankruptcy Petition Against the Conduit Investors. Each of the SPV, the Master Servicer
and Arrow hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of all outstanding
Commercial Paper or other rated indebtedness of the Conduit Investors, it will not institute against, or join any other Person in instituting
against, any Conduit Investor any proceeding of a type referred to in the definition of Event of Bankruptcy.

 

SECTION
11.12. No Recourse Against Conduit Investors, Stockholders, Officers or Directors. Notwithstanding
anything to the contrary contained in this Agreement, the obligations of the Conduit Investors under this Agreement and all other Transaction
Documents are solely the corporate obligations of the Conduit Investors and shall be payable solely to the extent of funds received from
the SPV in accordance herewith or from any party to any Transaction Document in accordance with the terms thereof in excess of funds
necessary to pay matured and maturing Commercial Paper, and to the extent funds are not available to pay such obligations, the claims
relating thereto shall not constitute a claim against the Conduit Investors but shall continue to accrue. Each party hereto agrees that
the payment of any claim (as defined in Section 101 of Title 11 of the Bankruptcy Code) of any such party shall be subordinated to the
payment in full of all Commercial Paper. No recourse under any obligation, covenant or agreement of the Conduit Investors contained in
this Agreement shall be had against any stockholder, employee, officer, director, manager, administrator, agent or incorporator of the
Conduit Investors or beneficial owner of any of them, as such, by the enforcement of any assessment or by any legal or equitable proceeding,
by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is solely a corporate obligation
of the Conduit Investors, and that no personal liability whatsoever shall attach to or be incurred by any stockholder, employee, officer,
director, manager, administrator, agent or incorporator of the Conduit Investors or beneficial owner of any of them, as such, or any
of them, under or by reason of any of the obligations, covenants or agreements of the Conduit Investors contained in this Agreement,
or implied therefrom, and that any and all personal liability for breaches by the Conduit Investors of any of such obligations, covenants
or agreements, either at common law or at equity, or by statute or constitution, of every such stockholder, employee, officer, director,
manager, administrator, agent or incorporator of the Conduit Investors or beneficial owner of any of them is hereby expressly waived
as a condition of and consideration for the execution of this Agreement; provided, however, that this Section 11.12
shall not relieve any such stockholder, employee, officer, director, manager, agent or incorporator of the Conduit Investor or beneficial
owner of any of them of any liability it might otherwise have for its own intentional misrepresentation or willful misconduct. Bankers
Trust Company shall have no obligation, in its capacity as program administrator for Victory Receivables Corporation or otherwise, to
take any actions under the Transaction Documents if Bankers Trust Company is relieved of its obligations as program administrator for
Victory Receivables Corporation.

 

    82

     

    

 

SECTION
11.13. U.S. Patriot Act. Each Investor that is subject to the Act (as hereinafter defined) and the
Administrative Agent (for itself and not on behalf of any Investor) hereby notifies the SPV that pursuant to the requirements of the
USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain,
verify and record information that identifies the SPV, which information includes the name and address of the SPV and other information
that will allow such Investor or the Administrative Agent, as applicable, to identify the SPV in accordance with the Act. The SPV shall,
promptly following a request by the Administrative Agent or any Investor, provide all documentation and other information that the Administrative
Agent or such Investor requests in order to comply with its ongoing obligations under applicable “know your customer” and
anti-money laundering rules and regulations, including the Act.

 

SECTION
11.14 Acknowledgment and Consent to Bail-in of EEA Financial Institutions. Notwithstanding anything
to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by:

 

		(a)	the
                                            application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any
                                            such liabilities arising hereunder which may be payable to it by any party hereto that is
                                            an EEA Financial Institution; and

 

		(b)	the
                                            effects of any Bail-in Action on any such liability, including, if applicable:

 

		(i)	a
                                            reduction in full or in part or cancellation of any such liability;

 

		(ii)	a
                                            conversion of all, or a portion of, such liability into shares or other instruments of ownership
                                            in such EEA Financial Institution, its parent undertaking, or a bridge institution that may
                                            be issued to it or otherwise conferred on it, and that such shares or other instruments of
                                            ownership will be accepted by it in lieu of any rights with respect to any such liability
                                            under this Agreement or any other Loan Document; or

 

		(iii)	the
                                            variation of the terms of such liability in connection with the exercise of the write-down
                                            and conversion powers of any EEA Resolution Authority.

 

    83

     

    

 

SECTION
11.15 Acknowledgement Regarding Any Supported QFCs. To the extent that the Transaction Documents provide support, through a guarantee
or otherwise, for any swap contract or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”,
and each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”)
in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Transaction Documents
and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other
state of the United States):

 

(a)        In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest
and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or
such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S.
Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property)
were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of
a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Transaction Documents
that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported
QFC and the Transaction Documents were governed by the laws of the United States or a state of the United States. Without limitation
of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a defaulting Purchaser or Agent
shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

(b)        As used in this Section 11.15, the following terms have the following meanings: “BHC Act Affiliate” of a party
means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

 

“Covered
Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 § 382.2(b).

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81,
47.2 or 382.1, as applicable. “QFC” has the meaning assigned to the term “qualified financial contract”
in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

[Signatures
Follow]

 

    84

     

    

 

In Witness
Whereof, the parties hereto have executed and delivered this Agreement as of the date first written above.

 

	 	Arrow
    Electronics Funding Corporation, as SPV
	 	 
	 	By:	 
	 	 	Name:	         
	 	 	Title:	 
	 	 
	 	Arrow
    Electronics, Inc., individually
    and as Master
    Servicer
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Signature
Page to 

Transfer and Administration Agreement

 

    

     

    

 

	 	Bank
    of America, National Association, as a Funding
    Agent, as Administrative
    Agent, and as an Alternate
    Investor
	 	 
	 	By:	 
	 	 	Name:	        
	 	 	Title:	 

 

Signature
Page to 

Transfer and Administration Agreement

 

    

     

    

 

	 	Wells
    Fargo Bank, N.A., as a Funding
    Agent
    and as an Alternate
    Investor
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	 	Title:	 

 

Signature
Page to

Transfer
and Administration Agreement

 

    

     

    

 

SCHEDULE
A1

 

	 

     

    Conduit
    

Investor
	 

    Conduit
    

Funding 

Limit
	 

    Related
    

Alternate 

Investor(s)
	 

    Related
    

Funding 

Agent
	 

    Alternate
    

Investor(s) 

Commitment
	Allocable
    

Portion of 

Maximum Net 

Investment
	None
	None
	Bank
    of America, National Association	Bank
    of America, National Association	$300,000,000

    $370,000,00
    0
	$300,000,000

    $370,000,000

	None
	None
	Mizuho
    Bank, Ltd.	Mizuho
    Bank, Ltd.	$300,000,000

    $370,000,00
    0
	$300,000,000

                                                                                $370,000,000

	 

    None
	None
	PNC
    Bank, National Association	PNC
    Bank, National Association	$250,000,000

    $300,000,00
    0
	$250,000,000

                                                                                $300,000,000

	None
	None
	Wells
    Fargo Bank, N.A.	Wells
    Fargo Bank, N.A.	$200,000,000

    $240,000,00
    0
	$200,000,000

                                                                                $240,000,000

	None
	None
	Truist
Bank
	Truist
Bank
	$100,000,000

    $120,000,00
    0
	$100,000,000

                                                                                $120,000,000

	

    None
	

    None
	Sumitomo
    Mitsui Banking Corporation	SMBC
Nikko Securities America, Inc.
	$100,000,000
	$100,000,000

 

 

1
As may be adjusted from time to time by the Administrative Agent, with the consent of the relevant Investors, as required,
to reflect non-renewing Investors, assignments, increases or reductions of the Commitments and similar changes.

 

    Schedule A-1

     

    

 

SCHEDULE
B

 

 

[INTENTIONALLY
OMITTED]

 

    Schedule B-1

     

    

 

SCHEDULE
C

  

EXCLUDED
RECEIVABLES

 

[*****]

 

    Schedule C-1

     

    

 

SCHEDULE
I

 

Section
2.4 of the Agreement shall be read in its entirety as follows:

 

SECTION
2.4 Determination of Yield and Interest Periods

 

(a)
        
(c) Yield.
The Net Investment shall accrue Yield at the Rate Types specified and determined in accordance with this Section 2.4.

 

(b)
        (d) Notwithstanding
anything to the contrary in this Agreement or any other Transaction Documents, if the Administrative Agent determines (which determination
shall be conclusive absent manifest error), or the SPV or Required Funding Agents notify the Administrative Agent (with, in the case
of the Required Funding Agents, a copy to the SPV) that the SPV or Required Funding Agents (as applicable) have determined, that:

 

(i)                
adequate and reasonable means do not exist for ascertaining the
Offshore Base Rate for any Interest Period hereunder or any other tenors of the Offshore Base RateTerm
SOFR, including,
without limitation, because
the OffshoreTerm
SOFR Screen Rate is not available
or published on a current basis and such circumstances are unlikely to be temporary; or

 

(ii)              
theCME
or any successor administrator
of the OffshoreTerm
SOFR Screen Rate or an Official Body
having jurisdiction over the Administrative Agent or such administrator with
respect to its publication of Term SOFR, in each case, acting in such capacity, has
made a public statement identifying a specific date after which the
Offshore Base RateTerm
SOFR or the OffshoreTerm
SOFR Screen Rate shall or
will no longer be made available,
or permitted
to be used for determining the interest
rate of loansU.S.
dollar denominated syndicated loans, or shall or will otherwise cease,
provided that, at the time of such statement, there is no successor administrator that is satisfactory to the Administrative Agent, that
will continue to provide the Offshore
Base RateTerm
SOFR after such specific date (such
specificthe
latest date on
which Term SOFR or the Term SOFR Screen Rate are no longer available, permanently or indefinitely,
the “Scheduled Unavailability Date”); or

 

(iii)           
the administrator of the Offshore Screen Rate or an Official Body having jurisdiction over such administrator has made a public
statement announcing that all Interest Periods and other tenors of the Offshore Base Rate are no longer representative; or

 

(iv)            
syndicated loans currently being executed, or that include language similar to that contained in this
Section 2.4, are being executed or amended (as applicable) to incorporate or adopt a new benchmark
interest rate to replace the Offshore Base Rate;

 

then,
in the case of clauses (i)-(iii)
above, on a date and time determined
by the Administrative Agent (any such date, the “Offshore
Base RateTerm
SOFR Replacement Date”), which
date shall be at the end of an Interest Period or on the relevant interest payment date, as applicable, for interest calculated
and shall occur reasonably promptly upon
the occurrence of any of the events or circumstances under clauses (i), (ii) or (iii) above and,
solely with respect to clause (ii) above, no later than the Scheduled Unavailability Date, the
Offshore Base RateTerm
SOFR will be replaced hereunder and
under any Transaction Document with,
subject to the proviso below, the first available alternative set forth in the order below Daily
Simple SOFR for any payment period
for interest calculated that can be determined by the Administrative Agent, in each case, without any amendment to, or further action
or consent of any other party to, this Agreement or any other Transaction Document (Daily
Simple SOFR, or a successor rate as determined in accordance with Section 2.4(c), as applicable, the
 “Successor Offshore
Base Rate”;
and any such rate before giving effect to the Related Adjustment, the “Pre-Adjustment Successor Rate”):).
If the Successor Rate is Daily Simple SOFR, all interest payments will be payable on a monthly basis.

 

    Schedule I-1

     

    

 

		(x)	Term
                                            SOFR plus the Related Adjustment; and

 

(y)              
SOFR plus the Related Adjustment; and in the case of clause (iv) above

 

(c)
        
 Notwithstanding
anything to the contrary herein, (i) if the Administrative Agent determines that Daily
Simple SOFR is not available on or prior to the Term SOFR Replacement
Date, or (ii) if the events or circumstances of the type described in Section 2.4(b)(i) or (ii) above have occurred with respect to the
Successor Rate then in effect, then, in each case,
the SPV and Administrative
Agent and
the SPV may amend this Agreement
solely for the purpose of replacing the
Offshore Base Rate under this Agreement and under any other Transaction DocumentTerm
SOFR or any then current Successor Rate in
accordance with this
Section 2.4 at the definitionend
of any
Interest
Period, relevant interest payment date or payment period for interest calculated, as
applicable, with an alternative benchmark
rate giving due consideration to any evolving or then-existing
convention for similar U.S. dollar denominated credit
facilities syndicated and agented in the United States for such alternative benchmark, and, in each case, including any
mathematical
or other adjustments to such benchmark
giving due consideration to any evolving or then existing convention for similar U.S.
dollar denominated credit
facilities syndicated and agented in the United States for such benchmark, which adjustment or
method for calculating such adjustment shall be published on an
information service as selected by the Administrative Agent from time to time in its reasonable
discretion and may be periodically updated. For
the
avoidance of doubt, any such proposed rate and adjustments,
shall constitute a “Successor
Offshore Base Rate”
and.
Any such amendment willshall
become effective at 5:00 p.m.,
(New
York time) on the fifth Business
Day after the Administrative Agent shall have notifiedposted
such proposed amendment
to all Investors and the SPV of
the occurrence of the circumstances described in clause (iv) above unless,
prior to such time, Funding
Agents comprising the Required Funding
Agents have delivered to the Administrative Agent written notice that such Required Funding Agents object to the
implementation of a Successor Offshore Base Rate pursuant to such clause;

 

    Schedule I-2

     

    

 

provided
that, if
the Administrative Agent determines that Term
SOFR has become available, is administratively
feasible for the Administrative Agent and would have been identified as the Pre-Adjustment Successor Rate in accordance with
the foregoing if it had been so available at the time that the Successor Offshore Base Rate then in effect was so identified,
and the Administrative Agent
notifies the SPV and each
Investor of such availability, then from and after the beginning of the Interest
Period, relevant interest payment date or payment period for interest calculated, in
each case, commencing no less than thirty (30) days after the date of such notice, the
Pre-Adjustment Successor Rate shall be Term SOFR and the Successor Offshore Base Rate
shall be Term SOFR plus the relevant Related Adjustmentsuch
amendment. The Administrative Agent
will promptly (in one or more notices) notify the SPV,
the Funding Agents and each Investor
of (x) any occurrence of any of
the events, periods or circumstances under clauses (i) through (iii) above, (y) an Offshore Base Rate Replacement Date and (z) thethe
implementation of any Successor Offshore
Base Rate.

 

Any
Successor Offshore Base
Rate shall be applied in a manner consistent
with market practice; provided that to the extent such market practice is not administratively feasible for the Administrative Agent,
such Successor Offshore Base
Rate shall be applied in a manner as otherwise
reasonably determined by the Administrative Agent.

 

Notwithstanding
anything else herein, if at any time any Successor Offshore
Base Rate as so determined would
otherwise be less than zero, the Successor Offshore
Base Rate will be deemed to
be zero for the purposes of this Agreement and the other Transaction Documents.

 

In
connection with the implementation of a Successor Offshore
Base Rate, the Administrative
Agent will have the right to make Successor
Offshore Base Rate Conforming
Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing
such Successor Offshore Base Rate
Conforming Changes will become
effective without any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment
effected, the Administrative Agent shall post each such amendment implementing such Successor
Offshore Base Rate Conforming
Changes to the SPV and the Investors reasonably promptly after such amendment becomes effective.

 

If
the events or circumstances of the type described in Section 2.4(d)(i)-(iii)
have occurred with respect to the Successor Offshore Base Rate then in effect, then the successor rate thereto shall
be determined in accordance with the definition of “Successor Offshore Base Rate.”

 

    Schedule I-3

     

    

 

(e)        
 Notwithstanding anything
to the contrary herein, (i) after
any such determination by the Administrative Agent or receipt by the Administrative Agent of any such notice described under Section
2.4(d)(i)-(iii), as applicable, if the Administrative Agent determines that none of the Successor Offshore Base
Rates is available on or prior to the Offshore Base Rate Replacement Date, (ii) if the events or circumstances described in Section 2.4(d)(iv)
have occurred but none of the Successor Offshore Base Rates is available, or (iii) if the events or circumstances of the type described
in Section 2.4(d)(i)-(iii) have occurred with respect to the Successor Offshore Base Rate then in effect
and the Administrative Agent determines that none of the Successor Offshore Base Rates is available, then in each case, the Administrative
Agent and the SPV may amend this Agreement solely for the purpose of replacing the Offshore Base Rate or any then current Successor Offshore
Base Rate at the end of any Interest Period, relevant interest payment date or payment period for interest calculated, as applicable,
in accordance with this Section 2.4 with another alternate benchmark
rate giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated
syndicated credit facilities for such alternative
benchmarks and, in each case, including any Related Adjustments and any other mathematical
or other adjustments to such
benchmark giving due consideration to any evolving or then existing convention for similar U.S.
dollar denominated syndicated credit facilities for such benchmarks, which adjustment
or method for calculating such adjustment shall be published on an information service as
selected by the Administrative Agent from time to time in its reasonable discretion and may be periodically updated.
For the avoidance of doubt, any such proposed rate and adjustments
shall constitute a Successor Offshore Base Rate. Any such amendment shall become effective at 5:00 p.m. on the
fifth Business Day after the Administrative Agent shall have posted such proposed amendment to
all Investors and the SPV unless, prior to such time, Required Funding
Agents have delivered to the Administrative Agent written notice that such Required Funding Agents object to such amendment.

 

(f)         
If, at the end of any Interest Period, relevant interest payment date or payment period for interest calculated, no Successor Offshore
Base Rate has been determined
in accordance with clauses
(d) or (e) of this Section
2.4 and the circumstances
under clauses (d)(i) or
(d)(iii) above exist or
the Scheduled Unavailability Date has occurred (as
applicable), the Administrative Agent will promptly so notify the SPV and each Investor. Thereafter, the obligation of the Investors
to make or maintain Investments that accrue Yield at the Offshore Rate shall be suspended, (to the extent of the affected Investment,
Interest Periods, interest payment dates or payment periods) until the Successor Offshore Base Rate has been determined in accordance
with clauses (d) or (e) of this Section
2.4. Upon receipt
of such notice, the SPV
may revoke any pending request for an Investment of, conversion to or
continuation of an Investment that accrues Yield at the Offshore Rate (to the extent of the affected Investment, Interest Periods,
interest payment dates or payment periods) or, failing that, will be deemed to have converted such request into a request for an Investment
that accrues Yield at the Base Rate.

