Document:

Exhibit 10.10

 

AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF

KIMBELL TIGER OPERATING COMPANY, LLC

 

DATED AS OF [●], 2021

 

THE LIMITED LIABILITY COMPANY INTERESTS IN KIMBELL
TIGER OPERATING COMPANY, LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE,
OR ANY OTHER APPLICABLE SECURITIES LAWS, AND HAVE BEEN OR ARE BEING ISSUED IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND SUCH LAWS. SUCH INTERESTS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED,
HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES
LAWS OF ANY STATE AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT; AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGING MEMBER AND THE APPLICABLE MEMBER.
THE LIMITED LIABILITY COMPANY INTERESTS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS, THIS AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT AND ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BY THE MANAGING MEMBER AND THE APPLICABLE
MEMBER. THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH LIMITED LIABILITY COMPANY INTERESTS WILL BE REQUIRED TO BEAR THE RISK OF THEIR
INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME.

 

     

     

    

 

Table of Contents

 

	 	 	 	Page
	 	 	 	
	Article I DEFINITIONS	2
	 	 	 	 
	Section 1.1	 	Definitions	2
	Section 1.2	 	Interpretive Provisions	12
	 	 	 	 
	Article II ORGANIZATION OF THE LIMITED LIABILITY COMPANY	12
	 	 	 	 
	Section 2.1	 	Formation	12
	Section 2.2	 	Filing	12
	Section 2.3	 	Name	13
	Section 2.4	 	Registered Office; Registered Agent	13
	Section 2.5	 	Principal Place of Business	13
	Section 2.6	 	Purpose; Powers	13
	Section 2.7	 	Term	13
	Section 2.8	 	Intent	13
	 	 	 	 
	Article III [RESERVED]	13
	 	 
	Article IV OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS	13
	 	 	 	 
	Section 4.1	 	Authorized Units; General Provisions With Respect to Units	13
	Section 4.2	 	Class B Units	16
	Section 4.3	 	Voting Rights	17
	Section 4.4	 	Capital Contributions; Unit Ownership	17
	Section 4.5	 	Capital Accounts	18
	Section 4.6	 	Other Matters	18
	Section 4.7	 	Redemption of Class A Units	19
	 	 	 	 
	Article V ALLOCATIONS OF PROFITS AND LOSSES	23
	 	 	 	 
	Section 5.1	 	Profits and Losses	23
	Section 5.2	 	Special Allocations	24
	Section 5.3	 	Allocations for Tax Purposes in General	27
	Section 5.4	 	Other Allocation Rules	28
	 	 	 	 
	Article VI DISTRIBUTIONS	29
	 	 	 	 
	Section 6.1	 	Distributions	29
	Section 6.2	 	Tax-Related Distributions	29
	Section 6.3	 	Distribution Upon Withdrawal	29
	Section 6.4	 	Issuance of Additional Equity Securities	29
	 	 	 	 
	Article VII MANAGEMENT	30
	 	 	 	 
	Section 7.1	 	The Managing Member; Fiduciary Duties	30
	Section 7.2	 	Officers	30
	Section 7.3	 	Warranted Reliance by Officers on Others	31
	Section 7.4	 	Indemnification	31
	Section 7.5	 	Maintenance of Insurance or Other Financial Arrangements	32
	Section 7.6	 	Resignation or Termination of Managing Member	32
	Section 7.7	 	No Inconsistent Obligations	32
	Section 7.8	 	Reclassification Events of PubCo	32
	Section 7.9	 	Certain Costs and Expenses	33
	 	 	 	 
	Article VIII ROLE OF MEMBERS	33
	 	 	 	 
	Section 8.1	 	Rights or Powers	33
	Section 8.2	 	Voting	34
	Section 8.3	 	Various Capacities	34
	Section 8.4	 	Investment Opportunities	34

 

     

     

    

 

	Article IX TRANSFERS OF INTERESTS	35
	 	 	 	 
	Section 9.1	 	Restrictions on Transfer	35
	Section 9.2	 	Notice of Transfer	35
	Section 9.3	 	Transferee Members	36
	Section 9.4	 	Legend	36
	 	 	 	 
	Article X ACCOUNTING; CERTAIN TAX MATTERS	37
	 	 	 	 
	Section 10.1	 	Books of Account	37
	Section 10.2	 	Tax Elections	37
	Section 10.3	 	Tax Returns; Information	37
	Section 10.4	 	Company Representative	37
	Section 10.5	 	Withholding Tax Payments and Obligations	38
	 	 	 	 
	Article XI DISSOLUTION AND TERMINATION	39
	 	 	 	 
	Section 11.1	 	Liquidating Events	39
	Section 11.2	 	Bankruptcy	39
	Section 11.3	 	Procedure	40
	Section 11.4	 	Rights of Members	41
	Section 11.5	 	Notices of Dissolution	41
	Section 11.6	 	Reasonable Time for Winding Up	41
	Section 11.7	 	No Deficit Restoration	41
	 	 	 	 
	Article XII GENERAL	41
	 	 	 	 
	Section 12.1	 	Amendments; Waivers	41
	Section 12.2	 	Further Assurances	42
	Section 12.3	 	Successors and Assigns	42
	Section 12.4	 	Certain Representations by Members	42
	Section 12.5	 	Entire Agreement	43
	Section 12.6	 	Rights of Members Independent	43
	Section 12.7	 	Governing Law	43
	Section 12.8	 	Jurisdiction and Venue	43
	Section 12.9	 	Headings	43
	Section 12.10	 	Counterparts	43
	Section 12.11	 	Notices	43
	Section 12.12	 	Representation By Counsel; Interpretation	44
	Section 12.13	 	Severability	44
	Section 12.14	 	Expenses	44
	Section 12.15	 	Waiver of Jury Trial	44
	Section 12.16	 	No Third Party Beneficiaries	44

 

     

     

    

 

AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF

KIMBELL TIGER OPERATING COMPANY, LLC

 

This Amended and Restated Limited Liability Company
Agreement (as amended, supplemented or restated from time to time, this “Agreement”) is entered into as of [●],
2021, by and among Kimbell Tiger Operating Company, LLC, a Delaware limited liability company (the “Company”),
Kimbell Tiger Acquisition Corporation, a Delaware corporation (“PubCo”), Kimbell Tiger Acquisition Sponsor,
LLC, a Delaware limited liability company (“Tiger Sponsor”), and each other Person who is or at any time becomes
a Member in accordance with the terms of this Agreement and the Act. Capitalized terms used herein and not otherwise defined have the
respective meanings set forth in Section 1.1.

 

RECITALS

 

WHEREAS,
immediately prior to the adoption of this Agreement, the Company was governed by the Limited Liability Company Agreement, dated effective
as of April 9, 2021 (the “Existing LLC Agreement”);

 

WHEREAS,
on May 10, 2021 Tiger Sponsor purchased 100 Class A Units (and a corresponding number of Class B Shares) and 2,500 Class A
Shares (collectively, the “Sponsor Shares”);

 

WHEREAS,
on May 10, 2021 Tiger Sponsor acquired 5,750,000 Class B Units and a corresponding number of Class B Shares, of which up
to 750,000 Class B Units and a corresponding number of Class B Shares are subject to forfeiture by Tiger Sponsor to the extent
that the underwriters of the initial underwritten public offering of PubCo Units (the “IPO”) do not fully exercise
their over-allotment option (the “Over-Allotment Option”);

 

WHEREAS,
it is contemplated that PubCo will, subject to the approval of its board of directors, issue up to 20,000,000 PubCo Units, comprised of
an aggregate of 20,000,000 Class A Shares and 10,000,000 PubCo Warrants, to the public for cash in the initial underwritten public
offering of PubCo Units (the “IPO”), or in the event the Over-Allotment Option is exercised in full, 23,000,000
Class A Shares and 11,500,000 PubCo Warrants;

 

WHEREAS,
if the IPO is consummated, PubCo will contribute all of the net proceeds received by it from the IPO to the Company in exchange for a
number of Class A Units and Company Warrants equal to the number of Class A Shares and PubCo Warrants, respectively, comprising
the PubCo Units issued in the IPO;

 

WHEREAS,
in connection with the IPO, it is contemplated that Tiger Sponsor will purchase from PubCo an aggregate of 11,500,000 PubCo Warrants, or
in the event the Over-Allotment Option is exercised in full, 12,700,000 PubCo Warrants, and if such purchase is consummated, PubCo will
contribute all of the net proceeds received by it in such purchase to the Company in exchange for a number of Company Warrants equal to
the number of PubCo Warrants sold to Tiger Sponsor;

 

WHEREAS,
each Class A Unit (other than any Class A Unit held by the PubCo Holdings Group) may be redeemed, at the election of the holder
of such Class A Unit (together with the surrender and delivery by such holder of one Class B Share), for one Class A Share
or, at the Company’s election under certain circumstances, cash in accordance with the terms and conditions of this Agreement;

 

WHEREAS,
the Members of the Company desire that PubCo continue as the sole managing member of the Company (in its capacity as managing member,
the “Managing Member”);

 

WHEREAS,
the Members and the Company desire to amend and restate the Existing LLC Agreement and adopt this Agreement; and

 

WHEREAS,
this Agreement shall supersede the Existing LLC Agreement in its entirety as of the date hereof.

 

     

     

    

 

NOW THEREFORE, in consideration of the mutual covenants and agreements
contained herein, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, and intending
to be legally bound, the Existing LLC Agreement is hereby amended and restated in its entirety and the parties hereby agree as follows:

 

Article I

 

DEFINITIONS

 

Section 1.1     Definitions.
As used in this Agreement and the Schedules and Exhibits attached to this Agreement, the following definitions shall apply:

 

“Act”
means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq., as amended from time to time (or any corresponding
provisions of succeeding law).

 

“Action”
means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any Governmental Entity.

 

“Adjusted Basis”
has the meaning given such term in Section 1011 of the Code.

 

“Adjusted Capital
Account” means, with respect to any Member, (a) the Capital Account balance of such Member, plus (b) such Member’s
share of Member Minimum Gain or Company Minimum Gain.

 

“Adjusted Capital
Account Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s Adjusted Capital
Account at the end of any Fiscal Year or other taxable period, after (a) crediting such Member’s Adjusted Capital Account for
any amount such Member is obligated to restore under Treasury Regulations Section 1.704-1(b)(2)(ii)(c) and (b) reduction
to reflect the items described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6). This definition of Adjusted
Capital Account Deficit is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall
be interpreted consistently therewith.

 

“Adjusted Conversion
Ratio” means that ratio having:

 

(a)            a
numerator equal to the sum of (i) a number of units equal to 25% of the number of all Class A Shares issued or deemed issued
in connection with the closing of the Initial Business Combination (or issuable upon the conversion or exercise of any Equity-Linked Securities
issued or deemed issued in connection with the closing of the Initial Business Combination), but excluding (x) any such Class A
Shares or Equity-Linked Securities to the extent that the holders of Class B Units have waived their rights pursuant to Section 4.2(b)(ii) with
respect to such Class A Shares or Equity-Linked Securities, (y) any Class A Shares or Equity-Linked Securities issued or
issuable to any seller in the Initial Business Combination and (z) any Sponsor Shares, plus (ii) the number of Founder Units
issued and outstanding immediately prior to the closing of the Initial Business Combination; and

 

(b)            a
denominator equal to the number of Founder Units issued and outstanding immediately prior to the closing of the Initial Business Combination.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by or is under common control
with such Person. For these purposes, “control” means the possession, direct or indirect, of the power to direct
or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract
or otherwise; provided that, for purposes of this Agreement, (a) no Member shall be deemed an Affiliate of the Company or any of
its Subsidiaries and (b) none of the Company or any of its Subsidiaries shall be deemed an Affiliate of any Member.

 

“Agreement”
is defined in the preamble to this Agreement.

 

    2

     

    

 

“beneficially
own” and “beneficial owner” shall be as defined in Rule 13d-3 of the rules promulgated
under the Exchange Act.

 

“Block Redemption
Date” is defined in Section 4.7(b)(ii).

 

“Business Day”
means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law
to be closed.

 

“Business Opportunities
Exempt Party” is defined in Section 8.4.

 

“Call Right”
is defined in Section 4.7(f).

 

“Capital Account”
means, with respect to any Member, the Capital Account maintained for such Member in accordance with Section 4.5.

 

“Capital Contribution”
means, with respect to any Member, the amount of cash and the initial Gross Asset Value of any property (other than cash) contributed
to the Company by such Member. Any reference to the Capital Contribution of a Member will include any Capital Contributions made by a
predecessor holder of such Member’s Units to the extent that such Capital Contribution was made in respect of Units Transferred
to such Member.

 

“Cash Election”
means an election by the Company to redeem Class A Units for cash pursuant to Section 4.7(e)(ii) or an election by PubCo
(or such designated member(s) of the PubCo Holdings Group) to purchase Class A Units for cash pursuant to an exercise of its
Call Right set forth in Section 4.7(f).

 

“Cash Election
Amount” means with respect to a particular Redemption of Class A Shares, for which a Cash Election has been made, (a) if
the Cash Election is made in respect of a Redemption Notice issued by a Redeeming Holder in connection with a Registered Offering of Class A
shares, an amount of cash equal to the product of (i) the number of Class A Shares that would have been received in such Redemption
if a Cash Election had not been made and (ii) the price per Class A Share sold to the public in such Registered Offering (reduced
by the amount of any Discount associated with such Class A Share); (b) other than in the case of clause (a), if the Class A
Shares trade on a securities exchange or automated or electronic quotation system, an amount of cash equal to the product of (i) the
number of Class A Shares that would have been received in such Redemption if a Cash Election had not been made and (ii) the
average of the volume-weighted closing price for a Class A Share on the principal U.S. securities exchange or automated or electronic
quotation system on which the Class A Shares trade, as reported by Bloomberg, L.P., or its successor, for each of the 10 consecutive
full Trading Days ending on and including the last full Trading Day immediately prior to the Redemption Notice Date, subject to appropriate
and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Shares; and
(c) if the Class A Shares no longer trade on a securities exchange or automated or electronic quotation system, an amount of
cash equal to the product of (i) the number of Class A Shares that would have been received in such Redemption if a Cash Election
had not been made and (ii) the Fair Market Value of one Class A Share.

 

“Chief Executive
Officer” means the person appointed as the Chief Executive Officer of the Company by the Managing Member pursuant to Section 7.2(a).

 

“Class A
Capital Account” means, with respect to any Member holding Class A Units, (a) the total number of Class A
Units held by such Member, multiplied by (b) the Class A Per Unit Balance.

 

“Class A
Per Unit Balance” means, as of any relevant date, the quotient of (a) PubCo’s Adjusted Capital Account balance,
to the extent attributable to PubCo’s ownership of Class A Units and computed on a hypothetical basis after all allocations
have been tentatively made pursuant to Section 5.1 and Section 5.2, based on an interim closing of the books pursuant to Section 706
of the Code as of such date, divided by (b) the total number of Class A Units held by PubCo on such date.

 

    3

     

    

 

“Class A
Shares” means, as applicable, (a) the Class A Common Stock of PubCo, par value $0.0001 per share, or (b) following
any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other
Person or cash or other property that become payable in consideration for the Class A Shares or into which the Class A Shares
are exchanged or converted as a result of such consolidation, merger, reclassification, recapitalization, reorganization or other similar
event.

 

“Class A
Units” means the Class A Units of the Company issued hereunder and shall also include any Equity Security of the Company
issued in respect of or in exchange for Class A Units, whether by way of dividend or other distribution, split, consolidation, merger,
reclassification, recapitalization, reorganization, conversion or similar event.

 

“Class B
Capital Account” means, as of any relevant date, with respect to any Member holding Class B Units, (a) such Member’s
Adjusted Capital Account minus (b) such Member’s Class A Capital Account (if any), in each case, computed on a hypothetical
basis after all allocations have been tentatively made pursuant to Section 5.1 and Section 5.2, based on an interim closing
of the books pursuant to Section 706 of the Code as of such date.

 

“Class B
Conversion Date” means the closing date of the Initial Business Combination.

 

“Class B
Fungibility Target Balance” means, as of any relevant date, with respect to any Member holding Class B Units, the product
of (a) the Class A Per Unit Balance, multiplied by (b) the number of Class B Units held by such Member; provided
that, in the event Class B Units will be converted pursuant to Section 4.2(c) using the Adjusted Conversion Ratio, the
Class B Fungibility Target Balance shall be determined by further multiplying the foregoing amount by the Adjusted Conversion Ratio.

 

“Class B
Units” means the Class B Units of the Company issued hereunder and shall also include any Equity Security of the Company
issued in respect of or in exchange for Class B Units, whether by way of dividend or other distribution, split, consolidation, merger,
reclassification, recapitalization, reorganization, conversion or similar event.

 

“Class B
Shares” means, as applicable, (a) the Class B common stock of PubCo, par value $0.0001 per share, or (b) following
any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other
Person or cash or other property that become payable in consideration for the Class B Shares or into which the Class B Shares
are exchanged or converted as a result of such consolidation, merger, reclassification, recapitalization, reorganization or other similar
event.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended from time to time (or any corresponding provisions of succeeding law).

 

“Commission”
means the U.S. Securities and Exchange Commission, including any governmental body or agency succeeding to the functions thereof.

 

“Company”
is defined in the preamble to this Agreement.

 

“Company Level
Taxes” means any federal, state or local taxes, additions to tax, penalties and interest payable by the Company or any of
its Subsidiaries as a result of any examination of the Company’s or any of its Subsidiaries’ affairs by any federal, state
or local tax authorities, including resulting administrative and judicial proceedings under the Partnership Tax Audit Rules.

 

“Company Minimum
Gain” has the meaning of “partnership minimum gain” set forth in Treasury Regulations Sections 1.704-2(b)(2) and
1.704-2(d). It is further understood that Company Minimum Gain shall be determined in a manner consistent with the rules of Treasury
Regulations Section 1.704-2(b)(2), including the requirement that if the adjusted Gross Asset Value of property subject to one or
more Nonrecourse Liabilities differs from its adjusted tax basis, Company Minimum Gain shall be determined with reference to such Gross
Asset Value.

 

    4

     

    

 

“Company Representative”
has the meaning assigned to the term “partnership representative” in Section 6223 of the Code and any Treasury Regulations
or other administrative or judicial pronouncements promulgated thereunder (including, in each case, any similar capacity or role under
relevant state or local law), and shall include, except where context otherwise requires, any Designated Individual.

 

“Company Warrants”
means the warrants issued by the Company to PubCo and exercisable for Class A Units.

 

“Contract”
means any written agreement, contract, lease, sublease, license, sublicense, obligation, promise or undertaking.

 

“control”
(including the terms “controlled by” and “under common control with”), with respect to the relationship between
or among two or more Persons, means the possession, directly or indirectly or as trustee, personal representative or executor, of the
power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities, as
trustee, personal representative or executor, by contract or otherwise.

 

“Covered Audit
Adjustment” means an adjustment to any partnership-related item (within the meaning of Section 6241(2)(B) of the
Code) to the extent such adjustment results in an “imputed underpayment” as described in Section 6225(b) of the
Code or any analogous provision of state or local Law.

 

“Covered Person”
is defined in Section 7.4.

 

“Debt Securities”
means, with respect to PubCo, any and all debt instruments or debt securities that are not Equity Securities of PubCo.

 

“Depreciation”
means, for each Fiscal Year or other taxable period, an amount equal to the depreciation, amortization or other cost recovery deduction
allowable with respect to an asset for such Fiscal Year or other taxable period, except that (a) with respect to any such property
the Gross Asset Value of which differs from its Adjusted Basis for U.S. federal income tax purposes and which difference is being eliminated
by use of the “remedial method” pursuant to Treasury Regulations Section 1.704-3(d), Depreciation for such Fiscal Year
or other taxable period shall be the amount of book basis recovered for such Fiscal Year or other taxable period under the rules prescribed
by Treasury Regulations Section 1.704-3(d)(2), and (b) with respect to any other such property the Gross Asset Value
of which differs from its Adjusted Basis for U.S. federal income tax purposes at the beginning of such Fiscal Year or other taxable period,
Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation,
amortization or other cost recovery deduction for such Fiscal Year or other taxable period bears to such beginning Adjusted Basis; provided,
however, that if the Adjusted Basis for U.S. federal income tax purposes of an asset at the beginning of such Fiscal Year or other taxable
period is zero, Depreciation with respect to such asset shall be determined with reference to such beginning Gross Asset Value using any
reasonable method selected by the Managing Member.

 

“Designated Holder”
means any holder of Units (a) that has elected to be treated as a Designated Holder by providing written notice to the Company not
less than 10 Business Days prior to the relevant date on which an automatic redemption occurs pursuant to Section 4.7(i) or
(b) that the Company has reason to know is not (or is a disregarded subsidiary of a Person that is not) a “United States person”
or a partnership for U.S. federal income tax purposes.

 

“Designated Holder
Redemption” is defined in Section 4.7(i).

 

“Designated Holder
Redemption Date” is defined in Section 4.7(i).

 

“Designated Holder
Redemption Notice” is defined in Section 4.7(i).

 

    5

     

    

 

“Designated Individual”
means an individual meeting the requirements of proposed Treasury Regulations Sections 301.6223-1(b)(2) and (4) that is
appointed as the sole individual through whom the Company Representative will act for purposes of subchapter C of chapter 63 of the Code,
as provided in proposed Treasury Regulations Section 301.6223-1(b)(3). References in the preceding sentence to proposed Treasury
Regulations shall include any similar final Treasury Regulations.

 

“DGCL”
means the General Corporation Law of the State of Delaware, as amended from time to time (or any corresponding provisions of succeeding
law).

 

“Discount”
is defined in Section 4.7(e)(ii).

 

“Effective Time”
means the time of the initial closing of the IPO.

 

“Equalization
Date” means the date on which all outstanding Class B Units have been converted into Class A Units pursuant to
Section 4.2(c) or Section 4.7(i).

 

“Equity Securities”
means (a) with respect to a partnership, limited liability company or similar Person, any and all units, interests, rights to purchase,
warrants, options or other equivalents of, or other ownership interests in, any such Person as well as Indebtedness or equity instruments
convertible, exchangeable or exercisable into any such units, interests, rights or other ownership interests and (b) with respect
to a corporation, any and all shares, interests, participation or other equivalents (however designated) of corporate stock, including
all common stock and preferred stock, or warrants, options or other rights to acquire any of the foregoing, including any debt instrument
convertible or exchangeable into any of the foregoing.

 

“Equity-Linked
Securities” means any Equity Securities of PubCo, the Company or any of their Subsidiaries, but excluding:(a) any Equity
Securities of the Company held by PubCo and (b) any Founder Units or Class A Shares issued upon the Redemption of any Founder
Units.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“Excess Tax Amount”
is defined in Section 10.5(c).

 

“Exchange Act”
means the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder, as the same may be amended from
time to time (or any corresponding provisions of succeeding law).

 

“Existing LLC
Agreement” is defined in the recitals to this Agreement.

 

“Fair Market Value”
means the fair market value of any property as determined in Good Faith by the Managing Member after taking into account such factors
as the Managing Member shall deem appropriate.

 

“Federal Bankruptcy
Code” means Title 11 of the United States Code, as amended from time to time, and all rules and regulations promulgated
thereunder.

 

“Fiscal Year”
means the fiscal year of the Company, which shall end on December 31 of each calendar year unless, for U.S. federal income tax purposes,
another fiscal year is required. The Company shall have the same fiscal year for U.S. federal income tax purposes and for accounting purposes.

 

“Founder Units”
means (a) any Class B Units and any Class A Units issued upon conversion of a Class B Unit pursuant to Section 4.2(c) or
Section 4.7(i) and (b) any Class A Units held by the PubCo Holdings Group as a result of a Designated Holder Redemption
of any such Units described in clause (a).

 

“Fungible Class B
Units” of any Member holding Class B Units, as of any relevant date, means a number of such Class B Units equal
to the quotient, rounded down to the nearest whole unit, of (a) such Member’s Class B Capital Account, divided by (b) the
Class A Per Unit Balance; provided that, solely in the case of a conversion pursuant to Section 4.2(c) using the
Adjusted Conversion Ratio, the number of Fungible Class B Units for purposes of such conversion shall be determined by further dividing
the foregoing amount by the Adjusted Conversion Ratio; provided further that, for the avoidance of doubt, the number of Fungible Class B
Units shall never exceed the total number of Class B Units held by such Member.

 

    6

     

    

 

“GAAP”
means U.S. generally accepted accounting principles, in effect from time to time.

 

“Good Faith”
means a Person having acted in good faith and in a manner such Person reasonably believed to be in or not opposed to the best interests
of the Company and the PubCo Holdings Group and, with respect to a criminal proceeding, having had no reasonable cause to believe such
Person’s conduct was unlawful.

 

“Governmental
Entity” means any federal, national, supranational, state, provincial, local, foreign or other government, governmental,
stock exchange, regulatory or administrative authority, agency or commission or any court, tribunal or judicial or arbitral body.

 

“Gross Asset Value”
means, with respect to any asset, the asset’s Adjusted Basis for U.S. federal income tax purposes, except as follows:

 

(a)            the
initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross Fair Market Value of such asset as of
the date of such contribution;

 

(b)            the
Gross Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market Values as of the following times:
(i) the acquisition of an interest (or additional interest) in the Company by any new or existing Member in exchange for more than
a de minimis Capital Contribution to the Company or in exchange for the performance of more than a de minimis amount of services to or
for the benefit of the Company; (ii) the distribution by the Company to a Member of more than a de minimis amount of Company assets
as consideration for an interest in the Company; (iii) the liquidation of the Company within the meaning of Treasury Regulations
Section 1.704-1(b)(2)(ii)(g)(1), (iv) the acquisition of an interest in the Company by any new or existing Member upon the exercise
of a Company Warrant or other noncompensatory option in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(s) or
in connection with a Redemption; (v) the conversion of Class B Units into Class A Units pursuant to Section 4.2(c) on
the Class B Conversion Date; or (vi) any other event to the extent determined by the Managing Member to be permitted and necessary
or appropriate to properly reflect Gross Asset Values in accordance with the standards set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(q);
provided, however, that adjustments pursuant to clauses (i), (ii), (iv) and (v) above shall not be made if the Managing Member
reasonably determines that such adjustments are not necessary or appropriate to reflect the relative economic interests of the Members
in the Company. If any Company Warrants or other noncompensatory options are outstanding upon the occurrence of an event described in
this paragraph (b)(i) through (b)(vi), the Company shall adjust the Gross Asset Values of its properties to properly reflect
any change in the Fair Market Value of such Company Warrants or other noncompensatory options in accordance with Treasury Regulations
Sections 1.704-1(b)(2)(iv)(f)(1) and 1.704-1(b)(2)(iv)(h)(2);

 

(c)            the
Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross Fair Market Value of such asset
on the date of such distribution;

 

(d)            the
Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the Adjusted Basis of such assets
pursuant to Code Section 734(b) (including any such adjustments pursuant to Treasury Regulation Section 1.734-2(b)(1)),
but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and
clause (f) in the definition of “Profits” or “Losses” below or Section 5.2(h); provided, however,
that the Gross Asset Value of a Company asset shall not be adjusted pursuant to this subsection to the extent the Managing Member
determines in Good Faith that an adjustment pursuant to clause (b) of this definition is necessary or appropriate in connection
with a transaction that would otherwise result in an adjustment pursuant to this clause (d); and

 

    7

     

    

 

(e)            if
the Gross Asset Value of a Company asset has been determined or adjusted pursuant to clauses (a), (b) or (d) of this definition
of Gross Asset Value, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such
asset for purposes of computing Profits, Losses and other items allocated pursuant to Article V.

 

“Indebtedness”
means (a) all indebtedness for borrowed money (including capitalized lease obligations, sale-leaseback transactions or other similar
transactions, however evidenced), (b) any other indebtedness that is evidenced by a note, bond, debenture, draft or similar instrument,
(c) notes payable and (d) lines of credit and any other agreements relating to the borrowing of money or extension of credit.

 

“Initial Business
Combination” means the first transaction or series of transactions constituting a “Business Combination” within
the meaning of the PubCo Charter.

 

“Interest”
means the entire interest of a Member in the Company, including the Units and all of such Member’s rights, powers and privileges
under this Agreement and the Act.

 

“Investment Company
Act” is defined in Section 8.1(b).

 

“IPO”
is defined in the recitals to this Agreement.

 

“Law”
means any federal, national, supranational, state, provincial, local or similar statute, law, ordinance, regulation, rule, code, order,
requirement or rule of law (including common law).

 

“Legal Action”
is defined in Section 12.8.

 

“Liability”
means any liability or obligation, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated
or unliquidated and whether due or to become due, regardless of when asserted.

 

“Liquidating Event”
is defined in Section 11.1.

 

“Managing Member”
is defined in the recitals to this Agreement.

 

“Member”
means any Person that executes this Agreement as a Member and any other Person admitted to the Company as an additional or substituted
Member, in each case, that has not made a disposition of such Person’s entire Interest.

 

“Member
Minimum Gain” has the meaning ascribed to “partner nonrecourse debt minimum gain” set forth in Treasury Regulations
Section 1.704-2(i). It is further understood that the determination of Member Minimum Gain and the net increase or decrease in Member
Minimum Gain shall be made in the same manner as required for such determination of Company Minimum Gain under Treasury Regulations
Sections 1.704-2(d) and 1.704-2(g)(3).

 

“Member Nonrecourse
Debt” has the meaning of “partner nonrecourse debt” set forth in Treasury Regulations Section 1.704-2(b)(4).

 

“Member Nonrecourse
Deductions” has the meaning of “partner nonrecourse deductions” set forth in Treasury Regulations Sections 1.704-2(i)(1) and
1.704-2(i)(2).

 

“National Securities
Exchange” means an exchange registered with the Commission under the Exchange Act.

 

“NCO Target Balance”
means (a) with respect to a Class A Unit received upon the exercise of a Company Warrant, the Class A Per Unit Balance
and (b) with respect to any interest in the Company received upon the exercise of any other noncompensatory option, such other amount
determined in the Managing Member’s reasonable discretion that reflects the economic intent of such interest in the Company.

 

    8

     

    

 

“Non-Fungible
Class B Units” of any holder of Class B Units as of any relevant date means the number of any such Class B
Units outstanding in excess of the number of such Class B Units that are Fungible Class B Units.

 

“Nonrecourse Deductions”
has the meaning assigned that term in Treasury Regulations Section 1.704-2(b)(1).

 

“Nonrecourse Liability”
is defined in Treasury Regulations Section 1.704-2(b)(3).

 

“Officer”
means each Person appointed as an officer of the Company pursuant to and in accordance with the provisions of Section 7.2.

 

“Over-Allotment
Option” is defined in the recitals to this Agreement.

 

“Partnership Tax
Audit Rules” means Sections 6221 through 6241 of the Code, together with any final or temporary Treasury Regulations,
Revenue Rulings and case law interpreting Sections 6221 through 6241 of the Code (and any analogous provision of state or local tax
Law).

 

“Person”
means any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization or other
entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act.

 

“Plan Asset Regulations”
means the regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of
the Code of Federal Regulations, or any successor regulations as the same may be amended from time to time.

 

“Proceeding”
is defined in Section 7.4.

 

“Profits”
or “Losses” means, for each Fiscal Year or other taxable period, an amount equal to the Company’s taxable
income or loss for such year or period, determined in accordance with Code Section 703(a) (for this purpose, all items
of income, gain, loss or deduction required to be separately stated pursuant to Code Section 703(a)(1) shall be included in
taxable income or loss), with the following adjustments (without duplication):

 

(a)            any
income or gain of the Company that is exempt from U.S. federal income tax or otherwise described in Section 705(a)(1)(B) of
the Code and not otherwise taken into account in computing Profits or Losses shall be added to such taxable income or loss;

 

(b)            any
expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures
pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses,
shall be subtracted from such taxable income or loss;

 

(c)            in
the event the Gross Asset Value of any Company asset is adjusted pursuant to clause (b) or (c) of the definition of Gross
Asset Value above, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset Value
of the Company asset) or an item of loss (if the adjustment decreases the Gross Asset Value of the Company asset) from the disposition
of such asset and shall, except to the extent allocated pursuant to Section 5.2, be taken into account for purposes of computing
Profits or Losses;

 

(d)            gain
or loss resulting from any disposition of Company assets with respect to which gain or loss is recognized for U.S. federal income tax
purposes shall be computed with reference to the Gross Asset Value of the asset disposed of, notwithstanding that the adjusted tax basis
of such asset differs from its Gross Asset Value;

 

    9

     

    

 

(e)            in
lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or loss,
there shall be taken into account Depreciation;

 

(f)             to
the extent an adjustment to the adjusted tax basis of any asset pursuant to Code Section 734(b) is required, pursuant to Treasury
Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances as a result of a distribution
other than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain
(if the adjustment increases the basis of the asset) or an item of loss (if the adjustment decreases such basis) from the disposition
of such asset and shall be taken into account for purposes of computing Profits or Losses; and

 

(g)            any
items of income, gain, loss or deduction that are specifically allocated pursuant to the provisions of Section 5.1(a)(ii) and
Section 5.2 shall not be taken into account in computing Profits or Losses for any taxable year, but such items available to be specially
allocated pursuant to Section 5.2 will be determined by applying rules analogous to those set forth in clauses (a) through
(f) above.

 

“Property”
means all real and personal property owned by the Company from time to time, including both tangible and intangible property.

 

“PubCo”
is defined in the recitals to this Agreement.

 

“PubCo Charter”
means the Amended and Restated Certificate of Incorporation of PubCo, dated as of [●], 2021, as may be amended from time to time
in accordance with its terms.

 

“PubCo Holdings
Group” means PubCo and each other Subsidiary of PubCo (other than the Company and its Subsidiaries).

 

“PubCo Shares”
means all classes and series of common stock of PubCo, including the Class A Shares and the Class B Shares.

 

“PubCo Tax-Related
Liabilities” means any U.S. federal, state and local and non-U.S. income tax obligations (including any Company Level Taxes
for which the PubCo Holdings Group is liable hereunder) owed by the PubCo Holdings Group (other than any obligations to remit any taxes
withheld from payments to third parties).

 

“PubCo Units”
means the units, each consisting of one Class A Share and one-half of one PubCo Warrant, issued in PubCo’s IPO.

 

“PubCo Warrants”
means the warrants issued by PubCo and exercisable for Class A Shares in accordance with the terms of the Warrant Agreement.

 

“Quarterly Redemption
Date” means a date within each fiscal quarter specified by PubCo from time to time, which will generally be set so that
the corresponding Redemption Notice Date falls within a window after PubCo’s earnings announcement for the prior fiscal quarter
or in connection with a Registered Offering.

 

“Reclassification
Event” means any of the following: (a) any reclassification or recapitalization of PubCo Shares (other than a change
in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination or
any transaction subject to Section 4.1(e)), (b) any merger, consolidation or other combination involving PubCo, or (c) any
sale, conveyance, lease or other disposal of all or substantially all the properties and assets of PubCo to any other Person, in each
of clauses (a), (b) or (c), as a result of which holders of PubCo Shares shall be entitled to receive cash, securities or other
property for their PubCo Shares.

 

“Redeeming Holder”
is defined in Section 4.7(a).

 

“Redemption”
means any redemption of Class A Units pursuant to Section 4.7.

 

    10

     

    

 

“Redemption Contingency”
is defined in Section 4.7(c)(iii).

 

“Redemption Date”
means a Quarterly Redemption Date, a Special Redemption Date, or a Block Redemption Date.

 

“Redemption Notice”
is defined in Section 4.7(b).

 

“Redemption Notice
Date” means, with respect to any Redemption Date, the date that is 10 Business Days before such Redemption Date (or such
other date specified by PubCo that is not later than 10 Business Days before such Redemption Date); provided that if such date
falls on a weekend or holiday, the Redemption Notice Date shall be on the preceding Business Day; provided further that in the
case of a Block Redemption, PubCo may reduce or waive such 10 Business Day period.

 

“Redemption Right”
is defined in Section 4.7(a).

 

“Registered Offering”
means any secondary securities offering (which may include a “bought deal” or “overnight” offering), and any primary
securities offering for which piggyback rights are offered, pursuant to the Registration Rights Agreement.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, by and among PubCo and the Members, to be entered into concurrently
with the closing of the IPO.

 

“Regulatory Allocations”
is defined in Section 5.2(i).

 

“Securities Act”
means the Securities Act of 1933, and the rules and regulations promulgated thereunder, as the same may be amended from time to time
(or any corresponding provisions of succeeding law).

 

“Special Redemption
Date” means a date specified by PubCo in addition to or in lieu of the Quarterly Redemption Date during the same fiscal
quarter. PubCo must specify a Special Redemption Date effective with any Registered Offering.

 

“Sponsor Shares”
is defined in the recitals to this Agreement.

 

“Subsidiary”
means, with respect to any specified Person, any other Person with respect to which such specified Person (a) has, directly or indirectly,
the power, through the ownership of securities or otherwise, to elect a majority of directors or similar managing body or (b) beneficially
owns, directly or indirectly, a majority of such Person’s Equity Securities.

 

“Tax Contribution
Obligation” is defined in Section 10.5(c).

 

“Tax Offset”
is defined in Section 10.5(c).

 

“Trading Day”
means a day on which the New York Stock Exchange or such other principal United States securities exchange on which the Class A Shares
are listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire
day).

 

“Transfer”
means, when used as a noun, any voluntary or involuntary, direct or indirect (whether through a change of control of the Transferor or
any Person that controls the Transferor, the issuance or transfer of Equity Securities of the Transferor, by operation of law or otherwise),
transfer, sale, pledge or hypothecation or other disposition and, when used as a verb, voluntarily or involuntarily, directly or indirectly
(whether through a change of control of the Transferor or any Person that controls the Transferor, the issuance or transfer of Equity
Securities of the Transferor or any Person that controls the Transferor, by operation of law or otherwise), to transfer, sell,
pledge or hypothecate or otherwise dispose of. The terms “Transferee,” “Transferor,” “Transferred”
and other forms of the word “Transfer” shall have the correlative meanings.

 

    11

     

    

 

“Treasury Regulations”
means pronouncements, as amended from time to time, or their successor pronouncements, that clarify, interpret and apply the provisions
of the Code, and that are designated as “Treasury Regulations” by the United States Department of the Treasury.

 

“Trust Account”
has the meaning set forth in the PubCo Charter.

 

“Trust Agreement”
means the Investment Management Trust Agreement, dated as of [●], 2021, by and among Continental Stock Transfer & Trust
Company, PubCo and the Company.

 

“Uniform Commercial
Code” means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in effect
in the State of Delaware.