 

		(d)	Inability
                                            to Determine Term SOFR; Change in Legality.

 

If
any Funding Agent shall have determined (which determination shall be conclusive and binding upon the parties hereto absent manifest
error) before the first day of any Interest Period that: (a) no Successor
Rate has been
determined in accordance with this
Section 2.4, and
the circumstances under clause
(i) of Section 2.4(d) or
the Scheduled Unavailability Date has occurred;
(b) adequate and reasonable means do not
exist or determining Term SOFR for such Interest Period; (c) Term SOFR does not adequately
and
fairly reflect the cost to the
Investors (as conclusively determined by such Funding
Agent) or maintaining any portion of its Investment during such Interest Period or (d) dollar deposits in the relevant amounts and for
the relevant Interest Period are not available, then the applicable Funding Agent shall promptly give telephonic notice of such determination,
confirmed in writing, to the SPV and the Administrative Agent before the first day of any Interest Period. Upon delivery of such notice:
(a) no portion of Investments shall be funded thereafter at Term SOFR unless and until such Funding Agents shall have given notice to
the SPV and the Administrative Agent that the circumstances giving rise to such determination no longer exist and (b) with respect to
any outstanding portion of Investments then funded at Term SOFR, the Yield Rate with respect to such portion of Investment shall automatically
be converted to the Base Rate on the last day of the then-current Interest Period.

 

    Schedule I-4

     

    

 

(i)                
If, on
or before the first day of any Interest Period, any Funding Agent
shall have been notified by an Investor that such Investor has determined (which determination shall be final and conclusive absent manifest
error) that any change in Law pursuant to Section 9.2, or compliance by such Investor with any change in Law pursuant to Section 9.2,
shall make it unlawful or impossible for such Investor to fund or maintain any portion of its Investment at or by reference to Term SOFR,
such Funding Agent shall notify the SPV and the Administrative Agent thereof.
Upon receipt of such notice, until
the applicable Funding Agent
notifies the SPV and the
Administrative Agent that the circumstances
giving rise to such determination no longer apply, (a) no portion of Investment shall be funded thereafter at Term SOFR unless and until
such Investor shall have given notice to the Administrative Agent and the SPV that the circumstances giving rise to such determination
no longer exist and (b) with respect to any outstanding portion of Investment then funded at Term SOFR, the Yield Rate with respect to
such portion of Investment shall automatically be converted to the Base Rate on the last day of the then-current
Interest Period.

 

(e)
        
 (g) Rate
Definitions. As used in this Section 2.4, the following terms shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined).

 

“Base
RateApplicable
Margin” means [*****]%
per annum.

 

“Base
Rate” means, for any day,
a rate per annum equal to the higher of (a) the Federal Funds Rate for such day, plus [*****] and (b) the rate of interest in
effect for such day as publicly announced from time to time by the Administrative Agent as its “prime rate”. The “prime
rate” is a rate set by the Administrative Agent based upon various factors including the Administrative Agent’s costs and
desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be
priced at, above, or below such announced rate. Any change in the prime rate announced by the Administrative Agent shall take effect
at the opening of business on the day specified in the public announcement of such change.

 

“Eurodollar
Reserve Percentage” means, for any day during any Interest Period, the reserve percentage (expressed as a
decimal, rounded upward to the next 1/100th of 1%) in effect on such day, whether or not applicable to any Investor, under regulations
issued from time to time by the Board of Governors of the Federal Reserve System for determining the maximum reserve requirement (including
any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “eurocurrency
liabilities”). The Offshore Rate shall be adjusted automatically as of the effective date of any change in the Eurodollar Reserve
Percentage.

 

    Schedule I-5

     

    

 

“Federal
Funds Rate” means, for any day, the rate per annum (rounded
upwards, if necessary, to the nearest 1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by
the Federal Reserve Bank of New York on
the Business Day next succeeding such day; provided
that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions
on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such
next succeeding Business Day, the Federal Funds Rate for such day shall be the weighted average rate charged to the Administrative Agent
on such day on federal fund transactions.

 

“Fluctuation
Factor” means 1.5.

 

“Interest
Period” means, each calendar month;
provided that the initial Interest Period
hereunder is the period from (and including) the Amendment No. 30 Effective Date hereunder to and including the last day of the
calendar month thereafter.

 

“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association,
Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate
derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“Offshore
Base Rate Replacement Date” has the meaning specified in Section 2.4(d).

 

“Offshore
Business Day” means any day other than a Saturday, Sunday or other day on which banks are required or authorized
to close in London or New York City and on which dealings in Dollars are carried on in the London interbank market.

 

“Offshore
Discontinuation Event” means the determination of a Successor Offshore Base Rate in accordance with Section
2.4(d) or Section 2.4(e).

 

“Offshore
Disruption Event” means the occurrence of any of the following events on any day: (a) any Investor reasonably
determines that it would be contrary to law or to the directive of any central bank or applicable regulation to fund at the Offshore
Rate in respect of its interest in the Investments on such day, (b) a determination by any Investor, in its reasonable judgment, that
the rate at which deposits of Dollars are being offered to such Investor in the London interbank market does not accurately
and fairly reflect the cost to
such Investor of funding its interest in the Investments
for such Interest Period, or (c) the inability of any Investor, by reason of circumstances affecting the London interbank market generally,
to obtain Dollars in such market to fund its interest in Investments for such day; provided, however, that if any of the
foregoing events affects one or more, but not all, of the Investors holding an interest in Investments, then an Offshore Disruption Event
shall exist only with respect to the affected Investors;
provided, further
that neither an Offshore Discontinuation Event nor an Offshore Suspension Event shall not constitute an Offshore Disruption Event.

 

    Schedule I-6

     

    

 

“Offshore
Rate” means for any day during an Interest Period, a rate per annum determined by the Administrative Agent pursuant
to the following formula:

 

Offshore
Rate =Offshore Base Rate

 

                                     1.00
- Eurodollar Reserve Percentage

 

Where,

 

“Offshore
Base Rate” means, for any day during any Interest Period, the rate per annum (rounded upward to the nearest
1/100th of 1%) determined by the Administrative Agent on such day equal to the offered rate that appears as of approximately
11:00 a.m. (London time) on such day (or if such day is not an Offshore Business Day, on the nearest preceding Offshore Business Day)
on the page of the Bloomberg Screen that displays an average ICE Benchmark Administration Interest Settlement Rate for deposits in U.S.
Dollars with a one-month maturity beginning and for delivery on such Offshore Business Day (“Offshore Screen
Rate”);

 

provided,
that in the event the rate determined under the definition of “Offshore Base Rate” shall be less than zero,
such rate shall be deemed to be zero for purposes of this Agreement.

 

“Offshore
Suspension Event” means a determination by the Administrative Agent that either (i) no Successor Offshore
Base Rate has been determined in accordance with Section 2.4(d) or Section 2.4(e) and the circumstances described under those sections
exist or (ii) the Scheduled Unavailability Date has occurred.

 

“Pre-Adjustment
Successor Rate”
has the meaning specified in Section 2.4(d)

 

 “Rate
Type” means the Offshore Rate or the Base Rate.

 

“Related
Adjustment” means, in determining any Successor Offshore Base Rate, the first relevant available
alternative set forth in the order below that can be determined by the Administrative Agent applicable to such Successor Offshore Base
Rate:

 

(A)            
the spread adjustment, or
method for calculating or
determining such spread adjustment,
that has been selected or recommended by the Relevant Governmental Body for the relevant Pre-Adjustment Successor Rate (taking into account
the interest period, interest payment date or payment period for interest calculated and/or tenor thereto) and which adjustment or method
(x) is published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion or
(y) solely with respect to Term SOFR, if not currently published, which was previously so recommended for Term SOFR and published on
an information service acceptable to the Administrative Agent; or

 

(B)             
the spread adjustment that would apply (or has previously been applied) to the fallback rate for a derivative transaction
referencing the ISDA Definitions (taking into account the interest period, interest payment date or payment period for interest calculated
and/or tenor thereto).

 

    Schedule I-7

     

    

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New
York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of
New York, or any successor thereto.

 

“Scheduled
Unavailability Date” has the meaning specified in Section 2.4(d)(ii).
 “SOFR” with
respect to any Business Day means the secured overnight financing rate published for
such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on
the Federal Reserve Bank of New York’s website (or any successor source) at approximately 8:00 a.m.
(New York City time) on the immediately succeeding Business Day and, in each case, that
has been selected or recommended by the Relevant Governmental Body.

 

“Successor
Offshore Base Rate” has the meaning specified in Section 2.4(d). 

 

“Successor
Offshore Base Rate

 

“CME”
means CME Group Benchmark Administration Limited.

 

“Conforming
Changes” means, with respect to any proposed Successor Offshore
Base Rate, any conforming changes
to the definition of Base
Rate, Interest Period, timing and
frequency of determining rates and making payments of interest and other technical, administrative,
or operationaladministrative
matters (including,
for the avoidance of
doubt, the definition of
Business Day, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods)
as may be appropriate, in the discretion of
the Administrative Agent, to reflect the adoption and implementation of such Successor Offshore
Base Rate and to permit the
administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative
Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for
the administration of such Successor Offshore
Base Rate exists, in such other
manner of administration as the Administrative Agent determines is reasonably necessary in connection with the administration of this
Agreement and any other Transaction Document).

 

“Daily
Simple SOFR” with respect to any applicable determination date means the SOFR rate published
on such date on
the Federal Reserve Bank of New York’s website (or any successor source),
plus the Applicable Margin; provided that if Daily Simple SOFR determined in
accordance with this Agreement would otherwise be less than zero (0), Daily Simple SOFR shall
be deemed zero (0) for all purposes of the Transaction Documents.

 

“Federal
Funds Rate” means, for any day, the rate per annum calculated
by the Federal Reserve
Bank of New York based on such day’s federal funds transactions by depository institutions (as determined in such manner as the
Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business
Day by
the Federal Reserve Bank of New York as
the federal funds effective rate; provided that if
the Federal Funds Rate as so determined would be less than zero, such rate shall be deemed to be
zero for purposes of this Agreement.

 

“Interest
Period” means, each calendar month.

 

“Rate
Type” means Term SOFR or the Base Rate.

 

“Scheduled
Unavailability Date” has the meaning specified in Section 2.4(d)(ii).

 

    Schedule I-8

     

    

 

“SOFR”
means
the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York (or a successor administrator).

 

“Term
SOFR” means, on any U.S. Government Securities Business Day, the rate per annum equal to the Term SOFR Screen Rate with a term
equivalent to an Interest Period; provided that if the rate is not published prior to 11:00 a.m. on such determination date then “Term
SOFR” means the Term SOFR Screen Rate on the first U.S. Government Securities Business
Day immediately prior thereto, in each case, plus the Applicable Margin; provided that if Term SOFR determined in accordance with
this provision would otherwise be less than zero, Term SOFR shall be deemed zero (0) for all
purposes of the Transaction Documents.

 

“Term
SOFR Replacement
Date” has the meaning specified
in Section 2.4(d).

 

“Term
SOFR Screen Rate” means the
forward-looking SOFR
term rate for
any period that is approximately (as determined byadministered
by CME (or any successor administrator satisfactory to the
Administrative Agent) as long as
any of the Interest Period options set forth in the definition of “Interest Period” and that is based on SOFR and that has
been selected or recommended by the Relevant Governmental Body, in each case as published on an information service as selectedand
published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated
by the Administrative Agent from
time to time in its reasonable discretion).

 

“U.S.
Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in United States government securities.

 

“Yield”
means, for each day,

 

	 	 	                    1
	 	 	 
	 

     

    where:

     
	 	YR
    x I x    360
	       YR	=	the
    Yield Rate for the Investment for such day,
	 	 	 
	    I	=	the
    Investment for such day

 

;
provided that no provision of the Agreement shall require the payment or permit the collection of Yield in excess of the maximum
permitted by applicable law.

 

“Yield
Rate” means, for any day during any Interest Period for the Investment, an interest rate per annum equal to the
Offshore RateTerm
SOFR for such day;
provided, that in the event that an Offshore Disruption Event shall be continuing with respect to any Investor, the Yield Rate
for such day for such Investor shall be the Base Rate in effect on such day.
The “Yield Rate” for any date on or after the declaration or automatic occurrence of the Termination Date pursuant
to Section 8.2 or clause (e) of the definition of “Termination Date” shall be an interest rate equal to [*****]% per
annum above the Base Rate in effect on such day.

 

    Schedule I-9

     

    

 

SCHEDULE
II

 

Calculation
of Required Reserves

 

“Calculation
Period” means each fiscal month of Arrow.

 

“CDW
Corporation Receivables”
means the Receivables generated by CDW
Corporation pursuant
to the contract between CDW
Corporation and Arrow Enterprise Computing Solutions, Inc.

 

“Concentration
Percentage” for any Obligor of any Receivable at any time means, the percentage set forth in the right-hand column below opposite
the applicable short term ratings of such Obligor (or the parent company of such Obligor, if such Obligor’s obligations under the
Receivables are guaranteed by the parent company), it being understood that (i) in the event of a split rating, the lower of the two
ratings shall control, (ii) in the event that any Obligor does not have (and the parent company guarantying such Obligor’s obligations,
if applicable, does not have) short term ratings from each of S&P and Moody’s, the long term ratings of such Obligor (or the
parent company of such Obligor, if such Obligor’s obligations under the Receivables are guaranteed by the parent company) shall
be used and (iii) in the event that only one of the two rating agencies has published a rating (whether short term or long term) for
such Obligor (or the parent company of such Obligor, if such Obligor’s obligations under the Receivables are guaranteed by the
parent company), such rating shall control;
provided, that for CDW Corporation
(a) in the event of a split rating, the higher of the two ratings shall control and (b) notwithstanding the table below, so long as no
Investor has delivered with thirty (30) days prior written notice to the Seller of its objection thereto, the Concentration Percentage
for CDW Corporation Receivables shall be 10.00%:

 

	Group
  	Short
  Term Ratings 

  S&P and Moody’s	Long Term Ratings 

  S&P and Moody’s	Concentration
  

  Percentage
	1	“A-1+” and “P-1”	“AA-”
  and “Aa3”	15.00%
	2	“A-1”
  and “P-1”	“A-”
  and “A3”	12.50%
	3	“A-2”
  and “P-2”	“BBB”
  and “Baa2”	6.25%
	4	“A-3”
  and “P-3”	“BBB-”
  and “Baa3”	4.17%
	5	Less
  than “A-3” or “P-3”	Less
  than “BBB-” or “Baa3” or no rating	2.50%

 

“Concentration
Reserve Percentage” means, at any time of determination, the largest of:

 

(a)
the sum of the five (5) largest Concentration Percentages of the Obligors falling within in Group “5” pursuant to the definition
of “Concentration Percentage,” (b) the sum of the three (3) largest Concentration Percentages of the Obligors included in
Group “4” pursuant to the definition of “Concentration Percentage,” (c) the sum of the two (2) largest Concentration
Percentages of the Obligors included in Group “3” pursuant to the definition of
 “Concentration Percentage”
and (d) the largest Obligor percentage of the Obligors included in Group “2” pursuant
to the definition of “Concentration Percentage.”

 

    Schedule II-1

     

    

 

“Daily
Average Sales” for any three Calculation Periods means the quotient of (a) total sales during such Calculation Periods divided
by (b) 91.

 

“Days
Sales Outstanding” for any Calculation Period means the quotient (rounded, if necessary, to the nearest whole number) of (a)
Net Receivables Outstanding as of the most recent Month End Date divided by (b) the Daily Average Sales for the three Calculation
Periods ended on the most recent Month End Date.

 

“Default
Ratio” for any Calculation Period means the quotient, expressed as a percentage, of (a) the aggregate Unpaid Balance of (i)
each Receivable, the scheduled due date of which is 91-120 days prior to the Month End Date and (ii) each Receivable evidenced by a promissory
note issued after the origination of such Receivable, the scheduled due date of which is less than 91 days prior to the Month End Date,
divided by (b) the aggregate initial Unpaid Balance of Receivables which arose during the Calculation Period ending on the Month
End Date five months prior.

 

“Delinquency
Ratio” for any Calculation Period means the quotient, expressed as a percentage, of (a) the aggregate Unpaid Balance of (i)
each Receivable, the scheduled due date of which is 61-90 days prior to the Month End Date and (ii) each Receivable evidenced by a promissory
note issued after the origination of such Receivable, the scheduled due date of which is less than 61 days prior to the Month End Date,
divided by (b) the aggregate initial Unpaid Balance of Receivables which arose during the Calculation Period ending on the Month
End Date four months prior.

 

“Dilution”
means on any date an amount equal to the sum, without duplication, of the aggregate reduction effected on such day in the Unpaid Balances
of the Receivables attributable to any non-cash items including credits, rebates, billing errors, sales or similar taxes, cash discounts,
volume discounts, allowances, disputes (it being understood that a Receivable is “subject to dispute” only if and to the
extent that, in the reasonable good faith judgment of the related Originator (which shall be exercised in the ordinary course of business)
the Obligor’s obligation in respect of such Receivable is reduced on account of any performance failure on the part of the related
Originator), set-offs, counterclaims, chargebacks, returned or repossessed goods, sales and marketing discounts, warranties, any unapplied
credit memos and other adjustments that are made in respect of Obligors; provided, that writeoffs related to an Obligor’s
bad credit shall not constitute Dilution.

 

“Dilution
Horizon Ratio” for any Calculation Period means the quotient of (a) the aggregate amount of sales by the Originators giving
rise to Receivables in the most recently concluded period consisting of the greater of (i) one and one half (1.5) Calculation Periods
and (ii) the weighted average dilution horizon calculated in accordance with the Agreed Upon Procedures as set forth in Schedule
V, divided by (b) the Net Pool Balance as of the Month End date for such Calculation Period.

 

“Dilution
Ratio” for any Calculation Period means the ratio (expressed as a percentage) computed by dividing (a) the aggregate Dilution
incurred during such Calculation Period, by (b) the aggregate amount of sales by the Originators giving rise to Receivables in
the two month prior Calculation Period.”

 

    Schedule II-2

     

    

 

 

“Dilution
Reserve Ratio” for any Calculation Period means the product of (a) the sum of (i) the product of the Dilution
Stress Factor multiplied by the 12 month average Dilution Ratio, plus (ii) the Dilution Volatility Ratio multiplied
by (b) the Dilution Horizon Ratio.

 

“Dilution
Stress Factor” means 2.25.

 

“Dilution
Volatility Ratio” for any Calculation Period means the product of (a) the difference between (i) the highest three-month
average Dilution Ratio observed over the twelve consecutive Calculation Periods ending on the Month End Date of such Calculation
Period (the “Dilution Spike”) less (ii) the average of the Dilution Ratios observed over the twelve consecutive
Calculation Periods ending on the Month End Date of such Calculation Period and (b) the quotient, expressed as a percentage,
of (x) the Dilution Spike, divided by (y) the average of the Dilution Ratios observed over the twelve consecutive Calculation
Periods ending on the Month End Date of such Calculation Period.

 

“Loss
Horizon Ratio” for any Calculation Period means the quotient, expressed as a percentage, of (a) the aggregate initial Unpaid
Balance of Receivables which arose during the most recently concluded WAPT Period, divided by (b) the Net Pool Balance at the
most recent Month End Date.

 

“Loss
Reserve Ratio” for any Calculation Period means the product of (a) 2.25, multiplied by (b) the Peak Default Ratio for
such Calculation Period, multiplied by (c) the Loss Horizon Ratio for such Calculation Period.

 

“Microsoft
Singapore Receivables”
means the Receivables generated by Microsoft
Operations Pte Ltd. pursuant
to the contract between Microsoft
Corp. and Arrow Electronics, Inc. for so long as (x) the short term debt of Microsoft Corp. is rated no less than “A-1+”
by S&P and “P-1” by Moody’s and (y) the long term debt of Microsoft Corp. is rated no less than “AA+”
by S&P and “Aa1” by Moody’s.

 

“Minimum
Reserve Ratio” for any Calculation Period means the sum of (a) 12.5%the
Concentration Reserve Percentage,
plus (b) the product of (i) the Dilution Ratio multiplied by (ii) the Dilution Horizon Ratio.

 

“Month
End Date” means the last day of each fiscal month of Arrow.

 

    Schedule II-3

     

    

 

“Net
Receivables Outstanding” means, as of any Month End Date, the difference between (a)  the amount of accounts
receivables as reflected in the SPV’s books and records in accordance with GAAP as of such Month End Date minus (b) the
aggregate amount of the allowance for the collection of doubtful Receivables as reflected in the SPV’s books and records in
accordance with GAAP as of such Month End Date.

 

“Peak
Default Ratio” for any Calculation Period means the highest three-month rolling average Default Ratio observed during the twelve
consecutive Calculation Periods ending on the Month End Date of such Calculation Period.

 

“Required
Reserves” at any time means the
greater of (x) 13.0% and (y) the
sum of (a) the Yield Reserve, plus (b) the Servicing Fee Reserve, plus (c) the Net Pool Balance multiplied by the
greater of (i) the sum of the Loss Reserve Ratio and the Dilution Reserve Ratio and (ii) the Minimum Reserve Ratio, each as in effect
at such time.

 

“Servicing
Fee Reserve” at any time means an amount equal to the product of (a) the aggregate Unpaid Balance of Receivables as of the
most recent Month End Date, (b) 0.50%, and (c) the quotient of (i) 2.0 multiplied by Days Sales Outstanding, divided by (ii) 360.

 

“Special
Foreign Concentration Percentage” For each group of Permitted Foreign Jurisdictions having the long term debt rating set forth
in the left-hand column below (each, a “Special Foreign Rating Tier”), the percentage set forth in the right-hand column
below opposite such long term debt ratings, it being understood that (i) in the event of a split rating the lower of the two ratings
shall control the set to which the Receivables generated in such Permitted Foreign Jurisdiction correspond and (ii) in the event that
only one of the two rating agencies has published a rating for a Permitted Foreign Jurisdiction, such rating shall control:

 

	“Special Foreign Rating Tier”

 (Long Term Ratings 

S&P and Moody’s)	“Special Foreign 

Concentration Percentage”
	“AAA” and “Aaa”	12.50%
	“AA” and “Aa2”	5.00%
	“A” and “A2”	5.00%
	“BBB-” and “Baa3”	3.00%
	“B-” and “B3”	2.00%
	Less than “B-“ or “B3” or no rating	0.00%

 

“WAPT”
for any Calculation Period, the weighted average payment term (calculated in months) for all Receivables, as of the last day of the immediately
preceding calendar quarter.

 

“WAPT
Period” for any Calculation Period, the immediately preceding period consisting of WAPT + 2.5 months.

 

“Yield
Reserve” for any Calculation Period means an amount equal to the product of (a) the Net Investment as of the most recent Month
End Date, (b) 1.5, (c) the Base Rate and (d) the quotient, expressed as a percentage, of (i) 2.00 multiplied by the Days Sales
Outstanding divided by (ii) 360.

 

    Schedule II-4

     

    

 

SCHEDULE
III

 

(Settlement
Procedures)

 

Sections
2.12 through 2.15 of the Agreement shall be read in their entirety as follows:

 

SECTION
2.12      Settlement Procedures. (a) Daily Procedure. On each Business Day, the Master Servicer shall, out of the Collections
of Receivables received or deemed received by the SPV or the Master Servicer since the immediately preceding Business Day:

 

(i)                
set aside and hold in trust for the benefit of the Administrative Agent, on behalf of the Funding Agents for the benefit of the Investors,
an amount equal to the aggregate of the Yield and Servicing Fee in each case accrued through such day for the Investment and any other
Aggregate Unpaids (other than Net Investment) accrued through such day and in each case not previously set aside; and

 

(ii)              
set aside and hold in trust for the benefit of the Administrative Agent on behalf of the Funding Agents for the benefit of the Investors
an amount equal to the excess, if any, of

 

(A)         
the
greatest of:

 

		(1)	if
                                            the SPV shall have elected to reduce the Net Investment under Section 2.13, the amount
                                            of the proposed reduction,

 

		(2)	the
                                            amount, if any, by which the sum of the Net Investment and Required Reserves shall exceed
                                            the Net Pool Balance, together with the amount, if any, by which the Net Investment shall
                                            exceed the Maximum Net Investment, and

 

		(3)	if
                                            such day is on or after the Termination Date (other than a Special Termination Date), the
                                            Net Investment, and

 

		(4)	if
                                            such day is on or after a Special Termination Date, the aggregate of the Net Investments
                                            held by such Investor(s) with respect to which such Special Termination Date has occurred;
                                            over

 

(B)         
the aggregate of the amounts theretofore set aside and then so held for the benefit of the Administrative Agent pursuant to this clause
(ii); and

 

(iii)           
pay the remainder, if any, of such Collections to the SPV for application to Reinvestment, for the benefit of the Administrative
Agent, on behalf of the Funding Agents for the benefit of the Investors, in the Receivables and other Affected Assets in accordance
with Section 2.2(b). To the extent and for so long as such Collections may not be reinvested pursuant to Section
2.2(b), the Master Servicer shall set aside and hold such Collections in trust for the benefit of the Administrative Agent.

 

    Schedule III-1

     

    

 

		(b)	Yield
                                            Payment Date and Remittance Date Procedure.

 

(i)                
The Master Servicer shall deposit into the Administrative Agent’s account on each Yield Payment Date, out of amounts set aside
pursuant to clause (i) of Section 2.12(a), an amount equal to the accrued and unpaid Yield for the related Interest Period.

 

(ii)              
The Master Servicer shall deposit into the Administrative Agent’s account on each Remittance Date, out of amounts set aside pursuant
to clause (i) of Section 2.12(a), the Servicing Fee and any other Fees due and payable pursuant to Section 2.5.

 

(iii)           
Notwithstanding clauses (i) and (ii) of Section 2.12(b), amounts set aside pursuant to clause (i) of Section
2.12(a) in respect of the Servicing Fee shall not be deposited by the Master Servicer into the Administrative Agent’s account
to the extent that the Master Servicer is then entitled to retain such amounts pursuant to Section 2.12(c), from which amounts
the Master Servicer shall pay the Servicing Fee on the Remittance Date for its own account.

 

		(c)	Settlement
                                            Date Procedure.

 

(i)         
The Master Servicer shall deposit into the Administrative Agent’s account, on each Business Day selected by the SPV for a reduction
of the Net Investment under Section 2.13, the amount of Collections held for the Administrative Agent pursuant to Section 2.12(a)(ii).

 

(ii)       
On any date on or prior to the Termination Date, if the sum of the Net Investment and Required Reserves exceeds the Net Pool Balance,
the Master Servicer shall immediately pay to the Administrative Agent’s account from amounts set aside pursuant to clause (ii)
or (to the extent not theretofore reinvested) clause (iii) of Section 2.12(a) an amount equal to such excess.

 

(iii)          
On each Settlement Date, the Master Servicer shall deposit to the Administrative Agent’s account on behalf of Funding Agents for
the benefit of the Investors:

 

(A)            
out of the amounts set aside pursuant to clause (i) of Section 2.12(a) and not theretofore deposited in accordance with
Section 2.12(b), (if none of Arrow and its Affiliates is then the Master Servicer) the Servicing Fee, together with any other
accrued Aggregate Unpaids (other than Net Investment and other than Yield with respect to any Interest Period not ending on or to such
Settlement Date), in each case then due; and

 

(B)             
out of the amount, if any, set aside pursuant to clause (ii) and (to the extent not theretofore reinvested) clause (iii)
of Section 2.12(a) and not theretofore deposited to the Administrative Agent’s account pursuant to this Section 2.12(c),
an amount equal to the lesser of such amount and the Net Investment;

 

    Schedule III-2

     

    

 

provided,
however, that the Administrative Agent hereby gives its consent (which consent may be revoked upon the occurrence of a Termination
Event or Potential Termination Event), for the Master Servicer to retain amounts which would otherwise be deposited in respect of accrued
and unpaid Servicing Fee, in which case if such amounts are so retained, no distribution shall be made in respect of such Servicing Fee
under clause (d) below. Any amounts set aside pursuant to Section 2.12(a) in excess of the amount required to be deposited
in the Administrative Agent’s account pursuant to this subsection (c) or pursuant to subsection (b) above shall,
solely to the extent then required by Section 2.12(a), continue to be set aside and held in trust by the Master Servicer for application
on the next succeeding Settlement Date(s).

 

(d)              
Order of Application. (i) Upon receipt by the Administrative Agent of funds deposited pursuant to subsection (b), the Administrative
Agent shall distribute them to the Investors, pro rata based on the amount of Yield owing to each of them (as so notified
by the Related Funding Agents to the Administrative Agent in accordance with Section 2.12(d)), in payment of the accrued and unpaid
Yield on the Investment for the related Interest Period and Fees then due and payable. Upon receipt by the Administrative Agent of funds
deposited pursuant to subsection (c), the Administrative Agent shall distribute them to the Persons, to the extent and for the
purposes and in the order of priority set forth below:

 

(1)              
to the Investors, pro rata based on the amount of accrued and unpaid Yield owing to each of them, in payment of the
accrued and unpaid Yield on the Investment;

 

(2)              
if Arrow or any Affiliate of Arrow is not then the Master Servicer, to the Master Servicer in payment of the accrued and unpaid Servicing
Fee payable on such Settlement Date;

 

(3)              
provided no Termination Date has occurred and is continuing, to the Investors with respect to which a Special Termination Date has occurred,
pro rata based on their respective interests in the Asset Interest (as determined in accordance with Section 2.1(b)),
in reduction of the Net Investment held by such Investors;

 

(4)              
to the Investors, pro rata based on their respective interests in the Asset Interest (as determined in accordance
with Section 2.1(b)), in reduction of the Net Investment;

 

(5)              
to the Investors, pro rata in payment of any Aggregate Unpaids in respect of breakage costs owed by the SPV hereunder
to such Investors;

 

(6)              
to the Administrative Agent and the applicable Funding Agents, and Investors, pro rata in payment of any other Aggregate
Unpaids owed by the SPV hereunder to such Person (other than Net Investment, Yield and Servicing Fee); and

 

(7)              
if Arrow or any Affiliate of Arrow is the Master Servicer, to the Master Servicer in payment of the accrued Servicing Fee payable on
such Settlement Date, to the extent not retained pursuant to subsection (c) above.

 

(ii)       In
determining the amount of Yield owed to each Investor, the Administrative Agent shall be entitled to rely on the information provided
by the Related Funding Agent, which information shall be delivered no later than the Business Day prior to a Yield Payment Date to the
SPV, the Master Servicer and the Administrative Agent. The SPV shall be entitled to rely on such information for all purposes under the
Transaction Documents.

 

    Schedule III-3

     

    

 

SECTION
2.13      Optional Reduction of Net Investment. The SPV may at any time elect to cause the reduction of the Net Investment as follows:

 

(a)              
the SPV shall instruct the Master Servicer to (and the Master Servicer shall) set aside Collections and hold them in trust for the Administrative
Agent under clause (ii) of Section 2.12(a) until the amount so set aside shall equal the desired amount of reduction;

 

(b)                 
the SPV shall deliver to the Administrative Agent and each Funding Agent an Optional Reduction Notice by no later than 12:00 p.m. (New
York City time) on the Business Day of such reduction; and

 

(c)              
on each Business Day specified in the SPV’s notice, the Master Servicer shall pay to the Administrative Agent, in reduction of
the Net Investment, the amount of such Collections so held or, if less, the Net Investment (it being understood that the Net Investment
shall not be deemed reduced by any amount set aside or held pursuant to this Section 2.13 unless and until, and then only to the
extent that, such amount is finally paid to the Administrative Agent as aforesaid).

 

SECTION
2.14      Application of Collections Distributable to SPV. Unless otherwise instructed by the SPV, the Master Servicer shall allocate
and apply, on behalf of the SPV, Collections distributable to the SPV hereunder first, to the payment or provision for payment
of the SPV’s operating expenses, as instructed by the SPV, second, to the payment or provision for payment when due of accrued
interest on any Subordinated Obligations payable by the SPV to Arrow under the First Tier Agreement, third, to the payment to
Arrow of the purchase price of new Receivables in accordance with the First Tier Agreement, fourth, to the payment to Arrow of
any Subordinated Obligations payable by the SPV to Arrow pursuant to the First Tier Agreement, and fifth, to the making of advances
to Arrow pursuant to Section 3.2 of the First Tier Agreement, subject to Section 6.2(k). Any amounts distributable to the
SPV and not allocated pursuant to this Section 2.14, may, at the option of the SPV, be invested in Eligible Investments or in
direct obligations of (including obligations issued or held in book entry form on the books of) the Department of the Treasury of the
United States of America.

 

SECTION
2.15      Collections Held in Trust. So long as the SPV or the Master Servicer shall hold any Collections or Deemed Collections then
or thereafter required to be paid by the SPV to the Master Servicer or by the SPV or the Master Servicer to the Administrative Agent,
it shall hold such Collections in trust, and, if requested by the Administrative Agent after the occurrence and during the continuance
of a Termination Event or Potential Termination Event (if such Potential Termination Event is not capable of being cured), shall deposit
such Collections within one Business Day of receipt thereof into the Collection Account. The Net Investment shall not be deemed reduced
by any amount held in trust by the Master Servicer or in the Collection Account pursuant to Section 2.12 unless and until, and
then only to the extent that, such amount is finally paid to the Administrative Agent in accordance with Section 2.12(c).

 

    Schedule III-4

     

    

 

SCHEDULE
IV

 

Calculation
of Fees

 

“Facility
Fee” means a fee, calculated on the basis of the actual number of days elapsed divided by 360 and payable by the SPV to each
Related Funding Agent on each Remittance Date (to be allocated among such Related Funding Agent, the Conduit Investors associated with
such Related Funding Agent, and its Related Alternate Investor, as appropriate), in an amount equal to the product of (i) the daily average
of such Related Alternate Investor’s Commitment during the calendar month immediately prior to such Remittance Date, as applicable,
and (ii) forty (40) basis points per annum.

 

“Program
Fee” means a fee, calculated on the basis of the actual number of days elapsed divided by 360 and payable by the SPV to each
Investor, on each Remittance Date, in an amount equal to the product of (i) the daily average Net Investment held by such Investor during
the calendar month immediately prior to such Remittance Date, and (ii) forty-five
(4540)
basis points per annum.

 

    Schedule IV-1

     

    

 

SCHEDULE
V

 

AGREED UPON PROCEDURES

 

	1.	Monthly
                                            Report – Originator Level

 

Verify
the accuracy of the monthly reports for Month#1 and Month#2.

 

		·	Determine
                                            whether the items shown on the monthly report complies with the terms of the TAA, such as
                                            proper reporting of the rollforward and aging and proper calculation of ineligibles.

 

		·	Verify
                                            the accuracy of the large obligor (concentrations) and payable and contra information provided
                                            to the corporate location for possible inclusion in the consolidated monthly report.

 

		·	Trace
                                            line items to supporting documentation (and to the general ledger, if applicable), including
                                            tracing cash back to the bank statements. Recalculate line items.

 

	2.	Monthly
                                            Report – Consolidated / Consolidating

 

Verify
the accuracy of the monthly report for Month#1 and Month#2.

 

		·	Determine
                                            whether the rollforward, aging, and eligible receivables are accurately stated by tracing
                                            line items for the various originators to the consolidating schedule.

 

		·	Recalculate
                                            the consolidated ratios in accordance with the definitions in the TAA.

 

		·	Review
                                            supporting documentation for determining the obligor concentrations. Ascertain that the concentration
                                            information was accurately included in the consolidating and consolidated concentration information.

 

		·	Prepare
                                            a chart of the line items analyzed and a comparison of the company prepared figures to those
                                            you recomputed. Briefly describe the nature of the supporting documentation for each line
                                            item.

 

	3.	Obligor
                                            Concentration

 

Ask
management to provide you with an aged listing of the 10 largest obligors (aggregating
exposure among affiliated obligors) at month end Month#2. Verify the accuracy of this information
on a sample basis by tracing amounts to the summary or detailed aged receivable trial balance. Include the payment terms granted to each
obligor in your exhibit. Attach this listing as an exhibit to your report.

 

	4.	Aging

 

For
Month#1 and Month#2, obtain the reconciliation of the aging per monthly report to the aged trial balance & the general ledger. Describe
the nature of any significant reconciling items. Note the timeliness of completion. Summarize each of the reconciliations and
include the details for each significant reconciling item in the report.