 

“Units”
means the Class A Units and the Class B Units issued hereunder.

 

“Warrant Agreement”
means the Warrant Agreement, dated as of [●], 2021, by and between PubCo and a warrant agent, as may be amended from time to time
in accordance with its terms.

 

“Winding-Up Member”
is defined in Section 11.3(a).

 

Section 1.2           Interpretive
Provisions. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

 

(a)            the
terms defined in Section 1.1 are applicable to the singular as well as the plural forms of such terms;

 

(b)            all
accounting terms not otherwise defined herein have the meanings assigned under GAAP;

 

(c)            all
references to currency, monetary values and dollars set forth herein shall mean United States (U.S.) dollars and all payments hereunder
shall be made in United States dollars;

 

(d)            when
a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an Article or Section of,
or an Exhibit or Schedule to, this Agreement unless otherwise indicated;

 

(e)            whenever
the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to
be followed by the words “without limitation”;

 

(f)             “or”
is not exclusive;

 

(g)            pronouns
of either gender or neuter shall include, as appropriate, the other pronoun forms; and

 

(h)            the
words “hereof”, “herein” and “hereunder” and words of similar import, when used in this Agreement,
refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

Article II

 

ORGANIZATION
OF THE LIMITED LIABILITY COMPANY

 

Section 2.1           Formation.
The Company has been formed as a limited liability company subject to the provisions of the Act upon the terms, provisions and conditions
set forth in this Agreement.

 

Section 2.2           Filing.
The Company’s Certificate of Formation has been filed with the Secretary of State of the State of Delaware in accordance with the
Act. The Members shall execute such further documents (including amendments to such Certificate of Formation) and take such further action
as is appropriate to comply with the requirements of Law for the formation or operation of a limited liability company in Delaware and
in all states and counties where the Company may conduct its business.

 

    12

     

    

 

Section 2.3           Name.
The name of the Company is “ Kimbell Tiger Operating Company, LLC” and all business of the Company shall be conducted in
such name or, in the discretion of the Managing Member, under any other name.

 

Section 2.4           Registered
Office; Registered Agent. The location of the registered office of the Company in the State of Delaware is 1209 Orange Street,
Wilmington, New Castle County, Delaware 19801, or at such other place as the Managing Member from time to time may select. The name and
address for service of process on the Company in the State of Delaware are The Corporation Trust Company, 1209 Orange Street, Wilmington,
New Castle County, Delaware 19801, or such other qualified Person as the Managing Member may designate from time to time and its business
address.

 

Section 2.5           Principal
Place of Business. The principal place of business of the Company shall be located in such place as is determined by the Managing
Member from time to time.

 

Section 2.6           Purpose;
Powers. The nature of the business or purposes to be conducted or promoted by the Company is to engage in any lawful act or activity
for which limited liability companies may be formed under the Act. The Company shall have the power and authority to take any and all
actions and engage in any and all activities necessary, appropriate, desirable, advisable, ancillary or incidental to the accomplishment
of the foregoing purpose.

 

Section 2.7           Term.
The term of the Company commenced on the date of filing of the Certificate of Formation of the Company with the office of the Secretary
of State of the State of Delaware in accordance with the Act and shall continue indefinitely. The Company may be dissolved and its affairs
wound up only in accordance with Article XI.

 

Section 2.8           Intent.
It is the intent of the Members that the Company be operated in a manner consistent with its treatment as a “partnership”
for U.S. federal and state income tax purposes. It is also the intent of the Members that the Company not be operated or treated as a
 “partnership” for purposes of Section 303 of the Federal Bankruptcy Code. Neither the Company nor any Member shall take
any action inconsistent with the express intent of the parties hereto as set forth in this Section 2.8.

 

Article III

 

[RESERVED]

 

Article IV

 

OWNERSHIP
AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS

 

Section 4.1           Authorized
Units; General Provisions With Respect to Units.

 

(a)           Subject
to the provisions of this Agreement, the Company shall be authorized to issue from time to time such number of Units and such other Equity
Securities as the Managing Member shall determine in accordance with Section 4.4. Each authorized Unit may be issued pursuant to
such agreements as the Managing Member shall approve, including pursuant to options and warrants. The Company may reissue any Units or
other Equity Securities that have been repurchased or acquired by the Company.

 

(b)          The
Units shall be initially divided into two (2) classes of Units referred to as “Class A Units” and “Class B
Units.” The number and class of Units issued to each Member shall be set forth opposite such Member’s name on Exhibit A.
Each outstanding Unit shall be identical except as otherwise provided hereunder.

 

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(c)           Initially,
none of the Units will be represented by certificates. If the Managing Member determines that it is in the interest of the Company to
issue certificates representing the Units, certificates will be issued and the Units will be represented by those certificates, and this
Agreement shall be amended as necessary or desirable to reflect the issuance of certificated Units for purposes of the Uniform Commercial
Code.

 

(d)          The
Members as of the date hereof are set forth on Exhibit B. The total number of Units issued and outstanding and held by each Member
as of the date hereof is set forth in the books and records of the Company. The Company shall update such books and records from time
to time to reflect any Transfers of Interests, the issuance of additional Units or Equity Securities and subdivisions or combinations
of Units or other Equity Securities made in compliance with Section 4.1(j), in each case, in accordance with the terms of this Agreement.

 

(e)           If,
at any time after the Effective Time, PubCo issues a Class A Share or any other Equity Security of PubCo (other than Class B
Shares), (i) one or more member(s) of the PubCo Holdings Group shall concurrently contribute to the Company the net proceeds
(in cash or other property, as the case may be), if any, received by PubCo for such Class A Share or other Equity Security and (ii) the
Company shall concurrently issue to such member(s) of the PubCo Holdings Group, in accordance with the contributions made by each
such member pursuant to clause (i), one Class A Unit (if PubCo issues a Class A Share), or such other Equity Security of the
Company (if PubCo issues Equity Securities other than Class A Shares) corresponding to the Equity Securities issued by PubCo, and
with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences
as a result of any tax or other liabilities borne by the PubCo Holdings Group) and other economic rights as those of such Equity Securities
of PubCo to be issued. Notwithstanding the foregoing:

 

(i)            If
PubCo issues any Class A Shares in order to acquire or fund the acquisition from a Member (other than any member of the PubCo Holdings
Group) of a number of Class A Units (and Class B Shares) equal to the number of Class A Shares so issued, then the Company
shall not issue any new Class A Units in connection therewith and, where such Class A Shares have been issued for cash to fund
such an acquisition by any member of the PubCo Holdings Group pursuant to a Cash Election, the PubCo Holdings Group shall not be required
to transfer such net proceeds to the Company, and such net proceeds shall instead be transferred by such member of the PubCo Holdings
Group to such Member as consideration for such acquisition. For the avoidance of doubt, if PubCo issues any Class A Shares or other
Equity Security for cash to be used to fund the acquisition by any member of the PubCo Holdings Group of any Person or the assets of any
Person, then PubCo shall not be required to transfer such cash proceeds to the Company but instead such member of the PubCo Holdings Group
shall be required to contribute such Person or the assets and liabilities of such Person to the Company or any of its Subsidiaries.

 

(ii)           This
Section 4.1(e) shall not apply to the issuance and distribution to holders of PubCo Shares of rights to purchase Equity Securities
of PubCo under a “poison pill” or similar shareholders rights plan (and upon any Redemption of Class A Units for Class A
Shares, including pursuant to the Call Right, such Class A Shares will be issued together with a corresponding right under such plan),
or to the issuance under PubCo’s employee benefit plans of any warrants, options, other rights to acquire Equity Securities of PubCo
or rights or property that may be converted into or settled in Equity Securities of PubCo, but shall in each of the foregoing cases apply
to the issuance of Equity Securities of PubCo in connection with the exercise or settlement of such rights, warrants, options or other
rights or property.

 

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(f)            Except
pursuant to Section 4.7, (x) the Company may not issue any additional Class A Units to any member of the PubCo Holdings
Group unless substantially simultaneously therewith a member of the PubCo Holdings Group issues or transfers an equal number of newly-issued
Class A Shares of PubCo to another Person (other than another member of the PubCo Holdings Group), and (y) the Company may not
issue any other Equity Securities of the Company to any member of the PubCo Holdings Group unless substantially simultaneously a member
of the PubCo Holdings Group issues or transfers, to another Person (other than another member of the PubCo Holdings Group), an equal number
of newly-issued shares of a new class or series of Equity Securities of PubCo with substantially the same rights to dividends and distributions
(including distributions upon liquidation, but taking into account differences as a result of any tax or other liabilities borne by the
PubCo Holdings Group) and other economic rights as those of such Equity Securities of the Company.

 

(g)           If
at any time any member of the PubCo Holdings Group issues Debt Securities (other than to another member of the PubCo Holdings Group),
such member of the PubCo Holdings Group shall transfer to the Company (in a manner to be determined by the Managing Member in its reasonable
discretion) the proceeds received by such member of the PubCo Holdings Group in exchange for such Debt Securities in a manner that directly
or indirectly burdens the Company with the repayment of the Debt Securities.

 

(h)           In
the event any PubCo Warrant or other exercisable, exchangeable or convertible Equity Security outstanding at PubCo is exercised, exchanged
or otherwise converted and, as a result, any Class A Shares or other exercisable, exchangeable or convertible Equity Securities of
PubCo are issued, (a) the corresponding Company Warrant or other Equity Security outstanding at the Company shall be similarly exercised,
exchanged or otherwise converted, as applicable, and an equivalent number of Class A Units or other Equity Securities of the Company
shall be issued to the PubCo Holdings Group as contemplated by the first sentence of Section 4.1(e), and (b) the PubCo Holdings
Group shall concurrently contribute to the Company the net proceeds received by the PubCo Holdings Group from any such exercise.

 

(i)            No
member of the PubCo Holdings Group may redeem, repurchase or otherwise acquire (other than from another member of the PubCo Holdings Group)
(a) any Class A Shares (including upon forfeiture of any unvested Class A Shares) unless substantially simultaneously the
Company redeems, repurchases or otherwise acquires from the PubCo Holdings Group an equal number of Class A Units for the same price
per security or (b) any other Equity Securities of PubCo (other than Class B Shares), unless substantially simultaneously the
Company redeems, repurchases or otherwise acquires from the PubCo Holdings Group an equal number of Equity Securities of the Company of
a corresponding class or series with substantially the same rights to dividends and distributions (including distributions upon liquidation,
but taking into account differences as a result of any tax or other liabilities borne by the PubCo Holdings Group) and other economic
rights as those of such Equity Securities of PubCo for the same price per security. The Company may not redeem, repurchase or otherwise
acquire (x) any Class A Units from the PubCo Holdings Group unless substantially simultaneously the PubCo Holdings Group redeems,
repurchases or otherwise acquires an equal number of Class A Shares for the same price per security from holders thereof, or (y) any
other Equity Securities of the Company from the PubCo Holdings Group unless substantially simultaneously the PubCo Holdings Group redeems,
repurchases or otherwise acquires for the same price per security an equal number of Equity Securities of PubCo of a corresponding class
or series with substantially the same rights to dividends and distributions (including distribution upon liquidation, but taking into
account differences as a result of any tax or other liabilities borne by the PubCo Holdings Group) and other economic rights as those
of such Equity Securities of PubCo. Notwithstanding the foregoing, to the extent that any consideration payable by the PubCo Holdings
Group in connection with the redemption or repurchase of any Class A Shares or other Equity Securities of PubCo consists (in whole
or in part) of Class A Shares or such other Equity Securities (including, for the avoidance of doubt, in connection with the cashless
exercise of an option or warrant), then the redemption or repurchase of the corresponding Class A Units or other Equity Securities
of the Company shall be effectuated in an equivalent manner.

 

    15

     

    

 

(j)            The
Company shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization or
otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of the outstanding Units (or other
Equity Securities of the Company) unless accompanied by an identical subdivision or combination, as applicable, of the outstanding PubCo
Shares (or other corresponding Equity Securities of PubCo), with corresponding changes made with respect to any other exchangeable or
convertible securities. Unless in connection with any action taken pursuant to Section 4.1(l), PubCo shall not in any manner effect
any subdivision (by any equity split, equity distribution, reclassification, recapitalization or otherwise) or combination (by reverse
equity split, reclassification, recapitalization or otherwise) of the outstanding PubCo Shares (or other Equity Securities of PubCo) unless
accompanied by an identical subdivision or combination, as applicable, of the outstanding Units (or other corresponding Equity Securities
of the Company), with corresponding changes made with respect to any other exchangeable or convertible securities.

 

(k)           Notwithstanding
any other provision of this Agreement (including Section 4.1(e)), the Company may redeem Class A Units from the PubCo Holdings
Group for cash to fund any acquisition by the PubCo Holdings Group of another Person or assets and liabilities of another Person, provided
that promptly after such redemption and acquisition the PubCo Holdings Group contributes or causes to be contributed, directly or indirectly,
such Person or the assets and liabilities of such Person to the Company or any of its Subsidiaries in exchange for a number of Class A
Units equal to the number of Class A Units so redeemed.

 

(l)            Notwithstanding
any other provision of this Agreement (including Section 4.1(e)), if the PubCo Holdings Group acquires or holds any material amount
of cash in excess of any monetary obligations it reasonably anticipates (including as a result of the receipt of distributions pursuant
to Section 6.2 for any period in excess of the PubCo Tax-Related Liabilities for such period), PubCo may, in its sole discretion,
use such excess cash amount in such manner, and make such adjustments to or take such other actions with respect to the capitalization
of PubCo and the Company, as PubCo (including in its capacity as the Managing Member) in Good Faith determines to be fair and reasonable
to the holders of PubCo Shares or other Equity Securities of PubCo and to the Members and to preserve the intended economic effect of
this Section 4.1, Section 4.7 and the other provisions hereof.

 

Section 4.2           Class B
Units.

 

(a)          Profits
Interest Treatment. It is intended that (and all provisions of this Agreement shall be interpreted consistent with the intent that)
for U.S. federal (and conforming state and local) income tax purposes the Class B Units (and any Class A Units into which such
Class B Units convert pursuant to Section 4.2(c)) constitute “profits interests” within the meaning of IRS Revenue
Procedure 93-27 and IRS Revenue Procedure 2001-43. The Company and holders of any Class B Units will treat such holders as the owners
of a partnership interest in the Company from the date of the grant of the Class B Units (including that such holders will take into
account their distributive share of Company income, gain, loss, deduction, and credit associated with such Class B Units and that
neither the Company nor any Member will deduct any amount as wages, compensation or otherwise for the fair market value of any Class B
Unit at the time of grant of such Class B Unit or upon such Class B Unit becoming substantially vested). The Class B Units
shall have an initial Capital Account of zero dollars ($0.00). Each Member shall make a timely election under Section 83(b) of
the Code with respect to such Member’s Class B Units.

 

(b)          Anti-Dilution.

 

(i)           In
the event that Class A Shares or Equity-Linked Securities are issued or deemed issued in connection with the closing of the Initial
Business Combination (other than any such Class A Shares or Equity Linked Securities that are excluded from clause (a)(i) of
the definition of “Adjusted Conversion Ratio”):

 

(A)          the
number of Class A Units received by each holder of Class B Units upon their conversion into Class A Units in connection
with the Initial Business Combination pursuant to Section 4.2(c) shall equal the product of (x) the number of such Class B
Units to be so converted multiplied by (y) the Adjusted Conversion Ratio; and

 

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(B)           to
the extent any Class B Units remain outstanding following such conversion, the Company shall divide such remaining outstanding Class B
Units such that each holder of Class B Units holds, after such division, a number of Class B Units equal to the product of (x) the
number of Class B Units held by such holder immediately prior to such division multiplied by (y) the Adjusted Conversion Ratio.

 

(ii)          Notwithstanding
anything to the contrary contained herein, the provisions of this Section 4.2(b) may be waived in whole or in part as to any
particular issuance or deemed issuance of additional Class A Shares or Equity-Linked Securities by the written consent or agreement
of holders of a majority of the Class B Units then outstanding.

 

(iii)         The
Adjusted Conversion Ratio shall also be adjusted to account for any subdivision (by stock split, subdivision, exchange, stock dividend,
reclassification, recapitalization or otherwise) or combination (by reverse stock split, exchange, reclassification, recapitalization
or otherwise) or similar reclassification or recapitalization, except to the extent pursuant to Section 4.1(l), of the outstanding
Class A Units or Class A Shares into a greater or lesser number of shares occurring after the date hereof without a proportionate
and corresponding subdivision, combination or similar reclassification or recapitalization of the outstanding Class B Units.

 

(iv)         The
Members and the Company agree to treat any division of Class B Units as disregarded for U.S. federal (and applicable state and local)
income tax purposes.

 

(c)           Conversion
into Class A Units.

 

(i)            On
the Class B Conversion Date, any Class B Units shall be converted into an equal number of Class A Units, subject to adjustment
as provided in Section 4.2(b)(i)(A).

 

(ii)           Any
conversion of Class B Units pursuant to this Section 4.2(c) shall occur automatically after the close of business on the
Class B Conversion Date, as of which time the Member holding any converted Class B Units shall be credited on the books and
records of the Company with the issuance as of the opening of business on the next day of the number of Class A Units issuable upon
such conversion.

 

(iii)          The
Members and the Company agree to treat the conversion of Class B Units into Class A Units (for the avoidance of doubt, not including
any allocations that may be made pursuant to Article V) as disregarded for U.S. federal (and applicable state and local) income
tax purposes.

 

Section 4.3           Voting
Rights. No Member has any voting rights except with respect to those matters specifically reserved for a Member vote under the
Act and for matters expressly requiring the approval of Members under this Agreement. Except as otherwise required by the Act, each Unit
will entitle the holder thereof to one vote on all matters to be voted on by the Members. Except as otherwise expressly provided in this
Agreement, the holders of Units having voting rights will vote together as a single class on all matters to be approved by the Members.

 

Section 4.4           Capital
Contributions; Unit Ownership.

 

(a)           Capital
Contributions. Except as otherwise set forth in Section 4.1(e) with respect to the obligations of the PubCo Holdings Group,
no Member shall be required to make additional Capital Contributions.

 

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(b)           Issuance
of Additional Units or Interests. Except as otherwise expressly provided in this Agreement, the Managing Member shall have the right
to authorize and cause the Company to issue on such terms (including price) as may be determined by the Managing Member, subject to the
limitations of Section 4.1, additional Units or other Equity Securities in the Company (including creating preferred interests or
other classes or series of interests having such rights, preferences and privileges as determined by the Managing Member, which rights,
preferences and privileges may be senior to the Units); provided that, at any time following the date hereof, in each case the Company
shall not issue Equity Securities in the Company to any Person unless such Person shall have executed a counterpart to this Agreement
and all other documents, agreements or instruments deemed necessary or desirable in the discretion of the Managing Member. Upon such issuance
and execution, such Person shall be admitted as a Member of the Company. In that event, the Managing Member shall update the Company’s
books and records to reflect such additional issuances. Subject to Section 12.1, the Managing Member is hereby authorized to amend
this Agreement to set forth the designations, preferences, rights, powers and duties of such additional Units or other Equity Securities
in the Company, or such other amendments that the Managing Member determines to be otherwise necessary or appropriate in connection with
the creation, authorization or issuance of any class or series of Units or other Equity Securities in the Company pursuant to this Section 4.4(b);
provided that, notwithstanding the foregoing, the Managing Member shall have the right to amend this Agreement as set forth in this sentence
without the approval of any other Person (including any Member) and notwithstanding any other provision of this Agreement (other than
Section 12.1(a)(ii), (iii) or (iv)) if such amendment is necessary, and then only to the extent necessary, in order to consummate
any offering of PubCo Shares or other Equity Securities of PubCo provided that the designations, preferences, rights, powers and duties
of any such additional Units or other Equity Securities of the Company as set forth in such amendment are substantially similar to those
applicable to such PubCo Shares or other Equity Securities of PubCo.

 

Section 4.5           Capital
Accounts.

 

(a)          A
Capital Account shall be maintained for each Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and,
to the extent consistent with such regulations, the other provisions of this Agreement. Each Member’s Capital Account shall be (a) increased
by (i) allocations to such Member of Profits pursuant to Section 5.1 and any other items of income or gain allocated to such
Member pursuant to Section 5.2, (ii) the amount of cash or the initial Gross Asset Value of any asset (net of any Liabilities
assumed by the Company and any Liabilities to which the asset is subject) contributed to the Company by such Member, and (iii) any
other increases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv), and (b) decreased by (i) allocations
to such Member of Losses pursuant to Section 5.1 and any other items of deduction or loss allocated to such Member pursuant to the
provisions of Section 5.2, (ii) the amount of any cash or the Gross Asset Value of any asset (net of any Liabilities assumed
by the Member and any Liabilities to which the asset is subject) distributed to such Member, and (iii) any other decreases allowed
or required by Treasury Regulations Section 1.704-1(b)(2)(iv).

 

(b)          A
Member that has more than one class or series of Units shall have a single Capital Account that reflects all such Units; provided, however,
that the Capital Accounts shall be maintained in such manner as will facilitate a determination of the portion of each Capital Account
attributable to each class or series of Units, including for purposes of determining any Member’s Class B Capital Account and
the Class A Per Unit Balance.

 

(c)           In
the event of a Transfer of Units made in accordance with this Agreement (including a deemed Transfer for U.S. federal income tax purposes
as described in Section 4.7(e)(iv)) the Capital Account of the Transferor that is attributable to the Transferred Units shall carry
over to the Transferee Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(l).

 

Section 4.6           Other
Matters.

 

(a)           No
Member shall demand or receive a return on or of its Capital Contributions or withdraw from the Company without the consent of the Managing
Member. Under circumstances requiring a return of any Capital Contributions, no Member has the right to receive property other than cash.
The Company shall not be obligated to repay any Capital Contributions of any Member.

 

(b)          No
Member shall receive any interest, salary, compensation, draw or reimbursement with respect to its Capital Contributions or its Capital
Account, or for services rendered or expenses incurred on behalf of the Company or otherwise in its capacity as a Member, except as otherwise
provided in Section 7.9 or as otherwise contemplated by this Agreement.

 

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(c)           The
Liability of each Member shall be limited as set forth in the Act and other applicable Law and, except as expressly set forth in this
Agreement or required by Law, no Member (or any of its Affiliates) shall be personally liable, whether to the Company, any of the other
Members, the creditors of the Company or any other third party, for any debt or Liability of the Company, whether arising in contract,
tort or otherwise, solely by reason of being a Member of the Company.

 

(d)         Except
as otherwise required by the Act, a Member shall not be required to restore a deficit balance in such Member’s Capital Account,
to lend any funds to the Company or, except as otherwise set forth herein, to make any additional contributions or payments to the Company.

 

Section 4.7           Redemption
of Class A Units.

 

(a)           Redemptions
Generally. Each Member other than the PubCo Holdings Group (a “Redeeming Holder”) shall be entitled to cause
the Company to redeem all or a portion of such Member’s Class A Units in exchange for an equal number of Class A Shares
or, at the Company’s election under certain circumstances, cash in accordance with Section 4.7(e)(ii) (referred to herein
as the “Redemption Right”), upon the terms and subject to the conditions set forth in this Section 4.7
and subject to PubCo’s (or such designated member(s) of the PubCo Holdings Group’s) Call Right as set forth in Section 4.7(f).
Upon the Redemption of any Class A Units, an equal number of Class B Shares held by the Redeeming Holder shall be cancelled.

 

(b)          Permitted
Redemptions; Limitations.

 

(i)           Quarterly
and Special Redemptions. Each Redeeming Holder may effect Redemptions on each Quarterly Redemption Date and/or any Special Redemption
Date designated by the Managing Member; provided that, with respect to a Redemption of Class A Units, absent the prior written consent
of the Managing Member to the contrary, on each Quarterly Redemption Date or Special Redemption Date, a Redeeming Holder shall only be
permitted to redeem less than all of its Class A Units if (A) after such Redemption it would continue to hold at least 25,000
Units and (B) it redeems not less than 25,000 Class A Units in such Redemption.

 

(ii)          Block
Redemptions. Each Redeeming Holder may effect Redemptions on any date designated by such Redeeming Holder in a timely Redemption Notice
(a “Block Redemption Date”); provided that, with respect to a Redemption of Class A Units, absent the prior
written consent of the Managing Member to the contrary, on each Block Redemption Date a Redeeming Holder shall not be permitted to redeem
less than 500,000 Class A Units.

 

(iii)        Additional
Limitations. Each Member’s Redemption Right shall be subject to the following additional limitations and qualifications:

 

(A)          Any
Redemption of Class A Units issued after the date hereof (other than in connection with any recapitalization), including such Class A
Units issued to Members as of the date hereof, may be limited in accordance with the terms of any agreements or instruments entered into
in connection with such issuance, as deemed necessary or desirable in the discretion of the Managing Member.

 

(B)         The
Managing Member may impose additional limitations and restrictions on Redemptions (including limiting Redemptions or creating priority
procedures for Redemptions), to the extent it determines, in Good Faith, such limitations and restrictions to be necessary or appropriate
to avoid undue risk that the Company may be classified as a “publicly traded partnership” within the meaning of Section 7704
of the Code. Furthermore, the Managing Member may require any Member to redeem all of their Class A Units to the extent it determines,
in Good Faith, that such Redemption is necessary or appropriate to avoid undue risk that the Company may be classified as a “publicly
traded partnership” within the meaning of Section 7704 of the Code. Upon delivery of any notice by the Managing Member to such
Member requiring such Redemption, such Member shall exchange, subject to exercise by PubCo (or such designated member(s) of the PubCo
Holdings Group) of the Call Right pursuant to Section 4.7(f), all of their Class A Units effective as of the date specified
in such notice (and such date shall be deemed to be a Redemption Date for purposes of this Agreement) in accordance with this Section 4.7
and otherwise in accordance with the requirements set forth in such notice.

 

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(c)           Notice
Requirements for Redeeming Holders. In order to exercise its Redemption Right, each Redeeming Holder shall provide written notice
in a reasonable form as the Company may provide from time to time (the “Redemption Notice”) to the Company and
PubCo, on or before the applicable Redemption Notice Date, stating:

 

(i)           the
number of Class A Units that the Redeeming Holder elects to have the Company redeem in accordance with Section 4.7(b)(i) or
(b)(ii);

 

(ii)           if
the Class A Shares to be received are to be issued other than in the name of the Redeeming Holder, the name(s) of the Person(s) in
whose name or on whose order the Class A Shares are to be issued;

 

(iii)         whether
the Redemption is to be contingent (including as to timing) upon the closing of a Registered Offering of the Class A Shares for which
the Class A Units will be redeemed or the closing of an announced merger, consolidation or other transaction or event to which PubCo
is a party in which the Class A Shares would be exchanged or converted or become exchangeable for or convertible into cash or other
securities or property (such contingency, a “Redemption Contingency”);

 

(iv)         pursuant
to which section of this Agreement the Redemption Right is being exercised;

 

(v)          in
the case of a Block Redemption, the intended Block Redemption Date; and

 

(vi)         whether
and to the extent that the Redemption Notice is to continue to apply to subsequent Quarterly Redemption Dates.

 

Notwithstanding the foregoing, any notice by any
Member pursuant to the Registration Rights Agreement to demand or participate in any Registered Offering shall be deemed to constitute
a Redemption Notice for the related Special Redemption Date.

 

(d)           Revocation;
Redemption Contingencies. A Redeeming Holder may not revoke or rescind a Redemption Notice after the applicable Redemption Notice
Date. Any Redemption Notice delivered for a Redemption on a Quarterly Redemption Date may not be contingent. Any Redemption Notice delivered
for a Redemption on a Special Redemption Date or Block Redemption Date may be subject to a Redemption Contingency.

 

(e)           Procedure;
Cash Election.

 

(i)           On
any Redemption Date for which any Redeeming Holder has delivered a Redemption Notice with respect to Class A Units, unless the Company
elects to pay cash in accordance with Section 4.7(e)(ii) or a member of the PubCo Holdings Group exercises its Call Right pursuant
to Section 4.7(f), on such Redemption Date, such number of Class A Units shall be redeemed for an equal number of Class A
Shares and an equal number of Class B Shares shall be surrendered by such Redeeming Holder and cancelled.

 

(ii)          The
Company shall be entitled to elect to settle any Redemption by delivering to the Redeeming Holder, in lieu of the applicable number of
Class A Shares that would be received in such Redemption, an amount of cash equal to the Cash Election Amount for such Redemption.

 

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(iii)          Unless
a member of the PubCo Holdings Group has elected its Call Right pursuant to Section 4.7(f) with respect to any Redemption, on
the relevant Redemption Date and immediately prior to such Redemption, (i) PubCo (or such other member(s) of the PubCo Holdings
Group) shall contribute to the Company the consideration the Redeeming Holder is entitled to receive under Section 4.7(e)(i) (including
in the event the Company exercises its right to deliver the Cash Election Amount pursuant to Section 4.7(e)(ii)) and the Company
shall issue to PubCo (or such other member(s) of the PubCo Holdings Group) a number of Class A Units or, pursuant to Section 4.1(e),
other Equity Securities of the Company as consideration for such contribution, (ii) the Company shall (A) cancel the redeemed
Class A Units and (B) transfer to the Redeeming Holder the consideration the Redeeming Holder is entitled to receive under Section 4.7(e)(i) (including
in the event the Company exercises its right to deliver the Cash Election Amount pursuant to Section 4.7(e)(ii)), and (iii) PubCo
shall cancel the surrendered Class B Shares, as applicable. Notwithstanding any other provisions of this Agreement to the contrary,
in the event that the Company makes a Cash Election that is funded with proceeds from a primary offering of PubCo Equity Securities, the
PubCo Holdings Group shall only be obligated to contribute to the Company an amount in cash equal to the net proceeds (after deduction
of any underwriters’ discounts or commissions and brokers’ fees or commissions (including, for the avoidance of doubt, any
deferred discounts or commissions and brokers’ fees or commissions payable in connection with or as a result of such Registered
Offering)) (such difference, the “Discount”) from the sale by PubCo of a number of Class A Shares equal
to the number of Class A Units to be redeemed with such cash or from the sale of other PubCo Equity Securities used to fund the Cash
Election Amount; provided that PubCo’s Capital Account (or the Capital Account(s) of the other member(s) of the PubCo
Holdings Group, as applicable) shall be increased by the amount of such Discount in accordance with Section 7.9; provided further,
that the contribution of such net proceeds shall in no event affect the Redeeming Holder’s right to receive the Cash Election Amount.

 

(iv)         Each
Redemption shall be deemed to have been effected on the applicable Redemption Date. Any Redeeming Holder redeeming Class A Units
in accordance with this Agreement may request that the Class A Shares to be issued upon such Redemption be issued in a name other
than such Redeeming Holder. Any Person or Persons in whose name or names any Class A Shares are issuable on any Redemption Date shall
be deemed to have become, on such Redemption Date, the holder or holders of record of such shares.

 

(v)          PubCo
shall at all times keep available, solely for the purpose of issuance upon a Redemption, out of its authorized but unissued Class A
Shares, such number of Class A Shares that shall be issuable upon the Redemption of all outstanding Class A Units (other than
those Class A Units held by any member of the PubCo Holdings Group); provided, that nothing contained herein shall be construed to
preclude PubCo from satisfying its obligations with respect to a Redemption by delivery of cash pursuant to a Cash Election or Class A
Shares that are held in the treasury of PubCo. PubCo covenants that all Class A Shares to be issued upon a Redemption shall, upon
issuance thereof, be validly issued, fully paid and non-assessable. In addition, for so long as the Class A Shares are listed on
a National Securities Exchange, PubCo shall use its reasonable best efforts to cause all Class A Shares issued upon a Redemption
to be listed on such National Securities Exchange at the time of such issuance.

 

(f)           Call
Right. Notwithstanding anything to the contrary in this Section 4.7, a Redeeming Holder shall be deemed to have offered to sell
its Class A Units as described in any Redemption Notice to each member of the PubCo Holdings Group, and PubCo (or such other member(s) of
the PubCo Holdings Group designated by PubCo) may, in its sole discretion, in accordance with this Section 4.7(f), elect to purchase
directly and acquire such Class A Units on the Redemption Date by paying to the Redeeming Holder that number of Class A Shares
the Redeeming Holder would otherwise receive pursuant to Section 4.7(e) or, if PubCo (or such designated member(s) of the
PubCo Holdings Group) makes a Cash Election, the Cash Election Amount for such Class A Shares (the “Call Right”),
whereupon PubCo (or such designated member(s) of the PubCo Holdings Group) shall acquire the Class A Units offered for redemption
by the Redeeming Holder and shall become the owner thereof.

 

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(g)          Tax
Matters.

 

(i)           For
U.S. federal income (and applicable state and local) tax purposes, each of the Redeeming Holder, the Company and PubCo (and any other
member of the PubCo Holding Group), as the case may be, agree to treat each Redemption and, in the event PubCo (or another member of the
PubCo Holdings Group) exercises its Call Right, each transaction between the Redeeming Holder and PubCo (or such other member of the PubCo
Holdings Group), as a sale of such Redeeming Holder’s Class A Units (together with the same number Class B Shares) to
PubCo (or such other member of the PubCo Holdings Group) in exchange for Class A Shares or cash, as applicable.

 

(ii)          The
issuance of Class A Shares upon a Redemption shall be made without charge to the Redeeming Holder for any stamp or other similar
tax in respect of such issuance, except that if any such Class A Shares are to be issued in a name other than that of the Redeeming
Holder, then the Person or Persons in whose names such shares are to be issued shall pay to PubCo the amount of any tax payable in respect
of any Transfer involved in such issuance or establish to the satisfaction of PubCo that such tax has been paid or is not payable.

 

(iii)         Each
of the Company and PubCo shall be entitled to deduct and withhold from any consideration payable or otherwise deliverable upon a Redemption
(and the Redeeming Holder agrees to indemnify the Company and PubCo with respect to) such amounts as may be required to be deducted or
withheld therefrom under the Code or any provision of applicable Law, and to the extent deduction and withholding is required, such deduction
and withholding may be taken in Class A Shares. Prior to making such deduction or withholding, the Company shall use commercially
reasonable efforts to give written notice to the Redeeming Holder and reasonably cooperate with such Redeeming Holder to reduce or avoid
any such withholding. To the extent such amounts are so deducted or withheld and paid over to the relevant governmental authority, such
amounts shall be treated for all purposes under this Agreement as having been paid to the Redeeming Holder, and, if withholding is taken
in Class A Shares, the relevant withholding party shall be treated as having sold such Class A Shares on behalf of such Redeeming
Holder for an amount of cash equal to the Fair Market Value thereof at the time of such deemed sale and paid such cash proceeds to the
appropriate governmental authority.

 

(h)           If
(i) there is any reclassification, reorganization, recapitalization or other similar transaction pursuant to which the Class A
Shares are converted or changed into another security, securities or other property (other than as a result of a subdivision or combination
or any transaction subject to Section 4.1(j) or Section 4.1(l)), or (ii) except in connection with actions taken with
respect to the capitalization of PubCo or the Company pursuant to Section 4.1(l), PubCo, by dividend or otherwise, distributes to
all holders of the Class A Shares evidences of its Indebtedness or assets, including securities (including Class A Shares and
any rights, options or warrants to all holders of the Class A Shares to subscribe for or to purchase or to otherwise acquire Class A
Shares, or other securities or rights convertible into, redeemable for or exercisable for Class A Shares) but excluding (A) any
cash dividend or distribution, (B) any such distribution of Indebtedness or assets, in either case (A) or (B) received
by PubCo, directly or indirectly, from the Company in respect of the Class A Units, and (C) any exercise or redemption of PubCo
Warrants pursuant to the terms of the Warrant Agreement, then upon any subsequent Redemption, in addition to the Class A Shares or
the Cash Election Amount, as applicable, each Redeeming Holder shall be entitled to receive the amount of such security, securities or
other property that such Redeeming Holder would have received if such Redemption had occurred immediately prior to the effective date
of such reclassification, reorganization, recapitalization, other similar transaction, dividend or other distribution, taking into account
any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization
or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other
property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction.
If there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Shares are converted
or changed into another security, securities or other property, or any dividend or distribution (other than an excluded dividend or distribution,
as described above in clauses (A), (B) or (C)), this Section 4.7 shall continue to be applicable, mutatis mutandis, with
respect to such security or other property.

 

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(i)            Automatic
Redemption of Designated Holders. Immediately prior to an Initial Business Combination (or, in the case of a proposed business combination
involving U.S. real property interests, immediately prior to signing any definitive agreement in respect of such a business combination),
all Units held by any Designated Holders shall automatically (i) in the case of any Class B Units, be converted into Class A
Units in accordance with the provisions of Section 4.2(c) and (ii) following such conversion, if any, be redeemed for Class A
Shares (together with the cancellation of a corresponding number of Class B Shares) in accordance with this Section 4.7 (such
conversion and Redemption, a “Designated Holder Redemption”). The Company shall deliver written notice to any
such Designated Holder of an intended Designated Holder Redemption pursuant to this Section 4.7(i) (a “Designated
Holder Redemption Notice”) as soon as reasonably practicable following the date upon which such Designated Holder Redemption
is effected (such date, the “Designated Holder Redemption Date”), indicating in such notice the number of Class A
Shares issued to such Designated Holder in the Designated Holder Redemption; provided, however, that such Designated Holder Redemption
Notice shall only be provided to a Designated Holder after the Managing Member determines that providing such notice would not impart
material non-public information with respect to PubCo to the Designated Holder. From and after the Designated Holder Redemption Date,
(x) the Units, Class B Shares subject to such Designated Holder Redemption shall be deemed to be transferred to PubCo on the
Designated Holder Redemption Date and (y) such Designated Holder shall cease to have any rights with respect to the Units, Class B
Shares subject to such Designated Holder Redemption (other than the right to receive Class A Shares pursuant to such Designated Holder
Redemption). The Designated Holders shall take all actions reasonably requested by the Managing Member to effect such Designated Holder
Redemption, including taking any action and delivering any document required to effect a Designated Holder Redemption.

 

(j)            No
Redemption shall impair the right of the Redeeming Holder to receive any distributions payable on the Class A Units redeemed pursuant
to such Redemption in respect of a record date that occurs prior to the Redemption Date for such Redemption. For the avoidance of doubt,
no Redeeming Holder, or a Person designated by a Redeeming Holder to receive Class A Shares, shall be entitled to receive, with respect
to such record date, distributions or dividends both on Class A Units redeemed by the Company from such Redeeming Holder and on Class A
Shares received by such Redeeming Holder, or other Person so designated, if applicable, in such Redemption.

 

Article V

 

ALLOCATIONS
OF PROFITS AND LOSSES

 

Section 5.1           Profits
and Losses.