 

Include
a description of the aging methodology in your report (i.e. DPI). Describe how unapplied amounts
and/or partial payments affect an account’s aging status.

 

    Schedule V-1

     

    

 

Select
10 invoices from among the various aging categories at
month end Month#2, and:

 

		·	Determine
                                            if the accounts are being properly aged in accordance with the terms and methodology. Note
                                            any accounts that may be aged in a non-conforming manner.

 

		·	Determine
                                            whether the terms of payment on the sale receipt would make the sales receipt ineligible
                                            for purchase. If so, determine if the company is properly excluding such invoices from sale
                                            to the conduits.

 

		·	Obtain
                                            the related documentation pertaining to proof of delivery. Determine that the invoices were
                                            issued either coincident with or subsequent to the purchase of goods.

 

		·	Prepare
                                            a listing of the accounts analyzed with an indication of the aging accuracy, the payment
                                            terms as stated on the face of the invoice, which entity the invoice relates to, and reason
                                            for delinquency, if any.

 

		·	Verify
                                            the originator name listed on each invoice and whether the name matches the name of an Originator
                                            listed in the underlying transaction documents and indicate whether the Originator is eligible.

 

Discuss
with management the magnitude of accounts/invoices in the aging at the end of Month#2 that have been
extended, modified or restructured.

 

Ask
management to provide an aging of debit balances only as of a recent month end (i.e. no credits in the aging buckets). Compare
debit balance aging totals to the aging on the monthly report. Recalculate the delinquency ratio based on debit balance aging and compare
it to the ratio reported on the monthly report.

 

	5.	Dilution
                                            - Credit Memos & Rebills

 

Select
30 credit memos that were issued in the last 2-3 months (SPECIFIED MONTHS). Compute the weighted average dilution horizon (WADH). Prepare
a table summarizing the WADH by entity and by type (returns, discounts, allowances, rebates, etc.) of credit memo. In addition,
compare this year’s WADH with what was calculated in the prior audit.

 

	6.	Invoice
                                            Resolution Test

 

Select
a sample of 10 invoices dating from Month 200X (three months prior) and trace these invoices through to
resolution (i.e. collection, dilution, write-off, or delinquent). Prepare a listing of each invoice analyzed and include this
detailed information in an exhibit to your report. Be sure to include the payment terms on the face of invoice
your exhibit.

 

	7.	Delinquent
                                            Obligors

 

Obtain
from management a listing of the 10 obligors that comprise the largest portion of the 61-90 DPI aging bucket at month end Month#2. Note
what actions have been taken by management to expedite payment and the expected resolution. Inquire as to the reasons for material past
due amounts. In your report, note whether or not these balances were paid as of the date of fieldwork. Include this analysis as an exhibit
to your report.

 

	8.	Write-offs

 

Obtain
an understanding of the method used to write off uncollectible accounts (i.e.: write off to an accrued allowance account or write off
directly to the bad debt expense). Review the appropriate general ledger account (e.g. bad debt allowance account) for conformity with
the write offs reported on the Receivables Rollforward. Provide an explanation for any variances noted.

 

    Schedule V-2

     

    

 

Obtain
from management the 5 largest write-offs in the 6-12 months ended Month#2. Obtain an explanation for each write-off and determine which
aging bucket these receivable amounts were in at the time they were written-off. Be sure to include the date of the write-off in your
analysis. Include this analysis as an exhibit to your report.

 

	9.	Collection
                                            Methodology

 

Obtain
a current listing of the lockbox/collection account(s) into which collections on purchased receivables are deposited. Compare this to
the listing presented in the TAA.

 

Examine
the most recent bank statement/general ledger reconciliations for the 1-2 largest lockbox/collection account(s),
noting the timeliness of completion and materiality of any unreconciled variances. Which entity’s name is on each of these bank
statements?

 

Ask
management to prepare a schedule for Month#1 and Month#2 summarizing collections by obligor remittance location.

 

	SECTION 1.13
 Location of Remittance:
	 	SECTION 11.17 
Bank Name 
  
SECTION 11.18 
Account Number 
  
SECTION 11.19 
Account Holder	 	 	 
Month#1
 $000’s)
	 	 	 	 	 	 
Month#2
 ($000’s)
	 	 	%	 
	Collection Account (via Lockbox, Wire Transfer or ACH)	 	 	         	 	 	$	       	 	 	 	         	 	 	$	      	 	 	 	 	 
	Company’s office	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other (describe)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(a)   TOTAL Deposits per Bank Statements	 	 	 	 	 	$	 	 	 	 	 	 	 	$	 	 	 	 	 	 
	(b)   Less: Non-AR related Deposits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(c)    Subtotal	 	 	 	 	 	$	 	 	 	 	100	%	 	$	 	 	 	 	100	%
	(d)   +/- Reconciling items	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(e)   Total Collections per Monthly Report	 	 	 	 	 	$	 	 	 	 	 	 	 	$	 	 	 	 	 	 

 

Verify
the accuracy of the information on the Excel spreadsheet by tracing the data to the bank statements, accounting records, and the monthly
report. Explain any large reconciling items.

 

    Schedule V-3

     

    

 

If
any of the collections are remitted directly to the company’s offices, ask management where (bank name & account number) these
in-house receipts are eventually deposited. If the amount of monthly in-house collections cannot be precisely quantified, ask for an
estimate. Also, describe how promptly such collections are being deposited into the bank account (i.e. are the payments deposited within
2 business days or do they wait until the end of the week before making the deposit?).

 

	10.	Cash
                                            Applications Test

 

Select
a sample of 5 cash receipts from a recent cash collections
report and determine if the cash was applied to the correct invoices and if the paid invoices were promptly removed from the aging. (In
your sample, attempt to select one receipt from each of the remittance locations noted in the preceding step.)

 

	11.	Credit
                                            & Collection Policy / Credit File Review

 

Inquire
as to any material changes/updates in the Credit and Collection Policy since Month [20XX]. If so,
obtain a copy of any revisions. If not, inquire if any changes are being planned.

 

Select
[3-5] credit files for a sample active new receivable obligors (i.e. recently granted credit for
the first time) in the last 6-12 months. Test adherence to the company’s Credit Policy, including: proper credit approval, recency/date
of financial information (D&B, financial statements), credit references, adherence to credit limit, etc. Prepare a listing of the
files analyzed, noting your results and the adequacy of compliance with the required terms.

 

	12.	Daily
                                            Balances

 

Obtain
the daily receivable balances for Month#1 and Month#2 (OR use daily sales and daily collections to create a pro-forma daily AR balance).
Graph this information and include both the underlying data and the graph in your report.

 

	13.	Contras/Payables
                                            Concentration

 

Inquire
of management regarding any known contra accounts. For any known contra accounts, obtain the receivable balance and the payable balance
at month end Month#2. Confirm that any contra offset amounts are included in the ineligible receivables calculation. Attach your analysis
as an exhibit to the report.

 

	14.	Accounting
                                            Entries Relating to the Transaction

 

Determine
whether the receivables being transferred were done so in accordance with the Sale Agreement and TAA by reviewing the most recent
the journal entries made on the books & records of the various entities involved. In each case, be sure to note the date the
entries were recorded, trace the journal entries to the respective general ledgers, and attach copies of the journal entries to your
report.

 

		·	Review
                                            the entries made on the books & records of Arrow Electronics, Inc., Arrow Enterprises
                                            Computing Solutions, Inc. (“Originators”) to reflect the sale of the receivables
                                            to Arrow Electronics Funding Corporation (“SPE”). Note whether or not the funds
                                            received by Originator from the SPE were commensurate with the value
of the receivables transferred. What discount rate was used by the Originator? Ask management to provide (ideally in writing) the rationale
behind the establishment of the discount rate.

 

    Schedule V-4

     

    

 

		·	Review
                                            the entries made on the books & records of the SPE to reflect the purchase of receivables
                                            from the Originator.

 

		·	Review
                                            the entries made on the books & records of SPE to reflect the sale of an interest in
                                            the receivables to the conduit(s). Note that the initial funding date was [XX/XX/XX].

 

	15.	Computer
                                            Systems & Reporting

 

Determine
whether the master data processing records are marked with a legend in accordance with the terms of the TAA to indicate the ownership
interest. Ascertain the coding used to identify the purchased receivables on the system. Briefly describe the legend and the coding in
your report. Is there a header or note on the aging indicating that the receivables are no longer owned by the Originators
(Arrow Electronics, Inc., Arrow Enterprises Computing Solutions,
Inc.)?

 

How
is the fact that the receivables are securitized reflected on the Originators’ (Arrow
Electronics, Inc., Arrow Enterprises Computing Solutions, Inc.) general ledger?

 

Inquire
of management if any significant changes have been made to the computer systems used in servicing the receivables since [XX/XX/XX]. If
so, document any changes. If not, inquire as to whether any changes are being planned.

 

Inquire
of management when Arrow Electronics, Inc. (“Servicer or Originator”) last tested its disaster recovery plan, what the results
were, how any issues were addressed, and when the next disaster recovery test will be conducted.

 

	16.	Audits
                                            - Internal & External

 

Inquire
if Internal Auditors have performed any reviews of the credit procedures and/or receivable system during [20XX/the last twelve months].
Review copies of any internal audit reports. Include in your report a list of any issues that may pertain to the receivables being purchased
and related areas (i.e. EDP, collections, invoicing or general ledger systems) and how these issues have been/will be addressed. Discuss
with the Internal Auditors their planned schedule of coverage in [20XX/the next twelve months].

 

Discuss
with the Public Accounting Firm (“External Auditors” or [AUDIT FIRM NAME]) the results
from the receivable confirmation procedures performed in connection with the [XX/XX/XX] FYE financial
audit of the Servicer or Originator – Arrow Electronics, Inc. If possible, quantify the extent of the coverage and specify the
type of procedures used (negative/positive confirmations, subsequent cash receipts), noting any issues.

 

Obtain
a copy of the Management Letter (if any) prepared in conjunction with the [XX/XX/XX] FYE financial audit of the Servicer. Note any weaknesses
identified in the Servicer’s receivable operations and/or related controls (i.e. EDP and general ledger systems). Discuss the current
status of these issues with management.

 

Regarding
the Sarbanes-Oxley Act requirements, review the 10K filing (Annual report - SEC, EDGAR, or Company’s website). State in your
report the External Auditor’s opinion on the effectiveness of the client’s internal controls. If any deficiencies are
noted in their opinion, discuss with management steps taken to resolve any deficiencies relating to receivables.

 

	17.	Seller/Originator

 

Ask
management to provide details regarding any events that may impact the UCC Financing Statement filings such as mergers, acquisitions,
asset sales, or any changes in corporate names, location of chief executive offices, location of books and records relative to receivables.
Provide a legal organizational chart indicating where receivables are originated. Validate the listing matches the Originators listed
in the underlying documents.

 

    Schedule V-5

     

    

 
SCHEDULE
4.1(g)

 

List
of Actions and Suits

 

Arrow
Electronics, Inc.

 

N/A

 

Arrow
Electronics Funding Corporation

 

N/A

 

    Schedule 4.1(g)-1

     

    

 

 

SCHEDULE
4.1(i)

 

Location
of Certain Offices and Records

 

Arrow
Electronics Funding Corporation 

Location of Certain Offices and Records

 

	Principal
    Place of Business:	9201
    E. Dry Creek Road 
 Centennial, Colorado 80112
	 	 
	Chief
    Executive Office:	9201
    E. Dry Creek Road 
 Centennial, Colorado 80112
	 	 
	Location
    of Records:	9201
    E. Dry Creek Road 
 Centennial, Colorado 80112

 

Arrow
Electronics, Inc. 

Location of Certain Offices and Records

 

	Principal
    Place of Business:	9201
    E. Dry Creek Road 
 Centennial, Colorado 80112
	 	 
	Chief
    Executive Office:	9201
    E. Dry Creek Road 
 Centennial, Colorado 80112
	 	 
	Location
    of Records:	9201
    E. Dry Creek Road 
 Centennial, Colorado 80112

 

    Schedule 4.1(i)-1

     

    

 

SCHEDULE
4.1(k)

 

List
of Subsidiaries, Divisions and Tradenames; FEIN

 

	Subsidiaries:	None.
	 	 
	Divisions:	None.
	 	 
	Tradenames:	None.
	 	 
	Federal
    Employer	 
	Identification
    Number:	[*****]

 

    Schedule 4.1(k)-1

     

    

 

SCHEDULE
4.1(s)

 

List
of Blocked Account Banks and Blocked Accounts

 

[*****]

 

    Schedule 4.1(s)-1

     

    

 

SCHEDULE
11.3

 

Address
and Payment Information

 

	 	If
    to the Alternate Investors:

 

	 	(1)	Bank
    of America, National Association 

    13510 Ballantyne Corporate PI 

    Charlotte, NC 28277
	 	 	Attention:	Trade
    Receivables Securitization Finance
	 	 	Attention:	[*****]
	 	 	Telephone:	[*****]
	 	 	Facsimile:	[*****]
	 	 	 
	 	(2)	Wells
    Fargo Capital Finance 

    1100 Abernathy Road NE 

    Suite 1600
	 	 	Atlanta,
    Georgia 30328
	 	 	Attention:
    [*****]
	 	 	Telephone:
    [*****]
	 	 	Facsimile:
    [*****]
	 	 	 
	 	(3)	Mizuho
    Bank, Ltd.
	 	 	1271
    Avenue of the Americas 

    New York, NY 10020 

    Attention: [*****]
	 	 	Telephone:
    [*****]
	 	 	Facsimile:
    [*****]
	 	 	 
	 	(4)	Sumitomo
    Mitsui Banking Corporation 

    277 Park Avenue
	 	 	New
    York, New York 10172 

    Attention: [*****]
	 	 	Telephone:
    [*****]
	 	 	Facsimile:
    [*****]
	 	 	 
	 	(5)	PNC
    Bank, National Association 

    300 Fifth Avenue
	 	 	Pittsburgh,
    PA 15222

    Attention: Asset Securitization 

    Telephone: [*****]
	 	 	Facsimile:
    [*****]

 

    Schedule 11.3-1

     

    

 

	 	(6)	Truist
    Bank
	 	 	3333
    Peachtree Rd. NE, Atlanta, GA 30326 

    [*****]
	 	 	Attention:
    [*****]
	 	 	Telephone:
    [*****]

 

	 	If
    to the Funding Agents:

 

	 	(1)	Bank
    of America, National Association,
	 	 	as
    Funding Agent
	 	 	13510
    Ballantyne Corporate PI
	 	 	Charlotte,
    NC 28277
	 	 	Attention:	Trade
    Receivables Securitization Finance
	 	 	Attention:	[*****]
	 	 	Telephone:	[*****]
	 	 	Facsimile:	[*****]
	 	 	 
	 	 	Payment
    Information:
	 	 	 
	 	 	[*****]
	 	 	 
	 	(2)	Wells
    Fargo Bank, N.A.,
	 	 	as
    Funding Agent
	 	 	Wells
    Fargo Capital Finance
	 	 	1100
    Abernathy Road NE
	 	 	Suite
    1600
	 	 	Atlanta,
    Georgia 30328
	 	 	Attention:
    [*****]
	 	 	Telephone:
    [*****]
	 	 	Facsimile:
    [*****]
	 	 	 
	 	 	Payment
    Information:
	 	 	 
	 	 	[*****]

 

    Schedule 11.3-2

     

    

 

	 	(3)	Mizuho
    Bank, Ltd.
	 	 	1271
    Avenue of the Americas
	 	 	New
    York, NY 10020
	 	 	Attention:
    [*****]
	 	 	Telephone:
    [*****]
	 	 	Facsimile:
    [*****]
	 	 	 
	 	 	Payment
    Information:
	 	 	 
	 	 	[*****]
	 	 	 
	 	(4)	SMBC
    Nikko Securities America, Inc.
	 	 	as
    Funding Agent
	 	 	277
    Park Avenue
	 	 	New
    York, NY 10172
	 	 	Attention:	[*****]
	 	 	Telephone:	[*****]
	 	 	Facsimile:	[*****]
	 	 	 
	 	 	Payment
    Information:
	 	 	 
	 	 	[*****]
	 	 	 
	 	(5)	PNC
    Bank, National Association
	 	 	300
    Fifth Avenue
	 	 	Pittsburgh,
    PA 15222
	 	 	Attention:
    Asset Securitization
	 	 	Telephone:
    [*****]
	 	 	Facsimile:
    [*****]
	 	 	 
	 	 	Payment
    Information:
	 	 	 
	 	 	[*****]
	 	 	 
	 	(6)	Truist
    Bank
	 	 	3333
    Peachtree Rd. NE, Atlanta, GA 30326
	 	 	[*****]
	 	 	Attention:
    [*****]
	 	 	Telephone:
    [*****]
	 	 	 
	 	 	Payment
    Information:
	 	 	 
	 	 	[*****]
	 	 	 
	 	 	If
    to the SPV:
	 	 	 
	 	 	Arrow
    Electronics Funding Corporation
	 	 	9201
    E. Dry Creek Road
	 	 	Centennial,
    Colorado 80112
	 	 	Telephone:
	 	 	Facsimile:

 

    Schedule 11.3-3

     

    

 

	 	 	with
    a copy to:
	 	 	 
	 	 	Arrow
    Electronics, Inc.
	 	 	9201
    E. Dry Creek Road 
	 	 	Centennial,
    Colorado 80112
	 	 	Attention:
    General Counsel
	 	 	 
	 	 	[*****]
	 	 	 
	 	 	If
    to Arrow or the Master Servicer:
	 	 	 
	 	 	Arrow
    Electronics, Inc.
	 	 	9201
    E. Dry Creek Road
	 	 	Centennial,
    Colorado 80112
	 	 	Attention:
    General Counsel
	 	 	Telephone:	[*****]
	 	 	Facsimile:	[*****]
	 	 	 
	 	 	with
    a copy to:
	 	 	 
	 	 	Arrow
    Electronics, Inc.
	 	 	9201
    E. Dry Creek Road
	 	 	Centennial,
    Colorado 80112
	 	 	Attention:
    General Counsel
	 	 	 
	 	 	Payment
    Information:
	 	 	 
	 	 	[*****]
	 	 	 
	 	If
    to the Administrative Agent:
	 	 	 
	 	 	Bank
    of America, National Association
	 	 	13510
    Ballantyne Corporate PI
	 	 	Charlotte,
    NC 28277
	 	 	Attention:
    	Trade
    Receivables Securitization Finance
	 	 	[*****]
	 	 	 
	 	 	Additional
    copy of Master Servicer Report, Investment Request to be delivered to: Bank of America, National Association,
	 	 	as
    Administrator
	 	 	NC1-027-15-01
	 	 	214
    North Tryon Street, 15th Floor
	 	 	Charlotte,
    North Carolina 28255
	 	 	Attention:
    	Trade
    Receivables Securitization Finance
	 	 	[*****]

 

    Schedule 11.3-4

     

    

 

	 	 	Payment
    Information:
	 	 	 
	 	 	[*****]
	 	 	 
	 	 	Funding
    Account
	 	 	 
	 	 	[*****]

 

    Schedule 11.3-5

     

    

 

Exhibit
A

 

Form
of Assignment and Assumption Agreement

 

Reference
is made to the Transfer and Administration Agreement dated as of March , 2001 as it may be amended or otherwise modified from time to
time (as so amended or modified, the “Agreement”) among ARROW ELECTRONICS FUNDING CORPORATION, as transferor (in such
capacity, the “SPV”), ARROW ELECTRONICS, INC., individually (the “Arrow”) and as master servicer
(in such capacity, the “Master Servicer”), the parties thereto as “CONDUIT INVESTORS,” “ALTERNATE
INVESTORS” and “FUNDING AGENTS,” MIZUHO BANK, LTD., as Structuring Agent, and BANK OF AMERICA, NATIONAL ASSOCIATION,
as Administrative Agent. Terms defined in the Agreement are used herein with the same meaning.

 

[________________________]
(the “Assignor”) and [__________________________________] (the “Assignee”) agree as follows:

 

1.                 
The Assignor hereby sells and assigns to the Assignee, without recourse and without representation and warranty, and the Assignee hereby
purchases and assumes from the Assignor, an interest in and to all of the Assignor’s rights and obligations under the Agreement
and the other Transaction Documents. Such interest expressed as a percentage of all rights and obligations of the Related Alternate Investors,
shall be equal to the percentage equivalent of a fraction the numerator of which is $[____________] and the denominator of which is the
Facility Limit. After giving effect to such sale and assignment, the Assignee’s Commitment will be as set forth on the signature
page hereto.

 

1.                 
In consideration of the payment of $[_____________], being [____]% of the existing Net Investment, and of $[______________], being [____]%
of the aggregate unpaid accrued discount, receipt of which payment is hereby acknowledged, the Assignor hereby assigns to the Agent for
the account of the Assignee, and the Assignee hereby purchases from the Assignor, a [____]% interest in and to all of the Assignor’s
right, title and interest in and to the Net Investment purchased by the undersigned on March ____, 2001 under the Agreement.

 

2.                 
Assignor (i) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder and that
such interest is free and clear of any Adverse Claim; (ii) makes no representation or warranty and assumes no responsibility with respect
to any statements, warranties or representations made in or in connection with the Agreement, any other Transaction Document or any other
instrument or document furnished pursuant thereto or the execution, legality, validity, enforceability, genuineness, sufficiency or value
of the Agreement or the Receivables, any other Transaction Document or any other instrument or document furnished pursuant thereto; and
(iii) makes no representation or warranty and assumes no responsibility with respect to the financial condition of any of the SPV or
the Master Servicer, Arrow or any Originator or the performance or observance by any of the SPV or the Master Servicer, Arrow or any
Originator of any of its obligations under the Agreement, any other Transaction Document, or any instrument or document furnished pursuant
thereto.

 

    Exhibit A-1-1

     

    

 

3.                 
The Assignee (i) confirms that it has received a copy of the Agreement, the First Tier Agreement and each Originator Agreement together
with copies of the financial statements referred to in Section 6.1 of the Agreement, to the extent delivered through the date of this
Assignment and Assumption Agreement (the “Assignment”), and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Assignment; (ii) agrees that it will, independently and without
reliance upon the Administrative Agent, any Funding Agent, any of their respective Affiliates, any Conduit Investor, the Assignor or
any other Alternate Investor and based on such documents and information as it shall deem appropriate at the time, continue to make its
own credit decisions in taking or not taking action under the Agreement and any other Transaction Document; (iii) appoints and authorizes
the Administrative Agent and the Related Funding Agent to take such action as Administrative Agent or the Related Funding Agent on its
behalf and to exercise such powers and discretion under the Agreement and the other Transaction Documents as are delegated to the Administrative
Agent or the Related Funding Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto;
(iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Agreement are required
to be performed by it as an Alternate Investor; (v) specifies as its address for notices and its account for payments the office and
account set forth beneath its name on the signature pages hereof; (vi) attaches the forms prescribed by the Internal Revenue Service
of the United States of America certifying as to the Assignee’s status for purposes of determining exemption from United States
withholding taxes with respect to all payments to be made to the Assignee under the Agreement or such other documents as are necessary
to indicate that all such payments are subject to such rates at a rate reduced by an applicable tax treaty, and (vii) agrees to comply
with Section 9.3(f) of the Agreement.

 

4.                 
The effective date for this Assignment shall be the later of (i) the date on which the Related Funding Agent and the Administrative Agent,
receive this Assignment executed by the parties hereto and receives the consent of the Related Funding Agent, and to the extent required
under the Agreement, the SPV, and (ii) the date of this Assignment (the “Effective Date”). Following the execution
of this Assignment and the consent of the Related Funding Agent, and to the extent required under the Agreement, the SPV, this Assignment
will be delivered to the Administrative Agent for acceptance and recording.

 

5.                 
Upon such acceptance and recording, as of the Effective Date, (i) the Assignee shall be a party to the Agreement and, to the extent provided
in this Assignment, have the rights and obligations of an Alternate Investor thereunder and (ii) the Assignor shall, to the extent provided
in this Assignment, relinquish its rights and be released from its obligations under the Agreement.

 

6.                 
Upon such acceptance and recording, from and after the Effective Date, the Administrative Agent shall make all payments under the Agreement
in respect of the interest assigned hereby (including, without limitation, all payments in respect of such interest in Net Investment,
Discount and fees) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Agreement
for periods prior to the Effective Date directly between themselves.

 

    Exhibit A-1-2

     

    

 

7.                 
The Assignee shall not be required to fund hereunder an aggregate amount at any time outstanding in excess of $[_____________], minus
the aggregate outstanding amount of any interest funded by the Assignee in its capacity as a participant under any Program Support
Agreement.

 

8.                 
The Assignor agrees to pay the Assignee its pro rata share of fees in an amount equal to the product of (a) [_____] per annum
and (b) the Assignor’s Commitment during the period after the Effective Date for which such fees are owing and paid by the
SPV pursuant to the Agreement. Amounts paid under this section shall be credited against amounts payable to the Assignee under any participation
agreement entered into pursuant to the Agreement.

 

9.                 
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICTS OF LAW PRINCIPLES THEREOF OTHER THAN SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

10.             
This agreement contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject
matter hereof and shall constitute the entire Agreement among the parties hereto with respect to the subject matter hereof superseding
all prior oral or written understandings.

 

11.             
If any one or more of the covenants, agreements, provisions or terms of this agreement shall for any reason whatsoever be held invalid,
then such covenants, agreements, provisions, or terms shall be deemed severable from the remaining covenants, agreements, provisions,
or terms of this agreement and shall in no way affect the validity or enforceability of the other provisions of this agreement.

 

12.             
This agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.
Delivery by facsimile of an executed signature page of this agreement shall be effective as delivery of an executed counterpart hereof.

 

13.             
This agreement shall be binding on the parties hereto and their respective successors and assigns.

 

[Signatures
commence upon the following page]

 

    Exhibit A-1-3

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption Agreement to be executed by their respective officers
thereunto duly authorized as of the date first above written

 

	 	[ASSIGNOR]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	[ASSIGNEE]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    Exhibit A-1-4

     

    

 

Address
for notices and Account for payments:

 

For
Credit Matters:       For Administrative Matters:

 

	[NAME]	 	 	[NAME]
	 	 	 	 
	Attention:	 	 	Attention:
	 	 	 	 
	Telephone:	[(___)
    ____-____]	Telephone:	[(___)
    ____-____]
	Telefax:	[(___)
    ____-____]	Telefax:	[(___)
    ____-____]

 

Account
for Payments:

 

NAME

 

	ABA
    Number:	[----------___]
	Account
    Number:	[__________]
	Attention:	[___________]
	Re:	[____________]

 

Consented
to this [______] day of

[________________________],
20___

 

	BANK
    OF AMERICA, NATIONAL ASSOCIATION,	 
	as
    Administrative Agent	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	ARROW
    ELECTRONICS FUNDING CORPORATION	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    Exhibit A-1-5

     

    

 

Exhibit
B

 

Form
of Contract

 

    Exhibit B-1

     

    

 

Exhibit
C

 

Credit
and Collection Policies and Practices

 

The
Credit and Collection Policy or Policies and practices of Arrow and Arrow ECS, relating to Contracts and Receivables, existing on the
date hereof are as set forth in manuals that were delivered by the SPV in August 2016 to the Administrative Agent, as modified from time
to time, in compliance with Sections 6.1(a)(vii) and 6.2(c).

 

    Exhibit C-1

     

    

 

Exhibit
D

 

Form
of Investment Request

 

Arrow
Electronics Funding Corporation (the “SPV”),
pursuant to Section 2.3(a) of the Transfer and Administration Agreement, dated as of March__, 2001 (as amended, modified, or supplemented
from time to time, the “Agreement”), among the SPV, Arrow Electronics, Inc.,
individually (“Arrow”) and as master servicer (in such capacity, the “Master Servicer”), the parties
thereto as “Conduit Investors,” “Alternate
Investors” and “Funding Agents,” Mizuho
Bank, Ltd., as Structuring Agent, and Bank Of
America, National Association, as Administrative Agent, effect an Investment from it pursuant to the following instructions:

 

Investment
Date:[____________________]

 

Investment
request is made to: [specify [Conduit Investor] [Alternate Investors] of Related Funding Agent]

 

Investment
Amount:[________________________________]1 / Investment Amount per Funding Agent:

 

	Funding
    Agent	 	Pro
    Rata Share 
 (rounded)	 	 	Amount
    Requested
	Funding
    Agent A	 	 		% 	 	$
	Funding
    Agent B	 	 		% 	 	$
	Funding
    Agent C	 	 		% 	 	$
	Funding
    Agent D	 	 		% 	 	$
	Funding
    Agent E	 	 		% 	 	$
	Funding
    Agent F	 	 		% 	 	$
	Total	 	 	100	%	 	$

 

Account
to be credited:

 

[bank
name]

 

ABA
No.[________________________________________]

 

Account
No. [____________________________________]

Reference
No.[___________________________________]

 

Please
credit the above-mentioned account on the Investment Date. Capitalized terms used herein and not otherwise defined herein have the meaning
assigned to them in the Agreement.

 

The
SPV hereby certifies as of the date hereof that the conditions precedent to such Investment set forth in Section 5.2 of the Agreement
have been satisfied, and that all of the representations and warranties made in Section 4.1 of the Agreement are true and correct
on and as of the Investment Date, both before and after giving effect to the Investment.

 

 

1
At least $5,000,000 and in integral multiples of $1,000,000

 

    Exhibit D-1

     

    

 

	 	ARROW
    ELECTRONICS FUNDING CORPORATION
	 	 
	 	Dated:	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    Exhibit D-2

     

    

 

Exhibit
E

 

Form
of Optional Reduction Notice

 

Arrow
Electronics Funding Corporation (the “SPV”),
pursuant to Section 2.13 of the Transfer and Administration Agreement, dated as of March , 2001 (as amended, modified, or supplemented
from time to time, the “Agreement”), among the SPV, Arrow Electronics, Inc.,
individually (“Arrow”) and as master servicer (in such capacity, the “Master Servicer”), the parties
thereto as “Conduit Investors,” “Alternate
Investors” and “Funding Agents,” Mizuho Bank, Ltd., as Structuring
Agent, and Bank Of America, National Association,
as Administrative Agent, effect an optional reduction of Net Investment pursuant to the following instructions:

 

Optional
Reduction Date:[____________________]

Optional
Reduction Amount:[_________________]

Optional
Reduction Amount per Funding Agent:

 

	Funding
    Agent	 	Pro
    Rata Share 
 (rounded)	 	 	Reduction
    Amount
	Funding
    Agent A	 	 		% 	 	$
	Funding
    Agent B	 	 		% 	 	$
	Funding
    Agent C	 	 		% 	 	$
	Funding
    Agent D	 	 		%	 	$
	Funding
    Agent E	 	 		% 	 	$
	Funding
    Agent F	 	 		% 	 	$
	Total	 	 	100	%	 	$

 

Capitalized
terms used herein and not otherwise defined herein have the meaning assigned to them in the Agreement.

 

	 	ARROW
    ELECTRONICS FUNDING CORPORATION
	 	 
	 	Dated:	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

Exhibit
F

 

Form
of Servicer Report

 

     

     

    

 

Exhibit
G

 

Form
of SPV Secretary’s Certificate

 

SECRETARY’S
CERTIFICATE

 

March
__, 2001

 

I,
[__________________], the undersigned [________________] of Arrow Electronics Funding Corporation (the “SPV”), a Delaware
corporation, DO HEREBY CERTIFY that:

 

1.       Attached
hereto as Annex A is a true and complete copy of the Certificate of Incorporation of the SPV as in effect on the date hereof.

 

2.       Attached
hereto as Annex B is a true and complete copy of the By-laws of the SPV as in effect on the date hereof.

 

3.       Attached
hereto as Annex C is a true and complete copy of the resolutions duly adopted by the Board of Directors of the SPV [adopted by
unanimous written consent] as of March __, 2001, authorizing the execution, delivery and performance of each of the documents mentioned
therein, which resolutions have not been revoked, modified, amended or rescinded and are still in full force and effect.

 

4.       The
below-named persons have been duly qualified as and at all times since March __, 2001, to and including the date hereof have been officers
or representatives of the SPV holding the respective offices or positions below set opposite their names and are authorized to execute
on behalf of the SPV the below-mentioned Transfer and Administration Agreement and all other Transaction Documents (as defined in such
Transfer and Administration Agreement) to which the SPV is a party and the signatures below set opposite their names are their genuine
signatures:

 

	Name	Signatures	Office
	 	 	 
	 	 	 
	 	 	 

 

     

     

    

 

 

5.       The
representations and warranties of the SPV contained in Section 4.1 of the Transfer and Administration Agreement dated as of March
__, 2001 among the SPV, Arrow Electronics, Inc., individually (the “Arrow”)
and as master servicer (in such capacity, the “Master Servicer”), the parties thereto as “Conduit
Investors,” “Alternate Investors” and “Funding
Agents,” and Bank of America, National Association, a national banking association
are true and correct as if made on the date hereof.

 

WITNESS
my hand and seal of the SPV as of the day first above written.

 

	 	 
	 	 
	 	Secretary

 

I,
[________________] the undersigned, [________________] of the SPV, DO HEREBY CERTIFY that [_____________________] is the duly
elected and qualified Secretary of the SPV and the signature above is his/her genuine signature.

 

WITNESS
my hand as of the day first above written.

 

	 	[________________]

 

     

     

    

 

Exhibit
H

 

Form
of [Originators/Master Servicer] Secretary’s Certificate

 

SECRETARY’S
CERTIFICATE

 

March
__, 2001

 

I,
[__________________], the undersigned [________________] of [Originator/Master Servicer] (the “[Originator/Master Servicer]”),
a [________] corporation, DO HEREBY CERTIFY that:

 

1.
Attached hereto as Annex A is a true and complete copy of the Certificate of Incorporation of the [Originator/Master Servicer]
as in effect on the date hereof.

 

2.
Attached hereto as Annex B is a true and complete copy of the By-laws of the [Originator/Master Servicer] as in effect on the
date hereof.

 

3.
Attached hereto as Annex C is a true and complete copy of the resolutions duly adopted by the Board of Directors of the [Originator/Master
Servicer] [adopted by unanimous written consent] as of March __, 2001, authorizing the execution, delivery and performance of each of
the documents mentioned therein, which resolutions have not been revoked, modified, amended or rescinded and are still in full force
and effect.

 

4.
The below-named persons have been duly qualified as and at all times since March __, 2001, to and including the date hereof have been
officers or representatives of the [Originator/Master Servicer] holding the respective offices or positions below set opposite their
names and are authorized to execute on behalf of the [Originator/Master Servicer] the below-mentioned the Transfer and Administration
Agreement dated as of February __, 2001 among Arrow Electronics Funding Corporation, Arrow Electronics,
Inc., individually (the “Arrow”) and as master servicer (in such capacity, the “Master Servicer”),
the parties thereto as “Conduit Investors,” “Alternate
Investors” and “Funding Agents,” and Bank
of America, National Association, a national banking association (the “Agreement”) Originator Sale Agreement
and all other Transaction Documents to which the [Originator/Master Servicer] is a party and the signatures below set opposite their
names are their genuine signatures:

 

	Name	Signatures	Office
	 	 	 
	 	 	 
	 	 	 

 

     

     

    

 

5.
The representations and warranties of the [Originator/Master Servicer] contained in the Originator Sale Agreement [and First Tier Agreement,
each] dated as of March __, 2001, between the [Originator/Master Servicer] and Arrow Electronics Funding Corporation [and the representations
and warranties of Arrow Originator, in its capacity as Servicer, contained in Section 4.2 of the Agreement,] are true and correct
as if made on the date hereof.

 

WITNESS
my hand and seal of the [Originator/Master Servicer] as of the date first above written.

 

	 	 
	 	 
	 	Secretary

 

I,
the undersigned, [_______________] of the [Originator/Master Servicer], DO HEREBY CERTIFY that [_____________________] is the
duly elected and qualified Secretary of the [Originator/Servicer] and the signature above is his/her genuine signature.

 

WITNESS
my hand as of the date first above written.