 

(a)           Pre-Equalization.
For any Fiscal Year or other allocation period ending on or prior to the Equalization Date, except as set forth in Section 5.2 or
Section 5.4, Profit and Loss of the Company for such Fiscal Year or other allocation period shall be allocated to the Members as
follows:

 

(i)            prior
to an Initial Business Combination, to the Class A Members pro rata in accordance with the number of Class A Units held by each
such Member; and

 

(ii)           after
an Initial Business Combination, to all of the Members, pro rata in accordance with the number of Units held by each such Member.

 

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(b)          Post-Equalization.
For any Fiscal Year or other allocation period beginning after the Equalization Date, subject to Section 5.4, Profits and Losses
(and, to the extent determined by the Managing Member to be necessary and appropriate to achieve the resulting Capital Account balances
described below, any allocable items of income, gain, loss, deduction or credit includable in the computation of Profits and Losses) for
each Fiscal Year or other allocation period shall be allocated among the Members during such Fiscal Year or other allocation period in
a manner such that, after giving effect to the special allocations set forth in Section 5.2 and all distributions through the end
of such Fiscal Year or other allocation period, the Capital Account balance of each Member, immediately after making such allocation,
is, as nearly as possible, equal to (i) the amount such Member would receive pursuant to Section 11.3(c) if all assets
of the Company on hand at the end of such Fiscal Year or other taxable period were sold for cash equal to their Gross Asset Values, all
liabilities of the Company were satisfied in cash in accordance with their terms (limited with respect to each nonrecourse liability to
the Gross Asset Value of the assets securing such liability), and all remaining or resulting cash was distributed, in accordance with
Section 11.3(c), to the Members immediately after making such allocation, minus (ii) such Member’s share of Company Minimum
Gain and Member Minimum Gain, computed immediately prior to the hypothetical sale of assets, and the amount any such Member is treated
as obligated to contribute to the Company, computed immediately after the hypothetical sale of assets.

 

Section 5.2           Special
Allocations.

 

(a)           Nonrecourse
Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Members on a pro rata basis, in accordance
with the number of Units owned by each Member as of the last day of such Fiscal Year or other taxable period. The amount of Nonrecourse
Deductions for a Fiscal Year or other taxable period shall equal the excess, if any, of the net increase, if any, in the amount of Company
Minimum Gain during that Fiscal Year or other taxable period over the aggregate amount of any distributions during that Fiscal Year or
other taxable period of proceeds of a Nonrecourse Liability that are allocable to an increase in Company Minimum Gain, determined in accordance
with the provisions of Treasury Regulations Section 1.704-2(d).

 

(b)           Any
Member Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Member who bears economic
risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with
Treasury Regulations Section 1.704-2(i). If more than one Member bears the economic risk of loss for such Member Nonrecourse Debt,
the Member Nonrecourse Deductions attributable to such Member Nonrecourse Debt shall be allocated among the Members according to the ratio
in which they bear the economic risk of loss. This Section 5.2(b) is intended to comply with the provisions of Treasury Regulations
Section 1.704-2(i) and shall be interpreted consistently therewith.

 

(c)           Notwithstanding
any other provision of this Agreement to the contrary, if there is a net decrease in Company Minimum Gain during any Fiscal Year or other
taxable period (or if there was a net decrease in Company Minimum Gain for a prior Fiscal Year or other taxable period and the Company
did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this Section 5.2(c)),
each Member shall be specially allocated items of Company income and gain for such Fiscal Year or other taxable period in an amount equal
to such Member’s share of the net decrease in Company Minimum Gain during such year (as determined pursuant to Treasury Regulations
Section 1.704-2(g)(2)). This section is intended to constitute a minimum gain chargeback under Treasury Regulations Section 1.704-2(f) and
shall be interpreted consistently therewith.

 

(d)           Notwithstanding
any other provision of this Agreement except Section 5.2(c), if there is a net decrease in Member Minimum Gain during any Fiscal
Year or other taxable period (or if there was a net decrease in Member Minimum Gain for a prior Fiscal Year or other taxable period and
the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this Section 5.2(d)),
each Member shall be specially allocated items of Company income and gain for such year in an amount equal to such Member’s share
of the net decrease in Member Minimum Gain (as determined pursuant to Treasury Regulations Section 1.704-2(i)(4)). This section is
intended to constitute a partner nonrecourse debt minimum gain chargeback under Treasury Regulations Section 1.704-2(i)(4) and
shall be interpreted consistently therewith.

 

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(e)           Notwithstanding
any provision hereof to the contrary except Section 5.2(a) and Section 5.2(b), no Losses or other items of loss or expense
shall be allocated to any Member to the extent that such allocation would cause such Member to have an Adjusted Capital Account Deficit
(or increase any existing Adjusted Capital Account Deficit) at the end of such Fiscal Year or other taxable period. All Losses and other
items of loss and expense in excess of the limitation set forth in this Section 5.2(e) shall be allocated to the Members who
do not have an Adjusted Capital Account Deficit in proportion to their relative positive Capital Accounts (as adjusted pursuant to clauses (a) and
(b) of the definition of “Adjusted Capital Account Deficit”) but only to the extent that such Losses and other items
of loss and expense do not cause any such Member to have an Adjusted Capital Account Deficit.

 

(f)            Notwithstanding
any provision hereof to the contrary except Section 5.2(c) and Section 5.2(d), in the event any Member unexpectedly receives
any adjustment, allocation or distribution described in paragraph (4), (5) or (6) of Treasury Regulations Section 1.704-1(b)(2)(ii)(d),
items of income and gain (consisting of a pro rata portion of each item of income, including gross income, and gain for the Fiscal Year
or other taxable period) shall be specially allocated to such Member in an amount and manner sufficient to eliminate any Adjusted Capital
Account Deficit of that Member as quickly as possible; provided that an allocation pursuant to this Section 5.2(f) shall be
made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for
in this Article V have been tentatively made as if this Section 5.2(f) were not in this Agreement. This Section 5.2(f) is
intended to constitute a qualified income offset under Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith.

 

(g)           If
any Member has an Adjusted Capital Account Deficit at the end of any Fiscal Year or other taxable period, that Member shall be specially
allocated items of Company income and gain in the amount of such deficit as quickly as possible, provided that an allocation pursuant
to this Section 5.2(g) shall be made only if and to the extent that such Member would have a deficit after all other allocations
provided for in this Article V have been tentatively made as if Section 5.2(f) and this Section 5.2(g) were not
in this Agreement.

 

(h)           To
the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Sections 734(b) (including any such
adjustments pursuant to Treasury Regulation Section 1.734-2(b)(1)) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or
1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution to any Member in complete
liquidation of such Member’s Interest, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain
(if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall
be allocated to the Members in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) if such section applies
or to the Member to whom such distribution was made if Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

 

(i)            The
allocations set forth in Sections 5.2(a) through 5.2(h) (the “Regulatory Allocations”) are intended
to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding any other provision
of this Article V (other than the Regulatory Allocations), the Regulatory Allocations (and anticipated future Regulatory Allocations)
shall be taken into account in allocating other items of income, gain, loss and deduction among the Members so that, to the extent possible,
the net amount of such allocation of other items and the Regulatory Allocations to each Member should be equal to the net amount that
would have been allocated to each such Member if the Regulatory Allocations had not occurred.

 

This Section 5.2(i) is
intended to minimize to the extent possible and to the extent necessary any economic distortions that may result from application of the
Regulatory Allocations and shall be interpreted in a manner consistent therewith.

 

(j)            Items
of income, gain, loss, deduction or credit resulting from a Covered Audit Adjustment shall be allocated to the Members in accordance with
the applicable provisions of the Partnership Tax Audit Rules.

 

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(k)           Special
Fungibility Allocations.

 

(i)          Notwithstanding
the provisions of Section 5.1, but subject to and after taking into account any allocations or other adjustments pursuant to Section 5.2(l),
if any Non-Fungible Class B Units are outstanding at the time of any adjustment to the Gross Asset Values of Company assets pursuant
to Treasury Regulations Section 1.704-1(b)(2)(iv)(f) and clause (b) of the definition of “Gross Asset Value”:

 

(A)         such
adjustment to the Gross Asset Values shall be determined based on, (x) if the Class A Shares trade on a securities exchange
or automated or electronic quotation system, the closing price for a Class A Share on the principal U.S. securities exchange or automated
or electronic quotation system on which the Class A Shares trade, as reported by Bloomberg, L.P., or its successor, for the last
full Trading Day immediately prior the date of such adjustment, or (y) if the Class A Shares no longer trade on a securities
exchange or automated or electronic quotation system, the Fair Market Value of one Class A Share, and in each case, by assuming such
closing price or Fair Market Value, as applicable, already takes into account the effect of the conversion rights of any then-outstanding
Class B Units pursuant to Section 4.2(c) or Section 4.7(i);

 

(B)          any
items of gain included in clause (c) of the definition of “Profits” or “Losses” realized in connection
with such adjustment shall (x) first, be allocated to the Members holding Class B Units, pro rata in accordance with the number
of Non-Fungible Class B Units held by each such Member or as otherwise reasonably determined by the Managing Member, until each Member’s
Class B Capital Account equals its Class B Fungibility Target Balance, and (y) then allocated to the Members, pro rata;
and

 

(C)          any
items of loss included in clause (c) of the definition of “Profits” or “Losses” realized in connection
with such adjustment shall (x) first, be allocated to the Members, pro rata in accordance with the number of Class A Units and
Fungible Class B Units held by each such Member until each Member’s Class B Capital Account equals its Class B Fungibility
Target Balance, and (y) then allocated to the Members, pro rata;

 

provided,
however, in the event of a liquidation of the Company prior to an Initial Business Combination, prior to any distribution pursuant to
Section 11.3(c)(iii)(A), any items of gain or loss included in clause (c) of the definition of “Profits” or
 “Losses” realized in connection with such an adjustment shall be allocated to the Members to the extent necessary such that
a Member holding Founder Units is not entitled to any distributions with respect to funds in the Trust Account with respect to any such
Founder Units.

 

(ii)           For
any Fiscal Year in which any Member converts, pursuant to Section 4.2(c), a number of Class B Units that, but for this Section 5.2(k)(ii),
would be in excess of such Member’s Fungible Class B Units, after all other allocations have been tentatively made pursuant
to Section 5.1 and this Section 5.2 (including, for the avoidance of doubt, allocations pursuant to Section 5.2(k)(i) in
connection with such conversion), based on an interim closing of the books pursuant to Section 706 of the Code as of the Class B
Conversion Date, the Managing Member shall, to the maximum extent possible and to the minimum extent required to cause such Member to
have a number of Fungible Class B Units equal to the number of Class B Units to be so converted, allocate to such Member appropriate
items of gross income. In the event that the Company has insufficient items of gross income to make allocations to all Members making
such election, the available items of gross income shall be allocated to such Members as reasonably determined by the Managing Member;
provided that in the case of a Designated Holder Redemption, any excess amount required to cause the Class B Units held by
any Designated Holder to be Fungible Class B Units shall be allocated to such Designated Holder and treated as a “guaranteed
payment” within the meaning of Section 707(c) of the Code (and solely for the purposes of maintaining such Member’s
Capital Account shall be made as if such guaranteed payment were recontributed to the Company).

 

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(iii)         The
Members agree that the intent of this Section 5.2(k) is to cause, to the greatest extent possible, the Capital Account balance
associated with each Class B Unit to be equivalent to the Capital Account balance associated with each Class A Unit (and, to
the greatest extent possible, for such equivalency to be achieved through adjustments to the Gross Asset Values of the Company properties
described in clause (c) of the definition of “Profits” or “Losses”). The Managing Member shall be permitted
to interpret or amend this Section 5.2(k) as necessary and consistent with such intention and to make allocations in any manner
as reasonably necessary to implement such intent.

 

(l)            Special
Allocations Regarding Company Warrants and Other Noncompensatory Options. Upon an exercise of a Company Warrant or other noncompensatory
option to acquire a Class A Unit or other Equity Security of the Company:

 

(i)          An
adjustment shall be made to the Gross Asset Value of Company assets in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(f) and
1.704-1(b)(2)(iv)(s)(1) and clause (b) of the definition of “Gross Asset Value” as of immediately after the
exercise of such option.

 

(ii)         The
Capital Account of the holder of the Class A Unit (or other Equity Security of the Company) acquired upon the exercise of such option
will be credited with the amount paid for the option and the exercise price of the option in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(b) and
1.704-1(b)(2)(iv)(d)(4) and Section 4.5(a)(ii).

 

(iii)         To
the extent that, after crediting such holder’s Capital Account in accordance with Section 5.2(l)(ii), such holder’s Capital
Account balance, to the extent attributable to such Class A Unit (or other Equity Security of the Company) received upon the exercise
of such option, is not equal to the NCO Target Balance, (A) such holder shall be allocated any unrealized income, gain or loss in
Company assets (that has not been reflected in the Members’ Capital Accounts previously) to the extent necessary to cause such holder’s
Capital Account balance, to the extent attributable to such Class A Unit (or other Equity Security of the Company) received upon
the exercise of such option, to equal the NCO Target Balance, and (B) thereafter, any remaining amounts of such unrealized income,
gain or loss shall be allocated in accordance with the other provisions of Section 5.1 and this Section 5.2, in each case, accordance
with Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(2).

 

(iv)         If
after making the foregoing allocations, such holder’s Capital Account balance, to the extent attributable to such Class A Unit
(or other Equity Security of the Company) received upon the exercise of such option, is still not equal to the NCO Target Balance, the
Members’ Capital Accounts shall be reallocated to the extent to the extent necessary to cause such holder’s Capital Account
balance, to the extent attributable to such Class A Unit (or other Equity Security of the Company) received upon the exercise of
such option, to equal the NCO Target Balance, in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3); provided that,
for the avoidance of doubt, any such reallocation shall be made, to the greatest extent possible, consistent with the intentions of Section 5.2(k) of
causing the Capital Account balance associated with each Class B Unit to be (and remain) equivalent to the Capital Account balance
associated with each Class A Unit, as determined by the Managing Member.

 

Section 5.3           Allocations
for Tax Purposes in General.

 

(a)           Except
as otherwise provided in this Section 5.3, each item of income, gain, loss, deduction, and credit of the Company for U.S. federal
income tax purposes shall be allocated among the Members in the same manner as such item is allocated under Sections 5.1 and 5.2.

 

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(b)           In
accordance with Code Section 704(c) and the Treasury Regulations thereunder (including the Treasury Regulations applying the
principles of Code Section 704(c) to changes in Gross Asset Values), items of income, gain, loss and deduction with respect
to any Company property having a Gross Asset Value that differs from such property’s adjusted U.S. federal income tax basis shall,
solely for U.S. federal income tax purposes, be allocated among the Members to account for any such difference using such method or methods
as determined by the Managing Member to be appropriate and in accordance with the applicable Treasury Regulations.

 

(c)          Any
(i) recapture of depreciation or any other item of deduction shall be allocated, in accordance with Treasury Regulations Sections 1.1245-1(e) and
1.1254-5, to the Members who received the benefit of such deductions, and (ii) recapture of grants or credits shall be allocated
to the Members in accordance with applicable law.

 

(d)          Tax
credits of the Company shall be allocated among the Members as provided in Treasury Regulation Sections 1.704-1(b)(4)(ii) and
1.704-1(b)(4)(viii).

 

(e)           Allocations
pursuant to this Section 5.3 are solely for purposes of U.S. federal, state and local taxes and shall not affect or in any way be
taken into account in computing any Member’s Capital Account or share of Profits, Losses, other items or distributions pursuant
to any provision of this Agreement.

 

(f)            If,
as a result of an exercise of a noncompensatory option to acquire an interest in the Company (including any Company Warrant), a Capital
Account reallocation is required under Section 5.2(l)(iv) or Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3), the
Company shall make corrective allocations pursuant to Treasury Regulations Section 1.704-1(b)(4)(x).

 

Section 5.4           Other
Allocation Rules.

 

(a)           The
Members are aware of the income tax consequences of the allocations made by this Article V and the economic impact of the allocations
on the amounts receivable by them under this Agreement. The Members hereby agree to be bound by the provisions of this Article V
in reporting their share of Company income and loss for income tax purposes.

 

(b)           The
provisions regarding the establishment and maintenance for each Member of a Capital Account as provided by Section 4.5 and the allocations
set forth in Sections 5.1, 5.2 and 5.3 are intended to comply with the Treasury Regulations and to reflect the intended economic entitlement
of the Members. If the Managing Member determines, in its sole discretion, that the application of the provisions in Section 4.5,
5.1, 5.2 or 5.3 would result in non-compliance with the Treasury Regulations or would be inconsistent with the intended economic entitlement
of the Members, the Managing Member is authorized to make any appropriate adjustments to such provisions.

 

(c)           All
items of income, gain, loss, deduction and credit allocable to an interest in the Company that may have been Transferred shall be allocated
between the Transferor and the Transferee in accordance with a method determined by the Managing Member and permissible under Code Section 706
and the Treasury Regulations thereunder.

 

(d)           The
Members’ proportionate shares of the “excess nonrecourse liabilities” of the Company, within the meaning of Treasury
Regulations Section 1.752-3(a)(3), shall be allocated to the Members on a pro rata basis, in accordance with the number of Units
owned by each Member.

 

(e)           The
Managing Member shall amend this Article V from time to time to reflect the allocation of Profit and Loss in connection with priority
distributions on any preferred units or other Equity Securities that may be issued by the Company (other than Units).

 

(f)            The
Managing Member may amend or interpret the provisions of this Article V as, in the Managing Member’s reasonable discretion,
may be necessary or appropriate to comply with the applicable Treasury Regulations or other legal requirements and to properly reflect
the economic intent of this Agreement.

 

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Article VI

 

DISTRIBUTIONS

 

Section 6.1            Distributions.

 

(a)           Distributions.
To the extent permitted by applicable Law and hereunder, and except as otherwise provided in Section 6.2 and Section 11.3, distributions
to Members may be declared by the Managing Member out of funds legally available therefor in such amounts and on such terms (including
the payment dates of such distributions) as the Managing Member shall determine using such record date as the Managing Member may designate.
Any such distribution shall be made to the Members as of the close of business on such record date on a pro rata basis in accordance with
the number of Units held by each such Member. For the avoidance of doubt, repurchases or Redemptions made in accordance with Section 4.1(i),
Section 4.7 or payments made in accordance with Sections 7.4 or 7.9 need not be on a pro rata basis. Notwithstanding any other
provision herein to the contrary, no distributions shall be made to any Member to the extent such distribution would render the Company
insolvent or violate the Act. For purposes of the foregoing sentence, insolvency means the inability of the Company to meet its payment
obligations when due. Promptly following the designation of a record date and the declaration of a distribution pursuant to this Section 6.1,
the Managing Member shall give notice to each Member of the record date, the amount and the terms of the distribution and the payment
date thereof.

 

(b)           Successors.
For purposes of determining the amount of distributions, each Member shall be treated as having made the Capital Contributions and as
having received the distributions made to or received by its predecessors in respect of any of such Member’s Units.

 

(c)           Distributions
In-Kind. Except as otherwise provided in this Agreement, any distributions may be made in cash or in kind, or partly in cash and partly
in kind, as determined by the Managing Member. In the event of any distribution of (i) property in kind or (ii) both cash and
property in kind, each Member shall be distributed its proportionate share of any such cash so distributed and its proportionate share
of any such property so distributed in kind (based on the Fair Market Value of such property).

 

Section 6.2           Tax-Related
Distributions. The Company shall, subject to any restrictions contained in any agreement to which the Company is bound, make
distributions out of legally available funds, at such times and in such amounts as the Managing Member reasonably determines to be necessary
to cause a distribution to the PubCo Holdings Group, in the aggregate, sufficient to enable the PubCo Holdings Group to timely satisfy
any PubCo Tax-Related Liabilities, as follows:

 

(a)           prior
to an Initial Business Combination, to the Class A Members pro rata in accordance with the number of Class A Units held by each
such Member; and

 

(b)          after
an Initial Business Combination, to all of the Members, pro rata in accordance with the number of Units held by each such Member.

 

Section 6.3            Distribution
Upon Withdrawal. No withdrawing Member shall be entitled to receive any distribution or the value of such Member’s Interest
as a result of withdrawal from the Company prior to the liquidation of the Company, except as specifically provided in this Agreement.

 

Section 6.4           Issuance
of Additional Equity Securities. This Article VI shall be subject to and, to the extent necessary, amended to reflect the
issuance by the Company of any additional Equity Securities.

 

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Article VII

 

MANAGEMENT

 

Section 7.1           The
Managing Member; Fiduciary Duties.

 

(a)           PubCo
shall be the sole Managing Member of the Company. Except as otherwise required by Law, (i) the Managing Member shall have full and
complete charge of all affairs of the Company, (ii) the management and control of the Company’s business activities and operations
shall rest exclusively with the Managing Member, and the Managing Member shall make all decisions regarding the business, activities and
operations of the Company (including the incurrence of costs and expenses) in its sole discretion without the consent of any other Member
and (iii) the Members other than the Managing Member (in their capacity as such) shall not participate in the control, management,
direction or operation of the activities or affairs of the Company and shall have no power to act for or bind the Company.

 

(b)           In
connection with the performance of its duties as the Managing Member of the Company, except as otherwise set forth herein, the Managing
Member acknowledges that it will owe to the Members the same fiduciary duties as it would owe to the stockholders of a Delaware corporation
if it were a member of the board of directors of such a corporation and the Members were stockholders of such corporation. The Members
acknowledge that the Managing Member will take action through its board of directors, and that the members of the Managing Member’s
board of directors will owe comparable fiduciary duties to the stockholders of the Managing Member.

 

Section 7.2           Officers.

 

(a)           The
Managing Member may appoint, employ or otherwise contract with any Person for the transaction of the business of the Company or the performance
of services for or on behalf of the Company, and the Managing Member may delegate to any such Persons such authority to act on behalf
of the Company as the Managing Member may from time to time deem appropriate.

 

(b)           Except
as otherwise set forth herein, the Chief Executive Officer will be responsible for the general and active management of the business of
the Company and its Subsidiaries and will see that all orders of the Managing Member are carried into effect. The Chief Executive Officer
will report to the Managing Member and have the general powers and duties of management usually vested in the office of president and
chief executive officer of a corporation organized under the DGCL, subject to the terms of this Agreement, and will have such other powers
and duties as may be prescribed by the Managing Member or this Agreement. The Chief Executive Officer will have the power to execute bonds,
mortgages and other contracts requiring a seal, under the seal of the Company, except where required or permitted by Law to be otherwise
signed and executed, and except where the signing and execution thereof will be expressly delegated by the Managing Member to some other
Officer or agent of the Company.

 

(c)           Except
as set forth herein, the Managing Member may appoint Officers at any time, and the Officers may include a president, one or more vice
presidents, a secretary, one or more assistant secretaries, a chief financial officer, a general counsel, a treasurer, one or more assistant
treasurers, a chief operating officer, an executive chairman, and any other officers that the Managing Member deems appropriate. Except
as set forth herein, the Officers will serve at the pleasure of the Managing Member, subject to all rights, if any, of such Officer under
any contract of employment. Any individual may hold any number of offices, and an Officer may, but need not, be a Member of the Company.
The Officers will exercise such powers and perform such duties as specified in this Agreement or as determined from time to time by the
Managing Member.

 

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(d)           Subject
to this Agreement and to the rights, if any, of an Officer under a contract of employment, any Officer may be removed, either with or
without cause, by the Managing Member. Any Officer may resign at any time by giving written notice to the Managing Member. Any resignation
will take effect at the date of the receipt of that notice or at any later time specified in that notice; and, unless otherwise specified
in that notice, the acceptance of the resignation will not be necessary to make it effective. Any resignation is without prejudice to
the rights, if any, of the Company under any contract to which the Officer is a party. A vacancy in any office because of death, resignation,
removal, disqualification or any other cause will be filled in the manner prescribed in this Agreement for regular appointments to that
office.

 

(e)           The
Officers, in the performance of their duties as such, shall owe to the Company and the Members duties of loyalty and due care of the type
owed by the officers of a corporation to such corporation and its shareholders under the DGCL.

 

Section 7.3            Warranted
Reliance by Officers on Others. In exercising their authority and performing their duties under this Agreement, the Officers
shall be entitled to rely on information, opinions, reports or statements of the following Persons or groups unless they have actual
knowledge concerning the matter in question that would cause such reliance to be unwarranted:

 

(a)           one
or more employees or other agents of the Company or subordinates whom the Officer reasonably believes to be reliable and competent in
the matters presented; and

 

(b)           any
attorney, public accountant or other Person as to matters which the Officer reasonably believes to be within such Person’s professional
or expert competence.

 

Section 7.4            Indemnification.
The Company shall indemnify and hold harmless, to the fullest extent permitted by applicable Law as it presently exists or may hereafter
be amended (provided, that no such amendment shall limit a Covered Person’s rights to indemnification hereunder with respect to
any actions or events occurring prior to such amendment except to the extent required by a non-waivable and non-modifiable provision
of applicable Law), any person who was or is made a party or is threatened to be made a party to or is otherwise involved in any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”)
by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was entitled to indemnification
under the Existing LLC Agreement, a Member, an Officer, the Managing Member, the Company Representative or the Designated Individual
or is or was serving at the request of the Company as a member, director, officer, trustee, employee or agent of another limited liability
company or of a corporation, partnership, joint venture, trust, other enterprise or nonprofit entity, including service with respect
to an employee benefit plan (a “Covered Person”), whether the basis of such Proceeding is alleged action in
an official capacity as a member, director, officer, trustee, employee or agent, or in any other capacity while serving as a member,
director, officer, trustee, employee or agent, against all expenses, liability and loss (including, without limitation, attorneys’
fees, judgments, fines, ERISA excise taxes and penalties and amounts paid in settlement) reasonably incurred or suffered by such Covered
Person in connection with such Proceeding, unless there has been a final and non-appealable judgment entered by a court of competent
jurisdiction determining that, in respect of such act or omission, and taking into account the acknowledgements and agreements set forth
in this Agreement, (x) such Covered Person engaged in a bad faith violation of the implied contractual covenant of good faith and
fair dealing or a bad faith violation of this Agreement or (y) such Covered Person would not be so entitled to be indemnified and
held harmless if the Company were a corporation organized under the laws of the State of Delaware that indemnified and held harmless
its directors, officers, employees and agents to the fullest extent permitted by Section 145 of the DGCL as in effect on the date
of this Agreement (but including any expansion of rights to indemnification thereunder from and after the date of this Agreement). The
Company shall, to the fullest extent not prohibited by applicable Law as it presently exists or may hereafter be amended (provided, that
no such amendment shall limit a Covered Person’s rights to indemnification hereunder with respect to any actions or events occurring
prior to such amendment except to the extent required by a non-waivable and non-modifiable provision of applicable Law), pay the expenses
(including attorneys’ fees) incurred by a Covered Person in defending any Proceeding in advance of its final disposition; provided,
however, that such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking
by the Covered Person to repay all amounts advanced if it should be ultimately determined by final judicial decision from which there
is no further right to appeal that the Covered Person is not entitled to be indemnified under this Section 7.4 or otherwise. The
rights to indemnification and advancement of expenses under this Section 7.4 shall be contract rights and such rights shall continue
as to a Covered Person who has ceased to be a member, director, officer, trustee, employee or agent and shall inure to the benefit of
his heirs, executors and administrators. Notwithstanding the foregoing provisions of this Section 7.4, except for Proceedings to
enforce rights to indemnification and advancement of expenses, the Company shall indemnify and advance expenses to a Covered Person in
connection with a Proceeding (or part thereof) initiated by such Covered Person only if such Proceeding (or part thereof) was authorized
by the Managing Member.

 

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Section 7.5            Maintenance
of Insurance or Other Financial Arrangements. To the extent permitted by applicable Law, the Company (with the approval of the
Managing Member) may purchase and maintain insurance or make other financial arrangements on behalf of any Person who is or was a Member,
employee or agent of the Company, or at the request of the Company is or was serving as a manager, director, officer, employee or agent
of another limited liability company, corporation, partnership, joint venture, trust or other enterprise, for any Liability asserted
against such Person and Liability and expenses incurred by such Person in such Person’s capacity as such, or arising out of such
Person’s status as such, whether or not the Company has the authority to indemnify such Person against such Liability and expenses.

 

Section 7.6            Resignation
or Termination of Managing Member. PubCo shall not, by any means, resign as, cease to be or be replaced as Managing Member except
in compliance with this Section 7.6. No termination or replacement of PubCo as Managing Member shall be effective unless proper
provision is made, in compliance with this Agreement, so that the obligations of PubCo, its successor (if applicable) and any new Managing
Member and the rights of all Members under this Agreement and applicable Law remain in full force and effect. No appointment of a Person
other than PubCo (or its successor, as applicable) as Managing Member shall be effective unless PubCo (or its successor, as applicable)
and the new Managing Member (as applicable) provide all other Members with contractual rights, directly enforceable by such other Members
against PubCo (or its successor, as applicable) and the new Managing Member (as applicable), to cause (a) PubCo to comply with all
PubCo’s obligations under this Agreement (including its obligations under Section 4.7) other than those that must necessarily
be taken in its capacity as Managing Member and (b) the new Managing Member to comply with all the Managing Member’s obligations
under this Agreement.

 

Section 7.7            No
Inconsistent Obligations. The Managing Member represents that it does not have any contracts, other agreements, duties or obligations
that are inconsistent with its duties and obligations (whether or not in its capacity as Managing Member) under this Agreement and covenants
that, except as permitted by Section 7.1, it will not enter into any contracts or other agreements or undertake or acquire any other
duties or obligations that are inconsistent with such duties and obligations.

 

Section 7.8            Reclassification
Events of PubCo. If a Reclassification Event occurs, the Managing Member or its successor, as the case may be, shall, as and
to the extent necessary, amend this Agreement in compliance with Section 12.1, and enter into any necessary supplementary or additional
agreements, to ensure that following the effective date of the Reclassification Event: (i) the Redemption Rights of holders of Class A
Units set forth in Section 4.7 provide that each Class A Unit (together with the surrender and delivery of one Class B
Share) is redeemable for the same amount and same type of property, securities or cash (or combination thereof) that one Class A
Share becomes exchangeable for or converted into as a result of the Reclassification Event and (ii) PubCo or the successor to PubCo,
as applicable, is obligated to deliver such property, securities or cash upon such Redemption. PubCo shall not consummate or agree to
consummate any Reclassification Event unless the successor Person, if any, becomes obligated to comply with the obligations of PubCo
(in whatever capacity) under this Agreement.

 

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Section 7.9            Certain
Costs and Expenses. The Company shall (a) pay, or cause to be paid, all costs, fees, operating expenses and other expenses
of the Company and its Subsidiaries (including the costs, fees and expenses of attorneys, accountants or other professionals and the
compensation of all personnel providing services to the Company and its Subsidiaries) incurred in pursuing and conducting, or otherwise
related to, the activities of the Company and (b) in the Good Faith discretion of the Managing Member, reimburse the Managing Member
for any costs, fees or expenses incurred by it in connection with serving as the Managing Member. To the extent that the Managing Member
determines in its Good Faith discretion that such expenses are related to the business and affairs of the Managing Member that are conducted
through the Company and/or its Subsidiaries (including expenses that relate to the business and affairs of the Company and/or its Subsidiaries
and that also relate to other activities of the Managing Member or any other member of the PubCo Holdings Group), the Managing Member
may cause the Company to pay or bear all expenses of the PubCo Holdings Group, including, without limitation, franchise taxes, costs
of securities offerings not borne directly by Members, board of directors compensation and meeting costs, costs of periodic reports to
stockholders of PubCo, litigation costs and damages arising from litigation, accounting and legal costs; provided that the Company shall
not pay or bear any PubCo Tax-Related Liabilities of any member of the PubCo Holdings Group (but the Company shall be entitled to make
distributions in respect of these obligations pursuant to Article VI). In the event that (i) Class A Shares or other Equity
Securities of PubCo were sold to underwriters in the IPO or any public offering after the Effective Time, in each case, at a price per
share that is lower than the price per share for which such Class A Shares or other Equity Securities of PubCo are sold to the public
in such public offering after taking into account any Discounts and (ii) the proceeds from such public offering are used to fund
the Cash Election Amount for any redeemed Units or otherwise contributed to the Company, the Company shall reimburse the applicable member
of the PubCo Holdings Group for such Discount by treating such Discount as an additional Capital Contribution made by such member of
the PubCo Holdings Group to the Company, issuing Units in respect of such deemed Capital Contribution in accordance with Section 4.7(e)(ii),
and increasing the Capital Account of such member of the PubCo Holdings Group by the amount of such Discount. For the avoidance of doubt,
any payments made to or on behalf of any member of the PubCo Holdings Group pursuant to this Section 7.9 shall not be treated as
a distribution pursuant to Section 6.1(a) but shall instead be treated as an expense of the Company.

 

Article VIII

 

ROLE
OF MEMBERS

 

Section 8.1            Rights
or Powers.

 

(a)            Other
than the Managing Member, the Members, acting in their capacity as Members, shall not have any right or power to take part in the management
or control of the Company or its business and affairs or to act for or bind the Company in any way. Notwithstanding the foregoing, the
Members have all the rights and powers specifically set forth in this Agreement and, to the extent not inconsistent with this Agreement,
in the Act. A Member, any Affiliate thereof or an employee, stockholder, agent, director or officer of a Member or any Affiliate thereof,
may also be an employee or be retained as an agent of the Company. The existence of these relationships and acting in such capacities
will not result in the Member (other than the Managing Member) being deemed to be participating in the control of the business of the
Company or otherwise affect the limited liability of the Member. Except as specifically provided herein, a Member (other than the Managing
Member) shall not, in its capacity as a Member, take part in the operation, management or control of the Company’s business, transact
any business in the Company’s name or have the power to sign documents for or otherwise bind the Company.

 

(b)           The
Company shall promptly (but in any event within three business days) notify the Members in writing if, to the Company’s knowledge,
for any reason, it would be an “investment company” within the meaning of the Investment Company Act of 1940 (the “Investment
Company Act”), as amended, but for the exceptions provided in Section 3(c)(1) or 3(c)(7) thereunder.

 

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Section 8.2            Voting.

 

(a)            Meetings
of the Members may be called upon the written request of Members holding at least 50% of the outstanding Units. Such request shall state
the location of the meeting and the nature of the business to be transacted at the meeting. Written notice of any such meeting shall be
given to all Members not less than two Business Days and not more than 30 days prior to the date of such meeting. Members may vote in
person, by proxy or by telephone at any meeting of the Members and may waive advance notice of such meeting. Whenever the vote or consent
of Members is permitted or required under this Agreement, such vote or consent may be given at a meeting of the Members or may be given
in accordance with the procedure prescribed in this Section 8.2. Except as otherwise expressly provided in this Agreement, the affirmative
vote of the Members holding a majority of the outstanding Units shall constitute the act of the Members.

 

(b)            Each
Member may authorize any Person or Persons to act for it by proxy on all matters in which such Member is entitled to participate, including
waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by such Member or its attorney-in-fact.
No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy. Every proxy shall
be revocable at the pleasure of the Member executing it.

 

(c)            Each
meeting of Members shall be conducted by an Officer designated by the Managing Member or such other individual Person as the Managing
Member deems appropriate.

 

(d)           Any
action required or permitted to be taken by the Members may be taken without a meeting if the requisite Members whose approval is necessary
consent thereto in writing.

 

Section 8.3            Various
Capacities. The Members acknowledge and agree that the Members or their Affiliates will from time to time act in various capacities,
including as a Member and as the Company Representative.

 

Section 8.4            Investment
Opportunities. To the fullest extent permitted by applicable law, the doctrine of corporate opportunity, or any analogous doctrine,
shall not apply to any Member, any of their respective Affiliates, or any of their respective officers, directors, agents, shareholders,
members, managers and partners (each, a “Business Opportunities Exempt Party”). The Company renounces any interest
or expectancy of the Company in, or in being offered an opportunity to participate in, business opportunities that are from time to time
presented to any Business Opportunities Exempt Party. No Business Opportunities Exempt Party who acquires knowledge of a potential transaction,
agreement, arrangement or other matter that may be an opportunity for the Company or any of its subsidiaries shall have any duty to communicate
or offer such opportunity to the Company. No amendment or repeal of this Section 8.4 shall apply to or have any effect on the liability
or alleged liability of any Business Opportunities Exempt Party for or with respect to any opportunities of which any such Business Opportunities
Exempt Party becomes aware prior to such amendment or repeal. Any Person purchasing or otherwise acquiring any interest in any Units
shall be deemed to have notice of and consented to the provisions of this Section 8.4. Neither the alteration, amendment or repeal
of this Section 8.4, nor the adoption of any provision of this Agreement inconsistent with this Section 8.4, shall eliminate
or reduce the effect of this Section 8.4 in respect of any business opportunity first identified or any other matter occurring,
or any cause of action, suit or claim that, but for this Section 8.4, would accrue or arise, prior to such alteration, amendment,
repeal or adoption.

 

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Article IX

 

TRANSFERS
OF INTERESTS

 

Section 9.1           Restrictions
on Transfer.

 

(a)            Except
as provided in Section 4.7 and Section 9.1(c), no Member shall Transfer all or any portion of its Interest without the Managing
Member’s prior written consent, which consent shall be granted or withheld in the Managing Member’s sole discretion. If, notwithstanding
the provisions of this Section 9.1(a), all or any portion of a Member’s Interests are Transferred in violation of this Section 9.1(a),
involuntarily, by operation of law or otherwise, then without limiting any other rights and remedies available to the other parties under
this Agreement or otherwise, the Transferee of such Interest (or portion thereof) shall not be admitted to the Company as a Member or
be entitled to any rights as a Member hereunder, and the Transferor will continue to be bound by all obligations hereunder, unless and
until the Managing Member consents in writing to such admission, which consent shall be granted or withheld in the Managing Member’s
sole discretion. Any attempted or purported Transfer of all or a portion of a Member’s Interests in violation of this Section 9.1(a) shall
be null and void and of no force or effect whatsoever. For the avoidance of doubt, the restrictions on Transfer contained in this Article IX
shall not apply to the Transfer of any capital stock of PubCo; provided that no Class B Shares may be Transferred unless a corresponding
number of Units are Transferred therewith in accordance with this Agreement.