 

	 	[________________]

 

     

     

    

 

Exhibit
I-1

 

Form
of Opinion of Robert E. Klatell, Counsel to SPV, Originators and Master Servicer

 

March
__, 2001

 

To
the parties listed on Schedule A

annexed
hereto

 

Ladies
and Gentlemen:

 

This
opinion is furnished to you pursuant to Section 5.1(m) of the Transfer and Administration Agreement dated as of March 21, 2001 (the “Agreement”)
among Arrow Electronics Funding Corporation, as transferor (in such capacity, the “SPV”), Arrow Electronics, Inc.,
individually (“Arrow”) and as master servicer (in such capacity, the “Master Servicer”), the parties
thereto as “Conduit Investors,” “Alternate Investors” and “Funding Agents,” and Bank of America,
National Association, as administrative agent (in such capacity, the “Administrative Agent”). Capitalized terms used herein
and not otherwise defined herein shall have the meanings given such terms in the Agreement.

 

I
have acted as counsel to Arrow, Gates/Arrow Distributing, Inc. (together with Arrow, the Applicable Originators) (in connection with
the preparation of the Agreement, the Originator Sale Agreement, the First Tier Agreement, the other Transaction Documents and the transactions
contemplated thereby.

 

I
have examined, on the date hereof, the Agreement and all exhibits thereto, the First Tier Agreement and all exhibits thereto, each Originator
Sale Agreement, certificates of public officials and of officers of the SPV, Arrow and the other Originators and certified copies of
Arrow’s, the others Originator’s and the SPV’s certificate of incorporation, by-laws, the Board of Directors’
resolutions authorizing Arrow’s, the other Originator’s and the SPV’s participation in the transactions contemplated
by the Agreement, the Originator Sale Agreement, the First Tier Agreement, the other Transaction Documents, copies of each of the above
having been delivered to you. I have also examined the closing documents delivered pursuant to the Agreement, the Originator Sale Agreement
and the First Tier Agreement and copies of all such documents and records, and have made such investigations of law, as we have deemed
necessary and relevant as a basis for our opinion. With respect to the accuracy of material factual matters which were not independently
established, we have relied on certificates and statements of officers of Arrow, the other Originators and the SPV.

 

On
the basis of the foregoing, I am of the opinion that:

 

1.       Each
of the Applicable Originators is a corporation duly incorporated, validly existing and in good standing under the laws of its respective
state or jurisdiction of formation, has the corporate power and authority to own its properties and to carry on its business as now being
conducted, and had at all relevant times, and now has, all necessary power, authority, and legal right to acquire and own the Receivables
and other Affected Assets, and is duly qualified and in good standing as a foreign corporation and is authorized to do business in each
jurisdiction in which the character of its properties or the nature of its business requires such qualification or authorization.

 

     

     

    

 

2.       Each
of the Applicable Originators has the power, corporate and other, and has taken all necessary corporate action to execute, deliver and
perform the Agreement, the First Tier Agreement, the Originator Sale Agreement and the other Transaction Documents to which it is a party,
each in accordance with its respective terms, and to consummate the transactions contemplated thereby. The Transaction Documents to which
each of Arrow and the other Originators is a party have been duly executed and delivered by Arrow and the other Originators, as applicable,
and constitute the legal, valid and binding obligations of each such party, enforceable against such party in accordance with their terms,
except as enforcement thereof may be limited by bankruptcy, insolvency and other similar laws affecting the enforcement of creditors’
rights generally and by general equitable principles.

 

3.       The
execution, delivery and performance in accordance with their terms by each of Arrow and the other Originators of the First Tier Agreement,
Originator Sale Agreement and the other Transaction Documents to which it is a party and the consummation of the transactions contemplated
thereby, do not and will not (i) require (a) any governmental approval or (b) any consent or approval of any stockholder of Arrow or
any of the other Originators that has not been obtained, (ii) violate or conflict with, result in a breach of, or constitute a default
under (a) the certificate of incorporation or the by-laws of Arrow or any of the other Originators, or (b) any other agreement to which
Arrow or any of the other Originators is a party or by which Arrow or any of the other Originators or any of their respective properties
may be bound, or (iii) result in or require the creation or imposition of any Adverse Claim upon any of the assets, property or revenue
of Arrow or any of the other Originators other than as contemplated by the First Tier Agreement or the Originator Sale Agreement, as
applicable.

 

4.       Except
as set forth in the schedules attached hereto, there are not, in any court or before any arbitrator of any kind or before or by any governmental
or non-governmental body, any actions, suits, proceedings, litigation or investigations, pending or to the best of our knowledge, after
due inquiry, threatened, (i) against the Arrow or any of the other Originators or the business or any property of such parties except
actions, suits or proceedings that, if adversely determined, would not, singly or in the aggregate, have a Material Adverse Effect or
(ii) relating to the First Tier Agreement, the Originator Sale Agreement or any other Transaction Document.

 

5.       None
of Arrow or any other Originator is, or is controlled by, an “investment company” within the meaning of the Investment Company
Act of 1940, as amended.

 

The
foregoing opinions and conclusions were given only in respect of the laws of [insert state or other jurisdiction], the State of New York
and, to the extent specifically referred to herein, the Federal laws of the United States of America.

 

This
opinion has been delivered at your request for the purposes contemplated by the Agreement. Without our prior written consent, this opinion
is not to be utilized or quoted for any other purpose and no one other than you is entitled to rely thereon; provided, that any Alternate
Investor, any Program Support Provider and any placement Agent or dealer of the Conduit Investor’s commercial paper may rely on
this opinion as of it were addressed to them.

 

	 	Very truly yours,

 

     

     

    

 

Exhibit
I-2

 

Form
of Opinion of Milbank, Tweed, Hadley & McCloy LLP, Counsel to the SPV, Originators and Master Servicer

 

March
__, 2001

 

To
the parties listed on Schedule A

annexed
hereto

 

Ladies
and Gentlemen:

 

This
opinion is furnished to you pursuant to Section 5.1(m) of the Transfer and Administration Agreement dated as of March __, 2001 (the “Agreement”)
among Arrow Electronics Funding Corporation, as transferor (in such capacity, the “SPV”), Arrow Electronics, Inc.,
individually (the “Arrow”) and as master servicer (in such capacity, the “Master Servicer”), the
parties thereto as “Conduit Investors,” “Alternate Investors” and “Funding Agents,” and Bank of America,
National Association, as administrative agent (in such capacity, the “Administrative Agent”). Capitalized terms used herein
and not otherwise defined herein shall have the meanings given such terms in the Agreement.

 

We
have acted as counsel to Arrow, the other Originators and the SPV in connection with the preparation of the Agreement, the Originator
Sale Agreement, the First Tier Agreement, the other Transaction Documents and the transactions contemplated thereby.

 

We
have examined, on the date hereof, the Agreement and all exhibits thereto, the First Tier Agreement and all exhibits thereto, the Originator
Sale Agreement, certificates of public officials and of officers of the SPV, Arrow and the other Originators and certified copies of
Arrow’s, the others Originator’s and the SPV’s certificate of incorporation, by-laws, the Board of Directors’
resolutions authorizing Arrow’s, the other Originator’s and the SPV’s participation in the transactions contemplated
by the Agreement, the Originator Sale Agreement, the First Tier Agreement, the other Transaction Documents, copies of each of the above
having been delivered to you, copies of the financing statements on Form UCC-1 filed in the filing offices listed in Schedule I
hereto executed by each Originator (other than Arrow), as debtor, in favor of Arrow, as secured party and showing the Administrative
Agent, on behalf of the Funding Agents (on behalf of the Conduit Investors and the Alternate Investor), as the assignee of the secured
party substantially in the form attached hereto as Exhibit A (the “Originator Financing Statements”), copies
of the financing statements filed on Form UCC-1 filed in the filing offices listed in Schedule II hereto executed by Arrow, as
debtor, in favor of the SPV, as secured party and showing the Administrative Agent, on behalf of the Funding Agents (on behalf of the
Conduit Investors and the Alternate Investors), as the assignee of the secured party, substantially in the form attached hereto as Exhibit
B (the “Arrow Financing Statements”) and copies of the financing statements on Form UCC-1 filed in the filing
offices listed in Schedule III hereto executed by SPV, as debtor, in favor of the Administrative Agent, on behalf of the Funding
Agents (on behalf of the Conduit Investors and the Alternate Investors), as secured party, substantially in the form attached hereto
as Exhibit C (the “SPV Financing Statements”). We have also examined the closing documents delivered pursuant
to the Agreement, the Originator Sale Agreement and the First Tier Agreement and copies of all such documents and records, and have made
such investigations of law, as we have deemed necessary and relevant as a basis for our opinion. With respect to the accuracy of material
factual matters which were not independently established, we have relied on certificates and statements of officers of Arrow, the other
Originators and the SPV.

 

     

     

    

 

On
the basis of the foregoing, we are of the opinion that:

 

6.       The
SPV is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware, has the corporate
power and authority to own its properties and to carry on its business as now being conducted, and had at all relevant times, and now
has, all necessary power, authority, and legal right to acquire and own the Receivables and other Affected Assets, and is duly qualified
and in good standing as a foreign corporation and is authorized to do business in each jurisdiction in which the character of its properties
or the nature of its business requires such qualification or authorization.

 

7.       The
SPV has the power, corporate and other, and has taken all necessary corporate action to execute, deliver and perform the Agreement and
the other Transaction Documents to which it is a party, each in accordance with its respective terms, and to consummate the transactions
contemplated thereby. The Transaction Documents to which the SPV is a party have been duly executed and delivered by the SPV and constitute
the legal, valid and binding obligations of the SPV enforceable against the SPV in accordance with their terms, except as enforcement
thereof may be limited by bankruptcy, insolvency and other similar laws affecting the enforcement of creditors’ rights generally
and by general equitable principles.

 

8.       The
execution, delivery and performance in accordance with their terms by the SPV of the Agreement and the other Transaction Documents and
the consummation of the transactions contemplated thereby, do not and will not (i) require (a) any governmental approval or (b) any consent
or approval of any stockholder of the SPV that has not been obtained, (ii) violate or conflict with, result in a breach of, or constitute
a default under (a) the certificate of incorporation or the by-laws of the SPV, (b) any other agreement to which the SPV is a party or
by which the SPV or any of its properties may be bound, or (c) any Law applicable to the SPV of any court or of any Official Body having
jurisdiction over the SPV or any of its properties, or (iii) result in or require the creation or imposition of any Adverse Claim upon
any of the assets, property or revenue of the SPV other than as contemplated by the Agreement.

 

9.       The
execution, delivery and performance in accordance with their terms by each of Arrow and the other Originators of the First Tier Agreement,
Originator Sale Agreement and the other Transaction Documents to which it is a party and the consummation of the transactions contemplated
thereby, do not and will not (i) require (a) any governmental approval or (b) any consent or approval of any stockholder of Arrow or
any of the other Originators that has not been obtained, (ii) violate or conflict with, result in a breach of, or constitute a default
under (a) the certificate of incorporation or the by-laws of Arrow or any of the other Originators, (b) any other agreement to which
Arrow or any of the other Originators is a party or by which Arrow or any of the other Originators or any of their respective properties
may be bound, or (c) any Law applicable to Arrow or any of the other Originators of any Official Body having jurisdiction over Arrow
or any of the other Originators or any of its properties, or (iii) result in or require the creation or imposition of any Adverse Claim
upon any of the assets, property or revenue of Arrow or any of the other Originators other than as contemplated by the First Tier Agreement
or the Originator Sale Agreement, as applicable.

 

     

     

    

 

10.       Except
as set forth in the schedules attached hereto, there are not, in any court or before any arbitrator of any kind or before or by any governmental
or non-governmental body, any actions, suits, proceedings, litigation or investigations, pending or to the best of our knowledge, after
due inquiry, threatened, (i) against the SPV or the business or any property of the SPV except actions, suits or proceedings that, if
adversely determined, would not, singly or in the aggregate, have a Material Adverse Effect or (ii) relating to the Agreement or any
other Transaction Document.

 

11.       Except
as set forth in the schedules attached hereto, there are not, in any court or before any arbitrator of any kind or before or by any governmental
or non-governmental body, any actions, suits, proceedings, litigation or investigations, pending or to the best of our knowledge, after
due inquiry, threatened, (i) against the Arrow or any of the other Originators or the business or any property of such parties except
actions, suits or proceedings that, if adversely determined, would not, singly or in the aggregate, have a Material Adverse Effect or
(ii) relating to the First Tier Agreement, the Originator Sale Agreement or any other Transaction Document.

 

12.       The
Receivables constitute “accounts” or “general intangibles” as that term is defined in the Uniform Commercial
Code as in effect in the State of New York.

 

13.       The
Originator Sale Agreement creates a valid and enforceable security interest (as that term is defined in Section 1-201(37) of the Uniform
Commercial Code (including the conflict of laws rules thereof) (the “UCC”) as in effect in New York (the “New
York UCC”) and [insert reference to applicable jurisdiction], under Article 9 of the New York UCC [and under similar provisions
of applicable jurisdiction] (“Originator Sale Security Interest”) in favor of the SPV in the Receivables and other
Affected Assets and the proceeds thereof (except that the First Tier Security Interest will attach to any Receivable created after the
date hereof only when the Originator possesses rights in such Receivable). The internal laws of [insert state or other jurisdiction]
govern the perfection by the filing of financing statements of the Originator Sale Security Interest in the Receivables and the proceeds
thereof. The Originator Financing Statement(s) have been filed in the filing office(s) located in [insert state or other jurisdiction]
listed in Schedule I hereto, which [is] [are] the only office(s) in which filings are required under the [insert state or other
jurisdiction] UCC to perfect the Originator Sale Security Interest in the Receivables and the proceeds thereof, and accordingly the Originator
Sale Security Interest in each Receivable and the proceeds thereof will, on the date of the initial transfer under the First Tier Agreement,
be perfected under Article 9 of the [insert state or other jurisdiction] UCC. All filing fees and all taxes required to be paid as a
condition to or upon the filing of the Originator Financing Statement(s) in [insert state or other jurisdiction] have been paid in full.
As of the date hereof, there were no (i) UCC financing statements naming the Originators as debtor, originator or assignor and covering
any Receivables or other Affected Assets or any interest therein or (ii) notices of the filing of any federal tax lien (filed pursuant
to Section 6323 of the Internal Revenue Code) or lien of the Pension Benefit Guaranty Corporation (filed pursuant to Section 4068 of
the Employment Retirement Income Security Act) covering any Receivable or other Affected Asset or any interest therein. The filing of
the Originator Financing Statements in the filing offices listed in Schedule I will create a first priority security interest
in each Receivable. Such perfection and priority will continue, provided that appropriate continuation statements are timely filed where
and when required under the UCC.

 

     

     

    

 

14.       The
First Tier Agreement creates a valid and enforceable security interest (as that term is defined in Section 1-201(37) of the Uniform Commercial
Code (including the conflict of laws rules thereof) (the “UCC”) as in effect in New York (the “New York UCC”)
under Article 9 of the New York UCC (“First Tier Security Interest”) in favor of the SPV in the Receivables and other
Affected Assets and the proceeds thereof (except that the First Tier Security Interest will attach to any Receivable created after the
date hereof only when Arrow possesses rights in such Receivable). The internal laws of New York govern the perfection by the filing of
financing statements of the First Tier Security Interest in the Receivables and the proceeds thereof. The Arrow Financing Statement(s)
have been filed in the filing office(s) located in [insert jurisdictions] listed in Schedule II hereto, which are the only office(s)
in which filings are required under the New York UCC to perfect the First Tier Security Interest in the Receivables and the proceeds
thereof, and accordingly the First Tier Security Interest in each Receivable and the proceeds thereof will, on the date of the initial
transfer under the First Tier Agreement, be perfected under Article 9 of the New York UCC. All filing fees and all taxes required to
be paid as a condition to or upon the filing of the Arrow Financing Statement(s) in New York have been paid in full. As of the date hereof,
there were no (i) UCC financing statements naming Arrow as debtor, originator or assignor and covering any Receivables or other Affected
Assets or any interest therein or (ii) notices of the filing of any federal tax lien (filed pursuant to Section 6323 of the Internal
Revenue Code) or lien of the Pension Benefit Guaranty Corporation (filed pursuant to Section 4068 of the Employment Retirement Income
Security Act) covering any Receivable or other Affected Asset or any interest therein. The filing of the Originator Financing Statement(s)
in the filing offices listed in Schedule II will create a first priority security interest in each Receivable. Such perfection
and priority will continue, provided that appropriate continuation statements are timely filed where and when required under the UCC.

 

15.       The
Agreement creates a valid and enforceable security interest (as that term is defined in Section 1-201(37) of the New York UCC, under
Article 9 of the New York UCC (“Second Tier Security Interest”) in favor of the Agent in each Receivable and other
Affected Assets (except that the Second Tier Security Interest will attach only when the SPV possesses rights in such Receivable). The
internal laws of New York govern the perfection by the filing of financing statements of the Second Tier Security Interest in the Receivables
and the proceeds thereof. The SPV Financing Statement(s) have been filed in the filing office(s) located in [insert state or other jurisdiction]
listed in Schedule II hereto, which are the only office(s) in which filings are required under the UCC to perfect the Second Tier
Security Interest in the Receivables and the proceeds thereof, and accordingly the Second Tier Security Interest in each Receivable and
the proceeds thereof will, on the date of the initial transfer under the Agreement, be perfected under Article 9 of the New York UCC.
All filing fees and all taxes required to be paid as a condition to or upon the filing of the SPV Financing Statement(s) in New York
have been paid in full. As of the date hereof, there were no (i) UCC financing statements naming SPV as debtor, originator or assignor
and covering any Receivables or other Affected Assets or any interest therein or (ii) notices of the filing of any federal tax lien (filed
pursuant to Section 6323 of the Internal Revenue Code) or lien of the Pension Benefit Guaranty Corporation (filed pursuant to Section
4068 of the Employment Retirement Income Security Act) covering any Receivable or other Affected Assets or any interest therein. The
filing of the SPV Financing Statement(s) in the filing offices listed in Schedule III will create a first priority security interest
in each Receivable. Such perfection and priority will continue, provided that appropriate continuation statements are timely filed where
and when required under the UCC.

 

16.       The
SPV is not, and is not controlled by, an “investment company” within the meaning of the Investment Company Act of 1940, as
amended.

 

In
giving the opinions in paragraphs 8, 9 and 10, we have assumed that Arrow’s, each of the Originator’s
and the SPV’s chief executive office will continue to be located in [insert state or other jurisdiction]. The conclusions expressed
in paragraphs 8, 9 and 10 are subject to the accuracy of the personnel in the filing offices referred to above with
regard to the filing, indexing and recording of financing statements and notices of Adverse Claim, and to the correctness of reports
to us by [____________], who performed the searches of such records and who made the filings on behalf of Arrow, the Originators and
the SPV in [insert state or other jurisdiction].

 

     

     

    

 

In
giving the opinions set forth in paragraphs 8, 9 and 10, we have assumed that all filings as appropriate in the
event of a change in the name, identity or corporate structure of the debtor (or the Originator or assignor) named in any financing statements
and all continuation statements necessary under the UCC to maintain the perfection of the Originator Sale Agreement, First Tier Security
Interest and the Second Tier Security Interest in the Receivables and the proceeds thereof will be duly and timely filed. In giving such
opinions, we also do not express any opinion as to (a) transactions excluded from Article 9 of the UCC by virtue of Section 9-104 of
the UCC, (b) any security interest in proceeds except to the extent that the validity and perfection of any interest in proceeds (as
such term is defined under the UCC) thereof that is covered by the Originator Financing Statements or the SPV Financing Statements or
any duly filed financing statement referred to above may be permitted by Section 9-306 of the UCC, and (c) any security interest that
is terminated or released.

 

The
foregoing opinions and conclusions were given only in respect of the laws of [insert state or other jurisdiction], the State of New York
and, to the extent specifically referred to herein, the Federal laws of the United States of America.

 

This
opinion has been delivered at your request for the purposes contemplated by the Agreement. Without our prior written consent, this opinion
is not to be utilized or quoted for any other purpose and no one other than you is entitled to rely thereon; provided, that any Alternate
Investor, any Program Support Provider and any placement Agent or dealer of the Conduit Investor’s commercial paper may rely on
this opinion as of it were addressed to them.

 

	 	Very truly yours,

 

     

     

    

 

Exhibit
J

 

 

Form
of Extension Request

 

[DATE]

 

Bank
of America, National Association,

as
Administrative Agent

13510
Ballantyne Corporate PI

 

Charlotte,
NC 28277

 

Attention:
Global Asset Backed Securitization Group

 

		Re:	Transfer
                                            and Administration Agreement dated as of March 21, 2001 (as amended, restated, supplemented
                                            or otherwise modified from time to time, the “TAA”) among Arrow Electronics
                                            Funding Corporation, Arrow Electronics, Inc., the several Conduit Investors, Alternate Investors
                                            and Funding Agents from time to time party thereto, Mizuho Bank, Ltd., as Structuring Agent,
                                            and Bank of America, National Association, as Administrative Agent. Capitalized terms used
                                            herein but not defined herein shall have the meanings assigned to such terms in the TAA.

 

Ladies
and Gentlemen:

 

The
undersigned, Arrow Electronics Funding Corporation, hereby kindly requests, pursuant to Section 3.3(a) of the TAA, that the Commitment
Termination Date be extended from [________], the current Commitment Termination Date, to [____________________], which is 364 days after
the current Commitment Termination Date (the “Requested CTD Extension”). This notice constitutes an Extension Request
for purposes of Section 3.3 of the TAA. The Response Deadline in respect of the Requested CTD Extension is [_______].2

 

The
Requested CTD Extension shall not become effective in respect of any Alternate Investor unless this Extension Request is executed and
delivered by such Alternate Investor, the undersigned, the Master Servicer and the Administrative Agent, and then the Requested CTD Extension
shall be effective only in respect of such Alternate Investor. The failure of any Alternate Investor to respond to this Extension Request
by the Response Deadline shall be deemed to be a rejection of the Extension Request by such Alternate Investor.

 

 

2
A date no later than the fifteenth day prior to the then effective Commitment Termination Date. 

 

     

     

    

 

Acceptance
of this Extension Request may be executed in any number of counterparts and by different parties hereto in separate counterparts, each
of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and
the same agreement. Delivery of an executed counterpart of a signature page to this Extension Request by telefacsimile shall be effective
as delivery of a manually executed counterpart of this Waiver.

 

	 	Sincerely,
	 	 
	 	Arrow Electronics
    Funding Corporation,
	 	as SPV
	 	 
	 	By:	 
	 	Name:	                      
	 	Title:	 

 

	Acknowledged, accepted
    and agreed to as of the date hereof:	 
	 	 
	Arrow Electronics,
    Inc.,	 
	as Master Servicer	 
	 	 
	By:	 	 
	Name:	                      	 
	Title:	 	 

 

     

     

    

 

ACCEPTED
AND AGREED

 

	 	Bank
    of America, National Association,
	 	as Administrative Agent and
    Alternate Investor
	 	  
	 	By:	 
	 	 	Name:	 
	 	 	Title:	              
	 	 
	 	Mizuho Bank,
    Ltd.,
	 	as Structuring Agent and Alternate
    Investor
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	Wells Fargo
    Bank, N.A.,
	 	as an Alternate Investor
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	Sumitomo Mitsui
    Banking Corporation,
	 	as an Alternate Investor 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	PNC Bank, National
    Association,
	 	as Alternate Investor
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	Truist Bank,
	 	as Alternate Investor
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

 

EXHIBIT
B

 

	Funding
    Agent	Upfront
    Fee
	Bank
    of America, National Association	[*****]
	Mizuho
    Bank, Ltd.	[*****]
	PNC
    Bank, National Association	[*****]
	Wells
    Fargo Bank, N.A.	[*****]
	Truist
    Bank	[*****]
	SMBC
    Nikko Securities America, Inc.	[*****]EX-4.1

 Exhibit 4.1 

INDENTURE 
 NISSAN AUTO
RECEIVABLES 2022-B OWNER TRUST, 
 as Issuer 

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

Dated as of September 28, 2022 
  

  

					
		  		  	(NAROT 2022-B Indenture)

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  

	DEFINITIONS AND INCORPORATION BY REFERENCE	  

			
	 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	 

			
	 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
	  	 	6	 
	 SECTION 2.07
	 	 Payments of Principal and Interest
	  	 	6	 
	 SECTION 2.08
	 	 Cancellation
	  	 	7	 
	 SECTION 2.09
	 	 Release of Collateral
	  	 	7	 
	 SECTION 2.10
	 	 Book-Entry Notes
	  	 	7	 
	 SECTION 2.11
	 	 Notices to Clearing Agency
	  	 	8	 
	 SECTION 2.12
	 	 Definitive Notes
	  	 	8	 
	 SECTION 2.13
	 	 Tax Treatment
	  	 	9	 
	
	ARTICLE III	 

	COVENANTS, REPRESENTATIONS AND WARRANTIES	 

			
	 SECTION 3.01
	 	 Payment of Principal and Interest
	  	 	10	 
	 SECTION 3.02
	 	 Maintenance of Office or Agency
	  	 	10	 
	 SECTION 3.03
	 	 Money for Payments To Be Held in Trust
	  	 	11	 
	 SECTION 3.04
	 	 Existence
	  	 	12	 
	 SECTION 3.05
	 	 Protection of Owner Trust Estate
	  	 	12	 
	 SECTION 3.06
	 	 Opinions as to Owner Trust Estate
	  	 	13	 
	 SECTION 3.07
	 	 Performance of Obligations; Servicing of Receivables
	  	 	13	 
	 SECTION 3.08
	 	 Negative Covenants
	  	 	15	 
	 SECTION 3.09
	 	 Annual Statement as to Compliance
	  	 	15	 
	 SECTION 3.10
	 	 Issuer May Consolidate, etc., Only on Certain Terms
	  	 	16	 
	 SECTION 3.11
	 	 Successor or Transferee
	  	 	17	 
	 SECTION 3.12
	 	 No Other Business
	  	 	17	 
	 SECTION 3.13
	 	 No Borrowing
	  	 	18	 
	 SECTION 3.14
	 	 Guarantees, Loans, Advances and Other Liabilities
	  	 	18	 
	 SECTION 3.15
	 	 Capital Expenditures
	  	 	18	 
	 SECTION 3.16
	 	 Removal of Administrator
	  	 	18	 
	 SECTION 3.17
	 	 Restricted Payments
	  	 	18	 
	 SECTION 3.18
	 	 Notice of Events of Default
	  	 	18	 
	 SECTION 3.19
	 	 Further Instruments and Actions
	  	 	18	 

  

					
		  	-ii-	  	(NAROT 2022-B Indenture)

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 3.20
	 	 Representations and Warranties
	  	 	18	 
	
	ARTICLE IV	 

	SATISFACTION AND DISCHARGE	 

			
	 SECTION 4.01
	 	 Satisfaction and Discharge of Indenture
	  	 	20	 
	 SECTION 4.02
	 	 Application of Trust Money
	  	 	20	 
	 SECTION 4.03
	 	 Repayment of Moneys Held by Paying Agent
	  	 	21	 
	
	ARTICLE V	 

	REMEDIES	 

			
	 SECTION 5.01
	 	 Events of Default
	  	 	21	 
	 SECTION 5.02
	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	21	 
	 SECTION 5.03
	 	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	 	22	 
	 SECTION 5.04
	 	 Remedies; Priorities
	  	 	24	 
	 SECTION 5.05
	 	 Optional Preservation of the Collateral
	  	 	26	 
	 SECTION 5.06
	 	 Limitation of Suits
	  	 	26	 
	 SECTION 5.07
	 	 Rights of Noteholders to Receive Principal and Interest
	  	 	27	 
	 SECTION 5.08
	 	 Restoration of Rights and Remedies
	  	 	27	 
	 SECTION 5.09
	 	 Rights and Remedies Cumulative
	  	 	27	 
	 SECTION 5.10
	 	 Delay or Omission Not a Waiver
	  	 	27	 
	 SECTION 5.11
	 	 Control by Noteholders
	  	 	28	 
	 SECTION 5.12
	 	 Waiver of Past Defaults
	  	 	28	 
	 SECTION 5.13
	 	 Undertaking for Costs
	  	 	28	 
	 SECTION 5.14
	 	 Waiver of Stay or Extension Laws
	  	 	29	 
	 SECTION 5.15
	 	 Action on Notes
	  	 	29	 
	 SECTION 5.16
	 	 Performance and Enforcement of Certain Obligations
	  	 	29	 
	
	ARTICLE VI	 

	THE INDENTURE TRUSTEE	 

			
	 SECTION 6.01
	 	 Duties of Indenture Trustee
	  	 	30	 
	 SECTION 6.02
	 	 Rights of Indenture Trustee
	  	 	31	 
	 SECTION 6.03
	 	 Individual Rights of Indenture Trustee
	  	 	33	 
	 SECTION 6.04
	 	 Indenture Trustee’s Disclaimer
	  	 	33	 
	 SECTION 6.05
	 	 Notice of Defaults
	  	 	34	 
	 SECTION 6.06
	 	 Reports by Indenture Trustee to Holders
	  	 	34	 
	 SECTION 6.07
	 	 Compensation and Indemnity
	  	 	34	 
	 SECTION 6.08
	 	 Replacement of Indenture Trustee
	  	 	35	 
	 SECTION 6.09
	 	 Successor Indenture Trustee by Merger
	  	 	36	 
	 SECTION 6.10
	 	 Appointment of Co-Indenture Trustee or Separate Indenture
Trustee
	  	 	37	 
	 SECTION 6.11
	 	 Eligibility; Disqualification
	  	 	38	 
	 SECTION 6.12
	 	 Preferential Collection of Claims Against Issuer
	  	 	38	 

  

					
		  	-iii-	  	(NAROT 2022-B Indenture)

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	
	ARTICLE VII	  

	NOTEHOLDERS’ LISTS AND REPORTS	  

			
	 SECTION 7.01
	 	 Note Registrar To Furnish Names and Addresses of Noteholders
	  	 	38	 
	 SECTION 7.02
	 	 Preservation of Information; Communications to Noteholders
	  	 	39	 
	 SECTION 7.03
	 	 Reports by Issuer
	  	 	39	 
	 SECTION 7.04
	 	 Reports by Indenture Trustee
	  	 	39	 
	 SECTION 7.05
	 	 Indenture Trustee Website
	  	 	40	 
	 SECTION 7.06
	 	 Information to be Provided by the Indenture Trustee
	  	 	40	 
	 SECTION 7.07
	 	 Noteholder Demand for Repurchase; Dispute Resolution
	  	 	40	 
	 SECTION 7.08
	 	 Asset Review Voting
	  	 	41	 
	
	ARTICLE VIII	 

	ACCOUNTS, DISBURSEMENTS AND RELEASES	 

			
	 SECTION 8.01
	 	 Collection of Money
	  	 	42	 
	 SECTION 8.02
	 	 Accounts
	  	 	42	 
	 SECTION 8.03
	 	 General Provisions Regarding Accounts
	  	 	43	 
	 SECTION 8.04
	 	 Release of Owner Trust Estate
	  	 	44	 
	 SECTION 8.05
	 	 Release of Receivables Upon Purchase by NMAC or the Servicer
	  	 	44	 
	 SECTION 8.06
	 	 Opinion of Counsel
	  	 	45	 
	
	ARTICLE IX	 

	SUPPLEMENTAL INDENTURES	 

			
	 SECTION 9.01
	 	 Supplemental Indentures Without Consent of Noteholders
	  	 	45	 
	 SECTION 9.02
	 	 Supplemental Indentures with Consent of Noteholders
	  	 	46	 
	 SECTION 9.03
	 	 Execution of Supplemental Indentures
	  	 	47	 
	 SECTION 9.04
	 	 Effect of Supplemental Indenture
	  	 	47	 
	 SECTION 9.05
	 	 Conformity with Trust Indenture Act
	  	 	48	 
	 SECTION 9.06
	 	 Reference in Notes to Supplemental Indentures
	  	 	48	 
	
	ARTICLE X	 

	REDEMPTION OF NOTES	 

			
	 SECTION 10.01
	 	 Optional Purchase of All Receivables
	  	 	48	 
	 SECTION 10.02
	 	 Form of Redemption Notice
	  	 	48	 
	 SECTION 10.03
	 	 Notes Payable on Redemption Date
	  	 	49	 
	
	ARTICLE XI	 

	MISCELLANEOUS	 

			
	 SECTION 11.01
	 	 Compliance Certificates and Opinions, etc.
	  	 	49	 
	 SECTION 11.02
	 	 Form of Documents Delivered to Indenture Trustee
	  	 	51	 
	 SECTION 11.03
	 	 Acts of Noteholders
	  	 	51	 
	 SECTION 11.04
	 	 Notices to Indenture Trustee, Issuer and Rating Agencies
	  	 	52	 
	 SECTION 11.05
	 	 Notices to Noteholders; Waiver
	  	 	52	 
	 SECTION 11.06
	 	 Alternate Payment and Notice Provisions
	  	 	53	 

  

					
		  	-iv-	  	(NAROT 2022-B Indenture)

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 11.07
	 	Conflict with Trust Indenture Act	  	 	53	 
	 SECTION 11.08
	 	Effect of Headings and Table of Contents	  	 	53	 
	 SECTION 11.09
	 	Successors and Assigns	  	 	53	 
	 SECTION 11.10
	 	Severability	  	 	53	 
	 SECTION 11.11
	 	Benefits of Indenture	  	 	53	 
	 SECTION 11.12
	 	Governing Law; Submission to Jurisdiction; Wavier of Jury Trial	  	 	54	 
	 SECTION 11.13
	 	Counterparts and Electronic Signature	  	 	54	 
	 SECTION 11.14
	 	Recording of Indenture	  	 	55	 
	 SECTION 11.15
	 	Trust Obligation	  	 	55	 
	 SECTION 11.16
	 	No Petition	  	 	55	 
	 SECTION 11.17
	 	Inspection	  	 	55	 
		
	 EXHIBIT A
	 	FORM OF CLASS [A-1] [A-2] [A-3] [A-4] NOTE	  

	 EXHIBIT B
	 	FORM OF ASSET REPURCHASE DEMAND ACTIVITY REPORT	  

  

					
		  	-iv-	  	(NAROT 2022-B Indenture)

 CROSS-REFERENCE TABLE 

(not part of this Indenture) 
  

					
	 TIA

Section
	  	Indenture
Section	 
	 (§)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)	 
	 (e)
	  	 	11.01	 

  

					
		  	-vi-	  	(NAROT 2022-B Indenture)

					
	 TIA

Section
	  	Indenture
Section	 
	 (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
	  			

  

					
		  	-vii-	  	(NAROT 2022-B Indenture)

 INDENTURE dated as of September 28, 2022 (this “Indenture”), between
NISSAN AUTO RECEIVABLES 2022-B OWNER TRUST, a Delaware statutory trust (the “Issuer”), and U.S. BANK TRUST COMPANY, 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 3.688% Asset Backed Notes, Class A-1 (the “Class A-1
Notes”), 4.50% Asset Backed Notes, Class A-2 (the “Class A-2 Notes”), 4.46% Asset Backed Notes, Class A-3 (the “Class A-3 Notes”), 4.45% 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	  	(NAROT 2022-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 Company II LLC, as seller,
Nissan Motor Acceptance Company LLC, 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. 

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. 

  

					
		  	2	  	(NAROT 2022-B Indenture)

 ARTICLE II 

The Notes 
 SECTION 2.01
Form. The Class A-1 Notes, the Class A-2 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 $270,000,000, the Class A-2 Notes for original issue in an
aggregate principal amount of $443,300,000, the Class A-3 Notes for original issue in an aggregate principal amount of $443,300,000, and the Class A-4 Notes
for original issue in an aggregate principal amount of $93,400,000. 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 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. 

  

					
		  	3	  	(NAROT 2022-B Indenture)

 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. 
 (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. 

  

					
		  	4	  	(NAROT 2022-B Indenture)

 (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 a Plan, its fiduciary) will be deemed to
(i) represent, warrant and covenant that either (A) it is not acquiring and will not hold the Note (or any interest therein) for, on behalf of or with the assets of a Benefit Plan or any Plan 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 a violation of any Similar Law and (ii) acknowledge and agree that Benefit Plans and Plans that are subject to Similar Law may not acquire the Notes 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. 
 (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. 