 

(b)           In
addition to any other restrictions on Transfer herein contained, including the provisions of this Article IX, in no event may any
Transfer or assignment of Interests by any Member be made (i) to any Person who lacks the legal right, power or capacity to own Interests;
(ii) if such Transfer (A) would be considered to be effected on or through an “established securities market” or
a “secondary market or the substantial equivalent thereof,” as such terms are used in Treasury Regulations Section 1.7704-1,
(B) would result in the Company having more than 100 partners, within the meaning of Treasury Regulations Section 1.7704-1(h)(1) (determined
taking into account the rules of Treasury Regulations Section 1.7704-1(h)(3)), or (C) would cause the Company to be treated
as a “publicly traded partnership” within the meaning of Section 7704 of the Code or a successor provision or to be classified
as a corporation pursuant to the Code or successor of the Code; (iii) if such Transfer would cause the Company to become, with respect
to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in Section 3(14) of ERISA)
or a “disqualified person” (as defined in Section 4975(e)(2) of the Code); (iv) if such Transfer would, in
the opinion of counsel to the Company, cause any portion of the assets of the Company to constitute assets of any employee benefit plan
pursuant to the Plan Asset Regulations or otherwise cause the Company to be subject to regulation under ERISA; (v) if such Transfer
requires the registration of such Interests or any Equity Securities issued upon any exchange of such Interests, pursuant to any applicable
U.S. federal or state securities Laws; or (vi) if such Transfer subjects the Company to regulation under the Investment Company Act
or the Investment Advisors Act of 1940, each as amended (or any succeeding law). Any attempted or purported Transfer of all or a portion
of a Member’s Interests in violation of this Section 9.1(b) shall be null and void and of no force or effect whatsoever.

 

(c)            Notwithstanding
any of the provisions in Section 9.1(a), but subject to all other provisions in this Article IX, Tiger Sponsor may Transfer
all or a portion of its Units to any of its members as of the date hereof without the consent of any other Member or Person.

 

(d)           Notwithstanding
the foregoing but subject to Section 9.1(b), the parties hereto agree that the Managing Member shall not unreasonably withhold consent
to any Transfer of Units (i) by will or intestacy; (ii) as a bona fide gift or gifts; (iii) to any trust, partnership,
limited liability company or other entity for the direct or indirect benefit of the holder or the immediate family of such holder; (iv) to
any immediate family member or other dependent of the holder; (v) as a distribution to limited partners, members or stockholders
of the holder; (vi) to the holder’s affiliates or to any investment fund or other entity controlled or managed by the holder;
(vii) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under the foregoing
clauses (i) through (vi); or (viii) pursuant to an order of a court or regulatory agency.

 

Section 9.2            Notice
of Transfer.

 

(a)            Other
than in connection with Transfers made pursuant to Section 4.7, each Member shall, after complying with the provisions of this Agreement,
but in any event no later than three Business Days following any Transfer of Interests, give written notice to the Company of such Transfer.
Each such notice shall describe the manner and circumstances of the Transfer.

 

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(b)           A
Member making a Transfer (including a deemed Transfer for U.S. federal income tax purposes as described in Section 4.7(e)(iv)) permitted
by this Agreement shall, unless otherwise determined by the Managing Member, (i) have delivered to the Company an affidavit of non-foreign
status with respect to such Transferor that satisfies the requirements of Section 1445 and Section 1446(f)(2) of the Code
or other documentation establishing a valid exemption from withholding pursuant to Section 1445 and Section 1446(f) of
the Code or (ii) contemporaneously with the Transfer, properly withhold and remit to the Internal Revenue Service the amount of tax
required to be withheld upon the Transfer by Section 1445 and Section 1446(f) of the Code (and provide evidence to the
Company of such withholding and remittance promptly thereafter).

 

Section 9.3            Transferee
Members. A Transferee of Interests pursuant to this Article IX shall have the right to become a Member only if (a) the
requirements of this Article IX are met, (b) such Transferee executes an instrument reasonably satisfactory to the Managing
Member agreeing to be bound by the terms and provisions of this Agreement and assuming all of the Transferor’s then existing and
future Liabilities arising under or relating to this Agreement, (c) such Transferee represents that the Transfer was made in accordance
with all applicable securities Laws, (d) the Transferor or Transferee shall have reimbursed the Company for all reasonable expenses
(including attorneys’ fees and expenses) of any Transfer or proposed Transfer of a Member’s Interest, whether or not consummated
and (e) if such Transferee or his or her spouse is a resident of a community property jurisdiction, then such Transferee’s
spouse shall also execute an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and provisions
of this Agreement to the extent of his or her community property or quasi-community property interest, if any, in such Member’s
Interest. Unless agreed to in writing by the Managing Member, the admission of a Member shall not result in the release of the Transferor
from any Liability that the Transferor may have to each remaining Member or to the Company under this Agreement or any other Contract
between the Managing Member, the Company or any of its Subsidiaries, on the one hand, and such Transferor or any of its Affiliates, on
the other hand. Written notice of the admission of a Member shall be sent promptly by the Company to each remaining Member.

 

Section 9.4            Legend.
Each certificate representing a Unit, if any, will be stamped or otherwise imprinted with a legend in substantially the following form:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933.

 

THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED
IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT.

 

THE TRANSFER AND VOTING OF THESE SECURITIES
IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF KIMBELL TIGER OPERATING COMPANY,
LLC (THE ISSUER OF THESE SECURITIES) AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM TIME TO TIME, AND NO TRANSFER OF THESE
SECURITIES WILL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST
BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE ISSUER OF SUCH SECURITIES.”

 

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Article X

 

ACCOUNTING;
CERTAIN TAX MATTERS

 

Section 10.1         Books
of Account. The Company shall, and shall cause each Subsidiary to, maintain true books and records of account in which full and
correct entries shall be made of all its business transactions pursuant to a system of accounting established and administered in accordance
with GAAP, and shall set aside on its books all such proper accruals and reserves as shall be required under GAAP.

 

Section 10.2         Tax
Elections.

 

(a)            The
Company and any eligible Subsidiary (x) shall make an election (or continue a previously made election) pursuant to Section 754
of the Code (and any similar provisions of applicable U.S. state or local law) for each taxable year for which the Company (or such eligible
Subsidiary) is permitted to make such election and shall not thereafter revoke such election and (y) shall use commercially reasonable
efforts to ensure that any entity in which the Company holds a direct or indirect interest that is treated as a partnership for U.S. federal
income tax purposes that does not meet the definition of “Subsidiary” herein will have in effect an election pursuant to Section 754
of the Code (and any similar provisions of U.S. state or local law). In addition, the Company shall make the following elections on the
appropriate forms or tax returns, if permitted under the Code or applicable law:

 

(i)            to
adopt the calendar year as the Company’s Fiscal Year;

 

(ii)           to
adopt the accrual method of accounting for U.S. federal income tax purposes;

 

(iii)          to
elect to amortize the organizational expenses of the Company as permitted by Section 709(b) of the Code; and

 

(iv)          except
as otherwise provided herein, any other election the Managing Member may in Good Faith deem appropriate and in the best interests of the
Company.

 

(b)            Upon
request of the Managing Member, each Member shall cooperate in Good Faith with the Company in connection with the Company’s efforts
to make any election pursuant to this Section 10.2.

 

Section 10.3         Tax
Returns; Information. The Managing Member shall arrange for the preparation and timely filing of all income and other tax and
informational returns of the Company. The Managing Member shall furnish to each Member a copy of each approved return and statement,
together with any schedules (including Schedule K-1), or other information that a Member may require and reasonably request in connection
with such Member’s own tax affairs as soon as practicable after the end of each Fiscal Year. The Members agree to (a) take
all actions reasonably requested by the Company or the Company Representative to comply with the Partnership Tax Audit Rules and
(b) furnish to the Company (i) all reasonably requested certificates or statements relating to the tax matters of the Company
(including without limitation an affidavit of non-foreign status pursuant to Section 1445 and Section 1446(f)(2) of the
Code), and (ii) all pertinent information in its possession relating to the Company’s operations that is reasonably necessary
to enable the Company’s tax returns to be prepared and timely filed.

 

Section 10.4          Company
Representative. The Managing Member is specially authorized and appointed to act as the Company Representative and in any similar
capacity under state or local Law and to take any and all actions determined by the Managing Member and permissible under the Partnership
Tax Audit Rules. The Company Representative shall designate and authorize a Designated Individual in accordance with Treasury Regulations
Section 301.6223-1(b)(3). The Company and the Members shall cooperate fully with each other and shall use reasonable best efforts
to cause the Managing Member (or any other Person subsequently designated) to become the Company Representative with respect to any taxable
period of the Company with respect to which the statute of limitations has not yet expired, including (as applicable) by filing a certification
pursuant to Treasury Regulations Section 301.6231(a)(7)-1(d). The Company Representative is hereby authorized to take such actions
and to execute and file all statements and forms on behalf of the Company that are permitted or required by the Partnership Tax Audit
Rules (including a “push-out” election under Section 6226 of the Code or any analogous election under state or
local tax law) or in connection with any other tax proceeding. The Company Representative may retain, at the Company’s expense,
such outside counsel, accountants and other professional consultants as it may reasonably deem necessary in the course of fulfilling
its obligations as Company Representative.

 

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Section 10.5          Withholding
Tax Payments and Obligations.

 

(a)           Withholding
Tax Payments. Each of the Company and its Subsidiaries may withhold from distributions, allocations or portions thereof if it is required
to do so by any applicable Law, and each Member hereby authorizes the Company and its Subsidiaries to withhold or pay on behalf of or
with respect to such Member, any amount of U.S. federal, state or local or non-U.S. taxes that the Managing Member determines, in Good
Faith, that the Company or any of its Subsidiaries is required to withhold or pay with respect to any amount distributable or allocable
to such Member pursuant to this Agreement.

 

(b)           Other
Tax Payments. To the extent that any tax is paid by (or withheld from amounts payable to) the Company or any of its Subsidiaries and the
Managing Member determines, in Good Faith, that such tax (including any Company Level Tax) relates to one or more specific Members, such
tax shall be treated as an amount of tax withheld or paid with respect to such Member pursuant to this Section 10.5. Any determinations
made by the Managing Member pursuant to this Section 10.5 shall be binding on the Members.

 

(c)            Tax
Contribution and Indemnity Obligation. Any amounts withheld or paid with respect to a Member pursuant to Section 10.5(a) or
(b) shall be offset against any distributions to which such Member is entitled concurrently with such withholding or payment (a “Tax
Offset”); provided that the amount of any distribution subject to a Tax Offset shall be treated as having been distributed
to such Member pursuant to Section 6.1 or Section 11.3(c)(iii) at the time such Tax Offset is made. To the extent that
(i) there is a payment of Company Level Taxes relating to a Member or (ii) the amount of such Tax Offset exceeds the distributions
to which such Member is entitled during the same Fiscal Year as such withholding or payment (“Excess Tax Amount”),
the amount of such (i) Company Level Taxes or (ii) Excess Tax Amount, as applicable, shall, upon notification to such Member
by the Managing Member, give rise to an obligation of such Member to make a capital contribution to the Company (a “Tax Contribution
Obligation”), which Tax Contribution Obligation shall be immediately due and payable. In the event a Member defaults with
respect to its obligation under the prior sentence, the Company shall be entitled to offset the amount of a Member’s Tax Contribution
Obligation against distributions to which such Member would otherwise be subsequently entitled until the full amount of such Tax Contribution
Obligation has been contributed to the Company or has been recovered through offset against distributions, and any such offset shall not
reduce such Member’s Capital Account. Any contribution by a Member with respect to a Tax Contribution Obligation shall increase
such Member’s Capital Account but shall not reduce the amount (if any) that a Member is otherwise obligated to contribute to the
Company. Each Member hereby unconditionally and irrevocably grants to the Company a security interest in such Member’s Units to
secure such Member’s obligation to pay the Company any amounts required to be paid pursuant to this Section 10.5. Each Member
shall take such actions as the Company may reasonably request in order to perfect or enforce the security interest created hereunder.
Each Member hereby agrees to indemnify and hold harmless the Company, the other Members, the Company Representative, the Designated Individual
and the Managing Member from and against any liability (including any liability for Company Level Taxes) with respect to income attributable
to or distributions or other payments to such Member.

 

(d)           Continued
Obligations of Former Members. Any Person who ceases to be a Member shall be deemed to be a Member solely for purposes of this Section 10.5,
and the obligations of a Member pursuant to this Section 10.5 shall survive until 60 days after the closing of the applicable statute
of limitations on assessment with respect to the taxes withheld or paid by the Company or a Subsidiary that relate to the period during
which such Person was actually a Member; provided, however, that if the Managing Member determines in its sole discretion that seeking
indemnification for Company Level Taxes from a former Member is not practicable, or that seeking such indemnification has failed, then,
in either case, the Managing Member may, in its sole discretion, (A) recover any liability for Company Level Taxes from the Transferee
that acquired directly or indirectly the applicable interest in the Company from such former Member (unless such Transferee is a member
of the PubCo Holdings Group) or (B) treat such liability for Company Level Taxes as a Company expense.

 

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(e)            Managing
Member Discretion Regarding Recovery of Taxes. Notwithstanding the foregoing, the Managing Member may choose not to recover an amount
of Company Level Taxes or other taxes withheld or paid with respect to a Member under this Section 10.5 to the extent that there
are no distributions to which such Member is entitled that may be offset by such amounts, if the Managing Member determines, in its reasonable
discretion, that such a decision would be in the best interests of the Members (e.g., where the cost of recovering the amount of taxes
withheld or paid with respect to such Member is not justified in light of the amount that may be recovered from such Member).

 

Article XI

 

DISSOLUTION
AND TERMINATION

 

Section 11.1          Liquidating
Events. The Company shall dissolve and commence winding up and liquidating upon the first to occur of the following (each, a
 “Liquidating Event”):

 

(a)           The
sale of all or substantially all of the assets of the Company;

 

(b)           The
failure of PubCo to complete an Initial Business Combination within the period contemplated by Section 9.2(d) of the PubCo Charter;
and

 

(c)           The
determination of (i) the Managing Member, and (ii) if at such time the Members (other than any member of the PubCo Holdings
Group) beneficially own, in the aggregate, more than 2.5% of the then-outstanding Units, the holders of at least 66 2/3% of the outstanding
Units held by Members other than the PubCo Holdings Group to dissolve, wind up and liquidate the Company; provided that no such Liquidating
Event shall be consummated until at least 5 Business Days after written notice is provided to the Members that such determination has
been made in accordance with the foregoing, and, for the avoidance of doubt, any Member, including any Member not consenting to such determination,
shall have the right to file a Redemption Notice prior to the consummation of such Liquidating Event.

 

The Members hereby agree that the Company shall
not dissolve prior to the occurrence of a Liquidating Event and that no Member shall seek a dissolution of the Company, under Section 18-802
of the Act or otherwise, other than based on the matters set forth in clauses (a) and (c) above. If it is determined by
a court of competent jurisdiction that the Company has dissolved prior to the occurrence of a Liquidating Event, the Members hereby agree
to continue the business of the Company without a winding up or liquidation. In the event of a dissolution pursuant to Section 11.1(c),
the relative economic rights of each class of Units immediately prior to such dissolution shall be preserved to the greatest extent practicable
with respect to distributions made to Members pursuant to Section 11.3 in connection with such dissolution, taking into consideration
tax and other legal constraints that may adversely affect one or more parties to such dissolution and subject to compliance with applicable
laws and regulations, unless, with respect to any class of Units, holders of a majority of the Units of such class consent in writing
to a treatment other than as described above.

 

Section 11.2         Bankruptcy.
For purposes of this Agreement, the “bankruptcy” of a Member shall mean the occurrence of any of the following: (a) any
Governmental Entity shall take possession of any substantial part of the property of that Member or shall assume control over the affairs
or operations thereof, or a receiver or trustee shall be appointed, or a writ, order, attachment or garnishment shall be issued with
respect to any substantial part thereof, and such possession, assumption of control, appointment, writ or order shall continue for a
period of 90 consecutive days; or (b) a Member shall admit in writing of its inability to pay its debts when due, or make an assignment
for the benefit of creditors; or apply for or consent to the appointment of any receiver, trustee or similar officer or for all or any
substantial part of its property; or shall institute (by petition, application, answer, consent or otherwise) any bankruptcy, insolvency,
reorganization, arrangement, readjustment of debts, dissolution, liquidation or similar proceeding under the Laws of any jurisdiction;
or (c) a receiver, trustee or similar officer shall be appointed for such Member or with respect to all or any substantial part
of its property without the application or consent of that Member, and such appointment shall continue undischarged or unstayed for a
period of 90 consecutive days or any bankruptcy, insolvency, reorganization, arrangements, readjustment of debt, dissolution, liquidation
or similar proceedings shall be instituted (by petition, application or otherwise) against that Member and shall remain undismissed for
a period of 90 consecutive days.

 

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Section 11.3         Procedure.

 

(a)            In
the event of the dissolution of the Company for any reason, the Members shall commence to wind up the affairs of the Company and to liquidate
the Company’s investments; provided that if a Member is in bankruptcy or dissolved, another Member, who shall be the Managing Member
(“Winding-Up Member”), shall commence to wind up the affairs of the Company and, subject to Section 11.4(a),
such Winding-Up Member shall have full right and unlimited discretion to determine in Good Faith the time, manner and terms of any sale
or sales of the Property or other assets pursuant to such liquidation, having due regard to the activity and condition of the relevant
market and general financial and economic conditions. The Members shall continue to share profits, losses and distributions during the
period of liquidation in the same manner and proportion as though the Company had not dissolved. The Company shall engage in no further
business except as may be necessary, in the reasonable discretion of the Managing Member or the Winding-Up Member, as applicable, to preserve
the value of the Company’s assets during the period of dissolution and liquidation.

 

(b)           In
the event that holders of Class A Shares are entitled to have their Class A Shares redeemed by PubCo in exchange for any amounts
in the Trust Account in accordance with Section 9.2 or Section 9.7 of the PubCo Charter, the Company shall use funds available
pursuant to the Trust Agreement in order to distribute to in liquidation or redeem an equivalent number of Class A Units from PubCo
prior to such redemption of any Class A Shares; provided, further, funds from the Trust Account may only be used to redeem
Class A Units constituting Sponsor Shares in connection with a liquidation of PubCo in accordance with the PubCo Charter.

 

(c)           Following
the payment of all expenses of liquidation and the allocation of all Profits and Losses as provided in Article V, the proceeds of
the liquidation and any other funds of the Company shall be distributed in the following order of priority:

 

(i)            First,
to the payment and discharge of all of the Company’s debts and Liabilities to creditors (whether third parties or Members), in the
order of priority as provided by Law, except any obligations to the Members in respect of their Capital Accounts;

 

(ii)            Second,
to set up such cash reserves that the Managing Member reasonably deems necessary for contingent or unforeseen Liabilities or future payments
described in Section 11.3(c)(i) (which reserves when they become unnecessary shall be distributed in accordance with the provisions
of clause (iii) below); and

 

(iii)            Third,
the balance to the Members, as follows:

 

(A)            prior
to the Equalization Date, in accordance with their respective positive Capital Account balances, as determined after making all adjustments
thereto in accordance with Section 5.1 and Section 5.2 resulting from the Company’s operations and from all sales or dispositions
of all or any part of the Company’s assets; or

 

(B)            after
the Equalization Date, pro rata in accordance with the number of Units owned by each Member.

 

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(d)           No
Member shall have any right to demand or receive property other than cash upon dissolution and termination of the Company.

 

(e)           Upon
the completion of the liquidation of the Company and the distribution of all Company funds, the Company shall terminate and the Managing
Member or the Winding-Up Member, as the case may be, shall have the authority to execute and record a certificate of cancellation of the
Company, as well as any and all other documents required to effectuate the dissolution and termination of the Company.

 

Section 11.4          Rights
of Members.

 

(a)           Each
Member irrevocably waives any right that it may have to maintain an action for partition with respect to the property of the Company.

 

(b)           Except
as otherwise provided in this Agreement, (i) each Member shall look solely to the assets of the Company for the return of its Capital
Contributions and (ii) no Member shall have priority over any other Member as to the return of its Capital Contributions, distributions
or allocations.

 

Section 11.5          Notices
of Dissolution. In the event a Liquidating Event occurs or an event occurs that would, but for the provisions of Section 11.1,
result in a dissolution of the Company, the Company shall, within 30 days thereafter, (a) provide written notice thereof to each
of the Members and to all other parties with whom the Company regularly conducts business (as determined in the discretion of the Managing
Member), and (b) comply, in a timely manner, with all filing and notice requirements under the Act or any other applicable Law.

 

Section 11.6         Reasonable
Time for Winding Up. A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company
and the liquidation of its assets in order to minimize any losses that might otherwise result from such winding up.

 

Section 11.7          No
Deficit Restoration. No Member shall be personally liable for a deficit Capital Account balance of that Member, it being expressly
understood that the distribution of liquidation proceeds shall be made solely from existing Company assets.

 

Article XII

 

GENERAL

 

Section 12.1          Amendments;
Waivers.

 

(a)            The
terms and provisions of this Agreement may be waived, modified or amended (including by means of merger, consolidation or other business
combination to which the Company is a party) with the approval of (y) the Managing Member and (z) if at such time the Members
(other than the PubCo Holdings Group) beneficially own, in the aggregate, more than 2.5% of the then-outstanding Units, the holders of
at least 66 2/3% of the outstanding Units held by Members other than the PubCo Holdings Group; provided that no waiver, modification or
amendment shall be effective until at least 5 Business Days after written notice is provided to the Members that the requisite consent
has been obtained for such waiver, modification or amendment, and, for the avoidance of doubt, any Member, including any Member not providing
written consent, shall have the right to file a Redemption Notice prior to the effectiveness of such waiver, modification or amendment;
provided, further, that no amendment to this Agreement may:

 

(i)            modify
the limited liability of any Member, or increase the liabilities or obligations of any Member, in each case, without the consent of each
such affected Member;

 

(ii)           materially
alter or change any rights, preferences or privileges of any Interests in a manner that is different or prejudicial (or would have a different
or prejudicial effect) relative to any other Interests, without the approval of a majority in interest of the Members holding the Interests
affected in such a different or prejudicial manner;

 

    41

     

    

 

(iii)          materially
alter or change any rights, preferences or privileges of either the Class A Units or the Class B Units in a manner that is different
or prejudicial (or that would have a different or prejudicial effect) relative to the other class of Units, without the approval of the
Members holding such class of Units that are affected in a different or prejudicial manner;

 

(iv)         alter
or change any rights, preferences or privileges of any Member that are expressly for the benefit of such Member, without the approval
of such member; or

 

(v)           modify
the requirement that a majority of the directors of PubCo who are independent within the meaning of the rules of the New York Stock
Exchange (or such other principal United States securities exchange on which the Class A Shares are listed) and Rule 10A-3 of
the Securities Act and do not hold any Class A Units that are subject to the applicable Redemption must approve a Cash Election pursuant
to Section 4.7(e)(ii) without the approval of a majority of the directors of PubCo who are independent within the meaning of
the rules of the New York Stock Exchange (or such other principal United States securities exchange on which the Class A Shares
are listed) and Rule 10A-3 of the Securities Act.

 

(b)            Notwithstanding
the foregoing clause (a), the Managing Member, acting alone, may amend this Agreement, including Exhibit B, (i) to reflect
the admission of new Members, as provided by the terms of this Agreement, (ii) to the minimum extent necessary to comply with or
administer in an equitable manner the Partnership Tax Audit Rules in any manner determined by the Managing Member, and (iii) as
necessary to avoid the Company being classified as a “publicly traded partnership” within the meaning of Section 7704(b) of
the Code.

 

(c)            No
waiver of any provision or default under, nor consent to any exception to, the terms of this Agreement or any agreement contemplated hereby
shall be effective unless in writing and signed by the party to be bound and then only to the specific purpose, extent and instance so
provided.

 

Section 12.2         Further
Assurances. Each party agrees that it will from time to time, upon the reasonable request of another party, execute such documents
and instruments and take such further action as may be required to accomplish the purposes of this Agreement.

 

Section 12.3         Successors
and Assigns. All of the terms and provisions of this Agreement shall be binding upon the parties and their respective successors
and assigns, but shall inure to the benefit of and be enforceable by the successors and assigns of any Member only to the extent that
they are permitted successors and assigns pursuant to the terms hereof. No party may assign its rights hereunder except as herein expressly
permitted.

 

Section 12.4         Certain
Representations by Members. Each Member, by executing this Agreement and becoming a Member, whether by making a Capital Contribution,
by admission in connection with a permitted Transfer or otherwise, represents and warrants to the Company and the Managing Member, as
of the date of its admission as a Member, that such Member (or, if such Member is disregarded for U.S. federal income tax purposes, such
Member’s regarded owner for such purposes) is either: (i) not a partnership, grantor trust or Subchapter S corporation for
U.S. federal income tax purposes (e.g., an individual or Subchapter C corporation), or (ii) is a partnership, grantor trust or Subchapter
S corporation for U.S. federal income tax purposes, but (A) permitting the Company to satisfy the 100-partner limitation set forth
in Treasury Regulations Section 1.7704-1(h)(1)(ii) is not a principal purpose of any beneficial owner of such Member in investing
in the Company through such Member, (B) such Member was formed for business purposes prior to or in connection with the investment
by such Member in the Company or for estate planning purposes, and (C) no beneficial owner of such Member has a redemption or similar
right with respect to such Member that is intended to correlate to such Member’s right to Redemption pursuant to Section 4.7.

 

    42

     

    

 

Section 12.5          Entire
Agreement. This Agreement, together with all Exhibits and Schedules hereto and all other agreements referenced therein and herein,
constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and supersede all prior and contemporaneous
agreements, understandings, negotiations and discussions, whether oral or written, of the parties and there are no warranties, representations
or other agreements between the parties in connection with the subject matter hereof except as specifically set forth herein and therein.

 

Section 12.6         Rights
of Members Independent. The rights available to the Members under this Agreement and at Law shall be deemed to be several and
not dependent on each other and each such right accordingly shall be construed as complete in itself and not by reference to any other
such right. Any one or more and/or any combination of such rights may be exercised by a Member and/or the Company from time to time and
no such exercise shall exhaust the rights or preclude another Member from exercising any one or more of such rights or combination thereof
from time to time thereafter or simultaneously.

 

Section 12.7          Governing
Law. This Agreement, the legal relations between the parties and any Action, whether contractual or non-contractual, instituted
by any party with respect to matters arising under or growing out of or in connection with or in respect of this Agreement shall be governed
by and construed in accordance with the Laws of the State of Delaware applicable to contracts made and performed in such state and without
regard to conflicts of law doctrines.

 

Section 12.8          Jurisdiction
and Venue. The parties hereto hereby agree and consent to be subject to the jurisdiction of any federal court of the District
of Delaware or the Delaware Court of Chancery over any action, suit or proceeding (a “Legal Action”) arising
out of or in connection with this Agreement. The parties hereto irrevocably waive the defense of an inconvenient forum to the maintenance
of any such Legal Action. Each of the parties hereto further irrevocably consents to the service of process out of any of the aforementioned
courts in any such Legal Action by the mailing of copies thereof by registered mail, postage prepaid, to such party at its address set
forth in this Agreement, such service of process to be effective upon acknowledgment of receipt of such registered mail. Nothing in this
Section 12.8 shall affect the right of any party hereto to serve legal process in any other manner permitted by law.

 

Section 12.9         Headings.
The descriptive headings of the Articles, Sections and subsections of this Agreement are for convenience only and do not constitute a
part of this Agreement.

 

Section 12.10       Counterparts.
This Agreement and any amendment hereto or any other agreement (or document) delivered pursuant hereto may be executed in one or more
counterparts and by different parties in separate counterparts any may delivered by email or other electronic means. All of such counterparts
shall constitute one and the same agreement (or other document) and shall become effective (unless otherwise provided therein) when one
or more counterparts have been signed by each party and delivered to the other party.

 

Section 12.11        Notices.
Any notice or other communication hereunder must be given in writing and (a) delivered in person, (b) transmitted by facsimile,
by telecommunications mechanism or electronically or (c) mailed by certified or registered mail, postage prepaid, receipt requested
as follows:

 

If to the Company or the Managing Member, addressed to it at:

 

Kimbell Tiger Operating Company, LLC

777 Taylor St.

Fort Worth, Texas 76102

Attention: Zachary M. Lunn

Email:[***]

 

With copies (which shall not constitute notice) to:

 

White & Case LLP

609 Main Street, Suite 2900

Houston, TX 77002

Attention: Jason A. Rocha and Andrew J. Ericksen

Email: [***] and [***]

 

    43

     

    

 

or to such other address or to such other Person
as either party shall have last designated by such notice to the other parties. Each such notice or other communication shall be effective
(i) if given by telecommunication or electronically, when transmitted to the applicable number or email address so specified in (or
pursuant to) this Section 12.11 and an appropriate answerback is received or, if transmitted after 4:00 p.m. local time on a
Business Day in the jurisdiction to which such notice is sent or at any time on a day that is not a Business Day in the jurisdiction to
which such notice is sent, then on the immediately following Business Day, (ii) if given by mail, on the first Business Day in the
jurisdiction to which such notice is sent following the date three days after such communication is deposited in the mails with first
class postage prepaid, addressed as aforesaid or (iii) if given by any other means, on the Business Day when actually received at
such address or, if not received on a Business Day, on the Business Day immediately following such actual receipt.

 

Section 12.12       Representation
By Counsel; Interpretation. The parties acknowledge that each party to this Agreement has been represented by counsel in connection
with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of Law, or any legal decision that
would require interpretation of any claimed ambiguities in this Agreement against the party that drafted it has no application and is
expressly waived.

 

Section 12.13       Severability.
If any provision of this Agreement is determined to be invalid, illegal or unenforceable by any Governmental Entity, the remaining provisions
of this Agreement, to the extent permitted by Law shall remain in full force and effect, provided that the essential terms and conditions
of this Agreement for all parties remain valid, binding and enforceable.

 

Section 12.14       Expenses.
Except as otherwise provided in this Agreement, each party shall bear its own expenses in connection with the transactions contemplated
by this Agreement.

 

Section 12.15       Waiver
of Jury Trial. EACH OF THE COMPANY, THE MEMBERS, THE MANAGING MEMBER AND ANY INDEMNITEES SEEKING REMEDIES HEREUNDER HEREBY WAIVES
TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF
ACTION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER NOW EXISTING
OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE.

 

Section 12.16       No
Third Party Beneficiaries. Except as expressly provided in Section 7.4, nothing in this Agreement, express or implied, is
intended to confer upon any party, other than the parties hereto and their respective successors and permitted assigns, any rights or
remedies under this Agreement or otherwise create any third party beneficiary hereto.

 

[Signature Pages Follow]

 

    44

     

    

 

IN WITNESS WHEREOF, each of the parties hereto
has caused this Amended and Restated Limited Liability Company Agreement to be executed as of the day and year first above written.

 

	 	COMPANY:
	 	 	 
	 	Kimbell Tiger Operating Company, LLC
	 	 	 
	 	By:	 
	 	Name:	Zachary M. Lunn
	 	Title:	Chief Executive Officer

 

Signature
Page to

Amended and Restated Limited Liability Company Agreement of

Kimbell Tiger Operating Company, LLC 

 

     

     

    

 

	 	MANAGING MEMBER:
	 	 	 
	 	Kimbell Tiger Acquisition Corporation
	 	 	 
	 	By:	 
	 	Name:	Zachary M. Lunn
	 	Title:	Chief Executive Officer

 

Signature
Page to

Amended and Restated Limited Liability Company Agreement of

Kimbell Tiger Operating Company, LLC 

 

     

     

    

 

	 	PUBCO:
	 	 	 
	 	Kimbell Tiger Acquisition Corporation
	 	 	 
	 	By:	 
	 	Name:	Zachary M. Lunn
	 	Title:	Chief Executive Officer

 

Signature
Page to

Amended and Restated Limited Liability Company Agreement of

Kimbell Tiger Operating Company, LLC 

 

     

     

    

 

	 	MEMBERS:
	 	 	 
	 	Kimbell Tiger Acquisition Sponsor, LLC
	 	 	 
	 	By:	 
	 	Name:	Matthew S. Daly
	 	Title:	Chief Operating Officer

 

Signature
Page to

Amended and Restated Limited Liability Company Agreement of

Kimbell Tiger Operating Company, LLC

 

     

     

    

 

Exhibit A

 

	Name	 	Class A Units Held	 	 	Class B Units Held	 	 	Company Warrants Held	 
	Kimbell Tiger Acquisition Sponsor, LLC	 	 	100	 	 	 	5,750,000	 	 	 	—	 
	Kimbell Tiger Acquisition Corporation	 	 	20,002,500	 	 	 	—	 	 	 	21,500,000	 

 

Exhibit A
to

Amended and Restated Limited Liability Company Agreement of

Kimbell Tiger Operating Company, LLC

 

     

     

    

 

Exhibit B

 

Members:

 

Kimbell Tiger Acquisition Sponsor, LLC

 

Kimbell Tiger Acquisition Corporation

 

Exhibit B
to

Amended and Restated Limited Liability Company Agreement of

Kimbell Tiger Operating Company, LLCEX-4.1

 Exhibit 4.1 

INDENTURE, dated as of December 15, 2021 (this “Agreement” or this “Indenture”), among CARVANA
AUTO RECEIVABLES TRUST 2021-N4, a Delaware statutory trust (the “Issuing Entity”), CARVANA AUTO RECEIVABLES GRANTOR TRUST 2021-N4, a Delaware statutory
trust (the “Grantor Trust”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as indenture trustee and not in its individual capacity (the “Indenture Trustee”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Secured Parties (only to the
extent expressly provided herein): 
 GRANTING CLAUSE 

The Grantor Trust hereby Grants to the Indenture Trustee as of the Closing Date, as trustee for the benefit of the Secured Parties (only to
the extent expressly provided herein), all right, title and interest of the Grantor Trust in, to and under the following property, whether now owned or existing or hereafter acquired or arising: 

(a) the Third Step Transferred Property contributed to the Grantor Trust under the Receivables Contribution Agreement; 

(b) the Transaction Documents; 

(c) subject to the Transaction Documents and the Master Agency Agreement, all “accounts”, “investment property”,
“deposit accounts”, “chattel paper”, “instruments”, “general intangibles” (each such term having the meaning set forth in the UCC); and 

(d) all present and future claims, demands, causes and choses in action of the Grantor Trust in respect of any or all of the foregoing and all
payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all cash and non-cash proceeds and other property consisting of, arising from or
relating to all or any part of the foregoing (collectively, the “Grantor Trust Collateral”). 
 The Issuing Entity hereby
Grants to the Indenture Trustee at the Closing Date, as trustee for the benefit of the Secured Parties (only to the extent expressly provided herein) the following property, whether now owned or existing or hereafter acquired or arising: 

(a) all right, title and interest of the Issuing Entity in, to and under the Grantor Trust Certificate; 

(b) all distributions on or in respect of the Grantor Trust Certificate; 

(c) all right, title and interest of the Issuing Entity in the Reserve Account, the Collection Account, the Note Distribution
Account, the Reserve Account Property, the Class N Reserve Account, until such time as the Class N Notes are no longer Outstanding and all funds on deposit in or other investment property credited to the Collection Account and the Note
Distribution Account from time to time other than Investment Earnings; 
  

 (d) subject to the Transaction Documents and the Master Agency Agreement,
all “accounts”, “investment property”, “deposit accounts”, “chattel paper”, “instruments” and “general intangibles” (each such term having the meaning set forth in the UCC); 

(e) all right, title and interest of the Issuing Entity in, to and under the Receivables Transfer Agreement and the Receivables
Purchase Agreement and the other Transaction Documents, including all rights of the Depositor under the Receivables Purchase Agreement assigned to the Issuing Entity pursuant to the Receivables Transfer Agreement; 

(f) [reserved]; and 

(g) all present and future claims, demands, causes and choses in action of the Issuing Entity in respect of any or all of the
foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of any or all of the foregoing, voluntary or involuntary, into cash or other
liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles, general intangibles, condemnation awards, rights to
payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Issuing
Entity Collateral” and together with the Grantor Trust Collateral, the “Collateral”). 
 The Grantor Trust hereby
acknowledges and agrees to the Issuing Entity’s Grant of a security interest in the Grantor Trust Certificate. 
 The foregoing Grants
are made in trust to secure the Secured Obligations, equally and ratably without prejudice, priority or distinction, except as otherwise provided in this Indenture and the other Transaction Documents, and to secure compliance with the provisions of
this Indenture, all as provided in this Indenture. This Indenture constitutes a security agreement under the UCC. 
 The foregoing Grants
include all rights, powers and options (but none of the obligations, if any) of the Issuing Entity and the Grantor Trust under any agreement or instrument included in the Collateral, including the immediate and continuing right to claim for,
collect, receive and give receipt for principal and interest payments in respect of the Receivables included in the Collateral and all other monies payable under the Collateral, to give and receive notices and other communications, to make waivers
or other agreements, to exercise all rights and options, to bring Proceedings in the name of the Issuing Entity or the Grantor Trust or otherwise and generally to do and receive anything that the Issuing Entity or the Grantor Trust is or may be
entitled to do or receive under or with respect to the Collateral. 
 The Indenture Trustee, as trustee on behalf of the Secured Parties and
(only to the extent expressly provided herein) the Certificateholders, acknowledges such Grants and accepts the trusts under this Indenture in accordance with the provisions of this Indenture. 

  
 2 

 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1 Definitions. Except as otherwise specified herein or as the context may otherwise require, capitalized
terms used but not otherwise defined herein are defined in Part I of Appendix A to the Receivables Purchase Agreement, dated as of the date hereof (the “Receivables Purchase Agreement”), among
Carvana, LLC as the seller and Carvana Receivables Depositor LLC as the purchaser. All references herein to “the Agreement” or “this Agreement” are to this Indenture as it may be amended, supplemented or modified from time to
time, the exhibits and schedules hereto and the capitalized terms used herein, which are defined in Part I of such Appendix A, and all references herein to Articles, Sections and Subsections are to Articles, Sections or Subsections of
this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 

Section 1.2 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the
TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“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 Issuing Entity and any other obligor on the indenture securities.

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

THE NOTES 

Section 2.1 Form. 

(a) Each Class of the Notes (other than the Class XS Notes), together with the Indenture Trustee’s certificate of
authentication, shall be substantially in the form set forth in Exhibit A and each of the Class XS Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in
Exhibit B, in each case with such appropriate insertions, omissions, substitutions and other variations as are permitted or required by this Indenture and each such Note may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

  
 3 

 
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 such Note. 

(b) The 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. 
 (c) The terms
of each Class of Notes as provided for in Exhibits A and B hereto are part of the terms of this Indenture. 

Section 2.2 Execution, Authentication and Delivery. 