  

					
		  	5	  	(NAROT 2022-B Indenture)

 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 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 shall 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-2 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-2 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 

  

					
		  	6	  	(NAROT 2022-B Indenture)

 
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. 
 (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 

  

					
		  	7	  	(NAROT 2022-B Indenture)

 
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; 
 (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 

  

					
		  	8	  	(NAROT 2022-B Indenture)

 
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 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. 

  

					
		  	9	  	(NAROT 2022-B Indenture)

 (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 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 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. 
 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 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. 

  

					
		  	10	  	(NAROT 2022-B Indenture)

 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; 

(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 

  

					
		  	11	  	(NAROT 2022-B Indenture)

 (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. 
 SECTION 3.04 Existence. The Issuer will keep in full effect its existence, rights and
franchises under the laws of the state of its formation (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: 

  

					
		  	12	  	(NAROT 2022-B Indenture)

 (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 2023, 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 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. 

  

					
		  	13	  	(NAROT 2022-B Indenture)

 (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 unwilling or 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. 
 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, it shall not be liable for
its failure to perform such duties if such failure is a result of the Servicer’s failure to deliver all documents and data required for servicing of the Receivables. 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. 

  

					
		  	14	  	(NAROT 2022-B Indenture)

 (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 

(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. 

  

					
		  	15	  	(NAROT 2022-B Indenture)

 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 

(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 

  

					
		  	16	  	(NAROT 2022-B Indenture)

 
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 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 2022-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 2022-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. 

  

					
		  	17	  	(NAROT 2022-B Indenture)

 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. 
 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. 

  

					
		  	18	  	(NAROT 2022-B Indenture)

 (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 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.” 

  

					
		  	19	  	(NAROT 2022-B Indenture)

 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; 
 (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. 

  

					
		  	20	  	(NAROT 2022-B Indenture)

 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 Business 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 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. 

  

					
		  	21	  	(NAROT 2022-B Indenture)

 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. 
 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. 

  

					
		  	22	  	(NAROT 2022-B Indenture)

 (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 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. 

  

					
		  	23	  	(NAROT 2022-B Indenture)

 (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. 
 (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; 

  

					
		  	24	  	(NAROT 2022-B Indenture)

 (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-2 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 principal amount of the Class A-1 Notes is reduced to zero, and then to the Class A-2 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 principal amount for such Class of Notes is reduced to zero; and 

(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 

  

					
		  	25	  	(NAROT 2022-B Indenture)

 
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. 

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 4.4 of the Purchase 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). 

  

					
		  	26	  	(NAROT 2022-B Indenture)

 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. 
 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. 

  

					
		  	27	  	(NAROT 2022-B Indenture)

 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 or the other Basic Documents; and 
 (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. 

  

					
		  	28	  	(NAROT 2022-B 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 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. 

  

					
		  	29	  	(NAROT 2022-B Indenture)

 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. 
 (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. 

  

					
		  	30	  	(NAROT 2022-B Indenture)

 (e) If 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, epidemics or pandemics, and interruptions, loss or malfunctions of utilities, communications systems or services;
provided, that the Indenture Trustee shall use reasonable efforts consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

(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. 
 (j) In no event shall the Indenture Trustee be liable for
failure to perform its obligations hereunder if such failure is a result of another Transaction Party’s failure to perform its responsibilities or obligations in this Indenture or other Basic Documents. 

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; 

  

					
		  	31	  	(NAROT 2022-B Indenture)

 (2) the Indenture Trustee may consult with counsel, accountants and experts and the advice
of such counsel, accountants or experts 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 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 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; 

  

					
		  	32	  	(NAROT 2022-B Indenture)

 (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 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. 
 (c) No provision of this Indenture
shall be deemed to impose any duty or obligation on the Indenture Trustee or take or omit to take any action, suffer any action to be taken or omitted, in the performance of its duties, or to exercise any right or power hereunder, to the extent that
taking or omitting to take such action or suffering such action to be taken or omitted would, in the judgment of the Indenture Trustee, expose it to liability or violate applicable law binding upon it (which determination may be based on an Opinion
of Counsel). 
 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

  

					
		  	33	  	(NAROT 2022-B Indenture)

 
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, 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 (including extraordinary
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 4.4 of the Purchase
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 

  

					
		  	34	  	(NAROT 2022-B Indenture)

 
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,
provided, that 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. 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. To the extent not paid by the Administrator and outstanding for at least 60 days,
such fees and indemnities, as applicable, 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, as applicable, have been outstanding for at least 60 days. If such fees and indemnities, as applicable, are paid pursuant to Section 5.06 of the Sale and Servicing
Agreement, the Administrator shall reimburse the Issuer in full for such payments. 
 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. 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. 

  

					
		  	35	  	(NAROT 2022-B Indenture)

 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. 
 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. 

  

					
		  	36	  	(NAROT 2022-B Indenture)

 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. 

(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. 

  

					
		  	37	  	(NAROT 2022-B Indenture)

 (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 and “BBB” or better by S&P, 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. 
 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. 

  

					
		  	38	  	(NAROT 2022-B Indenture)

 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. 

(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, 2023, 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 

  

					
		  	39	  	(NAROT 2022-B Indenture)

 
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. 

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://pivot.usbank.com 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 October 11, 2022, 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 4.3
of the Purchase 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
that would require NMAC to repurchase 

  

					
		  	40	  	(NAROT 2022-B Indenture)

 
a Receivable pursuant to Section 4.3 of the Purchase Agreement, such Investor (the “Requesting Investor”) may, or by written notice to the Indenture Trustee may direct the
Indenture Trustee to, notify NMAC in writing of such breach and request that NMAC 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 NMAC and request that NMAC repurchase the related Receivable pursuant to Section 4.3 of the Purchase Agreement.
For avoidance of doubt, following delivery of such notice and request to NMAC, the Indenture Trustee shall have no responsibility or liability for the determination by NMAC 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, 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 4.4 of the Purchase 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. 

  

					
		  	41	  	(NAROT 2022-B Indenture)

 (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, an Investor (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 directing the Indenture Trustee to notify) NMAC of a breach of NMAC’s representations and warranties in Section 3.2(b) of the Purchase Agreement that would require NMAC to repurchase a Receivable pursuant to
Section 4.3 of the Purchase Agreement or (ii) referring the matter, at its discretion, to either mediation or arbitration pursuant to Section 4.4 of the Purchase 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. 

  

					
		  	42	  	(NAROT 2022-B Indenture)

 (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 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. 

  

					
		  	43	  	(NAROT 2022-B Indenture)

 (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 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 NMAC or the Servicer. 
 (a) Upon repurchase of any Receivable by NMAC pursuant to
Section 4.3 of the Purchase 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 NMAC 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 NMAC 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. 

  

					
		  	44	  	(NAROT 2022-B Indenture)

 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 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) Except as provided in Section 9.02, without the consent of any other Person, the Issuer and the Indenture
Trustee (when so directed by an Issuer Order), may enter into one or more amendments 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
for the purpose of modifying in any manner the rights of the Noteholders under this Indenture; provided that (i) either (A) any amendment or supplemental indenture that materially and adversely affects the Noteholders shall require the
consent of Noteholders holding not less than a majority of the Outstanding Amount voting together as a single class, or (B) such amendment or supplemental indenture shall not materially and adversely affect the Noteholders, and (ii) any
amendment or supplemental indenture that adversely affects the interests of the Servicer, the Certificateholders, the Indenture Trustee, the Owner Trustee or the Administrator shall require the prior consent of the Persons whose interests are
adversely affected, provided that the consent of the Servicer, the Certificateholders, the Owner Trustee or the Administrator, as the case may be, shall be deemed to have been given if the Depositor does not receive a written objection from such
Person within 10 Business Days after a written request for such consent shall have been given. A supplement or amendment shall be deemed not to materially and adversely affect the interests of the Noteholders if (i) the Rating Agency Condition
is satisfied with respect to such supplement or amendment, or (ii) the Depositor delivers an Officer’s Certificate to the Indenture Trustee stating that such supplement or amendment will not materially and adversely affect the Noteholders.

 (b) It shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the particular form of
any proposed amendment or supplement, but it shall be sufficient if such Person consents to the substance thereof. 

  

					
		  	45	  	(NAROT 2022-B Indenture)

 (c) Prior to the execution of any amendment or supplemental indenture pursuant to this
Section or Section 9.02, the Issuer shall provide each Rating Agency, the Certificateholders, the Depositor, the Owner Trustee and the Indenture Trustee with written notice of the substance of such supplement. No later than
10 Business Days after the execution of any supplemental indenture, the Issuer shall furnish a copy of such supplement to each Rating Agency, the Servicer, the Certificateholders, the Indenture Trustee and the Owner Trustee. 

(d) 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 as may be therein contained. 
 (e) Promptly after the execution by the Issuer and the Indenture Trustee of any
supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice (to be provided by the Issuer) 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. 

(f) The Indenture Trustee shall be under no obligation to ascertain whether a Rating Agency Condition has been satisfied with respect to any
amendment or supplemental indenture. When the Rating Agency Condition is satisfied with respect to such amendment or supplemental indenture, the Servicer shall deliver to the Indenture Trustee an Officer’s Certificate to that effect, and the
Indenture Trustee may conclusively rely upon the Officer’s Certificate from the Servicer that a Rating Agency Condition has been satisfied with respect to such amendment or supplemental indenture. 

SECTION 9.02 Supplemental Indentures with Consent of Noteholders. The Issuer and the Indenture Trustee, when requested by an Issuer
Order, also may, with the consent of Noteholders holding not less than a majority of the Outstanding Amount voting together as a single class, by Action of such Noteholders delivered to the Issuer and the Indenture Trustee, enter into one or more
amendments or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this
Indenture, subject to prior notice to the Rating Agencies and provided that no such supplemental indenture entered into in accordance with this Section 9.02 shall, without the consent of the Noteholder of each Outstanding
Note affected thereby: 
 (1) change the Final Scheduled Distribution Date of or the date of payment of any installment of principal of or
interest on any Note, or reduce the principal amount thereof, the Interest Rate thereon or the Redemption Price with respect thereto; 

(2) reduce the percentage of the Outstanding Amount, the consent of the Noteholders of which is required for any such amendment or
supplemental indenture or the consent of the Noteholders of which is required for any waiver of compliance with provisions of this Indenture or Events of Default hereunder and their consequences provided for in this Indenture; 

(3) modify or alter the provisions of the proviso to the definition of the term “Outstanding;” 

  

					
		  	46	  	(NAROT 2022-B Indenture)

 (4) reduce the percentage of the Outstanding Amount required to direct the Indenture
Trustee to direct the Issuer to sell the Owner Trust Estate pursuant to Section 5.04(d)(4), if the proceeds of such sale would be insufficient to pay the Outstanding Amount plus accrued but unpaid interest on the Notes; 

(5) 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; 
 (6) 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 any Noteholder of the security provided
by the lien of this Indenture; or 
 (7) impair the right to institute suit for the enforcement of payment as provided in
Section 5.07. 
 The Indenture Trustee may in its discretion determine whether or not any Notes would be affected
by any amendment or supplemental indenture and any such determination shall be conclusive upon all Noteholders, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any such
determination made in good faith. 
 It shall not be necessary for any Action of Noteholders under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such Action shall approve the substance thereof. 
 Promptly
after the execution by the Issuer and the Indenture Trustee of any amendment or supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders and Certificateholders to which such amendment or supplemental
indenture relates a notice setting forth in general terms the substance of such amendment or 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 amendment or 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. 
 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. 

  

					
		  	47	  	(NAROT 2022-B Indenture)

 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. 

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. 

  

					
		  	48	  	(NAROT 2022-B Indenture)

 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). 

(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; 

  

					
		  	49	  	(NAROT 2022-B Indenture)

 (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. 

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. 

  

					
		  	50	  	(NAROT 2022-B Indenture)

 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 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. 

  

					
		  	51	  	(NAROT 2022-B Indenture)

 (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 shall be delivered or mailed by registered or certified first-class United States mail,
postage prepaid, hand delivery, prepaid courier service, by facsimile or electronically by email (if an email address is provided), and addressed in each case as specified on Schedule I to the Sale and Servicing Agreement. Notices required to be
given to the Rating Agencies hereunder shall be in writing, personally delivered or mailed by certified mail, return receipt requested, and addressed in each case as specified on Schedule I to the Sale and Servicing Agreement or 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). 
 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. 

  

					
		  	52	  	(NAROT 2022-B Indenture)

 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. 

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. 

  

					
		  	53	  	(NAROT 2022-B Indenture)

 SECTION 11.12 Governing Law; Submission to Jurisdiction; Wavier of Jury Trial. 

(a) THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 (b) Each of the parties hereto hereby irrevocably and unconditionally: 

(1) submits for itself and its property in any Proceeding relating to this Indenture or any documents executed and delivered in connection
herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York and
appellate courts from any thereof; 
 (2) consents that any such Proceeding may be brought and maintained in such courts and waives any
objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(3) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11.04 of this Indenture; 

(4) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (5) to the extent permitted by applicable law, each party hereto irrevocably waives all
right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Indenture, any other Basic Document, or any matter arising hereunder or thereunder. 

SECTION 11.13 Counterparts and Electronic Signature. 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. Each party agrees that this Indenture and any other documents to be delivered in connection herewith may be digitally or electronically
signed, and that any digital or electronic signatures (including pdf, facsimile or electronically imaged signatures provided by a digital signature provider as specified in writing to the Indenture Trustee) appearing on this Indenture or such other
documents shall have the same effect as manual signatures for the purpose of validity, enforceability and admissibility; provided, however, that any documentation with respect to the transfer of Notes or other securities presented to the Indenture
Trustee, the Note Registrar or any other transfer agent must contain original, manually executed signatures. Other than with respect to instances in which manual signatures are expressly required by this paragraph, each party hereto shall be
entitled to conclusively rely upon, and shall have no liability with respect to, any digital or electronic signature appearing on this Agreement or any other documents to be delivered in connection herewith and shall have no duty to investigate,
confirm or otherwise verify the validity or authenticity thereof. 

  

					
		  	54	  	(NAROT 2022-B Indenture)

 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 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] 

  

					
		  	55	  	(NAROT 2022-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 2022-B OWNER TRUST
		
	By:	 	WILMINGTON TRUST, NATIONAL
		 	ASSOCIATION, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
		  	S-1	  	(NAROT 2022-B Indenture)

 EXHIBIT A 

FORM OF CLASS [A-1] [A-2]
[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 COMPANY II LLC, NISSAN MOTOR ACCEPTANCE COMPANY LLC, 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 A PLAN (AS DEFINED BELOW), ITS FIDUCIARY) OF THIS NOTE (OR ANY INTEREST HEREIN) WILL BE DEEMED TO (A) REPRESENT, WARRANT AND COVENANT THAT EITHER (I) IT IS NOT ACQUIRING AND WILL NOT HOLD THE NOTE (OR ANY
INTEREST HEREIN) FOR, ON BEHALF OF OR WITH THE ASSETS OF ANY PLAN (AS DEFINED BELOW) THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”) (EACH OF THE FOREGOING, A “BENEFIT PLAN”) OR A PLAN (AS DEFINED BELOW) 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”) OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THE NOTE (OR ANY 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 A VIOLATION OF ANY SIMILAR LAW AND (B) ACKNOWLEDGE AND AGREE THAT BENEFIT PLANS OR PLANS THAT ARE SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE AT ANY TIME THAT THE RATINGS
ON THIS NOTE IS BELOW INVESTMENT GRADE OR 
  

	1 	 For Book-Entry Notes only. 

  

					
		  	A-1	  	(NAROT 2022-B Indenture)

 
THIS NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES. FOR PURPOSES OF THE FOREGOING “PLAN” MEANS AN “EMPLOYEE BENEFIT PLAN” AS DEFINED
IN SECTION 3(3) OF ERISA, WHETHER OR NOT SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” AS DEFINED IN SECTION 4975 OF THE CODE OR ANY ENTITY DEEMED TO HOLD PLAN ASSETS OF THE FOREGOING. 

[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.] 

  

					
		  	A-2	  	(NAROT 2022-B Indenture)

 NISSAN AUTO RECEIVABLES 2022-B OWNER TRUST 

[____]% ASSET BACKED NOTES, 
 CLASS [A-1] [A-2] [A-3] [A-4] 

 

			
	No. R-___	  	 $_________

CUSIP NO._________
 ISIN No.
____________

 Nissan Auto Receivables 2022-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-2] [A-3] [A-4] Notes pursuant to Section 3.01 of the Indenture dated as of September 28, 2022 (the “Indenture”), between the Issuer and U.S. Bank Trust
Company, 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 September 28, 2022 (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-2] [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: 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-2 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. 

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. 

  

					
		  	A-3	  	(NAROT 2022-B Indenture)

 Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual or facsimile signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

  

					
		  	A-4	  	(NAROT 2022-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 2022-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:	 	

  

					
		  	A-5	  	(NAROT 2022-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 TRUST COMPANY, NATIONAL ASSOCIATION,
	not in its individual capacity but solely as Indenture Trustee
		
	By:	 	             

		 	Name:
		 	Title:

  

					
		  	A-6	  	(NAROT 2022-B Indenture)

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as [____]% Asset Backed Notes, Class [A-1] [A-2] [A-3] [A-4] (herein called the “Class
[A-1] [A-2] [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-2] [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-2] [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 October 17, 2022. 

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-2] [A-3] [A-4] Notes shall
be made pro rata to the Class [A-1] [A-2] [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 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. 

  

					
		  	A-7	  	(NAROT 2022-B Indenture)

 The Issuer shall pay interest on overdue installments of interest at the Class [A-1] [A-2] [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, 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. 

  

					
		  	A-8	  	(NAROT 2022-B Indenture)

 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 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. 

  

					
		  	A-9	  	(NAROT 2022-B Indenture)

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

  

					
		  	A-10	  	(NAROT 2022-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. 

  

					
		  	A-1	  	(NAROT 2022-B Indenture)

 Exhibit B 

ASSET REPURCHASE DEMAND ACTIVITY REPORT 

Reporting Period: 
 X Check here if
nothing to report. 
  

									
	 Transaction
	  	 Loan No.
	  	 Activity During Period

	  	 Date of Reputed Demand
	  	 Party Making Reputed Demand
	  	
Date of Withdrawal of Reputed Demand

					
	 NAROT 2022-B
	  		  		  		  	

  

					
		  	B-1	  	(NAROT 2022-B Indenture)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]