(a) Each Note shall be dated the date of its authentication and shall be issuable as a registered Note in the minimum denomination set forth in
Part IV of Appendix A to the Receivables Purchase Agreement. 
 (b) The Notes shall be executed on behalf of the Issuing Entity by any of its
Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
 (c) Notes bearing the manual or
facsimile signature of individuals who were at any time Authorized Officers of the Issuing Entity shall bind the Issuing Entity, notwithstanding that such individuals or any of them have ceased to hold such office prior to the authentication and
delivery of such Notes or did not hold such office at the date of such Notes. 
 (d) The Indenture Trustee, in exchange for the Grant of the
Issuing Entity Collateral, shall cause to be authenticated and delivered to or upon the order of the Issuing Entity (an “Authentication Order”) Notes for original issue in the aggregate principal amounts set forth in Part IV to
Appendix A of the Receivables Purchase Agreement. The aggregate principal amount of all Notes (other than the Class XS Notes) outstanding at any time may not exceed the amount set forth in Part IV to Appendix A of the Receivables Purchase
Agreement. 
 (e) 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 set forth in Exhibits A and B, as applicable, executed by the Indenture Trustee by the manual signature of one of its Authorized Officers; such
certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 2.3 [Reserved]. 

  
 4 

 Section 2.4 Registration of Notes; Registration of Transfer and
Exchange of Notes. 
 (a) The Issuing Entity shall cause to be kept the Note Register, comprising separate registers for each
Class of Notes, in which, subject to such reasonable regulations as the Issuing Entity may prescribe, the Issuing Entity shall provide for the registration of the Notes and the registration of transfers and exchanges of the Notes. The Indenture
Trustee shall initially be the Note Registrar for the purpose of registering the Notes and transfers of the Notes as herein provided and shall initially be the Paying Agent. Upon any resignation of any Note Registrar or Paying Agent, the Issuing
Entity shall promptly appoint a successor to act as Note Registrar or Paying Agent or, if it elects not to make such an appointment, assume the duties of Note Registrar or Paying Agent itself. 

(b) If a Person other than the Indenture Trustee is appointed by the Issuing Entity as Note Registrar, the Issuing Entity 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. The Indenture Trustee shall have the right to inspect the Note Register at all reasonable
times and to obtain copies thereof. The Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Authorized Officer thereof as to the names and addresses of the Noteholders and the principal
amounts and number of such Notes. Notwithstanding anything herein to the contrary, so long as Wells Fargo Bank, National Association is acting as the Indenture Trustee hereunder, it shall act in the capacities of Note Registrar and Paying Agent.

 (c) Upon surrender for registration of transfer of any Note at the Corporate Trust Office of the Indenture Trustee or the Agency Office of
the Issuing Entity, the Issuing Entity shall execute, the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes of the same
Class in any authorized denominations, of a like aggregate principal amount. 
 (d) At the option of the Noteholder, Notes may be
exchanged for other Notes of the same Class in any authorized denominations, of a like aggregate principal amount; and upon surrender of such Notes to be exchanged at the Corporate Trust Office of the Indenture Trustee or the Agency Office of
the Issuing Entity, the Issuing Entity shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, such Notes which the Noteholder making the exchange is entitled to receive. 

(e) All Notes issued upon any registration of transfer or exchange of other Notes shall be the valid obligations of the Issuing Entity,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

(f) Every Note presented or surrendered for registration of transfer or exchange shall (if so required by the Issuing Entity or the Indenture
Trustee) be duly endorsed by, or 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 such Holder’s attorney duly authorized in writing,
with such signature guaranteed by a commercial bank or trust company or by a member firm of a national securities exchange, and such other documents as the Indenture Trustee or Note Registrar may require. 

(g) No service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Issuing Entity or Indenture
Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Sections 2.3 or
9.5 not involving any transfer. 

  
 5 

 (h) By acquiring a Class A Note, Class B Note, Class C Note or Class D
Note (or any beneficial ownership therein), each purchaser and transferee shall be deemed to represent and warrant that either (i) it is not acquiring the Note (or beneficial interest) with the assets of a Benefit Plan Investor or other plan
that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) (including, without limitation, foreign or governmental plans) or (ii) the acquisition and holding of
the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law. 

(i) By acquiring a Class E Note or a Class N Note, each purchaser and transferee shall be deemed to represent and warrant that
(a) it is not acquiring the Note (or beneficial interest) with the assets of a Benefit Plan Investor, and (b) either (i) it is not a plan that is subject to any Similar Law, or (ii) its acquisition and holding of the Note (or
beneficial interest) will not give rise to a violation of any Similar Law. 
 (j) The preceding provisions of this
Section 2.4 notwithstanding, the Issuing Entity shall not be required to transfer or make exchanges, and the Note Registrar need not register transfers or exchanges, of Notes that (i) have been selected for redemption
pursuant to Article X, if applicable, or (ii) are due for repayment within fifteen (15) calendar days of submission to the Corporate Trust Office or the Agency Office. 

(k) Sale, pledge or transfer of a Retained Note may be made to any Person. (i) A Person other than the Depositor or an Affiliate thereof
acquiring a Retained Note or an interest therein shall be deemed to have made the representations set forth in Section 2.14; and (ii) no sale, pledge, or transfer of a Retained Note shall be made unless
(A) counsel satisfactory to the Depositor has rendered an opinion to the Depositor and the Indenture Trustee to the effect that (1) such sale, pledge or transfer by the Depositor will not cause the Issuing Entity to fail to qualify as a
grantor trust for United States federal income tax purposes and (2) such Note will be characterized as indebtedness for United States federal income tax purposes and (B) the Depositor shall have provided prior written approval thereof.

 Section 2.5 Mutilated, Destroyed, Lost or Stolen Notes. 

(a) If (i) any mutilated Note is surrendered to the Indenture Trustee or the Note Registrar, or each of the Indenture Trustee and the
Issuing Entity receives evidence to its satisfaction of the destruction, loss or theft of any Note and (ii) there is delivered to the Indenture Trustee and the Issuing Entity such security or indemnity as may be required by the Issuing Entity
and the Indenture Trustee to hold the Issuing Entity and the Indenture Trustee harmless, then, in the absence of notice to the Issuing Entity, the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser, the
Issuing Entity shall execute and upon the Issuing Entity’s 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 a like
Class and aggregate principal amount; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven (7) calendar days shall be due and payable, or shall have been called for
redemption, instead of issuing a replacement Note, the Issuing Entity may make payment to the Holder of such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date, if applicable, without surrender thereof. 

  
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 (b) If, after the delivery of a replacement Note or payment in respect of a destroyed, lost
or stolen Note pursuant to subsection (a), a protected purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing Entity and the Indenture Trustee shall be entitled to
recover such replacement Note (or such payment) from (i) any Person to whom it was delivered, (ii) the Person taking such replacement Note from the Person to whom such replacement Note was delivered or (iii) any assignee of such
Person, except a protected purchaser, and the Issuing Entity and the Indenture Trustee 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 Issuing Entity or
the Indenture Trustee in connection therewith. 
 (c) In connection with the issuance of any replacement Note under this
Section 2.5, the Issuing Entity or the Indenture Trustee may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any
other reasonable expenses (including all fees and expenses of the Indenture Trustee) connected therewith. 
 (d) Any replacement Note issued
pursuant to this Section 2.5 in replacement for any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed,
lost or stolen Note shall be found at any time or be enforced by any Person, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

(e) The provisions of this Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 Section 2.6
Persons Deemed Noteholders. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name any Note
is registered (as of the day of determination) as the Noteholder for the purpose of receiving payments of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuing
Entity, the Indenture Trustee nor any agent of the Issuing Entity or the Indenture Trustee shall be affected by notice to the contrary. 

Section 2.7 Payment of Principal and Interest. 

(a) [Reserved] 
 (b) Prior to any
acceleration of the Notes pursuant to Section 5.2(a), on each Distribution Date, the Paying Agent shall, solely in accordance with the Servicer’s Certificate for such Distribution Date made available by the Servicer,
apply (i) the Available Funds for such Distribution Date, (ii) pursuant to Section 8.2(b)(iv), the Reserve Account Draw Amount, if any, 

  
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for that Distribution Date solely in connection with the payment of clauses (i) through (xiii) below, and (iii) pursuant to Section 8.2(b)(v), the Class N Reserve Account Draw
Amount, if any, (A) prior to the Final Scheduled Distribution Date for the Class N Notes solely in connection with the payment of clause (xvi) below for that Distribution Date and (B) upon the occurrence of the Final Scheduled
Distribution Date for the Class N Notes, solely in connection with the payment of clauses (xvi) and (xviii) below for that Distribution Date, to make the following deposits and payments in the following order of priority: 

(i) the Servicing Strip Amount for the related Collection Period shall be used to pay the Servicer or any Successor Servicer,
as applicable, the related Servicing Fee for such Distribution Date, and any Excess Servicing Strip Amount for such Distribution Date will be distributed to the Class XS Notes; 

(ii) pro rata, (a) to the Backup Servicer, if the Backup Servicer has replaced Bridgecrest Credit Company, LLC as
servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer, plus any unpaid transition expenses due in respect of the transfer of servicing to the Backup Servicer (including any boarding fees or other expenses payable by
the Issuing Entity), provided that the aggregate amount of such indemnity amounts, fees and expenses paid pursuant to this clause (ii)(a) shall only be payable during the calendar year beginning on the date that the Backup Servicer has
replaced Bridgecrest Credit Company, LLC as Servicer and will not exceed $150,000 in such calendar year, (b) to each of the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Administrator, the Collateral Custodian and the
Independent Accountant any fees, expenses and indemnity amounts due to each of the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Administrator, the Collateral Custodian and the Independent Accountant and all unpaid fees,
expenses and indemnity amounts from prior Collection Periods, provided that the aggregate amount of such indemnity amounts, fees and expenses paid pursuant to this clause (ii)(b) will not exceed (1) $125,000 in any calendar year to the
Indenture Trustee and Collateral Custodian, (2) $75,000 in any calendar year to the Grantor Trust Trustee and Owner Trustee combined and (3) $9,000 in any calendar year to the Independent Accountant, (c) to the Asset Representations Reviewer,
the fees, expenses and indemnities due and owing under the Asset Representations Review Agreement, which have not been previously paid in full, up to a maximum of $175,000 per year, (d) to each Rating Agency, annual surveillance fees not to
exceed $42,500 in any calendar year and (e) $24,000 in any calendar year to the Financial Printer; 
 (iii) to the Backup
Servicer, the Backup Servicing Fee; 
 (iv) to the Note Distribution Account, for the payment of interest on the Class A
Notes, pro rata among the Class A Notes, the Aggregate Class A Interest Distributable Amount for such Distribution Date; 

(v) to the Note Distribution Account, for the payment of principal on the Notes (other than the Class N Notes and the
Class XS Notes) in priority specified in Section 8.2(c), the First Priority Principal Distributable Amount for such Distribution Date; 

  
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 (vi) to the Note Distribution Account, for the payment of interest on the
Class B Notes, the Aggregate Class B Interest Distributable Amount for such Distribution Date; 
 (vii) to the Note
Distribution Account, for the payment of principal on the Notes (other than the Class N Notes and the Class XS Notes) in the priority specified in Section 8.2(c), the Second Priority Principal Distributable Amount
for such Distribution Date; 
 (viii) to the Note Distribution Account, for the payment of interest on the Class C
Notes, the Aggregate Class C Interest Distributable Amount for such Distribution Date; 
 (ix) to the Note Distribution
Account, for the payment of principal on the Notes (other than the Class N Notes and the Class XS Notes) in the priority specified in Section 8.2(c), the Third Priority Principal Distributable Amount for such
Distribution Date; 
 (x) to the Note Distribution Account, for the payment of interest on the Class D Notes, the
Aggregate Class D Interest Distributable Amount for such Distribution Date; 
 (xi) to the Note Distribution Account,
for the payment of principal on the Notes (other than the Class N Notes and the Class XS Notes) in the priority specified in Section 8.2(c), the Fourth Priority Principal Distributable Amount for such Distribution
Date; 
 (xii) to the Note Distribution Account, for the payment of interest on the Class E Notes, the Aggregate
Class E Interest Distributable Amount for such Distribution Date; 
 (xiii) to the Note Distribution Account, for the
payment of principal on the Notes (other than the Class N Notes and the Class XS Notes) in the priority specified in Section 8.2(c), the Fifth Priority Principal Distributable Amount for such Distribution Date;

 (xiv) to the Reserve Account, the amount, if any, necessary to fund the Reserve Account up to the Specified Reserve
Account Balance; 
 (xv) to the Note Distribution Account, for the payment of principal on the Notes (other than the
Class N Notes and the Class XS Notes), the Noteholders’ Regular Principal Distributable Amount for such Distribution Date 

  
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 (xvi) to the Note Distribution Account, for the payment of interest on the
Class N Notes, the Aggregate Class N Interest Distributable Amount for such Distribution Date; 
 (xvii) to the
Class N Reserve Account, the amount, if any, necessary to fund the Class N Reserve Account up to the Class N Reserve Account Required Amount; 

(xviii) to the Note Distribution Account, for the payment of the principal of the Class N Notes; 

(xix) pro rata, (a) to the extent not previously paid , to the Backup Servicer, if the Backup Servicer has replaced
Bridgecrest Credit Company, LLC as servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer plus any unpaid transition expenses due in respect of the transfer of servicing to the Backup Servicer that are in excess of
the related cap described under clause (ii) above (including any boarding fees or other expenses payable by the Issuing Entity), (b) to the extent not previously paid, to each of the Indenture Trustee, the Owner Trustee, the Grantor Trust
Trustee, the Rating Agencies, the Administrator, the Asset Representations Reviewer, the Collateral Custodian, the Financial Printer and the Independent Accountant any unpaid fees, expenses and indemnity amounts due to each of the Indenture Trustee,
the Owner Trustee, the Grantor Trust Trustee, the Rating Agencies, the Administrator, the Asset Representations Reviewer, the Collateral Custodian, the Financial Printer and the Independent Accountant that are in excess of the related caps described
under clause (ii) above, (c) to the Backup Servicer, any unpaid expenses and indemnity amounts due to the Backup Servicer and (d) to the Servicer, any out of pocket costs and expenses due to the Servicer under the Asset Representations
Review Agreement; and 
 (xx) any remaining Available Funds will be deposited in the Certificate Distribution Account and
applied by the Paying Agent under the Trust Agreement in accordance with the priorities set forth in the Trust Agreement, including distributions to the Certificateholders. 

(c) Notwithstanding the foregoing, following the occurrence and during the continuance of an Event of Default set forth in
Section 5.1(a)-(g) hereof, but prior to acceleration of the Notes in accordance with Section 5.2(a) hereof, the cap on expenses and indemnities payable to the Owner Trustee, the Grantor Trust
Trustee, the Indenture Trustee and the Collateral Custodian as set forth in Section 2.7(b)(ii)(b)(1) and (2) hereof will not apply. Following the occurrence of an Event of Default which has resulted in an
acceleration of the Notes that has not been rescinded or annulled, all Available Funds shall be applied in accordance with Section 2.7(f) hereof. 

(d) Each Class of Notes (other than the Class XS Notes) shall accrue interest during each Collection Period at the related Interest
Rate, and such interest shall be due and payable on each Distribution Date in accordance with the priorities set forth in Section 2.7(b) and Section 2.7(f). Interest on each Class of Notes (other than the
Class XS Notes) shall be calculated in the manner described in Part IV to Appendix A of the Receivables Purchase Agreement. Notwithstanding any other provision hereof, no Interest Rate may exceed the maximum rate permitted by law. 

  
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 Subject to Section 3.1 hereof, any installment of interest or principal, if any,
payable on any Note that is punctually paid or duly provided for 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 related Record Date by wire transfer of
immediately available funds so long as the Noteholder has provided the Indenture Trustee with the relevant account information at least five (5) Business Days prior to the related Distribution Date, and if such Noteholder has not so provided
the Indenture Trustee with such information, then by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date; provided, however, that, unless Definitive Notes have been issued
pursuant to Section 2.12 hereof, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment shall be made by wire
transfer in immediately available funds to the account designated by such nominee, and except for the final installment of principal payable with respect to such Note on a Distribution Date or on the related Final Scheduled Distribution Date, which
shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3. 

(e) All principal and interest payments on a Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto.
Except as otherwise provided herein, the Indenture Trustee shall, before the Distribution Date on which the Issuing Entity expects to pay the final installment of principal of and interest on any Note, notify the Holder of such Note as of the
related Record Date of such final installment. Such notice shall be mailed or transmitted electronically or otherwise made available prior to such final Distribution Date and shall specify, with respect to any Definitive Notes, that such final
installment shall 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. 

(f) Notwithstanding the foregoing, the unpaid principal amount of the Notes (other than the Class XS Notes) shall be due and payable, to
the extent not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Requisite Noteholders have caused the Notes to be declared immediately due and payable in the manner provided in
Section 5.2(a) hereof. Notwithstanding Section 2.7(b) hereof, on each Distribution Date following acceleration of the Notes due to an Event of Default, the Paying Agent shall apply or cause to be
applied all Available Funds, and on the first Distribution Date following acceleration of the Notes, (1) the Reserve Account Draw Amount, solely in connection with payment of clauses (i) through (xiii) below and (2) the Class N
Reserve Account Draw Amount, solely in connection with payment of clauses (xiv) and (xv) below, to make the following payments and deposits in the following order of priority: 

(i) the Servicing Strip Amount for the related Collection Period shall be used to pay the Servicer or any Successor Servicer,
as applicable, the related Servicing Fee for such Distribution Date, and any Excess Servicing Strip Amount for such Distribution Date will be distributed to the Class XS Notes; 

  
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 (ii) pro rata, (a) to the Backup Servicer, if the Backup Servicer has
replaced Bridgecrest Credit Company, LLC as servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer, plus any unpaid transition expenses due in respect of the transfer of servicing to the Backup Servicer, (b) to
each of the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Administrator, the Collateral Custodian and the Independent Accountant any unpaid fees, expenses and indemnity amounts due to each of the Indenture Trustee, the Owner
Trustee, the Grantor Trust Trustee, the Administrator, the Collateral Custodian and the Independent Accountant and all unpaid fees, expenses and indemnity amounts from the prior Collection Periods, (c) to each Rating Agency, annual surveillance
fees not to exceed $42,500 in any calendar year, (d) to the Asset Representations Reviewer, any fees, expenses and indemnity amounts due to the Asset Representations Reviewer, (e) to the Backup Servicer, any unpaid expenses and indemnity
amounts due to the Backup Servicer, (f) to the Servicer, any out of pocket costs and expenses due to the Servicer under the Asset Representations Review Agreement and (g) $24,000 in any calendar year to the Financial Printer; 

(iii) to the Backup Servicer, the Backup Servicing Fee; 

(iv) to the Holders of the Class A Notes, pro rata among the Class A Notes, the Aggregate Class A Interest
Distributable Amount for such Distribution Date; 
 (v) to the Holders of the Class A Notes, pro rata among the
Class A Notes, in respect of principal thereof until the Outstanding Amount of the Class A Notes is reduced to zero; 

(vi) to the Holders of the Class B Notes, the Aggregate Class B Interest Distributable Amount for such Distribution
Date; 
 (vii) to the Holders of the Class B Notes, in respect of principal thereof until the Outstanding Amount of the
Class B Notes is reduced to zero; 
 (viii) to the Holders of the Class C Notes, the Aggregate Class C
Interest Distributable Amount for such Distribution Date; 
 (ix) to the Holders of the Class C Notes, in respect of
principal thereof until the Outstanding Amount of the Class C Notes is reduced to zero; 
 (x) to the Holders of the
Class D Notes, the Aggregate Class D Interest Distributable Amount for such Distribution Date; 
 (xi) to the
Holders of the Class D Notes, in respect of principal thereof until the Outstanding Amount of the Class D Notes is reduced to zero; 

(xii) to the Holders of the Class E Notes, the Aggregate Class E Interest Distributable Amount for such Distribution
Date; 

  
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 (xiii) to the Holders of the Class E Notes, in respect of principal
thereof until the Outstanding Amount of the Class E Notes is reduced to zero; 
 (xiv) to the Holders of the
Class N Notes, the Aggregate Class N Interest Distributable Amount for such Distribution Date; 
 (xv) to the
Holders of the Class N Notes, in respect of principal thereof until the Outstanding Amount of the Class N Notes is reduced to zero; and 

(xvi) any remaining Available Funds will be deposited in the Certificate Distribution Account and applied by the Paying Agent
under the Trust Agreement in accordance with the priorities set forth in the Trust Agreement, including distributions to the Certificateholders. 

(g) The Paying Agent hereby agrees that, with respect to any indemnification payments payable to the Grantor Trust Trustee pursuant to
Section 2.7(b) or Section 2.7(f), if a subrogee thereof pursuant to Article VI of the Grantor Trust Agreement, requests such indemnification payments to be payable to such subrogee instead of the
Grantor Trust Trustee, then the Paying Agent shall remit such indemnification payments at the direction of such subrogee. 

Section 2.8 Cancellation of Notes. All Notes surrendered for payment, redemption, exchange or registration of
transfer 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 Issuing Entity may at any time deliver to the Indenture Trustee for
cancellation any Notes previously authenticated and delivered hereunder which the Issuing Entity 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 2.8, 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 Issuing Entity shall direct by an Issuing Entity Order that they be destroyed or returned to it; provided, however, that such Issuing Entity Order is
timely and the Notes have not been previously disposed of by the Indenture Trustee. The Indenture Trustee shall certify to the Issuing Entity upon request that surrendered Notes have been duly canceled and retained or destroyed, as the case may be.

 Section 2.9 Release of Collateral. The Indenture Trustee shall not release property from the Lien of this
Indenture other than as permitted by Sections 2.7, 3.21, 8.2, 8.4 and 11.1, and otherwise only upon receipt of an Issuing Entity Request accompanied by an Officer’s Certificate, an Opinion of Counsel (to the
extent required by the TIA) and Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1). If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Indenture Trustee’s obligations
under TIA Sections 314(c) and 314(d)(1), the Indenture Trustee shall release property from the lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order. 

  
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 Section 2.10 Book-Entry Notes. The Notes, upon original
issuance, shall be issued in the form of a typewritten Note or Notes representing the Book-Entry Notes, to be delivered to Cede & Co., as nominee of The Depository Trust Company, as the initial Clearing Agency, or its custodian, by or on
behalf of the Issuing Entity, or in the case of Retained Notes, at the Depositor’s option, as Definitive Notes delivered to the Depositor or its representative. Such Book-Entry Note or Notes shall be registered on the Note Register in the name
of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and
until the Definitive Notes have been issued to Note Owners pursuant to Section 2.12: 
 (a) the provisions of this
Section 2.10 shall be in full force and effect; 
 (b) the Note Registrar, the Indenture Trustee and the Paying
Agent shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on such Notes and the giving of instructions or directions hereunder) as the sole Holder of such Notes
and shall have no obligation to the Note Owners; 
 (c) to the extent that the provisions of this Section 2.10
conflict with any other provisions of this Indenture, the provisions of this Section 2.10 shall control; 
 (d) the
rights of the 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 or the Clearing Agency Participants. Unless and until
Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency shall make book-entry transfers between the Clearing Agency Participants and receive and transmit payments of principal of and interest on
such Notes to such Clearing Agency Participants, pursuant to the Note Depository Agreement; 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 Controlling Class, the Clearing Agency shall be deemed to represent such percentage only to the
extent that it has (i) received instructions to such effect from Note Owners or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes; and (ii) 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 Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and
communications specified herein to be given to Noteholders to the Clearing Agency and shall have no other obligation to the Note Owners. 

Section 2.12 Definitive Notes. If (i) the Administrator advises the Indenture Trustee in writing that the
Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes and the Issuing Entity is unable to locate a qualified successor; (ii) the Administrator, at its option, advises the Indenture
Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency; or (iii) 

  
 14 

 
after the occurrence of an Event of Default, Note Owners representing beneficial interests aggregating at least a majority of the Outstanding Amount of the Controlling Class advise the
Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the
occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency,
accompanied by registration instructions, the Issuing Entity shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuing Entity, 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 Issuing Entity represents that the Notes are of the type of debt instruments where payments under such debt instruments may be accelerated by reason of prepayments of other
obligations securing such debt instruments. 
 Section 2.13 Depositor as Noteholder. The Depositor in its
individual or any other capacity may become the owner or pledgee of Notes of any Class and may otherwise deal with the Issuing Entity or its affiliates with the same rights it would have if it were not the Depositor. 

Section 2.14 Tax Treatment. 

(a) The Depositor and the Indenture Trustee, by entering into this Indenture, and the Noteholders, by acquiring any Note or interest therein
(except a Note or interest therein acquired by the Depositor or other person considered for U.S. federal income tax purposes the issuer of such Note), (i) express their intention that the Notes qualify under applicable tax law as indebtedness
secured by the Collateral, and (ii) unless otherwise required by appropriate taxing authorities, agree to treat the Notes as indebtedness secured by the Collateral for the purpose of federal income taxes (to the extent the Notes are treated as
beneficially owned by a person other than the Issuing Entity), state and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income. 

(b) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuing Entity, as applicable, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. 

(c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that
the Indenture Trustee or any Paying Agent on behalf of the Issuing Entity has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a
Noteholder or holder of an interest in a Note that fails to comply with the requirements of Section 2.14(b). 

  
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 (d) Each Noteholder or Note Owner acknowledges and represents that it is not a member of an
“expanded group” (within the meaning of the regulations issued under Section 385 of the Code) that includes a domestic corporation (as determined for U.S. federal income tax purposes) if such domestic corporation, directly or
indirectly (through one or more entities that are treated for U.S. federal income tax purposes as partnerships, disregarded entities, or grantor trusts), owns 80% or more of the capital or profits of the Issuing Entity. 

(e) Each Noteholder or Note Owner represents and agrees that (A) if it is acting as a nominee or in a similar capacity, represents and
agrees that no beneficial owner for which it is acting as a nominee owns less than the minimum denomination for such Note and (B) it does not and will not beneficially own a Note (or any beneficial interest therein) in an amount that is less
than the minimum denomination for such Note. 
 (f) For the Class XS Notes, the Class E Notes and the Class N Notes, each
Noteholder or Note Owner or beneficial owner of such Notes, represents and agrees that (A) either (I) it is not and will not become for U.S. federal income tax purposes a partnership, subchapter S corporation or grantor trust (or a disregarded
entity the single owner of which is any of the foregoing) (each such entity a “Flow-Through Entity”) or (II) if it is or becomes a Flow-Through Entity, then (x) none of the direct or indirect beneficial owners of any of
the interests in such Flow-Through Entity has or ever will have more than 50% of the value of its interest in such Flow-Through Entity attributable to the interest of such Flow-Through Entity in the Notes, other interest (direct or indirect) in the
Issuing Entity, or any interest created under this Indenture and (y) it is not and will not be a principal purpose of the arrangement involving the investment of such Flow-Through Entity in any Note to permit any partnership to satisfy the 100
partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Code, and (B) it will not
transfer such Notes to a Flow-Through Entity (other than a Flow-Through Entity described in subpart (A)(II) above). 
 (g) Each Noteholder or
Note Owner or beneficial owner of a Note, represents and agrees that it will not take any action that could cause, and will not omit to take any action, which omission could cause, the Issuing Entity to become taxable as a corporation for U.S.
federal income tax purposes. 
 (h) Each Noteholder or Note Owner agrees that any purported transfer of any Note or any beneficial interest
in a Note that is not made in accordance with the restrictions set forth herein will be null and void from the beginning and will not be given effect for any purpose thereunder. 

(i) Upon request from the Indenture Trustee or Paying Agent, the Administrator will use commercially reasonable efforts to provide such
additional information that it may have to assist the Indenture Trustee in making any withholdings or informational reports. 

  
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 Section 2.15 Special Terms Applicable to the
Class E Notes, the Class N Notes, the Class XS Notes. 
 (a) The Class E
Notes, the Class N Notes and the Class XS Notes have not been or will be registered under the Securities Act or the securities laws of any other jurisdiction. Consequently, the Class E Notes, the Class N Notes and the
Class XS Notes are not transferable other than pursuant to an exemption from the registration requirements of the Securities Act, or pursuant to an effective registration statement under the Securities Act, and satisfaction of certain other
provisions specified herein. 
 (b) Except in a sale, pledge or other transfer of the Class E Notes, the Class N Notes and the
Class XS Notes to the Depositor or an Affiliate of the Depositor, pursuant to Section 2.15(a) or pursuant to an effective registration statement, no sale, pledge or other transfer of the Class E Notes, the
Class N Notes and the Class XS Notes or an interest in the Class E Notes, the Class N Notes and the Class XS Notes may be made by any person other than (i) to a person who the transferor reasonably believes is a
“qualified institutional buyer” (“QIB”) as defined in Rule 144A under the Securities Act (“Rule 144A”) and is purchasing for its own account (and not for the account of others) or as a fiduciary or agent
for others (which others also are QIBs) and is aware that the sale to it is being made in reliance on Rule 144A, or (ii) to non-U.S. Persons as defined in Regulation S. 

(c) Each of the Class E Notes, the Class N Notes and the Class XS Notes shall bear a legend to the effect set forth in
subsection (b) above. 
 None of the Issuing Entity, the Note Registrar or the Indenture Trustee is obligated to register the Class E Notes, the
Class N Notes and the Class XS Notes under the Securities Act or the securities laws of any other jurisdiction or to take any other action not otherwise required under this Indenture, the Grantor Trust Agreement or the Trust Agreement to
permit the transfer of any Class E Notes, Class N Notes and Class XS Notes without registration. The Issuing Entity, at the direction of the Depositor or the Administrator, may elect to register, or cause the registration of, the
Class E Notes, the Class N Notes and the Class XS Notes under the Securities Act or the securities laws of any other jurisdiction, in which case the Issuing Entity shall deliver, or cause to be delivered, to the Indenture Trustee and
the Note Registrar such Opinions of Counsel, Officer’s Certificates and other information as determined by the Depositor as necessary to effect such registration. 

ARTICLE III 
 COVENANTS

 Section 3.1 Payment of Principal and Interest. The Issuing Entity shall duly and punctually pay the
principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture. On each Distribution Date and on the Redemption Date (if applicable), the Issuing Entity shall cause amounts on deposit in the Note Distribution
Account to be distributed to the Noteholders in accordance with Sections 2.7 and 8.2, less amounts properly withheld under the Code (and applicable provisions of State, local or
non-U.S. tax law) by any Person from a payment to any Noteholder of interest or principal. Any amounts so withheld shall be considered as having been paid by the Issuing Entity to such Noteholder for all
purposes of this Indenture. 

  
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 Section 3.2 Maintenance of Agency Office. As long as any of the
Notes remains outstanding, the Issuing Entity shall maintain in Minneapolis, Minnesota, an office (the “Agency Office”), being an office or agency where Notes may be surrendered to the Issuing Entity for registration of transfer or
exchange, and where notices and demands to or upon the Issuing Entity in respect of the Notes and this Indenture may be served. The Issuing Entity hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The
Issuing Entity shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of the Agency Office. If at any time the Issuing Entity shall fail to maintain any such office or agency or shall fail to
furnish the Indenture Trustee and the Paying Agent with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture Trustee, and the Issuing Entity hereby appoints the Indenture
Trustee as its agent to receive all such surrenders, notices and demands. 
 Section 3.3 Money for Payments To Be
Held in Trust. 
 (a) As provided in Section 8.2(a) and Section 8.2(b), all payments
of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Note Distribution Account pursuant to Section 8.2(c) shall be made on behalf of the Issuing Entity by the Indenture
Trustee or by another Paying Agent, and no amounts so withdrawn from the Note Distribution Account for payments of Notes shall be paid over to the Issuing Entity except as provided in this Section 3.3. 

(b) On or before each Distribution Date or the Redemption Date (if applicable), the Issuing Entity shall deposit or cause to be deposited in
the Note Distribution Account pursuant to Section 2.7 an aggregate sum sufficient to pay the amounts then becoming due with respect to the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto.

 (c) The Issuing Entity shall cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an
instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section 3.3, that such Paying Agent
shall: 
 (i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of
the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(ii) give the Indenture Trustee notice of any default by the Issuing Entity (or any other obligor upon the Notes) of which it
has actual knowledge in the making of any payment required to be made with respect to the Notes; 
 (iii) at any time during
the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

(iv) 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 if at any time it ceases to meet the standards required to be met by a Paying Agent in effect at the time of determination; and 

  
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 (v) comply with all requirements of the Code (and applicable provisions of
State, local or non-U.S. tax law) with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting
requirements in connection therewith. 
 (d) The Issuing Entity may at any time, for the purpose of obtaining the satisfaction and discharge
of this Indenture or for any other purpose, by an Issuing Entity 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. 

(e) 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 for one year after such amount has become due and payable shall be discharged from such trust and be paid to the Issuing Entity on Issuing Entity Request; and the Holder of
such Note shall thereafter, as a general unsecured creditor, look only to the Issuing Entity for payment thereof (but only to the extent of the amounts so paid to the Issuing Entity), and all liability of the Indenture Trustee or such Paying Agent
with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such payment, may at the expense of the Issuing Entity 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 thirty (30) calendar days from the date of such publication, any unclaimed balance of such money then remaining shall be paid to the Issuing Entity. The Indenture Trustee may also adopt and employ, at the expense of the Issuing
Entity, any other reasonable means of notification of such payment (including, but not limited to, mailing notice of such payment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in
monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder). 

Section 3.4 Existence. Each of the Issuing Entity and the Grantor Trust shall keep in full effect its existence,
rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuing Entity or successor Grantor Trust, as the case may be, hereunder is or becomes, organized under the laws of any other
State or of the United States of America, in which case each of the Issuing Entity and the Grantor Trust, or any successor, shall keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and shall obtain
and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement
included in the Collateral. 

  
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 Section 3.5 Protection of Collateral; Acknowledgment of Pledge.

 (a) Each of the Issuing Entity and the Grantor Trust shall from time to time execute and deliver all such supplements and amendments
hereto and authorize or execute, as applicable, and prepare, deliver and file all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action necessary or advisable to:

 (i) maintain or preserve the Lien (and the priority thereof) of this Indenture or carry out more effectively the purposes
hereof; 
 (ii) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture and the
priority thereof; 
 (iii) enforce the rights of the Indenture Trustee and the Noteholders in any of the Collateral; or 

(iv) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Secured Parties in such
Collateral against the claims of all persons and parties, and the Issuing Entity hereby designates the Indenture Trustee its agent and attorney-in-fact to authorize or
execute any financing statement, continuation statement or other instrument required by this Section 3.5; provided, however, that the Indenture Trustee shall not be obligated to execute or authorize such instruments except
upon the written direction from the Administrator or the Issuing Entity. 
 (b) The Indenture Trustee acknowledges the pledge by the Issuing
Entity to the Indenture Trustee, pursuant to the Granting Clause of this Indenture, of all of the Issuing Entity’s right, title and interest in and to (i) the Class N Reserve Account, so long as the Class N Notes remain
Outstanding and (ii) the Reserve Account, so long as the Class E Notes remain Outstanding, in order to provide for the payment to the Securityholders and the Servicer in accordance with Section 2.7 and to assure
availability of the amounts maintained in the Class N Reserve Account and the Reserve Account for the benefit of the Securityholders and the Servicer. 

(c) Each of the Issuing Entity and the Grantor Trust hereby authorizes the Indenture Trustee to file all financing statements naming the
Issuing Entity and the Grantor Trust, as applicable, as debtor that are necessary or advisable to perfect, make effective or continue the lien and security interest of this Indenture, and authorizes the Indenture Trustee to take any such action
without its signature, it being understood that the Indenture Trustee has no obligation to effect any filings of financing or continuation statements. 

Section 3.6 Opinions as to Collateral. 

(a) On the Closing Date, the Issuing Entity and the Grantor Trust shall furnish to the Indenture Trustee an Opinion of Counsel stating that, in
the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the authorization, execution and filing of
any financing statements and continuation statements as are necessary to perfect and make effective the Lien of this Indenture and reciting the details of such action. 

  
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 (b) On or before April 30 (and, if such date is not a Business Day, the next succeeding
Business Day) in each calendar year, beginning April 30, 2022, the Issuing Entity shall furnish 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 recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the authorization, execution and filing of any
financing statements and continuation statements as is necessary to maintain the Lien created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the Lien
created by this Indenture. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents
and the authorization, execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the Lien of this Indenture until April 30 in the following calendar year.

 Section 3.7 Performance of Obligations; Servicing of Receivables. 

(a) Neither the Issuing Entity nor the Grantor Trust shall take any action and each shall use commercially reasonable 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 Collateral or that would result in the amendment, hypothecation,
subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as otherwise expressly provided in, or permitted by, this Indenture and the other Transaction Documents or such other
instrument or agreement. 
 (b) Either of the Issuing Entity or the Grantor Trust may contract with other Persons to assist it in performing
its duties under this Indenture, and any performance of such duties by any such person shall be deemed to be action taken by the Issuing Entity or the Grantor Trust, as applicable. Initially, the Issuing Entity has contracted with the Servicer and
the Administrator to assist the Issuing Entity in performing its duties under this Indenture, and each Noteholder acknowledges that the Administrator is acceptable to it. Each of the parties hereto acknowledges and agrees that unless otherwise
notified by an Authorized Officer of the Issuing Entity, the Administrator shall be entitled to provide notices and directions on behalf of, and otherwise act for or on behalf of, the Issuing Entity for all purposes under this Indenture, and, unless
otherwise specified herein, each such party shall be entitled to conclusively rely on any notice or direction received from an Authorized Officer of the Administrator as having been originated by the Issuing Entity. 

(c) Each of the Issuing Entity and the Grantor Trust shall punctually perform and observe all of its obligations and agreements contained in
this Indenture, the other Transaction Documents to which it is a party and in the instruments and agreements included in the Collateral, including filing or causing to be filed all UCC financing statements and continuation statements required to be
filed by the terms of this Indenture and the other Transaction Documents to which it is a party in accordance with and within the time periods provided for herein and therein. 

(d) If the Issuing Entity or the Grantor Trust shall have actual knowledge of the occurrence of a Servicer Termination Event under the
Servicing Agreement, the Issuing Entity or the Grantor Trust, as applicable, shall promptly notify the Indenture Trustee and the Rating Agencies, and shall specify in such notice the response or action, if any, the Issuing Entity or the Grantor
Trust, as applicable, plans to take with respect of such Servicer Termination Event. 

  
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 (e) Without derogating from the absolute nature of the assignment granted to the Indenture
Trustee under this Indenture or the rights of the Indenture Trustee hereunder, each of the Issuing Entity and the Grantor Trust agrees that, except as permitted by the Transaction Documents, it shall not, without the prior written consent of the
Indenture Trustee or acting at the direction of the Holders of at least a majority in Outstanding Amount of the Controlling Class, as applicable in accordance with the terms of this Indenture, (i) amend, modify, waive, supplement, terminate or
surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral or any of the Transaction Documents, or (ii) waive timely performance or observance by the Servicer under the
Servicing Agreement, the Depositor under the Receivables Transfer Agreement, the Collateral Custodian under the Custodial Agreement, the Administrator under the Administration Agreement or the Sponsor or the Depositor under the Receivables Purchase
Agreement, unless such amendment is made: 
 (i) to correct or amplify the description of any property at any time subject to
the Lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture; 

(ii) to subject additional property to the Lien of this Indenture, provided that in the case of this clause (ii),
the consent of the Certificateholders shall be required; 
 (iii) to add to the covenants of the Issuing Entity or the
Grantor Trust, for the benefit of the Securityholders or to surrender any right or power herein conferred upon the Issuing Entity; 

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

(v) to cure any ambiguity, to correct or supplement any provision herein or in any Transaction Document which may be
inconsistent with any other provision herein or in any supplemental indenture or in the Prospectus, the Class E Notes Confidential Offering Memorandum, the Class N Notes Confidential Offering Memorandum or the Certificate Private Placement
Memorandum, or any other Transaction Document; or 
 (vi) to evidence and provide for the acceptance of the appointment
hereunder by a successor or additional trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee,
pursuant to the requirements of Article VI. 

  
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 Section 3.8 Negative Covenants. So long as any Notes are
Outstanding, neither the Issuing Entity nor the Grantor Trust shall: 
 (a) sell, transfer, exchange or otherwise dispose of any of the
properties or assets of the Issuing Entity or the Grantor Trust, except as permitted in Section 3.10(b) and except the Issuing Entity may cause the Servicer to (i) collect, liquidate, sell or otherwise dispose of
Receivables (including Purchased Receivables and Charged-Off Receivables), (ii) make cash payments out of the Designated Accounts and the Certificate Distribution Account and (iii) take other actions, in
each case as permitted by the Transaction Documents; 
 (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 provisions of State, local or non-U.S. tax 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 Collateral; 
 (c) voluntarily commence any
insolvency, readjustment of debt, marshaling of assets and liabilities or other proceeding, or apply for an order by a court or agency or supervisory authority for the winding-up or liquidation of its affairs
or any other event specified in Section 5.1(f); or 
 (d) either (i) permit the validity or effectiveness of
this Indenture or any other Transaction Document to be impaired, or permit the Lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with
respect to the Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any Lien (other than the Permitted Liens and the Lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the
Collateral or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on a Financed Vehicle and arising solely as a result of an
action or omission of the related Obligor), or (iii) permit the Lien of this Indenture not to constitute a valid first priority security interest in the Collateral (other than with respect to any such tax, mechanics’ or other lien). 

Section 3.9 Annual Statement as to Compliance. The Issuing Entity shall deliver to the Indenture Trustee on or
before April 30 (and, if such date is not a Business Day, the next succeeding Business Day) of each year, beginning April 30, 2022, an Officer’s Certificate signed by an Authorized Officer, dated as of December 31 of the
immediately preceding year, in each case stating that: 
 (a) a review of the activities of the Issuing Entity during the preceding 12-month period (or, with respect to the first such Officer’s Certificate, such period as shall have elapsed since the Closing Date) and of performance under this Indenture has been made under such Authorized
Officer’s supervision; and 
 (b) to the best of such Authorized Officer’s knowledge, based on such review, the Issuing Entity has
fulfilled all of its obligations under this Indenture throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such Authorized Officer and the nature and status thereof.

  
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 Section 3.10 Consolidation, Merger, etc., of Issuing Entity;
Disposition of Issuing Entity Assets. 
 (a) The Issuing Entity shall not consolidate or merge with or into any other Person, unless:

 (i) the Person (if other than the Issuing Entity) formed by or surviving such consolidation or merger shall be a Person
organized and existing under the laws of the United States of America, or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, the due and timely 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 Issuing Entity to be performed or observed, all as provided herein; 

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

 (iv) any action as is necessary to maintain the Lien created by this Indenture shall have been taken; and 

(v) the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel
addressed to the Issuing Entity and the Indenture Trustee, each stating: 
 (A) that such consolidation or merger and such
supplemental indenture comply with this Section 3.10; 
 (B) that such consolidation or merger and
such supplemental indenture shall have no material adverse tax consequence to the Issuing Entity or any Financial Party; and 

(C) that all conditions precedent herein provided for in this Section 3.10 have been complied with,
which shall include any filing required by the Exchange Act. 
 (b) Except as otherwise expressly permitted by this Indenture or the other
Transaction Documents, the Issuing Entity shall not sell, convey, exchange, transfer or otherwise dispose of any of its properties or assets, including those included in the Collateral, to any Person, unless: 

(i) the Person that acquires such properties or assets of the Issuing Entity (1) shall be a United States citizen or a
Person organized and existing under the laws of the United States of America or any State and (2) by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee: 

  
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 (A) expressly assumes the due and punctual payment of the principal of and
interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuing Entity to be performed or observed, all as provided herein; 

(B) expressly agrees that all right, title and interest so sold, conveyed, exchanged, transferred or otherwise disposed of
shall be subject and subordinate to the rights of the Secured Parties; and 
 (C) unless otherwise provided in such
supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuing Entity against and from any loss, liability or expense arising under or related to this Indenture and expressly agrees that such Person (or if a group of
Persons, then one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 

(ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction and such Person; 

(iv) any action as is necessary to maintain the Lien created by this Indenture shall have been taken; and 

(v) the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel
addressed to the Issuing Entity and the Indenture Trustee, each stating that: 
 (A) such sale, conveyance, exchange,
transfer or disposition and such supplemental indenture comply with this Section 3.10; 
 (B) such
sale, conveyance, exchange, transfer or disposition and such supplemental indenture have no material adverse tax consequence to the Issuing Entity or to any Financial Parties; and 

(C) all conditions precedent herein provided for in this Section 3.10 have been complied with, which
shall include any filing required by the Exchange Act. 
 Section 3.11 Successor or Transferee. 

(a) Upon any consolidation or merger of the Issuing Entity in accordance with Section 3.10(a), the Person formed by
or surviving such consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuing Entity under this Indenture and the other Transaction Documents with the
same effect as if such Person had been named as the Issuing Entity herein. 

  
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 (b) Upon a conveyance or transfer of substantially all the assets and properties of the
Issuing Entity pursuant to Section 3.10(b), the Issuing Entity shall be released from every covenant and agreement of this Indenture and the other Transaction Documents to be observed or performed on the part of the Issuing
Entity with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee from the Person acquiring such assets and properties stating that the Issuing Entity is to be so released, subject to any survival provisions
contained herein. 
 Section 3.12 No Other Business. The Issuing Entity shall not engage in any business or
activity other than acquiring, holding and managing the Collateral and the proceeds therefrom in the manner contemplated by the Transaction Documents, issuing the Notes and the Certificates, making payments on the Notes and the Certificates and such
other activities that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto, as set forth in Section 2.3 of the Trust Agreement. 

Section 3.13 No Borrowing. The Issuing Entity shall not issue, incur, assume, guarantee or otherwise become
liable, directly or indirectly, for any indebtedness for money borrowed other than indebtedness for money borrowed in respect of the Notes or otherwise in accordance with the Transaction Documents. 

Section 3.14 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by this Indenture or the
other Transaction Documents, neither the Issuing Entity nor the Grantor Trust shall 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 Servicer’s Obligations. The Issuing Entity shall use its best efforts to cause the
Servicer to comply with its obligations under Section 2.1 of the Servicing Agreement. 
 Section 3.16 Capital
Expenditures. The Issuing Entity shall not make any expenditure (whether by long-term or operating lease or otherwise) for capital assets (either real, personal or intangible property) other than the purchase of the Receivables and other
property and rights from the Depositor pursuant to the Receivables Transfer Agreement. 
 Section 3.17
[RESERVED]. 
 Section 3.18 Restricted Payments. Except for payments of principal or interest on or
redemption of the Notes, so long as any Notes are Outstanding, the Issuing Entity shall not, directly or indirectly: 
 (a) pay any dividend
or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee, the Grantor Trust Trustee or any owner of a beneficial interest in the Issuing Entity, the Grantor
Trust or otherwise, in each case with respect to any ownership or equity interest or similar security in or of the Issuing Entity or the Grantor Trust, as applicable; 

  
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 (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity
interest or similar security; or 
 (c) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the
Issuing Entity and the Grantor Trust may make, or cause to be made, distributions to the Servicer, the Depositor, the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Backup Servicer, the Collateral Custodian, the Grantor Trust
Certificateholder and the Financial Parties as permitted by, and to the extent funds are available for such purpose under, this Indenture or the other Transaction Documents. Neither the Issuing Entity nor the Grantor Trust shall, directly or
indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture and the other Transaction Documents. 

Section 3.19 Notice of Events of Default. The Issuing Entity agrees to give the Indenture Trustee and the Rating
Agencies prompt written notice of each Event of Default hereunder, each Servicer Termination Event, each default on the part of the Servicer of its obligations under the Servicing Agreement, each default on the part of the Depositor of its
obligations under the Receivables Transfer Agreement and each default on the part of the Seller of its obligations under the Receivables Purchase Agreement. 

Section 3.20 Further Instruments and Acts. Upon request of the Indenture Trustee, each of the Issuing Entity and
the Grantor Trust shall 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 and the other Transaction Documents. 

Section 3.21 Indenture Trustee’s Assignment of Purchased Receivables. Upon receipt of the
Purchase Amount or the Liquidation Proceeds with respect to a Receivable, as the case may be, the Servicer, the Seller, the Depositor, the Issuing Entity or the Grantor Trust or the purchaser and assignee of the
Charged-Off Receivable, as applicable, shall thereupon own such purchased or repurchased Receivable and all monies due thereon. Any such Receivable shall be deemed to be automatically released from the Lien of
this Indenture without any action being taken by the Indenture Trustee upon payment of the Purchase Amount or upon receipt of the Proceeds or Liquidation Proceeds, as applicable, and the Servicer, the Seller, the Depositor, the Issuing Entity or the
Grantor Trust or purchaser or assignee of the Charged-Off Receivable, as applicable, shall own such Receivable and all such security and documents, free of any further obligation to the Issuing Entity, the
Grantor Trust, the Indenture Trustee, the Noteholders or the Certificateholders with respect thereto. If in any enforcement suit or legal proceeding it is held that the Servicer or other purchaser of a Receivable may not enforce a Receivable on the
ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Indenture Trustee shall, at the Servicer’s or such other purchaser’s or assignee’s expense and written direction, as applicable, take
such steps as the Servicer or such other purchaser or assignee deems reasonably necessary to enforce the Receivable, including bringing suit in the Indenture Trustee’s name or the names of the Noteholders or, pursuant to
Section 4.4, the Certificateholders. 

  
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 Section 3.22 Representations and Warranties by the Issuing Entity
and Grantor Trust to the Indenture Trustee. On the date hereof, each of the Issuing Entity and the Grantor Trust represents and warrants to the Indenture Trustee as follows: 

(a) Good Title. No Receivable has been sold, transferred, assigned or pledged by the Issuing Entity or the Grantor Trust, respectively,
to any Person other than the Indenture Trustee; immediately prior to the conveyance of the Receivables pursuant to this Indenture, the Grantor Trust had good and marketable title thereto, free of any Lien; and, upon execution and delivery of this
Indenture by the Issuing Entity and the Grantor Trust, the Indenture Trustee shall have a Lien on all of the right, title and interest of the Issuing Entity in, to and under the Receivables, the unpaid indebtedness evidenced thereby and the
collateral security therefor, and such right, title and interest are free of any Lien other than the Lien of this Indenture. The Issuing Entity owns 100% of the beneficial interests in the Grantor Trust. The Grantor Trust has no subsidiaries. 

(b) All Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give the Indenture Trustee a first priority
perfected security interest in the Receivables shall have been made or will be made within ten (10) calendar days of the Closing Date. 

Section 3.23 Original Issue Discount Reporting. The Issuing Entity shall supply (or cause the Administrator on its
behalf to supply) to the Indenture Trustee, at the time and in the manner required by applicable Treasury Regulations, for further distribution to such persons, and to the extent, required by applicable Treasury Regulations, information with respect
to any original issue discount accruing on the Notes. 
 ARTICLE IV 

SATISFACTION AND DISCHARGE 

Section 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with
respect to the Notes except as to: (i) rights of registration of transfer and exchange; (ii) substitution of mutilated, destroyed, lost or stolen Notes; (iii) rights of Noteholders to receive payments of principal thereof and interest
thereon; (iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.19 and 3.21; (v) the rights, obligations and immunities of the Indenture Trustee and the Paying Agent hereunder
(including the rights of the Indenture Trustee under Section 6.7 and the obligations of the Indenture Trustee under Sections 4.2 and 4.4); and (vi) the rights of Noteholders as beneficiaries hereof with
respect to the property so deposited with the Indenture Trustee or the Paying Agent payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuing Entity, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to the Notes, if: 

  
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 (a) either: 

(i) all Notes theretofore authenticated and delivered (other than (A) Notes that have been destroyed, lost or stolen and
that have been replaced or paid as provided in Section 2.5 and (B) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuing Entity and thereafter repaid to
the Issuing Entity or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; or 

(ii) all Notes not theretofore delivered to the Indenture Trustee for cancellation have become due and payable and the Issuing
Entity has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee (or if the Indenture Trustee is not the Paying Agent, the Paying Agent), in trust, 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 when due on the Final Scheduled Distribution Date
for such Notes or the Redemption Date for such Notes (if such Notes have been called for redemption pursuant to Section 10.1), as the case may be; and 

(b) the Issuing Entity has delivered to the Indenture Trustee an Officer’s Certificate of the Issuing Entity, an Opinion of Counsel, each
meeting the applicable requirements of Section 11.1(a) and each stating that all conditions precedent set forth in this Section 4.1 relating to the satisfaction and discharge of this Indenture have
been complied with. The Indenture Trustee shall provide confirmation to the Issuing Entity that it has paid to the Noteholders all interest and principal due on the Notes. 

Section 4.2 Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to this
Article IV shall be held in trust and applied by the Indenture Trustee or the Paying Agent, 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 or redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest; but such monies
need not be segregated from other funds except to the extent required herein or as required by law. 
 Section 4.3
Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this
Indenture with respect to such Notes shall, upon demand of the Issuing Entity, be paid to the Indenture Trustee to be held and applied according to Section 3.3 and thereupon such Paying Agent shall be released from all
further liability with respect to such monies. 
 Section 4.4 Duration of Position of Indenture Trustee.
Notwithstanding the earlier payment in full of all principal and interest due to the Noteholders under the terms of the Notes and the cancellation of the Notes, the Indenture Trustee shall continue to act in the capacity as Indenture Trustee
hereunder for the benefit of the Certificateholders, for purposes of compliance with, and the Indenture Trustee shall comply with, its obligations under Section 2.7, Section 6.8 and Article
VIII hereof, and Section 5.2 of the Servicing Agreement, as appropriate, the Indenture Trustee in such capacity shall continue to have the rights, benefits and immunities set forth herein, including those in Article VI hereof. 

  
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 ARTICLE V 

DEFAULT AND REMEDIES 

Section 5.1 Events of Default. For the purposes of this Indenture, “Event of Default” wherever used
herein, means any one of the following events: 
 (a) default in the payment of any interest on any Note (other than the Class XS Notes)
of the Controlling Class when the same becomes due and payable, and such default shall continue for a period of five (5) Business Days; 

(b) default in the payment in full of all then outstanding principal of any Class of Notes (other than the Class XS Notes) and
accrued but unpaid interest due on any Class of Notes (other than the Class XS Notes) on the related Final Scheduled Distribution Date; 

(c) default in the payment in full of any other amount due on any Class of Notes (other than the Class XS Notes) when the same
becomes due and payable, to the extent funds are available therefor, and such default continues for a period of five (5) Business Days; 

(d) material default in the observance or performance of any covenant or agreement of the Issuing Entity made in this Indenture (other than a
covenant or agreement to pay interest or principal on any Note or any covenant or agreement a default in the observance or performance of which is specifically dealt with elsewhere in this list of defaults) and such default shall continue or not be
cured for a grace period of sixty (60) consecutive days after there shall have been given, by registered or certified mail to the Issuing Entity by the Indenture Trustee, or to the Issuing Entity and the Indenture Trustee, by the Holders of
Notes evidencing not less than 25% of the Outstanding Amount of the Controlling Class, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

(e) material default in the observance or performance of any other representation or warranty of the Issuing Entity made in this Indenture
(other than a default the observance or performance of which is specifically dealt with elsewhere in this list of defaults) and such default shall continue or not be cured for a grace period of sixty (60) consecutive days after there shall have
been given, by registered or certified mail to the Issuing Entity by the Indenture Trustee, or to the Issuing Entity and the Indenture Trustee, by the Holders of Notes evidencing not less than 25% of the Outstanding Amount of the Controlling Class,
a written notice specifying such breach of representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

(f) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any
substantial part of the Collateral in an involuntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official of the Issuing Entity or for any substantial part of the Collateral, or ordering the winding-up or liquidation of the Issuing Entity’s affairs, and such decree or order shall remain
unstayed and in effect for a period of ninety (90) consecutive days; or 

  
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 (g) the commencement by the Issuing Entity of a voluntary case under any applicable federal
or State bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuing Entity to the
appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Collateral, or the making by the Issuing Entity of any general
assignment for the benefit of creditors, or the failure by the Issuing Entity generally to pay its debts as such debts become due, or the taking of action by the Issuing Entity in furtherance of any of the foregoing. 

Notwithstanding the foregoing, there will be no Event of Default where an Event of Default would otherwise exist under clauses (a), (b) and (c) above for
a period of an additional ten Business Days or under clauses (d) and (e) for a period of an additional 30 days if the delay or failure giving rise to the Event of Default was caused by an act of God or other similar occurrence. 

The Issuing Entity or the Grantor Trust shall deliver to the Indenture Trustee, within five (5) Business Days after learning of the occurrence thereof,
written notice in the form of an officer’s certificate of any event which with the giving of notice and the lapse of time would become an Event of Default, its status and what action the Issuing Entity or the Grantor Trust, as applicable, is
taking or proposes to take with respect thereto. 
 Section 5.2 Acceleration of Maturity; Rescission and
Annulment. 
 (a) If an Event of Default should occur and be continuing, the Indenture Trustee shall, at the written direction of the
Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class, declare all of the Notes to be immediately due and payable, by a notice in writing to the Issuing Entity (and to the Indenture Trustee if
given by the Noteholders) setting forth the Event of Default or Events of Default, 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. 
 (b) If the Notes have been declared immediately due and payable following an Event of Default and
before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee as hereinafter provided in this Article V, the Holders of Notes representing not less than a majority of the Outstanding Amount of the
Controlling Class, by written notice to the Issuing Entity, the Grantor Trust, the Indenture Trustee and each Rating Agency, may waive all Defaults set forth in the notice delivered pursuant to Section 5.2(a) and rescind
and annul such declaration of acceleration and its consequences; provided, that no such rescission and annulment shall extend to or affect any other Default or impair any right consequent thereto; and provided further, that if
the Indenture Trustee shall have proceeded to enforce any right under this Indenture and such Proceedings shall have been discontinued or abandoned because of such rescission and annulment or for any other reason, or such Proceedings shall have been
determined adversely to the Indenture Trustee, then and in every such case, the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall be restored respectively to their former positions and rights hereunder, and all
rights, remedies and powers of the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall continue as though no such Proceedings had been commenced. 

  
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 Section 5.3 Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee. 
 (a) The Issuing Entity covenants that if an Event of Default occurs and such Event of Default has not been waived
pursuant to Section 5.12 (or rescinded pursuant to Section 5.2(b)), the Issuing Entity shall, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the ratable benefit of the
Noteholders in accordance with their respective outstanding principal amounts, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, at the rate borne by the Notes and, to the
extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 

(b) If the Issuing Entity 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, may prosecute such Proceeding to judgment or final decree, may enforce the same against the Issuing Entity and the Grantor Trust and may collect in the
manner provided by law out of the property of the Issuing Entity or the Grantor Trust, wherever situated, the monies adjudged or decreed to be payable. 

(c) If the Notes have been declared to be immediately due and payable following an Event of Default, the Indenture Trustee may, as more
particularly provided in Section 5.4, and shall at the direction of the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class, proceed to protect and enforce its rights
and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee or Holders of such Notes 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 applicable law. 

(d) If there shall be pending, relative to the Issuing Entity or the Grantor Trust or any Person having or claiming an ownership interest in
the Collateral, Proceedings under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or other similar law, or if a receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
sequestrator or similar official shall have been appointed for or taken possession of the Issuing Entity, the Grantor Trust or their property or such other Person, or in case of any other comparable judicial Proceedings relative to the Issuing
Entity, the Grantor Trust or other obligor upon the Notes, or to the creditors or property of the Issuing Entity, the Grantor Trust or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered,
by intervention in such Proceedings or otherwise: 

  
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 (i) to file and prove a claim or claims for the whole amount of principal
and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture
Trustee and each predecessor 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 trustee, except as a
result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such Proceedings; 
 (ii) unless
prohibited by applicable law and regulations, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

(iii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute all
amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 
 (iv) to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Holders of Notes allowed in any judicial proceedings relative to the Issuing Entity or the Grantor
Trust, their creditors and their property; and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee for application
in accordance with the priorities set forth in the Transaction Documents, and, if 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 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 trustee except as a result of negligence, bad faith or willful misconduct. 
 (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 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 reasonable expenses, disbursements and compensation of the Indenture Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit of the
Holders of the Notes in accordance with the priorities set forth in the Transaction Documents. 

  
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 (g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving
the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such
Proceedings. 
 Section 5.4 Remedies; Priorities. 

(a) If an Event of Default shall have occurred and be continuing and the Notes have been accelerated under
Section 5.2(a), the Indenture Trustee may, or at the written direction of the majority of the Holders of the Notes of the Controlling Class, shall do one or more of the following (subject to Sections 5.3 and
5.5): 
 (i) institute Proceedings in its own name and as trustee of an express trust for the collection of all
amounts then due and payable on the Notes or under this Indenture with respect thereto, whether by declaration of acceleration or otherwise, enforce any judgment obtained, and collect from the Issuing Entity and any other obligor upon such Notes
monies adjudged due; 
 (ii) institute Proceedings from time to time for the complete or partial foreclosure of this
Indenture with respect to the Collateral; 
 (iii) exercise any 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; 
 (iv) sell
or otherwise liquidate 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; and 

(v) cause the Grantor Trust, by means of a written direction, to sell or otherwise liquidate the Receivables 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 or cause the Grantor Trust to
liquidate the Receivables at the direction of the Noteholders following an Event of Default and acceleration of the Notes, unless (i) (A) the Holders of all of the aggregate 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 the principal of and the accrued interest on the Notes, at the date of such sale or liquidation or (C) (x) there has been an Event of
Default under Section 5.1(a), Section 5.1(b) or Section 5.1(c) or otherwise arising from a failure to make a required payment of principal on any Notes, (y) the
Indenture Trustee determines that the Collateral will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as and when they would have become due if the Notes had not been declared due and payable, and
(z) the Indenture Trustee obtains the consent of Holders of 66 2/3% of the Outstanding Amount of the Notes and (ii) ten (10) calendar days’ prior written notice of sale or liquidation has been given to the Rating Agencies by the
Depositor, provided, 

  
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however, that the Depositor shall have received such notice from the Indenture Trustee at least two (2) Business Days prior thereto. 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 Collateral or the assets of the Grantor Trust, as applicable, for such purpose; provided, however, that prior to the exercise of the right to sell all or any portion of the Collateral as provided
herein, the Indenture Trustee shall provide a notice in writing to the Issuing Entity (with a copy to the Grantor Trust, the Grantor Trust Trustee, the Depositor and the Owner Trustee) (the “Event of Default Sale Notice”) of its
intention to sell all or any portion of the Collateral (the part to be sold being the “Subject Estate”), and if the Subject Estate is less than all of the Collateral, the portion of the Collateral to be sold. The Indenture Trustee
shall not consummate any sale until at least seven (7) Business Days after the Event of Default Sale Notice has been given to the Issuing Entity (with a copy to the Grantor Trust and the Depositor). 

(b) If the Indenture Trustee collects any money or property pursuant to this Article V, it shall, or shall direct the Paying Agent to,
pay out such money or property together with all Available Funds and all amounts on deposit in the Collection Account, the Note Distribution Account, the Reserve Account and the Class N Reserve Account in accordance with, and in the order of
priority set forth in, Section 2.7(f) hereof. 
 Section 5.5 Optional Preservation of the
Collateral. If the Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled in accordance with
Section 5.2(b), the Indenture Trustee may, but need not, elect to take and maintain possession of the Collateral and continue to apply the proceeds thereof as if there had been no declaration of acceleration; provided,
however, that the Available Funds shall be applied in accordance with such declaration of acceleration in the manner specified in Section 2.7(f). It is the intent of the parties hereto and the Noteholders that there be at
all times sufficient funds for the payment of principal of and interest on the Notes and the Indenture Trustee shall take such intent into account when determining whether or not to take and maintain possession of the Collateral. In determining
whether to take and maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Collateral for such purpose. 
 Section 5.6 Limitation of Suits. No
Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder unless: 

(a) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 

(b) the Holders of not less than 25% of the Outstanding Amount of the Controlling Class have made written request to the Indenture Trustee
to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; 

  
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 (c) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably
satisfactory to the Indenture Trustee against the costs, expenses and liabilities to be incurred in complying with such request; 
 (d) the
Indenture Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and 

(e) no direction inconsistent with such written request has been given to the Indenture Trustee during such sixty (60) day period by the
Holders of a majority of the Outstanding Amount of the Controlling Class; 
 it being 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 of Notes or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable (on the basis of the respective aggregate amount of principal and interest, respectively, due and unpaid on the Notes held
by each Noteholder) and common benefit of all holders of Notes. For the protection and enforcement of the provisions of this Section 5.6, each and every Noteholder shall be entitled to such relief as can be given either at
law or in equity. 
 If 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 Controlling Class, the Indenture Trustee shall follow the request of the group of Holders of Notes representing the highest percentage of Outstanding Amount of the Controlling
Class, notwithstanding any other provisions of this Indenture. 
 Section 5.7 Unconditional Rights of Noteholders To
Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note on or
after the respective due dates thereof expressed in such Note or in this Indenture in accordance with the terms thereof, 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 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has
instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every
such case the Issuing Entity, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally to their respective former positions hereunder, and thereafter all rights and remedies of the
Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 Section 5.9
Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
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 Section 5.10 Delay or Omission Not a Waiver. No delay or
omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the
Noteholders, as the case may be. 
 Section 5.11 Control by Noteholders. The Holders of Notes evidencing not
less than a majority of the Outstanding Amount of the Controlling Class shall have the right to direct in writing 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, however, that: 
 (a) such direction shall not be in
conflict with any rule of law or with this Indenture; 
 (b) subject to the express terms of Section 5.4, any
direction to the Indenture Trustee to sell or liquidate the Collateral or cause the Grantor Trust to sell or liquidate the Receivables shall be by the Holders of Notes representing not less than 100% of the Outstanding Amount of the Notes; 

(c) if the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the
Collateral pursuant to Section 5.5, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the Collateral or cause the Grantor
Trust to sell or liquidate the Receivables shall be of no force and effect; and 
 (d) the Indenture Trustee may take any other action deemed
proper by the Indenture Trustee that is not inconsistent with such direction; provided, however, that, subject to Section 6.1, the Indenture Trustee need not take any action that it determines might cause it
to incur any liability (a) with respect to which the Indenture Trustee shall have reasonable grounds to believe that adequate indemnity against such liability is not assured to it and (b) which might materially adversely affect the rights
of any Noteholders not consenting to such action. 
 Section 5.12 Waiver of Past Defaults. 

(a) Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2, the Holders
of Notes evidencing not less than a majority of the Outstanding Amount of the Controlling Class may waive any past Default or Event of Default and its consequences except a Default (i) in the payment of principal of or interest on any of
the Notes or (ii) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note (other than the Class XS Notes). In the case of any such waiver, the Issuing Entity, the
Grantor Trust, the Indenture Trustee and the Noteholders shall be restored to their respective former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 

  
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 (b) 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 by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any Proceeding for the enforcement of any right or remedy under this Indenture, or
in any Proceeding against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such Proceeding of an undertaking to pay the costs of such Proceeding, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such Proceeding, 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 5.13 shall not apply to: 
 (a) any Proceeding instituted by the Indenture Trustee; 

(b) any Proceeding instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the
Outstanding Amount of the Controlling Class; or 
 (c) any Proceeding instituted by any Noteholder for the enforcement of the payment of
principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 

Section 5.14 Waiver of Stay or Extension Laws. Each of the Issuing Entity and the Grantor Trust covenants (to the
extent that it may lawfully do so) that it shall 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. Each of the Issuing Entity and the Grantor Trust (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall
not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but shall 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 Issuing Entity or the Grantor Trust or by the levy of any execution under such judgment upon any portion of the Collateral or upon any of the assets
of the Issuing Entity or the Grantor Trust. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b). 

  
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 Section 5.16 Performance and Enforcement of Certain Obligations.

 (a) Promptly following a request from the Indenture Trustee to do so and at the Issuing Entity’s expense, each of the Issuing Entity
and the Grantor Trust agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Depositor of its obligations to the Issuing Entity or the Grantor Trust under or in
connection with the Trust Agreement, the Servicer of its obligations to the Issuing Entity or the Grantor Trust under or in connection with the Servicing Agreement, by the Seller of its obligations under or in connection with the
Receivables Purchase Agreement, by the Depositor of its limited repurchase obligations under or in connection with the Receivables Transfer Agreement, in each case in accordance with the terms thereof, and to exercise any and all rights, remedies,
powers and privileges lawfully available to the Issuing Entity and the Grantor Trust under or in connection with the Servicing Agreement, the Trust Agreement, the Receivables Purchase Agreement and the Receivables Transfer 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, the Depositor or the Servicer and the institution of legal or administrative actions or proceedings to compel or secure
performance by the Seller, the Depositor or the Servicer of their respective obligations under the Receivables Purchase Agreement, the Receivables Transfer Agreement and the Servicing Agreement, as applicable. 

If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the written direction of the Holders of the majority of the
Outstanding Amount of the Controlling Class shall, exercise all rights, remedies, powers, privileges and claims of the Issuing Entity or the Grantor Trust against the Servicer under or in connection with the Servicing Agreement, against the
Seller under or in connection with the Receivables Purchase Agreement and against the Depositor under or in connection with the Receivables Transfer Agreement, including the right or power to take any action to compel or secure performance or
observance by the Servicer, the Seller or the Depositor of each of their obligations to the Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Servicing Agreement, the Receivables
Purchase Agreement or the Receivables Transfer Agreement and any right of the Issuing Entity or the Grantor Trust to take such action shall be suspended. 

ARTICLE VI 
 THE
INDENTURE TRUSTEE 
 Section 6.1 Duties of Indenture Trustee. 

(a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this
Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

  
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 (i) the Indenture Trustee undertakes to perform such duties and only such
duties as are specifically set forth in this Indenture and the other Transaction Documents to which it is a party and no implied covenants or obligations shall be read into this Indenture or any other Transaction Document against the Indenture
Trustee; and 
 (ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture or the other Transaction Documents; provided,
however, that the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

(c) The Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, or its own bad faith, except that: 
 (i) this Section 6.1(c) does not limit the effect
of Section 6.1(b); 
 (ii) the Indenture Trustee shall not be liable for any error of judgment made
in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to any provision of this Indenture or any other Transaction Document. 
 (d) The
Indenture Trustee shall not be liable for interest on any money received by it except as set forth in the Transaction Documents and as the Indenture Trustee may agree in writing with the Issuing Entity. 

(e) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of
this Indenture, the Servicing Agreement or the Trust Agreement. 
 (f) No provision of this Indenture or any other Transaction Document
(including after the occurrence of an Event of Default) shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayments of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

(g) Every provision of this Indenture and each other Transaction Document relating to the Indenture Trustee shall be subject to the provisions
of this Section 6.1 and to the provisions of the TIA. 

  
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 (h) The Indenture Trustee shall have no liability or responsibility for the acts or
omissions of the Issuing Entity, the Servicer, the Backup Servicer, the Depositor, the Sponsor, the Grantor Trust, any other party to any of the Transaction Documents, including as a result of any other party’s failure to comply with Regulation
RR. 
 (i) In no event shall the Indenture Trustee be liable for any damages in the nature of special, indirect or consequential damages,
however styled, including lost profits. 
 Section 6.2 Rights of Indenture Trustee. 

(a) The Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Indenture Trustee need not investigate any fact or matter stated in the document. The Indenture Trustee need not investigate or re-calculate, certify or verify any information, statement,
representation or warranty or any fact or matter stated in any such document and may conclusively rely as to the truth, content and accuracy of the statements and correctness of the opinions expressed therein. 

(b) Except as otherwise set forth in Section 7.5 of this Agreement and Section 3.1(d) of the Receivables
Transfer Agreement, before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel (at the cost of the party requesting the Indenture Trustee to act or refrain from acting). The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 

(c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or Affiliates or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with
due care by it hereunder. 
 (d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it
believes to be authorized or within its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 

(e) The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this
Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture or any other Transaction Document, unless such Holders shall have offered to the Indenture Trustee security or indemnity satisfactory to the Indenture Trustee against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction. 

  
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 (g) The Indenture Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document unless requested in writing to do so
by a majority of the Controlling Class; provided, however, that if the Indenture Trustee determines that payment within a reasonable time of such costs, expenses and losses or liabilities is not reasonably assured to it, the Indenture
Trustee may require indemnity or security satisfactory to it from the Noteholders requesting such an investigation, against such costs, expenses and losses or liabilities as a condition to proceeding with such investigation. 

(h) The Indenture Trustee shall not be charged with knowledge of any event or information, including any default or Event of Default or
Servicer Termination Event, or be required to act upon any event or information, including any default or Event of Default or Servicer Termination Event (including the sending of any notice), unless a Responsible Officer of the Indenture Trustee
actually knows of or receives written notice of such event or information and shall have no duty to take any action to determine whether any default, or Event of Default or Servicer Termination Event or event has occurred. Absent a Responsible
Officer actually knowing of or receiving written notice in accordance with this Section, the Indenture Trustee may conclusively assume that no such event, default or Event of Default or Servicer Termination Event has occurred. Publicly available
information does not constitute actual or constructive knowledge or notice to the Indenture Trustee. 
 (i) The Indenture Trustee shall not
be imputed with the knowledge of, or information possessed or obtained by, the Collateral Custodian and knowledge of the Collateral Custodian shall not be attributed or imputed to the Indenture Trustee, or any affiliate, line of business or other
division of Wells Fargo (and vice versa). 
 (j) Any delays in or failure by the Indenture Trustee in the performance of any obligations
hereunder shall be excused if and to the extent caused by any force majeure event. 
 (k) Notwithstanding anything to the contrary in this
Indenture or any other Transaction Document, the Indenture Trustee shall not be required to any action that is not in accordance with Applicable Laws. 

(l) The right of the Indenture Trustee to perform any permissive or discretionary act enumerated in this Indenture or any related document
shall not be construed as a duty. 
 (m) The Indenture Trustee is not required to ensure that the Issuing Entity’s security interest in
the Trust Estate is valid or enforceable, or to monitor status of a lien or performance of the Trust Estate. 
 (n) The Indenture Trustee
shall have no duty to see to, or be responsible for the correctness or accuracy of, any recording, filing or depositing of this Indenture or any agreement referred to herein, or any financing statement or continuation statement evidencing a security
interest, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, refilling or re-depositing of any thereof. 

  
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 (o) The parties hereto acknowledge that in accordance with laws, regulations and executive
orders of the United States or any state or political subdivision thereof as are in effect from time to time applicable to financial institutions relating to the funding of terrorist activities and money laundering, including without limitation the
USA Patriot Act (Pub. L. 107-56) and regulations promulgated by the Office of Foreign Assets Control (collectively, “AML Law”), the Indenture Trustee is required to obtain, verify, and record
information relating to individuals and entities that establish a business relationship or open an account with the Indenture Trustee. Each party hereby agrees that it shall provide the Indenture Trustee with such identifying information and
documentation as the Indenture Trustee may request in writing from time to time in order to enable the Indenture Trustee to comply with all applicable requirements of AML Law. 

(p) The rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including its right to be indemnified, are
extended to, and shall be enforceable by, Wells Fargo Bank, National Association, in each of its capacities hereunder, including its capacity under Section 4.4 hereof, and in connection with the performance of any of its
duties or obligations under any of the Transaction Documents. 
 (q) For the avoidance of doubt, the Indenture Trustee shall not be
responsible for determining whether any breach of representations or warranty or document defect constitutes a breach or defect or a material breach or defect, or the enforcement of any repurchase obligation. 

Section 6.3 Indenture Trustee May Own Notes. The Indenture Trustee in its individual or any other capacity may
become the owner or pledgee of Notes and may otherwise deal with the Issuing Entity, the Servicer or any of their respective Affiliates with the same rights it would have if it were not Indenture Trustee; provided, however, that the
Indenture Trustee shall comply with Sections 6.10 and 6.11. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like
rights. 
 Section 6.4 Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of any Transaction Document, including this Indenture or the Notes, it shall not be accountable for the Issuing Entity’s use of the proceeds from the Notes, it shall not
have any responsibility to monitor or cause the Issuing Entity to comply with Regulation RR and it shall not be responsible for any statement of the Issuing Entity or the Grantor Trust in the Indenture or in any document issued in connection with
the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication. 

Section 6.5 Notice of Events of Default. If an Event of Default occurs and is continuing and a Responsible Officer
of the Indenture Trustee has actual knowledge or has received written notice thereof, the Indenture Trustee shall mail to each Noteholder notice of the Event of Default within ten (10) calendar days after it is known to a Responsible Officer of
the Indenture Trustee. Except in the case of an Event of Default in payment of principal of or interest on any Note, the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines
that withholding the notice is in the interests of Noteholders. 
 Section 6.6 Reports by Indenture Trustee. The
Indenture Trustee shall deliver to each Noteholder the documents and information set forth in Article VII and, in addition, all such information with respect to the Notes as may be required to enable such Holder to prepare its federal and
State income tax returns. 

  
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 Section 6.7 Compensation; Indemnity. 

(a) The Issuing Entity shall pay to the Indenture Trustee from time to time reasonable compensation for its services. The Indenture
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuing Entity shall reimburse the Indenture Trustee for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services; provided, however, that the Issuing
Entity need not reimburse the Indenture Trustee for any expense incurred through the Indenture Trustee’s willful misconduct, negligence, or bad faith. Such expenses shall include the reasonable compensation and expenses, disbursements and
advances of the Indenture Trustee’s agents, external counsel, accountants and experts. The Issuing Entity shall indemnify the Indenture Trustee for, and hold it and its officers, directors, employees, representatives and agents, harmless
against, any and all loss, liability or expense (including reasonable attorneys’ fees and expenses and court costs, and any loss or expense incurred in connection with a successful defense, in whole or in part, of any claim that the Indenture
Trustee breached its standard of care or any enforcement (including any successful action, claim or suit brought) by the Indenture Trustee of any indemnification of the Issuing Entity) incurred by it in connection with the administration of this
trust and the performance of its duties hereunder or under any other Transaction Document; provided, however, that the Issuing Entity need not indemnify the Indenture Trustee for, or hold it harmless against, any such loss, liability or expense
incurred through the Indenture Trustee’s willful misconduct, negligence, or bad faith. The Indenture Trustee shall notify the Issuing Entity and the Administrator promptly of any claim for which it may seek indemnity. Any failure by the
Indenture Trustee to so notify the Issuing Entity and the Administrator shall not, however, relieve the Issuing Entity of its obligations hereunder. The Administrator, on behalf of the Issuing Entity, shall defend any such claim. The Indenture
Trustee may have separate counsel in connection with the defense of any such claim, and the Issuing Entity, shall pay the fees and expenses of such counsel. 

(b) The Issuing Entity’s payment obligations to the Indenture Trustee pursuant to this Section 6.7 shall survive
the discharge or assignment of this Indenture and the resignation or removal of any party. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(e) or
Section 5.1(f) with respect to the Issuing Entity or the Grantor Trust, 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 6.8 Replacement of Indenture Trustee. 

(a) The Indenture Trustee may at any time give notice of its intent to resign by so notifying the Issuing Entity; provided,
however, that no such resignation shall become effective and the Indenture Trustee shall not resign prior to the time set forth in Section 6.8(c). The Holders of a majority in Outstanding Amount of the Controlling
Class may remove the Indenture Trustee by so notifying the Indenture Trustee upon at least thirty (30) calendar days prior written notice and may appoint a successor Indenture Trustee. Such resignation or removal shall become effective in
accordance with Section 6.8(c). The Issuing Entity shall remove the Indenture Trustee if: 
 (i)
the Indenture Trustee fails to comply with Section 6.11; 

  
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 (ii) a Bankruptcy Event occurs with respect to the Indenture Trustee; 

(iii) a receiver or other public officer takes charge of the Indenture Trustee or its property; or 

(iv) the Indenture Trustee otherwise becomes incapable of acting. 

(b) If the Indenture Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of the Indenture Trustee
for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuing Entity shall promptly appoint and designate a successor Indenture Trustee. 

(c) A successor Indenture Trustee shall deliver a written acceptance of its appointment and designation to the retiring Indenture Trustee and
the other parties to this Indenture. 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 deliver a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee. 

(d) If a successor Indenture Trustee does not take office within sixty (60) calendar days after the Indenture Trustee gives notice of its
intent to resign or is removed, the retiring Trustee, the Issuing Entity or the Holders of a majority of the Outstanding Amount of the Controlling Class may petition any court of competent jurisdiction for the appointment and designation of a
successor Indenture Trustee (at the expense of the Issuing Entity). 
 (e) If the Indenture Trustee fails to comply with
Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

Section 6.9 Merger or Consolidation of Indenture Trustee. 

(a) Any Person into which the Indenture Trustee may be merged or with which it may be consolidated, or any Person resulting from any merger or
consolidation to which the Indenture Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Indenture Trustee, shall be the successor of the Indenture Trustee under this Indenture;
provided, however, that such Person shall be eligible under the provisions of Section 6.11, without the execution or filing of any instrument or any further act on the part of any of the parties to this
Indenture, anything in this Indenture to the contrary notwithstanding. 
 (b) If at the time such successor or successors by merger 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. In all such cases such certificate of authentication shall have the same full force as is provided anywhere in the Notes or herein with respect to the certificate of
authentication of the Indenture Trustee. 

  
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 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 Collateral or any Financed Vehicle 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
Collateral, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Collateral, or any part hereof, and, subject to the other provisions of this Section 6.10, such
powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate indenture trustee hereunder shall be required to meet the terms of
eligibility as a successor indenture trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate indenture trustee shall be required under
Section 6.8. 
 (b) Each separate trustee and co-trustee shall, to the
extent permitted by law, be appointed and act subject to the following provisions and conditions: 
 (i) all rights, powers,
duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it
being understood that such separate trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in
which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Collateral
or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 

(ii) no trustee (including the Indenture Trustee, separate trustees and co-trustees)
hereunder shall be personally liable by reason of any act, omission or appointment of any other trustee (including separate trustees and co-trustees) hereunder; and 

(iii) 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 conferred,
shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including
every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. 

  
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 (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 § 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 (unless waived by the Rating Agencies) it shall have a long term
unsecured debt rating that falls within an investment grade category by any nationally recognized rating agency then providing such rating for the Indenture Trustee. The Indenture Trustee shall comply with TIA § Section 310(b), including
the optional provision permitted by the second sentence of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities
of the Issuing Entity are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 

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

Section 6.13 Representations and Warranties of Indenture Trustee. The Indenture Trustee represents and warrants as
of the Closing Date that: 
 (a) the Indenture Trustee (i) is a national banking association duly organized, validly existing and in
good standing under the laws of the United States of America and (ii) satisfies the eligibility criteria set forth in Section 6.11; 

(b) the Indenture Trustee has full power, authority and legal right to execute, deliver and perform this Indenture, and has taken all necessary
action to authorize the execution, delivery and performance by it of this Indenture; 
 (c) the execution, delivery and performance by the
Indenture Trustee of this Indenture (i) shall not violate any provision of any law or regulation governing the banking and trust powers of the Indenture Trustee or any order, writ, judgment or decree of any court, arbitrator, or governmental
authority applicable to the Indenture Trustee or any of its assets, (ii) shall not violate any provision of the corporate charter or by-laws of the Indenture Trustee, or (iii) shall not violate any
provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any Lien on any properties included in the Collateral pursuant to the provisions of any mortgage, indenture, contract,
agreement or other undertaking to which it is a party, which violation, default or Lien could reasonably be expected to have a materially adverse effect on the Indenture Trustee’s performance or ability to perform its duties under this
Indenture or on the transactions contemplated in this Indenture; 

  
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 (d) the execution, delivery and performance by the Indenture Trustee of this Indenture shall
not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any governmental authority or agency regulating the banking and corporate trust
activities of the Indenture Trustee; and 
 (e) this Indenture has been duly executed and delivered by the Indenture Trustee and constitutes
the legal, valid and binding agreement of the Indenture Trustee, enforceable in accordance with its terms. 

Section 6.14 Indenture Trustee May Enforce Claims Without Possession of Notes. All rights of action and claims
under this Indenture or the Notes may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Indenture
Trustee shall be brought in its own name as Indenture Trustee. Any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and counsel, be
for the ratable benefit of the Noteholders and (only to the extent expressly provided herein) the Certificateholders in respect of which such judgment has been obtained. 

Section 6.15 Suit for Enforcement. If an Event of Default shall occur and be continuing, the Indenture Trustee
may, subject to the provisions of Section 6.1, proceed to protect and enforce its rights and the rights of the Noteholders under this Indenture by Proceedings whether for the specific performance of any covenant or
agreement contained in this Indenture or in aid of the execution of any power granted in this Indenture or for the enforcement of any other legal, equitable or other remedy as the Indenture Trustee, being directed by the Holders of Notes evidencing
not less than a majority of the Outstanding Amount of the Controlling Class shall deem most effectual to protect and enforce any of the rights of the Indenture Trustee or the Noteholders. 

Section 6.16 Rights of Noteholders to Direct Indenture Trustee. Holders of Notes evidencing not less than a
majority of the Outstanding Amount of the Controlling Class shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee or exercising any trust or power conferred on
the Indenture Trustee; provided, however, that subject to Section 6.1, the Indenture Trustee shall have the right to decline to follow any such direction if the Indenture Trustee determines that the action so
directed may not lawfully be taken, or if the Indenture Trustee in good faith shall, by a Responsible Officer, determine that the proceedings so directed would be illegal or subject it to personal liability or be unduly prejudicial to the rights of
Noteholders not parties to such direction; and provided, further, that nothing in this Indenture shall impair the right of the Indenture Trustee to take any action deemed proper by the Indenture Trustee and which is not inconsistent
with such direction by the Noteholders. 

  
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 Section 6.17 Reports by Indenture Trustee. 

(a) The Indenture Trustee shall: 

(i) deliver to the Depositor, the Administrator (on behalf of the Issuing Entity and the Grantor Trust) and the Servicer a
report of its assessment of compliance with the Servicing Criteria set forth in Exhibit C, including disclosure of any material instance of non-compliance identified by the Indenture
Trustee, as required by Rule 13a-18 and Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB under the Securities Act; 

(ii) cause a firm of registered public accountants that is qualified and independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver to the Depositor, the Administrator (on behalf of the Issuing Entity and the Grantor Trust)
and the Servicer an attestation report that satisfies the requirements of Rule 13a-18 or Rule 15d-18 under the Exchange Act, as applicable, on the
assessment of compliance with Servicing Criteria with respect to the prior calendar year for inclusion in the Issuing Entity’s 10-K filing; such attestation report shall be in accordance with Rule 1-02(a)(3) and Rule 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; and

 (iii) deliver to the Depositor and any other Person that will be responsible for signing the certification (a
“Sarbanes Certification”) required by Rule 13a-14(d) and Rule 15d-14(d) under the Exchange Act (pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002) on behalf of the Issuing Entity or the Depositor with respect to this securitization transaction a certification substantially in the form attached hereto as Exhibit D or such form as mutually agreed upon
by the Depositor and the Indenture Trustee; the Indenture Trustee acknowledges that the parties identified in this clause (iii) may rely on the certification provided by the Indenture Trustee pursuant to such clause in signing a
Sarbanes Certification and filing such with the Commission. 
 (b) The reports referred to in Section 6.17(a) shall be
delivered on or before March 15 of each year that a 10-K filing is required to be filed by the Issuing Entity, beginning March 15, 2022 (and if such date is not a Business Day, the
next succeeding Business Day), unless the Issuing Entity is not required to file periodic reports under the Exchange Act or any other law, in which case such reports may be delivered on or before April 30 of each calendar year, beginning
April 30, 2022. 
 ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS 

Section 7.1 Issuing Entity To Furnish Indenture Trustee and Paying Agent Names and Addresses of Noteholders. The
Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee and the Paying Agent (a) not more than five (5) calendar days before each Distribution Date a list, in such form as the Indenture Trustee or the Paying Agent
may reasonably require, of the names and addresses of the Holders of Notes as of the 

  
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close of business on the related Record Date, and (b) at such other times as the Indenture Trustee or Paying Agent may request in writing, within thirty (30) calendar days after receipt
by the Issuing Entity of any such request, a list of similar form and content as of a date not more than ten (10) calendar days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is
the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished. 

Section 7.2 Preservation of Information, Communications to Noteholders. 

(a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 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 7.1 upon receipt of a new list so furnished. 

(b) Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under
the Notes. 
 (c) The Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection of TIA § 312(c). 

Section 7.3 Reports by the Issuing Entity and the Grantor Trust. 

(a) The Issuing Entity and the Grantor Trust, respectively, shall file with the Indenture Trustee: (i) within fifteen (15) calendar
days after the Issuing Entity is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to
time by rules and regulations prescribe) which the Issuing Entity may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or Item 1122 of Regulation AB; (ii) file with the Indenture Trustee and the
Commission in accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuing Entity and the Grantor Trust, as applicable, with the
conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA
§ 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be required by rules and regulations
prescribed from time to time by the Commission. 
 (b) Unless the Issuing Entity or the Grantor Trust otherwise determines, the fiscal year
of the Issuing Entity and the Grantor Trust, respectively, shall end on December 31 of such year. 
 Section 7.4
Reports by Indenture Trustee. 
 (a) If required by TIA § 313(a), within sixty (60) calendar days after each April 15,
beginning with April 15, 2022, the Indenture Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA
§ 313(b). A copy of any report delivered pursuant to this Section 7.4(a) shall, at the time of its mailing to Noteholders, be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which
the Notes are listed. 

  
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 (b) On or prior to each Distribution Date the Indenture Trustee shall deliver or make
available on its website a copy of the statement for the related Collection Period or Periods applicable to such Distribution Date as required pursuant to Section 2.8(a) of the Servicing Agreement. 

Section 7.5 Noteholder Communications. 

(a) Noteholder Communications with Indenture Trustee. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner
(if the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notice to
the Indenture Trustee. In the event that a Verified Note Owner communicates with the Indenture Trustee, the Indenture Trustee shall provide a copy of the supporting evidence provided to the Indenture Trustee to the Administrator. The Indenture
Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a Verified Note Owner, other than requests, demands or directions relating to obligations of the Indenture Trustee in connection with an
Asset Representations Review Notice explicitly set forth in Section 12.2, a repurchase request made by a Noteholder pursuant to Section 3.1(d) of the Receivables Transfer Agreement or in connection with a dispute
resolution pursuant to Section 3.1(d) of the Receivables Transfer Agreement, unless the Noteholder or Verified Note Owner has offered reasonable security or indemnity reasonably satisfactory to the Indenture Trustee to protect it against the
fees and expenses that it may incur in complying with the request, demand or direction. 
 (b) Communications between Noteholders. A
Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) that seeks to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise of rights
under this Indenture or the other Transaction Documents may send a request to the Administrator, on behalf of the Issuing Entity, at abs-transactions@carvana.com to include information regarding the
communication in a Form 10-D to be filed by the Issuing Entity with the Commission. Each request must include (i) the name of the requesting Noteholder or Verified Note Owner, (ii) the
method by which other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner and (iii) in the case of a Note Owner, evidence of and a certification from that Person that it is a Verified Note Owner. A
Noteholder or Note Owner, as applicable, that delivers a request under this Section 7.5(b) will be deemed to have certified to the Administrator that its request to communicate with other Noteholders or Note Owners, as
applicable, relates solely to a possible exercise of rights under this Indenture or the other Transaction Documents, and will not be used for other purposes. The Administrator will include in the
Form 10-D filed with the Commission for the Collection Period in which the request was received (A) a statement that the Administrator has received a request from a Noteholder or Note Owner, as
applicable, that is interested in communicating with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other 

  
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Transaction Documents, (B) the name of the requesting Noteholder or Note Owner, (C) the date the request was received, (D) a statement that the Noteholder is interested in
communicating with other Noteholders about the possible exercise of rights under the Transaction Documents and (E) a description of the method by which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder
or Note Owner. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such requesting Noteholder or Note Owner will pay any costs associated with
communicating with other Noteholders or Note Owners, and none of the Seller, the Servicer, the Depositor, the Issuing Entity, the Administrator, the Indenture Trustee or the Owner Trustee will be responsible for such costs. 

ARTICLE VIII 
 ACCOUNTS,
DISBURSEMENTS AND RELEASES 
 Section 8.1 Collection of Money. Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the
Indenture Trustee pursuant to this Indenture. The Indenture Trustee or any Paying Agent 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 Collateral, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution
of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 

Section 8.2 Designated Accounts; Payments. 

(a) Establishment of Other Accounts. 

(i) The Indenture Trustee shall establish, initially with itself, the Reserve Account, the Collection Account and the Note
Distribution Account, each in the name of the Indenture Trustee for the benefit of the Noteholders and, solely in the case of the Collection Account and the Reserve Account, the Certificateholders. The Indenture Trustee shall establish, initially
with itself, the Class N Reserve Account in the name of the Indenture Trustee for the benefit of the Class N Noteholders. 

(ii) The Collection Account, the Note Distribution Account, the Reserve Account and the Class N Reserve Account shall be
Eligible Deposit Accounts initially established with the Indenture Trustee as the Account Holder. Funds deposited in each of the Designated Accounts (including amounts, if any, which the Servicer is required to remit daily to the Collection Account)
shall be invested in the Investment Fund. Such investments shall, in each case, mature or, if such Eligible Investment does not mature, be liquidated as set forth in the definition of “Eligible Investments”; provided that neither
the Administrator nor 

  
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the Indenture Trustee shall have the power or right to change or alter the particular Eligible Investments identified in the definition of “Investment Fund” with respect to which such
funds are invested; and provided further that the Administrator shall provide written notice to the Indenture Trustee, promptly upon any investment in each of the Designated Accounts ceasing to be an Eligible Investment, and such
notification shall include an instruction to the Indenture Trustee to withdraw the funds from the ineligible investment and to deposit such funds into the applicable Eligible Investment set forth in the definition of “Investment
Fund.” The Administrator shall have no power or right whatsoever to change or alter any of the initial specifications set forth in the definition of “Investment Fund”; provided
that if the short-term debt obligations of such Account Holder cease to have the Required Deposit Rating (such occurrence, an “Account Status Event”) (i) the Administrator shall
provide written notice within thirty (30) calendar days of knowledge of such Account Status Event to the Indenture Trustee or other Account Holder and shall include the proposed Account Holder information in such notice; (ii) the
Administrator shall open any necessary accounts at such proposed Account Holder within sixty (60) calendar days of knowledge of such Account Status Event; and (iii) the Administrator shall provide written notice to the Indenture Trustee or
other Account Holder instructing the Account Holder to transfer the Designated Accounts to another Account Holder that is an Eligible Institution; and provided further that should the Account Holder inform the Administrator or the
Indenture Trustee that no further investments may be made with respect to a specific Eligible Investment, then any additional funds shall be invested by that same Account Holder in an Eligible Investment in accordance with the definition of
“Investment Fund.” Investments in Eligible Investments shall be made in the name of the Indenture Trustee or its nominee, and such investments shall not be sold or disposed of prior to their maturity, notwithstanding anything to the
contrary provided in this Agreement. Investment Earnings on funds deposited in the Reserve Account, the Class N Reserve Account and the Collection Account shall be payable to the Depositor. Each Account Holder holding a Designated Account as
provided in this Section 8.2(a), shall be a “Securities Intermediary.” If a Securities Intermediary shall be a Person other than the Indenture Trustee, the Administrator shall obtain the express agreement
of such Person to the obligations of the Securities Intermediary set forth in this Section 8.2. 

(iii) With respect to the Designated Account Property, the Account Holder agrees, by its acceptance hereof, that: 

(A) The Designated Accounts are accounts to which Financial Assets will be credited. 

(B) All securities or other property underlying any Financial Assets credited to the Designated Accounts shall be registered
in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any
of the Designated Accounts be registered in the name of the Issuing Entity, the Servicer or the Seller, payable to the order of the Issuing Entity, the Servicer or the Seller or specially indorsed to the Issuing Entity, the Servicer or the Seller
except to the extent the foregoing have been specially indorsed to the Securities Intermediary or in blank. 

  
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 (C) All property delivered to the Securities Intermediary pursuant to this
Agreement or the Indenture will be promptly credited to the appropriate Designated Account. 
 (D) Each item of property
(whether investments, investment property, Financial Asset, security, instrument or cash) credited to a Designated Account shall be treated as a “Financial Asset” within the meaning of
Section 8-102(a)(9) of the New York UCC. 
 (E) If at any time the Securities
Intermediary shall receive any entitlement order from the Indenture Trustee directing transfer or redemption of any Financial Asset relating to the Designated Accounts, the Securities Intermediary shall comply with such entitlement order without
further consent by the Grantor Trust, the Issuing Entity, the Servicer, the Seller or any other Person. 
 (F) The
Designated Accounts shall be governed by the laws of the State of New York, regardless of any provision in any other agreement. For purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the
Designated Accounts (as well as the Securities Entitlements related thereto) shall be governed by the laws of the State of New York. The laws of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities
Convention with respect to each “account agreement” (within the meaning of the Hague Securities Convention) of each Designated Account. The Securities Intermediary shall have at the time of entry of each such account agreement and shall
continue to have at all relevant times one or more offices (within the meaning of the Hague Securities Convention) in the United States of America which satisfies the criteria provided in Article 4(1)(a) or (b) of the Hague Securities
Convention. 
 (G) The Securities Intermediary has not entered into, and until the termination of this Agreement will not
enter into, any agreement with any other person relating to the Designated Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in
Section 8-102(a)(8) of the New York UCC) of such other person and the Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement with the
Issuing Entity, the Seller, the Servicer or the Indenture Trustee purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement orders as set forth in Section 8.2(a)(iii)(E). 

  
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 (H) Except for the claims and interest of the Indenture Trustee and of the
Issuing Entity in the Designated Accounts, the Securities Intermediary knows of no claim to, or interest in, the Designated Accounts or in any Financial Asset credited thereto. If any other Person asserts any Lien, encumbrance or adverse claim
(including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the Designated Accounts or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Indenture Trustee, the
Servicer and the Issuing Entity thereof. 
 (I) The Securities Intermediary will make available electronically, copies of
all statements, confirmations and other correspondence concerning the Designated Accounts and any Designated Account Property simultaneously to each of the Servicer and the Indenture Trustee. 

(J) Any Designated Account Property that constitutes Physical Property shall be delivered to the Indenture Trustee and shall
be held, pending maturity or disposition, solely by the Indenture Trustee, or by a Securities Intermediary acting solely for the Indenture Trustee, as collateral agent. 

(iv) The Indenture Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the
Designated Accounts and in all proceeds thereof. The Designated Accounts shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Securityholders and the Issuing Entity (as specified herein). 

(v) The Administrator shall not direct the Indenture Trustee to make any investment of any funds or to sell any investment held
in any of the Designated Accounts unless the security interest granted and perfected in such account shall continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person. 

(vi) Except as otherwise provided herein, the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Securities
Intermediary and each other institution with whom a Designated Account is maintained waives any right of set-off, counterclaim, security interest or bankers’ lien to which it might otherwise be entitled
in its individual capacity. 
 (b) Application of Collections; Additional Deposits.  

(i) On or before the Closing Date, the Seller or the Depositor shall deposit the Reserve Account Initial Deposit into the
Reserve Account from the net proceeds of the sale of the Notes. 
 (ii) On or before the Closing Date, the Depositor shall
deposit the Class N Reserve Account Initial Deposit into the Class N Reserve Account from the net proceeds of the sale of the Notes. 

  
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 (iii) The Servicer, the Depositor or the Seller, as the case may be, shall
deposit or cause to be deposited in the Collection Account the aggregate Purchase Amount with respect to Purchased Receivables and the Servicer shall deposit therein all amounts to be paid under Section 6.1 of the Servicing Agreement. Except
for those deposits to be made by Servicer under Section 6.1 of the Servicing Agreement, all such deposits shall be made, in immediately available funds, on the Business Day preceding the Determination Date. With respect to deposits to be made
by Servicer under Section 6.1 of the Servicing Agreement, such deposits shall be made, in immediately available funds, on the Business Day preceding the Distribution Date. 

(iv) On each Distribution Date, the Indenture Trustee shall transfer from the Reserve Account and deposit in the Note
Distribution Account before 12:00 p.m. (New York time) the Reserve Account Draw Amount (if any) for that Distribution Date in accordance with the Servicer’s Certificate. 

(v) On each Distribution Date, the Indenture Trustee shall transfer from the Class N Reserve Account and deposit in the
Note Distribution Account before 12:00 p.m. (New York time) the Class N Reserve Account Draw Amount (if any) for that Distribution Date in accordance with the Servicer’s Certificate. 

(vi) On each Distribution Date, the Indenture Trustee shall transfer from the Collection Account to the Servicer, in
immediately available funds, an amount equal to the Supplemental Servicing Fees and Liquidation Expenses (as set forth on the Servicer’s Certificate) (and any unpaid Supplemental Servicing Fees and Liquidation Expenses from prior periods)
during the related Collection Period in accordance with the Servicer’s Certificate. 
 (vii) On any Distribution Date
that the amount on deposit in the Reserve Account together with Available Funds is sufficient to pay all amounts due pursuant to Sections 2.7(b)(i) through (xv) and the aggregate outstanding principal amount of the Class A
Notes, Class B Notes, Class C Notes, the Class D Notes and the Class E Notes, then such amount will be used to repay all such outstanding classes of Notes in full on such Distribution Date. 

(c) Distributions. On each Distribution Date, in accordance with the Servicer’s Certificate, the Indenture Trustee shall cause to
be distributed to the Noteholders all amounts on deposit in the Note Distribution Account (subject to the Depositor’s rights to Investment Earnings pursuant to Section 8.2(a)(ii) hereof) in the following order of
priority and in the amounts determined as described below: 
 (i) On each Distribution Date, the amount deposited in the Note Distribution
Account in respect of interest on the Notes shall be applied in the following order of priority, to the extent of remaining funds after all earlier priorities have been satisfied, and any amount so applied shall be paid on such Distribution Date to
the holders of Notes of each applicable Class: 

  
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 (A) the Aggregate Class A Interest Distributable Amount shall be paid
to the holders of the Class A Notes; 
 (B) the Aggregate Class B Interest Distributable Amount shall be paid to
the holders of the Class B Notes; 
 (C) the Aggregate Class C Interest Distributable Amount shall be paid to the
holders of the Class C Notes; 
 (D) the Aggregate Class D Interest Distributable Amount shall be paid to the
holders of the Class D Notes; 
 (E) the Aggregate Class E Interest Distributable Amount shall be paid to the
holders of the Class E Notes; and 
 (F) the Aggregate Class N Interest Distributable Amount shall be paid to the
holders of the Class N Notes; 
 provided however, if there are not sufficient funds to so pay the entire amount specified in any of the
foregoing priorities for a particular Class of Notes, then the amount available for such Class of Notes shall be paid to the Holders thereof ratably on the basis of the total amount of accrued and unpaid interest owing to each such Holder.

 (ii) The amount deposited in the Note Distribution Account pursuant to Section 2.7(b) (v), (vii),
(ix), (xi), (xiii) and (xv), as applicable, shall be applied to each Class of Notes in the following amounts and in the following order of priority and any amount so applied shall be paid on such Distribution Date to
the Holders of such Class of Notes: 
 (1) to the Class A-1 Notes, an
amount equal to the excess of the then outstanding principal amount of the Class A Notes over the Target Balance for the Class A Notes for such Distribution Date, until the Outstanding Amount of the
Class A-1 Notes is reduced to zero; 
 (2) to the
Class A-2 Notes, only after the principal amount of the Class A-1 Notes has been reduced to zero, an amount equal to the excess of the then outstanding
principal amount of the Class A Notes over the Target Balance for the Class A Notes for such Distribution Date, until the Outstanding Amount of the Class A-2 Notes is reduced to zero 

(3) to the Class B Notes, an amount equal to the excess of the then outstanding principal amount of the Class B Notes
over the Target Balance for the Class B Notes for such Distribution Date, until the Outstanding Amount of the Class B Notes is reduced to zero; 

(4) to the Class C Notes, an amount equal to the excess of the then outstanding principal amount of the Class C Notes
over the Target Balance for the Class C Notes for such Distribution Date, until the Outstanding Amount of the Class C Notes is reduced to zero; 

  
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 (5) to the Class D Notes, an amount equal to the excess of the then
outstanding principal amount of the Class D Notes over the Target Balance for the Class D Notes for such Distribution Date, until the Outstanding Amount of the Class D Notes is reduced to zero; and 

(6) to the Class E Notes, an amount equal to the excess of the then outstanding principal amount of the Class E Notes
over the Target Balance for the Class E Notes for such Distribution Date, until the Outstanding Amount of the Class E Notes is reduced to zero. 

(iii) The amount deposited in the Note Distribution Account pursuant to Section 2.7(b)(xviii) shall be applied to the Class N Notes,
until the Outstanding Amount of the Class N Notes is reduced to zero. 
 Section 8.3 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 Designated Accounts shall be invested in Eligible Investments upon Issuing Entity Order. Absent such direction, the funds shall remain uninvested. All such investments shall mature or be liquidated no later than the Business Day preceding the
next Distribution Date. All income or other gain (net of losses and investment expenses) from investments of monies deposited in the Collection Account, the Reserve Account or the Class N Reserve Account shall be withdrawn (or caused to be
withdrawn) by the Indenture Trustee from such accounts and distributed as provided herein to the Depositor. Each of the Issuing Entity and the Administrator acknowledges that upon its written request and at no additional cost, it has the right to
receive notification after the completion of each purchase and sale of Eligible Investments or the Indenture Trustee’s receipt of a broker’s confirmation. Each of the Issuing Entity and the Administrator agrees that such notifications
shall not be provided by the Indenture Trustee hereunder, and the Indenture Trustee shall make available, upon request and in lieu of notifications, periodic account statements that reflect such investment activity. No statement need be made
available for any account if no activity has occurred in such account during such period. 
 (b) Subject to
Section 6.1(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Designated Accounts resulting from any loss on any Eligible Investment included therein 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 their terms. 

(c) If (i) the Issuing Entity shall have failed to give investment directions for any funds on deposit in the Designated Accounts to the
Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Issuing Entity and the Indenture Trustee) on any Business Day; or (ii) a Default or Event of Default shall have occurred and be continuing with
respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.2, or, if such Notes shall have been declared due and payable following an Event of Default, but amounts collected or
receivable from the Collateral are being applied in accordance with Section 5.5 as if there had not been such a declaration; then in each case, funds in the Designated Accounts shall remain uninvested. 

  
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 Section 8.4 Release of Trust Estate. 

(a) Subject to the payment of its fees and expenses pursuant to Section 6.7, 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 consistent 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 monies. 
 (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due to the Indenture Trustee pursuant to Section 6.7 have been paid and the Grantor Trust has been dissolved, release any remaining portion of the Collateral that secured the Notes from the Lien of
this Indenture and release to the Issuing Entity, the Grantor Trust or any other Person entitled thereto any funds then on deposit in the Designated Accounts, including distribution of the funds in the Reserve Account, less Investment Earnings, to
the Certificate Distribution Account (for further distribution to the Certificateholders). The Indenture Trustee shall release property from the Lien of this Indenture pursuant to this Section 8.4(b) only upon receipt by it
of an Issuing Entity Request, an Officer’s Certificate, an Opinion of Counsel addressed to the Indenture Trustee and (if required by the TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the
applicable requirements of Section 11.1. 
 (c) The Indenture Trustee shall, at such time as there are no Class N Notes Outstanding
and all sums due to the Indenture Trustee in connection with, and reasonably attributable (as determined by the Administrator) to, such Class N Notes pursuant to Section 6.7 have been paid, release any remaining portion of the Collateral
that secured the Class N Notes from the Lien of this Indenture and release to the Depositor any funds then on deposit in the Class N Reserve Account, including Investment Earnings. The Indenture Trustee shall release such property from the
Lien of this Indenture pursuant to this Section 8.4(c) only upon receipt by it of an Issuing Entity Request and an Officer’s Certificate certifying that all conditions precedent to such release have been satisfied.

 Section 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least seven (7) calendar
days’ notice when requested by the Issuing Entity or the Grantor Trust to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also require as a
condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions
precedent to the taking of such action have been complied with and such action shall not materially and adversely impair the security for the Secured Obligations or the rights of the Secured Parties 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 Collateral. 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. 

  
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 ARTICLE IX 

SUPPLEMENTAL INDENTURES 

Section 9.1 Supplemental Indentures Without Consent of Noteholders. 

(a) Without the consent of the Holders of any Notes but with prior notice by the Issuing Entity to the Rating Agencies, the Issuing Entity, the
Grantor Trust and the Indenture Trustee, when authorized by an Issuing Entity Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in
force at the date of the execution thereof), for any of the following purposes: 
 (i) to correct or amplify the description
of any property at any time subject to the Lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture; 

(ii) to subject additional property to the Lien of this Indenture, provided that in the case of this clause (ii),
the consent of the Certificateholders shall be required; 
 (iii) to add to the covenants of the Issuing Entity or the
Grantor Trust, for the benefit of the Securityholders or to surrender any right or power herein conferred upon the Issuing Entity; 

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

(v) to cure any ambiguity or to correct or supplement any provision herein or in any supplemental indenture which may be
inconsistent with any other provision herein or in any supplemental indenture or in the Prospectus, the Class E Notes Confidential Offering Memorandum, the Class N Notes Confidential Offering Memorandum or the Certificate Private Placement
Memorandum, or any other Transaction Document; 
 (vi) to evidence and provide for the acceptance of the appointment
hereunder by a successor or additional trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee,
pursuant to the requirements of Article VI; or 
 (vii) to modify, eliminate or add to the provisions of this
Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the
TIA, and the Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. 

  
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 (b) The Issuing Entity and the Grantor Trust and, when authorized by an Issuing Entity
Order, the Indenture Trustee, may, also without the consent of any of the Noteholders but with prior written notice by the Issuing Entity to the Rating Agencies, at any time and from time to time enter into one or more indentures supplemental hereto
for the purpose of adding any provisions to, changing in any manner, or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that such
action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder. 
 (c)
Notwithstanding anything to the contrary herein, an Opinion of Counsel shall be delivered to the effect that any amendment pursuant to this Section 9.1 would not cause either of the Issuing Entity or the Grantor Trust to
fail to qualify as a grantor trust for United States federal income tax purposes. 
 (d) The Owner Trustee and the Grantor Trust Trustee may,
but shall not be obligated to, enter into any such supplemental indenture that affects the Owner Trustee’s or the Grantor Trust Trustee’s rights, duties, immunities, indemnities or liabilities under this Indenture. No amendment which
adversely affects the rights, duties, indemnities, immunities or liabilities of the Owner Trustee or the Grantor Trust Trustee under this Agreement shall be effective without its prior written consent. 

(e) Notwithstanding anything in this Indenture to the contrary, no supplemental indenture shall be effective without the prior written consent
of the Asset Representations Reviewer if the supplemental indenture would adversely modify the amount or timing of distributions to be made to the Asset Representations Reviewer under this Indenture. The Indenture Trustee shall have no
responsibility for determining whether any supplemental indenture would adversely modify the amount or timing of distributions to be made to the Asset Representations Reviewer under this Indenture. 

Section 9.2 Supplemental Indentures With Consent of Noteholders. 

(a) The Issuing Entity and the Grantor Trust and, when authorized by an Issuing Entity Order, the Indenture Trustee, also may, with 10 Business
Days prior written notice by the Issuing Entity to each of the Rating Agencies, and with the consent of the Holders of not less than a majority of the Outstanding Amount of the Controlling Class, by Act of such Holders delivered to the Issuing
Entity, the Grantor Trust and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner, or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note adversely affected thereby: 

  
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 (i) change the due date of any installment of principal of or interest on
any Note, or reduce the principal amount thereof, the interest rate applicable thereto, or the Redemption Price with respect thereto, change any place of payment where, or the coin or currency in which, any Note or any interest thereon is payable,
or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the
respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 
 (ii) reduce the percentage
of the Outstanding Amount of the Controlling Class, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences as provided for in this Indenture; 
 (iii) modify or alter
the provisions of the proviso to the definition of the term “Outstanding”; 
 (iv) reduce the percentage of
the Outstanding Amount of the Notes required to direct the Indenture Trustee to sell or liquidate the Collateral pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the principal amount of and
accrued but unpaid interest on the Outstanding Notes; 
 (v) modify any provision of this
Section 9.2 to decrease the required minimum percentage necessary to approve any amendments to any provisions of this Indenture or any of the Transaction Documents; 

(vi) modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of
interest or principal due on any Note on any Distribution Date (including the calculation of any of the individual components of such calculation), or to affect the rights of the Holders of Notes to the benefit of any provisions for the mandatory
redemption of the Notes contained therein; or 
 (vii) permit the creation of any Lien ranking prior to or on a parity with
the Lien of this Indenture with respect to any part of the Collateral or, except as otherwise permitted or contemplated herein, terminate the Lien of this Indenture on any property at any time subject thereto or deprive the Holder of any Note of the
security afforded by the Lien of this Indenture. 
 (b) The Indenture Trustee may rely on an Officer’s Certificate and/or an Opinion of
Counsel in determining whether or not any Notes would be affected (such that the consent of each Noteholder would be required) by any supplemental indenture proposed pursuant to this Section 9.2 and any such determination
shall be binding upon the Holders of all Notes, whether authenticated and delivered thereunder before or after the date upon which such supplemental indenture becomes effective. 

  
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 (c) It shall be sufficient if an Act of Noteholders approves the substance, but not the
form, of any proposed supplemental indenture. 
 (d) Promptly after the execution by the Issuing Entity and the Indenture Trustee of any
supplemental indenture pursuant to this Section 9.2, the Indenture Trustee shall deliver to the Noteholders a copy 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. 
 (e) Notwithstanding anything to
the contrary herein, an Opinion of Counsel shall be delivered to the effect that any amendment pursuant to this Section 9.2 would not cause either of the Issuing Entity or the Grantor Trust to fail to qualify as a grantor
trust for United States federal income tax purposes. 
 Section 9.3 Execution of Supplemental Indentures. In
executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and an Officer’s Certificate
stating that all conditions precedent to the execution and delivery of such supplemental indenture have been satisfied. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture
Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 
 Section 9.4
Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected
thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuing Entity, the Grantor Trust and the Noteholders shall thereafter be determined,
exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for
any and all purposes. 
 Section 9.5 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 Issuing Entity as to any matter provided for in such
supplemental indenture. If the Issuing Entity, the Grantor Trust or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any such supplemental indenture may
be prepared and executed by the Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes of the same Class. 

  
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 Section 9.6 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. 
 ARTICLE X 

REDEMPTION OF NOTES 

Section 10.1 Redemption. The Notes are subject to redemption in whole, but not in part, upon the exercise by the
Servicer of its option to purchase the Receivables pursuant to Section 6.1 of the Servicing Agreement. The date on which such redemption shall occur is the Distribution Date following the Optional Purchase Date identified by Servicer in its
notice of exercise of such purchase option (the “Redemption Date”). The purchase price for the Notes shall be equal to the applicable Redemption Price. After receipt of such notice from the Servicer pursuant to Section 6.1 of
the Servicing Agreement, the Issuing Entity shall furnish the Rating Agencies notice of such redemption. If the Notes are to be redeemed pursuant to this Section 10.1, the Servicer or the Issuing Entity shall furnish notice
thereof to the Indenture Trustee not later than ten (10) calendar days prior to the Redemption Date and the Indenture Trustee (based on such notice) shall withdraw from the Collection Account and deposit into the Note Distribution Account, on
the Redemption Date, the aggregate Redemption Price of the Notes, whereupon all such Notes shall be due and payable on the Redemption Date. 

Section 10.2 Form of Redemption Notice. Notice of redemption of the Notes under
Section 10.1 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted promptly following receipt of notice from the Issuing Entity or the Servicer pursuant to
Section 10.1, but not later than five (5) calendar days prior to the applicable Redemption Date to each Noteholder of record at such Noteholder’s address or facsimile number appearing in the Note Register (or
otherwise communicate such notice of redemption electronically to the Noteholders). 
 (a) All notices of redemption shall state: 

(i) the Redemption Date; 

(ii) the applicable Redemption Price; and 

(iii) the place where Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of
the Issuing Entity to be maintained as provided in Section 3.2). 
 (b) Notice of redemption of the Notes shall be
given by the Indenture Trustee in the name and at the expense of the Issuing Entity. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note.

 Section 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption
as required by Section 10.2, on the Redemption Date cease to be Outstanding for purposes of this Indenture and shall thereafter represent only the right to receive the applicable Redemption Price and (unless the Issuing
Entity shall default in the payment of such Redemption Price) no interest shall accrue on such Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating such Redemption Price. 

  
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 ARTICLE XI 

MISCELLANEOUS 

Section 11.1 Compliance Certificates and Opinions, etc. 

(a) Upon any application or request by the Issuing Entity or the Grantor Trust to the Indenture Trustee to take any action under any provision
of this Indenture that requires an application or request hereunder, the Issuing Entity shall, if requested by 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 11.1, except that, in the case of any such application or request as to which
the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. Every certificate or opinion delivered with respect to compliance with a condition or covenant
provided for in this Indenture shall include: 
 (i) a statement that each signatory of such certificate or opinion has read
or has caused to be read such covenant or condition and the definitions herein relating thereto; 
 (ii) a brief statement as
to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(iii) a statement that, in the judgment of each such signatory, such signatory has made such examination or investigation as is
necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with. 

(b) 
 (i) Prior to
the deposit with the Indenture Trustee of any Collateral or other property or securities that is to be made the basis for the release of any property or securities subject to the Lien of this Indenture, the Issuing Entity shall, in addition to any
obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair
value (within ninety (90) calendar days of such deposit) to the Issuing Entity of the Collateral or other property or securities to be so deposited. 

  
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 (ii) Whenever the Issuing Entity is required to furnish to the Indenture
Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (b)(i) above, the Issuing Entity shall also deliver to the Indenture Trustee an Independent Certificate as to the
same matters, if the fair value to the Issuing Entity of the property or securities to be so deposited and of all other such securities made on the basis of any such withdrawal or release since the commencement of the then current fiscal year of the
Issuing Entity, as set forth in the certificates delivered pursuant to clause (i) above and this clause (b)(ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities
so deposited, if the fair value thereof to the Issuing Entity 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. 

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

(v) Notwithstanding Section 2.9 or any other provision of this
Section 11.1, the Issuing Entity or the Grantor Trust, as applicable, may (A) collect, liquidate, sell or otherwise dispose of Receivables as and to the extent permitted or required by the Transaction Documents,
(B) make cash payments out of the Designated Accounts and the Certificate Distribution Account as and to the extent permitted or required by the Transaction Documents and (C) take any other action not inconsistent with the TIA. 

  
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 Section 11.2 Form of Documents Delivered to Indenture Trustee.

 (a) 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. 

(b) Any certificate or opinion of an Authorized Officer of the Issuing Entity 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 any certificate, opinion or representation with respect to the matters upon which his certificate or
opinion is based is 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 Sponsor, the Depositor, the Issuing Entity, the Grantor Trust or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Sponsor, the Depositor, the Issuing Entity,
the Grantor Trust 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. 

(c) 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. 
 (d) Whenever in this Indenture,
in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuing Entity shall deliver any document as a condition of the granting of such application, or as evidence of the Issuing Entity’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 Issuing Entity to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture
Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 

Section 11.3 Acts of Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Noteholders or a Class of 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 Issuing Entity and the Grantor Trust. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee, the Grantor Trust and the Issuing Entity, if made in the manner provided in
this Section 11.3. 

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

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes (or any one or more
Predecessor 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, the Grantor Trust or the
Issuing Entity in reliance thereon, whether or not notation of such action is made upon such Note. 
 Section 11.4
Notices, etc., to Indenture Trustee, Grantor Trust, Issuing Entity and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture
shall be in writing and if such request, demand, authorization, direction, notice, instruction, consent, waiver, Act of Noteholders or other document is to be made upon, given or furnished to or filed with: 

(a) the Indenture Trustee by any Noteholder or by the Issuing Entity shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing to or with the Indenture Trustee at its Corporate Trust Office; 
 (b) the Grantor Trust Trustee by the Indenture Trustee
or by any Noteholder shall be sufficient for every purpose hereunder if in writing and either sent by electronic facsimile transmission (with hard copy to follow via first class mail) or mailed, by certified mail, return receipt requested to the
Grantor Trust Trustee at the address specified in Part III of Appendix A to the Receivables Purchase Agreement; 
 (c) to the Owner Trustee
at the Corporate Trust Office of the Owner Trustee; 
 (d) the Grantor Trust by the Indenture Trustee or by any Noteholder shall be
sufficient for every purpose hereunder if in writing and either sent by electronic facsimile transmission (with hard copy to follow via first class mail) or mailed, by certified mail, return receipt requested to the Grantor Trust and the Grantor
Trust Trustee each at the address specified in Part III of Appendix A to the Receivables Purchase Agreement; or 
 (e) the Issuing Entity by
the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and either sent by electronic facsimile transmission (with hard copy to follow via first class mail) or mailed, by certified mail, return
receipt requested to the Issuing Entity and the Owner Trustee each at the address specified in Part III of Appendix A to the Receivables Purchase Agreement. 

  
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 The Issuing Entity and the Grantor Trust shall promptly transmit any notice received by it
from the Noteholders to the Indenture Trustee. The Indenture Trustee shall likewise promptly transmit any notice received by it from the Noteholders to the Issuing Entity and the Grantor Trust. 

Notices required to be given to the Rating Agencies by the Issuing Entity and the Indenture Trustee or the Owner Trustee shall be delivered as
specified in Part III of Appendix A to the Receivables Purchase Agreement. 
 Section 11.5 Notices to Noteholders;
Waiver. 
 (a) Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if it is in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such Person’s 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. If 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 regardless of whether such notice is in fact actually received. 

(b) 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. 
 (c) 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 of 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. 
 (d) 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 an Event of Default. 

(e) In the case of Book-Entry Notes, if the Note Depository allows for delivery of notice and other communications by electronic means, mail
shall mean such electronic means, unless otherwise required by law. 
 Section 11.6 Alternate Payment and Notice
Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuing Entity 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 Issuing Entity shall furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee shall
cause payments to be made and notices to be given in accordance with such agreements. 

  
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 Section 11.7 Conflict with Trust Indenture Act. If any provision
hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

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

Section 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the table of
contents are for convenience only and shall not affect the construction hereof. 
 Section 11.9 Successors and
Assigns. 
 (a) All covenants and agreements in this Indenture and the Notes by the Issuing Entity and the Grantor Trust shall bind its
successors and assigns, whether so expressed or not. 
 (b) All covenants and agreements of the Indenture Trustee in this Indenture shall
bind its successors and assigns, whether so expressed or not. 
 Section 11.10 Severability. In case any
provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Indenture and the Notes shall not in any way be affected or impaired thereby. 

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 and their successors hereunder, and to the extent expressly provided herein, the Noteholders, the Certificateholders, the Owner Trustee, the Grantor Trust Trustee, any other party secured hereunder and any
other Person with an ownership interest in any part of the Trust Estate, each of which shall be considered to be a third party beneficiary hereof. The Asset Representations Reviewer shall be a third-party beneficiary to this Indenture, but only to
the extent that it has any rights specified herein. Except as otherwise provided in this Agreement, no other Person will have any right or obligation hereunder. 

Section 11.12 Legal Holidays. If the date on which any payment is due shall not be a Business Day, then
(notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and except
as otherwise provided in the Transaction Documents, no interest shall accrue for the period from and after any such nominal date. 

Section 11.13 Governing Law; Waiver of Jury Trial. THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW, AND THE 

  
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OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. EACH OF THE PARTIES HERETO AND EACH HOLDER BY ACCEPTANCE OF A NOTE AGREES TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. THE PARTIES HERETO AND EACH HOLDER BY ACCEPTANCE OF A NOTE HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 11.14 Counterparts. This Indenture may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. This Indenture shall be valid, binding, and enforceable against a party when executed and delivered by an authorized
individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global
and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature
Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original
manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no
duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law
due to the character or intended character of the writings; provided, however, that any documentation with respect to transfer of the Notes or other securities presented to the Indenture Trustee or any transfer agent
must contain original documents with manually executed signatures. 
 Section 11.15 Recording of Indenture. If
this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuing Entity and at its expense accompanied by an Opinion of Counsel to the effect that such recording is necessary either
for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

Section 11.16 No Recourse. No recourse may be taken, directly or indirectly, with respect to the obligations of
the Issuing Entity, the Grantor Trust, Grantor Trust Trustee, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against: 

(a) the Indenture Trustee, the Grantor Trust Trustee or the Owner Trustee or in their individual capacities; 

  
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 (b) the Depositor or any other owner of a beneficial interest in the Issuing Entity; or

 (c) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee or the
Grantor Trust Trustee in their individual capacities, the Depositor or any other holder of a beneficial interest in the Issuing Entity, the Owner Trustee, the Grantor Trust Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee in their individual capacities (or any of their successors or assigns), 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 capacities) 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 Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles VI, VII and VIII of the Trust Agreement. For all purposes of this Indenture, in the performance of any duties or obligations of the Grantor Trust hereunder, the Grantor Trust Trustee shall be subject to, and entitled to the
benefits of, the terms and provisions of Articles VI, VII and VIII of the Grantor Trust Agreement. 
 Section 11.17
No Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note (or interest therein) issued hereunder, hereby covenant and agree that they shall not, prior to the date which is one
year and one day after the termination of this Indenture, acquiesce, petition or otherwise invoke or cause the Depositor, the Grantor Trust or the Issuing Entity to invoke the process of any court or government authority for the purpose of
commencing or sustaining a case against the Depositor, the Grantor Trust or the Issuing Entity under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Depositor, the Grantor Trust or the Issuing Entity or any substantial part of the property of such entity, or ordering the winding up or liquidation of the affairs of the Depositor, the Grantor Trust or the Issuing Entity
under any federal or State bankruptcy or insolvency proceeding. 
 Section 11.18 Inspection. The Issuing Entity
agrees that, on reasonable prior notice, it shall permit any representative of the Indenture Trustee, during the Issuing Entity’s normal business hours, to examine all the books of account, records, reports, and other papers of the Issuing
Entity, to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing Entity’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 to a court of competent jurisdiction pursuant to a subpoena or valid court order or to its regulators and any authorized governmental agency in connection with any audit or regulatory examination (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. 

  
 72 

 Section 11.19 Subordination. Each Noteholder by accepting a Note
(or any interest therein) acknowledges that such Person’s Note (or interest therein) represents an obligation of the Issuing Entity only and does not represent interests in or obligations of the Grantor Trust, the Depositor, the Servicer, the
Administrator, the Owner Trustee, the Indenture Trustee, the Grantor Trust Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or
contemplated in the Transaction Documents. Each Noteholder by the acceptance of a Note (or beneficial interest therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of any amounts with respect to
the Notes, each Noteholder shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, the Grantor Trust Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the
event that any of the covenants above of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a
Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject
and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in
the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 

Section 11.20 Concerning the Owner Trustee. It is expressly understood and agreed by the parties hereto that
(a) this Agreement is executed and delivered by BNY Mellon Trust of Delaware (“BNY Delaware”), not individually or personally but solely as Owner Trustee of the Issuing Entity and Grantor Trust Trustee of the Grantor Trust, in
the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuing Entity or Grantor Trust, as applicable, is made and intended not as
personal representations, undertakings and agreements by BNY Delaware but is made and intended for the purpose of binding only the Issuing Entity or Grantor Trust, as applicable, (c) nothing herein contained shall be construed as creating any
liability on BNY Delaware, individually or personally, to perform any covenant either expressed or implied contained herein of the Issuing Entity or the Grantor Trust, respectively, as applicable, all such liability, if any, being expressly waived
by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) BNY Delaware has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuing Entity or Grantor
Trust, as applicable, in this Agreement and (e) under no circumstances shall BNY Delaware be personally liable for the payment of any indebtedness or expenses of the Issuing Entity or Grantor Trust, as applicable, or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing Entity or Grantor Trust, as applicable, under this Agreement. 

  
 73 

 ARTICLE XII- COMPLIANCE WITH REGULATION AB

 Section 12.1 Information to be Provided by the Indenture Trustee. 

(a) Except to the extent disclosed by the Indenture Trustee in subsection (b) below, the Indenture Trustee shall (i) on or before the
fifth Business Day of each month, notify the Depositor, in writing, of any Form 10-D Disclosure Item of which a Responsible Officer of the Indenture Trustee has actual knowledge together with a description of
any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the Depositor; provided, however, that the Indenture Trustee shall not be required to provide such information in the
event that there has been no change to the information previously provided by the Indenture Trustee to Depositor, and (ii) as promptly as practicable following notice to or actual knowledge by a Responsible Officer of the Indenture Trustee of
any changes to such information, provide to the Depositor, in writing, such updated information. 
 (b) The Indenture Trustee shall, as
promptly as practicable following written notice to, or actual knowledge of, a Responsible Officer of the Indenture Trustee of any changes to any information regarding the Indenture Trustee as is required for the purpose of compliance with Item
1117, of Regulation AB, provide to the Depositor, in writing, such updated information. 
 (c) The Indenture Trustee shall notify the
Depositor in writing on or before March 15 (or, if such date is not a Business Day, the next succeeding Business Day) of each year, beginning with March 15, 2022, of any Form 10-D Disclosure Item of
which a Responsible Officer of the Indenture Trustee has actual knowledge together with a description of any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the Depositor;
provided, however, that the Indenture Trustee shall not be required to provide such information in the event that there has been no change to the information previously provided by the Indenture Trustee to Depositor. 

(d) The Indenture Trustee shall notify the Depositor in writing on or before March 15 (or, if such date is not a Business Day, the next
succeeding Business Day) of each year, beginning with March 15, 2022, of any affiliation between the Indenture Trustee and any of the following parties to this securitization transaction, as such parties are identified to the Indenture Trustee
by the Depositor in writing in advance of this securitization transaction: 
 (i) the Depositor; 

(ii) Carvana, LLC, as sponsor; 

(iii) the Issuing Entity; 

(iv) the Grantor Trust; 

(v) the Owner Trustee; 

(vi) the Grantor Trust Trustee; 

(vii) the Servicer; 

  
 74 

 (viii) the Backup Servicer; 

(ix) the Asset Representations Reviewer; 

(x) the Collateral Custodian; and 

(xi) any other material transaction party. 

(e) In connection with the parties listed in clauses (i) through (xi) above, the Indenture Trustee shall include a
description of whether there is, and if so, the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than would be
obtained in an arm’s length transaction with an unrelated third party, apart from this securitization transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the
asset backed securities issued in this securitization transaction. 
 (f) The Indenture Trustee shall provide the Depositor with
notification, as soon as practicable and in any event within five (5) Business Days, of all demands delivered in writing to a Responsible Officer of the Indenture Trustee for the repurchase or replacement of any Receivable pursuant to any
Transaction Document. Subject to this Section 12.1, the Indenture Trustee shall have no obligation to take any other action with respect to any demand. In no event shall the Indenture Trustee have (i) any
responsibility or liability in connection with any filing to be made by a securitizer under the Exchange Act or Regulation AB or (ii) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise
to assume any additional duties or responsibilities except as expressly set forth in this Section 12.1. 

Section 12.2 Noteholder Demand for Asset Representations Review. 

(a) If the Delinquency Percentage for any Distribution Date exceeds the Delinquency Trigger, a Noteholder (if the Notes are represented by
Definitive Notes) or a Verified Note Owner (if the Notes are represented by Book-Entry Notes), may make a demand on the Indenture Trustee to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset
Representations Reviewer to conduct an Asset Representations Review under the Asset Representations Review Agreement. If Noteholders and Note Owners that collectively hold Notes evidencing at least 5% of the aggregate Outstanding Amount of the Notes
(other than the Class E Notes and the Class N Notes) as of the date of filing the Form 10-D that disclosed that the Delinquency Percentage for the related Distribution Date exceeds the Delinquency
Trigger demand a vote within 90 calendar days of the filing of such Form 10-D, the Indenture Trustee will promptly request a vote of the Noteholders and Note Owners as described in
Section 12.2(b) below; provided, that for the purpose of determining the holders of the Notes Outstanding, any Notes held by the Sponsor or any of its Affiliates shall not be included in such calculation. 

(b) Upon the direction of the requisite Noteholders or Note Owners set forth in Section 12.2 (a), the Indenture
Trustee shall conduct a vote of all Noteholders in accordance with the Indenture Trustee’s standard vote solicitation process and shall cause a vote to be conducted in accordance with applicable Depository Trust Company procedures of all
Noteholders and Note Owners. The Indenture Trustee shall provide to the Depositor, to the extent available from the Depository Trust Company, if applicable, the voting instructions and procedures applicable to the

  
 75 

 
Noteholders and Note Owners to be included in the Form 10-D filed by the Issuing Entity with the Commission. Such Form
10-D will also include a statement that sufficient Noteholders are requesting a full Noteholder vote to commence an Asset Representations Review and will describe the applicable voting deadline. Each
Noteholder that elects to vote shall vote on the issue of whether or not the Asset Representations Reviewer should be directed to conduct an Asset Representations Review. The vote will remain open until the 150th day after the filing of the Form 10-D reporting that the Delinquency Percentage for the related Distribution Date exceeds the Delinquency Trigger. 

(c) In the event that a Verified Note Owner exercises its right to vote such Note Owner’s beneficial interest, the Indenture Trustee shall
provide a copy of the supporting evidence provided to the Indenture Trustee to the Issuing Entity. 
 (d) If Noteholders holding at least
5.0% of the aggregate Outstanding Amount of the Notes (other than the Class E Notes and the Class N Notes) participate in such vote, and Noteholders representing a majority of the Outstanding Amount of such Notes vote for an Asset
Representations Review, the Indenture Trustee will promptly send an Asset Representations Review Notice to the Asset Representations Reviewer, the Issuing Entity and the Servicer at the address specified in Part III of Appendix A to the Receivables
Purchase Agreement notifying the Asset Representations Reviewer that the Noteholders have requested the Asset Representations Review. 
 (e)
The Indenture Trustee shall reasonably cooperate with the Asset Representations Reviewer in the event an Asset Representations Review is commenced pursuant to this Section 12.2 and shall provide the Asset Representations
Reviewer with any documents or other information in its possession and requested by the Asset Representations Reviewer in connection with the Asset Representations Review. The Indenture Trustee shall have no obligation to obtain missing information
from any other party or source. 
 (f) For the avoidance of doubt, the Indenture Trustee shall not be required to (i) give notice to
Noteholders that or determine whether the Delinquency Percentage for any Distribution Date exceeds the Delinquency Trigger or (ii) determine which assets are subject to an Asset Representations Review by the Asset Representations Reviewer. 

*    *    *    *    * 

  
 76 

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

			
	CARVANA AUTO RECEIVABLES TRUST 2021-N4
		
	By:	 	BNY MELLON TRUST OF DELAWARE, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS OWNER TRUSTEE
		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	 Kristine K. Gullo

	Title:	 	 Vice President

	
	CARVANA AUTO RECEIVABLES GRANTOR TRUST 2021-N4
		
	By:	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Grantor Trust Trustee
		
	By:	 	 /s/ Kristine K. Gullo

	Name:	 	 Kristine K. Gullo

	Title:	 	 Vice President

	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
		
	By:	 	 /s/ Jeanine C. Casey

	Name:	 	 Jeanine C. Casey

	Title:	 	 Vice President

 [Signature Page to Indenture] 

 EXHIBIT A 

FORM OF CLASS A-1 / A-2 / B / C / D / E / N ASSET BACKED NOTES

  

			
	[REGISTERED][RULE 144A][REGULATION S]	  	Up to $[___]

 NO. R- 
 CUSIP NO. ________ 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING
ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE 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. 
 [[SOLELY FOR THE CLASS E NOTES AND THE
CLASS N NOTES] [THIS RULE 144A GLOBAL NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN
THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS RULE 144A GLOBAL NOTE (OR INTEREST THEREIN) THE HOLDER OF THIS RULE 144A GLOBAL NOTE (OR SUCH INTEREST) IF, OTHER THAN THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR, IS
DEEMED TO REPRESENT TO THE DEPOSITOR AND THE INDENTURE TRUSTEE THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND IS ACQUIRING THIS RULE 144A GLOBAL NOTE (OR INTEREST THEREIN) FOR ITS OWN
ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS). 
 NO SALE, PLEDGE
OR OTHER TRANSFER OF THIS RULE 144A GLOBAL NOTE (OR INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE IS MADE TO THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A
PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO
ARE “QUALIFIED INSTITUTIONAL BUYERS”) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER OCCURS OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S OF THE SECURITIES ACT AND THAT PERSON DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO THE INDENTURE OR (iv) SUCH SALE, PLEDGE OR OTHER
TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH CASE IN THE EVENT THE NOTES ARE DEFINITIVE NOTES (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR
AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR, AND
(B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE SPONSOR, THE DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY, THE INDENTURE TRUSTEE, THE GRANTOR TRUST TRUSTEE OR THE
OWNER TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT.] 

  
 Exhibit A-1 

 [THIS REGULATION S GLOBAL NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS REGULATION S GLOBAL NOTE (OR INTEREST THEREIN) THE
HOLDER OF THIS REGULATION S GLOBAL NOTE (OR SUCH INTEREST) IS DEEMED TO REPRESENT TO THE DEPOSITOR, THE INDENTURE TRUSTEE, AND THE OWNER TRUSTEE THAT IT IS A NON-U.S. PERSON (AS DEFINED IN REGULATION S) WHO
ACQUIRED THE NOTE OUTSIDE OF THE UNITED STATES IN ACCORDANCE WITH REGULATION S. 
 NO SALE, PLEDGE OR OTHER TRANSFER OF THIS REGULATION S GLOBAL NOTE (OR
INTEREST THEREIN) MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN
RULE 144A), ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE “QUALIFIED INSTITUTIONAL BUYERS”) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER OCCURS OUTSIDE OF THE UNITED STATES TO A NON-U.S. PERSON IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S
OF THE SECURITIES ACT AND THAT PERSON DELIVERS ANY NECESSARY CERTIFICATIONS PURSUANT TO TERMS OF THE INDENTURE, OR (iii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, IN WHICH CASE IN THE EVENT THE NOTES ARE DEFINITIVE NOTES (A) THE INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE, THE INDENTURE TRUSTEE, AND THE
DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR, AND (B) THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH
SHALL NOT BE AT THE EXPENSE OF THE SPONSOR, THE DEPOSITOR, THE ADMINISTRATOR, THE SERVICER, THE ISSUING ENTITY, THE INDENTURE TRUSTEE, THE GRANTOR TRUST TRUSTEE OR THE OWNER TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE
EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT.] 
 EACH NOTEHOLDER OR NOTE OWNER, BY ACCEPTANCE OF A NOTE OR A BENEFICIAL INTEREST THEREIN,
WILL BE DEEMED TO REPRESENT AND WARRANT THAT (I) IT IS NOT ACQUIRING THE NOTE (OR BENEFICIAL INTEREST) WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” AS DEFINED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR (C) AN
ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY, AND (II) EITHER (A) IT IS NOT A PLAN THAT IS SUBJECT TO ANY LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE NOTE (OR BENEFICIAL INTEREST HEREIN) WILL NOT CONSTITUTE OR GIVE RISE TO A VIOLATION OF ANY SIMILAR LAW. 

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 ISSUING ENTITY, THE OWNER TRUSTEE, THE NOTE REGISTRAR 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, THE NOTE REGISTRAR OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, (ii) THE DEPOSITOR OR ANY OTHER OWNER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY OR (iii) ANY
PARTNER, OWNER, BENEFICIARY, 

  
 Exhibit A-2 

 
AGENT, OFFICER, DIRECTOR OR EMPLOYEE OF THE INDENTURE TRUSTEE, THE NOTE REGISTRAR OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, ANY HOLDER OF A BENEFICIAL INTEREST IN THE ISSUING ENTITY,
THE OWNER TRUSTEE, THE NOTE REGISTRAR OR THE INDENTURE TRUSTEE OR OF ANY SUCCESSOR OR ASSIGN OF THE INDENTURE TRUSTEE, THE NOTE REGISTRAR OR THE OWNER TRUSTEE IN THEIR INDIVIDUAL CAPACITIES, EXCEPT AS ANY SUCH PERSON MAY HAVE EXPRESSLY AGREED 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.

 EACH NOTEHOLDER OR NOTE OWNER, BY ITS ACCEPTANCE OF A NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE, COVENANTS AND AGREES THAT BY
ACCEPTING THE BENEFITS OF THE INDENTURE SUCH NOTEHOLDER OR NOTE OWNER WILL NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE INDENTURE WITH RESPECT TO THE ISSUING ENTITY, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR
CAUSE THE DEPOSITOR OR THE ISSUING ENTITY TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENT AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR
SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE DEPOSITOR OR THE ISSUING ENTITY OR ANY SUBSTANTIAL PART OF THE PROPERTY OF EITHER OF THEM, OR ORDERING THE WINDING UP OR
LIQUIDATION OF THE AFFAIRS OF THE DEPOSITOR OR THE ISSUING ENTITY UNDER ANY FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING. 
 EACH NOTEHOLDER BY
ACCEPTING A NOTE (OR ANY INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S NOTE (OR INTEREST THEREIN) REPRESENTS BENEFICIAL INTERESTS IN THE ISSUING ENTITY ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE SPONSOR, THE DEPOSITOR,
THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE NOTE REGISTRAR, THE INDENTURE TRUSTEE OR ANY AFFILIATE THEREOF AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET
FORTH OR CONTEMPLATED IN THE TRANSACTION DOCUMENTS. EACH NOTEHOLDER BY THE ACCEPTANCE OF A NOTE (OR BENEFICIAL INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY PROVIDED IN THE TRANSACTION DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH
RESPECT TO THE NOTES, IT SHALL HAVE NO CLAIM AGAINST ANY OF THE SPONSOR, THE DEPOSITOR, THE SERVICER, THE ADMINISTRATOR, THE OWNER TRUSTEE, THE NOTE REGISTRAR, THE INDENTURE TRUSTEE OR ANY AFFILIATE FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN
THE EVENT THAT ANY OF THE FOREGOING COVENANTS OF EACH NOTEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST ANY SUCH NOTEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A
RESULT, A NOTEHOLDER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE DEPOSITOR OR ANY AFFILIATE OF THE DEPOSITOR OTHER THAN THE ISSUING ENTITY, EACH NOTEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH OTHER ASSETS SHALL BE, AND HEREBY IS,
SUBJECT AND SUBORDINATE IN ALL RESPECTS TO THE RIGHTS OF OTHER PERSONS TO WHOM RIGHTS IN THE OTHER ASSETS HAVE BEEN EXPRESSLY GRANTED, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT SET
FORTH IN THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO, SECTION 510(A) OF THE BANKRUPTCY CODE. 

EACH NOTEHOLDER OR NOTE OWNER (EXCEPT A NOTEHOLDER WHICH IS CONSIDERED FOR U.S. FEDERAL INCOME TAX PURPOSES THE ISSUER OF THE NOTE (OR IS DISREGARDED AS AN
ENTITY SEPARATE FROM SUCH ISSUER)), BY ACCEPTANCE OF A NOTE OR, IN THE CASE OF A NOTE OWNER, A BENEFICIAL INTEREST IN A NOTE, EXPRESSES ITS INTENTION THAT THIS NOTE QUALIFIES UNDER APPLICABLE TAX LAW AS INDEBTEDNESS SECURED BY THE COLLATERAL AND,
UNLESS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE NOTES AS INDEBTEDNESS SECURED BY THE COLLATERAL FOR THE PURPOSE OF U.S. FEDERAL INCOME TAXES, STATE AND LOCAL INCOME AND FRANCHISE TAXES, AND ANY OTHER TAXES IMPOSED
UPON, MEASURED BY OR BASED UPON GROSS RECEIPTS OR GROSS OR NET INCOME. 

  
 Exhibit A-3 

 NO TRANSFER (OR PURPORTED TRANSFER) OF ALL OR ANY PART OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) SHALL
BE EFFECTIVE UNLESS, PRIOR TO AND AS A CONDITION TO EACH SUCH TRANSFER, THE PROSPECTIVE TRANSFEREE (INCLUDING THE INITIAL BENEFICIAL OWNER AS THE INITIAL TRANSFEREE) AND ANY SUBSEQUENT TRANSFEREE REPRESENTS AND WARRANTS, IN WRITING TO THE INDENTURE
TRUSTEE, THE DEPOSITOR AND ANY OF THEIR RESPECTIVE SUCCESSORS AND ASSIGNS, THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR TRUST (OR A DISREGARDED ENTITY
THE SINGLE OWNER OF WHICH IS ANY OF THE FOREGOING) (EACH SUCH ENTITY A “FLOW-THROUGH ENTITY”) OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN
SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH ENTITY ATTRIBUTABLE TO THE INTEREST OF SUCH FLOW-THROUGH ENTITY IN THE NOTES, OTHER INTEREST (DIRECT OR INDIRECT) IN THE ISSUING ENTITY,
OR ANY INTEREST CREATED UNDER THE INDENTURE AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH FLOW-THROUGH ENTITY IN ANY NOTE TO PERMIT ANY PARTNERSHIP TO SATISFY THE 100 PARTNER
LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP UNDER THE CODE, AND (B) IT DOES NOT AND WILL NOT
BENEFICIALLY OWN A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH NOTE, ANY TRANSFER OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT DOES NOT COMPLY WITH THE FOREGOING REQUIREMENTS WILL
BE DEEMED NULL AND VOID AB INITIO.]1 
 [Insert additional legends, as
applicable] 
  

	1 	 To be included for the Class E Notes and the Class N Notes, as applicable. 

  
 Exhibit A-4 

 CARVANA AUTO RECEIVABLES TRUST 2021-N4 

CLASS [__] [__]% ASSET BACKED NOTES 
 CARVANA
AUTO RECEIVABLES TRUST 2021-N4, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to
pay to Cede & Co., or registered assigns, the principal sum of up to [________] DOLLARS ($[_________]) or such lesser outstanding amount as may be payable in accordance with the Indenture dated as of December 15, 2021 (such indenture,
as amended or supplemented, is herein called the “Indenture”), among the Issuing Entity, Carvana Auto Receivables Grantor Trust 2021-N4 (the “Grantor Trust”), and Wells Fargo Bank, National
Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor trustee under the Indenture), on each Distribution Date, in an amount equal to the result obtained by multiplying (i) a fraction, the
numerator of which is the initial principal amount hereof and the denominator of which is the aggregate initial principal amount for this Class of Note by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note
Distribution Account in respect of principal on this Class of Note pursuant to Sections 2.7, 3.1 and 8.2(c) of the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on [___] (the
“Final Scheduled Distribution Date”) unless this Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on the Redemption Date [, provided further, however, that the
aggregate principal sum of the Regulation S Global Note and the Rule 144A Global Note shall not exceed the principal sum of [___][___]]2. The Issuing Entity shall 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 (or, for the initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on this Note shall accrue from and including the Closing Date and shall be payable on each
Distribution Date in an amount equal to the Note Class Interest Distributable Amount for such Distribution Date for this Note. Interest shall be computed on the basis of a 360-day year of twelve 30-day months (or, in the case of the initial Distribution Date, a 25-day period). Such principal of and interest on this Note shall be paid in the manner specified in the
Indenture. All interest payments on this Class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such Class entitled thereto. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America which, at the time of payment, is legal tender
for payment of public and private debts. All payments made by the Issuing Entity 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. 

Unless the certificate of authentication hereon has been executed by an authorized officer of the Indenture Trustee, by manual or facsimile signature, this
Note shall not entitle the Holder hereof to any benefit under the Indenture or be valid for any purpose. 
 This Note is one of a duly authorized issue of
Notes of the Issuing Entity, designated as its Class [__] [__]% Asset Backed Notes (herein called this “Note”), issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. This Class of Note is one of several duly authorized Classes of Notes of the Issuing Entity issued pursuant to the Indenture
(collectively, as to all Notes of all such Classes, the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the Holder of this Note
by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture.

 The Notes issued pursuant to the Indenture are and shall be equally and ratably secured by the Collateral pledged as security therefor as provided in the
Indenture. 
  

	2 	 To be included for the Class E Notes and the Class N Notes, as applicable. 

  
 Exhibit A-5 

 [SOLELY FOR THE CLASS A, CLASS B,
CLASS C AND CLASS D NOTES] [Each Noteholder or Note Owner, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, shall be deemed to
represent and warrant that either (i) it is not acquiring the Note (or beneficial interest) with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”) that is subject to the provisions of Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), (c) an entity
or account whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity or (d) a plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of
the Code (“Similar Law”) or (ii) the acquisition and holding of the Note (or beneficial interest therein) shall not give rise to a non-exempt exempt prohibited transaction under Section 406
of ERISA or Section 4975 of the Code or a violation of any Similar Law]. 
 [SOLELY FOR THE CLASS E NOTES AND
THE CLASS N NOTES] [Each Noteholder or Note Owner, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, shall be deemed to represent and warrant that (i) it is not, and is not acquiring the
Note (or beneficial interest) with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to the provisions
of Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or (c) an entity or account whose underlying assets include plan assets by
reason of investment by an employee benefit plan or plan in such entity, and (ii) either (a) it is not a plan that is subject to any law that is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar
Law”) or (b) the acquisition, holding and disposition of the Note (or beneficial interest therein) will not constitute or give rise to a violation of any Similar Law.] 

Each Noteholder or Note Owner, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Grantor Trust, the Grantor Trust Trustee, 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, the Owner Trustee or the Grantor Trust Trustee in their individual capacities, (ii) the Depositor or any other owner of a beneficial interest in the
Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee in their individual capacities, any holder of a beneficial interest in the
Issuing Entity, the Owner Trustee, the Grantor Trust Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee in their individual capacities, except as any such Person
may have expressly agreed 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. 
 Each Noteholder or Note Owner, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this
Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder or Note Owner shall not, prior to the date which is one year and one day after the termination of the Indenture, acquiesce, petition or otherwise invoke or
cause the Depositor, the Grantor Trust or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor, the Grantor Trust or the Issuing Entity under any
federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor, the Grantor Trust or the Issuing Entity or any substantial part of
the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or State bankruptcy or insolvency proceeding. 

Each Noteholder or holder of an interest in this Note, by acceptance of this Note or such interest therein, agrees to provide to the Indenture Trustee, any
Paying Agent or the Issuing Entity, as applicable, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or holder of an interest in this
Note, by acceptance of this Note or such interest therein, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or holder of an interest in this Note that fails to comply with the requirements of the preceding sentence. 

  
 Exhibit A-6 

 [Each Noteholder or Note Owner or beneficial owner of this Note, by acceptance of such this Note or such
interest therein, agrees that (A) either (I) it is not and shall not become for U.S. federal income tax purposes a partnership, subchapter S corporation or grantor trust (or a disregarded entity the single owner of which is any of the
foregoing) (each such entity a “Flow-Through Entity”) or (II) if it is or becomes a Flow-Through Entity, then (x) none of the direct or indirect beneficial owners of any of the interests in such Flow-Through Entity has or ever
shall have more than 50% of the value of its interest in such Flow-Through Entity attributable to the interest of such Flow-Through Entity in the Notes, other interest (direct or indirect) in the Issuing Entity, or any interest created under the
Indenture and (y) it is not and shall not be a principal purpose of the arrangement involving the investment of such Flow-Through Entity in any Note to permit any partnership to satisfy the 100 partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Code, and (B) it shall not transfer such Notes to a
Flow-Through Entity (other than a Flow-Through Entity described in subpart (A)(II) above).] 
 Each Noteholder by accepting this Note (or any interest
therein) acknowledges that such Person’s Note (or interest therein) represents an obligation of the Issuing Entity only and does not represent interests in or obligations of the Grantor Trust, the Depositor, the Servicer, the Administrator, the
Owner Trustee, the Grantor Trust Trustee, the Indenture Trustee or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the
Transaction Documents. Each Noteholder by the acceptance of this Note (or beneficial interest therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of any amounts with respect to this
Class of Notes, it shall have no claim against any of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, the Grantor Trust Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event
that any of the foregoing covenants of each Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a
Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject
and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in
the preceding clause (i) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 

Except a Noteholder which is considered for federal income tax purposes the issuer of this Note (or is disregarded as an entity separate from such issuer),
each Noteholder, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, expresses its intention that this Note qualifies under applicable tax law as indebtedness secured by the Collateral and, unless
otherwise required by appropriate taxing authorities, agrees to treat this Note as indebtedness secured by the Collateral for the purpose of federal income taxes (to the extent this Class of Notes are treated as beneficially owned by a person
other than the Issuing Entity or its affiliates), state and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income. 

Prior to the due presentment for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity 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 shall be
overdue, and none of the Issuing Entity, 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 Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the
Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling
Class, on behalf of all the Holders of this Class of Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by
the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class or 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 the Noteholders. 

  
 Exhibit A-7 

 The term “Issuing Entity” as used in this Note includes any successor to the Issuing Entity under
the Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate with or into another person,
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 GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTION 5-1401 AND SECTION 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the
obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, neither the Depositor, the Servicer, the Indenture
Trustee, the Grantor Trust Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications
contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the assets of the Issuing Entity. The Holder of this Note
by the acceptance hereof agrees that, except as expressly provided in the Transaction 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 Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in
this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this
Note shall not be entitled to any benefit under the Indenture referred to herein or be valid or obligatory for any purpose. 

  
 Exhibit A-8 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in facsimile, by
its Authorized Officer. 
 Dated: ___________, 2021 
  

			
	CARVANA AUTO RECEIVABLES TRUST 2021-N4
	
	By: BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee

			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Exhibit A-9 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	Wells Fargo Bank, National Association, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Exhibit A-10 

 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 ______________________________, as attorney, to transfer said Note
on the books kept for registration thereof, with full power of substitution in the premises. 
  

	
	 Dated:____________________ __________________________________3

	
	
                   
                                         
        Signature Guaranteed:

	
	 _________________________ __________________________________

  

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

  
 Exhibit A-11

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